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Did OPEC Need To Cut Oil Output At All?

Global oil demand continues to…

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Global Energy Advisory – 23rd May 2014

Regulatory Alerts

Gabon & Offshore Licenses: The Government of Gabon has abruptly withdrawn offshore license agreements awarded to Noble Energy, Cobalt International and Elenito. The three companies had been awarded the oil and gas blocks in October last year, along with 8 other companies who won a total of 13 offshore licenses. According to the government, Noble, Cobalt and Elenito failed to meet the significant investment requirements associated with the offshore blocks. These are deepwater blocks which Gabon hopes will double its output.

Lebanon Offshore Auction: The situation in Lebanon continues to concern prospective oil and gas explorers as the new government delays the passage of legislation necessary to hold the country’s first offshore auction in the highly prospective Levant Basin. Earlier this month, Lebanon announced that it had pushed back the deadline for the first licensing round to 14 August. This is the fourth time the licensing round has been postponed and rescheduled. Two decrees delineating blocks and setting up a model exploration and production agreement have yet to be passed. Bids cannot be submitted without these decrees in place.

Incident Alerts

Indian elections: For the first time since 1984, a single party has won an absolute majority in Indian general elections. Narenda Modi’s BJP won a landslide victory in last week’s elections, gaining 336 seats in parliament, against the Congress Party-led UPA coalition’s…

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