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December 7, 2016 - Contax Partners’ Energy Feed

OPEC now seeks oil production cuts from non-members | Al Hosn awards Amec Foster Wheeler the FEED contract for Al Hosn Expansion | Saudi & Kuwait to restart Neutral Zone oilfields

 

OPEC now seeks oil production cuts from non-members 

Oil Production cutsWhile OPEC’s agreement to cut production by 1.2million barrels per day – beginning January – sent oil prices soaring, OPEC now hopes that non-members will also contribute to an additional 600,000 barrels per day production cut. While OPEC members such as Saudi Arabia, Iraq, UAE and Kuwait are expected to reduce output by 486,000 bpd, 210,000 bpd, 139,000 bpd and 131,000 bpd respectively; non-members such as Russia, Kazakhstan, Azerbaijan, Mexico, Bahrain and Oman are expected to contribute as well. The Organization of the Petroleum Exporting Countries has invited representatives from 14 countries to meet in Vienna on December 10th to discuss cooperation from non-member countries for oil production cuts. So far, four countries have committed to attend - Russia, Oman, Bahrain and Azerbaijan.

 

Al Hosn awards Amec Foster Wheeler the FEED contract for Al Hosn Expansion

AMEC FW awarded FEEDAl Hosn, an ADNOC operating company, has awarded Amec Foster Wheeler a FEED contract for the Al Hosn Shah Gas Plant Expansion. The FEED contract will allow Al Hosn Gas to evaluate designs for the expansion in order to minimize technical, schedule and cost risks. Engineering designs are expected to be complete by the end of next year. Once complete, ADNOC will evaluate whether to invest in this expansion plan. The planned expansion is expected to increase gas processing capacity at the plant from 1 billion cubic feet per day to 1.5 billion cubic feet. Mansoor Al Mehairbi, the chief executive of Al Hosn Gas, stated that "The expansion project is an important part of Adnoc’s integrated Gas Master Plan, which seeks to increase natural gas supplies to support various industries nationwide."

 

Saudi & Kuwait to restart Neutral Zone oilfields

Kuwait & KSA resume oil productionSaudi Arabia and Kuwait are expected to agree this month to resume production from their jointly operated oilfields in the Neutral Zone. While the Khafji field had been producing 280,000 to 300,000 barrels per day (bpd) until its closure, the Wafra field had an output capacity of around 220,000 bpd. Although market sources indicate that the resumption of production from the joint oilfields would be gradual, this news comes at a sensitive time for the oil market.

 

 

 

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