1. Iraq approves sale of shares in Exxon oil field to Iraqi state-owned enterprises
Iraqi oil minister IHSAN Abdul Jabbar said in a statement last Wednesday that the Iraqi cabinet approved the proposal of the Iraqi national oil company (inoc) to start the process of acquiring 32.7% shares of ExxonMobil in West qurna1 oilfield.
Last January, ExxonMobil planned to sell the asset to PetroChina and CNOOC, but failed to obtain the support of the Iraqi authorities for the transaction.
The recoverable reserves of xigurnai 1 oilfield are expected to exceed 20 billion barrels, but billions of dollars of investment is required. ExxonMobil was one of the first Western oil explorers allowed to enter Iraq in 2010. In the 40 years before that, Iraq’s crude oil resources were basically closed to foreign capital. However, ExxonMobil decided to abandon the project due to harsh contract terms, OPEC supply restrictions and continued political instability.
2. Baker Hughes: US energy companies continue to increase the number of oil and gas rigs in the first week of the new year
The number of active oil and gas drilling rigs of U.S. energy companies continued to increase in the first week of 2022.
Baker Hughes, a US oil service company, said in a closely watched report on Friday that as of the week of January 7, the number of active oil and gas drilling rigs in the United States increased by 2 to 588, an increase of 228 over the same period last year, the highest level since April 2020. The number of drilling rigs is a leading indicator of future output.
3. British International Offshore Oil and gas industry technology exhibition postponed again
According to the guidance of Scottish authorities on the current coronavirus epidemic situation, the organizing committee decided to postpone the SPE offshore Europe, which was originally held in Aberdeen, UK, from February 1 to 4, to September 5-8, 2023.
4. EOG resources is ready to increase shale oil production to meet market demand
Ezra yacob, CEO of EOG resources, one of the largest shale oil producers in the United States, said at a virtual energy conference hosted by Goldman Sachs last week that he was prepared to increase production as early as this summer if the market needed, so as to at least return to the production level before covid-19.
Post time: Jan-12-2022