Page 18 - MEOG Week 44

MEOG NEWS IN BRIEF MEOG

compete more closely with Russian Urals, Jordan Petroleum Refinery Company, covers 7 cost-efficient opex-based model and focus
which currently has a typical gravity of 29.89- per cent of the Kingdom’s daily demand. on increasing production quicker and at a
30.66°API depending on the loading port. JORDAN TIMES lower cost. This innovative model further
The new Basrah Light’s 33°API will position strengthens our position as a market leader in
it closer to Omani crude, which typically Egypt and coupled with the extension in KSA,
has an API of 33.3°, as well as Saudi Arabia’s SERVICES offers greater backlog visibility during the
Arab Light at 33.9°API and UAE grade Upper current market conditions.”
Zakum at 34°API. ADES secures new ADES
ARGUS
Jordan imports 262,000 contracts in Egypt and KSA Lamprell awarded
engineering project by IMI
ADES International Holding PLC (“ADES” or
barrels of Iraqi crude the “Group”), a leading oil & gas drilling and Lamprell is pleased to announce that it
production services provider in the Middle
Jordan imported a total of 262,000 barrels East and North Africa (MENA), provides an has been awarded a $6-50mn contract by
of Iraqi crude oil in October at an average update on two contracts in Egypt and KSA. International Maritime Industries (IMI) to
of 8,448 barrels per day, the Ministry of The Group secured a new two-year early undertake engineering design services.
Energy and Mineral Resources announced on production facility contract in Egypt. Under Starting immediately and extending
Monday. the agreement, ADES will establish an early over the next three years, the work will be
In a statement, carried by the Jordan News production deck floor and top side facilities undertaken in two parts: an initial phase
Agency, Petra, Energy Minister Hala Zawati in addition to a jack-up barge charter, incorporating full detailed design engineering,
said that a total of 3.219 million barrels of leveraging on the Group’s existing assets. The followed by the production design phase.
Iraqi crude oil were supplied to the Kingdom new contract highlights the Group’s agility in This work forms an integral part of IMI’s
between September 2019 and October 2020. providing innovative solutions to its clients 2030 new build rig programme; supporting
The minister added that Iraqi fuel trucks in the current challenging market conditions, the strategy for establishing itself as a fully
were unloaded on the border (back-to-back) by facilitating early production in a shorter autonomous in-Kingdom yard facility
in line with the government procedures to timeframe than it would be possible with a servicing clients in the maritime sector
curb the spread of COVID-19. fully-fledged production facility. including maintenance, repair, overhaul and
In 2006, Amman and Baghdad signed In KSA the Group successfully extended newbuild rigs and ships.
a memorandum of understanding (MoU), the contract for Rig 40 for an additional three Christopher McDonald, CEO, Lamprell
under which Jordan would import Iraqi crude months to the end of Q1 2021 following the said: “Working closely with our IMI partners,
oil daily with a discount of $18 from the price six months extension earlier this year. we are delighted to be starting this key piece
of Brent crude per barrel, provided that the Commenting on the announcement, of engineering work. It complements and
Kingdom bears the cost of transport between Dr. Mohamed Farouk, CEO of ADES builds on the two jackup rigs we were awarded
Kirkuk and Zarqa. International Holding, said: “We are extremely at the beginning of the year. Also, it further
A new memo was signed in 2019 that pleased to secure an early production facility expands our remit for being able to welcome
resembled the old agreement but dropped the contract with a top-tier client in Egypt. Our Saudi nationals into our facilities as part of
discount from $18 to $16. differentiated business model highlights the supporting IMI’s local capacity building.
Under the new MoU, Jordan imports Group’s innovative capabilities and tailored When completed, the maritime yard in Saudi
10,000 barrels of Iraqi crude oil daily with a solutions to meet clients’ requirements and Arabia will become a major contributor to
discount of $16 from the price of Brent crude business needs. By utilizing the Group’s the local economy and we are proud to be
per barrel to cover the difference of transport existing assets to set up an early production associated with such a strategic vision.”
costs and deviations in standards. facility, our clients have the opportunity to LAMPRELL
Iraqi oil, exported from Baiji in Iraq to the optimize capex spend by shifting to a more

P18 www. NEWSBASE .com Week 44 04•November•2020