MENA ///
Sound Energy, the Moroccan focused upstream gas company, has announced completion of the entire 2,850-line km 2D seismic acquisition program in Eastern Morocco. This program adhered to 'best in class' international safety standards throughout and has been completed on budget and with zero lost time incidents.
Saudi Arabian Oil Co., the world’s largest crude exporter, said its production last year fell from the annual record it reached in 2016 as it led OPEC and other major producers in curbing output to counter a global oversupply.
SDX Energy Inc., the North Africa focused oil and gas company, has announced that a successful production test has been conducted at its SD-3X appraisal well at South Disouq, Egypt (SDX 55% working interest and operator).
DNO ASA, the Norwegian oil and gas operator, today announced plans for its first dividend distribution to shareholders in 13 years following release of strong half-year 2018 results, including revenues of $289 million, which were up 83% from the same period last year.
Natural gas production in Egypt has been in decline, falling from a 2009 peak of 5.8 Bcfd to 3.9 Bcfd in 2016, based on estimates in BP’s Statistical Review of World Energy. The startup of a number of natural gas development projects located offshore in the eastern Mediterranean Sea near Egypt’s northern coast has significantly altered the outlook for the region’s natural gas markets.
Eni announces that Egyptian Authorities have authorized a new Nile Delta Concession Agreement, allowing a 10-year extension of the Abu Madi West Development Lease (203 km2), where Nooros field is located, and the execution of further exploration activities within El Qar’a Exploration Lease (64 km2).
Eni announced that a new Concession Agreement, aimed at governing an offshore exploration license in the prolific East Nile Delta basin of the Mediterranean Sea, has received approval by Egyptian authorities.
Petrofac has been awarded a contract worth around $370 million by Basra Oil Company (BOC) for expansion of the Central Processing Facility (CPF), located in Majnoon field, Southern Iraq.
China National Petroleum Corp. is expected to take the lead on a $5-billion project to develop Iran’s share of the world’s biggest gas deposit, taking over from France’s Total SA, which halted operations after U.S. President Donald Trump reimposed sanctions on the Islamic Republic.
The Trump administration forecasts that it will persuade countries to cut Iranian oil imports by as much as 1 MMbpd when it reimposes energy sanctions in early November, according to two people familiar with the administration’s efforts to choke off Tehran’s crude sales.
Michele Cowart, World Oil
Plenty-brand screw and vane pumps from SPX Flow are engineered to pump heavy viscous fluids, and are ideal for forced lubrication of rotating machinery and fuel transfer processes.
Michele Cowart, World Oil
Danos has been awarded a contract by Shell Exploration and Production Company to provide coatings for Shell’s deepwater Appomattox platform in the Gulf of Mexico.
Emily Querubin, World Oil
Anadarko Petroleum Corporation has named Mitch Ingram, formerly executive V.P., international and deepwater operations and project management, to the post of executive V.P., international, deepwater and exploration.
Abu Dhabi National Energy Co. reported an almost fivefold jump in profit after crude prices climbed.
It is still nearly three months until U.S. sanctions on Iran’s oil exports snap back into force, but they are already having a big impact on the Persian Gulf country’s trade.
The companies developing Israel’s largest natural gas fields and their Egyptian partner have finalized details of a deal that would give them control over a pipeline to Egypt, according to people familiar with the matter, a crucial step that would pave the way for a $15-billion export contract.
Global specialist equipment and integrated engineering services company, Sparrows Group, has made a significant development in Saudi Arabia after being granted commercial registration to operate in the Kingdom.
Since late 2016, the Organization of Petroleum Exporting Countries and other nations, including Russia, Kazakhstan and Mexico, have managed the oil market, giving birth to a group popularly known as OPEC+.
OPEC’s crude output increased last month as Saudi Arabia pumped near-record volumes to make good on a pledge to consumers that demand would be met.
Kuwait Foreign Petroleum Exploration Co. is borrowing $1.1 billion to spend on oil and natural gas projects as the company plans to expand its shale operations, CEO Sheikh Nawaf Saud Al-Sabah said.