London-based oil major BP has agreed to buy Brazilian, Azeri and Gulf of Mexico assets from Devon Energy for $7 billion, as the U.S. producer refocuses on onshore U.S. fields.
ONGC Videsh Ltd. and its partner IPR Mediterranean Exploration Ltd. have made significant new oilfield discoveries in Block-XXIV located in northeastern part of Syria. The discoveries of Rashid and Abu Khashab fields have been back to back in 2009.
Maersk Group, the Danish firm, reported a net loss of $1 billion compared to a net profit of $3.5 billion in 2008, on the back of lower freight rates and lower prices for oil and gas as a result of the global economic crisis.
Takreer, Abu Dhabi's oil refining company inked four agreements worth $9.6 billion (Dh35.25 billion) with four Korean companies to expand its oil refining capacity in Ruwais by the end of 2013, according to WAM the Emirati News Agency.
"We are planning to hold tenders on eight exploration blocks soon. We are currently preparing the needed documents on these blocks," Mahmoud Mohaddes, exploration chief at National Iranian Oil Company, was quoted as saying by the semi-official Mehr News Agency.
The giant state-owned company Saudi Aramco is planning to explore in deeper offshore areas of the Red Sea on a search for new energy treasures in the next two years.
DNO has updated its drilling operations in Blocks 43, 47 & 53 in Yemen and in the Erbil license in Kurdistan, where the Erbil-2 well has tested 200-300 bopd of heavy oil.
Iraq's Oil Ministry has agreed with ExxonMobil and Royal Dutch Shell to set the baseline production level at Iraq's West Qurna Phase One oilfield at 244,000 barrels per day (bpd).
The exploration well OMOC-N-1, drilled in the Onal AEE, has identified a 111-metre column of oil in the Grčs du Kissenda. Pump tests have established a flow of 1,700 bpd of oil (flow limited by the pump’s maximum capacity) with an API of 33.4.
Saudi Arabia announced that it would double its supply of crude oil to India to reach 40 million tones a year in a move to help India meet its growing demands.
Algeria's Sonatrach announced a new natural gas discovery at El Kheit Tessekha extension-1 well in the Menzel Ledjmat contract area of the Berkine basin, flowing with a rate of 44.18 million cubic feet per day.
Saudi Aramco has awarded Baker Hughes a two-year contract for two fit-for-purpose underbalanced coiled tubing drilling packages designed to re-enter existing wells in the gas fields of southern Saudi Arabia.
A senior official at Azeri state energy company Socar announced that Devon Energy is thinking of selling its stake in the Azeri-Chirag-Gunsheli oilfields.
Ras Laffan Liquefied Natural Gas Company Limited (3) (RL 3), part of RasGas companies, announced the successful completion and start-up of its seventh liquefied natural gas (LNG) train.
French oil major Total SA is investing $20 billion with partners in four energy projects in Nigeria over the next four to five years, a company spokesman announced.
Tethys Petroleum Limited today gave further details on the testing of the recent AKD01 (Doris) exploration oil discovery on the Akkulka Block in Kazakhstan and briefed on the Company's future plans to appraise the discovery.
Exxon Mobil Corporation and Qatar Petroleum confirmed that the Al Khaleej Gas-Phase 2 (AKG-2) project, with 1,250 million cubic feet per day (mcfd) of sales gas capacity, initiated operations in December 2009.
Kuwait Gulf Oil Company's managing director, Bader Al Khashti, said that production from Al Khafji oilfield is expected to rise to 300,000 barrels per day (bpd) by the end of the first quarter.
A recent survey of 70 active companies by industry body Oil & Gas UK shows that a large number of companies cannot afford to increase oil and gas exploration in the North Sea, in spite of an increase in known reserves.
Schlumberger Ltd and Smith International, Inc. jointly announced today that their Boards of Directors have unanimously approved a definitive merger agreement in which the companies would combine in a stock-for-stock transaction.
