APPEC/S&P Global predicts OPEC+ will increase their oil production next year
An executive from S&P Global told a Monday conference that the Organization of the Petroleum Exporting Countries (OPEC+) and its allies are expected to increase their production in 2025 for the first time since a few years. OPEC+ agreed last week to postpone a planned increase in oil production for October and November after crude prices fell to their lowest level in nine months. It added that it could further pause, or reverse, the hikes if necessary. Jim Burkhard told the Asia Pacific Petroleum Conference that OPEC+ would increase its production in 2025, for the first in a few years and the first since 2022.
Timeline: Saudi Aramco's Winding Road to IPO
State-run oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, making it the world's biggest flotation by raising more than Alibaba's $25 billion listing in 2014.Here are key events in the Saudi state oil giant's planned stock market debut.Dec 5, 2019 - Saudi Aramco announces the offering generated subscriptions of $106 billion by institutional investors and together with the total demand from individual Investors, the order book hit $119 billion.Dec 4, 2019 - The institutional book of Saudi Aramco's planned initial public offering (IPO) closes.Dec 2…
ADNOC to Buy Dozens of Rigs
The Abu Dhabi National Oil Company (ADNOC) said its drilling subsidiary will acquire dozens of rigs to support that national oil company’s upstream growth plans.In the first phase of the wider fleet expansion program, ADNOC acquired, in November 2019, four technologically advanced and UAE-built land rigs with a total value of over AED 350 million ($100 million). Following the integration of the four rigs, which will join the fleet in the first quarter of 2020, ADNOC Drilling plans to acquire dozens of additional land, offshore, and island rigs by 2025…
US Leads World Oil Reserves
The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable oil is also five times more than officially reported proven reserves as published in the BP Statistical Review of World Energy 2019.Tight oil plays in the Permian Basin in Texas and New Mexico now hold 100 billion barrels of recoverable oil resources, according to Rystad Energy’s analysis. Shale/tight resources in the Permian thus remain largely flat from the previous year…
Oil Production Starts at Yaro-Yakhinskoye
PAO NOVATEK announced Thursday that commercial crude production has begun at the Yaro-Yakhinskoye field developed by Arcticgas, a joint venture between NOVATEK and Gazprom Neft.The field’s crude oil production capacity is estimated at 1.2 million tons per annum.NOVATEK’s Chairman of the Management Board Leonid Mikhelson said, “The launch of the crude oil program at Arctigas’ Yaro-Yakhinskoye field will make a significant contribution to the company's liquids production growth.”To start crude oil production, oil and gas gathering systems, central oil treatment facility, as well as an external crude oil pipeline 57 km long with oil delivery point have been constructed.
After Trump Calls, Gulf OPEC Members Cover Most of Iran Oil Loss
OPEC oil supply has fallen in November from a two-year high due to U.S. sanctions on Iran, a Reuters survey found, although most of the output gap left by Iran was plugged by Saudi Arabia and the UAE in response to calls from U.S. President Donald Trump.The 15-member Organization of the Petroleum Exporting Countries has pumped 33.11 million barrels per day this month, the survey on Friday found, down 160,000 bpd from October, which was the highest by OPEC as a group since December 2016.The survey adds to indications that OPEC output remains ample despite U.S. sanctions imposed on Iran this month.
Teekay Expects Recovery in Tankers Market
Crude tanker rates have continued to strengthen during the early part of the fourth quarter of 2018, particularly in the Atlantic Basin with Aframax tanker rates in this region attaining levels not seen since December 2016 and Suezmax tanker rates averaging the highest since March 2017, says Teekay Tankers.The conventional tanker fleet operator said that crude tanker spot rates firmed counter-seasonally during the third quarter of 2018, which is typically the weakest quarter of the year, as higher OPEC and Russian oil production, coupled with strong crude oil exports out of the U.S.
