1. Saudi wealth fund sells shares of Canadian oil giant
Saudi Arabia’s sovereign wealth fund (PIF) has sold all 51 million shares of Suncor Energy, one of Canada’s largest oil producers and major oil sands producers, currently worth $1.2 billion.
2. Us abandons sanctions against Germany’s “Beixi 2″ natural gas pipeline company
The United States announced on May 19 sanctions on Russian companies and vessels involved in the North Stream 2, but abandoned sanctions against the executive presidents of German companies and companies. Antony Blinken, Secretary of state, explained that it was in the interest of the American family.
3. Eni and BP plan to merge Angola’s upstream assets
BP PLC and Eni spa signed a non binding agreement on Wednesday to discuss the merger of their oil, gas and liquefied natural gas assets in Angola into a joint venture. The new company is expected to produce significant synergies, improve operational efficiency, drive investment and growth, and will achieve self-sufficiency. This could be a boon to the troubled Angolan oil industry. The country’s oil production has fallen by more than a third since 2015 due to chronic underinvestment.
4. Merger and acquisition of shale gas industry in the United States
Bonanza Creek Energy and extraction oil & gas announced a $2.6 billion all share merger on Monday. The merged company will be renamed Civitas Resources Inc., and become one of the largest oil and gas drilling companies in Colorado.
5. Iran plans to bypass the Strait of Hormuz and export oil from a new port next month
Iran’s national oil company said in a statement that it will start transporting crude oil from the Jask terminal in the Gulf of Oman next month. Masoud karbasian, general manager of NIOC, said the company had injected oil into a 1000 kilometer (620 mile) pipeline connecting Jask and goreh’s southwest energy center.
This is a new oil pipeline that Iran has invested 1.8 billion US dollars to build, which runs from east to west and leads to the Gulf of Oman, to build a new oil pipeline beyond the Strait of Hormuz.
6. Pgnig of Poland has acquired 25% of Pakistan’s natural gas exploration license
The polish oil and gas company (pgnig) recently acquired a 25% interest in the musakhel licensed block in central Pakistan. The company estimates that the block has up to 16 billion cubic meters of natural gas resources. At present, pgnig’s exploration and production business in Pakistan is mainly concentrated in the kirthar license area (the license was obtained in 2005).
7. Imperial Oil completes acquisition of XTO Permian Basin assets
Empire petroleum has recently expanded its portfolio of mature production assets to New Mexico from the assets of ExxonMobil’s subsidiary XTO holdings LLC in a historic Permian Basin oilfield.
Post time: May-20-2021