Exclusives

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The game has changed because of newer, more efficient technology.

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Despite political tension, the two Arabian Gulf states signed an agreement to renew the concession for continued development and operation of the El-Bunduq offshore oil field.

An integrated system expands the potential of underbalanced CT drilling to solve complex challenges.

The workforce could be the deciding factor.

Saudi Aramco’s IPO: Will It Happen?

Recent windfalls generated through taxes and the kingdom’s “anti-corruption purge” has triggered further speculation about the future of Saudi Aramco’s IPO.

Exploration

Independent appraisals by U.S.-based oil consultants DeGolyer and MacNaughton and oilfield services company Halliburton had confirmed Bahrain’s find of “highly significant quantities of oil in place ... with tight oil amounting to at least 80 billion barrels, and deep gas reserves in the region of 10-20 trillion cubic feet,” Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa said.

Bahrain said on April 1 it had discovered the country’s largest oil field in decades, located off the west coast of the kingdom, according to state news agency BNA.

The deal comes shortly after Shell agreed to exit the Majnoon oil field, one of the largest fields in OPEC member Iraq, and hand over its operation to state-run Basra Oil by end-June.

Abu Dhabi National Oil Company (ADNOC) said on March 18 it had signed 40-year agreements with France's Total, awarding the company a 20% stake in the Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession.

 Iraq, OPEC’s second-largest producer of crude, is hitting a roadblock in the next phase of expanding its oil production capacity as the appetite of international energy firms for investing in the country’s low-return environment slackens.

Production

Austrian oil and gas group OMV said it will take a 20% interest in two oil fields off the United Arab Emirates under a $1.5 billion deal agreed with the Gulf state’s national oil company ADNOC.

The Iraqi oil ministry signed a two-year contract with Anton Oilfield Services and Petrofac Ltd. on April 5 to operate the giant Majnoon oil field.

Pearl Petroleum Co. Ltd. has signed a 10-year gas sales agreement with the Kurdistan Regional Government (KRG), the company said on March 21.

OPEC Secretary General Mohammad Barkindo said during an Azeri TV station Real TV interview on March 19 he hoped a global deal to reduce oil production would help restore stability to global oil markets in the course of the year.

Iran and Russia signed a deal on March 14 to develop two oil fields in Iran, according to Iranian state TV.

Technology

The deal could take the shape of a joint venture in which Qatar could partner or invest in future wells with ExxonMobil's unit XTO Energy, the Wall Street Journal said.

PetroChina (NYSE: PTR) will take 10% stakes in two of Abu Dhabi National Oil Co.’s (ADNOC) offshore concessions under a 40-year agreement signed on March 21.

Libya’s Zawiya oil terminal returned to normal operations on March 13 after workers who were blocking ships from docking agreed to end a one-day strike, two sources said.

The fund owns a 90% stake in the company and Kazakhstan’s central bank holds the remaining 10%.

Qatar supplies the UAE with natural gas through the Dolphin pipeline which pumps around 2 billion cubic feet of gas per day.