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 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.
Iranian news agency Shana said the two companies wanted to study four oil fields in western Iran. Iran is seeking foreign investment; international sanctions have been lifted, Reuters reported.
The Halini-Deep-1 discovery is the third discovery in the block following Halini-X-1 in 2011 and Kalabagh-1A in 2015.
Gazprom Neft is currently working four projects in Iraqi Kurdistan, and is exploring the Halabja and Shakal blocks and extracting a small amount of oil at Garmian, Reuters said.
Saudi Aramco has embarked on a massive program to boost gas output for electricity and petrochemical production by developing gas fields not associated with oil production.
Genel estimated that Taq Taq had proven and probable reserves of 356 million barrels (MMbbl) of oil as of Dec. 31, down from the 683 million it had estimated in June 2011.
Output at the joint Khafji field will be small and introduced gradually, Anas al-Saleh told reporters in the Kuwaiti parliament, without giving the date of the restart or planned production figures.
Jura and PEL are currently in dispute over a past cash call for the block. PEL has begun proceedings with Pakistan’s government to attempt to forfeit Jura’s working interest in block.
Saudi Aramco is now operating around 212 oil and gas rigs; which is a level it has kept steady since 2015. That number does not include water rigs.
Iran aims to boost its crude oil production capacity by 160,000 barrels per day (bbl/d) following the completion of expansion projects at its North Azadegan and Yadavaran oil fields, a senior Iranian oil official was quoted as saying.
Russian Energy Minister Alexander Novak said on Jan. 28 that Saudi Arabia had proposed that oil-producing countries cut oil production by up to 5 percent each in order to support weak oil prices.
Hasbah’s expansion will supply 2 billion cubic feet per day (Bcf/d) of gas to Fadhili plant, and remaining 500 MMcf/d of supply for plant will come from onshore Khursaniyah Field, Reuters reported.
The firm also appointed new CEOs for six of its 18 operating units, including Adco and Adma-Opco, the joint ventures responsible for most of the emirate's oil production, Reuters reported.
The company has a huge team working on the proposals for the initial public offering (IPO) of less than 5 percent of the company’s value, which include a single domestic listing and a dual listing with a foreign market, CEO Amin Nasser said May 10.
The contracts, worth more than $140 million, are effective immediately and will be delivered from southern Iraq and Dubai, where WGPSN established an office in 2015.
The change is unlikely to mean a shift in Saudi oil policy, which is being crafted to a large degree by Deputy Crown Prince Mohammed bin Salman, who oversees the kingdom's energy and economic policies