1. Iraq to invest $3 billion in Basra gas
Iraq’s oil minister, Ahsan Abdel Jabbar, recently announced that Iraq plans to invest 3 billion US dollars in Basra natural gas company in the next five years to increase its natural gas production capacity by 40%, from 1 billion cubic feet per day this year to 1.4 billion cubic feet per day, and further to 2.4 billion cubic feet per day by 2025.
2. EIA data: US imports of Iranian oil in March
Despite sanctions against Iran’s energy industry, the US imported a rare 1.033 million barrels of Iranian crude oil in March, according to the US Energy Information Administration (EIA). According to the data on the EIA website, this batch of goods is the second time that the United States has imported oil from Iran since the end of 1991.
3. U.S. transition to renewable energy will trigger new steel demand
According to a recent joint statement by the U.S. Department of the interior, Department of energy and Department of Commerce, offshore wind power projects alone in the United States can generate up to 7 million tons of new steel demand by 2030. Combined with planned onshore wind energy projects and solar energy investment, steel demand in the renewable energy market is expected to surge. Biden authorities have taken a series of actions to encourage the development of offshore wind power. The United States Department of the interior, Department of energy and Department of Commerce have a common goal of deploying 30000 megawatts of offshore wind power by 2030.
4. OPEC’s output growth in May was lower than expected
OPEC has been increasing its oil production in May in accordance with the agreement reached in early April, according to a monthly survey released by foreign media on Monday. However, the decline in production in Nigeria, Angola and Iran partly offset the sharp increase in production in Saudi Arabia and Iraq, leading to a lower than expected increase in OPEC’s supply.
OPEC + thus tightens its outlook on the global market, and it is expected that if it does not further increase production, its oil inventories for the rest of this year will drop sharply.
5. Iran opens new oil export pipeline around Strait of Hormuz
Iran began transporting crude oil for the first time through the strategic goreh Jask pipeline, which allowed the country to export oil around the Strait of Hormuz.
6. Far sells Senegalese RSSD project to Woodside approved by Senegal
Far limited, an Australian oil exploration company, said that due to the termination of the third party contract, it had met the preconditions for the sale of the project interests in rufiske, sangomar and sangomar deep (RSSD) blocks to Woodside petroleum, and said the deal had been formally approved by the Senegalese Minister of oil and energy.
Woodside announced in December last year that it would exercise its pre emptive right to bid for a stake in far’s production sharing agreement (PSA) in the RSSD project off the coast of Senegal to block ONGC’s bid.
7. Kazakhstan vigorously develops oil and gas chemical industry
Kazakhstan’s Ministry of Energy announced that according to the “2021-2025 oil and gas chemical industry national project”, it is estimated that by 2025, Kazakhstan’s oil and gas chemical products export will reach 1.3 billion US dollars, equivalent to 8 times of the current export volume; The output of oil and gas chemical industry will reach 2 million tons, an increase of 5 times; Oil and gas chemical projects attracted 3.9 trillion tenge (US $9 billion) of investment and created 15000 jobs.
Kazakhstan’s Ministry of energy will invest 241.5 billion tenge (US $560 million) to implement the national project of oil, gas and chemical industry. In the future, Kazakhstan will build petrochemical industry cluster, build new production capacity and provide raw material guarantee for oil and gas chemical projects.
Post time: Jun-01-2021