AS A GROUP, the six-nation Gulf Co-operation Council (GCC) controls a sizable portion of proven oil reserves. Still, several GCC countries have contracts with international oil companies to explore for fresh oil reserves of commercial quantity.
GULF HYDROCARBON PROJECTS have topped US$690 billion, says a report by Dubai-based research house Proleads Global. A full 30 per cent of hydrocarbon projects by value have been put on hold or cancelled, it said. The report shows, however, that the GCC countries remain the most active construction markets in the world for the oil, gas and petrochemical industries
MUBADALA DEVELOPMENT COMPANY (Mubadala) and the National Oil and Gas Authority (Noga) have set up a new joint operating company. The Tatweer Petroleum-Bahrain Field Development Company (Tatweer Petroleum), will serve as the operator for the Bahrain Field. The company will operate under the development and production sharing agreement signed in April by the partners, including Occidental Petroleum, and approved by the Bahraini parliament in May.
Iraq managed to license seven out of 10 offered oilfields, ending its two-day auction on a high note, after only the two largest fields offered during the first day had been taken. Relatively fierce competition was expected for most of Iraqs mega-fields, with some of the lesser fields in the south also seeing a number of highly interested suitors in the run-up to the bidding.