1. Biden to cancel keystone XL pipeline project on his first day in office
U.S. President elect Biden plans to cancel the $9 billion keystone XL pipeline project by executive order on his first day in office.
The project plans to transport nearly 2000 miles of oil from Alberta, Canada, to Nebraska, USA. It has been more than 15 years since TC energy of Canada first applied to the United States for the construction of cornerstone oil pipeline project in 2005. The application for the project was rejected by former US President Barack Obama because he believed that the project would increase greenhouse gas emissions and Canada would obtain most of the economic benefits, which almost put the project in a desperate situation. After Trump’s admission to the White House, he approved the project to bring the project back to life. However, it was later resisted by environmental groups and Native American tribes. Biden had previously vowed to cancel permission for the pipeline if he was elected president.
2. Maersk drilling company signs Suriname contract with total
Maersk drilling, an offshore drilling contractor, has signed contracts with total for two floating rigs, which will be used for drilling operations in Suriname, with an estimated total duration of 500 days and a total contract value of about US $100 million.
Total and its partner Apache recently discovered a fourth new oil field in block 58 of the sulihai sea.
3. ConocoPhillips’ acquisition of Conoco resources is officially concluded
ConocoPhillips announced on Friday that it had completed its acquisition of Conoco resources and that shareholders of both companies had approved the merger. The deal will create a company with a market value of about $60 billion and increase ConocoPhillips’ influence in the Permian Basin.
4. UAE will continue to explore oil and gas reserves and seek strategic partners
Sultan al Jaber, Minister of industry and advanced technology of UAE and chief executive officer of ADNOC group, said recently that UAE will continue to explore its oil and gas reserves and attract investment into its oil and gas industry to meet the world’s long-term energy demand.
ADNOC plans to increase production from 4.2 million B / D to 5 million B / D by 2030. As OPEC’s third largest oil producer, the UAE has invested heavily in exploring new oil and gas resources in recent years. In November last year, Abu Dhabi’s supreme Petroleum Council approved a capital expenditure plan of $122 billion for energy projects.
5. Total buys 20% of Adani, an Indian renewable energy company
Total announced the acquisition of a 20% minority stake in Adani Green Energy Limited (agel) from Adani group for $2.5 billion. The deal marks the deepening partnership between Adani group, India’s leading infrastructure platform, and total in India’s transformation and green energy sector.
6. OMV petrom has invested more than $38 million in new black sea drilling activities
OMV petrom, an oil and gas company, said on Monday it had launched new offshore drilling activities in the shallow waters of the Istria block in the Black Sea, with an investment of about 32 million euros (38.6 million dollars).
7. Russian gasoline imports surge as ban ends
Russia’s gasoline imports surged eight times in November from October after a four month ban on refined oil imports ended in early October, according to data released on Monday by the General Administration of Customs of the Russian Federation.
Russia banned imports of refined oil products including gasoline, diesel and aviation fuel from June to October 2020 to protect its refining industry from cheap imports, following a sharp drop in oil prices and a sharp drop in demand caused by a pandemic.
Post time: Jan-19-2021