Page 11 - MEOG Week 47.pdf

MEOG PriCes MEOG
Date
WTI (US$)
ICE Brent (US$)
DME Oman (US$)
OPEC Basket (US$)
19 November
55.35
60.91
61.46
62.51
20 November
57.01
62.40
63.35
62.22
21 November
58.41
63.97
64.89
63.68
22 November
57.66
63.39
64.14
64.56
25 November
58.01
63.65
63.34
64.21
oiL
Iran to drill new wells in North Azadegan
The operator of Azadegan Oilfield Development Project said plans were under way to drill a number of new wells in the joint oilfield.
According to the Petroleum Engineering and Development Company (PEDEC), Esmaeil Gholampour said the field was currently producing 75,000 b/d of crude
oil, adding 5 new development wells and an appraisal well were to be spudded in the field with the aim of maintaining production level.
He said enhanced production and maintaining output in North Azadegan was on the agenda, adding workover of operational wells was also planned for.
Gholampour further added that Gas Lift technique was used for enhancing productivity of the field.
shana
Gas
Qatar plans to boost LNG
production to 126mn tonnes
by 2027
qatar topped up its expansion plan for its vast liquefied natural gas (LNG) production facilities after drilling and appraisal work at
neWs in brieF
its gas fields and now expects to produce 126 million tonnes a year (mtpa) by 2027.
The announcement by the world’s biggest LNG supplier comes as prices for the super- chilled gas languish at multi-year lows thanks to a surge in production from the United States, Russia and Australia. LNG-AS
The increased expansion plans, however, may not be enough to keep rival producing countries at bay who are fast closing in on qatar’s dominance of the opaque but fast- growing market.
The CEO of state energy giant qatar Petroleum, Saad al-Kaabi, said on Monday the rise in output estimates is a result of new drilling and appraisal work in the expanded North Field mega field that confirmed gas reserves now exceeded 1,760 trillion cubic feet.
“These results will ... enable us to immediately commence the necessary engineering work for two additional LNG mega trains with a combined annual capacity of 16 million tons per annum (mtpa),” Kaabi told a news conference in Doha.
“This will raise qatar’s LNG production from currently 77 million tons to 126 million tons per annum by 2027, representing an increase of about 64%.”
qatar’s expansion plans, announced earlier on a smaller scale in 2017 and 2018, are seen as a lucrative opportunity, given the size of
the development and easy access to gas, for oil majors who have showered qatar Petroleum with some of their prized ventures for a role in qP’s projects.
qP had said it was lifting its LNG production to around 110 million tonnes per
annum by 2024, and that it would build four new production facilities, known as LNG trains.
Kaabi said on Monday the timeline was extended for the additional production.
“Now that we have added two mega trains and 16 million tonnes, the (new) target has become 126 million tonnes and this of course needs a longer period so this will be achieved in 2027,” he said.
The allure is cheap gas from the North Field, the world’s biggest natural gas field which qatar shares with Iran. qatar’s gas extraction costs are some of the lowest in the world.
qP did not disclose the cost of expansion, but it is expected that the expansion phase will still cost dozens of billions of dollars. reuters
Egypt signs energy accords
at conference in new
capital
Egypt said it had signed several energy accords at a conference in its partially
built new capital on Saturday, including a $430-million deal for Texas-based Noble Energy to pump natural gas through the East Mediterranean Gas Co’s pipeline.
Under the agreement, with financing from the U.S. International Development Finance Corp, Noble will also manufacture petroleum products in partnership with Egypt’s Dolphinus Holdings.
The cabinet detailed the plans on the last
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