1. Beck hughes: US drilling companies increase oil and gas drilling platforms for the eighth consecutive week
Baker Hughes, the US energy services company, said in its weekly report that the number of oil and gas rigs, an early indicator of future US production, increased by 13 to 373 in the week ending January 15, the highest level since May. This 8 weeks is the largest number of drilling rigs since November last year.
2. Abu Dhabi uses hydrogen as an export fuel in the future
Mubadara investment company, Abu Dhabi National Oil Company and ADQ have formed an alliance to produce hydrogen from natural gas and renewable energy and sell it globally.
As some buyers turn to less polluting alternatives to crude oil, some oil-based Middle Eastern countries are seeking to develop hydrogen as a fuel. Saudi energy minister has said he hopes Saudi Arabia, the world’s largest oil exporter, will become the world’s largest supplier of hydrogen energy.
3. ExxonMobil says the latest Guyana well has found no oil in the target area
ExxonMobil Corp. said on January 15 that its latest exploration well in Stabroek, a prolific block off the coast of Guyana, failed to find oil in the target area, the second setback in drilling activity in recent months.
ExxonMobil, together with Hess Corp. and CNOOC, operates the Stabroek block. The company has discovered 18 recoverable gas resources in Guyana, with a total reserves of more than 8 billion barrels, making this South American country the latest energy hotspot in the world.
4. Rosneft hopes to attract oil traders to large projects in the Arctic
Rosneft, Russia’s largest oil producer and state-controlled, is in talks with some of the world’s largest oil trading companies, including Vitol, gonwal and Glencore, to become investors in large Vostok oil projects in northern Russia in exchange for oil supply contracts.
Russia wants to develop a large Vostok oil project in Siberia, which includes the Vankor and payakha blocks with an estimated resource of 44 billion barrels. Rosneft had previously sought financing for the project from investors in Japan, India and China, but negotiations stalled after oil prices plummeted in early 2020.
5. OPEC’s oil export revenue is expected to decline by 45% in 2020
The US Energy Information Administration (EIA) said in a report that due to the economic slowdown triggered by the cowid-19 pandemic, OPEC’s net oil export revenue will hit an 18 year low in 2020, down more than 45% from the previous year
6. South Africa makes final decision of anti dumping sunset review on China standard wire rope and cable products
Recently, the International Trade Administration Commission of South Africa (ITAC) announced that it would make a final decision on the sunset review investigation of standard steel wire ropes and cables (diameter more than 12.7cm) imported from China, and maintain the duty. The duty rate of products under Customs Tariff No. 7312.10.17 is 93%; that of products under 7312.10.24 is 76.17%; and that of products under 7312.10.30 and 7312.10.90 is 113.25%. (source: Bureau of trade remedy investigation, Ministry of Commerce)
7. Oil giant Total quits API due to climate policy differences
Total, the French oil and gas giant, said on Friday it would not renew its membership in the American Petroleum Association (API) in 2021 because of differences with major US oil lobbies on climate policy.
8. ADNOC merges downstream and trading businesses
ADNOC, the UAE’s largest energy producer, merged its downstream business with trade and marketing to form the downstream industry marketing and Trade Council.
In 2018, ADNOC announced plans to invest $45 billion with partners to develop local downstream activities, including expanding its refinery and petrochemical capacity in ruwais, an industrial center.
Post time: Jan-18-2021