Qatar Petroleum to invest $20bn in US oil and gas fields
The largest liquefied natural gas (LNG) seller in the world, Qatar Petroleum, has invested US$20bn into oil and gas fields in the US.
The firm will invest the money over a period of five years, Saad Sherida al-Kaabi, the company’s CEO, informed Bloomberg.
It is anticipated that some of Qatar Petroleum’s budget will be dedicated to gas supplies to be Exxon Mobil’s Golden Pass LNG export project, located in Texas.
Al-Kaabi noted that a deal with the US with most likely be made “before the end of the year”.
It is unclear if the firm will target oil or gas as part of their US investments, however an additional $5bn will be used to finance downstream assets, which includes chemical projects.
“We have a huge growth plan,” stated the firm’s Chief Executive Officer, Bloomberg reported.
“We’re talking to many people and many companies in the U.S.” Qatar Petroleum will go “from 4.8 million barrels of oil equivalent a day to 6.5 million” in eight years’ time, he added.
“We’re in the final stages to really make a decision very soon.”
“We are very eager to do the project. We think this is a very important project for us, and we believe we’re aligned with Exxon Mobil on that.”
“We felt we deserved more support from the U.S. than we got […] I don’t think the U.S. administration or the U.S. public understands how important Qatar is and how good Qatar has been to our partners.”
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."