1. Russia’s oil transportation to EU countries via Ukraine has been interrupted
The Russian oil pipeline transportation company (Transneft) issued a statement on Tuesday (9) local time, saying that due to the sanctions of the European Union, Russia could not pay the transit fees. Ukrainian State oil pipeline operator uktransnafta has stopped transporting Russian oil to Hungary, the Czech Republic and Slovakia through the southern section of the Druzhba oil pipeline.
The Druzhba oil pipeline is a large-scale oil pipeline system for Russia to deliver crude oil to central and Eastern European countries, and part of the south line is delivered to Hungary and other European countries through Ukraine. If there is a similar interruption in crude oil transportation, it will worsen the regional energy crisis, increase the inflationary pressure and increase the recession risk.
2. ADNOC drilling company wins $3.4 billion jack up drilling contract
Abu Dhabi National Oil Company (ADNOC) has awarded two contracts to ADNOC drilling, with a total amount of more than US $3.4 billion, for the drilling of eight jack up offshore drilling platforms.
The contract value awarded by ADNOC offshore is US $1.5 billion and US $1.9 billion respectively, which will support the expansion of ADNOC’s crude oil production capacity to 5 million barrels per day by 2030 and enable the UAE to achieve self-sufficiency in natural gas.
3. Under the energy crisis, Germany plans to lift the ban on hydraulic fracturing technology
Germany, the largest economy in Europe, has been severely hit by the lack of natural gas supply through Russian pipelines. German political parties are currently discussing whether to abandon the hydraulic fracturing ban, at least allowing exploration and testing first.
Since 2017, Germany has banned the use of hydraulic fracturing technology to exploit shale gas.
According to the data of the German Federal Association for natural gas, oil and geo energy (bveg), the shale gas reserves in Germany exceed 2 trillion cubic meters, which is 20 times the annual natural gas consumption of 100 billion cubic meters in the country.
4. The investment of equinor Rosebank oil and gas project will reach US $5.2 billion
Last week, the Norwegian national oil company (equinor) submitted an environmental plan related to the development of the Rosebank oil and gas project to the relevant departments of the UK, making a key step forward for this large-scale deepwater project in the North Sea of the UK. It is reported that the capital expenditure of the project will reach US $5.22 billion.
The Rosebank oil and gas field is considered to be one of the largest undeveloped oil fields in the UK. It is located about 130 kilometers northwest of Shetland Islands in the North Sea of the UK, with a water depth of about 1115 meters. The recoverable oil reserves may exceed 300 million barrels. The oil field was discovered in 2004, and equinor acquired 40% of Chevron’s operating interest in the project in early 2019. In addition, Ithaca energy, an independent energy company focusing on the North Sea, and Suncor, a Canadian producer, respectively hold 20% and 40% of the shares of the Rosebank oil and gas field.
Post time: Aug-11-2022