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Can Cyprus Reboot Offshore Drilling Plans?
...i announced its own 6-8tcf Calypso discovery (MEES, 16 February 2018), raising expectations that the island would finally be able to call itself a gas producer. Initial hopes following the 2011 discovery of Cyprus’ 4.1tcf Aphrodite had subsided in the six years between, with the mid-2014 oil price co...
Volume: 63Issue: 52Published at Thu, 24 Dec 2020 -
Libya Dusts Off $60bn Of Projects: Could This Be Its Last Chance?
...bound in the last quarter of the year, Libya’s crude production in 2020 is still set for its lowest level since 1962 at just 341,000 b/d. That represents a 69% fall on 2019’s seven-year high of 1.11mn b/d, making this year the worst since the 2011 revolution in output terms. It is also two-thirds down on...
Volume: 63Issue: 52Published at Thu, 24 Dec 2020 -
Gulf Drilling Falls To New Lows
...*Latest figures from Baker Hughes show Gulf drilling activity falling further from what were already multi-year lows (MEES, 11 September). For GCC countries the overall November total of 205 was the lowest since March 2011. *Saudi Arabia had just 60 active drilling rigs the lowest figure si...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Tunisia’s Debt-Fueled Revolution Marks 10 Years
...tings agency Moody’s puts the figure closer to -10%. But even 2019’s growth of 1% was nowhere near levels needed to create enough jobs and jolt the economy. Tunisia’s biggest problem has been a series of weak governments – some 12 in total since 2011 – that have been unable to carry out structural re...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Sudan Looks To Reverse Upstream Decline With 2021 Bidding
...Sudan’s crude output is running at 64,000 b/d, down 44% on 2014 levels and some 86% below the 457,000 b/d produced before South Sudan seceded in July 2011, taking with it 75% of Sudan’s production. Acting Energy Minister Kheiri Abdelrahman says Sudan hopes to add 20,000 b/d next year. But he...
Volume: 63Issue: 51Published at Fri, 18 Dec 2020 -
Kuwait’s New Parliament Faces Major Economic Headwinds
...rving oil minister since 2011. 1: KUWAIT HAS STRUGGLED TO ELIMINATE BUDGET DEFICITS AMID LOW OIL PRICES ($BN) B=BUDGETED DEFICIT. ^AMENDED FROM ORIGINAL BUDGET. SOURCE: KUWAIT MINISTRY OF FINANCE, MEES. 2: KUWAIT EXPORT REVENUES ARE GRADUALLY REBUILDING FROM OIL PRICE COLLAPSE ($BN...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
China’s Role In Iraq Expands With $2bn Prepayment Deal To Zhenhua
...% Y 30 2013 Was Kuwait Energy (2018 purchase) Siba (gas) UEG^ 30% Y 30mn cfd 2011 Was Kuwait En...
Volume: 63Issue: 50Published at Fri, 11 Dec 2020 -
Jordan Gas Trade: Hello Israel, Bye-Bye LNG?
...rtainly did keep Amman from the brink: when Egyptian gas supplies dwindled in 2011, Jordan had to import and burn costly oil products (mainly diesel) in its power fleet just as oil prices exceeded $100/B – forcing the state firm Nepco to incur over $7bn in debt (MEES, 31 May 2019). But even with the st...
Volume: 63Issue: 49Published at Fri, 04 Dec 2020 -
Libya: Oil Still Flowing But Revenues In Limbo
...itiative, tells MEES. PAYBACK TIME? “Kabir is fighting all of this because he knows that the reason he is one of the most powerful men in Libya today is because he controls all of the hard currency accounts in Libya,” he adds. Some $190bn in oil revenues have passed through CBL coffers since 2011...
Volume: 63Issue: 48Published at Fri, 27 Nov 2020 -
Libya Hits 1.25mn b/d
...cember). But cash alone won’t suffice. Libya also needs political stability: missing since 2011. ...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Gulf Offshore Drilling At 10-Year Low As Saudi, Abu Dhabi Stall On Contracts
...The number of active offshore rigs in the Gulf has fallen to the lowest level since January 2011. Excluding Iran, for which accurate data is not available, just 25 drilling rigs were active in the region in October, according to Baker Hughes data. Of these, just 10 were active off Saudi Ar...
