Engineering and construction solutions provider to the energy industry McDermott has been hired by IOCL for a petrochemical expansion project at the Panipat Refinery and Petrochemical Complex, some 62 miles from New Delhi, India. McDermott said the contract is for a project management consultancy (PMC) and engineering, procurement, and construction management (EPCM) for the Naphtha Cracker Expansion (Phase II) polypropylene expansion and new ethylene derivative unit project. The project will increase the ethylene production capacity of the naphtha cracker unit (NCU) by approximately 20 percent, according to McDermott, which said the additional ethylene and propylene production will act as feed…
Author: Automotivedealernews.com
The Electric Reliability Council of Texas (ERCOT) revealed earlier this month that the organization set a new, unofficial August and all-time peak demand record of 83,593 megawatts (MW) on August 1. ERCOT has set seven new all-time peak demand records this summer, the organization highlighted in a statement posted on its site. On June 27, the organization set an all time peak demand record of 80,787 MW, which was surpassed on July 12 (81,351 MW), July 13 (81,406 MW), July 17, (81,911 MW), July 18 (83, 592 MW), July 31 (83,047 MW), and August 1, ERCOT’s site outlines. The July 31…
Montrose Port Authority (MPA) has refreshed its leadership team with the appointment of Ann Rooney as its new Chief Commercial Officer, supporting Chief Executive Officer Captain Tom Hutchison and the wider MPA team. Born and raised in Fife, Rooney joins the trust port with over 15 years of experience in the ports, maritime, and international logistics sector, having previously been the Business Development Director at FIS Chemicals and Business Development Manager at Forth Ports, the port authority said in its media statement. As an experienced senior leader in business development and port operations, Rooney has a wealth of knowledge and…
What’s the best way for a shale executive to see a bigger pay check? Prove that you’re focused on cash flows and spending discipline, not drilling more oil. That’s the latest finding from a study by consulting firm Oil & Gas Financial Analytics, which found that pay packages at the c-suite level increasingly depend on how well oil executives deliver on free cash flow targets and cash return on capital employed. Profitability and cash flow are now the top component in executive’s compensation, accounting for 39% of earnings, up from 22% eight years ago, the study found. The incentive to…
LyondellBasell Industries NV has reported $714 million in net income for the second quarter, up $242 million against the prior-three month period but down more than two times that of the second quarter last year. Costs associated with the chemical and fuel maker’s plan to exit the petroleum refining sector dragged down earnings, while refining margins also weakened. Results for the April-June period were buoyed by lower throughput costs and higher production volumes. “Global olefins and polyolefins margins improved modestly during the second quarter driven by lower feedstock costs in both the U.S. and Europe”, the Dutch company said in…
Despite rising investments in conventional oil and gas exploration, discovered volumes are falling to new lows. That’s what Rystad Energy research shows, the company highlighted in a new release sent to Rigzone, adding that its estimates show that in the first half of 2023, explorers found 2.6 billion barrels of oil equivalent (boe), which the company said was 42 percent lower than the first half of 2022 total of 4.5 billion boe. Rystad revealed in the release that 55 discoveries have been made from January to June this year, “compared to 80 in the first six months of last year”.…
Saudi Aramco raised its payout to investors and Saudi Arabia’s government by more than half, in a move that will help fill state coffers that had increasingly been expected to be in deficit this year. The total payout will be $29.4 billion, including a performance-linked portion, up from a regular dividend of $18.8 billion a year ago, according to a statement from the company. The boost to the dividend came despite profit dropped by more than a third to about $30 billion as a result of lower oil prices. Aramco is a crucial source of funding for the Saudi government…
North America has gone back to losing rigs week on week, according to Baker Hughes’ latest rotary rig count, which was released on August 4. The region dropped 10 rigs week on week, taking its total count to 847, comprising 659 U.S. rigs and 188 Canada rigs, the count outlined. Both the U.S. and Canada dropped five rigs week on week, Baker Hughes’ count highlighted. According to the count, the total U.S. rig figure of 659 comprises 635 land rigs, 19 offshore rigs, and five inland water rigs. Of the total count, 525 rigs are classified as oil rigs, 128…
When it comes to proposals to build large-scale energy projects, whether it’s a new electric transmission line, a mining complex, or an interstate oil or gas pipeline, the permitting process can be a delicate balancing act. Nearly everyone understands that appropriate social and environmental safeguards are essential. At the same time, the permitting process can’t be so cumbersome that it takes a decade or more to build that transmission line, complete that mine, or get a pipeline into operation. There’s a general understanding that the permitting process needs to be improved but, as the title of today’s blog implies, it’s…
Italian energy major Eni said that, together with its counterpart NOC, it has revoked the force majeure status on three exploration areas in Libya. The company said that the areas in question are A and B (onshore), and C (offshore), where it is the operator with a 42.5 percent stake, along with BP, which has a 42.5 percent stake, and the Libyan Investment Authority, which has a 15 percent interest. Force Majeure, declared in 2014, was revoked following the completion of a Security Risk Assessment by Eni. The company said it assessed the security conditions in the areas where the…