Exploration & Production

LUKOIL is looking into replacing its reserves over the medium term and is considering acquiring new assets to achieve this, including from the Middle East region.

Circle Oil PLC announced that the ADD-1 exploration well has been drilled, logged and successfully tested in the Sebou Permit, Rharb Basin, Morocco.

Shell released its annual report which set out new production targets at the end of the Q1 as the major oil giant looks to produce 3.7 million barrels of oil equivalent (boe) per day, which is 12 per cent more oil than it did produced last year.

International oil and gas companies will compete for access to another 12 oil and gas projects in Iraq in November, this time to prospect on exploration blocks.