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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.
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.
Efficiency and accuracy of directional drilling is improved with new proportional steering system.
Qatar has unveiled another plan to increase its LNG capacity by 43%, to 110 mtpa.
Turkey and Italy are the last buyers of Iranian crude outside China, India and the Middle East, according to tanker data and an industry source, the latest sign that shipments are taking a major hit from looming U.S. sanctions.
Solar steam production unlocks heavy oil in the Middle East.
High-efficiency HP/HT completion systems help operators deliver top performing wells.
All stages were successfully stimulated with acid, with clear pressure indications of packers setting, balls landing and sleeves shifting, the release said.
Baker Hughes (NYSE: BHGE), the world’s second-largest oil services company, will take a 5% stake in Abu Dhabi National Oil Co.’s (ADNOC) drilling unit for $550 million under a tie-up announced on Oct. 8.
The Peshkabir field was brought on production in 2017 and two drilled wells last year, Peshkabir-2 and Peshkabir-3, have produced at a constant combined rate of around 15,000 bbl/d of oil.
Shelf Drilling, the world’s largest owner of shallow water rigs, made its debut on the Oslo stock exchange on June 25, but its shares fell 2.6% from their IPO price.
Saudi Energy Minister Khalid al-Falih expects a "reasonable and moderate" agreement next week when OPEC and non-OPEC oil-producing nations meet in Vienna, he told reporters in Moscow on June 14.
Iran is pursuing a plan to increase its oil output by 460 MMbbl within three years, oil minister Bijan Zanganeh said on June 9, according to SHANA, the news site of the Iranian oil ministry.
The company plans to expand its use of carbon capture, use and storage technology to meet a sixfold increase in the utilization of CO2 for EOR over the next 10 years.
Middle Eastern oil and gas producers are now focusing on developing unconventional resources like heavy crude oil.
Through its R&D arm, Saudi Aramco is working on various R&D projects in an effort to increase the recovery factor of reservoirs from 50% to 70%.
The oil industry’s demand for energy is growing rapidly, and solar can supply much of that power, GlassPoint Solar CEO Rod MacGregor said.
Pilot project in Oman reduces need for natural gas in thermal EOR.
The two countries halted output from the jointly run Khafji and Wafra oil fields in the so-called Neutral Zone more than three years ago, cutting some 500,000 barrels per day, or 0.5%, of global oil supply.
OMV said on Sept. 27 that it has started production at its Umm Lulu offshore field.
Purchase by Delek and Noble allows supply of 64 Bcm over 10 years.
Qatar Petroleum, the world's top supplier of LNG, said it was adding a fourth LNG production line to raise its output capacity from the North Field to 110 million tonnes a year.
It is the first of three major offshore expansions in Saudi Arabia and the company’s largest upstream development project this year.