Just eight months after setting up our branch office in Abu Dhabi, we have received a commitment for the first project ever undertaken by NEOS in the Middle East. The project, commissioned by an independent E&P company, is to execute a multi-measurement, subsurface survey over a 7,000 square kilometer area of Jordan.
In this, Phase I of the project, NEOS will access, integrate, and interpret publicly available geophysical data and geo-information libraries to allow new venture teams to quickly develop an understanding of basin-scale geologic features within this area of Jordan.
As NEOS takes its place in this, the most important Oil & Gas producing region, we take a closer look at some of the region’s current issues.
MENA looks inwards for future production
There is occurring a shift in thinking and operating in many national and independent oil companies in the Middle East and North Africa (MENA) region. Instead of the previous practice of primarily looking outside the region for resources or the skills required to execute the necessary high technology solutions in exploration and production, local companies are now able to shift their focus in-country for the skill sets necessary to meet current and future demands. As a result these companies are capable of addressing the most recent political environment, and understanding land characteristics and industrial issues with the added benefit of local experience and knowledge.
The government in Jordan, along with those from other nations throughout the MENA region, is increasingly looking to more in-country production as well as increased energy independence.
For Jordan, this realization for the need of more in-country production comes in light of the recent unstable and uncertain importation of natural resources from some of those nations involved in the recent Arab Spring movements. With imports currently at 97% of energy needs a clearer understanding of basin-scale geologic features for potential exploration is more evident than ever.
For other countries, such as Oman, there lies the issue of national and international dependencies on it’s own natural resources, like crude oil, that were once in abundance but now are in decline. Oman is the leading regional non-OPEC oil exporter and has significant reserves of natural gas. In recognizing the potential economic effect that declining output would have on this nation financially, they are making considerable investments and progress into developing gas resources, increasing gas production and developing current and new fields.
NEOS looks forward to our growth in the MENA region, as well as to contributing to its overall better understanding of the prospectively of targeted areas of interest to optimize leasing, drilling and follow-on geophysical data acquisition investments.
Press Release: NEOS Announces First Project in the Middle East.