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Libya: Oil Output Doubles In 2017 But Peace Dividend In The Balance
...2018 brings a new opportunity for a comprehensive peace deal in Libya. But, when it comes to oil production, the risks are largely on the downside. As has often been the case since the toppling of former leader Muammar al-Qadhafi in 2011, the future of Libya hangs in the balance. A peace se...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Algeria To Retain Gas Focus In 2018 As New Fields Start Up
...ich badly damaged the fields’ processing facilities. Output, at an annualized 8.6bcm for the first nine months of 2017, averaged close to 9bcm/y capacity for the first time since 2011 (MEES, 3 November). Repair work from the attack was completed in mid-2016 but the leap in output only came after lo...
Volume: 60Issue: 51/52Published at Fri, 22 Dec 2017 -
Egypt: Gulf Of Suez Oil Output At 40-Year Low On Back Of Lower Prices, Capex
...abilized at just over 300,000 b/d over the five years to 2011. Part of the fall since then can be attributable to economic and political instability in the aftermath of the January 2011 revolution (in particular cash-strapped Cairo’s failure to pay foreign operators – MEES, 1 December). But the biggest fa...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Payment Problems
...Egyptian state firm EGPC (which typically markets crude on behalf of smaller producers). Egypt has always had a reputation as a tardy payer. But receivables to IOCs active in the country soared in the aftermath of the January 2011 revolution. From $3bn at the start of 2011 they leapt to $8bn in...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Reality Sets In As KRG Imagines Life With Less Oil
...eld, which South Korea’s Kogas signed a contract to develop in 2011 (MEES, 13 June 2011). Akkaz was slated to produce 400mn cfd, but security concerns and the Islamic State’s advance halted development. US-mediated talks over joint KRG-Iraq control of international border crossings in Iraqi Ku...
Volume: 60Issue: 45Published at Fri, 10 Nov 2017 -
Egypt Gas Output Set To Soar By 2020
...785bn cfd, almost 2bn cfd higher than the previous annual output record set in 2011. Whilst demand is also set to rise strongly in 2019-20, by 447mn cfd (7%) to a record 6.831bn cfd, this will nevertheless, according to the projections, mean a surplus of over 950mn cfd. This implies surplus gas eq...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Algeria: In Amenas Hits Record Production As In Salah Output Halves
...natrach, produced an average 876mn cfd in the second quarter, the highest since Q1 2011 (see chart). This was followed by 837mn cfd in the third quarter, also higher than any quarter between Q1 2011 and Q2 2017, according to MEES calculations based on Q3 figures published by Statoil on 26 October. The re...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Libya Oil Output Boosted By Sirte Basin Rebound
...reign producer in Libya prior to the 2011 Revolution, its Q3 results on 26 October failed to include a breakdown of its operations there and an earnings call later the same day added no further detail. The firm’s Q3 results statement noted only that its overall “production volumes in exploration and pr...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Medco Announces $180mn Impairment On Libya’s Area 47
...a DeGolyer and MacNaughton report in September 2008, gross contingent reserves in Area 47 are an estimated 703mn boe. In February 2011, Medco announced that it had temporarily halted exploration activities due to political instability. The company resumed operations on the Area 47 licence area in...
Volume: 60Issue: 43Published at Fri, 27 Oct 2017 -
Algeria’s Plans For Shale Gas Development Remain A Distant Hope
...gned a headline agreement with Italy’s Eni for shale gas development in April 2011, and other headline deals followed. The government held an international shale gas workshop in February 2012. But the government faces major local opposition to the development of shale. In 2015, efforts to start assessing ex...
Volume: 60Issue: 42Published at Fri, 20 Oct 2017 -
Kuwait Gets Light Oil, Gas Boost Despite More Political Turbulence
...in reality. The Jurassic liquids were originally classified as condensates, but subsequently reclassified as light crude in order to help Kuwait hit its target of 4mn b/d crude production capacity by 2020 (MEES, 11 April 2011). Of this, 3.65mn b/d is slated to come from KOC, with the remainder fr...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Egypt Gas Output Set To Hit 5-Year High By Year-End
...illing is planned before the end of the year (MEES, 18 August). Zohr’s discovery has been the catalyst in helping Cairo regain some of the trust from IOCs after receivables soared to $6bn-plus in 2013 amid economic meltdown after the country’s 2011 revolution. But Cairo is confident that its re...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Iran Caspian Swap Shop
...ighboring Caspian countries (MEES, 14 November 2011). Oil swaps were developed in the 1990s to mutually benefit both parties: Iran would import oil from nearby Caspian countries to supply its northern refineries, thus averting the costlier transportation of Iranian crude from southern fields; the Caspian co...
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
Tobruk Power Redux
...ised before an EPC contract begins, so further delay is likely. Turkey’s Enka Teknik has begun work to complete the 640MW Ubari power plant – also nominally gas-fired, but able to burn diesel – abandoned with Qadhafi’s 2011 ouster (MEES, 22 September)....
Volume: 60Issue: 41Published at Fri, 13 Oct 2017 -
East Med Gas Development: Hang Together Or Hang Separately
...diterranean deepwater. With the exception of Egypt’s 24 tcf Zohr, which has a hungry domestic market to sate, and Israel’s 10 tcf Tamar, which alone meets 55% of that country’s power demand, other finds – such as Cyprus’ 2011 5 tcf Aphrodite – have struggled to get anywhere near development. The jury remains ve...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
Cyprus Drilling Plans: Make Or Break?
...The next 15 months could be make or break for any hopes of discovering large quantities of gas offshore Cyprus beyond 2011’s 5 tcf Aphrodite, which currently looks stranded. Eni and ExxonMobil each plan two wells on their offshore Cyprus permits by end-2018 (see table). In the absence of di...
Volume: 60Issue: 40Published at Fri, 06 Oct 2017 -
East Med: Hope Despite Dry Cyprus Well, Lebanon Bid Round Deadline Delayed
...plans to drill two wells back-to-back in the second half of next year. Cyprus’ only success came in December 2011 when US firm Noble Energy discovered the 5 tcf Aphrodite field on Block 12. But the field is some 160km offshore in 1,700ms water depth, which makes stand-alone development un...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
War-Torn Yemen Maintains Steady Crude Exports; China, Thailand The Key Buyers
...te 2011 (MEES, 28 November 2011), whilst Block 10 was relinquished by Total in December 2015 after the Yemeni government made clear to the French firm that its production agreement would not be renewed. These blocks are situated in the relatively-secure Masila basin in Hadhramaut province, part of...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
UAE Looks To Offshore Gas To Ease Growing LNG Addiction
...M) 2007 2008 2009 2010 2011 2012 2013 20...
Volume: 60Issue: 37Published at Fri, 15 Sep 2017 -
Total Expands With Maersk Purchase
...rkine Basin: Anadarko-operated El Merk and HBNS, and Cepsa-operated Ourhoud. Gross output was 358,000 b/d in Q2; El Merk with 146,000 b/d was the largest contributor. Maersk’s net share was 36,000 b/d. Total owned 50% of Cepsa until 2011 but the firm’s current Algerian output comes from 35% of the 700mn cf...
Volume: 60Issue: 34Published at Fri, 25 Aug 2017