A Barrel Fulll Archive

June 15, 2022 Saipem confirms that it has been recently awarded a limited notice to proceed (LNTP) by BW Offshore SPV PTE Ltd, for the early-stage engineering services for the supply of an FPSO (Floating Production Storage and Offloading) unit to be then provided to Shell and its partners for the development of the Gato do Mato oil and gas field located approximately 200 km offshore Brazil in the Santos Basin, in water depths of around 2,000 meters. The LNTP is valued up to 50 million USD. Saipem’s share is worth approximately 25 million USD. The LNTP is a key step ahead for this initiative and Saipem project team is already fully mobilized. Upon completion of the LNTP, Shell and its partners target to award a lease and operate contract which will include the award of the engineering, procurement, construction, and installation (EPCI) of the FPSO to a Consortium between Saipem and BW, with expected delivery in 2026. The award is subject to the parties finalising the commercial and pri

JULY 20, 2016 Saudi Aramco President and CEO Amin H. Nasser today presided over a signing ceremony of the Fadhili gas project, marking a new milestone in the company’s drive to expand gas production and supply to meet growing domestic demand for energy. The new Saudi Aramco mega project will help boost production and supply with clean-burning natural gas, lessening dependence on oil for power generation. Joining the Saudi Aramco management team at the ceremony were CEOs and executives from engineering, procurement and construction (EPC) companies, and other service providers involved in the development and execution of the Fadhili gas project. Scheduled to be completed by the end of 2019, the Fadhili gas project will become a key component of the Kingdom’s master gas system, processing gas from both onshore and offshore fields. Together, with Wasit and Midyan, Saudi Aramco’s two other new major gas projects, Fadhili will add more than 5 billion Standard Cubic Feet per Day (SCFD) of no

March 2018 In March 2018, OMV was awarded a 20% stake in the offshore concession Abu Dhabi – SARB (Satah Al Razboot , with the satellite fields Bin Nasher and Al Bateel) and Umm Lulu as well as the associated infrastructure. OMV has been appointed as the Asset Lead for the Umm Lulu field. The SARB field, 120 km away from Abu Dhabi, and the Umm Lulu field, about 30 km away from Abu Dhabi, are both located offshore in shallow waters, an environment, in which OMV is already highly experienced. Production from SARB field combined with early production from Umm Lulu was achieved in September 2018, and full field startup of the Umm Lulu field super complex was completed in 2020.

September 27, 2018 The production start-up of the Umm Lulu and SARB (Satah Al Razboot) fields shows an initial capacity of 50,000 barrels per day (10,000 barrels per day net to OMV), which will increase to 129,000 barrels per day (25,800 barrels per day net to OMV) by the end of 2018 and 215,000 barrels per day (43,000 barrels per day net to OMV) by 2023. In April 2018 OMV, the international integrated oil and gas company based in Vienna, signed an agreement for the award of a 20% stake in the offshore concession Abu Dhabi – SARB (with the satellite fields Bin Nasher and Al Bateel) and Umm Lulu as well as the associated infrastructure. The agreed participation fee amounted to USD 1.5 bn and the duration of the contract is 40 years. The SARB field, 120 km away from Abu Dhabi, and the Umm Lulu field, about 30 km away from Abu Dhabi, are both located offshore in shallow waters. The early production in Umm Lulu started in the fourth quarter of 2016. OMV’s share of the reserves, for the p

July 14, 2021 The Abu Dhabi National Oil Company (ADNOC) announced today, an investment of $763.7 million (AED2.8 billion) in integrated rigless services across six of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields to support its production capacity expansion to 5 million barrels per day (mmbpd) by 2030.   The investment is in the form of three contracts awarded by ADNOC Offshore to Schlumberger, ADNOC Drilling, and Halliburton after a competitive tender process. Schlumberger’s share of the award is valued at $381.18 million (AED1.4 billion); ADNOC Drilling’s share is valued at $228.71 million (AED839.58 million), and Halliburton’s share is valued at $153.87 million (AED564.85 million). Over 80% of the total award value will flow back into the United Arab Emirate’s (UAE) economy under ADNOC’s In-Country Value (ICV) program over the 5-year duration of the contracts, reinforcing ADNOC’s commitment to ensuring more economic value remains in the country fro

04/30/2018 Marathon Petroleum Corp. (NYSE: MPC) and Andeavor (NYSE: ANDV) today announced that they have entered into a definitive merger agreement under which MPC will acquire all of ANDV's outstanding shares, representing a total equity value of $23.3 billion and total enterprise value of $35.6 billion, based on MPC's April 27, 2018, closing price of $81.43. ANDV shareholders will have the option to choose 1.87 shares of MPC stock, or $152.27 in cash subject to a proration mechanism that will result in 15 percent of ANDV's fully diluted shares receiving cash consideration. This represents a premium of 24.4 percent to ANDV's closing price on April 27, 2018. MPC and ANDV shareholders will own approximately 66 percent and 34 percent of the combined company, respectively. The transaction was unanimously approved by the board of directors of both companies and is expected to close in the second half of 2018, subject to regulatory and other customary closing conditions, i