A possible merger between Schlumberger Ltd. and Smith International Inc. highlights a continuing theme in the oil-field services industry: Size matters.
The Iraqi ministry spokesman, Assem Jihad said that Iraq launched its fourth sate-owned oil company, to oversee development of fields in the country's central.
Statoil announced a limited indications of oil exploration during drilling in the Omega Nord well which located six kilometers north-east of the Snorre field in the North Sea. However, the discovery might not be commercially viable due to the qualities of the sand and shale rocks.
The EnergyPoint market research ranked M-I SWACO, a global provider of oilfield fluids and fluids-related systems and services, number one in customer satisfaction in the survey overall.
Aker Solutions has signed a contract with Repsol Investigaciones Petroliferas S.A. for delivery of subsea equipment to the Spanish oil company's Mediterranean wells. Contract value is approximately NOK 120 million.
Royal Dutch Shell posted a 75 percent fall in fourth quarter profits to $1.18 billion, as it was punished for its strong positions in the ailing natural gas and refining businesses.
BP Chief Executive, Tony Hayward said in an interview on BBC radio that world demand will rise to reach its peak after the year 2020, with a maximum of 110 million barrels per day (bpd).
OPEC Secretary General, Abdullah AL Badry announced that it will be four to five years before there is a need to include Iraqi oil output within OPEC’s oil production policy.
A production test using a down hole Electrical Submersible Pump (ESP) has been completed in the Barik formation in the Farha South-3 well on Block 3 onshore Oman.
Hosnia Hashim, an executive in charge of North Kuwait for state owned Kuwait Oil Company (KOC), told Al Seyassah newspaper that the northern fields currently produce around 650,000 barrel of oil and 500 million cubic feet of gas per day.
2009 will be remembered for its significant offshore oil and gas discoveries worldwide. Of the 10 top discoveries for the year, two were made in the GOM, two were found off Australia, and one each off Brazil, China, Israel, the UK, Venezuela, and West Africa.
A senior Iranian oil official was quoted describing the commitment of OPEC (The Organization of the Petroleum Exporting Countries) to the crude output targets as "successful". Last year, the members reached a compliance of 66 percent.
A senior Libyan oil official said that his country is pleased with the current oil price, around $80 a barrel, adding that the Organization of Petroleum Exporting Countries (OPEC) is not expected to increase the production unless the price of barrel reaches $100.
Russian oil continues to flow to Belarus and via Belarus to the European Union despite a failure by Moscow and Minsk to seal a new oil supply deal at talks on Saturday.
Iraq's Oil Ministry will settle deals later this month with foreign energy firms for its Majnoon, Gharaf, Qayara and Najmah oilfields, said a top official.
U.S. Oil Major Chevron said it was forced to shut down 20 thousand barrels per day (bpd) of crude oil production in Nigeria after confirming a breach to one of its pipelines.
Oil prices rose 1 percent on Monday, hitting a fresh 15 month high above $83 a barrel, and a supported data showing China's crude oil imports increased by nearly 25 percent in December as the U.S. dollar weakened.
Statoil is the first company in Norway to offer 5 per cent bioethanol to general consumers. From January 2010 onwards 40 per cent of Statoil's stations will be selling the new biofuel "Bensin 95".
Abu Dhabi National Oil Co, which exports most of its oil to Asia, lowered official December selling prices after they reached the highest level in 14 months in November.
Global companies negotiating multi-billion dollar oilfield deals with Iraq have not yet responded to government requests for adjustments to the contracts, a government spokesman said, contradicting an earlier Oil Ministry statement.
Sociedade Nacional de Combustiveis de Angola, better known as Sonangol, signed Wednesday in Baghdad two initial deals to develop Qaiyarah and Najmah oil fields in northern Iraq, officials said.
The Anglo-Dutch supermajor Shell's plans to sell US$5 billion worth of oil assets in Nigeria has been met by bemusement by the West African state's government.
