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Recent windfalls generated through taxes and the kingdom’s “anti-corruption purge” has triggered further speculation about the future of Saudi Aramco’s IPO.
Most of the shared oil and gas fields are located in the Arabian Gulf, which is considered one the world’s shallowest seas with depths rarely exceeding 100 m.
With round one under its belt, Mexico is ready to unleash more of its coveted resources to foreign investors with another deepwater auction set for this year.
Aiming to maintain market share, Qatar Petroleum lifted its self-imposed moratorium on the world’s largest natural gas field after more than a decade.
Although OPEC’s second-largest oil producer has more than 70 oil fields, only 30% of these are developed or partially developed, according to Iraq’s oil minister.
McDermott International said Jan. 24 it was awarded a large contract, which it defines as between $50 million and $250 million, from Saudi Aramco.
UTEC has been awarded geophysical survey contracts in Saudi Arabia in conjunction with it’s in Kingdom partner, Zamil Offshore, the company said January 2018.
Iraq signed a memorandum of understanding with BP Plc (NYSE: BP) on Jan. 18 to boost production capacity at its northern Kirkuk oilfields, the country’s oil ministry said in a statement.
Jacobs Engineering Group Inc. (NYSE: JEC) has been selected by BP Plc (NYSE: BP) to provide engineering, procurement and construction management (EPCM) services for phase 2 of the Khazzan project in the Sultanate of Oman.
The contract involves work to help drive an increase in total production capacity from the central processing facility to 1,500 million standard cubic feet per day, Petrofac said.
Industry sources told Reuters last year that Aramco was operating about 212 oil and gas rigs, a level it had kept steady since 2015. That number did not include rigs used to drill water wells.
Saudi Aramco is now operating around 212 oil and gas rigs; which is a level it has kept steady since 2015. That number does not include water rigs.
Contract is in scope of Jereh Oilfield Services Group, the Chinese licensing partner. Ben Van Bilderbeek, CEO, said POS-GRIP’s safety and time savings were evaluated against traditional slip and seal systems.
Installation of two jackets in the Bul-Hanine Field offshore east of Doha has been scheduled to be completed by December 2016 with the remaining two scheduled for completion in July 2017. The total weight of all four structures combined is 3,495 tons.
All terms and conditions of the contract remain in full force and effect for the rest of the five-year term of the contract, according to Hercules offshore.
Deal will contribute to the elimination of gas flaring in Iraq by 2021, says oil minister.
Apache estimated its production in the U.S. was at the high end of its forecast of 218,000 to 224,000 boe/d for the latest quarter, driven primarily by strong growth in the Permian.
The Kurds have withdrawn from most Kirkuk oil fields since October, but the vote came after lawmakers said the Kar Group refused to cooperate with Iraq’s state-run North Oil Co. (NOC) and hand back the Khurmala oil field.
Total signed a deal with Tehran in July for the South Pars 11 project with an initial investment of $1 billion, marking the first major Western energy investment in Iran since the lifting of sanctions.
The rise in spending will provide big opportunities for Saudi contractors looking to increase their involvement with Aramco, said Ahmad al-Sa’adi, Aramco’s senior vice president of technical services.
Kuwait replaced its oil, finance and defense ministers in a cabinet reshuffle on Dec. 11, state news agency KUNA reported.
Kareem Hattab, who will oversee E&P, previously served as director-general of the state-owned Iraqi Oil Exploration Co., the spokesman, Asim Jihad, told Reuters.
The area where the workers were kidnapped is close to South Waziristan, part of the lawless Federally Administered Tribal Areas bordering Afghanistan, Reuters reported.
Russia has said it prefers to freeze output while OPEC wants Moscow to contribute to cuts, Reuters reported.
Kurdish Peshmerga fighters took control of Kirkuk in 2014, after the Iraqi army withdrew from the region, fleeing an Islamic State advance through northern and western Iraq. The hardline group also controls part of neighboring Syria.
Global oil producers are in agreement that they should continue cooperating on production after their deal on supply cuts expires at the end of this year, Saudi Arabia’s energy minister Khalid al-Falih said on Jan. 21.
Iran’s crude oil production and exports have not been impacted by the unrest spreading across the country as a crackdown intensified against anti-government demonstrations that began last week.
In January, Iran named 29 companies from more than a dozen countries as being allowed to bid for oil and gas projects, but the Iran Petroleum Contract model has been delayed several times.
The government aims to sell up to 5% of Aramco, listing the shares in Riyadh and at least one foreign exchange, to raise cash for investment in new industries, as the kingdom seeks to diversify its economy beyond oil exports in an era of cheap crude, Reuters reported.
Kirkuk oil flow usually amounts to 150 Mbbl/d, exported via the Turkish Mediterranean port of Ceyhan. Pumping was suspended for several months last year because of a conflict between Baghdad and Kurdish regional authorities on oil revenue sharing, Reuters reported.