A methodical approach led to successful market implementation.
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.
The country’s High Court objections about the stability clause in a framework agreement concerning the Leviathan Field could further delay development.
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.
EnQuest Plc said it ended talks with Israeli conglomerate Delek Group Ltd. regarding a potential stake sale in an oil field in the North Sea, Reuters reported.
Located in Mozambique's Rovuma Basin, Eni's Area 4 is one of the biggest recent discoveries, holding about 85 trillion cubic feet of gas, Reuters reported.
The Oman 44 Project is an onshore natural gas and condensate field with an average output of 19 million cubic feet per day of natural gas and 904 barrels per day of condensate in the second quarter of 2016.
The study also points to a potential 6.6 Bbbl of oil, Reuters said.
Iran has been able to raise its crude oil output to about 3.6 MMbbl/d since international sanctions were lifted in January, Reuters reported.
Iran, along with Libya and Nigeria, is allowed to produce 'at maximum levels that make sense' as part of any output limits in a surprise deal reached last week by OPEC.
BP signed amendments to the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt, allowing for the development of the Nooros Field, Reuters reported.
Iran will help other oil producers stabilize the world market so long as fellow OPEC members recognize its right to regain lost market share, the country’s oil minister said Aug. 26 in remarks made ahead of next month’s meeting of the oil exporters group.
Brent crude oil futures were down 32 cents at $49.35 per barrel by 1144 GMT, while U.S. West Texas Intermediate (WTI) crude was down 22 cents at $47.11 a barrel.
Kuwait is a major member of OPEC, pumping about 3 million barrels per day, Reuters reported.
Current production for the Adma-Opco and Zadco offshore oil fields is about 1.2 million barrels per day (MMbbl/d) and Adnoc's plan is to boost output potential to about 1.6 MMbbl/d in 2017-2018.
Contracts’ launch was postponed several times as rivals of President Hassan Rouhani resisted deals that could end buyback system, under which foreign firms could not own stakes in Iranian companies, Reuters reported.
Saudi Aramco outlined a plan known as In-Kingdom Total Value Add (IKTVA) in 2015 when CEO Amin Nasser said the company would spend more than $300 billion over the next 10 years, Reuters reported.
Delek owns its stake in Tamar through subsidiaries Delek Drilling and Avner Oil, Reuters reported.
Oil flow had stopped in March because of a dispute over the control of the Kurdish oil resources, Reuters said.