The quantity of oil used at Oman Oil Refineries and Petrochemicals Company declined by 7.2 percent during the first ten months of 2009, in comparision to the same period in 2008, a statistics bulletin issued by the National Economy Ministry said.
Oil prices are likely to hover between $70 and $80 a barrel next year if the world economy strengthens, Algerian Energy and Mines Minister Chakib Khelil said.
World oil prices, which have soared 40 percent this year on signs of global economic recovery, rose Thursday as solid US demand underpinned the market on the last trading day of 2009, traders said.
Russia launched a new Pacific oil terminal that will allow the world's largest energy producer to conquer Asian markets and divert some Siberian crude flows away from Europe.
The bidders of a joint venture between Saudi Arabia and Kuwait said that the bidding closing date the for two projects at Al Khafji oilfield has extended to the 28th of December.
Algeria's Ministry of Energy awarded three exploration licenses out of 10 permits on offer at a public session, said the Head of the licensing committee Djilali Takkherst.
World oil prices fell on Monday, reversing earlier gains and in line with other commodity markets, as traders took their cue from a stronger dollar, dealers said.
Hess Corporation's fully-owned subsidiary Hess Libya Exploration Limited (HLEL) has carried out a successful test of its discovery well A1-54/01 offshore Libya in the Mediterranean Sea.
The Italian oilfield services giant Saipem has announced that it has been awarded a number of new onshore contracts with a total of around US$753 million.
National Iranian Oil Co., or NIOC, has offered India a 40% interest in phase 12 of the South Pars gas field and 6 million metric tons of liquefied natural gas a year, its managing director said.
Fugro Survey (Middle East) Limited has been awarded a 3.5 year extension to their existing contracts with engineering and construction company, J. Ray McDermott (J. Ray), for the provision of survey, positioning and Remotely Operated Vehicle (ROV) services in the United Arab Emirates, Qatar, India and Saudi Arabia. J. Ray currently operate four major work barges in the region as well as a large number of other support vessels.
Petrofac, the international oil & gas facilities service provider, has established a Joint Venture agreement with Zamil Group Holding Company to create and operate a new service centre facility in the Kingdom of Saudi Arabia.
Oman expects oil prices to range between $70 and $80 a barrel in 2010, some 40% to 60% more than the $50 estimate the country is using for to calculate its budget, Oman's national economy minister said.
Petrotechnics, the global leader in transforming the efficiency and effectiveness of frontline operations in the oil and gas industry, has announced the first deployment of its electronic integrated safe system of work (ISSOW) solution in the Middle East.
Tethys and partner CCED (Oman) Ltd (operator) have contracted MB Petroleum LLC to provide the MB 49 work over rig to conduct testing operations on Blocks 3 and 4 onshore Oman. The 450 hp rig is currently being mobilized on Block 3 and testing operations will begin in the next couple of days. The Barik sandstone, which displayed excellent oil shows whilst drilling, was not fully evaluated at the time and will now be tested
Dana Gas PJSC, the Middle East's largest regional private sector natural gas company, has announced its financial results for the quarter ending 30th September 2009.
Qatar has agreed to boost supplies of liquefied natural gas to China by at least 5 million tonnes a year from early next decade, the world's largest LNG exporter said.
Global oil demand will grow in the fourth quarter of 2009, its first year-on-year increase in fuel use since the second quarter of 2008, the International Energy Agency said.
Halliburton has been awarded the integrated turnkey drilling contract in South Ghawar. Located approximately 200 kilometers (124 miles) from the city of Dhahran, the Ghawar field is the world's largest oil field and the contract would involve work in Uthmaniyah, Haradh, Hawiyah and Shedgum.
ExxonMobil and Royal Dutch Shell signed a deal with the Iraqi Oil Ministry on Thursday to develop a major field, marking the first foray by a U.S.-led consortium into Iraq's promising but uncertain oil industry.
