[ Special Focus ]
[ Special Focus ]
Arab world secures USD 406bn in oil and gas projects
year , reflecting its significance as a gas supplier for Australia and the region . This investment will enable us to sustain and grow this important , secure energy source that offers a lower emissions alternative to options like coal .” During Capital Markets Day in 2023 , Shell said it would secure further feedgas supply for its existing LNG facilities through additional backfill projects to increase value for shareholders . Phase 2 will deliver volumes to be processed through QCLNG infrastructure and comprise up to 450 production wells , a field compression station , 27 km of new pipeline , and road and infrastructure upgrades .
The Arab world remains a major hub for oil and gas investments , attracting an impressive USD 406bn from international and regional companies . Since January 2003 , more than 610 projects have been initiated across the region , driven by 356 companies . A recent report by Dhaman , the Arab Investment and Export Credit Guarantee Corporation , reveals that the United States leads in the number of projects with 85 initiatives , representing 14 % of the total . In contrast , Russia stands out in terms of investment value , contributing USD 61.5bn , which accounts for 15.2 % of the total investment . The report also highlights a projected decline in the region ’ s hydrocarbon reserves . Proven oil reserves are expected to decrease by 7 % from 704 billion barrels in 2024 , which constitutes 41.3 % of the global total , to 654.5 billion barrels by 2030 . Natural gas reserves in the Arab region are also expected to decrease by 7.5 %, from 58 trillion cubic meters ( 26.8 % of the global total ) to 53.53 trillion cubic meters by 2030 . Despite these reductions in reserves , the region is set to boost oil production , with output projected to rise to 33 million barrels per day by 2030 , reflecting a 6.4 % increase from 2024 .
Shell invests in Phase 2 of the Surat Gas Project in Australia
Triangle Energy advances multiple highpotential oil and gas projects
Triangle Energy ( Global ) Ltd has garnered significant backing for its Perth Basin oil and gas strategy , securing USD 4M through a highly successful placement to institutional , sophisticated , and professional investors . The funds will be allocated to the exploration and drilling of high-impact onshore assets in the Perth Basin , with the Booth-1 well scheduled to commence drilling . Booth-1 , the company ’ s first well to be drilled on its permits in 30 years , will explore several oil and gas targets , including the Kingia and other early Permian formations , the Dongara formation , and the Mt Horner equivalent oil sands . The Booth-1 well aims to target a total Prospective Resource range of 113 Bcf to 540 Bcf , with a Best Estimate of 279 Bcf ( Gross 100 %, on-block ). The funds from the placement , along with the company ’ s current cash reserves , will be allocated to support exploration and the upcoming drilling of Triangle ’ s Perth Basin assets ( L7 and EP 437 ), as well as for general working capital needs .
Arrow Energy , an incorporated joint venture between Shell ( 50 %) and PetroChina ( 50 %), has announced plans to develop Phase 2 of Arrow Energy ’ s Surat Gas Project in Queensland , Australia . The gas from the project will flow to the Shell-operated QCLNG liquefied natural gas ( LNG ) facility on Curtis Island , near Gladstone , to meet long-term contracts and supply domestic customers . This is part of an existing 27-year gas sales agreement between Arrow Energy and QGC . Phase 2 is expected to contribute around 22,400 barrels of oil equivalent per day ( or 130 million standard cubic feet per day ) at peak production . “ Embarking on Phase 2 of the Surat Gas Project with Arrow is part of our commitment to bring more gas to market ,” said Zoë Yujnovich , Shell ’ s Integrated Gas and Upstream Director . “ QCLNG marked its 1000 th cargo at the end of last
Centravis ramps up pipe production 9 % YoY in H1 2024
Ukraine ’ s PJSC Centravis ramped up pipe production 9 % yearon-year to 6,880 tonnes in January-June 2024 . Centravis ramped up production volumes 12 % year-on-year to 12,200 tonnes in 2023 . More than 98 % of products are supplied to foreign markets . The company exported its products to 38 countries , particularly to Germany , Italy , the United States , Japan , South Korea , the United Arab Emirates , and Oman . Founded in 2000 , Centravis is part of the Centravis Ltd . holding , and is the major manufacturer of seamless stainless steel pipes in Ukraine . The Centravis holding was created based on CJSC Nikopol Stainless Steel Pipe Plant and the Production and Commercial Enterprise YUVIS LLC service and trading companies . Its shareholders are members of the Atanasov family .
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