Exclusives

Iran is seeking a final agreement with international powers by June that would curb its nuclear program in exchange for phasing out sanctions that have cut its crude exports, choked cash flow and halted most oil investment. 

In a series of letters sent to companies such as Shell, BP and Exxon Mobil since January, seen by Reuters, Iraq's oil ministry set out the need for change in response to “the rapid drastic decrease in crude oil prices.”

The country aims to increase production and hopefully revenue.

The Kurds will increase production to 1 MMbbl/d by the end of 2015 from a current level of 320,000.

Favorable geological characteristics combined with the supply-altering potential of massive discoveries are the region’s cash flow assurance.

Exploration

According to Reuters, the United Arab Emirates-based company did not provide a timetable or prospect for finding oil or gas in the Mediterranee Ouest area.

Bloomberg said that the company, which found gas deposits in the Red Sea in 2012, plans to more than double investment in unconventional sources of the fuel, according to its CEO.

Other companies Adnoc invited to bid include China National Petroleum Corp. 

The concession covers the 15 principal onshore oil fields of Abu Dhabi and represents more than half of the Emirate’s production.

The discovery was at the consortium's second target, the Yamama formation at 4,000 m (13,123 ft), in its Block 9 exploration well, Faihaa-1, located in Northern Basra in Iraq.

Production

Saudi Arabia won’t balance global crude markets by itself even as prices fall “too low for everybody” and threaten investment needed to satisfy long-term demand, the head of Saudi Arabian Oil Co. said.

The Saudis are keeping an eye on investments in fuel efficiency and renewable energy, according to Francisco Blanch, Bank of America Corp.’s head of global commodity research.

Gulf Keystone Petroleum Ltd., another oil producer in the semi-autonomous region, last month raised output by 60% to 40,000 bbl/d and sees 70,000 bbl/d in 2017.

Iraq will double exports within weeks from its northern Kirkuk oil fields and continue boosting output farther south amid a global market glut that’s pushed prices to their lowest level in more than five and a half years.

Afren cut estimated reserves at a Kurdistan oil well by 80% and is deciding what to do with the field.

Technology

Saudi Arabia’s shale development could replace the equivalent of 900 Mbbl/d of crude and fuel oil used for electricity. Saudi Aramco's LinkedIn ad for a shale-experienced petroleum engineer drew 160 applicants in a month, Reuters said. 

Under the six-year contract, KBR will provide management and engineering services for existing and new offshore facilities in order to maintain and increase crude production levels to meet Saudi Aramco’s maximum production capability.

Fugro was awarded the contract in March 2014.

Scott Myers and Edward Wharam joined as managers for the Middle East and Indonesia and Malaysia, respectively.

GE Oil & Gas has signed an MOU with the Kuwait Oil Co. to collaborate in the state of Kuwait in R&D, develop cost-effective solutions and provide specialized training programs.