1. US Energy Development Corporation will invest US $28 million in the core area of the Permian Basin
On August 11, U.S. Energy Development Corp announced that it had established a joint venture with Atlantic Energy Partners LLC headquartered in Midland to develop and operate three horizontal wells in the Permian Basin in ward County, Texas.
The target of these three wells is the oil producing area of wolfcamp shale, which is expected to be put into operation in the first quarter of 2022. The total development cost of the project is about US $28 million.
2. Brazil is expected to supply nearly a quarter of the world’s offshore oil by 2025
According to the data of GlobalData, the world’s leading data analysis company, Brazil alone is expected to contribute about 23% to the global offshore crude oil and condensate production by 2025, i.e. 1.3 million barrels per day (mmbd). During 2021-2025, 29 crude oil projects are expected to start operation. Among them, bacalhau, Buzios V (Franco) and Lula Oeste are some key projects, which are expected to contribute 44% of the country’s crude oil and condensate production by 2025.
3. Oman establishes hydrogen energy alliance to develop clean fuel industry
Oman has established a national hydrogen energy alliance composed of 13 institutions from the public and private sectors (including authorities, oil and gas operators, educational and research institutions and ports) to develop the production, transportation and application of hydrogen energy. The project is part of the goal of energy diversification in Oman’s vision 2040 economic transformation plan.
Gulf oil producing countries are trying to diversify their economies by creating new industries and revenues, including vigorously developing renewable energy.
4. Ecopetrol signs US $3.6 billion acquisition agreement for ISA
Ecopetrol, the Colombian national oil company, signed a US $3.6 billion agreement with the Colombian Ministry of finance to acquire 51.4% of the shares of Colombian transmission company interconexion electrica.
This acquisition will accelerate the transformation of Ecopetrol’s business model. Although oil and natural gas will still be the company’s core business, as the world gradually moves away from hydrocarbons, the goal of NOC is to reduce carbon emissions, invest in renewable energy and add new business lines.
5. Equinor was allowed to conduct exploration drilling in the North Sea and the Norwegian Sea
The Norwegian Petroleum Safety Authority recently agreed that equinor should conduct exploration drilling in block 35 / 10 of the North Sea and block 6407 / 9 of the Norwegian Sea to test the exploration prospects named toppand and Ginny respectively.
6. Cairn will obtain five North Sea licenses from Deltic energy
Deltic energy, an oil and gas company, has signed binding conditional transfer out agreements with Cairn energy for its five gas licenses in the southern North Sea. Under the terms of the agreement, Cairn will acquire 60% interest in p2428 (Cupertino area) and p2567 (cadence) licenses and 70% interest in p2560, p2561 and p2562 licenses located between breagh and tolmount gas fields.
7. British anti-dumping measures on China related welded pipes
On August 9, 2021, the British authorities issued the final announcement of the “transitional review” of welded pipe anti-dumping measures, and decided to “maintain” the relevant measures against China, which will take effect from January 30, 2021 and be valid for 5 years; At the same time, the galvanized welded pipe not produced in the UK is excluded from the scope of measures. On December 26, 2008, the EU decided to impose 90.6% anti-dumping duty on welded pipes originating from China and other countries, and made sunset review decisions on January 26, 2015 and April 16, 2021 respectively to continue the measure.
Post time: Aug-13-2021