Aramco, the world’s largest oil company, which is preparing a stock market listing to sell a small portion of its shares, has discovered three new oil fields, it said in the report. They are Faskar, offshore in the Arabian Gulf near the Berri field; Janab, east of the Ghawar field; and Maqam, in the eastern Rub'al-Khali.
The company said it had entered a restructuring support agreement with some lenders, which will eventually allow it to place all its unsold assets into a wind-down vehicle until they can be sold.
West Africa’s list of stalled projects means Tullow Oil’s TEN development is a rare bright spot.
For shale players, better reservoir connections are crucial to unlocking economic barrels.
A militant group called the Niger Delta Avengers, which has told oil firms to leave the Delta before the end of May, said late on May 25 it had blown up the facility's mains electricity feed.
Whilst the cuts are small in comparison to the overall amount of people employed in the oil and gas industry, Shell's 12,500 job reductions are equal to the entire workforce of social media company Facebook.
The U.S. might not need shale oil growth now, but from 2017-2020 demand will require an additional 0.7-0.9 MMbbl/d annually, an analyst said.
The sharp drop in oil prices over the past two years has led companies including ExxonMobil and Royal Dutch Shell to sharply reduce budgets, particularly for exploration.
The number of oil rigs in the U.S. and Canada remained the same, holding at 318 and 16, respectively.
Keppel O&M and Rosneft will have shares of 45% each in the JV, while MHWirth will hold 10% while adhering to existing U.S. and EU sanctions imposed on Russia’s offshore sector, Reuters reported.
The subsea tree market has tanked, but the technology remains viable and vital in the long term.
InterOil is coveted for its stake in the Elk-Antelope fields, which could hold at least 6.2 trillion cubic feet of gas, more than enough to fill one LNG processing train. Drilling of one more well this year could prove it holds much more.