1. ExxonMobil continues to divest shale assets
A spokesman for American oil giant ExxonMobil said on Wednesday that the company’s XTO energy shale department is looking for buyers for nearly 5000 natural gas wells in Fayetteville shale, Arkansas. These assets are one of the declining production and market value natural gas projects being sold by ExxonMobil, which focuses on new projects in Guyana, offshore Brazil and the Permian Basin in Texas.
2. Chesapeake acquired natural gas producer vine energy for $2.2 billion
Chesapeake Energy Corporation, an American shale pioneer, and vine Energy Inc. announced that they had reached a final agreement under which Chesapeake would acquire vine energy, an energy company focused on developing the shale enrichment zone in Haynesville and the Bossier shale enrichment zone in Northwest Louisiana. This is a zero premium transaction, valued at about $2.2 billion, equivalent to $15 per share, based on the 30 day average conversion ratio as of Tuesday’s closing.
3. Norway approves redevelopment project of Repsol yme Oilfield
Repsol was allowed to start production in its North Sea yme field, the Norwegian Petroleum director said on Wednesday.
According to NPD, yme was one of the first redeveloped oil fields on the Norwegian continental shelf. The oil field was closed in 2001 and production was considered unprofitable at that time. Repsol and its partners, including the Norwegian oil company okea, will use the Maersk inspirer jack up rig as a production facility.
4. Iran’s petrochemical revenue will reach $50 billion by 2027
Behzad Mohammadi, head of Iran’s National Petrochemical Corporation (NPC), said on the 11th that Iran’s National Petrochemical Corporation (NPC) is planning to realize the fourth leap in the petrochemical industry. It is expected that the country’s petrochemical revenue will reach US $50 billion by 2027.
On the contrary, the US sanctions on Iranian oil exports have encouraged more development of Iran’s petrochemical industry to promote the export of the industry. Most of the projects under construction and completed in the industry use Iraqi made equipment, licenses and technical knowledge.
5. CCCC won the contract for the main contractor of Kamchatka LNG
Rosmorport, the Russian Federation’s seaport agency, has awarded China Communications Construction Corporation (CCCC) a contract for the construction of novatek’s Kamchatka LNG terminal in bechevinskaya Bay. It is reported that the contract amount exceeds 19.5 billion rubles (263.5 million US dollars).
6. Natural gas producer BKV will buy Texas power plant for $430 million
BKV, an American shale producer, said on August 11 that it would buy a power generation company in Texas for $430 million to use its natural gas production to generate electricity. The agreement comes as Texas is trying to encourage new gas-fired power generation to meet record demand.
BKV’s strategy of focusing on natural gas has made it one of the top 20 natural gas companies in the United States from a start-up in 2015.
Post time: Aug-12-2021