Exclusives

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.

Security strongholds remain in the country’s main oil-producing regions.

Exploration

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.

OGDCL has discovered hydrocarbon-bearing horizons in its exploratory well Jand # 01.

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

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.

Gulf Marine Services has been awarded a long-term contract award for one of its large class vessels.

The Kyzyloi contract area has been increased by 56% to 449 sq km (173 sq miles).

With production of 9.5 MMbbl/d and exports of 7 million, Saudi Arabia accounts for more than a 10th of global supply and a fifth of crude sold internationally.