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.
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.
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.
Delek said its partner in the tender is Capricorn Oil, a unit of Cairn Energy, Reuters reported.
Iran will issue a preliminary list of international oil companies (IOCs) eligible to take part in tenders to develop its oil and gas fields within the next two weeks, a senior Iranian oil official said.
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.
The project is worth more than 50 billion riyals (US$13.3 billion) and, when completed in 2019, will be the first program in the kingdom to treat gas from both onshore and offshore fields.
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.
Oil flow had stopped in March because of a dispute over the control of the Kurdish oil resources, Reuters said.
Earlier this month, KNOC said it was in talks to pull out of an oil project in Kazakhstan after discovering less oil than expected, Reuters reported.
The contract extends Wood Group’s support of SABIC’s operations globally, according to an Aug. 18 press release.
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.