Oil prices unphased by Iran’s assault on Israel as Brent turns lower
Oil shrugged off Iran’s unprecedented attack on Israel, with prices easing on speculation that the conflict would remain contained.
Oil shrugged off Iran’s unprecedented attack on Israel, with prices easing on speculation that the conflict would remain contained.
By Bloomberg“Along with our partners, we are committed to drilling as soon as possible in 2023 an exploration well in Block 9, and our teams are mobilised to conduct these operations.”
The US said it will increase pressure on China to stop buying Iranian oil, as the White House seeks to enforce sanctions aimed at curbing the Islamic Republic’s nuclear activities.
Adnoc has awarded a pre-construction award for offshore facilities on the Hail and Ghasha project to a group including National Petroleum Construction Co. (NPCC).
Total production for 2022 reached 41,000 barrels of oil equivalent per day, of which 75% was gas. For 2023, Energean forecasts this will increase to 131,000-158,000 boepd. Virtually all of the increase will come from Israel.
Under the plan, Gulfsands and its peers could return to their blocks, with appropriate sanction and other approvals. Back with operational control, they could improve oilfield practice – reducing the impact on the environment – while also producing oil.
Adnoc has awarded Samsung Engineering a letter of award for pre-construction services on the Hail and Ghasha project.
“We’ve managed to raise seed capital, from family and friends and some from Oman. We’re just waiting to sign a deal. We’re looking initially at around $30-35 million.”
It cited analysis by Boston Consulting Group stating that by 2038 there would be 1,000 offshore structures in the Arabian Gulf that would no longer be economically viable.
With Qatar at the centre of a “sellers’ market” for LNG, what can the East Mediterranean offer European governments to ease the pressure?
The company signed a term sheet to buy LNG from Oman LNG for 10 years. The Omani project will provide Shell with 0.8 million tonnes per year, it said.
Gas, he said, would be “a critical fuel in the energy transition and Adnoc Gas, through its world-scale operations and significant growth and expansion plans, will be well-positioned to meet both local and international gas demand”.
The project is QE’s “largest investment ever in Qatar’s petrochemicals sector and the first direct investment in 12 years”, Al-Kaabi said.
Technip Energies has won a project management consultancy (PMC) contract from Kuwait Oil Co. (KOC).
The company aims to capture 5 million tonnes per year of CO2 by 2030, it has said. Adnoc’s Al Reyadah facility captures 800,000 tpy currently. The next major investment will come at the Habshan gas processing facility, using local geology.
Zenith said there were near-term growth opportunities. This would involve infill drilling and sidetracks for six new wells, boosting output to 15,000 bpd.
Borr Drilling has signed contracts for two of its jack-up rigs, in the Middle East and Southeast Asia.
Turkey’s TPAO has added another 58 billion cubic metres of gas to its holdings with a discovery at the Caycuma-1 well.
AD Ports Group has agreed to launch a joint venture with Kazakhstan’s national oil company to provide shipping services in the Caspian Sea.
Japanese companies have struck a number of LNG deals, as the government pushes to lock in future energy supplies.
However, QPD launched its work in the late 1990s and began producing in March 2006. The fields have now produced 33.5 million barrels of oil.
Adnoc has struck a deal to buy a 24.9% stake in Austria’s OMV, for an undisclosed price, from Mubadala Investment.
KCA Deutag President Land Simon Drew said the contract extensions are “a key part of our strategy to grow our business in key markets such as the Middle East”.
38-year-old Robert Robson, of Tyne and Wear, was killed in the incident in the Persian Gulf.
The family of an oil worker found dead onboard an offshore platform in Qatar could get to decide if his killer lives or dies, it emerged today.
Mr Begley’s father Dennis, 64, said: “They all work together. There’s been no animosity between any of them. This seems to be completely random."