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Libya’s Waha At 3-Year High
...cember for the highest figure since last March. LIBYA'S WAHA OIL CONCESSION PRODUCED 323,000 B/D FOR Q4, THE JOINT-HIGHEST FIGURE SINCE THE 2011 REVOLUTION SOURCE: CONOCOPHILLIPS, HESS, MEES CALCULATIONS....
Volume: 66Issue: 06Published at Fri, 10 Feb 2023 -
Lebanon Gas: Key Officials Fly In, Highlighting Project’s Geopolitical Significance
...pply the domestic market. At approximately 70km offshore in 1,700ms water depth, the minimum reserves size needed to justify Qana development would surely be much lower than for Cyprus, where the 4.5tcf Aphrodite find (160km offshore, 1,700 meters depth) has remained undeveloped since its 2011 di...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Saudi GDP Growth: 11-Yr High
...Saudi Arabia released its preliminary Q4 GDP figures this week, confirming that in 2022 the economy grew at its fastest annual rate since 2011. Despite growth slowing down to “just” 5.4% in Q4, full year GDP growth of 8.7% was by far the highest figure since 2011’s 10%. The gains were driven by...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Thailand Imports Record LNG For 2022 Despite Higher Prices
...U, twice 2021 levels. *Qatar has been Thailand’s top supplier every single year since imports began in 2011. But, with Qatar volumes relatively steady, its market share has fallen from over 90% in 2016 to 28.5% for 2022 (see chart). Oman, from where Thailand imported a record 640,000 tons in...
Volume: 66Issue: 05Published at Fri, 03 Feb 2023 -
Cyprus Gas Ambitions: From Dreams To Reality In 2023?
...Cyprus has seen five sizable gas discoveries, the first back in 2011. But none has moved to development despite the presence of key majors in its offshore. Candidates in next month's elections know that victory could result in them being the President that finally succeeds in transforming Cy...
Volume: 66Issue: 04Published at Fri, 27 Jan 2023 -
Eni & Total Add To Cyprus Gas Finds With 2-3tcf Zeus
...arby. Taken together such volumes would in theory be sufficient to justify the construction of a land-based LNG plant, Nicosia’s long-stated aim ever since Cyprus’ first gas discovery, 4.5tcf Aphrodite, back in December 2011 (MEES, 9 January 2012). Despite the five to-date gas discoveries, no field ha...
Volume: 65Issue: 51/52Published at Fri, 23 Dec 2022 -
Libya Calls On IOCs To Return To Work
...e country to return and “lift the force majeure declared by them.” Libya’s chaotic political trajectory since the 2011 ouster of Muammar Gaddafi has made many IOCs wary of fully engaging in the country which holds the largest proven oil reserves in Africa some 48.3bn barrels according to Op...
Volume: 65Issue: 49Published at Fri, 09 Dec 2022 -
Chevron Hits Paydirt With 3.5tcf Egypt Gas Find
...veloped 4.5tcf 2011 Aphrodite discovery. The US major only entered Egypt in 2019 when it was awarded a frontier Red Sea exploration block. In July of 2020 it took its first offshore Mediterranean acreage, when it was awarded Narges as well as two further blocks in Egypt’s unexplored West Mediterranean re...
Volume: 65Issue: 48Published at Fri, 02 Dec 2022 -
Libya’s Gas Export Dreams Face Hard Reality
...art 1). The figure is dangerously close to 2011’s all-time low of 215mn cfd when production and exports were shut in for long periods during that year’s revolutionary turmoil. Libya’s sales gas output rose marginally last year to 1.2mn cfd, but this is still more than 20% below 2010’s record of 1.55mn cf...
Volume: 65Issue: 48Published at Fri, 02 Dec 2022 -
Turkey-Syria LPG Shipments & The Lebanon Link
...oking, space and water heating as well as in the industrial sector. Western sanctions on Damascus, as well as the civil war which has gripped the country since 2011, have strangled Syria’s oil and gas industry with the government claiming losses in excess of $100bn (MEES, 11 February). Despite sanctions, cr...
Volume: 65Issue: 47Published at Fri, 25 Nov 2022 -
Total’s Libya Expansion: Done & Dusted?
...ich remains split between two rival governments and several key players who eye ultimate power. The seemingly unending political chaos since the 2011 overthrow of long-time ruler Muammar Gaddafi has taken its toll on Libya’s oil and gas infrastructure, with leaks frequently knocking out huge ch...
