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Global and Regional Markets

Under Operation Phakisa, South Africa hopes to drill 30 exploration wells in next decade

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After holding the IADC Drilling Africa Conference in cities such as Paris and Lisbon in previous years, this year IADC took the event to the African continent – in Cape Town, South Africa. Oil and gas drilling is only just starting to take off in this country, but it already stands at the threshold of extensive E&P activities in the next few years, Mthozami Xiphu, Chairman of the South African Oil and Gas Alliance (SAOGA), said in a keynote address at 2016 IADC Drilling Africa on 15 February.

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Wood Mackenzie: No sign of significant oil production shut-ins at $35/bbl

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A new global oil production analysis indicates that 3.4 million bbl/day of oil production is cash negative at a Brent oil price of $35. Since the dramatic drop in prices from late 2014, there have been few halts in production – with approximately 100,000 bbl/day shut-in globally to date. According to the Wood Mackenzie report, the areas with the largest volumes shut-in so far have been Canada onshore and oil sands, conventional US onshore projects and aging UK North Sea fields. However, the number of shut-ins is unlikely to increase at the rate some might expect, as many producers hold out in the hope of a price rebound.

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BP realigns senior executive team

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BP has appointed Lamar McKay to the new position of Deputy Group Chief Executive. Mr McKay, currently Chief Executive of BP’s Upstream segment and a 35-year veteran of BP, will be based in London and take up the role following a suitable handover period. He will be succeeded as Upstream Chief Executive by Bernard Looney, currently Chief Operating Officer, Production, in the Upstream segment.

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Saudi Aramco, partners to develop maritime complex in Saudi Arabia

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Saudi Aramco and the National Shipping Company of Saudi Arabia (Bahri) have amended the expired memorandum of understanding (MOU) on developing a maritime complex that would provide engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels in Saudi Arabia. The proposal is a major step in the development of Saudi Arabia’s maritime sector and part of a wider undertaking aimed at developing an energy goods and services sector, while contributing to the kingdom’s economic growth and job creation.

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