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April 04, 2018 - Contax Partners’ Energy Feed

Bahrain discovers largest oilfield since 1932 | Ras Al Khaimah launches petroleum licensing round | Petrofac wins USD 265mn contract from PDO | Aramco and Petronas form 2 JV’s

 

Bahrain discovers largest oilfield since 1932

The Kingdom of Bahrain announced the discovery of a shale oil and a deep gas resource in Khaleej Al Bahrain Basin which is located on the west coast of the kingdom. This is Bahrain's largest oil field discovery since it started producing crude in 1932. International petroleum industry consultants, DeGolyer and MacNaughton (Demac) are in the process of carrying out a detailed analysis of the find’s content, size and extraction viability. The government has also confirmed that modelling and analytical studies are ongoing - led by National Oil and Gas Authority (NOGA) working alongside private sector partners - and is expected to depict the ultimate quantity and market value of the find.

Ras Al Khaimah launches petroleum licensing round

The Government of Ras Al Khaimah (RAK) announced the official launch of RAK’s 2018 Petroleum Licensing Round and the establishment of the new Ras Al Khaimah Petroleum Authority - the regulator that will be responsible for the Licensing Round tendering process and ongoing management of petroleum rights. The Licensing Round has seven contract areas - four shallow water offshore blocks and three onshore blocks. These blocks are anticipated to have highly prospective exploration opportunities, an undeveloped oil discovery, and a mature gas condensate redevelopment opportunity. Moreover, there is access to existing petroleum infrastructure which includes pipelines and oil and gas processing facilities.

Petrofac wins USD 265mn contract from PDO

Petrofac has won a contract worth USD 265mn for the development of the Marmul Polymer Phase 3 (MPP3) Project in Oman. This is Petrofac's first contract that has been secured under its 10year Framework Agreement with Petroleum Development Oman (PDO) - signed in 2017. This agreement allows Petrofac to provide EPCM Support Services for PDO’s major oil and gas projects. The scope of this project involves development of the extension of off-plot and on-plot production facilities associated with around 500 producing and 75 injector wells.

Aramco and Petronas form 2 JV’s

Saudi Aramco and Petroliam Nasional Berhad (PETRONAS), the national oil company of Malaysia, have announced the formation of two joint ventures for the Refinery and Petrochemical Integrated Development (RAPID) project. These joint ventures will allow both parties equal ownership and participation in the operations of the refinery, cracker and selected petrochemical facilities in RAPID. Furthermore, while Saudi Aramco will supply 50% of the refinery’s crude feedstock requirements with the option of increasing to 70%, Petronas and its affiliates will supply natural gas, power and other utilities.

 

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