AROUND THE GULF

Lat­est de­vel­op­ments across the re­gion

Oil & Gas Middle East - - NEWS -

1SAUDIARABIA

Weath­er­ford In­ter­na­tional com­pleted the sale of its Pre­ci­sion Drilling Ser­vices Saudi Ara­bia (“PDSSA”) land drilling op­er­a­tions for $92.5mn in cash.

This is part of the com­pany’s $287.5mn deal with ADES In­ter­na­tional to sell land drilling rig op­er­a­tions in Al­ge­ria, Kuwait and Saudi Ara­bia as well as two idle land rigs in Iraq. This in­cludes 31 land drilling rigs, among other as­sets.

4 KUWAIT

Kuwait Pe­tro­leum Cor­po­ra­tion (KPC) has agreed to re­new its con­tract with Le­banon to sup­ply the coun­try’s state elec­tric­ity com­pany, Elec­tricite du Liban, ac­cord­ing to Kuwait News Agency, which cited an un­named Kuwaiti of­fi­cial. The coun­try has supplied Le­banon with gas oil since ink­ing a me­moran­dum of un­der­stand­ing in 2005 and will pro­vide gas oil at in­ter­na­tional mar­ket prices.

2. BAHRAIN

“What is hap­pen­ing in the US in the aftermath of the shale revo­lu­tion will also hap­pen here,” Bahrain’s oil min­is­ter said, re­fer­ring to tight oil re­serves in the coun­try. The shale oil revo­lu­tion has made avail­able lighter oil, which presents a fresh set of chal­lenges to the in­dus­try, he said. Those chal­lenges will come to the re­gion as ma­jor oil com­pa­nies have started mov­ing to­wards re­new­ables.

5 OMAN

Oman inked $65mn ex­plo­ration deals with Oc­ci­den­tal Oman (OO) and Oman Oil com­pany. OO will in­vest a to­tal $20mn into Block 51 across two phases, in­clud­ing sur­veys as well as drilling five wells. Oman Oil Com­pany Ex­plo­ration and Pro­duc­tion in a joint ven­ture with OO will in­vest $32mn into Block 65 over two phases of devel­op­ment in­clud­ing drilling nine wells and con­duct­ing sur­veys.

3 UAE

The Abu Dhabi Gov­ern­ment and ADNOC awarded Win­ter­shall Hold­ing a 10% stake in the Ghasha ul­tra-sour gas mega-project. The Ghasha con­ces­sion con­sists of Hail, Ghasha, Dalma and other off­shore sour gas fields, in­clud­ing Nasr, SARB and Mubar­raz. The con­ces­sion agree­ment has a term of 40 years. Win­ter­shall joins Italy’s Eni (25% stake) as part­ners with ADNOC in the project.

6 IRAQ

Weir Oil & Gas Dubai signed a

$4mn con­tract in Iraq with a ma­jor IOC to pro­vide work­shop ser­vices, ma­chine shop ser­vices, emer­gency man­u­fac­tur­ing and en­gi­neer­ing sup­port to as­sist the or­gan­i­sa­tion’s well op­er­a­tions.

The com­pany said that de­cid­ing fac­tors in­cluded “pos­i­tive past and ex­ist­ing con­tract per­for­mance with the in­ter­na­tional oil com­pany” and “lo­cal con­tent,” among oth­ers.

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