1. Argentina launched an incentive plan to increase oil production and exports
Argentina launched an incentive to stimulate oil production and exports on April 7, allowing companies with new investment of more than $100 million to freely use 20% of their export earnings.
2. Petrobras to acquire BP’s stake in six blocks in Brazil
Petrobras, the Brazilian oil and gas giant, has signed an agreement with BP to take over all of BP’s shares in six blocks in the ultra deep water area of northern Brazil.
3. Shell reports profits from upstream business for the first time since the outbreak of cowid-19
Royal Dutch Shell said in a statement on Wednesday that shell’s upstream sector (oil extraction) could benefit from the current commodity price environment in the first quarter.
While revenues from its natural gas, refining and chemical businesses helped shell achieve overall profits last year, its core business reported continued losses as energy prices plummeted as a result of covid-19. The return on upstream profits is another sign that the industry is recovering from the historical downturn.
4. Equinor awarded us $531 million service agreement to abb and Siemens Energy
ABB as and siemens energy as have won a framework agreement on April 7 to provide electrical equipment for equinor’s installations on the Norwegian continental shelf (NCS) and its onshore plants in Norway. The total value of the agreement is estimated to be about NOK 4.5 billion (US $531 million).
5. Halliburton and Optime subsea to reach a global underwater Service Alliance
Recently, Halliburton has formed a global strategic alliance with Optime subsea to apply Optime’s innovative remote operation control system (rocs) to Halliburton’s completion string jacking system. The two companies will also use Optime’s underwater control and workover operation optical system technology to cooperate and provide workover operation control system services.
6. Masdar signed an agreement to develop $200million worth of solar energy projects in Azerbaijan
Masdar of the United Arab Emirates has signed an agreement to develop a utility scale solar photovoltaic project in Azerbaijan. The 230 mwac project is the country’s first independent solar energy project in the form of a public-private partnership based on foreign investment.
Azerbaijan plans to increase the installed capacity of renewable energy power generation to 30% by 2030 to achieve economic diversification and reduce greenhouse gas emissions.
Masdar, wholly owned by mubadara, is a major player in the global renewable energy sector. The company currently operates in more than 30 countries with a total renewable energy capacity of 10.7 GW and a total investment of about US $19.9 billion.
7. Us oilfield services added 23000 jobs in March
According to the preliminary data from the BLS and the analysis of the energy labor and Technology Commission, the number of new jobs in the field services and equipment industry in March is estimated to be 23015.
The energy work force & Technology Council is a trade association in the oil field services and equipment industry. It represents more than 600000 jobs in the technology driven energy value chain. Over 600 member companies are involved in the fields of oilfield equipment manufacturing, drilling, completion, well service, pressure pump, renewable energy technology and services, geothermal development and so on.
8. API said cross border infrastructure is crucial to the U.S. – Canada energy trade
According to a new report released by the American Petroleum Institute (API), the growth of cross-border oil trade between the United States and Canada has promoted the further integration of the North American energy market, brought economic benefits to both sides, reduced the energy cost of consumers, and strengthened energy security. Continuing to develop and maintain these cross-border energy infrastructures is crucial to the success and mutual benefit of this important trade relationship between the United States and Canada.
9. BP is expected to achieve net debt target ahead of schedule
BP said in a statement that it expects to achieve its goal of cutting net debt to $35bn by the end of march ahead of schedule.
In the first quarter of this year, BP gained about $4.7 billion from various divestitures, including $2.4 billion from the sale of a 20% stake in Oman’s natural gas field.
Post time: Apr-08-2021