1. Kuwait announces three new oil and gas discoveries
Kuwait’s oil and Water Minister, Mohammad al Faris, said in a statement late Monday that Kuwait oil company (Koc) has discovered three new oil fields in different parts of the country, especially two in the north, which are considered of strategic importance because the area has never been explored before. This will increase the country’s oil reserves and production capacity.
2. China’s oil and gas production exceeded 200 million tons for the first time
In 2020, PetroChina’s domestic oil and gas production equivalent will exceed 200 million tons for the first time, and its natural gas production equivalent will exceed 100 million tons for the first time. In 2020, PetroChina Changqing Oilfield will build the first super large oil and gas field with an annual output of 60 million tons, southwest oil and gas field will build the first 10 billion cubic meters shale gas field in China, Tarim Oilfield will challenge the ultra deep limit and build 30 million tons of large oil and gas field with high quality.
3. Most OPEC + members are opposed to increasing production in February, while Russia disagrees
Most OPEC + members, including Saudi Arabia, are opposed to another increase in crude oil production next month, while Russia proposes to increase the production to the upper limit acceptable by the OPEC + agreement – that is, to increase supply by 500000 barrels a day next month. The disagreement between OPEC + and the two leading countries could lead to another tricky meeting. Iran’s oil minister said “Russia is now focusing on market share, while many other countries are focusing on price.
4. Ineos acquired BP chemical business with us $5 billion
Ineos recently revealed that it has completed the acquisition of BP’s global aromatics and acetyl business for us $5 billion. The acquisition includes 15 plants worldwide – five in the Americas, two in Europe and eight in Asia – and 10 joint ventures. Ineos says it is already one of the world’s leading petrochemical companies.
5. DNV GL of Norway refuses to certify Nord Stream 2 pipeline
Det Norske Veritas – Germanischer Lloyd (DNV GL), an authoritative Norwegian certification company, recently announced that it would not be able to certify the North Stream 2 natural gas pipeline due to US sanctions.
DNV GL’s decision means that unless Russia can find another company willing to provide verification services, Russia will not be able to complete the construction of the Danish pipeline.
6. Samsung Heavy Industries won 1990 billion won in LNG carrier orders
Samsung Heavy Industries Co., a South Korean shipbuilder, said on Tuesday it had signed a 90 billion won (183 million US dollars) contract to build liquefied natural gas (LNG) ships for local shippers. Samsung Heavy Industries has won orders to build 20 LNG carriers since November, according to the latest data.
7. Venezuela’s oil exports fell to their lowest level in 77 years in 2020
Venezuela’s exports of crude oil and refined products plummeted to their lowest level in 77 years in 2020 as the United States continued to step up sanctions against Venezuela, according to refiniv EIKON’s data and PDVSA’s internal documents.
8. Repsol approved to start development of Indonesian oil fields
Indonesian authorities recently approved the first development plan (POD) of Kali Berau oilfield in sakakemang block managed by Repsol company.
Repsol and its partners Petronas Malaysia and moeco discovered the Kali Berau gas field in early 2019, which is known as Indonesia’s largest natural gas discovery in 18 years.
9. Iran to invest $1.2 billion to double oil production
Iran’s national oil company said Iran’s energy company has reached a $1.2 billion agreement to increase the country’s crude oil production.
ran’s oil minister Bijan Namdar Zanganeh said in the middle of last month that he expected the U.S. president to relax sanctions on Iran after the change of office. As a result, Iran plans to double its oil production to 4.5 million barrels a day in 2021.
Post time: Jan-06-2021