Oil & Gas Middle East – November 2018

(Jacob Rumans) #1
15

NEWS

oilandgasmiddleeast.com NOVEMBER 2018

Emergency Mobile No: 00971 50 3752010


Plot No S-50807, Jebel Ali,
Free Zone (South),
P.O. BOX 17729,
Dubai-United Arab Emirates


Telephone: +9714-
Fax : +9714-
Email: sales@sso.ae | info@sso.ae
http://www.shreesteeloverseas.com

Branch Office : Shree Oilfield Supply Llc
Global Ascent Business Center.
Office No : 5, Block 2 - Unit 16, M4, Plot 12,
Near Musaffah Sanaiya - Abudhabi Uae
Tel : +9712-6214290, Fax : +9712-

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 Per-
mian 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.

Saudi Arabian Crown Prince Moham-
med bin Salman said the long-
awaited 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.

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 emis-
sions compared to steam assisted
gravity drainage.

Iraqi Oil Minister Jabar al-Luiabi an-
nounced 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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