The low oil price has dramatically impacted the amount of cash flowing into the coffers of Saudi Arabia, but the kingdom’s avowed commitment to unconventionals remains firm.

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The country’s High Court objections about the stability clause in a framework agreement concerning the Leviathan Field could further delay development.

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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.

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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.

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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.


As the operating shareholder, MOL is currently responsible for more than 80 Mboe/d of gross production. Its partners in the joint venture consortium are OGDC, PPL, POL and GHPL. MOL holds equity stakes in five blocks in Pakistan.

During testing, the well flowed oil and gas in Lockhart-1 formation at a rate of 2,020 barrels of oil per day and 5.4 million standard cubic feet per day, respectively.

Aramco, the world’s largest oil company, which is preparing a stock market listing to sell a small portion of its shares, has discovered three new oil fields, it said in the report. They are Faskar, offshore in the Arabian Gulf near the Berri field; Janab, east of the Ghawar field; and Maqam, in the eastern Rub'al-Khali.

Finance Minister Yuval Steinitz said the new agreement, which will be brought to the government for final approval soon, gives the state more leeway to change policies if needed, Reuters reported.

Iranian news agency Shana said the two companies wanted to study four oil fields in western Iran. Iran is seeking foreign investment; international sanctions have been lifted, Reuters reported.


The plan also seeks to increase the value of non-oil commodity exports to 330 billion riyals (US$88.00 billion) by 2020, from a 185 billion riyal baseline.

All stages were successfully stimulated with acid, with clear pressure indications of packers setting, balls landing and sleeves shifting, the release said.

A meeting of the OPEC exporters' group, including Iran, is scheduled for June 2. Plans for a deal between OPEC and non-OPEC producers to shore up crude prices by freezing output fell apart in April.

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.

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.


Gulf governments are being forced to consider measures such as privatizations, cuts to subsidies and other state spending, and tapping debt markets, to help bridge budget shortfalls caused by lower oil prices.

Its projects include the Rabab Harweel facility, which will develop 240 million barrels (MMbbl) of oil and 100 MMbbl of condensate while exporting 1 trillion cubic feet of non-associated gas when production starts in 2019.

This follows the June appointment of Zanganeh's trusted ally, Ali Kardor, as head of National Iranian Oil Co., replacing Rokneddin Javadi, who had held the post since 2013, Reuters reported.

Oil Minister Bijan Zanganeh said in an official statement that Beik Alizadeh would replace Mehdi Asali, who is retiring. 

The company’s scope of work includes carrying out engineering studies for facilities and infrastructure that are crucial for the Rumaila Field to sustain and increase production, a news release said.