CEO says the company’s international portfolio offers optionality, high return rates and immediate volumes. But North America remains the driver of future growth.
The country’s oil and gas sector development also hinges on the capacity to lure capital and technology from foreign companies, according to a report.
Iran's deputy oil minister for commerce and international affairs, Hossein Zamaninia, said Tehran had identified nearly 50 oil and gas projects worth $185 billion that it hoped to sign by 2020. OPEC-member Iran has the world's largest gas reserves and is fourth on the global list of top oil reserves holders.
Although the world powers and Iran agreed to the pact, it still must be approved by individual countries and the UN Security Council. Analysts don’t foresee an immediate production ramp-up.
The oil industry’s demand for energy is growing rapidly, and solar can supply much of that power, GlassPoint Solar CEO Rod MacGregor said.
Occidental holds 29.69 percent of the field in southern Iraq. Italy’s Eni operates the field and holds 41.56 percent, while South Korea’s KOGAS has 23.75 percent and Iraq’s state-run Missan Oil Co. owns 5 percent.
Israeli Energy Minister Yuval Steinitz recently met officials from Eni and other energy firms including Shell in an effort to persuade their investment in Israeli offshore gas fields, Reuters reported.
Noble is looking at two separate final investment decisions for Tamar and Leviathan, and first production would take about three to four years from the decision, Reuters said.
Egypt entered the LNG market with a burst of imports earlier this year, making it one of the world's top growth markets.
OMV has a 33.4% stake in the Latif exploration license. Its partners are Pakistan Petroleum Ltd. and Italian energy group Eni, which hold 33.3% each, Reuters said.
Iran will raise production by 500Mbbl/d in first week after sanctions are lifted, Rokneddin Javadi, general manager of National Iranian Oil Co., said according to an official news agency, Reuters reported.
Gulf Keystone said it had received a $15 million gross payment for crude exports from its Shaikan oil field. This follows a payment of the same amount made in September. Signs of a regular payments reassured investors that the company will be able to stay afloat.
An updated report found that proved and probable reserves at Gulf Keystone Petroleum Ltd.’s Shaikan oil field had increased to 639MMbbl gross from 299MMbbl gross, Reuters said.
"They received notification last week; a letter of intent," said one of the sources, who declined to be identified as the information isn't public.
Under the new project called MGS 2, SEPCO will build a gas compressor station, industry sources said, increasing the capacity of the MGS to 12.5 Bcf/d by 2018.
Oil prices fell by more than half in past 18 months because of global supply glut, partly due to U.S. shale boom and OPEC’s decision not to cut output, Reuters said.
McDermott’s teams based in Dubai, United Arab Emirates, will do the engineering, procurement and fabrication, while vessels from its global fleet will handle installation.
CEO Rainer Seele referred to the South Pars natural gas field as very large, noting that exploration and operations would take billions of dollars, Reuters said.
Reuters reported that according to a statement, militants wearing military uniforms seized the official, who was not named but holds the rank of general manager, in northern district of al-Salikh.
KOC head Hashem Hashem will become CEO of Kufpec, whose boss Sheikh Nawaf al-Sabah will become CEO of the KOC.