BAKU, Azerbaijan, Feb.24
By Leman Zeynalova - Trend:
For 2020, Middle Eastern drilling should increase 3.3 percent, while offshore drilling will be up 8.1 percent, Trend reports citing World Oil.
“Thanks to the steady development programs of various NOCs, regional drilling has remained at an historically high rate for several years,” read the 2020 Forecast - International Drilling and Production released by World Oil.
The report says that Saudi Arabia remains the global oil exports leader.
“A September 2019 attack on Saudi Aramco’s Abqaiq oil processing facility and Khurais oil field, however, resulted in the largest daily spike in global oil prices in the last decade. Nevertheless, the company reportedly restored the field’s production to full capacity by the end of the month. The country’s heavy development work and associated drilling continue, although drilling will be down 6 percent,” said World Oil.
In spite of political tumult and requisite OPEC cuts, Iraq expected to see a 15.8 percent drilling increase this year, according to the report.
In the United Arab Emirates, government-owned Abu Dhabi National Oil Co. (ADNOC) recently reported a 7 percent surge in oil reserves, increasing to 105 Bbbl, said the World Oil.
“Presently, the company produces approximately 2.9 MMbpd. ADNOC also claims to have increased its gas reserves to about 273 Tcf, amid discovery of unconventional gas deposits. Additionally, ADNOC Drilling announced a major rig fleet expansion program in November that will add dozens of rigs by 2025,” reads the report.
World Oil says that Oman, the largest Middle Eastern driller, is home to a significant new exploration opportunity after BP and Eni signed an E&P agreement for Block 77 in July 2019.
“Block 77 is situated east of BP’s Block 61, where the Khazzan and Ghazeer gas projects are found. Meanwhile, an 8 percent increase in drilling is anticipated.”