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Confidence as focus returns to exploration Shell and EQT pursue new projects
Middle Eastern countries are showing an appe- Royal Dutch Shell has filed plans to start oil and
tite for resuming exploration efforts as confi- gas exploration in state waters offshore Alaska.
dence about demand recovery emerges. (See: Shell renews interest in Alaska, page 9) The
Despite recently cancelling a contract to drill proposals, which come during a challenging
11 wells to raise heavy oil production, state- year when many in the industry are staying
owned Kuwait Oil Co. (KOC) is preparing to away from new offshore drilling, come after the
launch a tender for an offshore seismic survey as super-major abandoned exploration in federal
the emirate seeks to identify between six and 20 waters off Alaska in 2015 following a series of
drill sites as part of its inaugural maritime explo- mishaps during drilling. Under the latest pro-
ration effort. posals – which involve a different offshore
In Oman, while recent licensing efforts have region – Shell would form an exploration unit
failed, US horizontal drilling specialist EOG covering 86,400 acres (350 square km) and 18
Resources has become the latest firm to commit Alaska Beaufort Sea state offshore leases that it
to brownfield development, signing an explora- holds. Energean is
tion and production-sharing agreement (EPSA) Shell said it had identified several prospects
for Block 36 in the south-west of the Sultanate. within these leases that it believes could hold eyeing a return to
In the Eastern Mediterranean, Energean is oil and gas accumulations. The company is pro-
eyeing a return to exploration work as it pre- posing to update seismic and geological data in exploration work
pares for production to start at the Karish field. 2022 and 2023, followed by exploration drilling
The London-listed company has signed gas sales that would be conducted in 2024 and 2025. The as it prepares
deals worth over $2.5bn and it hopes to add to work would be carried out in West Harrison Bay, for production to
its already significant resources with nearfield which is located offshore the National Petroleum
developments. Reserve-Alaska (NPR-A). start at the Karish
Meanwhile, Iraq is resuming efforts to In a separate development – and one that
re-launch the Iraq National Oil Co. (INOC) fol- could also considered noteworthy during a field offshore
lowing a failed attempt two years ago. Baghdad severe industry downturn – shale gas producer
will hope that putting full control of the sector in EQT is reported to be pursuing an acquisition Israel.
the hands of one company will result in a stream- in the Appalachian Basin. (See: EQT reportedly
lined approach; however, given the country’s bids for Chevron’s Appalachia assets, page 12) The
record with corruption, there are fears about the company, which is the largest US gas producer by
consolidation of power. volume, has reportedly put in a bid for Chevron’s
Appalachian gas assets, according to sources
If you’d like to read more about the key events shaping familiar with the matter, who were cited by Reu-
the Middle East’s oil and gas sector then please click ters.According to one of these sources, EQT has
here for NewsBase’s MEOG Monitor. offered $750mn for the properties.™

P8 www. NEWSBASE .com Week 38 24•September•2020