1. Western oil won exploration rights for new oil fields in the Middle East
The Abu Dhabi National Oil Company (ADNOC) said in a statement on Wednesday that exploration rights for the Abu Dhabi 5 onshore block had been granted to occidental. The block is located in the southeast of Abu Dhabi and covers an area of 1626 square miles. Occidental will have a 100% stake in the exploration phase with an investment of up to $140 million.
2. The $226 billion pension fund is considering abandoning investment in oil and gas
The New York State Common Retirement Fund, which has $226 billion, is assessing all energy companies it invests in to assess their readiness for energy transformation and to abandon those considered to be the most risky in climate related investments.
The fund is currently completing the assessment of nine oil sand companies and will set minimum standards for shale oil and gas investment. By 2025, the review will cover all fossil fuel sectors, including integrated oil and gas companies, other oil and gas exploration and production, oil and gas equipment and services, and oil and gas storage and transportation.
3. Modec orders compressor units for sangomar FPSO from man energy
Japanese floating production giant modec has signed an order with man energy solutions for six centrifugal compressor units. The compressor unit will be used for offshore FPSO and will be deployed in sangomar oilfield off the coast of Senegal. Sangomar oilfield is located about 100 kilometers south of Dakar, the capital of Senegal. The field, along with the Rufisque and sangomar offshore blocks, is considered to be one of the world’s largest oil fields discovered in the past decade.
4. Russia gas drilling fourth well in sarqala Oilfield
Despite the limitations of the covid-19 pandemic, Gazprom neft Middle East B.V., a subsidiary of Gazprom, continues to develop the sarqala oilfield in the Kurdistan Region of Iraq, and has implemented a series of important production projects, including drilling the fourth well, which will increase daily production to 4100 tons (about 32000 barrels) after commissioning. The well is expected to be put into operation in the first half of 2021. At present, there are three oil wells in operation with a daily production of about 3100 tons (24000 barrels). Gazprom neft has produced 4 million tons (32 million barrels) of oil since commercial development of the sarqala field.
5. Saudi Aramco and Baker Hughes set up a non-metallic joint venture in Saudi energy city
Saudi Aramco and Baker Hughes announced the establishment of Novell joint venture, with each side holding half of the shares, to develop and commercialize non-metallic products in a variety of energy fields. The new plant will be built in the king energy city of shatsalman (spark) and will initially produce onshore non-metallic pipes made of composite materials, including reinforced thermoplastic pipes (RTP).
Spark energy city, with a total area of more than 50 square kilometers, will be developed in three phases and is expected to be completed in 2035. The project will create a global center for energy related manufacturing services and is expected to attract some of the world’s largest and most innovative energy industry giants.
6. Whitecap acquired torc oil & gas for $550 million, increasing its production to 100000 BOE / day
Calgary based whitecap Resources Inc. consolidated its position as an integrator of conventional oil and gas producers in western Canada by acquiring rival torc oil & gas Ltd. in a US $550 million all stock deal.
7. China’s shipbuilding companies capture 46% of the global market
In the first 11 months of this year, China’s shipbuilding new orders totaled 6.67 million gross compensation tons (CGT), accounting for about 46% of the world market share, ranking first in the world. South Korea and Japan followed closely. In the first 11 months of this year, Korean shipbuilding enterprises received 137 new orders, totaling 5.02 million CGT, accounting for 35% of the global share, ranking second; Japanese shipbuilding enterprises received 78 new orders with a total of 1.18 million CGT, accounting for 8% of the global share, ranking third.
Post time: Dec-10-2020