Exclusives

Saudi Aramco’s president and CEO outlines his four-point framework for success.

Total, Iran, South Pars, natural gas, Persian Gulf

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 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.

Exploration

The area where the workers were kidnapped is close to South Waziristan, part of the lawless Federally Administered Tribal Areas bordering Afghanistan, Reuters reported.

Shell, which has been present in Iraq for over a century, has found only limited financial benefits in recent years from its involvement in Iraq's oil production, Reuters reported.

Changuleh, discovered in 1999 but never developed, is estimated to hold more than 2 billion barrels of oil, DNO said, according to Reuters. 

Iraq's oil ministry said there are 'essential changes' to the previous announcement, including plans for the ministry to develop some of the fields itself and add other fields to the tender.

The laboratory is also the first Schlumberger laboratory outside of the U.S. to offer the company's FIS fluid inclusion stratigraphy analysis, which evaluates abundance, distribution and composition of hydrocarbon and nonhydrocarbon species trapped in inclusions in cuttings or core samples.

Production

Iraq is willing to cut its crude oil output as part of OPEC's plan to reduce global supply and boost crude prices, Prime Minister Haider al-Abadi told reporters on Nov. 23 in Baghdad.

Rowan will supply two more rigs in late 2018 and Saudi Aramco will make a matching cash contribution, Reuters reported.

Trump has called last year’s deal ending a diplomatic standoff between Iran and six world powers over the country’s nuclear policy and opening the way for western investment “the worst deal ever negotiated,” although he has also conceded it would be hard to rip up a deal enshrined in a U.N. resolution.

Partners in Israel's Leviathan natural gas field said on Nov. 3 that the project's first development stage will include a capacity of 12 billion cubic meters (Bcm) per year of natural gas. 

Production has stabilized at 5,600 barrels per day, the company said.

Technology

Russia has said it prefers to freeze output while OPEC wants Moscow to contribute to cuts, Reuters reported. 

Saudi Aramco has awarded Saipem two engineering, procurement, installation and construction contracts for activities relating to the development of the Marjan, Zuluf and Safaniya fields in Arabian Gulf, according to a news release.

Kuwait Energy was awarded a 20-year gas development and production service contract for the Siba Field in 2011, receiving operatorship and 45% revenue interest, Reuters reported. 

Ali Kardor, NIOC’s managing director, said oil companies will be able to bid for a contract to develop the South Azadegan oil field as early as November 19, Reuters reported.

Kurdish Peshmerga fighters took control of Kirkuk in 2014, after the Iraqi army withdrew from the region, fleeing an Islamic State advance through northern and western Iraq. The hardline group also controls part of neighboring Syria.