• January 23, 2025

Kuwait Oil Company (KOC) announced on January 21, 2025 that it had discovered a large amount of commercially producible hydrocarbon resources in the Al-Julaia offshore oil field located in Kuwait’s territorial waters. The details are as follows: Reserves: Tests of the Zubair geological reservoir (Cretaceous period) in the field's exploration well (Al-Julaia 2) have shown good production results. The Al-Julaia field covers an area of 74 square kilometers and is estimated to contain about 800 million barrels of medium-density oil, free of hydrogen sulfide gas and low in carbon dioxide, in addition to 600 billion standard cubic feet of associated gas, equivalent to 950 million barrels of oil equivalent. Energy reserves: This discovery has greatly enriched Kuwait's energy reserves. It is the second offshore oil field discovered in the current exploration plan after the discovery of the Nokhitha offshore oil field in July 2024, bringing new opportunities to Kuwait's energy industry. Energy market: It may enable Kuwait to achieve a leap in energy export capacity in the next few years, which has attracted widespread attention in the global energy market and alleviated the market's concerns about tight energy supply to a certain extent. National development: It will help Kuwait improve its production capacity to meet the country's growing energy demand, support its plan to increase production to 4 million barrels per day by 2040, and provide strong support for reducing Kuwait's dependence on a single oil economy. Subsequent plan: Kuwait Petroleum Corporation has reiterated its commitment to sustainable exploration in offshore areas. It is currently preparing to start the second phase of exploration, drilling and production plans from the offshore area of Kuwait, and is implementing a three-dimensional exploration survey project covering the entire marine area. From: https://egyptoil-gas.com/news

• January 21, 2025

(Bloomberg) – U.S. President Donald Trump revoked offshore oil and gas leasing bans that effectively blocked drilling in most U.S. coastal waters as he made sweeping moves his first hours in office to unleash American energy development. Trump’s move came as part of a broad assault on executive orders issued by former President Joe Biden, including revoking his recent decision to bar drilling rigs in some 625 million acres of coastal waters. The shift wouldn’t immediately trigger new offshore lease sales — and environmentalists are vowing to fight it in federal court. Oil companies have also displayed little interest in tapping most of the areas Trump moved to put back in play for leasing. Even so, congressional Republicans are eyeing new offshore oil auctions as a way to raise federal revenue that can help offset the cost of extending the 2017 tax cuts. It could take years — if ever — for Trump’s move to result in new oil and gas development, and it’s not clear it will survive legal challenges. Nevertheless, the effort underscores the new president’s commitment to a frequent campaign pledge: to unlock more of America’s vast stories of energy. Trump’s action also responds to the wishes of one of his top constituencies: the oil and gas industry that’s long sought more drilling opportunities on federal lands and waters. Industry leaders argue oil and gas will be needed for decades, especially given the predicted surge in electricity demand from artificial intelligence. When American resources are developed, energy executives say they come with a smaller carbon footprint than fossil fuels from elsewhere around the world. Trump is “moving swiftly to chart a new path where U.S. oil and natural gas are embraced, not restricted,” said Mike Sommers, head of the American Petroleum Institute. Article source: worldoil

• December 27, 2024

Since its establishment in 1995, JST has always adhered to the R & D and Application Research of new technologies and new materials, and is committed to providing customers with more reliable sealing system solutions. It has accepted the baptism of the market and finally achieved fruitful results. Yesterday, all JST employees shared the joy and brilliance of the 29th anniversary.

• December 18, 2024

ADNOC Drilling Company has announced the closing of the Turnwell Industries joint venture (JV) between ADNOC Drilling, SLB and Patterson-UTI. “Closing the Turnwell JV with SLB and Patterson-UTI advances our plans to unlock the UAE’s world-class unconventional energy resources, reinforcing the UAE’s position as a global leader in the responsible supply of energy,” said Abdulrahman Abdulla Al Seiari, Chief Executive Officer, ADNOC Drilling. “This joint venture is a groundbreaking achievement and is already paying dividends through the significant reduction in well delivery time as seen through the first wells being delivered in record time.” The JV cements a powerful partnership that will lead the UAE’s new unconventional energy journey. ADNOC Drilling holds a 55% majority equity stake, SLB, the world's largest oilfield services provider, holds a 30% equity stake and Patterson-UTI, a leading provider of drilling and completions services in the United States, holds the remaining 15% equity stake. Turnwell announced the acceleration of its initial 144 unconventional wells earlier this year, following the successful operational startup, enabled by the resources, expertise, and strategic guidance of ADNOC Drilling, SLB and Patterson-UTI. Turnwell is also exploring the significant potential for future opportunities in unconventional energy resources in the UAE. So far in its 144 well drilling campaign, Turnwell successfully delivered the fastest well time with a record 19.9 days, and an expectation for further significant efficiency gains. On the initial wells, they achieved a 13% improvement in well delivery time compared to the previous record and a 53% reduction in well delivery over the 4 wells in the pad. Today, Abu Dhabi holds an estimated 220 billion barrels of unconventional oil and 460 TCF of unconventional gas in place. The recovery of these resources will require thousands of wells to be delivered, well over and above the initial 144 wells. Turnwell will leverage innovations in AI smart drilling design, completions engineering, and production solutions to responsibly deliver and secure the UAE’s unconventional energy needs and resources. Turnwell also benefits from a direct relationship with ADNOC Drilling’s JV with Alpha Dhabi, Enersol, which is investing in, and acquiring the IP of, innovative energy services technology companies that bring greater operational efficiency. Article source: worldoil