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 Middle East’s big national oil companies are focused at the project level. OPEC estimates the region's conventional oil reserves are at 796 Bbbl, nearly half the global total of recoverable crude, while its gas reserves represent more than 40% of the world’s total.
The contract will see Expro provide well intervention and slickline services, including high deviation and heavy-duty fishing, offshore Qatar as well as in drilling and workover locations in-country.
Al Dhafra Petroleum will start production from the Area 1 and Area 2 fields onshore before tapping the offshore Area 3.
CEO says the company’s international portfolio offers optionality, high return rates and immediate volumes. But North America remains the driver of future growth.
The Sara-4 development well in Pakistan has been completed in the Sui Upper Limestone formation of Eocene age, flowing gas at an average rate of about 1.6 million cubic feet per day, Jura Energy Corp. said in a news release.
Under the deal, Delek paid $67 million for the rights to sell Noble’s 47 percent in the undeveloped Karish and Tanin fields, which together contain an estimated 3 trillion cubic feet of gas.
Occidental holds 29.69 percent of the field in southern Iraq. Italy’s Eni operates the field and holds 41.56 percent, while South Korea’s KOGAS has 23.75 percent and Iraq’s state-run Missan Oil Co. owns 5 percent.
Israeli Energy Minister Yuval Steinitz recently met officials from Eni and other energy firms including Shell in an effort to persuade their investment in Israeli offshore gas fields, Reuters reported.
Noble is looking at two separate final investment decisions for Tamar and Leviathan, and first production would take about three to four years from the decision, Reuters said.
The decision follows a project evaluation, which concluded that developing the project does not fit with the company’s strategy given today’s economic climate in the energy industry, Shell said.
Earlier this year, Saudi Aramco made a similar request to cut drilling services costs after oil prices tumbled, and also secured lower daily rates for rigs, Reuters said.
Additionally, HKN has also declared that the East Swara Tika-1 well, drilled adjacent to the Swara Tika structure, is commercial.
Egypt entered the LNG market with a burst of imports earlier this year, making it one of the world's top growth markets.
Iran will raise production by 500Mbbl/d in first week after sanctions are lifted, Rokneddin Javadi, general manager of National Iranian Oil Co., said according to an official news agency, Reuters reported.
Contract is in scope of Jereh Oilfield Services Group, the Chinese licensing partner. Ben Van Bilderbeek, CEO, said POS-GRIP’s safety and time savings were evaluated against traditional slip and seal systems.
The Wall Street Journal quoted company chairman Khalid al-Falih as saying there was no specific time line on the listing, which could include upstream and downstream assets, Reuters reported.
New development is on a 10-square km plot of land in Dhahran near company headquarters. Workforce has grown to almost 62,000. Most expatriate workers live in gated communities, Reuters said.
Reuters separately reported on Dec. 30 that on Dec. 28, the kingdom announced plans to shrink its record budget deficit through spending cuts, reforms to energy subsidies and raised revenues from taxes and privitization.
South Oil Co. seeks investments to build infrastructure needed to raise output at Luhais, Nassiriya, Tuba, Nahr Bin Umar and Artawi oil fields, Basim Abdul Kareem, company’s deputy chairman, told Reuters.