ADNOC to Invest $1.4 Bln at Bu Hasa
The Abu Dhabi National Oil Company (ADNOC) said on Wednesday it would invest 5.1 billion dirhams ($1.4 billion) to upgrade and expand its onshore Bu Hasa field.The upgrade will increase crude oil production capacity to 650,000 barrels per day, from 550,000 bpd, by the end of 2020, ADNOC said in a statement.(Reporting by Asma Alsharif Writing by Maha El Dahan; Editing by Susan Fenton)
Oil Up as U.S. Imposes Sanctions on Iran
Oil prices recovered some ground on Monday after five days of heavy losses as the United States imposed a range of punitive sanctions on Iran, aiming to curb exports by the Islamic Republic, including its sales of fuel.The move is part of a wider effort by U.S. President Donald Trump to curb Iran's missile and nuclear programmes and diminish its influence in the Middle East.Iran said it would continue to sell oil abroad.Benchmark Brent crude oil was up 80 cents a barrel at $73.63 by 1420 GMT. U.S. light crude was 50 cents higher at $63.64.Both oil benchmarks have lost more than 15 percent since hitting four-year highs in early October…
ADNOC to Boost Production Capacity
Abu Dhabi state-owned oil producer ADNOC plans to increase oil production capacity to 5 million barrels per day by 2030, the emirate's crown prince said in a tweet.Abu Dhabi's "Supreme Petroleum Council approved AED 486 billion ($132.33 billion) in capex to support ADNOC's 5-year growth plans, including its gas strategy to become self-sufficient and a net gas exporter," Sheikh Mohammed Bin Zayed also said in his tweet.($1 = 3.6726 UAE dirham)(Reporting by Maher Chmaytelli; Editing by Catherine Evans)
ADNOC Offshore Says Nasr Field Facilities Completed
Abu Dhabi's state-owned ADNOC Offshore has completed the installation of all Nasr field facilities, said a company tweet on Sunday.''This megastructure is one of the largest supercomplexes in the world, with Nasr field contributing to ADNOC’s end of 2018 oil production capacity target of 3.5 million barrels per day,'' it said.(Reporting by Maher Chmaytelli, editing by Aziz El Yaakoubi)
Iraq, Exxon End Talks on Water Treatment Project
Iraq is no longer in talks with Exxon Mobil Corp for the oil major to build a giant water treatment facility vital for the OPEC member to grow its oil production capacity, the director general of the Basrah Oil Co (BOC) told reporters on Wednesday.Instead, the BOC will award the contract to build the Common Seawater Supply Project (CSSP) through a tender process, which it expects to complete at the end of July, Ihsan Ismaael said on the sidelines of the OPEC seminar in Vienna.BOC has already shortlisted three companies for the contract, which will be awarded on an Engineering Procurement Construction basis, from an initial list of seven applicants, he said.Ismaael declined to
Iran: New Sanctions Won't Stop its Oil Industry
The Iranian oil industry will continue to develop even if the United States pulls out of the 2015 Iran nuclear deal, and Tehran would see the accord as operational as long as it can sell oil, the Oil Ministry website quoted senior officials as saying on Monday. U.S. President Donald Trump has threatened to pull out of the Iran deal by not extending sanctions waivers when they expire on May 12 unless European signatories of the accord fix what he calls its "flaws". "They cannot stop Iran. Our oil industry's development will continue even if new sanctions are imposed on Iran," SHANA quoted Gholamreza Manouchehri, deputy head of the National Iranian Oil Company, as saying.
Oil from US, Brazil, Canada & Norway enough for global needs - IEA
Oil production growth from the United States, Brazil, Canada and Norway can keep the world well supplied, more than meeting global oil demand growth through 2020, but more investment will be needed to boost output after that, according to the International Energy Agency’s latest annual report on oil markets. Over the next three years, gains from the United States alone will cover 80% of the world’s demand growth, with Canada, Brazil and Norway – all IEA family members – able to cover the rest, according to Oil 2018, the IEA’s five-year market analysis and forecast.
