Page 15 - MEOG Week 28

MEOG
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MEOG
ComPanIes
Weatherford to drill 20 wells in Iraq
Weatherford International has signed an 18-month contract with the Iraqi Drilling
Co. (IDC) to provide services and project management for the drilling and completion of twenty wells in the Al-Nasiriyah eld in the Dhi Qar province in southern Iraq.
Basim Khudair, General Director for IDC, said: “Signing this contract between IDC and Weatherford is a great accomplishment for both parties. It sets the right ground for our mutual and constructive joint cooperation in the future.”
IDC will provide rigs, civil works and drilling services; Weatherford will provide project management and all other associated services. e operation will be performed with four rigs provided by IDC.
Frederico Justus, President, International Operations, Weatherford, noted: “ is
joint operation with IDC is an honor for Weatherford. Together, IDC and Weatherford will work as one team, providing project management solutions that deliver e cient and e ective execution of the contract.”
IDC is a leading Iraqi service company focusing on rig services and is a key player in the nationalization program for the country’s oil and gas sector.
Weatherford is the leading wellbore and production solutions company. Operating in more than 80 countries, the Company answers the challenges of the energy industry with its global talent network of approximately 20,000 team members and 600 locations, which include service, research and development, training, and manufacturing facilities.
trade arabIa
Brooge to increase oil storage capacity in UAE
Brooge energy Ltd. expects new tanks at its oil-storage terminal in the UAe to be fully operational by the end of the year, with
a single customer booked to lease all the additional capacity.
Phase II expansion will include the construction of 8 additional oil storage tanks with an aggregate geometric oil storage capacity of approximately 0.601 million cubic meters, which will increase BPGIC’s aggregate geometric oil storage capacity to approximately 1 million cubic meters, or 6.3 million barrels.
A er operations of Phase II in Q4 2020, Brooge expects to be the second largest non-captive storage provider in Fujairah. Construction of Phase II commenced in September 2018.
Upon completion of construction,
and similarly to Phase I, operations will commence on a staggered basis to ensure
a safe and e cient start-up of operations.
e Company has contracted phase 2 and anticipates 100% utilization of capacity by the end of 2020. Phase II is expected to provide storage and blending of crude oil, in addition to fuel oil and clean products. As part of Phase II, BROG is following a similar approach
to Phase I by investing in high-grade,
long-life materials for the construction and development of its facilities.
e Company has secured a land lease
to further expand its storage capacity in the Port of Fujairah near its existing facilities to increase from 1 million cubic meters in Phase I and II to approximately 4.5 million cubic meters. e Phase III Land is the subject of ongoing feasibility studies, which, in parallel with prospective end-user discussions, will enable BPGIC to determine the optimal layout
and product mix. Phase III is expected to come online in late 2022.
Phase I commenced operations in Jan 2018. Phase I is comprised of 14 oil storage tanks with an aggregate geometric oil storage capacity of approximately 0.399 million cubic meters and related infrastructure.
steel Guru
Aramco to reorganise downstream business
Saudi Aramco, the world’s largest oil- exporting company, will re-organise the downstream segment of its energy arm into four commercial business units.
e downstream business, which refers
to re ning and petrochemicals, will operate through four units – fuels (which includes re ning, trading, retail and lubricants), chemicals, power and a pipelines, distribution and terminals division, the company said in a statement on Tuesday.
e units will be backed by three corporate functions of manufacturing, strategy and marketing as well as a liates a airs.
e reorganisation, which will be completed by year-end, is “another step” in Saudi Aramco’s strategy to develop a global, integrated downstream business, said senior vice president at Aramco Downstream, Abdulaziz Al Gudaimi.
e re ning and petrochemicals part of the energy value chain has become increasingly signi cant to Gulf oil producers. Saudi Aramco and its UAe counterpart Adnoc
are both undertaking multibillion-dollar investments in downstream projects to extract more value from their crude production.
Saudi Aramco last month completed its acquisition of a 70 per cent stake in Sabic,
the region’s largest petrochemicals rm, for $69.1 billion (Dh253bn) from the kingdom’s Public Investment Fund as it looks to grow its specialty chemicals business.
Aramco’s acquisition is in line with its long-term strategy to drive growth through an enhanced downstream portfolio by increasing its re ning capacity from 4.9 million to 8 million-to-10 million barrels per day by 2030, of which 2m bpd to 3m bpd will be converted into petrochemical products.
Aramco’s reorganisation “will improve the focus as well as decision making inside the newly-created units, giving them strategic autonomy to pursue growth opportunities,” said Vijay Valecha, chief investment o cer at Century Financial in Dubai.
e reorganisation will also help the company o set losses su ered by its re ning units due to a write down in inventories, he
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