Kuwait Oil Co. said it has discovered “huge commercial amounts” of light oil and associated gas in an offshore field, marking a “turning point” in its efforts to explore offshore hydrocarbons.
Chevron has taken the final investment decision (FID) on the second phase of the Tamar field, offshore Isreal.
“The sentiment for oil and gas stocks is on the very low side, at least in European markets,” Nordin continued. “There is a clear misalignment in valuations”, he continued, when contrasting market cap with how Tethys is valued within the industry.
“By awarding these contracts, we are taking an important step towards realising the full potential of Al-Shaheen field, which produces around half of Qatar’s crude oil today,” said Minister of State for Energy Affairs, and CEO of QE, Saad Sherida Al-Kaabi.
“We continue to see progress,” said Genel CFO Luke Clements. “It’s painfully slow. But it’s not like we’re close and then it all blows up. It’s just small steps, but with good progress.”
“We have cut all non-essential activity and significantly reduced spend, while developing a new source of income through domestic sales,” said Weir.
The two companies already work together on the adjacent Sarsang block, where HKN is operator. “We look forward to working together at Atrush to realise significant synergies on both blocks.”
“As we continue to optimise our portfolio, we look forward to enhancing our position as the leading independent gas-focused exploration, development and production company in the region." Energean plans to spend $400-500 million this year.
Adnoc Drilling and Alpha Dhabi set out their plans for the joint venture in November 2023. The company will acquire and invest in “tech-enabled oilfield services”. It aims to spend $1.5 billion.
Local sales are “negative for Kurdistan, in that there is no new investment in these circumstances. I don’t expect anyone to drill, to increase production beyond March 2023 rates [prior to the pipeline closure]."
CGG will continue to work in Saudi Arabia, she said, and with TAQA. The company will provide “high-end subsurface imaging and seismic acquisition systems”, Zurquiyah noted.
The United Arab Emirates will increase its output target to 3.075 million barrels a day in January, or about 135,000 barrels a day more than it pumped last month.
"The winning companies have committed to unprecedented investment in natural gas exploration over the next three years, which would hopefully result in the discovery of new natural gas reservoirs.”
Smith declined to comment on recent speculation that Wintershall was considering a sale of its stake in Ghasha.
Ajayi noted Egypt relied on gas imports from Israel for domestic demand. “As such the North African nation will have less gas available for LNG exports due to the shutdown of the EMG pipeline.”
Aberdeen-based oilfield equipment specialist OSSO will form a new partnership with a Saudi company after it more than doubled its revenues in the Middle East.
Members of the producer group would not be in a position to produce oil for export until it is clear how they will be paid, it said.
Slightly more than three hours later, Zenith announced the signing of a memorandum of understanding for an asset in Kazakhstan.
APIKUR reported that its members had cut spending by around $400mn in 2023, with plans for 2024 in doubt.
Dana Gas CEO Patrick Allman-Ward said the company had made significant strides energy efficiency and greenhouse gas emissions in the past few years. The company has cut flaring 47% since 2019.
Saipem (BIT: SPM) has been awarded a pair of offshore drilling contracts worth a total of $550 million.
Talks were reportedly under way on the Gaza Marine development plan last year. The Washington Post said development work would cost around $1.4 billion. The report said development would take just over a year from a final agreement.
Gulf Keystone had previously trucked Shaikan crude to the Turkish border, for onward transport via pipeline to Ceyhan in 2015. It ended trucking in 2019.
Olympus will come at a lower cost than Tanin, Energean said, owing to its proximity to the FPSO. As a result, capital expenditure for the next phase of tie-backs will be lower.
ShaMaran said it would return to action only when Kurdistan has solved both the pipeline and payment problems.