Eni has made a gas and condensate discovery in the Mahani exploration prospect located onshore in the Area B Concession of Sharjah (UAE) on Jan. 27, which was awarded to Eni in the first International Competitive Exploration Licensing Round conducted by the Petroleum Council of Sharjah.
A Marcellus Shale discovery by EQT, Marathon’s Upper Three Forks completion and two horizontal Woodford producers top this week’s drilling activity highlights from around the world.
Two major oil fields in southwest Libya began shutting down on Jan. 19 after forces loyal to Khalifa Haftar closed a pipeline, potentially cutting national output to a fraction of its normal level.
Crude oil once again takes center stage with WTI spiking to a three-month high after recent events renewed tension in the Middle East.
Unlike Saudi Aramco's push for a giant stock market listing, which has been highly publicized and closely watched, ADNOC has gone for a more staggered approach with its fundraising efforts.
OPEC expects lower demand for its crude oil in 2020 as rival producers grab market share and the U.S. looks set for another output record.
Speaking during the opening day of IPTC, Bahrain Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa also said he sees producers challenged by rising energy demand in the future.
China, which is increasing its influence in the region and buys 50%-70% of Iranian oil exports, would be opposed to any interruption of energy flows through the Strait of Hormuz.