Volume: 63Issue: 47Published at Fri, 20 Nov 2020 -
Libya’s Oil Rise: The Risks Ahead
...IS IS UNLIKELY TO BE RECEIVED UNTIL EARLY 2021. SOURCE: MEES. CREAKING INFRASTRUCTURE While Mr Sanalla was no doubt seeking to play up the challenges NOC faces, there is also serious weight to what he says. The chaos following the 2011 overthrow of long-time leader Muammar Ga...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
Oman To Introduce Income Tax: Will Rest Of GCC Follow?
...er $100/B prior to late 2014, Oman was still unable to balance the budget as Muscat looked to avoid contagion from the 2011 ‘Arab Spring’ with 2012-14 spending blowouts. While the government is seemingly unable to reduce spending on salaries, the looming implementation of 5% VAT will have a si...
Volume: 63Issue: 46Published at Fri, 13 Nov 2020 -
Apache Egypt Oil Output Slumps To 11-Year Low
...opped to 14, the lowest number since Q3 last year. Inevitably gross oil output has also declined, falling to an 11-year low 161,100 b/d for Q3, down 7% on Q2 and down 27% on record oil output of 220,000 b/d set in Q3 2011 (see chart 2). “Gross production declined as a result of significant drilling ac...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
Record Saudi Gas Output Helps Prevent Oil Burn Spike
...D) CONVERTED FROM BTU TO CFD UNTIL 2011. SOURCE: SAUDI ARAMCO, MEES. 2. SAUDI OIL BURN WAS FLAT YEAR-ON-YEAR IN Q3 DESPITE INCREASED POWER DEMAND ('000 B/D) *PRESUMES ALL FUEL OIL CONSUMPTION IS BURNED: SOME IS USED IN MARINE BUNKERING. EXCLUDES SMALL VOLUMES OF DIESEL. **JULY-AUG AC...
Volume: 63Issue: 45Published at Fri, 06 Nov 2020 -
Wintershall Libya Now SOO
...oduction has been shut in since January. Output from the ‘Wintershall’ acreage was around 100,000 b/d prior to Libya’s 2011 revolution but has rarely topped 50,000 b/d since. Overall Libyan production has rebounded strongly since key export terminals were reopened last month. Output had risen to 68...
Volume: 63Issue: 44Published at Fri, 30 Oct 2020 -
Korea Crude Imports 6-Year Low, Taiwan Lowest In Decades
...65mn b/d (see table, p8). For Taiwan, Q3 imports of just 701,000 b/d were further down on the multi-decade low of 721,000 b/d set the previous quarter (see table). At 760,000 b/d for the first nine months of 2020, volumes are on track to come in below 2011’s 774,000 b/d as the lowest annual figure this mi...
Volume: 63Issue: 42Published at Fri, 16 Oct 2020 -
Turkey’s East Med Drilling Campaign: Politics By Other Means
...illships and seismic vessels, TPAO had little experience of going it alone. All of its prior offshore exploration efforts were with international partners and none turned up commercial discoveries (MEES, 21 November 2011). You have to start somewhere, but TPAO’s lack of expertise doesn’t point to an ef...
Volume: 63Issue: 41Published at Fri, 09 Oct 2020 -
Chevron Completes Noble Deal
...mar which started up in 2013. It also assumes operatorship of Cyprus’ 4tcf 2011 Aphrodite discovery (see map, p8). Development of the two giant Israeli fields has been constrained by a lack of sales outlets. But Chevron is looking to get the ball rolling on Phase-2 Leviathan expansion which would li...
Volume: 63Issue: 41Published at Fri, 09 Oct 2020 -
Kuwait Enters New Era Following Emir’s Death
...approved by the National Assembly. Earlier in Emir Sabah’s reign Sheikh Nasser Mohammed Al Sabah and Sheikh Ahmed Fahd Al Sabah were two leading candidates but the pair have since fallen out of favor. The 79-year old Sheikh Nasser Mohammed was forced out of office as prime minister in November 2011...
Volume: 63Issue: 40Published at Fri, 02 Oct 2020