29 September 2023
29 September 2023
Under Phase I commercial production at Sinu-9, 30 million standard cubic feet per day of natural gas will be brought online in the first quarter of next year.
The deal with MidOcean Energy marks Aramco’s first global investment in LNG.
As per the initial estimates, the discovery holds 0.2–1.8 million cubic metres of recoverable oil equivalent.
If the deal materialises, Aramco will supply crude oil and other feedstocks to Shenghong Petrochemical.
The five-year agreement will see Equinor supply 12 terawatt-hours of gas annually, starting on 1 October 2023.
The move is part of efforts to stop LNG traders from diverting the supplies elsewhere for higher profits.
The UK’s largest untapped oilfield has been approved amid widespread backlash from climate protestors.
Any deal could reportedly value Switzerland-based Rosen at up to $4bn.
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Although quantum computing is still in the R&D stage, its potential use cases in the oil and gas industry are numerous and are likely to expand. Oil majors, such as BP and ExxonMobil have joined IBM’s Q Network to develop quantum computers that will increase the understanding of subsurface geology. Companies are also looking at these computers to study molecular modeling and emission mitigation.
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