Monthly Archives September 2021

August is Oil’s Worst Month in 10 as Prices Drop 7%

Investing.com – Oil ended August on a down note, falling 7% for its worst month in 10, as demand concerns reared their head again after Hurricane Ida forced the closure of U.S. refineries. Expectations that a Wednesday meeting of oil producing nations in the OPEC+ alliance would go ahead with a plan to raise output in September also weighed on prices in Tuesday’s session of oil — although the production increase was unlikely to be as much as the Biden administration expected, in order to dampen inflation. London-traded Brent, the global benchmark, settled at $72.99 per barrel, down 42 cents, or
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Categories: News.

Petrofac secures $100m contract with Libya Oil & Gas

Petrofac has secured a contract  valued at more than $100m with Zallaf Libya Oil & Gas Exploration and Production Company, to deliver the Erawin Field Development Project Phase 1 early production facilities. The engineering, procurement, construction and commissioning (EPCC) scope of work encompasses surface equipment, including well pads and flowlines at the Erawin oil field, located in southwest Libya. To continue reading click here
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Categories: News.

Sale and Purchase Agreement Signed for the Sale of Delek Drilling’s Stake in the Tamar Gas Field Offshore Israel

TEL AVIV, Sept. 2, 2021 /PRNewswire/ — Delek Drilling of Israel has announced the signing of a Sale and Purchase Agreement (“SPA”) with Mubadala Petroleum of Abu Dhabi, UAE for the sale of Delek Drilling’s 22% non-operated stake in the Tamar gas field offshore Israel. As consideration for the interest in the Tamar field, Mubadala Petroleum will pay Delek Drilling US$1.025 billion, subject to certain adjustments. The current partners in the Tamar project are Delek Drilling (22%), Chevron (operator, 25%), Isramco (28.75%), Tamar Petroleum (16.75%), Dor Gas (4%) and Everest (3.5%). 2P reserves in the Tamar lease, after production of more than 69.3 BCM, is approx. 300 BCM
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Categories: News.

Gigantic oil slick the size of New York City is spreading across the Mediterranean and could reach Cyprus today after emerging from Syrian refinery

A gigantic oil slick the size of New York City could reach Cyprus today, threatening a pristine coastal stretch of the island’s north. Satellite imagery indicates that the spill, which originated from a power plant inside Syria‘s Baniyas oil refinery last week, is bigger than initially thought, covering around 309 square miles. As of Tuesday evening, it was just four miles from the Cypriot coast, satellite imagery analysts Orbital EOS told CNN. To continue reading click here
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Categories: News.