Exploration & Production

Saudi Aramco to invest more than US$300bn in oil and gas over the next decade

AminHNasserSaudi Aramco is to invest more than US$300bn over the coming decade to reinforce its pre-eminent position in oil, maintain its spare oil production capacity, and pursue a large exploration and production programme centring on conventional and unconventional gas resources, said Amin H. Nasser, the oil giant’s president and CEO in a speech to the World Petroleum Congress in Istanbul

Nasser stressed that long term investments are needed to ensure that adequate and affordable supplies of oil and gas are available through the transition to clean energy sources.

“Rising demand for all sources of energy – with oil and gas at the heart of the mix – will be the reality for decades to come,” he said, warning that the long term situation of oil supplies is ‘increasingly worrying.” Growing oil demand, the natural decline of developed oil fields and the loss of around US$1 trillion of investments throughout the downturn will require around 20mn bpd to be offset over the next five years to counter these effects, he said. New discoveries are also on a major downward trend, he noted.

"Investments in smaller increments such as shale oil will just not cut it,” he said.  

Nasser also focused on Saudi Aramco’s plans to leverage innovation and technology to minimise emissions and fulfil the Kingdom’s commitment to the Paris Agreement. 

He highlighted plans to double production of natural gas to 23 Bcf/d over the coming decade, efforts to promote low emissions technologies, the focus on advancing carbon capture, utilisation and storage technologies, and the conversion of crude oil to chemicals. Saudi Aramco will also play an increasing role in the Kingdom’s programme to build an initial renewables capacity of 9.5GW by 2023, he added. 

 

 

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AFC to provide US$28mn subordinate loan facility to Tunisia’s Topic SA

AFCAfrica Finance Corporation (AFC) announced that it will provide US$28mn subordinated loan facility to independent Tunisian energy company Topic SA's to develop Halk El Menzel offshore oil concession block, also known as Helm Project, in northern Tunisia

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Saudi Aramco's 2016 review displays continued growth

cq5dam.web.690.388Saudi Aramco has released its 2016 Annual Review, highlighting the significant achievements in progressing its long-term strategy as the world's leading integrated energy company

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Oil production kicks off in Kurdistan's Atrush block

TAi81 2017 07 03Abu Dhabi National Energy Company PJSC (TAQA), a leading global energy company headquartered in Abu Dhabi with operations in 11 countries, has started oil production at its Atrush block in the Kurdistan region of Iraq

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Libya's oil production exceeds one million bpd

El Saharara oil field LibyaLibya's oil production has risen to 1.012mn barrels per day (BPD), as reported by Reuters, topping one million barrels for the first time in four years


State-owned National Oil Corporation had targeted reaching one million bpd by the end of July. Output has been helped by an interim deal with Germany's Wintershall to resume production amid a contract dispute, said Reuters.

On Thursday, according to the Reuter's source production had been fluctuating between 950,000 bpd and close to one million bpd due to technical and power generation problems. He expected production to stabilise at the higher end of that range "very soon".

Libya's oil sector has been dogged by unrest since the overthrow of leader Muammar Gaddafi in 2011. A power struggle involving various tribal, military and political factions has since affected oil infrastructure through port blockades and pipeline shutdowns, said Reuters.

Libya, along with Nigeria, is exempt from a deal between the Organisation of the Petroleum Exporting Countries and non-OPEC producers to curb output by around 1.8mn bpd.

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