1. Russia’s Sibur and Sinopec have reached an agreement to form a joint venture to operate the Amur natural gas chemical complex
With all the necessary approvals from the regulators of the two countries, Sibur and Sinopec have reached an agreement to establish a joint venture (JV) at the Amur River natural gas chemical plant. The two companies will own 60% and 40% of the joint venture, respectively.
After the completion of Amur natural gas chemical plant project in Amur Prefecture, Russia, it is estimated that its polymer production capacity will reach 2.7 million tons per year, including 2.3 million tons of polyethylene (PE) and 400000 tons of polypropylene (PP). The total investment of the project is expected to be 10.7 billion US dollars, and it is planned to be put into operation in 2024.
2. Petrobras agrees to sell onshore oil fields in Bahia
Petro Brasil announced an agreement with petroreconcavo to sell all of its equity in 12 onshore exploration and production fields in Bahia State, remanso cluster, for us $30 million.
Petrobras said the sale is in line with the strategy of optimizing its asset portfolio and improving the company’s capital allocation, focusing its resources increasingly on world-class assets in deep water and ultra deep water.
3. Equatorial Guinea to strengthen exploration and development activities in 2021
According to the Ministry of mines and hydrocarbons, Equatorial Guinea will drill three exploration wells in block g operated by British energy company Trident energy in 2021, and carry out renovation and well intervention work on other assets.
Ahead of details of the 2021 work and budget plan, the Ministry of mining and hydrocarbons announced last week that $1.1 billion of foreign direct investment is expected to enter the oil and gas industry in the future.
4. OMV petrom withdraws from Kazakhstan to focus on the Black Sea
OMV petrom, Romania’s largest oil and gas group, said it had sold its onshore oil fields in Kazakhstan, sold 100% of its equity in Kom MUNAI LLP and tasbulat Oil Corporation in Kazakhstan to magnetic oil limited, and decided to shift the focus of its international upstream business to the Black Sea.
5. BP has failed to find oil and gas in wells exploring for natural gas off the coast of Australia
BP said on December 29 that it had found no oil or gas at its ironbar-1 exploration well in Western Australia, which was thought to have trillions of cubic feet of natural gas reserves.
6. Uzbekistan cancels monopoly on natural gas supply
On December 29, President Shavkat mirziyoyev of Uzbekistan said in a speech to the state and parliament that Uzbekistan would abolish its monopoly on natural gas supply and introduce a market mechanism in the field of natural gas supply.
7. ExxonMobil and Wells Fargo have lost $220 billion in market value this year – the biggest decline in the U.S. stock market in 2020
Shares of ExxonMobil and Wells Fargo have plummeted 40% and 45% this year, respectively, and their market capitalization has fallen by about $120 billion and $100 billion, respectively – more than any US company in 2020.
Post time: Dec-30-2020