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2017-11-17 19:40:00

ADNOC OUTPUT UP

ADNOC OUTPUT UP

OGJAbu Dhabi National Oil Co. (ADNOC) has advanced two projects that will increase its production by 380,000 b/d of crude oil. 

In the larger of the projects, the company entered an agreement with partners in supergiant Upper Zakum offshore field to boost production to 1 million b/d from about 650,000 b/d at present. 

The agreement extends the concession of ExxonMobil Corp., which holds a 28% interest, and Japan Oil Development Co. Ltd. (Jodco), with 12%, by 10 years to 2051. ADNOC holds the remaining 60%. Jodco is wholly owned by INPEX Corp. 

The project will include construction of four artificial islands in shallow water to support drilling of extended-reach wells with onshore rigs as well as offices and housing. 

Initial Upper Zakum development involved 450 wells and more than 90 offshore platforms. The field produces 33.9° gravity crude, which is partially processed offshore then moved by pipeline to Zirku Island, 55 km away, for further processing, storage, and tanker loading. 

In the other project, ADNOC let an engineering, procurement, and construction contract to China Petroleum Engineering & Construction Corp. (CPEC) to boost production capacity of onshore Bab field to 450,000 b/d of crude oil from 420,000 b/d by 2020. 

CPEC is an affiliate of China National Petroleum Corp. 

The upgrade will make the field's first use of cluster drilling and digital oil field technology. 

The project also will increase water and gas-handling capacities and add a degassing and processing train to seven trains now in place. 

ADNOC is increasing its total production capacity to 3.5 million b/d next year from about 3.1 million b/d at present.

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Earlier:

 ADNOC:

 

 

 

 

 

EXXONMOBIL:

 

 BP: 10% SHAREHOLDER
2016, December, 20, 18:35:00

BP: 10% SHAREHOLDER

BP today signed an agreement with the Supreme Petroleum Council of the Emirate of Abu Dhabi and the Abu Dhabi National Oil Company (ADNOC) that grants BP a 10% interest in Abu Dhabi’s ADCO onshore oil concession, which has a life of 40 years.

 

        EXXON INCREASES COMPETITIVENESS
2017, November, 13, 10:20:00

EXXON INCREASES COMPETITIVENESS

The world’s biggest oil explorer by market value recently finished four wells in North Dakota’s Bakken region that extend sideways for 3 miles (4.8 kilometers), Barclays Plc analyst Paul Cheng said in a research note after meeting Exxon executives, and it’s closing in on the 4-mile mark.

 

 ADNOC SIGNS DH 120 M
2014, April, 13, 20:10:00

ADNOC SIGNS DH 120 M

Adnoc signs new oil rig deal worth Dh120 million

 

 

 

 

 

        EXXON EARNINGS $11.3 BLN
2017, October, 30, 11:30:00

EXXON EARNINGS $11.3 BLN

Exxon Mobil Corporation announced estimated third quarter 2017 earnings of $4 billion, or $0.93 per diluted share, compared with $2.7 billion a year earlier as commodity prices improved and performance in the Upstream and Downstream strengthened. Impacts related to Hurricane Harvey reduced earnings by an estimated 4 cents per share.

 

           EXXON LEAVES INDONESIA
2017, July, 21, 08:45:00

EXXON LEAVES INDONESIA

ExxonMobil Corp. has decided to walk away from development of the East Natuna natural gas permit in Indonesia saying it no longer wishes to continue discussions or activity in the block.

 

           QATAR - EXXON COOPERATION
2017, June, 26, 23:30:00

QATAR - EXXON COOPERATION

Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations.

 

           EXXON - ROSNEFT PERMISSION
2017, April, 21, 20:35:00

EXXON - ROSNEFT PERMISSION

Exxon Mobil is seeking permission from the U.S. government for approval to resume drilling around the Black Sea with a Russian partner, state-owned Rosneft, according to a person familiar with the matter.

 

           EXXON INVESTMENTS: $22 BLN
2017, March, 2, 19:35:00

EXXON INVESTMENTS: $22 BLN

ExxonMobil anticipates capital spending of $22 billion in 2017, an increase of 16 percent from 2016. Capital and exploration expenses through the end of the decade will average $25 billion annually.

 

           EXXON VS CHAD: $74 BLN
2016, November, 16, 18:30:00

EXXON VS CHAD: $74 BLN

Exxon Mobil Corp. is negotiating with Chad’s government about a record $74 billion fine the oil company was told to pay last month by a court in the central African nation because of a dispute over royalties.

 

 

Tags: ADNOC,

Chronicle:

ADNOC OUTPUT UP
2018, May, 21, 10:40:00

U.S. PETROLEUM DEMAND UP BY 750 TBD

API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.

ADNOC OUTPUT UP
2018, May, 21, 10:35:00

IMF: EGYPT'S GROWTH UP

IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.

ADNOC OUTPUT UP
2018, May, 21, 10:30:00

U.S. RIGS UP 1 TO 1,046

BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.

ADNOC OUTPUT UP
2018, May, 18, 09:20:00

OIL PRICE: ABOVE $79

REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.

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