1. Lukoil successfully develops horizontal well completion system
Lukoil has become the first Russian company to successfully develop and implement its own horizontal well completion system.
This is the only commercial horizontal well completion system made in Russia. It was developed by a subsidiary of Lukoil (Ritek) and its contractor, SP MEKA minneft, and produced at its plant.
2. Kazakh signed the agreement on exploitation of associated gas field in Kashagan Oilfield
Kazakh state operator kaztransgas JSC (KTG) and North Caspian operation company N.V. (ncoc) have signed an agreement on associated gas production services in kasha glycerine field due to Kazakhstan’s growing demand for commercial gas. The implementation of the project will greatly promote the development of Kazakhstan’s natural gas processing industry and promote Kazakhstan’s enterprises to build factories in accordance with international standards.
3. Sharjah national oil company starts natural gas storage project
Sharjah national oil company (snoc) announced the launch of its new gas storage project. This follows a small-scale pilot phase using the existing infrastructure that has been in operation since early 2017. The project includes the installation of high pressure (HP) gas compression units, high pressure natural gas pipelines, utilities and support facilities, metering and connections to existing plants and wells.
4. Boskalis acquires reverse offshore undersea services
Royal boskalis Westminster N.V. announced that it has acquired all shares in the submarine services business of reverse offshore.
Boskalis said that through the acquisition, boskalis has strengthened its current position in the undersea services market in northwest Europe, Africa and the Middle East, as well as its ability to provide services to the traditional oil and gas market and the “rapidly expanding” offshore wind power market.
5. SK group of South Korea will invest US $1.5 billion in us fuel cell manufacturers to promote the development of hydrogen fuel
SK group, a major South Korean conglomerate, said on January 7 that it will invest 1.6 trillion won (US $1.5 billion) in plug power Inc., a U.S. fuel cell manufacturer, in a move that will help the company expand its hydrogen footprint.
SK Group operates the largest refinery in South Korea. The plan is seen as an effort to expand its business in the field of carbon free fuels and diversify its energy structure at a time when the company is actively promoting its energy transformation plan in South Kore.
6. Bank of America does not want to be forced to fund oil and gas companies
U.S. banks want to continue to choose whether to fund the oil and gas industry based on risk and reputation management practices and ask regulators not to enforce a new rule that might force them to deal with such companies.
The office of the Comptroller of the currency (OCC) recently proposed a new rule to ensure so-called fair access to financial services.
7. Oil and gas transactions surge in the fourth quarter of 2020
According to Everus, a well-known consulting firm in the US energy industry, oil and gas producers made $27.1 billion worth of transactions in the fourth quarter, an increase of $1 billion over the previous quarter.
This figure is supported by three multi billion dollar acquisitions in the Permian Basin, including ConocoPhillips’s $13 billion acquisition of Kangqiao resources, pioneer natural resources’s nearly $8 billion acquisition of parsley energy, and Diamondback’s $3 billion acquisition of QEP resources and guidon operating.
Post time: Jan-08-2021