OPEC+ Challenges Trump, Maintains Production Cuts
OPEC+ agreed on Monday to maintain their policy on production cuts and gradually raise output as planned starting in April, despite President Trump’s calls for lower prices.
News / International
TA’ZIZ Awards $1.7B EPC Contract to SAMSUNG E&A for UAE’s First Methanol Plant
TA’ZIZ has signed an engineering, procurement and construction (EPC) contract with SAMSUNG E&A to construct one of the world’s largest methanol plants in Al Ruwais Industrial City in Abu Dhabi. The plant is expected to produce 1.8 million tons per annum (mtpa) of methanol. Upon completion in 2028, the plant will be powered by clean energy from the grid, making it one of the world’s most energy-efficient methanol plants. In its initial phase, TA'ZIZ will produce 4.7 mtpa of chemicals by 2028, including methanol, low-carbon ammonia, polyvinyl chloride (PVC), ethylene dichloride, vinyl chloride monomer, and caustic soda, many of which will be produced for the first time in the UAE.
Halliburton Secures Major Drilling Services Contract Offshore Brazil
Halliburton has secured an integrated drilling services contract for the development and exploration across several offshore fields in Brazil for three years starting in 2025. The deal awarded by Petrobras, entails Halliburton to provide several drilling technologies. “This contract demonstrates Halliburton’s strength in deep and ultra-deep offshore drilling and well construction,” said Waldomiro Mendes, senior area manager, Brazil, Halliburton.
Basra Oil Company Signs Deals with Halliburton to Develop Nahr Bin Omar, Sinbad Fields in Iraq
Basra Oil Company (BOC) has signed two agreements with Halliburton to develop the Nahr Bin Omar and Sinbad fields in Iraq. This confidentiality agreement involves Iraq to provide Halliburton with data and discuss operations in the fields to build the technical and economic model to boost oil production and investment of associated gas. Currently, the production of the Nahr Bin Omar field is about 45.000 barrels per day (bbl/d), and after development, it is anticipated to reach 300.000 bbl/d. Halliburton also aims to produce 300 million cubic feet (mcf) of gas from the field. The development operations will be conducted in stages to improve production efficiency, with BOC remaining the main operator and Halliburton managing surface and subsurface projects.
Baker Hughes Secures Gas Technology Order for Jafurah Gas Field’s Third Expansion Phase
Baker Hughes has secured an order to provide six gas compression trains and six propane compressors for the third expansion phase of Aramco’s Jafurah gas field in Saudi Arabia. The order awarded by Tecnicas Reunidas in the fourth quarter of 2024, involves Baker Hughes to supply state-of-the-art electric motor driven compression solutions to the largest unconventional gas fields in the country, leveraging its recently expanded Damman Center in Dammam, Saudi Arabia.
Petrobras Surges in Oil, Gas Reserves to 11.4 Billion BOE in 2024
Brazilian state-run oil company Petrobras reported that its proven reserves of oil, condensate, and natural gas rose to 11.4 billion barrels of oil equivalent (boe) in 2024, up from 10.9 billion boe in 2023. Of these reserves, 85% are oil and condensate, while 15% are natural gas. The increase of 1.3 billion boe was driven by the development of the Atapu and Sepia fields and the strong performance of assets like Buzios, Itapu, Tupi, and Sepia.
Shell Reports Lower Q4 Profit Amid Lower Realized Prices, Sets $3.5B Share Buyback Plan
Shell reported a profit of $3.66 billion in the fourth quarter of 2024 results, a drop from $7.31 billion in the same period last year due to lower refining margins, and lower liquefied natural gas (LNG) trading.
Petrobras Achieves Oil, Gas 2024 Annual Production Targets
Petrobras has achieved its 2024 annual production target, reaching a total production of 2.7 million barrels of oil equivalent per day (boe/d) of oil and natural gas. This milestone aligns with the company's Strategic Plan 2024-2028. The commercial production of oil and gas amounted to 2.4 million boe/d, with oil production specifically reaching 2.2 million barrels per day (bbl/d). Besides, new annual records were set for total own and operated production in the pre-salt, with 2.2 million boe/d and 3.2 million boe/d, respectively, representing 81% of the company's total production.
Mozambique President, TotalEnergies CEO Discuss LNG, Hydro Projects
Mozambique's President Daniel Chapo met with TotalEnergies CEO Patrick Pouyanne to discuss the long-delayed $20 billion Mozambique LNG project and other initiatives. They also discussed potential gas-to-power projects and progress on a $5 billion hydropower dam. Pouyanne highlighted the need for infrastructure, particularly power lines, to transport energy, emphasizing the challenges in attracting the necessary capital for such projects. The meeting occurred during a two-day energy summit in Tanzania.
ADNOC Gas Signs $450M Three-Year LNG Supply Deal with Japan’s JERA
ADNOC Gas has signed a three-year, $450 million liquefied natural gas (LNG) supply agreement with Japan's JERA Global Markets. Under the agreement, ADNOC will supply 6.0 million tons per annum (mtpa) of LNG from its Das Island liquefaction facility.
