fetching latest news
EPC giant, TechnipFMC has concluded the construction of a new ammonia production unit, “Ammonia 4”, executed for Duslo, as part of the Agrofert group. The 1,600 tpd Ammonia 4 unit, which has an estimated operating life of 40 years, utilises Haldor Topsoe’s latest-generation technology. The plant successfully met performance criteria in July. The new unit is operating in the existing fertilizer complex located in Sal’a, in Slovak Republic.
French supermajor, Total and Chinese state-owned CNOOC have modified the sale and purchase agreement for LNG supply, inked in 2008. While the contract volume has been increased from 1 Mtpa to 1.5 Mtpa of LNG, the term of the contract has been extended from 15 years to 20 years. The move will further strengthen the cooperation between the firms in the liquefied natural gas business.
Oilfield services giant, Halliburton yesterday reported a net income of $435 million in the third quarter. The net income for the firm rose from $365 million in the same period last year. Halliburton’s revenue climbed from about $5.4 billion to $6.17 billion. The Houston-based firm registered higher profit in the quarter despite lower pricing and weaker demand for drilling and completion services in North America.
Aberdeen-based ROVOP acquired M2 Subsea’s entire fleet of 28 ROV systems. The fleet acquisition is in line with ROVOP’s growth strategy to offer a focused ROV service to its customers regardless of markets and geographies. While 19 of the ROV systems qualifies the ROVOP standard and will be added to its fleet, the remaining ROVs will be either decommissioned or sold.
Equinor has signed a framework agreement with Norway Rowan. The Rowan Stavanger jack-up rig has won a £17.7million contract for drilling work at Equinor’s Gurdrun field. Under the scope of the contract, the rig will drill two wells for five months. It has five extension options that are not included in the initial contract value. The framework agreement gives the operator exclusive rights to the rig.
The National Oil Corporation (NOC) of Libya has announced that output at the Abu Attifel field has increased. The operator of Abu Attifel, Mellitah Oil and Gas is in charge of enhancement and maintenance work at the field and has increased the condensate production by 2,000 bpd to 9,500 bpd. The company informed that depending on the work, a further increase at other wells too is expected.
On Tuesday, oil prices slipped on the grounds of Saudi Arabia’s promise of playing a “responsible role” in the crude market. But, amidst the air of US sanctions against Iran, the market seemed nervous. Brent crude went down by 0.4% and was trade at $79.52 a barrel, while WTI futures dropped down by 0.3% and was traded at $69.16 a barrel.
Korea’s power utility, Korea Western Power Company (Kowepo) has initiated arbitration measures against India. Kowepo has cited "not honouring fuel supply commitment to its gas-based power plant in Maharashtra" as the reason in the arbitration notice. The Korean firm holds 40% stakes in Pioneer Gas Power Limited (PGPL) which runs a 388 Mw project in Raigad. Kowepo is seeking resolution of issues in 6 months or $400-million in compensation.
Australian engineering firm, WorleyParsons has entered into a deal to acquire Jacobs Engineering’s energy, chemicals and resources business for $3.3 billion. Jacobs will now focus on higher growth, higher margin lines of business including aerospace, technology, environment and nuclear projects and buildings, infrastructure and advanced facilities. The transaction will take place through a $2.06 billion entitlement offer and a $700 million stock issuance to Jacobs and new debt.
Oil prices notched up today due to expectations of tight market ahead of the looming US sanctions. Brent crude oil futures were priced at $79.88 per barrel. US WTI crude futures rose to $69.31 per barrel. The looming US sanctions on Iran’s oil exports remained the major driver of oil prices in the market. Also, the new Permian WTI crude futures deliverable in Houston will begin trading on Monday.
After a bidding held by Oman Oil Company, Malaysia’s Petronas informed that its subsidiary, PC Oman Ventures Ltd, will buy 10% stakes in Al Khazzan gas field of Oman. The subsidiary of Petronas will procure the stakes in Block 61 of the field and its expected production capacity is 1.5 billion cubic feet per day by 2020. Oman Oil Company Exploration and Production has 40% stakes in the block.
The former chairman of India's ONGC, DK Sarraf revealed that ONGC bought the stakes of Gujarat State Petroleum Corp (GSPC) in KG basin block at Rs 8,000 crore when the asking price was Rs 20,000 crore. He said that unlike the comments of opposition, ONGC’s move to meet the disinvestment target through GSPC by selling the stake in HPCL was “strategic and of immense value proposition”.
Thai Oil has awarded the consortium of Petrofac, Saipem and Samsung a £3billion clean fuels project in Thailand. The project aims at transforming the existing refinery in the Chon Buri province into a facility that is environmentally-friendly. Under the contract, Petrofac will provide engineering, procurement, construction and commissioning (EPCC) services for over four years, which will also include adding new processing units. Petrofac will receive over £1billion as share.
Norwegian oil major, Equinor has entered into an agreement to farm out its non-operated interests in the Tommeliten discovery to PGNiG. The Tommeliten field, containing gas/condensate, was discovered in 1976. This $220 million transaction follows the recent sale of Equinor’s King Lear discovery to Aker BP. Equinor will also divest its 30% stakes in another block of acreage. ConocoPhillips is the operator of both the blocks.
Oil services major, Schlumberger yesterday reported a £116 million growth in profit to £603 million. Total revenue for the firm climbed from £6bn in 2017 to £6.5bn this year. Chairman and CEO Paal Kibsgaard said, “With the outlook for global economic growth and oil demand remaining solid, we continue to see a need for a multiyear increase in international E&P investment, which is very good news for Schlumberger.”
Director of state-owned Bangladesh Petroleum Corporation informed that they had talks with Dubai-based Emirates National Oil Company (ENOC) delegation. Both the parties have agreed on a feasibility study for a joint venture project to build an LNG terminal in Bangladesh. At present, Bangladesh imports LNG from Qatar and Oman. The Director also said that “After the study, we will finalise the capacity for the terminal and other related things,”
According to the source, SOCAR Turkey, the state oil company of Azerbaijan, is planning an acquisition in natural gas distribution in 2019. For this, the company has made an offer to EWE, the German energy company. Feasibility assessment has been completed by SOCAR in order to invest in the second petrochemical facility, informed the Chief External Affairs Officer, Murat LeCompte.
The fourth major upstream project for BP this year has started production. The energy major announced that the Thunder Horse Northwest Expansion project in the deepwater Gulf of Mexico has been started and is four months ahead of schedule. Further, the project is 15% under budget too. BP has predicted that its new projects starting production between 2016 and 2021 will have 900,000 boed of new production by 2021.