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Eni Makes ‘Big But Not Massive’ Cyprus Gas Discovery
...prus’ fourth gas discovery to-date following 2011’s 4.1tcf Aphrodite find by US firm Noble (now Chevron), 2018’s Calypso and ExxonMobil’s 5-8tcf, 2019 Glaucus. As yet though, the country does not produce any gas although it is hoping that negotiations with Chevron (35%) and its Aphrodite partners, Sh...
Volume: 65Issue: 32Published at Fri, 12 Aug 2022 -
Sabic: Record Q2 Figures, But Outlook Crimped By Global Economic Headwinds
....93bn for Q2 with both of the key units – Petrochemicals & Specialities, and Agri-Nutrients – seeing record quarterly figures. Prorating 1H revenue of $28.97bn would give a figure of $58.4bn for 2022 as a whole, substantially above the record annual figure of $50.7bn set in 2011. Doing the same for 1H...
Volume: 65Issue: 32Published at Fri, 12 Aug 2022 -
Saudi Arabia Posts Strong Q2 Growth
...Saudi Arabia’s economy is booming, with GDP growing at its fastest pace since 2011. Inflation remains under control and foreign reserves are being rebuilt. Saudi Arabia’s economic rebound continues apace, with growth accelerating to 11.8% last quarter. Preliminary government figures for Q2...
Volume: 65Issue: 31Published at Fri, 05 Aug 2022 -
Cyprus’ Aphrodite Enters Make Or Break Period
...a unitization agreement between Cyprus and Israel: a small portion of the field crosses into Israeli waters, where it is called Ishai. Despite Aphrodite’s discovery in 2011 and the friendly nature of the two countries’ relations, no deal has been hashed out to-date, although efforts have ac...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
Kuwait’s Emir Appoints Eldest Son As PM
...nister portfolio. In 2011, when a regular MP, al-Ghanim organized the grilling of Sheikh Ahmed Al Fahad over allegations of corruption in contracts worth $900mn. This, amongst other factors, led to the cabinet resigning. The allegations extended to court cases in the United Kingdom and Switzerland an...
Volume: 65Issue: 30Published at Fri, 29 Jul 2022 -
Tunisia Set To Return To The Past With New Constitution
...Tunisian President Kais Saied is pushing ahead with a new constitution which is set to reverse almost all the democratic gains of the 2011 revolution. Meanwhile, the economy is crashing. Tunisia is set to cap a decade-long experience with democracy on 25 July. President Kais Saied’s new ‘on...
Volume: 65Issue: 29Published at Fri, 22 Jul 2022 -
Biden Arrives In Saudi On Quest For Oil: How Much Does The Kingdom Have In Reserve?
...pex (MEES, 26 March 2021). This was reflected in a steep drop in the number of completed wells in 2021 according to the Opec Annual Statistical Bulletin (ASB). This report shows the number dropping from 580 in 2019 to just 314 for 2021. Not just was that the lowest number since 2011’s 312, it...
Volume: 65Issue: 28Published at Fri, 15 Jul 2022 -
Egypt’s 1H 2022 LNG Exports: Europe Dominant
...Egypt exported 5.34mn tons of LNG for 1H 2022, up 57% on 1H 2021 for the highest first half figure since 2011. Perhaps not surprisingly given global LNG trade dynamics, with Europe sucking in more cargoes as it seeks to cut imports from Russia, the proportion of Egyptian cargoes he...
Volume: 65Issue: 27Published at Fri, 08 Jul 2022 -
Opec Revenues Set For 2022 Windfall After 2021 Turnaround
...ectrum lie the many Opec members which are struggling to keep up. One example is Algeria, where state oil firm Sonatrach says it is expecting around $50bn in hydrocarbon revenues for 2022. MEES estimates Algeria will earn around $38bn from oil exports alone, up 65% on last year. In 2011, Al...
Volume: 65Issue: 26Published at Fri, 01 Jul 2022 -
Syria Oil-For-Aid Initiative: Can It Gain Traction?
