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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 -
KRG: IOCs Nervously Eye Calendar As Payment Wait Drags On
...ntested territory that Exxon was controversially awarded in 2011 (MEES, 21 November 2011). A Turkish military base also lies at Baeshiqa, further complicating the area’s status. The KRG currently gets another 110,000 b/d from the Khurmala dome of the Kirkuk field, and about 110,000 b/d from its other pr...
Volume: 60Issue: 50Published at Fri, 15 Dec 2017 -
Tunisia Oil Output Rebound From Protests, Fundamental Problems Remain
...oblems remain. Output has been in long-term decline, the result of a collapse in exploration. The country had over 50 active exploration permits at the start of the decade. The number fell after instability rose following the revolution at the start of 2011, which also saw key officials ousted and ot...
Volume: 60Issue: 49Published at Fri, 08 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 -
Egypt Nuclear Plans Near Go-Ahead, Saudi Looks To Standardize Plant Design
...erating: Iran Bushehr-1 2011 1.0 1 3.5 Rosatom built. Operation intermittent until 20...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Libya’s Waha Ramps Up Output To 260,000 b/d But Challenges Lie Ahead
...ports its crude, is down to 1.5mn barrels from 6mn barrels prior to Libya’s revolution in 2011, according to Mr Ammar. Storage tanks were destroyed during the fighting in 2011 and after it resumed in 2014. This is not hampering current production, said Mr Ammar, but could become a problem should output fr...
Volume: 60Issue: 48Published at Fri, 01 Dec 2017 -
Saudi Crude Exports At 7-Year Low, Outweighing Products Gains
...aq is boosting southern exports by 200,000 b/d to mitigate (MEES, 3 November). SAUDI CRUDE SHIPMENTS SINK Saudi crude exports of 6.55mn b/d in September were the lowest since March 2011, marking a continuation of a trend which has seen volumes slip for three continuous quarters – the first su...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Ubari Power Plant Faces Delays After Abductions
...ditional power as it suffers both scheduled and unscheduled blackouts (MEES, 22 September). The Ubari project was abandoned in 2011 after the ouster of former dictator Mu’ammar al-Qadhafi. The abduction will likely have a knock-on impact on other foreign companies mulling a return to Libya. This could fu...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
GCC Debt Smashes All Records
...pects growth will then improve in the next two years, with regional growth expected to average 1.9% in 2018, followed by 2.7% in 2019, this still falls substantially short of levels seen prior to the oil price drop in 2014 and the 4.5% average seen before 2011. The IMF in its latest Middle East re...
Volume: 60Issue: 47Published at Fri, 24 Nov 2017 -
Spanish Q3 Crude Imports ('000 B/D): Iran Up 50% Y-O-Y To Overtake Iraq, Libya Volumes At Highest Since 2010
... SPAIN Q3 CRUDE IMPORTS ('000 B/D): MENA VOLUMES ON THE RISE WITH LIBYA & IRAN BOOST MENA BREAKDOWN* ('000 B/D): LIBYA OVERTAKES SAUDI AS SPAIN’S TOP REGIONAL SUPPLIER *EXCLUDES OCCASIONAL SMALL VOLUMES FROM TUNISIA AND (TO 2011) SYRIA. SOURCE: CORES, MEES. SE...
Volume: 60Issue: 46Published at Fri, 17 Nov 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 -
Saudi Rig Count Rebounds As Focus Turns Offshore
...azil’s offshore rig count remained at 10 in October, less than a quarter of peak 2011-13 levels, but it is due to rise after a slew of recent rewards. Brazil awarded six of eight deepwater ‘pre-salt’ blocks on offer last month: three to Anglo-Dutch major Shell, BP took two, and ExxonMobil one, in the cl...
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 -
Iraq Export Revenues Soar
...vel since the 2011-14 halcyon years of $100/B-plus crude. A full year of $56/B for Iraqi crude would imply $70bn revenue – perhaps enabling Baghdad to begin diverting funds to much-needed upstream investment. Increased revenues could have important implications for Iraq’s much-maligned te...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Kuwaiti Government Resigns As Political Dysfunction Grows
...aikh Sabah al-Ahmad Al Sabah reappointed Jabir Al Sabah as prime minister on 1 November and charged him with appointing the new cabinet. He has held the post since December 2011, and this will be the seventh cabinet he has headed in just six years. NEW OIL MINISTER COMING? Parliament on...
Volume: 60Issue: 44Published at Fri, 03 Nov 2017 -
Libya: Wintershall Output Down, Dispute Continues
...mething close to capacity. The combined capacity of the fields has fallen to 80,000 b/d from 100,000 b/d prior to the 2011 Revolution, but only in 2012 did they manage to produce at this level. Production resumed on 16 September 2016 after a 10-month outage, but with only the NC-96 field operational, pr...
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