1.China is considering acquiring ExxonMobil’s oil assets in Iraq
China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC) are interested in acquiring all of ExxonMobil’s operating stake in xiqurna1, one of Iraq’s largest oilfields. It is understood that the potential sale value of ExxonMobil’s 32.7% stake in xiguna 1 may be at least $500 million, but the final decision has not yet been made, and the possible deal is hindered by geopolitical uncertainty in Iraq, OPEC’s second largest oil producer.
2.Abu Dhabi’s supreme Oil Council approved $22 billion of five-year capital expenditure and announced major oil and gas discoveries
The supreme Petroleum Council, Abu Dhabi’s top energy decision-making body, held a meeting on the 22nd and approved a new capital expenditure plan to invest 448 billion dirhams (US $122 billion) in the next five years to fund various energy projects of Abu Dhabi National Oil Company (ADNOC). It also announced the discovery of 22 billion recoverable unconventional oil resources and 2 billion recoverable conventional oil resources. This will help ADNOC increase production of its flagship Murban crude. At the same time, this discovery has greatly promoted the UAE’s oil reserves.
3.Active oil and gas rigs in the United States are down for the first time in decades
Baker Hughes, an American energy service company said in a closely watched report on Friday that the total number of active oil and gas rigs in the United States decreased by two to 310 in the week ending November 20, with U.S. energy companies cutting the number of oil and gas drilling platforms for the first time in 10 weeks, although crude oil prices have mostly been above $40 a barrel since mid June. Analysts say rig growth is slowing as (exploration and development companies) adapt more to the (price) environment and seek to stabilize production.
4.Saudi Arabia announced plans to become a global hydrogen energy supplier
According to the《Arab Business Daily》,Saudi energy minister Prince Abdel Aziz bin Salman said Saudi Arabia has “ambitious plans” to become the world’s largest hydrogen supplier. He explained that because Saudi Arabia has large reserves of natural gas, it can produce blue hydrogen. Blue hydrogen is a fuel that converts natural gas by capturing carbon dioxide byproducts. In September, Saudi Arabia delivered the world’s first blue hydrogen to Japan.
Post time: Nov-23-2020