A Barrel Fulll Archive

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

7 May 2014 Saipem has won four new Engineering & Construction contracts, onshore in Saudi Arabia and offshore in Brazil, for a total amount of approximately $4 billion. Saipem has been awarded by Saudi Aramco three contracts in Saudi Arabia for onshore engineering and construction activities. Two EPC contracts relevant to the Jazan Integrated Gasification Combined Cycle project are to be located near the city of Jizan, in southwestern Saudi Arabia. Package 1 contract comprises the Gasification Unit, the Soot/Ash Removal Unit, the Acid Gas Removal and the Hydrogen Recovery Units. Package 2 contract includes six Sulphur Recovery Unit (SRU) Trains and relevant Storage Facilities. The scopes of work of both packages include engineering, procurement, construction, precommissioning, assistance to commissioning and performance tests of the concerned facilities. These two packages are part of the current Saudi Aramco development of the largest gasifier based power facility built in the wo

June 24, 2022 Saipem is pleased to inform that on 18 June the Nong Fab LNG Regasification Terminal , located in Mueang Rayong district in Thailand and executed in joint venture with its partner CTCI Corporation, began offloading the first liquefied natural gas from the LNG carrier, moored at the plant jetty. The scope of work of the project, which kicked off on 1 July 18, 2018, includes the execution on an EPC basis of two 250,000m³ LNG storage tanks, a gasification facility of 7.5 million tons of LNG per year, a 6-kilometer trestle unloading facility, and an eco-friendly administrative building. Therefore, it is a particularly significant project which is stands out due to its tank capacity (the largest ever executed in Thailand) and the world’s largest trestle in the LNG sector. The offloading of the first LNG was achieved thanks to the expertise, quality and efforts of Saipem’s execution team in Thailand as well as the strong support of the client PTT LNG. Full commissioning and sta

June 15, 2021 Saipem has received a Letter of Award from ADNOC Sour Gas, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), for a new contract related to the Optimum Shah Gas Expansion (OSGE) & Gas Gathering project in the United Arab Emirates. The contract covers the expansion and upgrade of the existing Shah gas plant . The overall value of the contract is around 510 million USD. The EPC (Engineering, Procurement, Construction) contract includes the engineering, supply of materials, construction and commissioning of additional components, designed to increase the gas treatment daily capacity of the Shah Gas plant by 13%, from the current production capacity of 1.28 to 1.45 billion standard cubic feet per day, representing a cumulative increase to 145% of the original design capacity of the plant. The Shah Gas plant is the largest sour gas plant in the world. Due to a higher sulphur content, the plant requires specific technologies to ensure safety and respect for the env