Exclusives

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Production from Al-Khafji field will be less than 50% of the field’s initial production capacity.

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KAPSARC study finds the cartel has the ability (at least in theory) to stabilize the price of oil.

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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.

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Total CEO Patrick Pouyanne and BP’s Group Chief Executive Bob Dudley shared insights on how their companies found opportunities in in the downturn.

Land & Leasing

Lebanon’s search for its first oil and gas reserves began May 29 after authorities approved an exploration plan submitted by a consortium of France’s Total, Italy’s Eni and Russia’s Novatek.

Egypt has set Oct. 1 and Oct. 8 deadlines for two major international tenders for oil and gas exploration spanning 27 onshore and offshore blocks, the oil ministry said May 22.

One bid round will cover 16 concession areas, mostly in the Mediterranean Sea, under state buyer EGAS, in its largest ever bid round. The other auction will cover 11 concession areas under the Egyptian General Petroleum Corp.

Iran signed a preliminary deal on May 16 for a consortium of international companies to develop an oil field, the first such contract since Washington withdrew from a nuclear agreement and said it would reinstate sanctions on Tehran.

Abu Dhabi National Oil Co. (ADNOC) said on April 29 it had signed a 40-year agreement with OMV, awarding the Austrian oil and gas group a 20% stake in Abu Dhabi’s SARB and Umm Lulu offshore oil concession.

Reservoir Evaluation

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.

Wildcats & Stepouts

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.