1. 2021 Beijing Petroleum Exhibition postponed to June
The 21st China International Petroleum and petrochemical technology and Equipment Exhibition (cippe2021), originally scheduled to be held from March 30 to April 1, 2021, will be postponed to June 8-10, 2021, and will continue to be held in Beijing, China International Exhibition Center (new pavilion).
2. Beckhughes: the long-awaited recovery of energy market has begun
Lorenzo Simonelli, chief executive of Baker Hughes, told CERAWEEK on Monday that the long-awaited recovery of the energy market has begun.
One of the most eye-catching oil markets in the world, the U.S. oil inventory has returned to the five-year average, which indicates that the balance between supply and demand of oil is coming.
3. Saudi Aramco seeks to extend $10 billion loan
Saudi Aramco has asked banks to extend the $10bn loan raised in May last year for another year, suggesting that the rebound in crude oil prices has not pushed the oil giant to temporarily reduce its debt.
Saudi Aramco’s profits plummeted last year, but it stuck to its promised dividend of $75 billion a year.
4. CNOOC acquires 100 billion cubic meters of onshore gas field
CNOOC announced on February 28 that, approved by the Ministry of natural resources, the proved geological reserves of Linxing gas field in Shanxi exceed 101 billion cubic meters, and CNOOC has successfully discovered a large gas field of 100 billion cubic meters on land. At present, the gas field is further accelerating exploration and development, which will greatly enhance the supply capacity of clean energy in North China after completion, and provide green and clean energy guarantee for the implementation of the western development strategy in the new era and the construction of xiong’an new area.
5. Qatar oil company and Pakistan signed a 10-year LNG agreement
Pakistan’s National Petroleum Company (PSO) and Qatar Petroleum Company (QP) have signed a new 10-year LNG agreement under which Qatar will provide 3 million tons of LNG to Pakistan.
6. Shell expects global LNG demand to nearly double by 2040
In its annual LNG market outlook, Royal Dutch Shell said that global LNG demand is expected to double to 700 million tons by 2040.
Global LNG prices set a new record low in 2020. However, due to strong demand in winter, supply disruption and infrastructure bottlenecks, they set a new record at the beginning of this year.
7. ProSafe has signed a 6 million pound Buzzard project contract with CNOOC
ProSafe has signed a 6.1 million pound contract with CNOOC to hire a safe Boreas habitation vessel on the buzzard platform in the North Sea of the UK. The contract will take effect in mid April 2021 for a period of 100 days with three 30 day options built in.
8. Saudi Arabia plans to export green hydrogen to Europe via pipeline
Prince Abdulaziz bin Salman, energy minister of Saudi Arabia, the world’s largest crude oil exporter, said at the International Energy Forum and the online summit of the European Union held in Riyadh recently that Saudi Arabia plans to sell its green hydrogen to Europe through pipelines if economic conditions permit. Saudi Arabia wants to take advantage of this hydrogen energy boom, although it is pushing ahead with plans to expand renewable power generation capacity to diversify its energy mix.
Post time: Mar-02-2021