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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 -
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