1. Western oil sold two coastal oil fields in Ghana for $750 million
Western Petroleum agreed to sell its shares in two coastal oilfields in Ghana (Jubilee oilfield and ten oilfield) to Kosmos energy (Kos. US) and Ghana national oil company, with a total transaction amount of US $750 million. The company said the proceeds would be used to reduce the company’s debt.
The debt of Western oil companies surged nearly fivefold to more than $48 billion after the acquisition of Anadarko Petroleum Corp. in 2019. The company’s entire strategic focus is on reducing the debt burden and maintaining shale oil production at a low level this year even when oil prices soar.
2. Air products invested $4.5 billion to build blue hydrogen plant
Recently, Louisiana Governor John bel Edwards and seifi Ghasemi, chairman, President and CEO of air products, announced that they would build a $4.5 billion clean energy complex in Louisiana, which would make the state a leader in the transformation of clean energy in the United States.
Air products will build, own and operate this large-scale project, which will produce more than 750 million standard cubic feet of blue hydrogen per day in ascension Parish, Louisiana. This is the largest investment ever made by air products in the United States.
3. Investigation on the termination of safeguard measures for imported cable products in Ukraine
On October 13, 2021, the cross sectoral International Trade Commission of Ukraine announced that, in view of the fact that the implementation of safeguard measures for imported cable products is not in line with national interests, in accordance with resolution sp-510 / 2021 / 4411-03 of October 11, 2021, it decided to revoke the tax decision made in resolution sp-491 / 2021 / 4411-03 of April 23, 2021 and terminate the investigation of safeguard measures for imported cables, No safeguard measures shall be taken for the products involved. (source: website of the Ministry of Commerce).
4. Algeria to cut gas and electricity subsidies
OPEC member Algeria plans to reduce subsidies for electricity and domestic natural gas next year (US $17 billion in 2020) to reduce government spending and strengthen the economy.
The International Monetary Fund (IMF) said in Algeria last week that the collapse of COVID-19 and oil prices severely hit Algeria’s economy in 2020, and its real gross domestic product (GDP) fell sharply by 4.9% in that year. However, due to the rise in oil and gas prices and production, the Algerian economy will grow by 3% this year.
5. Repsol of Spain will invest US $2.96 billion in hydrogen projects
Last Thursday, Repsol announced its hydrogen strategy to 2030, and its investment in the whole hydrogen value chain will reach US $2.96 billion. The company will use different technologies, including electrolysis, biogas production and photocatalysis, to achieve its renewable hydrogen production target of 552 MW equivalent by 2025 and 1.9 MW equivalent by 2030.
Post time: Oct-21-2021