MENA upstream month in brief: 2 August 2016
In July, an increase in Zohr's gas in place estimate was announced as development pushes forward. Total and Repsol decided to seek arbitration after failing to find an agreement with Sonatrach on the retroactive changes to their PSCs in 2006, while Engie looks to sell its Algerian assets. Libya's rival NOCs agreed to unify, while Egypt's Ganope launched a new bid round. In Iran, installation of 3rd platform on South Pars phase 17-18 is underway. Elsewhere in the region, LPG exports began in Iraq. DNO's bid for Gulf Keystone was rejected, while Gulf Keystone proposes to restructure its balance sheet. Kuwait announced plans to privatise four subsidiaries of Kuwait Petroleum Company. In Abu Dhabi, ADNOC issued FEED tender documents for the development of the Hail and Ghasha sour gas fields.