Exclusives

opec_outputcuts_oil_russia_iran

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.

Efficiency and accuracy of directional drilling is improved with new proportional steering system.

Completion

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.

Drilling

Libya's closed Sharara oilfield is expected to lose 8,500 barrels per day (bbl/d) to looting, state oil company NOC said Jan. 3.

Iraq has agreed on a deal with U.S. company Schlumberger Ltd. (NYSE: SLB) to drill 40 wells in the giant Majnoon oil field, the Oil Ministry said on Dec. 19.

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.

Enhanced Oil Recovery

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.

Saudi Aramco, R&D, EOR, IOR, oil, reservoir

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%.

GlassPoint Solar, EOR, solar, oil

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.

Field Development

Qatar is preparing to issue a tender for energy firms seeking a stake in its gas expansion project, drawing interest from long-standing partners as well as newcomers.

Under the deal signed on Dec. 19, OMV gains access to the Middle East gas business for the first time, in line with its strategy to make it a core region to balance geopolitical risks it faces in countries such as Russia and Libya.

South Pars is the world’s largest gas field and CNPC’s investment freeze is a blow to Tehran’s efforts to maintain financing for energy projects amid the re-imposition U.S. sanctions on its energy sector earlier this year.

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.

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.