Exclusives

Efficiency and accuracy of directional drilling is improved with new proportional steering system.

Saudi Arabia and Russia won’t add significantly more oil to the market because of a lack of capacity, a top Iranian official said on Sept. 24, predicting prices will probably rise further.

Saudi Aramco, gas, production, conventional, unconventional

Saudi Aramco processed 12.4 billion standard cubic feet a day (Bscf/d) of raw gas and supplied 8.7 Bscf/d of natural gas last year, according to the company’s latest annual review.

saudi_aramco_big_data_nanotechnology_recorvery

How Saudi Aramco plans to become an enabler and creator of new technologies.

saudi_arabia_kuwait_al-khafji_oilfield

Production from Al-Khafji field will be less than 50% of the field’s initial production capacity.

Exploration

Houston-based Noble Energy sold its in Israel's Tamar Petroleum after announcing last week that it would help finance a gas export deal with Egypt, The Marker reported Oct. 3.

The company discovered two new oil fields, Sakab and Zumul, and a gas reservoir in the Sahba Field, Aramco said in the report.

Iraq’s Oil Minister Jabar al-Luaibi has ordered the state-run companies of the oil ministry to develop Mansuriyah gas field, Oil Minister Jabar al-Luaibi said in a statement.

kapcars_opec_oil_price_study

KAPSARC study finds the cartel has the ability (at least in theory) to stabilize the price of oil.

But Palestinian political disputes and conflict with Israel, as well as economic factors, have delayed plans to develop the field.

Production

OPEC cut its forecast of global demand growth for oil next year for a third straight month on Oct. 11, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets.

The Trump administration is actively considering waivers on sanctions it will reimpose next month for countries that are reducing their imports of Iranian oil, a U.S. government official said on Oct. 5.

Baker Hughes (NYSE: BHGE), the world’s second-largest oil services company, will take a 5% stake in Abu Dhabi National Oil Co.’s (ADNOC) drilling unit for $550 million under a tie-up announced on Oct. 8.

OMV said on Sept. 27 that it has started production at its Umm Lulu offshore field.

Purchase by Delek and Noble allows supply of 64 Bcm over 10 years.

Technology

With oil prices hitting fresh four-year highs, long-dormant proposals to allow the U.S. to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law.

U.S. President Donald Trump called Saudi Arabia’s King Salman on Sept. 29 and they discussed efforts being made to maintain supplies to ensure oil market stability and global economic growth, Saudi state news agency SPA reported.

White House national security adviser John Bolton on Sept. 25 dismissed an EU plan for a special payments plan to circumvent U.S. sanctions against Iranian oil sales and pressed the SWIFT global payments messaging system to rethink dealing with Tehran.

Oil and gas giant Saudi Aramco is having preliminary talks with banks about a potential debt financing of up to $70 billion to back its acquisition of a majority stake in Saudi petrochemical firm Sabic, banking sources said on Sept. 5.

It is the first of three major offshore expansions in Saudi Arabia and the company’s largest upstream development project this year.