Adnoc has the goal of being the world’s lowest-cost oil producer of choice. Unlike some of its IOC competitors, struggling to come to terms with the demands of meeting today’s energy needs and tomorrow’s transition, it is willing to put the money in.
Adnoc has brought forwards its plans to reach 5 million barrels per day of production, while boosting reserves and setting out plans for an IPO of a new gas unit.
Energean’s Hermes exploration well has found 7-15 billion cubic metres of gas, encouraging the company on its other prospects and adding another well slot.
The lack of fungibility of the gas market is set to pose a major challenge for Europe in the near term, the heads of Saudi Aramco and Shell agreed today.
Trillion Energy International’s Uranus rig has arrived on site for drilling offshore Turkey, with the aim of bringing on new gas production by the end of October.