Exclusives

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Two-day marathon meeting leads to more bullish than expected oil output cuts by OPEC and its allies.

Amin Nasser said the program will attract investments of about US$150 billion over the next decade.

GlassPoint Solar, Occidental Petroleum, Occidental of Oman, Tunde Deru, Steve Kelly, steam, natural gas, gas, Petroleum Development Oman, EOR, solar, oil, production, California,

Occidental Petroleum’s Oman subsidiary is among the latest companies that have inked agreements with GlassPoint Solar, a technology company that uses solar energy to create steam to power EOR.

A new land rig design offers shale drillers 2,000-hp drawworks and reduced footprint.

The push toward incorporating digital tools to improve efficiencies, lower costs and expand production has triggered a new era for the oil and gas industry.

Exploration

Reach Energy Berhad said Dec. 3 that its exploration well, North Kariman-3 located in the North Kariman Field in the onshore Emir Oil Concession Block in Kazakhstan, has yielded positive results during the initial testing phase.

Wintershall said it had signed a deal to acquire a 10% stake in the Ghasha concession in Abu Dhabi with investments running into billions of dollars. This would be alongside ADNOC as operator and Italy’s Eni, which was awarded a 25% stake earlier this month.

China’s state-owned CNPC has replaced France’s Total in Iran's multibillion-dollar South Pars gas project, Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ICANA on Nov. 25.

Israel will tender off 19 new offshore blocks to oil and gas companies, its energy ministry said on Nov. 4, hoping to rebound from a disappointing bidding round a year ago.

BP expects to begin exploration with Italian oil major Eni in Libya in the first quarter of next year, CEO Bob Dudley told Reuters on Oct. 25.

Production

Saudi Aramco will expand its market share in Asia despite likely OPEC limits on output next year, and is eyeing deals in China and Africa as it aims to become a global leader in chemicals, the head of the world’s top oil producer said on Nov. 26.

Iran will continue to export oil despite U.S. sanctions, which Iranian President Hassan Rouhani said on Nov 19 are part of a psychological war doomed to failure. 

The Abu Dhabi National Oil Co. (ADNOC) said on Nov. 14 it would invest 5.1 billion dirhams (US $1.4 billion) to upgrade and expand its onshore Bu Hasa Field.

U.S. sanctions on Iran are unlikely to impact the oil market due to a glut in supplies globally, but Iran’s production capacity could be hit due to a possible squeeze in investments, the head of research at Abu Dhabi Investment Authority (ADIA) said on Nov. 6.

Libya has reopened three small eastern oil fields closed since June due to fighting, adding some 10,000 barrels a day (bbl/d) of crude production, a spokesman for state oil firm NOC said on Oct. 31.

Technology

Qatar said Dec. 3 it was quitting OPEC in January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity.

Delek reported quarterly profit of 323 million shekels (US$87 million), up from 151 million shekels a year earlier, which excluded the sale of part of its stake in the Tamar offshore gas field.

President Donald Trump praised Saudi Arabia for helping to lower oil prices on Nov. 21 as pressure intensified to impose tougher sanctions on the Middle East ally following the murder of dissident Saudi journalist Jamal Khashoggi.

U.S. officials said Russia facilitated the delivery of oil from Iran to Syria, and that a variety of mechanisms were used in an attempt to conceal the shipments and oil-related payments.

Under the development agreement, Odfjell and SDP will demonstrate the DnR’s capabilities with a large Middle East operator in Kuwait.