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Grey Matters’ third program will be in progress on November 15, a JV from Elevator, Scottish Enterprise and OGTC. This initiative by Grey Matters will bring experienced oil and gas industry professionals together to work for transformation of this sector. The company wants to improve the energy sector of Scotland. Under this program, up to 25 participants will take part and will work for 16-week at Elevator's Center of Entrepreneurship.
In an attempt to develop and ramp up the production of the oil fields in Western Siberia, mainly in the Tomsk and Omsk Regions, a joint venture (JV) has been formed. Gazprom Neft, Mubadala Petroleum and the Russian Direct Investment have entered into this joint venture. After this procurement Mubadala Petroleum and RDIF have 44% and 5% equity, while Gazprom Neft has 51% interest in the JV.
Oil supermajor, Saudi Aramco has formed a USD 8 billion joint venture with Air Products and ACWA Power in Saudi Arabia. The gasification and power joint venture will receive feedstock from Saudi Aramco for the Jazan refinery and terminal. The project will augment 400,000 barrels per day of refining capacity, processing heavy and medium crude oil.
Japanese joint venture, JERA has entered into a Memorandum of Agreement with ADNOC LNG for the purchase of upto eight cargoes of LNG. The deal term is for 3 years, ending in 2021. JERA said in a statement that the deal will help the venture to respond to LNG demand fluctuations. The Japanse JV has in the recent times struck a lot of deals for LNG purchase.
In a statement released by NRL, Indian oil companies, IOCL, ONGC, GAIL, OIL, and NRL have formed a joint venture to carry out the North-East Natural Gas Pipeline Grid as part of the Urja Ganga Gas Pipeline Project. The JV will focus on the development, construction, operation, and maintenance of the Natural Gas Pipeline Grid connecting Guwahati to the other major North-Eastern cities and major load centers.
A joint venture between Petrofac and Turkish Standard Institutions (TSE) bagged a multi-million dollar Project Management Consultancy (PMC) contract, for a period of three years. The contract pertains to support the BOTAS North Marmara Underground Gas Storage Expansion Project in Turkey. The scope of the contract includes detailed design, engineering, procurement, construction, drilling and decommissioning, along with commissioning and start-up activities.
Houston-based Fairfield Geotechnologies has formed a joint venture with Ikon Science to provide complete geoprediction services to the oil and gas industry in the North America. Fairfield recently rebranded itself from Fairfield Nodal, and the JV formation is in line of its growth strategy. The JV will utilize industry-leading geoprediction technology of Ikon Science, which includes RokDoc Ji-Fi inversion software, with Fairfield’s seismic acquisition, processing, and multi-client data library.
Achimgaz, a German-Russian joint venture of Wintershall and Gazprom, has set a new benchmark, with total production reaching 30 Bcm of natural gas. Moreover, the company has produced more than 13 million tons of gas condensate, till date. The record figures reflect that developing difficult hydrocarbon deposits like the Achimov horizon can be successful and profitable.
ExxonMobil has announced that the size of P’nyang natural gas field in Papua New Guinea has increased by 84% from the year 2012 and this offers immense growth opportunities to the firm for its operations in the country. The firm is working closely with its JV partners and the government for developing this world class resource.
Eni Spa, the Italian oil major, is in talks to sell 20% to 35% of its stake in its giant oil discovery in Mexico to Qatar Petroleum International. Presently, the negotiation isn’t public. Since Mexico opened its oil industry to competition in 2013, this deal would be the first Mexico farm-out, a joint venture in which help in developing an oil area is exchanged for a stake.
Malaysia’s state-owned, Petronas and Saudi Arabia’s Saudi Aramco announced formation of two JVs for the Research and Petrochemical Integrated Development (RAPID) project. This partnership is sure to bring together the resources, technologies, experience as well as expertise of both the companies. A Petronas official said the partnership with Saudi Aramco is a welcome move and the result of the collective effort of key stakeholders in the two governments.