Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The Algerian state-owned oil and gas company Sonatrach announced on Saturday that it plans to invest $50 billion in oil exploration and development over the next five years, from 2024 to 2028.
Sonatrach CEO Rachid Hachichi said the investment is part of the company’s strategy to increase its production capacity and reduce its reliance on imports. The company is also looking to expand its portfolio into petrochemicals and other industries.
Of the $50 billion investment, $36 billion will be allocated to exploration and production. Sonatrach plans to drill 1,000 new wells and increase its oil and gas production by 50% by 2028.
The company is also investing in new technologies, such as artificial intelligence and automation, to improve its efficiency.
Sonatrach is a major player in the global oil and gas industry. It is the largest oil and gas company in Africa and the ninth largest in the world. The company produces about 1.2 million barrels of oil equivalent per day.
The investment announcement is a positive sign for the Algerian economy. It shows that Sonatrach is committed to investing in the country and helping to create jobs.
With this great news I’m not going to sell below 50p
PETROFAC AND HITACHI ENERGY ANNOUNCE
SECOND PROJECT IN SUPPORT OF TENNET’S 2GW PROGRAMME
Second contract award under the six-project, US$14 billion, multi-year Framework Agreement with TenneT Petrofac’s portion of the second contract valued at around US$1.4 billion Award coincides with confirmation that Petrofac has secured the performance guarantee required for the first contract awarded by TenneT in March 2023 Second contract contains similar industry standard requirement for Petrofac to provide a performance guarantee Additional contracts within TenneT’s 2GW Framework Agreement expected at approximately six-month intervals
Petrofac, a leading provider of services to the global energy industry, and Hitachi Energy, a global technology leader that is advancing a sustainable future for all, announce today the award of the second project under the US$14 billion, multi-year Framework Agreement with TenneT – the Dutch-German Transmission System Operator – to expand offshore wind capacity in the North Sea.
The project is to be executed under a standalone contract, with Petrofac’s portion valued at around US$1.4 billion.
The companies will work together to deliver Nederwiek 1, a Dutch transmission station which forms part of TenneT’s landmark 2 Gigawatt (2GW) Programme, comprising several high-voltage direct current (HVDC) offshore grid connection systems, each with a transmission capacity of 2 gigawatts.
In an initial announcement earlier this year, Petrofac and Hitachi Energy reported the award of the six-project Framework Agreement. Under this landmark agreement, Petrofac will undertake the engineering, procurement, construction, and installation (EPCI) of offshore platforms and elements of the onshore converter stations while Hitachi Energy will supply its HVDC converter stations, which convert AC to DC power offshore and DC to AC onshore.
Since the initial announcement, Petrofac’s and Hitachi Energy’s teams have collaborated closely on the preparatory works, reserving production capacity for multiple platforms and HVDC technology, and initiating the detailed design process for the first platform, the Ijmuiden Ver Alpha.
Further to the Group’s market update on 4 December, today’s announcement coincides with confirmation that Petrofac has secured the performance guarantee required for the Ijmuiden Ver Alpha contract. The Group remains in active discussion with credit providers and its clients to secure the guarantees required for other new contracts in its portfolio.
Additional projects within the TenneT’s 2GW Programme are expected to be awarded at approximately six-month intervals. These are the grid connections landing at Geertruidenberg or Moerdijk (Nederwiek 3) and Eemshaven (Doordewind 1 and Doordewind 2). The sixth project, the German connection LanWin5, will be connected near Rastede, Germany.
Commenting on the award, John Pearson, Chi
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the continued profitability of the Horse Hill oil field has enabled the field's operator, Horse Hill Developments Limited ("HHDL"), to make a payment of approximately £675,000 to the Company today, representing partial repayment of certain historic shareholder loans. The Company holds an effective 85.635% interest in the field and surrounding PEDL137 licence and a 77.9% direct shareholding in HHDL.