1. 2021 OTC exhibition held this week
On August 16-19, the 2021 Houston offshore oil technology conference (OTC) was held simultaneously at the NRG center and offline in Houston, which was the first opening of OTC since the covid-19 pandemic. Previous meetings were postponed or cancelled many times. A total of 548 exhibitors participated in the conference, nearly three-quarters smaller than before the pandemic.
2. BHP Billiton announces merger of oil and gas business with Woodside
On August 17 local time, BHP Billiton, a mining giant, and Woodside, an Australian oil and gas producer, announced that they would merge the oil and gas businesses of the two companies at a price of US $20 billion, aiming to create an independent energy company with the world’s top 10 output. After the completion of the transaction, Woodside’s existing shareholders will hold 52% of the shares of the new company and BHP Billiton will hold 48%.
3. Brazil attracts oil giants with low-carbon crude oil projects
Brazil hopes to attract oil giants to participate in new deepwater projects, which will use low-carbon mining technology. ExxonMobil, totalenergies, BP and Chevron are the targets of potential negotiations on the development of new oil fields, which will be auctioned in December.
Brazil is becoming the world’s largest offshore oil supplier, accounting for 23% of the total offshore oil production by 2025, reaching 1.3 million barrels / day. This is due to the development of a large number of reserves in the sub salt area of its continental shelf. Due to the low production cost, the area has attracted the attention of many super giants.
4. Schlumberger promotes independent directional drilling technology
Schlumberger announced the launch of autonomous directional drilling technology, including the solution of automatic steering through any part of the wellbore. Schlumberger uses intelligent and dynamic downhole automatic control system to interpret and process data in real time, continue to promote digital services and improve oil well construction performance.
5. OPEC + believes that there is no need to produce more oil
The tough attitude of OPEC + not to increase production in excess led to the rebound of international oil prices in US stocks on Monday, and the intraday decline narrowed from 3% to more than 1%. Goldman Sachs said that in view of the threat to oil demand caused by the spread of the new delta variant strain, OPEC + is unlikely to increase production in the short term, so it maintained its expectation that the oil distribution will rise to $80 by the end of the year.
6. Nigeria’s new oil bill signed into law
Nigerian President Muhammadu Buhari signed the country’s newly passed oil bill into law on Monday, marking the successful end of the 20-year efforts of Africa’s largest oil producer to reform its oil industry.
The new oil bill aims to attract more foreign capital into the country’s oil industry. Nigeria is the largest oil producer and exporter in Africa.
7. Saudi Aramco negotiates India reliance oil refining and chemical business shares
Saudi Aramco is conducting in-depth negotiations on the acquisition of 20% of the oil refining and chemicals business of reliance group of India through a stock exchange transaction, involving about US $20 billion to US $25 billion. The two sides may reach an agreement as early as the next few weeks. If the deal is concluded, reliance will acquire about 1% of Saudi Aramco.
8. ADNOC will invest US $187 million to expand the production capacity of oil fields on the mainland
Abu Dhabi National Oil Company (ADNOC) will invest US $187 million to expand the production capacity of Al NOUF oilfield from 160000 B / D to 175000 B / D by 2024.
As the third largest oil producer of OPEC, the United Arab Emirates plans to increase its daily production to 5 million barrels by 2030, and Al NOUF’s expansion plan is part of it.
ADNOC awarded the engineering, procurement and construction contract for the NOUF development project to rob stone, a contracting company based in Abu Dhabi.
Post time: Aug-18-2021