1. Iran’s $3.4 billion “largest natural gas refinery in the Middle East” completed
Iranian President Mahmoud Rouhani unveiled the new Boland gas refinery on Friday. Iran’s oil minister said the completion of the refinery marked the failure of US sanctions and maximum pressure on Iran.
It is reported that the project is the largest natural gas refining project in West Asia, with an investment of US $3.4 billion. The project created 15000 jobs during construction. With the project reaching full capacity in the near future, the complex is expected to generate $700 million in annual revenue for Iran.
2. The world’s largest oil service company is optimistic about oil demand
Schlumberger, the world’s largest oil service company, reported better than expected fourth quarter earnings on Friday. Like rivals Halliburton and Baker Hughes, Schlumberger is optimistic that oil demand and drilling activity will pick up this year.
3. Last week, the number of us oil and gas rigs continued to rise
U.S. energy companies have increased the number of oil and gas rigs for the ninth consecutive week against the backdrop of rising energy prices in the past few months.
In the week ending January 22, the number of oil and gas wells, an early indicator of future production, rose five to 378, the highest level since May, energy services company Baker Hughes Co. said in its weekly report.
4. The Guyana Suriname basin is considered most likely to achieve “commercial exploration” within this year
At the Westwood global energy group webinar held on January 20, the companies involved in the survey listed ExxonMobil’s Guyana offshore bulletwood project as the most likely well for commercial exploration this year. This was followed by the bonbonboni exploration project off the coast of Suriname.
5. Reliance split petrochemical business
Reliance Industries Ltd has completed the spin off of its O2C business and formed a separate entity that will help it seek growth opportunities from strategic partnerships. The petrochemical (O2C) business unit holds Reliance’s refinery and petrochemical assets and retail fuel business, excluding upstream oil and gas production. Reliance Industries said in a document on its website that it had been exploring options to attract strategic investors to the O2C business.
6. EWEC bids for Abu Dhabi’s first refuse to energy plant
The Emirates waste and electricity company (EWEC) is bidding for the construction of Abu Dhabi’s first waste power generation project to continue to diversify its energy structure and pursue its carbon emission target. The successful bidder will own up to 40% of the project, with the remaining shares being held mainly indirectly by the Abu Dhabi authorities.
7. Iran to raise oil production to pre sanctions levels
Amir Hossein zamaninia, Iran’s deputy oil minister, said Iran has begun to increase its oil production and is expected to reach pre sanctions levels in one to two months.
Post time: Jan-25-2021