1. Mexico’s national oil company has discovered a new billion barrel oil field in Tabasco
Pemex, the Mexican national oil company, has discovered an oil field in Tabasco with an estimated reserves of 1 billion barrels. The company aims to reverse a 15 year decline in oil production and said it will provide more details about the discovery on March 18 local time.
2. The United States replaces Saudi Arabia as India’s second largest crude oil supplier
According to trade data, India’s imports of crude oil from the United States surged 48% in February from last month to a record 545300 B / d. At the same time, the United States has cut its procurement from Saudi Arabia, the world’s largest oil exporter, making it India’s second largest oil supplier, after Iraq.
India, the world’s third largest oil importer, has been trying to diversify its crude oil imports in recent months rather than relying too much on Middle East oil. Because OPEC + group led by Saudi Arabia has tightened the market and pushed up oil prices, which has damaged India’s oil consumption and economy.
3. Shell completed a $2.5 billion deal
Shell announced the completion of a $2.5 billion sale of a 26.25% stake in Curtis liquefied natural gas (QCLNG) public infrastructure in Queensland, Australia, to global infrastructure partners.
Shell noted that the sale, which was first announced on December 21, 2020, is in line with shell’s strategy of selling non core assets to further enhance its rating and simplify its portfolio.
4. CNOOC and Petronas sign strategic cooperation agreement
The two sides announced the signing of memoranda of understanding on strengthening cooperation with Petronas and Petronas in the fields of exploration and development of special oil and natural gas, oil refining and natural gas services, and CNOOC. Petronas stressed that the two sides will also explore the establishment of a global fuel supply network.
5. Valero works with BlackRock to develop a large carbon capture pipeline system
Valero energy and BlackRock global energy and power infrastructure fund III said on March 16 that they are working with navigator energy services to develop an industrial scale carbon capture pipeline system (CCS).
The CCS project aims to provide a long-term and economic way for biorefinery and other industrial participants to substantially reduce their carbon footprint while maximizing the value of their final products in an environmentally safe and cost-effective manner.
6. Us LNG exports to Asia increase by 67% in 2020
The U. This is mainly due to the surge of 67% of U.S. LNG exports to Asia (mainly China, India and Japan), accounting for nearly half of the total LNG exports from the United States.
7. ADNOC suspends petrofac’s bid for new contract
Petrofac recently announced that ADNOC group has informed it to suspend its bid for the new contract until further notice. But the company said it would continue to carry out two ongoing engineering, procurement and construction projects for ADNOC.
Petrofac has been under investigation by the UK’s major fraud investigation office (SFO) since 2017 for its historic contracts worth about US $3.3 billion in UAE in 2013 and 2014.
Post time: Mar-17-2021