Inpex in 2010 was forced to give up a stake in the Azadegan oil field due to Western sanctions on Iran over its nuclear program, Reuters reported.

The extension of the Azeri contracts adds to the flurry of deals BP signed in recent weeks, including buying stakes in gas exploration areas off the coast of Mauritania and Senegal, and renewing an onshore oil concession in Abu Dhabi.

Iran has in recent weeks signed agreements with other oil producers such as Russia’s Gazprom Neft and Thailand's PTT Exploration and Production Public Co. Ltd. for oilfield studies.

Libya’s National Oil Corp. (NOC) confirmed on Dec. 20 that pipelines leading from Sharara and El Feel fields had reopened, saying it hoped to add 270,000 barrels per day (bbl/d) to national production over the next three months.

Guyana, ExxonMobil, SBM Offshore, Liza, offshore, contract, FPSO

The news is encouraging for the FPSO sector, where activity has drastically slowed. Analyst says FPSO orders will increase in 2017.

Under the contracts, SBM Offshore will perform front end engineering and design for the FPSO vessel and, subject to a final investment decision on the project in 2017, will construct, install and operate the vessel.

The FPSO vessel, which is connected to the field by production well  7-LPA-1D, has the capacity to process 100,000 barrels of oil per day and compress 5 million cubic meters of gas, Petrobras said.

The company struck oil in Green Canyon and just south of Keathley Canyon in the Sigsbee Escarpment.

The four-platform complex has 10 wells and two subsea structures. Plateau production is expected to be 250 MMcf/d. Gas from the development is being exported to the Bacton gas terminal in North Norfolk, the company said.

Malikai, located in water depths of up to 500 m, is expected to have a peak production of 60,000 barrels per day, Shell said in a news release.

The Malikai oil field is expected to keep the country’s overall crude output steady at 700,000 bbl/d in 2017 from 2016 as it will replace declining output at mature fields such as former flagship field Tapis, the sources said.

The plan, the group said in a statement to the Tel Aviv Stock Exchange, includes a first stage development for production of about 12 billion cubic meters (Bcm) a year at a cost of $3.5 billion to $4 billion.