Exclusives

Drilling and sand control synergies improve well delivery efficiency for a challenging high-temperature well offshore India.

Iraq oil production, Wood Mackenzie, Ian Thom, oil production

Technical service contract terms, oil transportation and water supply are among the issues affecting Iraq’s oil production growth potential, according to a report.

Mexico, deepwater, costs, oil, Aldo Flores-Quiroga

With round one under its belt, Mexico is ready to unleash more of its coveted resources to foreign investors with another deepwater auction set for this year.  

Qatar Petroleum North Field Moratorium

Aiming to maintain market share, Qatar Petroleum lifted its self-imposed moratorium on the world’s largest natural gas field after more than a decade.

Stratas Advisors, Iraq, Kurdistan, oil

Once the Iraqi military concludes its campaign against the Islamic State in Mosul and surrounding territory, it will seek to reacquire territories disputed between Baghdad and the Kurdistan Regional Government.

Exploration

Israel's Delek Drilling and Avner Oil, both units of conglomerate Delek Group, said May 17 they have completed a long-awaited merger and will begin trading next week as one company.

The new discovery was made onshore in the Uzunada area, state news agency TDH said. The test well produced 500,000 cubic meters of gas and 150 tonnes of condensate per day, it said.

Lebanon, along with Cyprus, Israel and Egypt, sits on the Levant Basin in the Mediterranean where gas fields have been discovered since 2009, Reuters reported.

Delek said in a statement that a new corporation will be set up that will sell securities, including bonds, on the Tel Aviv exchange to raise money to buy the stake in the gas fields.

TAQA’s North American oil and gas business is based in Calgary with some of its properties in its South Area extending into Montana, North Dakota and Wyoming in the U.S.

Production

Genel Energy said net production averaged 37,700 barrels per day (bbl/d) of oil in the year to May 31, with average production from Taq Taq of 23,300 bbl/d, Reuters reported. 

Amec Foster Wheeler will deliver engineering and design, overall program management and other support services for a new gas-oil separation train which will boost production by 300,000 barrels per day (bbl/d), the company said in a statement.

The existing deal is due to expire in 2024, and BP-led consortium and Azeri state oil firm SOCAR signed a letter of intent in December to continue developing the giant Azeri-Chirag-Guneshly (ACG) offshore fields until 2050.

OPEC and non-OPEC countries are committed to bringing global oil inventories down to the industry's five-year average, Saudi Energy Minister Khalid al-Falih said May 31.

The deals were signed with Dalia Power, which operates Israel’s largest private power station, and Or Power, which is planning to build new power plants, Energean said in a statement.

Technology

The 10-year agreement builds on a three-year EPCM support contract delivery program that Petrofac undertook on behalf of PDO.

OMV could help Gazprom Neft in the initial geological assessment of two blocks in Iran, Vadim Yakovlev, first deputy general director at Gazprom Neft, said in a statement.

Kareem Hattab, who will oversee E&P, previously served as director-general of the state-owned Iraqi Oil Exploration Co., the spokesman, Asim Jihad, told Reuters.

The roadmap strengthens the deployment of Schlumberger technology, reduces regional delivery times for key products and services, and increases local capacity and deployment capabilities, Schlumberger said in the release.

BP's profit nearly tripled in the first quarter of 2017 from a year earlier, buoyed by rising oil prices and production that hit a five-year high, while debt piled up.