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Amin Nasser said the program will attract investments of about US$150 billion over the next decade.
Production from Al-Khafji field will be less than 50% of the field’s initial production capacity.
KAPSARC study finds the cartel has the ability (at least in theory) to stabilize the price of oil.
The game has changed because of newer, more efficient technology.
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.
Chevron has decided to launch the sale of its stake in Azerbaijan's largest oil field as well as the Baku-Tbilisi-Ceyhan pipeline, the San Ramon, Calif.-based company said in a statement.
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.
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.
Houston-based Noble Energy sold its in Israel's Tamar Petroleum after announcing last week that it would help finance a gas export deal with Egypt, The Marker reported Oct. 3.
Iraq’s Oil Minister Jabar al-Luaibi has ordered the state-run companies of the oil ministry to develop Mansuriyah gas field, Oil Minister Jabar al-Luaibi said in a statement.
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.
The company discovered two new oil fields, Sakab and Zumul, and a gas reservoir in the Sahba Field, Aramco said in the report.
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.