1. BP plans to leave Iraq
Iraq’s oil minister, IHSAN Abdul Jabbar ismaael, recently confirmed in a video released by Iraq’s oil ministry that BP is considering quitting its upstream business in Iraq, where the super giant operates Rumaila, the largest oil field.
Rumaila oilfield is the third largest oilfield in the world. According to BP’s estimation, its recoverable reserves are about 17 billion barrels. BP as an operator, Rumaila oilfield produces 1.5 million barrels (BPD) of oil per day, which basically accounts for one third of Iraq, the second largest oil producer of OPEC. If BP divests its business in Iraq, it will strongly demonstrate the high determination of the oil giant, who has worked and invested in Iraq for nearly 100 years, to transform its energy.
2. OPEC + fails to reach an agreement on increasing production, oil price rises
The organization of Petroleum Exporting Countries (OPEC) failed to reach an agreement and cancelled plans to hold a meeting, making supply and demand in the oil market more tense than expected. The delegates said that after several days of intense talks, Saudi Arabia and the United Arab Emirates still failed to resolve the fierce dispute; Since no agreement has been reached, OPEC + will continue to implement the current production restriction measures. While oil demand recovers gradually after the epidemic, it is difficult for the global economy to obtain additional energy supply.
3. Mexico’s national oil company has been selected as an oil field operator in southern Mexico
Mexico’s Ministry of energy has chosen Pemex to operate the Zama oil field, which is shared with a consortium led by US company Talos energy.
In 2015, a consortium of foreign oil companies led by Talos energy discovered the large Zama field. It is estimated that the recoverable oil reserves of this discovery is 670 million barrels, which is the largest oil reserves discovered by private companies in Mexico in decades. However, Pemex said the Zama deposit extends to a nearby block, uchukil, operated by Pemex. After that, Mexican authorities asked the two companies to negotiate how to operate jointly, and if no agreement was reached, it would decide who would manage Zama.
4. EBRD stops financing of all upstream oil projects
Harry Boyd carpenter, managing director of the European bank for reconstruction and development, said recently that the bank would no longer invest in oil and gas exploration and production. The agency is committed to keeping all its activities in line with the objectives of the Paris agreement from the end of next year.
5. Sinopec will start the construction of China’s first million ton CCUs project
Sinopec announced on the 5th that it will start the construction of China’s first million ton CCUs project Qilu Petrochemical Shengli Oilfield CCUs project. After the completion of the project, it will become the largest demonstration base of the whole industry chain of CCUs in China.
It is reported that CCUs is one of the key technologies to reduce carbon dioxide emissions. According to the million ton CCUs of Qilu Petrochemical Shengli Oilfield, it can reduce carbon dioxide emissions by 1 million tons every year, which is equivalent to planting nearly 9 million trees and stopping nearly 600000 economic cars for one year. The project is expected to be put into operation by the end of this year.
6. Lukoil will buy 50% of Mexico area 4 project for us $435 million
Lukoil announced today that it has reached an agreement to acquire 50% of the operator’s equity through the acquisition of the operator holding company of the Mexico area 4 project, with a transaction value of US $435 million. In order to replace the Houston based fieldwood energy company and become the operator of 4 in the coastal area of Mexico
Post time: Jul-06-2021