Exclusives

The Kurds will increase production to 1 MMbbl/d by the end of 2015 from a current level of 320,000.

Favorable geological characteristics combined with the supply-altering potential of massive discoveries are the region’s cash flow assurance.

Security strongholds remain in the country’s main oil-producing regions.

As sanction talks continue, Iran pushes to increase investment in its energy sector.

Pilot project in Oman reduces need for natural gas in thermal EOR.

Exploration

The concession covers the 15 principal onshore oil fields of Abu Dhabi and represents more than half of the Emirate’s production.

The discovery was at the consortium's second target, the Yamama formation at 4,000 m (13,123 ft), in its Block 9 exploration well, Faihaa-1, located in Northern Basra in Iraq.

OGDCL has discovered hydrocarbon-bearing horizons in its exploratory well Jand # 01.

The Jisik-1 discovery well on the Harir Block encountered light oil and gas with condensates intervals in Jurassic and Triassic carbonate reservoirs.

TransAtlantic Petroleum Ltd. has completed a single-stage vertical frac of the Dadaş interval in its Bahar-6 well in the Molla area of southeast Turkey, the company said in a news release.

Production

Saudi Arabia won’t balance global crude markets by itself even as prices fall “too low for everybody” and threaten investment needed to satisfy long-term demand, the head of Saudi Arabian Oil Co. said.

The Saudis are keeping an eye on investments in fuel efficiency and renewable energy, according to Francisco Blanch, Bank of America Corp.’s head of global commodity research.

Gulf Keystone Petroleum Ltd., another oil producer in the semi-autonomous region, last month raised output by 60% to 40,000 bbl/d and sees 70,000 bbl/d in 2017.

Iraq will double exports within weeks from its northern Kirkuk oil fields and continue boosting output farther south amid a global market glut that’s pushed prices to their lowest level in more than five and a half years.

Afren cut estimated reserves at a Kurdistan oil well by 80% and is deciding what to do with the field.

Technology

Gulf Marine Services has been awarded a long-term contract award for one of its large class vessels.

The Kyzyloi contract area has been increased by 56% to 449 sq km (173 sq miles).

With production of 9.5 MMbbl/d and exports of 7 million, Saudi Arabia accounts for more than a 10th of global supply and a fifth of crude sold internationally.

Saudi Aramco plans to start natural gas production at a field near Jordan next year as the world’s biggest crude exporter is “investing big in gas.” 

Oman joined Venezuela and Iran in questioning the group’s decision to keep its output target unchanged even with crude prices falling.