Definition: “IOC” is the acronym of International Oil Company and nominates the Oil & Gas companies which are privately owned and operate globally. Comment: The most well-known “IOCs” are ExxonMobil, ChevronTexaco, BP, Shell, Total, ConocoPhillips. They are also called the “Major Companies” or simply the “Majors” as they are the biggest petroleum companies in the […]
The State Oil Company of Azerbaijan (SOCAR) has invited local and foreign companies in Baku in April to build the partnerships around this $15 billion oil & gas and petrochemical complex in Baku, Azerbaijan. The project includes a: 10 million t/y refinery including 20 processing units 10 billion cum/y gas processing plant of ethane, propane,
Apache has awarded GE Oil & Gas a $150-million contract for subsea equipment, including project management, engineering and procurement, for the Julimar development offshore Western Australia. The GE equipment for the Julimar includes subsea manifolds, well systems, and integrated subsea and topside control systems. Shipments will begin in June 2013 with installation starting in 4Q
Definition: The “NOC” acronym means “National Oil Companies” and refers to the local oil producing companies owned by their respective government. Therefore there are nearly as many “NOCs” as countries in the world, but the most famous ones are: Saudi Aramco, Gazprom, Statoil, Petrochina, Sinopec, Petrobras, ADNOC, Qatar Petroleum, etc…. Comment: Historically the “NOCs” used
Technip, in partnership with Daewoo Shipbuilding & Marine Engineering (DSME), was awarded by Dong E&P and Bayerngas, a contract for the HEJRE project development, offshore Denmark, at a water depth of 70 meters. Dong owns 60% of the Hejre field and Bayerngas 40%. Estimated to cost $2.18 billion, this contract covers engineering, procurement, fabrication, hook-up,
Well supported by its financial performances and the sustainable price of the oil, Statoil has announced on the last weeks a series of projects. Snorre A Platform revamping Statoil awarded Aker Solutions the $179 million contract for the revamping and up grading of the drilling equipment and system on the Sorre A platform to extend
Definition: The wording “Grass-roots” refers to a new plant to be built up from scratch. It has no connection with the process to be used. Comment: “Green field’ is the most common synonym of “Grass-roots”, both oppose to “Brown field” which is used for existing facilities. For more information and data about oil and gas
Formosa Plastics Corporation, U.S.A. announced to invest more than $1.7 billion at its Point Comfort, Texas site, USA, in new Olefins and Low Density Polyethylene (LDPE) facility. This will be the third major expansion at the Point Comfort site and will consist of a: New, grass-roots 800,000 MT/Y olefins cracker Associated 600,000 MT/Y propane dehydrogenation
Formosa Plastics Olefins Project in Point Comfort, Texas, USA Read More »
On February 27th the gas price in North America reached a new low at $2.57 per million btu with all chances to stay below $3 for a while. In dividing the gas price by four since its peak at $13.5 per million btu in July 2008, the massive development of the shale gas is not
Definition: A “Lump Sum Turn Key (LSTK) Contract” refers to bidding terms and conditions between the End User and an EPC which don’t allow any financial change for a given scope of work until the EPC is able the deliver the newly built plant in full operations to the End User. Comment: The benefit of
