OVL could invest $6.2bn in Iranian natural gas
The India oil and natural gas company, ONGC Videsh Ltd (OVL), has announced its offer to invest US$6.2bn into Iran’s natural gas sector.
The funding would develop the nation’s giant Farzad-B gas field, located in the Persian Gulf.
Last year, OVL offered to invest $11bn into the development of the gas field and building of infrastructure to export the product.
However, the contract was not solidified due to altering opinions of fuel pricing.
In order to save the deal, the Indian firm has offered $6.2bn for the role of bring the field into production, but will not be partaking in marketing, which has been left to Tehran.
The firm are hoping the deal will be confirmed during the Hassan Rouhani’s, President of Iran, visit to India between 15 and 17 February.
OVL has valued the additional costs of building a facility to export the liquefied natural gas (LNG) at $5bn.
According to reports, Iran believes the production preparation costs should be totalling $5.5bn, $700mn lower than India’s offer.
Iran wants its natural gas to be sold at an equivalent price to India as what Qatar sells its LNG to the country for.
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."