ADNOC OUTPUT UP
OGJ - Abu 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.
|August, 13, 14:05:00|
|August, 13, 14:00:00|
|August, 13, 13:55:00|
|August, 13, 13:50:00|
|August, 13, 13:45:00|
|August, 13, 13:40:00|
PLATTS - State-run Indian Oil Corp has signed its first US term crude oil deal, buying 6 million barrels, as the Asian buyer steps up efforts to devise an alternative buying strategy amid uncertainty about purchases from Iran because of US sanctions.
PLATTS - Angola's crude oil exports rebounded to a four-month high of 1.63 mil b/d in June even as the OPEC member struggles to arrest declines at some of its ageing deepwater oil fields, finance ministry data showed.
BAKER HUGHES A GE - U.S. Rig Count is up 13 rigs from last week to 1,057, with oil rigs up 10 to 869, gas rigs up 3 to 186, and miscellaneous rigs unchanged at 2. Canada Rig Count is down 14 rigs from last week to 209, with oil rigs down 12 to 140 and gas rigs down 2 to 69.
REUTERS - Front-month Brent crude oil futures LCOc1 were at $71.88 per barrel at 0646 GMT, down 19 cents, or 0.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down by 22 cents, or 0.3 percent, at $66.59 a barrel.