With about 210 small pools already discovered but not yet developed, reducing costs by half would make the development of those 150 fields economically viable, according to a speaker at Subsea Expo.

The project includes the Stickle, Crosby, Tanglehead, Moondyne, Wild Bull and Ravensworth fields. It also includes the tie back of the Stickle 9 well to the existing Tanglehead manifold, Fugro said in the release.

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.

The Weizhou 12-2 oil field joint development project (Weizhou 12-2) and Weizhou 11-4 North oil field Phase II project (Weizhou 11-4 North) have recently commenced production, CNOOC Ltd. (NYSE: CEO) said in a news release.

North Sea, production, FPSO, BP, Glen Lyon, Quad 204

Oil & Gas UK warns of tough times ahead for the North Sea, but projects due to come onstream offer a glimmer of hope.

Israel has reported some of the largest gas finds in the past decade and EU member Cyprus confirmed a discovery in 2011, making both potential exporters.

The Chuandongbei project covers more than 800 sq km in Sichuan Province and the Chongqing Municipality.

There are six wells on production, producing a total of about 6,540 barrels of crude oil per day (bbl/d), CNOOC Ltd. said in a news release.

Wintershall has delayed an upcoming decision on concept selection for its Skarfjell project off the coast of Norway in a bid to cut costs further, the firm said Jan. 26.

sanctions, Iran, South Pars, gas, oil, field, Persian Gulf, Pars Oil and Gas, Energy Information Administration, EIA

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 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.

Natural gas supplies from the $54 billion project will come to market just as a raft of other Australian projects come on line and the U.S. is due to export its first cargo from abundant shale gas supplies.