Emirati firm Pacific and Malaysia's Hibiscus Petroleum will explore the 68sqkm (26sqm) Southeast Ras el-Ush concession in the Gulf of Suez, with a minimum investment of $68 million, Reuters reported.
Iran expects to raise oil output by 500Mbbl/d as soon as sanctions are lifted, and by 1MMbbl/d within months, Oil Minister Bijan Zanganeh said in broadcast remarks, Reuters reported.
State energy firm Sonatrach has said it would stick to a plan to invest $90 billion over the next five years despite a crude oil price slump on global markets.
Noble said Aug. 3 that its total sales volumes rose 3% to 299,000 barrels of oil equivalent per day (boe/d) in the second quarter.
Natural gas output from the offshore field rose to 2.6 billion cubic meters (Bcm) in the first quarter of this year from 2.32 Bcm in the same period of 2014. It produced 0.6 million tonnes of condensate, the same as in the first quarter of last year.
The FPSO will produce from the Iracema North area of the Lula Field in the Petrobras-operated BM-S-11 block, BG Group said.
Saudi Aramco will put 40MMcf/d of CO2 into the Uthmaniyah area south of the Ghawar Field to boost oil recovery rates, its website said in Arabic, Bloomberg reported.
The EU removed Iran’s Petropars Operation and Management and Petropars Resources Engineering from its sanctions list, Reuters said. They are in a group extracting natural gas from South Pars Field.
Sinopec Group is expected to start producing at the Yadavaran Oil Field in Iran at 85Mbbl/d under phase-one development, two company sources said, Reuters reported.
Under the agreement, InterOil will continue to provide certain technical services for Total until the end of 2015, a news release said.
BG’s output grew by 19% during the quarter to 703,000 barrels of oil equivalent per day (boe/d)—driven by Australia and Brazil—which helped cushion the company’s sharp drop in income.
Exxon Mobil’s production grew by 3.6%, rising 139,000 barrels per day (bbl/d) to 4 million oil-equivalent barrels per day (MMboe/d), the company said in a news release.