...London-based independent Gulfsands has had zero production since 2011. With the firm’s sole assets frozen in Syria, it is trying to drum up interest in an oil-for-aid program that would see itself and other foreign producers return to their fields. The Syrian state’s share of proceeds from th...
Volume: 65Issue: 26Published at Fri, 01 Jul 2022 -
Chevron Closing In On East Med Expansion Decisions
...velopment plan can be formulated that will see the country belatedly become a gas producer well over a decade after Aphrodite’s 2011 discovery. Nicosia will be encouraged by NewMed presentation material which indicates that the most likely scenario for Aphrodite development is tie-in to a Leviathan to Id...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
Egypt Fuel Oil Burn At 4-Year High As Cairo Prioritizes LNG Exports
...y managed to maintain LNG exports at near-record levels. Egyptian LNG exports of 3.31mn tons for the first five months of 2022 – with an average of 1.12bn cfd of gas delivered to the country’s two LNG plants – are up 10% year-on-year and put 2022 on track for the highest LNG exports since 2011 ac...
Volume: 65Issue: 25Published at Fri, 24 Jun 2022 -
Zohr Production Cap Pushes Egypt Output Lower
...rminals in years to come (see p12). Egyptian LNG exports of 3.31mn tons for the first five months of 2022 were up 10% on the year-ago figure of 3.02mn tons to put 2022 on track for the highest LNG exports since 2011 according to figures from data intelligence firm Kpler. A key change from recent years is...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
TotalEnergies First Again With Qatar LNG Expansion Deal
...untry’s civil war, and there has been no production in Syria since December 2011 because of the conflict there. A recent truce in Yemen has at least raised hopes of a potential restart there (MEES, 6 May), but Syria offers less optimism (see p12). As a result, TotalEnergies’ net Mena gas output has dr...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
East Med Power Politics As US & EU Officials Fly In
...ttle on its previous claim submitted to the UN in 2011, although this would still require Israel to cede 860km² of disputed waters. It is unlikely that Israel will accept Beirut’s new proposal but rising tensions and the lack of an agreement on where the maritime border between the two countries li...
Volume: 65Issue: 24Published at Fri, 17 Jun 2022 -
Libya’s NOC & Repsol Eye Q3 Drilling
...vels are unclear. Repsol CEO Josu Jon Imaz last put flows at 70,000 b/d in late April (MEES, 29 April). Exploration drilling has been few and far between in Libya since the 2011 overthrow of Gaddafi and the ensuing chaos. As such any return to drilling would be a huge win for Libya’s plans to mo...
Volume: 65Issue: 22Published at Fri, 03 Jun 2022 -
Libya Slides Into Deeper Disarray
...bya want free and fair elections. But they want it on their own terms. The problem is that if there’s winners then there must be losers. The biggest losers are Libyans themselves who have undergone three civil wars since 2011. While politicians and military figures squabble over power, public se...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
Libya Sees Smuggling Surge As Oil Prices Rise
...e illicit trade of products like gasoline and diesel. As international oil prices shoot through the roof, so have reports of attempted fuel smuggling. Some may get caught, but many groups remain seemingly untouchable. Libya’s fragmentation following the fall of Gaddafi in 2011 has led to a state do...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
SDX Eyes Egypt Gulf Of Suez Growth
...e partners to replace the rig that drilled the well, with results expected in the next three to four weeks. SDX’s other Egypt asset is a 55% operator’s stake at the 46mn cfd South Disouq concession in the onshore Nile Delta. The Gulf of Suez had long been Egypt’s key oil heartland but since 2011...
Volume: 65Issue: 20Published at Fri, 20 May 2022 -
Energean Touts Modest Israel Gas Find, Hopes For More To Come
...ich offer an easier route to development – possibly as a tie-back to Karish alongside the 2011, 0.9tcf Tanin discovery. The latest find “enhances the profitability of the Karish-Tanin development,” Energean says, flagging up the potential for both tie-back to the 8bcm/y (780mn cfd) Energean Power FP...
Volume: 65Issue: 19Published at Fri, 13 May 2022