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Aiming to maintain market share, Qatar Petroleum lifted its self-imposed moratorium on the world’s largest natural gas field after more than a decade.
Once the Iraqi military concludes its campaign against the Islamic State in Mosul and surrounding territory, it will seek to reacquire territories disputed between Baghdad and the Kurdistan Regional Government.
Sources familiar with the talks said the two countries have agreed that any resumption of crude production from the shared oil fields won’t raise their output beyond limits set by OPEC.
Although OPEC’s second-largest oil producer has more than 70 oil fields, only 30% of these are developed or partially developed, according to Iraq’s oil minister.
During the last 18 months, the economic climate and oil prices have been the primary focus for much of the industry, but technology has gained prominence.
The new discovery was made onshore in the Uzunada area, state news agency TDH said. The test well produced 500,000 cubic meters of gas and 150 tonnes of condensate per day, it said.
Lebanon, along with Cyprus, Israel and Egypt, sits on the Levant Basin in the Mediterranean where gas fields have been discovered since 2009, Reuters reported.
Delek said in a statement that a new corporation will be set up that will sell securities, including bonds, on the Tel Aviv exchange to raise money to buy the stake in the gas fields.
TAQA’s North American oil and gas business is based in Calgary with some of its properties in its South Area extending into Montana, North Dakota and Wyoming in the U.S.
The seismic data obtained are required for updating of the field’s geological model for the discovered formations and prospective horizons, according to the release.
OPEC has been urging other producers to join the supply pact and, together with participating non-member countries, meets to set policy on May 25 in Vienna. Turkmenistan, along with Egypt, are also due to attend.
Reuters reported that Halfaya, operated by PetroChina, is Maysan Oil's largest field, producing 200 Mbbl of the company's total output of 380 Mbbl/d, according to Maysan Oil's Adnan Noshi.
"We are setting up gas processing facilities ... we have dug four pilot wells and have got encouraging response," N. K. Verma, the company's managing director, said, according to Reuters.
The vast offshore gas field, which Doha calls the North Field and Iran calls South Pars, accounts for nearly all of Qatar's gas production and about 60% of its export revenue, Reuters said.
The Iraqi Kurdistan-focused company wrote off $779 million in relation to its exploration assets, leading to an annual operating loss of $1.2 billion after a $1.1 billion operating loss in 2015.
BP's profit nearly tripled in the first quarter of 2017 from a year earlier, buoyed by rising oil prices and production that hit a five-year high, while debt piled up.
Iraq's natural gas output will triple to 1,700 million cubic feet per day by 2018 as the nation implements projects to reduce flaring, the oil minister told an energy conference in Baghdad on April 2, Reuters reported.
In January, Iran named 29 companies from more than a dozen countries as being allowed to bid for oil and gas projects, but the Iran Petroleum Contract model has been delayed several times.
The two companies agreed to collaborate on identifying technologies that could deliver improved operational performance and efficiency across the oil and gas value chain.
TAQA said its Iraq project--the 30 Mboed Kurdistan Atrush facility--is on track with first oil expected this year, Reuters reported.