The offshore industry briefing
The latest news, trends, and data you need to know about this month
News in Numbers
Canadian oil and gas pipeline company TC Energy is considering divesting assets worth approximately $3.7bn to cut debt and fund new projects.
US refinery Phillips 66 has announced plans to cut 1,100 jobs by the end of the year, as part of plans to make $1bn in cost savings.
14.6 billion cubic feet
Dominion Energy is looking to divest its stake in the Cove Point liquefied natural gas facility, which has a storage capacity of 14.6 billion cubic feet.
Pampa Energía is planning to invest $550m to boost its unconventional production from the Vaca Muerta shale formation in 2023.
Hurricane Energy has received an offer from an undisclosed bidder of 7.7 pence apiece in cash, representing a 13% premium, on 1 November 2022.
Italian firm Eni and Algerian state-owned oil company Sonatrach have started production from the HDLE/HDLS oil field in the Algerian desert.
Located in the Zemlet el Arbi concession in the Berkine North basin, the field has been commissioned six months after its discovery in March 2022. The HDLE/HDLS field currently has a production capacity of 10,000 barrels of oil per day.
India’s Oil and Natural Gas Corp has applied to retain a stake in the new Russian operator of the Sakhalin-1 oil and gas project in the Far East, reported Reuters, citing a person familiar with the development.
Following the exit of previous operator ExxonMobil from the oil and gas project, Russia has established a new entity that is managed by a subsidiary of Russian entity Rosneft.
Saipem has completed the first phase of a transaction involving the sale of its onshore drilling business to UK-based drilling company KCA Deutag. The company has now purchased Saipem’s onshore drilling business in the Congo, Saudi Arabia, the UAE and Morocco.
The UK-based firm is due to acquire Saipem’s onshore drilling business in Kuwait in the fourth quarter of 2022.
British utility company Centrica has reopened the Rough gas storage facility in the North Sea after a five-year hiatus to boost the country’s energy supply ahead of winter.
The facility, which closed in 2017, has been reopened after undergoing “significant” engineering upgrades over the summer and commissioning in early autumn.
Asia to dominate global ABS capacity additions by 2026
Global Acrylonitrile-Butadiene-Styrene capacity is poised to see considerable growth over the next five years, potentially increasing from 12.1mtpa (million tonnes per annum) in 2021 to 15.4mtpa in 2026, registering total growth of 79%.
One of GlobalData’s latest reports, ‘Global Acrylonitrile-Butadiene-Styrene Industry Outlook to 2026 – Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants’ states that Asia leads with the largest capacity additions for the newbuild and expansion of the company’s existing projects by 2026.
Asia is expected to add a capacity of 2.34mtpa from six newbuild planned and announced projects, whereas, for the expansion projects, the region is expected to add a capacity of 0.2mtpa from two planned and announced projects.
Read more: Offshore Technology