A fourth well has been brought into production at Iraq’s Badra field, which is operated by Gazprom Neft. This new high flow-rate well (Р-05) has allowed total production at the field to nearly double to 27–28,000 bopd.
Royal Dutch Shell Plc executives have visited Tehran to discuss possible partnerships, the latest sign that the largest oil companies are serious about returning to Iran once a deal on the country’s nuclear program is done.
Iran will probably struggle to restore lost crude production if it secures a deal to ease sanctions because the condition of halted fields will have deteriorated and more investment will be needed, according to Wood Mackenzie Ltd.
Qatar Petroleum, the world’s biggest producer of LNG, plans to expand overseas after a restructuring that included the takeover of its foreign investment arm and the firing of some workers.
U.S. Sen. Lisa Murkowski (R – Alaska) advanced her efforts to lift the current ban on most U.S. crude oil exports on Tuesday by releasing a report making the case that sanctions on Iranian oil should not be lifted without also lifting the current ban on U.S. crude oil exports.
Coretrax has strengthened its position in the Middle East by opening an office in Abu Dhabi, its fourth base in the region.
Not content with the blow it’s dealt to U.S. oil drillers, Saudi Arabia is set to escalate the battle for market share by raising production to maximum levels.
Saudi Arabia reduced crude oil exports in April as the world’s biggest producer used record supplies domestically for a burgeoning refining industry.
Wood Group has been awarded an offshore maintain potential program contract by Saudi Aramco for greenfield and brownfield engineering services, procurement, and construction management support for new facilities in the Arabian Gulf.
The world is on the brink of the longest-lasting oil glut in at least three decades and OPEC’s quest for market share makes it almost unavoidable.
Emirates National Oil Co. agreed to buy Dragon Oil Plc for 1.7 billion pounds ($2.6 billion), gaining control over wells in Turkmenistan and exploration projects from Algeria to Iraq.
Petrofac has been awarded an engineering and procurement contract by Petroleum Development Oman (PDO) to provide services for its Yibal Khuff project, a field located approximately 350 km southwest of Muscat in the Sultanate of Oman.
Saudi Arabia, the world’s biggest oil exporter, told OPEC that it kept pumping the most crude in three decades last month amid growing signs that the 12-nation group’s quest to maintain market share is working.
Saudi Arabia is trying to maintain its share of the global oil market rather than use its power in OPEC to curb U.S. producers, according to David Petraeus, former director of the Central Intelligence Agency.
Indonesia is seeking a long-term oil supply deal with Iran in anticipation of a possible end to sanctions against the Persian Gulf nation over its nuclear program.
Dana Gas has completed an agreement with BP, whereby BP will carry Dana Gas for the drilling of a first exploration well in the El Matariya onshore Concession Area, Nile Delta in Egypt.
Saudi Arabia’s oil minister said the kingdom’s efforts to focus on market share are working just days before OPEC meets to discuss production.
Brent oil snapped a two-day advance as Saudi Arabia maintained crude output at a record in May before OPEC meets this week to discuss its production policy.
Oil traded near a one-month low in London on concern record Iraqi exports will boost OPEC supplies.
Canada-based Questerre Energy has entered into a memorandum of understanding with the Ministry of Energy and Mineral Resources of the Hashemite Kingdom of Jordan for the appraisal and development of oil shale acreage in Jordan.