1. China’s annual offshore oil and gas production exceeded 65 million tons
It is learned from CNOOC that in 2020, China’s offshore oil and gas production will exceed 65 million tons of oil and gas equivalent, a record high. Offshore oil and gas production has become an important growth pole to ensure national energy security. Liuhua 16-2 Oilfield Group, the first self operated deepwater oilfield group in China, successfully completed the 15th oil extraction operation a few days ago. Three months after its commissioning, the crude oil export volume has exceeded 800000 tons.
2. ExxonMobil Guyana oil well daily output exceeds 120000 barrels
Exxon’s offshore oil production in the stabro lizaek block exceeded 120000 barrels a day ago. ExxonMobil and its partner Hess Corp. in the Stabroek block have discovered 18 oil fields in the region in less than five years, with a total oil production of up to 750000 barrels per day. Exxon said that the first discovery of Liza phase I has started production, and Liza phase II will start production in 2022, with a production capacity of 220000 barrels per day.
3. Gazprom and 67 regions of Russia have signed natural gas supply and natural gas infrastructure expansion plan from 2021 to 2025.
On December 23, the board of directors of Gazprom discussed the company’s plans under implementation, emphasizing that it is a strategic activity of Gazprom to expand the natural gas network in Russia and create natural gas supply infrastructure.
Gazprom has signed the next Five-Year Plan (2021-2025) with 67 Russian entities, which will be responsible for the construction of 24400 km natural gas pipelines (2.5 times more than 2016-2020), and create conditions for the supply of natural gas to 3632 regions (2.7 times more than the previous five years).
4. U.S. oil and gas active drilling rigs rise for the fifth consecutive week
Hughes and Baker oil services rose sharply to a record low of 348 in the U.S. as of Wednesday. Affected by Friday’s Christmas holiday, Baker Hughes released the rig report two days in advance.
5. South Korean shipbuilding enterprises report an upsurge of LNG carrier orders
In the last few days of December 2020, Korean shipbuilders witnessed a surge in orders for liquefied natural gas (LNG) ships. Since December 21, Samsung Heavy Industries (SHI) has received orders for the construction of eight LNG carriers, and the Korean shipbuilding and offshore engineering company (ksoe) has received orders for the construction of nine LNG carriers.
Although the popularity of covid-19 has a considerable negative impact on the global shipbuilding industry, the three major Korean shipbuilding enterprises have achieved strong business performance in 2020. Ksoe, Shi and DSME have achieved 91%, 65% and 75% of their 2020 targets, respectively.
6. Weak oil prices reduced Saudi Arabia’s export earnings by 25% in October
Saudi Arabia’s export revenue fell by nearly a quarter in October compared with the same period last year, mainly due to the collapse of global oil prices.
Saudi Arabia’s exports fell to 57.8 billion Riyals (US $15.4 billion) from 76.8 billion Riyals in 2019, the National Bureau of Statistics said in a statement on Thursday. Over the same period, oil export revenue decreased by 32.7%, and the share of oil in exports decreased from 75.3% to 67.3%. China is the largest destination for Saudi Arabia’s exports, followed by India and the United Arab Emirates.
7. Eni finds oil in the desert of Western Egypt
Eni said on December 23 that new oil has been found in the meleiha block in the western desert of Egypt. The new discovery adds 10000 barrels / day of oil to Eni’s total production in the desert region of Western Egypt. Eni, through its subsidiary ieoc, owns 38% of meleiha block, 12% of Lukoil and 50% of EGPC. Eni has been in Egypt since 1954 and is a major producer in the country.
8. The pipeline crisis has cost Canadian heavy oil producers more than $14 billion
In a new analysis, IHS Markit said that repeated delays in pipeline capacity in Alberta between 2015 and 2019 have cost Canadian heavy crude producers at least $14 billion. Therefore, the gradual expansion of pipeline export capacity, such as the expansion project of line 3 oil pipeline, will help to ensure that oil production will not be affected by past regional bottlenecks and price fluctuations.
Post time: Dec-25-2020