1.Kazakhstan plan to build international oil and gas machinery manufacturing development center
Kazakhstan’s prime minister’s office express that an international development center for machinery manufacturing in the field of oil and gas will be established in Kazakhstan. The agreement for the establishment of the centre was signed by Nurlan nogayev, Minister of energy of Kazakhstan, Ministry of industry and infrastructure development, Federation of Kazakhstan machinery manufacturers, alliance of oilfield service companies, and representatives of large projects such as Karachaganak petroleum operation company (KPO), North Caspian Sea operation company (ncoc) and tengizchevroil (TCO). The new centre will localize the production of Kazakhstan’s oil and gas industrial products, open new industrial enterprises and service centers and promote investment activities.
2.Rosneft plans to buy the giant payakhskoye field in the Arctic
Russian energy giant Rosneft plans to acquire the Arctic payakhskoye oil field project owned by Russian neftegazholding company as part of Russian oil company Vostok project. Rosneft expects Vostok oil Arctic to produce 100 million tons, or 2 million barrels per day, equivalent to nearly half of Rosneft’s current production. Payakhskoye’s field is believed to be worth about $5 billion.
3.Lyondell Basell bought Sasol’s Louisiana assets for $2 billion
On December 2, Lyondell Basell announced that it had acquired a 50% stake in Sasol’s Louisiana petrochemical complex for $2 billion. Commenting on the deal, Sasol said it was a “significant step” towards reducing debt and shifting its focus to more specialized chemicals.
4.NNPC starts bidding for phrc repair contract
The national oil company of Nigeria (NNPC) has opened a tender for the transformation project, procurement and construction phase of Harcourt port refining company (phrc). Mallam Mele kyari, managing director of NNPC group, reiterated the company’s commitment to revamping four refineries, including Warri and Kaduna refineries. It also said NNPC would continue to work with all relevant stakeholders to ensure the growth of refining capacity in the country.
5.ExxonMobil is negotiating to buy shares in Indian oil fields
According to press trust of India, India’s oil and gas minister, Dharmendra Pradhan, recently said at a webinar that ExxonMobil, a large US oil company, was in talks to buy a stake in the production of Indian oil and gas fields. This marks the entry of ExxonMobil into India’s upstream sector as the US giant is scaling back its exploration and production operations in other regions such as Europe to increase its cash reserves and direct more investment into core projects.
6.Mexico wins more than $2 billion in Oil Hedging gains
Mexico will receive about $2.5 billion from its 2020 sovereign oil hedge fund this year, the fourth time it has fulfilled its oil price policy in the past 20 years, according to people familiar with the matter. It is also the world’s largest oil hedging project. In March, Mexico’s finance minister said 80% of the country’s 2020 budget would be covered by oil hedging.
7.Fracturing activity surged in Argentina’s largest shale gas block in November
According to the data released on December 1 by NCS multistage Argentina division, in November, VacA Muerta, the largest shale gas block in Argentina, saw a 58% increase in hydraulic fracturing activity compared with the previous month. The number of fracturing stages in the oilfield increased from 345 in October to 545 in November, consistent with the fracturing activity in November 2019, reaching the highest level this year. The reason is that Mexico’s Vista oil and gas company and Argentina’s state-owned oil company YPF have increased investment in the block.
8.Rescheduling of the 28th World Natural Gas Conference
The 28th World Natural Gas Conference, hosted by the International Natural Gas Union (IGU) and hosted by the South Korean Natural Gas Union, decided to postpone the plan for one year after risk assessment of the impact of the covid-19 pandemic. The latest time was adjusted to 23-27 may 2022 in Daegu, South Korea. The World Natural Gas Conference (WGC) is the largest and most authoritative event in the global natural gas industry. It is held every three years and is held by countries in turn.
Post time: Dec-03-2020