ADB urged to end fossil fuel loans
TOKYO: A group of non-governmental organisations called on the Asian Development Bank (ADB) to end loans to the fossil-fuels sector, as the international lender focuses on a green economic recovery.
"It's time to power our communities with clean, renewable energy," Chuck Baclagon, regional campaigner at 350.org, a US-based group focused on the global energy transition, said in a joint statement, which was signed by more than 20 NGOs.
The groups said the ADB has lent $4.7 billion to gas projects in Asia since December 2015, when about 200 nations signed the Paris Agreement.
Renewables can save KSA $213bn
RIYADH: Saudi Arabia is expected to make an estimated savings of about SR800 billion ($213.33 billion) over the next 10 years, by replacing liquid fuel with renewable energy and natural gas, the Minister of Finance Muhammad Al-Jadaan said.
Al-Jadaan further said: "Instead of purchasing fuel from the global market at $60 and then selling it to the Saudi utilities at $6, or using a portion of the kingdom’s stake in Opec to sell at $6, we will actually replace at least one million barrels of oil equivalent in the coming 10 years, with gas and renewable energy," according to a report in the Saudi Gazette.
Saudi named energy influential
DHAHRAN: Sheila Al-Rowaily, CEO of Wisayah Global Investment Company, a subsidiary of Saudi Aramco, was selected within Hart Energy 25 Influential Women in Energy 2021.
During her work at Saudi Aramco, Sheila Al-Rowaily led many innovative projects, and participated in leading a team to establish Wisayah Company, a company concerned with the management of global investment and responsible for the investment of Saudi Aramco group companies’ pension funds.
ExxonMobil discovers oil in Guyana
IRVING: ExxonMobil has said it made an oil discovery at the Uaru-2 well in the Stabroek Block offshore Guyana.
Uaru-2 will add to the previously announced gross discovered recoverable resource estimate for the block, which is currently estimated to be approximately 9 billion oil-equivalent barrels.
Drilling at Uaru-2 encountered approximately 120 feet (36.7 metres) of high quality oil bearing reservoirs including newly identified intervals below the original Uaru-1 discovery. The well was drilled in 5,659 feet (1,725 metres) of water and is located approximately 6.8 miles (11 kilometres) south of the Uaru-1 well.
BP kicks off Egypt gas production
CAIRO: BP has announced gas production from Raven field, the third stage of its $9 billion West Nile Delta (WND) development off the Mediterranean coast in Egypt.
The WND development includes five gas fields across the North Alexandria and West Mediterranean Deepwater offshore concession blocks in the Mediterranean Sea. BP and its partners, working with the Ministry of Petroleum, have developed the WND in three stages.
Raven follows the Taurus/Libra and Giza/Fayoum projects, which started production in 2017 and 2019 respectively. It produces gas to a new onshore processing facility, alongside the existing West Nile Delta onshore processing plant.
Raven is currently producing approximately 600 million standard cu ft of gas per day (mmscf/d). At its peak, Raven field has the potential to produce 900 mmscf/d and 30,000 barrels per day of condensate.
TechnipFMC to sell 14pc stake in unit
LONDON: TechnipFMC has announced the sale of 25 million shares within its engineering and technology arm Technip Energies.
This represents 14 per cent of Technip Energies’ share capital. The sale price of the stake in the placement has been set at $13.41 per share, yielding total gross proceeds of $334 million.
In February, TechnipFMC had announced the completion of its spin-off transaction to create two industry leading publicly traded companies - TechnipFMC, an integrated technology and services provider, and Technip Energies, a leading engineering and technology player.
Khor Mor expansion project restarts
SHARJAH: Dana Gas and its partner Crescent Petroleum have announced the full resumption of the expansion project at the Khor Mor field in the Kurdistan Region of Iraq (KRI), which the companies jointly operate on behalf of the Pearl Petroleum consortium. The KM250 expansion involves further investment of $600 million to add 250 million cubic feet per day of much-needed additional gas production to supply the local power stations.
Seven more gas flaring countries
WASHINGTON: In an unprecedented year for the oil and gas industry, the world flared enough gas to power sub-Saharan Africa.
Gas flaring satellite data from 2020 reveals that Russia, Iraq, Iran, the US, Algeria, Venezuela and Nigeria remain the top seven gas flaring countries for nine years running, since the first satellite was launched in 2012.
These seven countries produce 40 per cent of the world’s oil each year, but account for roughly two-thirds (65 per cent) of global gas flaring. The US has thousands of individual flare sites, difficult to connect to a market, while a few high flaring oil fields in East Siberia in the Russian Federation are extremely remote, lacking the infrastructure to capture and transport the associated gas.