Volume: 65Issue: 46Published at Fri, 18 Nov 2022 -
Saudi Arabia Wary of Iraq’s New Iran-Backed Leader
...nure of Mr Maliki were fraught as the longest serving post-2003 PM got closer to Tehran after the US forces withdrew from Iraq in 2011. Only his ousting in the aftermath of the 2014 fall of Mosul to ISIS paved the way for active diplomacy between Baghdad and Riyadh. Mr Sudani has praised the ki...
Volume: 65Issue: 46Published at Fri, 18 Nov 2022 -
Russia’s Tatneft Returns To Libya, Again
...tneft’s on/off exploration work in Libya since the 2011 revolution set off a decade of – still ongoing – political instability. The firm last year returned to drill appraisal well ‘B2’ on Block 4, but results were not made public (MEES, 22 October). NOC says it held a meeting with Tatneft officials wh...
Volume: 65Issue: 45Published at Fri, 11 Nov 2022 -
Egypt’s Stretched Finances Boosted By Record Suez Canal & LNG Revenues
...untries,” the CBE says. 1: EGYPT'S TRADE BALANCE: 2021-22 SAW A RECORD $43BN DEFICIT DESPITE THE FIRST OIL & GAS SURPLUS SINCE 2011 SOURCE: CBE. MEES. 2: EGYPT’S SERVICES BALANCE: RECORD SUEZ CANAL REVENUES & DOUBLING IN TOURISM RECEIPTS ENABLED EGYPT TO NOTCH UP A 3-YEAR HI...
Volume: 65Issue: 41Published at Fri, 14 Oct 2022 -
Oman’s PDO Targets 19-Year High Crude Output
...ghest level since 2004 and more than 100,000 b/d above 2011’s nadir. PDO aims for further substantial near-term gains, with the firm targeting 700,000 b/d crude oil production by 2024 (MEES, 5 June 2020). The latest sustainability report cites the Yibal Khuff Project (YKP) as central to achieving th...
Volume: 65Issue: 37Published at Fri, 16 Sep 2022 -
Qatar’s Revenues From Europe Sales Balloon Amid Ukraine Fallout
...2011 over the first half of the year (see chart 3). Qatar supplied 4.36bcm (3.2mn t/y) in the first half of the year, up slightly year-on-year, but the biggest gains have been from the US. Qatar is well placed to increase LNG supplies to the UK once its expansion trains begin to come online fr...
Volume: 65Issue: 37Published at Fri, 16 Sep 2022 -
Cyprus’ Aphrodite: Development At Last?
...A development plan, set to be filed by end-2022, would see tie-back to under-utilized processing facilities on Egypt’s Mediterranean coast. Comments from Yossi Abu, CEO of Israel’s NewMed Energy, on his firm’s recent Q2 earnings call give the clearest signal yet the partners in Cyprus’ 2011...
Volume: 65Issue: 36Published at Fri, 09 Sep 2022 -
Libya Gas Exports Face Uncertain Future
...e still more than a fifth lower than 2010’s record of 1.55bn cfd, according to the BP Statistical Review of World Energy (see chart 1). That record year came just before the toppling of long-time ruler Muammar Gaddafi in 2011 which set Libya onto a still-ongoing course of political instability, ma...
Volume: 65Issue: 35Published at Fri, 02 Sep 2022 -
Iraq Fends Off Russia To Retain Top Spot In India
...January 2011. INDIA’S TOP FIVE* CRUDE SUPPLIERS (‘000 B/D): IRAQ RETAINS TOP SPOT FOR JULY DESPITE RUSSIAN SURGE SINCE MARCH *TOP 5 FOR JAN-JULY 2022. WHILST IRAQ, SAUDI,UAE & THE US WERE THE TOP FOUR FOR 2021, RUSSIA WAS NINTH. SOURCE: INDIA COMMERCE MINISTRY, MEES CALCULATIONS. ...
Volume: 65Issue: 35Published at Fri, 02 Sep 2022 -
Anbar Power Plants To Build Case For Akkas Gas?
...kas power plant was built by the now defunct Indian EPC contractor Lanco Infratech for $81.26mn after being awarded the contract in 2011 by Iraq’s Ministry of Electricity. The sum excludes the cost of two GE 125MW gas fired turbines that make up the generation units. In 2014, the site fell to the Is...
Volume: 65Issue: 34Published at Fri, 26 Aug 2022