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Israel has invited oil and gas companies to participate in its upcoming bid round, offering 24 exploration blocks in the Mediterranean Sea’s Levant Basin.
Saudi Aramco’s president and CEO outlines his four-point framework for success.
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 field is expected to come into production at the end of the year and will save Egypt billions of dollars in hard currency that would otherwise be spent on imports, Reuters reported.
Qatar, a member of OPEC, shipped 76.4 million tonnes of LNG in 2014, or 32% of global supply, according to the International Group of Liquefied Natural Gas Importers, Reuters reported.
OMV started operations in Iran in 2001 as the operator of the Mehr exploration block in the west of the country, but halted operations in 2006 due to sanctions being imposed on Iran, Reuters reported.
The press release reported that, according to the Middle East Oil & Gas Monitor, news suggests the report of additional shale gas reserves in Iran.
Jan. 4 was the first meeting of the new cabinet under Prime Minister Saad Hariri, which had in front of it a long list of overdue items, top of which were the oil decrees, Reuters reported.
Aramco has invited companies to bid for several packages of FEED work on the project, which one source estimated could cost $6 billion. Two sources told Reuters the estimated cost of the gas plant expansion is about $1.7 billion.
Minister of Energy and Water Cesar Abou Khalil said a second pre-qualification round for companies interested in E&P contracts would be launched soon, Reuters reported.
Industry sources told Reuters last year that Aramco was operating about 212 oil and gas rigs, a level it had kept steady since 2015. That number did not include rigs used to drill water wells.
Leviathan, which is expected to start production in 2019, was discovered in the eastern Mediterranean in 2010. Much of its estimated 622 Bcm of gas is earmarked for exports, Reuters reported.
Gas production in southern Iraq has reached 700 million cubic feet per day (MMcf/d), and is expected to reach 1 Bcf/d by the end of 2017, an Iraqi energy official said on Jan. 12, Reuters reported.
The head of Russia's Rosneft, Igor Sechin, said in 2016 the Aramco listing would give transparency over reserves data that had not been updated for 30 years, Reuters reported.
The contract includes the engineering, procurement and installation of two oil pipelines offshore. Work is expected to begin immediately and finish by the end of second-quarter 2018, the company said.
Projects will include onshore oil and gas production and processing facilities, building and infrastructure projects, and refining and petrochemical facilities.
The contract is the third fast-track jacket contract the company has won from Saudi Aramco in the last 18 months, Linh Austin, McDermott’s vice president, Middle East and Caspian, said in a Jan. 4 news release.
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.