Iraq Preparing to Tender Water Injection Project if Exxon Talks Fail
Iraq's Basra Oil Co is preparing to tender for a water injection project vital to increase its oil production capacity if talks with Exxon Mobil fail, the head of the oil ministry's licensing and contracts office said. "We cannot wait for a longer time unless Exxon Mobil accepts the deal for the benefit of the two parties," Abdul Mahdi al-Ameedi told reporters on the sidelines of the CWC Iraq Petroleum Conference in Berlin. Iraqi Oil Minister Jabar al-Luaibi said in October Iraq was in final talks with Exxon on developing the project, which consists of building oil pipelines, storage and a mechanism to inject water from the Gulf into oil reservoirs.
FPSO Moored at Catcher Field
Premier Oil’s Catcher project remains on pace to achieve first oil before the end of this year with the arrival and hook up of the Floating Production Storage and Offloading (FPSO) vessel BW Catcher last week in the U.K. North Sea. BW Catcher arrived at the Catcher field on October 18, and the hook up of the Submerged Turret Production (STP) buoy mooring system was completed on October 19 with the vessel completing a rotation test around the buoy on October 20, Premier Oil said. Final pull-in of the risers and umbilicals is underway, and commissioning activities have commenced in parallel.
Saudi Aramco Mulls Bids to Expand Gas Plant
Saudi Aramco has received bids from international engineering firms to expand the Hawiyah gas plant, industry sources said on Wednesday as the state oil giant continues spending to expand its core business. The companies that submitted their proposals on Sunday are: South Korean Samsung Engineering, Spain's Tecnicas Reunidas, Taiwan's CTCI, Italy's Saipem , Britain's Petrofac, India's Larsen & Toubro (L&T). South Korea's Hyundai Engineering and Hyundai Development Co Engineering & Construction (HDEC) bid together as a consortium. Saudi Aramco does not comment on rumour or speculation, it said of the report. Hyundai declined to comment.
IEA Warns of Oil "Supply Crunch" by 2020 with No Capex Renaissance
Global oil supply may struggle to match demand after 2020, when the pinch of a two-year decline in investment in new production could leave spare capacity at a 14-year low and send prices sharply higher, the International Energy Agency said on Monday. Investors generally are not betting on a sharp rise in the price of crude oil any time soon, but the contraction in global spending in 2015 and 2016 and growing global demand means the world could well face a "supply crunch" if new projects are not soon given the go-ahead, the IEA said in its five-year "Oil 2017" market analysis and forecast report.
Bumi Armada Berhad Names Its News FPSO
Bumi Armada Berhad, Malaysia-based international offshore energy facilities and services provider celebrated the naming ceremony of the Armada Olombendo Floating Production Storage and Offloading (FPSO) last weekend. Armada Olombendo FPSO represents Bumi Armada’s largest FPSO and it will operate in Angola on Block 15/06, East Hub, a wide area of 2,984 square-kilometer (km2) in the Angolan deep offshore, located approximately 350 km northwest of Luanda and 130 kilometer west of Soyo. In 2014, Bumi Armada Berhad through its wholly-owned subsidiaries, Bumi Armada Offshore Holdings Limited (“BAOHL”) and Angoil Bumi JV Lda (“ABJL”) entered into a contract with eni Angola S.p.A.
Iran aims to boost oil output capacity by 160,000 bpd
Iran aims to boost its crude oil production capacity by 160,000 barrels per day following the completion of expansion projects at its North Azadegan and Yadavaran oilfields, a senior Iranian oil official was quoted as saying. The two oilfields are both operational and ready to be officially inaugurated after the Feb. 26 parliamentary elections, Abdolreza Haji-Hosseinnejad was cited as saying by Iran's oil ministry news agency Shana on Saturday. Haji-Hosseinnejad is head of Iran's Petroleum Engineering and Development Company (PEDEC). North Azadegan can produce 75,000 bpd and Yadavaran 85,000 bpd, he said.
