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Who’s mov­ing up in the oil and gas world this month, and who’s fall­ing away?

Oil & Gas Middle East - - NEWS -

A Wood Macken­zie study re­ported that ma­tur­ing wells in parts of the Per­mian’s Wolf­camp shale were los­ing ap­prox­i­mately 15% of out­put per year, five years af­ter pro­duc­tion started, com­pared to the ini­tial loss pro­jec­tion of 5% to 10%. Pro­duc­tion in the Per­mian Basian has hit a few other snags, with worker short­ages and pipe­line bot­tle­necks sti­fling pro­duc­tion in the oil field, which is a sig­nif­i­cant con­trib­u­tor to US oil pro­duc­tion. Oil sands ex­trac­tion in­no­va­tor Ac­cele­ware raised $10mn in fund­ing from Sus­tain­able De­vel­op­ment Tech­nol­ogy Canada for a pi­lot test of its RF XL tech­nol­ogy, which uses ra­dio fre­quen­cies to heat wa­ter mol­e­cules in the ground, cre­at­ing steam to ex­tract oil from oil­sands with­out the need for fresh wa­ter. The com­pany says its tech­nique re­duces green­hous emis­sions com­pared to steam as­sisted grav­ity drainage. Saudi Ara­bian Crown Prince Mo­hammed bin Sal­man said the lon­gawaited IPO of a 5% stake in Saudi Aramco for a record $100bn would be on hold un­til it fin­ishes its planned ac­qui­si­tion of lo­cal chem­i­cals giant SABIC. He told Bloomberg re­porters that mak­ing such an ac­qui­si­tion so shortly af­ter an IPO would be un­fair to in­vestors. He val­ues Saudi Aramco at $2trn, and says the IPO will go through by 2021. Iraqi Oil Min­is­ter Jabar al-luiabi an­nounced that all new up­stream and down­stream con­tracts in the coun­try with for­eign oil and gas com­pa­nies must have 85% lo­cal work­force. This fol­lows months of protests in Basra, the coun­try’s south­ern prov­ince which pro­vides 95% of the coun­try’s oil rev­enues, but lacks in­fra­struc­ture, ac­cess to clean wa­ter and suf­fers from high un­em­ploy­ment.

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