1. KCA Deutag wins nearly US$185 million in land drilling contracts in the Middle East
KCA Deutag, a global provider of drilling, engineering and technology, has recently won contracts worth nearly US$185 million from leading exploration and production companies in key markets in the Middle East. Including the renewal of contracts for several drilling rigs in Saudi Arabia and Oman.
2. Tullow Oil will increase its stake in two offshore oil fields in Ghana
Tullow Oil has exercised the right of first refusal in relation to the sale of Occidental Petroleum’s interests in the Jubilee and TEN oil fields in the offshore Ghana to Kosmos Energy. Once the transaction is finalized, it will increase the company’s interest in Jubilee and Ten oil fields to 38.9% and 54.8%, respectively.
The Jubilee oil field was put into production at the end of 2010. The oil field straddles the West Cape Three Points and deep water Tano (DWT) blocks in the Tano Basin of Ghana..
3. India hopes to increase oil production by selling oil field shares
India is seeking to increase production by opening its oil fields to private companies. The Ministry of Petroleum of India has asked the Indian Oil and Gas Corporation (ONGC) to sell 60% of the shares in the Mumbai High and Bassein oil and gas fields on the west coast to private companies last Thursday.
India is the world’s third largest crude oil importer, with imports accounting for more than 80% of its oil consumption. The country has been trying to increase domestic production for many years because it is highly susceptible to rising international oil prices. Rising oil prices will increase import costs and lead to higher fuel prices..
4. New company enters Malaysian offshore oil and gas industry
Earlier this month, Petronas awarded the production sharing contract for the PM524 block to Pohang International and Petronas Carigali (Petronas Carigali). South Korea-based Pohang International obtained 80% of the operating rights, while Petronas Carigali, a wholly-owned subsidiary of Petronas, obtained the remaining 20%.
Block PM524 is located in a prolific area in the Malay Basin, surrounded by a number of producing oil fields, including Tangga Barat, which supplies natural gas to the Malaysian Peninsular market..
5. Lukoil: West Qurna-2 oil field produces 1 billion barrels
Russia’s Lukoil (LUKOIL) announced on Friday that its 75% stake in Iraq’s West Qurna-2 oil field has produced 1 billion barrels of oil since its commercial operation.
It is reported that the West Qurna-2 oil field is one of the largest oil fields in the world, with an initial recoverable reserve of approximately 14 billion barrels. The permit area is about 300 square kilometers. Lukoil signed a service agreement in December 2009, began commercial oil production in 2014, and successfully completed the first phase of the development of the oil field. As of now, West Qurna-2 accounts for 9% of Iraq’s total oil production.
6. Petrobras chooses PXGEO as its partner for the OBN project
Recently, PXGEO and Petrobras reached an agreement, PXGEO will be awarded a Brazilian Seabed Node (OBN) seismic project survey contract. The project will start in the second half of 2022, with a construction period of approximately 3 months.
Post time: Nov-23-2021