1. Equinor and ExxonMobil will jointly develop $8billion worth of Brazilian fields
Equinor, ExxonMobil, petrogal Brasil and PR é- sal Petr ó Leo SA (PPSA) said on Tuesday that it would jointly develop the $8 billion bacalhau subsalt oil field in Brazil’s Santos region. The development plan for the project, approved by Brazil’s national oil, gas and biofuels Agency (ANP) in March this year, will be operated by equinor and is expected to be put into operation in 2024.
The development of the bacalhau project will include 19 subsea wells connected to the floating production, storage and offloading (FPSO) unit in the field. Equinor stressed that it would be one of Brazil’s largest FPSOs with 220000 barrels a day and 2 million barrels of storage capacity.
2. Kinder Morgan acquired stagecoach gas services for us $1.23 billion
Kinder Morgan Inc., the pipeline operator, said on June 1 that it had agreed to acquire stagecoach gas services LLC.
Stagecoach consists of four natural gas storage facilities and 185 miles of natural gas pipelines with a total FEC certified capacity of 41 billion cubic feet and multiple interconnections with major interstate gas pipelines, including the Tennessee gas pipeline (TGP), a subsidiary of KMI.
3. Senco energy set net zero target
Suncor Energy recently revealed its new strategy, focusing on improving shareholder returns and accelerating progress in reducing greenhouse gas emissions, with the goal of achieving zero net emissions by 2050.
The company pointed out that by 2025, it will focus its planned annual capital expenditure of US $4.14 billion (C $5 billion) on optimizing and integrating the value chain and maintaining the basic business, while improving its cost and carbon competitiveness and developing low-carbon business.
4. OPEC + keeps production increase plan unchanged in July
On Tuesday, OPEC + held a meeting. OPEC representatives said that after increasing production in May and June, the OPEC + Joint Ministerial Oversight Committee (jmmc) recommended maintaining the crude oil production increase plan for July. Saudi Arabia’s energy minister expressed optimism about global recovery.
According to the delegates, OPEC + will push forward the plan of increasing production by 841000 barrels per day in July, following the increase in production in May and June. With the tightening of market supply, there may be a gap between supply and demand later this year, and OPEC + will face more difficult choices.
5. Saudi Aramco closes its Azerbaijani subsidiary
Aramco overseas company Azerbaijan, a subsidiary of Saudi Aramco in Azerbaijan, recently announced its liquidation. The company did not explain the reason for the closure.
6. ExxonMobil withdraws from Ghana deepwater oil project
After seismic exploration failed to achieve enough good results, ExxonMobil, the US super energy giant, gave up all its shares in the deep water area of Cape three point in the Tano basin off the coast of Ghana and resigned as the operator of the area.
Ghana is one of the new countries to enter the international oil field, and also the main hope country for future production. The country currently has only three oil fields in production, the largest of which is Jubilee, with an estimated reserves of 1.2 billion barrels of crude oil.
7. The United States extends the temporary exemption of Chevron and other companies in Venezuela
The US Treasury Department said on Tuesday it would extend the exemption period for Chevron, Schlumberger, Halliburton, Baker Hughes and Weatherford to continue operating in Venezuela for six months to December 1. This is the eighth special operating license chevron has received since 2019 to continue operating in Venezuela during the sanctions period.
After being ordered out of Venezuela by the US authorities, Chevron wrote down the value of its assets in Venezuela – although it never stopped doing business in Venezuela. This resulted in an impairment charge of $2.6 billion in the second quarter of 2020 and a reduction of 160 million barrels of proven oil reserves on its books.
Post time: Jun-02-2021