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SP Olefins, a subsidiary of SP Chemicals, successfully started up its 650 ktpa steam cracker and was able to produce on-spec olefins.
Sinopec will take over the 800-ktpa coal-to-olefins (CTO) project in Erdos from State Power Investment Mengxi Energy.
Commenting on reports that ExxonMobil is preparing to sell its UK North Sea portfolio, Neivan Boroujerdi, principal analyst, North Sea upstream, at Wood Mackenzie, said: “A proposed UK exit was expected. We value the portfolio at around US$2 billion.
The Jethro-1 well, drilled in the Orinduik block, offshore Guyana, has delivered for Tullow Oil, with chief executive Paul McDade saying the prospect could hold more than 100 million barrels of recoverable oil, subject to appraisal.
Portugal is now the country with the world’s lowest-cost solar PV contract. The lowest tariff awarded in the country’s first solar PV auction – held in July 2019 – was just €14.76/MWh, or US$16.54/MWh at today’s exchange rates. This narrowly beats the recent US$16.95/MWh contract awarded in Brazil.
Saudi Aramco is to set to take a 20% stake in Reliance Industries' refining and petrochemical businesses.
On 7th August 2019, Huntsman Corporation announced that it has entered into a definitive agreement to sell its chemical intermediates businesses to Indorama Ventures. The total deal is valued at $2.076 billion.
BHP’s chief executive Andrew Mackenzie unveiled a five-year, US$400 million climate investment program om 23 July, with a commitment to reduce Scope 1, 2 and 3 emissions. The Australian miner will seek to scale up low-emissions technologies to decarbonise its operations, including investment in nature-based solutions and collective action to reduce Scope 3 (end-use) emissions.
The US state of New York today awarded two major offshore wind contracts to Norwegian energy company Equinor, and Sunrise Wind, a joint venture between Denmark’s Ørsted and US utility Eversource.
The Government of Indonesia has approved the revised Plan of Development for the Abadi LNG project. INPEX (operator, 65%) and Shell (35%) will develop Abadi via an offshore production facility and a 9.5 million tonnes per annum (mmpta) onshore LNG plant, at an estimated cost of US$20 billion.
According to research by Wood Mackenzie, Chinese textile producers are increasing production as fears grow that the trade war with the US will hurt exports of apparel and other textile products as soon as the fourth quarter of 2019.
French Major Total has sold its stakes in 10 UK North Sea fields to Petrogas NEO, a new joint venture between Petrogas and HitecVision, for US$635 million. The asset package includes operated and non-operated assets, which will produce 25,000 barrels of oil equivalent per day (boe/d) this year. The assets hold over 30 million barrels of oil equivalent in remaining reserves.
Chevron Phillips Chemical (CP Chem) and Qatar Petroleum today announced that they have signed an agreement to jointly pursue the development of a new petrochemical complex on the US Gulf Coast.
Philadelphia Energy Solutions (PES) will close its oil refinery in the city, following a large fire last week that damaged the complex.
Qatar Petroleum today announced the selection of Chevron Phillips Chemical Company as its partner for a new ethylene and derivatives complex, which will be constructed in Ras Laffan Industrial City, Qatar
A large fire at the Philadelphia Energy Solutions (PES) oil refinery in Philadelphia has halted gasoline production at the complex.
Chevron Phillips (CPCHEM), a JV between Chevron and Phillips 66, has made a US$15 billion bid to acquire Nova Chemicals, owned by UAE-based Mubadala.
The HoA formalises the recent outline agreement between the Government of Indonesia and INPEX on the Masela development project.
Adani gets environmental approval for Carmichael project
Wood Mackenzie senior analyst Daniel Toleman shares his thoughts on the event of Prelude's first LNG cargo.
INEOS is to spend $2bn building 3 chemicals plants in Saudi Arabia. Commenting on the news, Wood Mackenzie Chemicals Principal Analyst, Patrick Kirby, said:
Israel’s Delek Group confirmed today that it will buy US major Chevron’s North Sea assets in a US$2 billion deal.
Canadian Natural Resources today announced a C$3.8 billion (US$2.8 billion) acquisition of Devon Energy's Canadian assets, marking the company's seventh major acquisition since 2014.
Following PM Scott Morrison's win in the recent 2019 Australia election, Wood Mackenzie and Verisk Maplecroft analysts share their thoughts.
Equinor has exercised its preferential rights over Delek Group to acquire an additional 22.45% interest in the Caesar-Tonga oil field from Shell, for a total consideration of US$965 million in cash.
The U.S has increased tariffs on $200bn of Chinese goods to 25%, from 10%, impacting a number of metals. Commentary below comes from the Wood Mackenzie metals team:
Chevron Corporation today announced that it would not offer a counterproposal to Occidental Petroleum's rival bid to acquire Anadarko Petroleum.
Implementation of IMO 2020 regulation is just eight months away and its implications will be felt beyond refining and shipping. Wood Mackenzie's Asia Pacific experts weigh in on what this means for the different sectors.
Occidental Petroleum today put forward a rival bid to acquire Anadarko Petroleum for US$38 billion, surpassing Chevron's US$33 billion offer earlier this month.
Murphy Oil Exploration is poised to buy several deepwater Gulf of Mexico assets from LLOG Exploration for a total of US$1.625 billion, split into a US$1.375 billion cash payment and US$250 million in contingent payments.
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