MENA upstream month in brief: 4 October 2016 Report

Insight 05 October 2016

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Report summary

Iran's Parliament has progressed towards awarding its first IPC since sanctions were lifted by signing a Heads of Agreement with Persia Oil and Gas Development Company. This follows the endorsment of the IPC on 17 September. Leviathan gas is set to be exported to Jordan following Noble Energy and partners signing a gas deal with Jordan's National Electric Power Company. Good news also came from Libya which saw some of its eastern ports restart exports following the lifting of Force Majeure for the first time since 2014. Egypt experienced an increase in gas production to the highest level since September 2015, partially attributed to further success at Eni and BP's Nooros field. Eni additionally had success in Tunisia discovering the Laarich East oil field.