Page 10 - MEOG Week 04

MEOG ProJeCts & ComPanIes MEOG
Jordan plans second refinery
Jordan
ThE Jordanian government has unveiled plans for a new oil refining and petrochemical complex near its southern city of Ma’an.
The country’s energy ministry said this week it had given its initial approval to a plan to build a complex capable of processing around 150,000 barrels per day (bpd) of oil into products that can be exported, according to local press. The project is slated to start production in the second half of 2024.
The ministry did not say which investors it was courting for the project. however, Kuwaiti investor Sheikh Mishaal Al Jarrah Al Sabah con- firmed his involvement in a press conference on January 22. The project has the support of Jorda- nian King Abdullah II and Kuwaiti Emir Jaber Al Ahmad Al Sabah, he said.
It will be a joint investment between
Jordanian, Kuwaiti and US investors, he contin- ued, adding that funding for the project, which he estimated would cost $8bn, “was available”, without divulging details. The “best contractors” would be selected for its construction.
According to the ministry’s decision, the project will be built without the government providing any guarantee of supplies of oil. The government will also be exempt from any finan- cial obligations.
Jordan currently has only one refinery, a 100,000 bpd facility in Zarqa, in the country’s north. The plant’s capacity is due to be expanded over the next few years to 120,000 bpd, at a cost of $1.6bn.
According to Al Sabah, the latest project will transform Jordan into “a source instead of an importer of energy.™
ADNOC and Eni CCUS deal
uae
ThE Abu Dhabi National Oil Co. (ADNOC) has signed a strategic framework agreement with Italy’s energy company Eni to explore new opportunities for collaboration in carbon capture utilisation and storage (CCUS), where ADNOC is an industry leader, and additional strategic opportunities in research and develop- ment (R&D) across the oil and gas value chain.
The agreement brings together two leading energy producers and harnesses their world- class talents and technologies to unlock value in areas of strategic importance to both companies while reinforcing their existing partnerships across the oil and gas value chain. It also builds on ADNOC’s recently announced sustainability goals, particularly its commitment to decrease its greenhouse gas (GhG) intensity by 25% by 2030, enabled by its industry-leading CCUS programme.
The framework agreement was signed by his Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Claudio Descalzi, CEO of Eni. Al Jaber said: “We are pleased to sign this strategic frame- work agreement with Eni that builds on our successful partnerships across the oil and gas value chain. Importantly, the agreement under- scores ADNOC’s targeted approach to value-add partnerships that is enabling us to unlock and maximise value from Abu Dhabi’s substantial hydrocarbon resources as we deliver our 2030 smart growth strategy.
“We look forward to swiftly developing this framework agreement to another new mutually beneficial partnership with Eni, as the agreement
offers significant potential for exciting and sus- tainable growth opportunities.”
Under the terms of the agreement, ADNOC and Eni will jointly explore opportunities for collaboration in relation to innovative geome- chanical and geochemical workflows for CCUS programmes as well as in advanced analysis and modelling of thermally induced fractures in oil and gas reservoirs.
Geomechanics refers to the study of how subsurface rocks deform or fail in response to changes in stress, pressure and temperature, while geochemistry relates to the study of the chemical composition of the earth’s crust. Both geomechanics and geochemistry relate to the development of CCUS programmes.
Descalzi said: “This MoU further demon- strates Eni’s strong commitment to strengthen- ing our important partnership with ADNOC, such an important actor, and generating positive impact across our value chain.
Both companies will collaborate to pur- sue new mid-term solutions aimed at leading the current energy transition in line with Eni’s decarbonisation strategy aimed to achieve net zero emissions in its upstream business by 2030 and ADNOC’s recently announced sustainabil- ity goals. This is a holistic collaboration that will further strengthen the alliance between the two companies by designing technological trajecto- ries for the evolution and transformation of the upstream and downstream businesses.”
The two partners also agreed to assess addi- tional strategic opportunities for collaboration in R&D that can potentially optimise performance,
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w w w. N E W S B A S E . c o m Week 04 29•January•2020