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Saudi Arabia is celebrating one of the biggest foreign-investment windfalls in its history after netting more than $12 billion by selling off a stake in the oil pipelines that traverse the desert kingdom.But the country may also be facing an uncomfortable reality as a result. As carefully cultivated relationships with firms such as BlackRock Inc. and SoftBank Group Corp. have yet to draw in the desired investment, it’s turning to the jewels of its energy industry to attract new money.
Uganda, Tanzania and French oil company Total are set to sign agreements Sunday on building a heated pipeline to carry crude oil from western Uganda to the Indian Ocean coast. Construction of the pipeline, which would be the world's longest at 897-miles, is expected to begin this year. Tanzania's new leader, President Samia Suluhu Hassan, is in Uganda to sign the documents, perhaps her most important executive action since her inauguration last month.
ClassNK developed the guidelines which establish requirements related to the equipment and basic items that are generally required for the operation of these ROV/AUV, as well as precautions and safety measures, based on the knowledge obtained through demonstration experiments with experts and companies making advanced efforts.In recent years their utilization as a means for maintaining offshore wind power generation facilities and pipelines has been steadily increasing.
Leading rooftop solar developer Cleanmax Solar, backed by marquee investors such as Warburg Pincus and International Finance Corporation, has moved into the wind-solar hybrid projects space for the first time, commissioning 110MW of projects. It has another 62MW of such projects in the pipeline. Cleanmax was prompted by new policies of the Gujarat and Andhra Pradesh state governments into taking this step.
Baker Hughes announced the launch of its next-generation Onshore Composite Flexible Pipe to address the corrosion and cost of ownership challenges with a conventional steel pipe for the energy, oil and gas and industrial sectors. Key feature of the pipe is its proven spoolable design, making it easier, faster and more cost-effective to transport and install versus steel pipe – reducing installed costs by more than 20%.
Three million miles natural gas pipelines criss-cross U.S., and fight against climate change could render all obsolete. Unlike natural gas, hydrogen can be burned without pumping carbon dioxide into air. Run it through fuel cell to generate electricity and only waste is water; produce hydrogen using electrolyzers powered by solar plants or wind farms and store amounts of renewable energy.
Tenaris and Subsea 7 have signed agreement for supply of pipes and coating services for Bacalhau project, operated by Equinor and located 185 km (115 miles) off the coast of São Paulo in Brazil. The agreement includes provision of 75 km of seamless pipes for risers and flowlines that will be manufactured at Dalmine, Tenaris’s seamless pipe mill in Italy.
Gujarat State Petronet Ltd has decided to raise its gas transmission by about a quarter from the next Fiscal year. The Mehsana-Bhatinda pipeline which will be completed by March is the key factor for the decision. Joint MD of GSPL Mr.Sanjeev Kumar added, "The initial capacity utilization of the Mehsana-Bathinda pipeline will be 9 to 10 mmscmd, which will be scaled up as new gas import terminals come up in the state,"
The Israeli government on Sunday approved an agreement with European countries for the construction of a subsea pipeline that would supply Europe with natural gas from the eastern Mediterranean. The Eastmed pipeline, is meant to transport gas from offshore Israel and Cyprus to Greece and on to Italy. The pipeline is planned to initially carry 10 billion cubic meters of gas/year with the possibility of eventually doubling the capacity.
The Canadian government-owned Trans Mountain pipeline has been shut down since early Saturday following an oil spill at a pump station in British Columbia. The pipeline crew are responding to a release at its Sumas Pump Station in Abbotsford, British Columbia, after an alarm was received early in the morning, Trans Mountain Corp said in a statement. The spill has been contained and cleanup is underway, the company said.
Russian oil pipeline monopoly, Transneft yesterday reported a 13% jump in the first-quarter net earnings Y/Y to 56.7 billion roubles ($822 million). The firm climbed on the back of higher sales to register a 1.3% jump in net revenue to 263.3 billion roubles. Transneft has also paid oil suppliers a whopping sum of $71 million for the April oil contamination.
Pipeline giant Energy Transfer LP claimed that operator companies in North-America have started reopening oil wells. These wells were previously shut-in, owing to the COVID-19 pandemic and the social lockdown that had followed. With demand creeping up, reportedly 25% of the stalled operations have been resumed. The reopening of wells may undermine POTUS’ pledge support a coalition of OPEC and allied producers like Russia in taming a global gut.
Polish President Andrzej Duda has informed that the construction of Baltic, a new pipeline, will commence soon. This major gas pipeline from Norway will mark the independence of Poland from Russian gas. Its capacity is said to be 10 billion cubic meters of gas per year. Italian oilfield services major, Saipem who will take care of pipeline's construction said that the contract is worth $307 million.
Chevron Corp yesterday registered a 38% jump in profits for the quarter that ended March 31st, climbing on the back of asset sales. Unlike its competitors in the market, Chevron recorded $3.6 billion in profits, in comparison to $2.6 billion during the same period last year. Chevron gained from $1.6 billion in the asset sale, which came largely from the sale of oil and pipeline properties in Azerbaijan.
A crude oil spill due to pipeline bursting prompted by a landslide this week has Ecuador sweating as it tries to limit the environmental impact in the country’s Amazon region. A statement released by the Ecuadorean Energy Ministry said that it had put barriers around the spill in an area inhabited by indigenous communities and near a drinking water source for the city of El Coca.
Midstream giant, Kinder Morgan yesterday recorded a 26% jump in the quarterly profit, climbing on the back of higher gas carryout from Permian Basin through its Gulf Coast Express pipeline. The Houston-based company filed a net income of $610 million in the fourth quarter, rising from $483 million, a year earlier. The Gulf Coast Express pipeline, which came into service in September 2019, can transport 2 billion cfd.
Downstream giant, IOCL has planned to monetise its pipelines and storage infrastructure. The state-run oil guzzler has aimed to maximize the asset utilisation and lock future revenue using special purpose vehicles (SPVs). According to sources, many PE and VC funds have agreed to invest in IOC assets because of the assurance of elevated returns given by the refining major. IOC has expected this investment to raise its profitability and dividend payout.
Energy ministers of Greece, Cyprus and Israel are expected to sign EastMed subsea pipeline agreement in Athens on Thursday. The collaboration has aimed to reach a final investment decision in 2022 and completion by 2025. The 1900 km long pipeline will be transporting natural gas from eastern Mediterranean’s developing gas industries to Europe. The pipeline project is owned by IGI Poseidon, a joint venture between Greek gas firm DEPA and Italian energy group Edison.