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November 09, 2016 - Contax Partners’ Energy Feed

GE to merge its O&G business with Baker Hughes | SPC approves ADNOC’s 2030 Strategy, 5yr plan and Budget | Aramco awards HDEC USD 727mn deal

 

GE to merge its O&G business with Baker Hughes 

GE & Baker to merge oil and gas businessGeneral Electric announced that it will merge its oil and gas business with Baker Hughes, creating one of the largest oilfield services provider in the current market. GE will own 62.5% of the new entity, while Baker Hughes will own the remaining part. The new merged entity, which will have headquarters in both Houston and London, is estimated to be valued at USD14bn. This merger will combine GE's strengths - making oilfield equipment and supplying blowout preventers, pumps & compressors used in exploration and production - and that of Baker Hughes's - expertise in horizontal drilling and fracking new wells. The deal is expected to close in mid-2017.

 

SPC approves ADNOC’s 2030 Strategy, 5yr plan and Budget

UAE-ADNOC-plans-acceptedThe Supreme Petroleum Council (SPC) has approved ADNOC’s 2030 strategy, five-year business plan and operational budget; these are all aimed at strategically ensuring growth in ADNOC’s upstream, midstream and downstream segments. Under the 2030 Strategy:
Upstream activities are expected to remain as ADNOC's most profitable business - this strategy reaffirms ADNOC's intent to achieve a production target of 3.5m bpd (400,000 bpd increase from current levels) by 2018. Furthermore, a stronger focus will be placed on using new and innovative technologies for enhanced oil recovery and harnessing additional sour gas resources. As this will result in increased sour gas production, ADNOC plans to work closely with key phosphate markets and support the development of a local sulphur products industry - which would include improving the current ammonia and urea industry with a new generation of advanced fertilisers.
Downstream activities will include the integration of the refining and petrochemicals business. This integration will allow synergies and thus boost profitability. Moreover, this will grow domestic refining and petrochemical capacity through focused investments in new projects, including gasoline & aromatics production and additional polyolefin capacity.

 

 

 

Aramco awards HDEC USD 727mn deal

HDEC awarded UthmaniyahSaudi Aramco has signed a contract with Hyundai Engineering and Construction (HDEC) to build the Uthmaniyah plant. The Uthmaniyah plant is expected to have a processing capacity of 2.5bn scfd and will process gas produced from the Ghawar field, the world's largest onshore oilfield. This project aims to recover ethane, propane and other natural gas liquids (NGL) from 1.4bn standard cubic feet per day (scfd) of sales gas. This contract is worth c.USD 727mn and is expected to be completed by November 2019.

 

 

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