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KAPSARC study finds the cartel has the ability (at least in theory) to stabilize the price of oil.
The project would increase the North Field’s production by 10%, adding about 400,000 barrels of oil equivalent per day.
Knowledge gained at the Abu Al Bukhoosh Field (ABK) could be applied to other Abu Dhabi reservoirs, including the recently awarded concessions.
Saudi Arabia has embarked on a long-term strategy to expand its resource base and to increase recovery to 70% through the use of EOR technologies.
Solar steam production unlocks heavy oil in the Middle East.
But Palestinian political disputes and conflict with Israel, as well as economic factors, have delayed plans to develop the field.
Libya's National Oil Corp. (NOC) said on July 5 that production had started at the first well in the Bahr al-Salam Phase 2 project in the country’s largest offshore gas field.
The possible withdrawal of French oil major Total from Iran's South Pars gas field has not slowed down the project, a senior Iranian official said, adding that Tehran is in talks with Russia’s Gazprom over the development of two other fields.
Iran is pursuing a plan to increase its oil output by 460 MMbbl within three years, oil minister Bijan Zanganeh said on June 9, according to SHANA, the news site of the Iranian oil ministry.
Qatar Petroleum (QP) signed an agreement on June 3 with Exxon Mobil Corp. (NYSE: XOM) to acquire a 30% stake in two of ExxonMobil's affiliates in Argentina.
The Peshkabir field was brought on production in 2017 and two drilled wells last year, Peshkabir-2 and Peshkabir-3, have produced at a constant combined rate of around 15,000 bbl/d of oil.
Saudi Arabia’s total supplies to the market in June were even higher than well-head production, the sources said, suggesting the Kingdom sold crude from storage.
This comes just three years after the final investment decision. Two further wells will begin production within a week. An additional seven wells will come on-stream by October 2018.
The European Union is trying to cut its reliance on Russian gas by developing the so-called Southern Gas Corridor, which is expected to bring about 16 billion cubic meters (Bcm) of gas a year to Europe by 2020.
Shell has said it plans to focus on developing its gas joint venture in Iraq. Shell also sold its stake in West Qurna 1 to Japan’s Itochu Corp.
The existing facility, located approximately 60 km (37 miles) west of Istanbul, has been in operation since 2007 and BOTAŞ intends to expand its working gas capacity to 4.6 billion cubic meters.
Local workers said about 10 protesters managed to briefly enter a crude separation facility before police pushed them back. An angry crowd set fire to a caravan used by police, said two policemen at the scene.
Weatherford is shedding underperforming assets in a bid to halt losses and trim its debt burden and its latest deal could boost investor confidence in the company's CEO.
Iran's oil minister on July 7 accused President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of U.S. pressure.
Iran is studying ways to keep exporting oil and other measures to counter U.S. economic sanctions, state news agency IRNA reported on June 30.