25th February- 3rd March 3, 2019
Monday 25th February
McDermott awarded $1billion contract by Saudi Aramco
McDermott has won two engineering, procurement, construction and installation contracts from Saudi Aramco for its offshore Marjan field.
The first contract which McDermott has valued between $500mn to $750mn includes the design, procurement, fabrication, installation and the testing of the TP-10 tie-in platform and associated pipeline and sub sea cables. The second contract valued between $150mn and $250mn involves work to upgrade two existing platforms in relation to installation of new equipment.
The work on both contracts will begin immediately and will take place in McDermott’s facilities in Saudi Arabia.
Tuesday 26th February
Another Trump attack on OPEC for rising oil prices
President Trump continued his attacks on OPEC, stating the world is too fragile to handle a price hike. His outburst follows a price rally of 25% this year due to production cuts from OPEC.
Potential risks lie ahead for OPEC from NOPEC (No Oil Producing and Exporting Cartels Act), an act resurrected by US lawmakers that proposes making the organisation subject to the Sherman antitrust law. Last year, congressional support for the bill intensified as oil prices reached four-year highs. With Trumps predecessors actively against NOPEC with both George W Bush and Barack Obama threatening to use their veto. OPEC has concerns that volatile Trump may break tradition and pass NOPEC.
Wednesday 27th February
Chinese CNOOC states Offshore Gas Discovery has over 100 bcm Proven Reserve
CNOOC announced today that it has discovered a 100 billion cubic metre natural gas reserve in the Bohai Sea off North China. CNNOC said the reserve could supply a city with a million residents for more than 100 years.
This discovery marks the largest Natural Gas Discovery in the Bohai Gulf Basin in the past 50 years.
Thursday 28th February
Reabold surprises market with discovery of Bournemouth Coast
Reabold Resources, a small UK company, announced today a bonus oil discovery off the coast of Bournemouth. The explorer said it found the oil next to a controversial project which it started drilling earlier this month. The discovery is estimated at around 15 million barrels.
Reabold Resources is making waves in the oil industry, with major oil companies scaling back their projects in the UK, with Reabold using this opportunity to fund exploration projects. With Reabold Resources funding three of the wells that have been drilled in the UK this year.
Friday 1st March
Norway’s Sovereign Wealth fund, shrugs off Brexit fears, amid plans to rise investment in the UK
Norway’s $1 trillion sovereign wealth fund said this week that it planned to keep increasing its investments in Britain.
The fund which is built from Norway’s oil and gas revenues, is one of the biggest investments in Britain, with 8.5% of its portfolio in British equities, bonds and real estate at the end of 2018. The funds CEO Yngve Slyngstad told Reuters that ‘ we foresee that over time that our investments in the UK will increase.’
Britain has slipped below Japan to third from its usual second place behind USA based on share of the fund’s portfolio. Slyngstad said this dip was accredited to the strengthening of the Yen against the pound.
The fund is one of the biggest foreign investments in Britain. It is a co-owner of London’s Regent Street, as a top five owner in firms such as HSBC and BP among others.
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