Exclusives

Saudi Aramco’s president and CEO outlines his four-point framework for success.

Total, Iran, South Pars, natural gas, Persian Gulf

The first part of the two-piece South Pars Phase 11 project in the Persian Gulf could cost about $2 billion.

A methodical approach led to successful market implementation.

U.K.-based Wood Group was given a major boost with the recent award by U.S. player Noble Energy Inc. of a FEED and detailed design contract for a fixed platform on the Leviathan gas field development offshore Israel.

The low oil price has dramatically impacted the amount of cash flowing into the coffers of Saudi Arabia, but the kingdom’s avowed commitment to unconventionals remains firm.

Exploration

Faroe's portfolio includes about 60 drilling, evaluation, development and production licenses for oil and gas in the North Sea, in Norway and in the U.K., Reuters reported.

Iranian President Hassan Rouhani officially launched the first phases of the Yadavaran and North Azadegan fields, as well as the North Yaran Field, in November, Reuters reported.

Energean, which is focused on Greece, the Adriatic Sea, the eastern Mediterranean and North Africa, is 45% owned by hedge fund Third Point, Reuters reported.

Since 2014, international oil companies have renounced a total of 19 exploration blocks in Kurdistan, according to an analysis by the Iraq Oil Report, Reuters said.

The area where the workers were kidnapped is close to South Waziristan, part of the lawless Federally Administered Tribal Areas bordering Afghanistan, Reuters reported.

Production

Iran has in recent weeks signed agreements with other oil producers such as Russia’s Gazprom Neft and Thailand's PTT Exploration and Production Public Co. Ltd. for oilfield studies.

Currently, the field’s oil production is at its highest rate in 27 years, at more than 1.45 MMbbl/d, up from 1 MMbbl in 2009. 

The world’s top oil exporter told the Organization of the Petroleum Exporting Countries it pumped 10.72 million barrels per day (MMbbl/d) last month, an OPEC source said, up from 10.625 MMbbl/d in October.

Iraq is willing to cut its crude oil output as part of OPEC's plan to reduce global supply and boost crude prices, Prime Minister Haider al-Abadi told reporters on Nov. 23 in Baghdad.

Rowan will supply two more rigs in late 2018 and Saudi Aramco will make a matching cash contribution, Reuters reported.

Technology

The agreement will enable Kuwait Energy to continue with its production plans in Block 9 in Iraq by bringing more wells onstream and increasing output, Reuters reported.

Shell will agree on Dec. 7 to develop a major Iranian oil field, the Wall Street Journal reported, citing an Iranian oil ministry spokeswoman.

The Neutral Zone is the only place in Saudi Arabia and Kuwait where foreign oil firms have equity in fields, which are otherwise owned and operated by state oil companies, Reuters reported.

Russia has said it prefers to freeze output while OPEC wants Moscow to contribute to cuts, Reuters reported. 

Saudi Aramco has awarded Saipem two engineering, procurement, installation and construction contracts for activities relating to the development of the Marjan, Zuluf and Safaniya fields in Arabian Gulf, according to a news release.