1. Shell and other 11 oil companies bid for Petrobras block
Recently, large oil giants will bid with 11 competitors such as Exxon and shell and Brazilian companies for two exploration blocks in Brazil’s high-yield salt front area – sepia and atapu.
According to the Brazilian Ministry of energy, if both blocks find suitors, they may eventually increase Brazil’s oil production by 12% and bring about a total investment of about $40 billion over the next decade.
Brazil is vigorously increasing its oil production. Earlier this year, Bento Albuquerque, Brazil’s minister of mining and energy, said that Brazil could become the fifth largest crude oil exporter by the end of this century. Petrobras recently announced a plan to invest about US $68 billion to increase production in the next five years, accounting for 82% of the total planned investment from 2022 to 2026.
2. Rosneft will build steel plate and steel pipe plants
Rosneft, a Russian oil company, recently said that it would build a steel plate and steel pipe plant with an annual capacity of 1.5 million tons to meet the needs of Zvezda, Russia’s main shipyard, and help balance the country’s large-diameter steel pipe and wide plate capacity. The plant will start construction at the coastal metallurgical plant in sukhodor Bay near Grand Carmen in the south of the coastal border area of the Far East of Russia. The company said it had completed the feasibility study of the project and was studying the best plant layout. The project will be developed in two phases. The first requires the installation of a 5000 mm wide plate mill. In the second stage, a large diameter pipeline welding line will be added. The mill will be mainly used to produce plates up to 4.2 meters wide and 24 meters long made of cold resistant steel.
3. New oil and gas projects in the UK need to pass the net zero test
British authorities said on Monday that if they passed the so-called net zero test, such as new projects can prove that their proposed emissions are lower than those of imported fossil fuels, Britain will still allow the development of new oil and gas fields in the North Sea. The document aims to align fossil fuel production with its goal of achieving zero net greenhouse gas emissions by 2050.
4. Egyptian petroleum and Eni signed an oil exploration agreement worth US $1 billion
The Egyptian Ministry of petroleum said last Friday that EGPC had signed an agreement with Eni, an Italian energy group, to conduct oil exploration in the Gulf of Suez and the Nile Delta, with an investment of “no less than US $1 billion”. The agreement also includes Eni’s commitment to additional expenditure of “no less than US $20 million” for drilling four oil wells.
Post time: Dec-27-2021