The oil minister says the harsh truth is that the most efficient way to rebalance markets is to find ways to lower costs or liquidate.
Iran recently marked the launch of phases 15 and 16, developed mostly by Iranian companies, of its South Pars gas field project. All gas fields at South Pars are expected to be operational by mid-2017.
The conflict between Iran and Saudi Arabia has not significantly rattled the oil market, but analysts say the potential for market and supply disruption exists.
The Middle East’s big national oil companies are focused at the project level. OPEC estimates the region's conventional oil reserves are at 796 Bbbl, nearly half the global total of recoverable crude, while its gas reserves represent more than 40% of the world’s total.
The contract will see Expro provide well intervention and slickline services, including high deviation and heavy-duty fishing, offshore Qatar as well as in drilling and workover locations in-country.
The Halini-Deep-1 discovery is the third discovery in the block following Halini-X-1 in 2011 and Kalabagh-1A in 2015.
Gazprom Neft is currently working four projects in Iraqi Kurdistan, and is exploring the Halabja and Shakal blocks and extracting a small amount of oil at Garmian, Reuters said.
Saudi Aramco has embarked on a massive program to boost gas output for electricity and petrochemical production by developing gas fields not associated with oil production.
Genel estimated that Taq Taq had proven and probable reserves of 356 million barrels (MMbbl) of oil as of Dec. 31, down from the 683 million it had estimated in June 2011.
Al Shaheen holding company has three joint ventures in the oilfield services industry--two with GE Oil & Gas and one with the Middle East unit of Weatherford, Reuters reported.
Output at the joint Khafji field will be small and introduced gradually, Anas al-Saleh told reporters in the Kuwaiti parliament, without giving the date of the restart or planned production figures.
Jura and PEL are currently in dispute over a past cash call for the block. PEL has begun proceedings with Pakistan’s government to attempt to forfeit Jura’s working interest in block.
Saudi Aramco is now operating around 212 oil and gas rigs; which is a level it has kept steady since 2015. That number does not include water rigs.
Iran aims to boost its crude oil production capacity by 160,000 barrels per day (bbl/d) following the completion of expansion projects at its North Azadegan and Yadavaran oil fields, a senior Iranian oil official was quoted as saying.
Russian Energy Minister Alexander Novak said on Jan. 28 that Saudi Arabia had proposed that oil-producing countries cut oil production by up to 5 percent each in order to support weak oil prices.
The agreements are tabled to be signed on April 7 during a visit to Cairo by Saudi Arabia's King Salman, a rare foreign trip.
"With this important agreement we intensify the long lasting partnership between Siemens and Iraq," Siemens managing board member Siegfried Russwurm said, Reuters reported.
Work will include engineering, procurement, fabrication, transportation and installation of offshore pipelines, McDermott International Inc. said in a news release.
Holding estimated reserves of 622 Bcm, Leviathan will cost at least US$6 billion to develop. It is scheduled to begin production by 2020 and supply billions of dollars’ worth of gas to Egypt and Jordan, and possibly Turkey and Europe.
Kuwait Oil Co. spokesman Saad al-Azemi said "no reading of any H2S gas leak from the incident" was recorded at the field, according to state news agency KUNA, Reuters reported.