Saudi Aramco plans to raise its daily gas supplies by 30 percent within five years to 8 billion cubic feet, Al-Hayat newspaper quoted its Chief Executive Khalid al-Falih as saying on Sunday.
Yemen dispatched its first liquefied natural gas (LNG) shipment on Saturday from a $4.5 billion Total-led plant, as the leader of the violence-torn country sought to soothe security concerns.
Russian October oil output inched up to 10.04 million barrels per day from already record-high 10.01 million bpd in September, while the country's October daily gas output rose by 15.8 per cent to 1.76 billion cubic metres from 1.52 bcm in the previous month.
Petróleo Brasileiro S/A - Petrobras, announces that, after a visit made to Saudi Arabia late October, it is analyzing some investment opportunities in that country.
German utility company RWE said it is not in talks with Iran regarding the country's participation in the €7.9 billion ($11.71 billion) Nabucco gas pipeline project.
BP, and China National Petroleum Corporation (CNPC), have signed a technical service contract with Iraq's state-owned South Oil Company (SOC) to expand production from the Rumaila oil field, near Basra in southern Iraq.
Apache Corporation reported that for the first time average worldwide production surpassed 600,000 barrels of oil equivalent (boe) per day during the third quarter, increasing 3.4 percent from the second quarter and 19 percent from the prior-year period.
Zakum Development Co., or Zadco, which is majority-owned by Abu Dhabi National Oil Co., will tender contracts next year to help it develop at a cost of as much as $15 billion the massive Upper Zakum oil field, a senior company official said.
Plexus Holdings PLC, the AIM listed oil and gas engineering services business which supplies wellhead and mudline suspension equipment for exploration and production applications, has been awarded a second contract with Dubai Petroleum Establishment ('Dubai Petroleum'), a leading oil and gas company in the Middle East, to supply the Company’s 10,000 psi POS-GRIP wellhead technology with mudline suspension systems for exploration activities offshore United Arab Emirates in the Arabian Gulf. The contract is anticipated to commence in H1 of our financial year to 30 June 2010.
Iraq is planning to drill around 150 oil wells next year which will increase the country's crude oil production by 250,000 barrels a day, head of the state-run Iraqi drilling company said.
Total announces that the Yemen LNG liquefaction plant started producing Liquefied Natural Gas (LNG) on October 15, 2009. Total is lead shareholder of Yemen LNG and holds a 39.62% interest, alongside the state-owned company Yemen Gas Company (16.73%), Hunt Oil Company (17.22%), SK Energy (9.55%), Korea Gas Corporation (6%), Hyundai Corporation (5.88%), and GASSP1 (5%).
Eni has been awarded the license for the development of the Zubair giant field in Iraq, following a successful first round bid. The license has been awarded to an Eni-led consortium (with Eni as Operator), consisting of the US Occidental Petroleum Corporation and Korea Gaz Corporation.
Total has resumed contacts to enter the Pars liquefied-natural-gas export scheme in Iran, a state company said, despite rising tensions between the West and the Islamic Republic.
Apache Corporation announced government approvals of new contracts to supply 50 million cubic feet (MMcf) of natural gas per day from two fields in Argentina's Neuquen and Rio Negro provinces at a price of $5 per million British thermal units (MMBtu).
ExxonMobil Chemical and Saudi Basic Industries Corp (Sabic) joint-venture synthetic rubber plants were expected to cost about $5 billion (Dh18.39 billion), a senior company executive said.
Halliburton announces the recent deployment of its new Hostile Sequential Formation Tester II (HSFT-II™) tool. This latest formation evaluation tool allows operators to evaluate formations at increased pressures and temperatures, up to 30,000 pounds per square inch (psi) and 450°F, respectively, and in boreholes as small as four inches. No other commercially available formation testing tool is rated for such operating conditions.
The Jordanian Cabinet is set to discuss a draft gas exploration agreement with BP to develop the Risha gas field before giving it final approval, according to reports.
