IRAQ KURDISTAN: MORE OIL
In early August, militant action in the semi-independent Iraqi region of Kurdistan forced many oil producers to suspend operations and now, some companies are resuming production.
Islamic State militants moved closer to the region's capital Arbil, causing safety and operational concerns in the first and second weeks of August, according to Reuters. President Barack Obama's announcement in August that he'd given permission for U.S. airstrikes on the region increased oil and gas producer's worry. Many companies evacuated nonessential personnel and drastically lowered oil output.
After nearly a month, companies such as ShaMaran Petroleum Cop. are resuming drilling operations in the Kurdistan region. ShaMaran will pick back up production in the Atrush block at the Chiya Khere-8 development well. Drilling operations at the well were suspended for 21 days following the regional safety issues, according to an official company statement.
Kurdistan has 12 billion barrels of oil and 22 trillion cubic feet of natural gas reserves, according to Bidness ETC, and these figures do not account for unproven oil and gas reserves in the region.
|May, 23, 10:50:00|
|May, 23, 10:45:00|
|May, 23, 10:40:00|
|May, 23, 10:35:00|
|May, 23, 10:30:00|
|May, 23, 10:25:00|
WNN - "We met today to confirm the continuing commitment of the European Commission and the Atomic Energy Organisation of Iran towards the implementation of the Joint Comprehensive Plan of Action, and in particular its Annex III which addresses civil nuclear cooperation," Cañete and Ali Akhbar Salehi, president of the AEOI, said in a joint statement on 19 May. "We believe that the continuing implementation of the JCPOA, which was unanimously endorsed by UN Security Council Resolution 2231, is crucial for the development and progress of the region as well as the global peace and security."
BLOOMBERG - Natural gas will probably emerge as the main fossil fuel “winner” as it balances renewables in power generation and is used as a substitute for oil in petrochemicals. Long-term gas demand is set to increase by 15 percent, or by 750 billion cubic meters, compared to business as usual,
WNN - The United States, Canada, and Japan are launching the Nuclear Innovation: Clean Energy (NICE) Future Initiative. This global effort will make sure nuclear has a seat at the table during discussions about innovation and advanced clean energy systems of the future.
AOG - The agreement between ADNOC and ISPRL, which was initiated in January 2017 during a visit to India by a high-ranking UAE delegation, led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility. The first shipment, of approximately two million barrels of crude oil, will be followed by further shipments after India’s annual monsoon season.