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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.
Total CEO Patrick Pouyanne and BP’s Group Chief Executive Bob Dudley shared insights on how their companies found opportunities in in the downturn.
Investments made by Middle East oil and gas producers are focused on adding new capacity.
Exploration activity targeting Jurassic carbonate reservoirs in North Kuwait has led to the discovery of six major tight gas fields in the last decade.
Dana Gas, Crescent Petroleum, Dragon Oil, and Eni (NYSE: E) are among companies that sent letters to take part in Iraq’s oil and gas contract bidding round.
Lebanon’s energy minister said on April 24 he had asked the country’s petroleum authority to start preparing for a second oil and gas offshore licensing round but did not give a timeline for when it might happen.
Iraq had initially set June 21 as the date to open the bids for the new blocks, located in border areas with Iran and Kuwait, and in offshore Gulf waters.
Two of the six blocks are offshore and four are onshore, and estimates suggest they contain substantial amounts of oil and gas, ADNOC said in a statement.
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.
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.
Genel said the well, which was drilled to a measured depth of 3,100 m (10,171 ft), encountered good quality oil bearing Cretaceous Shiranish and Kometan reservoirs.
The Halini-Deep-1 discovery is the third discovery in the block following Halini-X-1 in 2011 and Kalabagh-1A in 2015.
Genel estimated that Taq Taq had proven and probable reserves of 356 million barrels (MMbbl) of oil as of Dec. 31, down from the 683 million it had estimated in June 2011.
The Sara-4 development well in Pakistan has been completed in the Sui Upper Limestone formation of Eocene age, flowing gas at an average rate of about 1.6 million cubic feet per day, Jura Energy Corp. said in a news release.
Oil and gas were encountered in the deeper part of the Megiddo-Jezreel #1 well, Zion CEO Victor G. Carrillo said.
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.
During testing, the well flowed oil and gas in Lockhart-1 formation at a rate of 2,020 barrels of oil per day and 5.4 million standard cubic feet per day, respectively.
Aramco, the world’s largest oil company, which is preparing a stock market listing to sell a small portion of its shares, has discovered three new oil fields, it said in the report. They are Faskar, offshore in the Arabian Gulf near the Berri field; Janab, east of the Ghawar field; and Maqam, in the eastern Rub'al-Khali.
Egypt entered the LNG market with a burst of imports earlier this year, making it one of the world's top growth markets.