November 28, 2017 - Contax Partners’ Energy Feed

UAE's SPC approves ADNOC's c.USD 109bn Strategic Program | Iraq invites foreign bids for 9 Oil & Gas blocks | Aramco signs MoU with SABIC for Oils-to-Chemicals Complex 

UAE's SPC approves ADNOC's c.USD 109bn Strategic Program

Abu Dhabi's Supreme Petroleum Council (SPC) has approved ADNOC's strategic investments program and future opportunities which are aimed at maximizing value, ensuring growth in upstream & downstream businesses and strengthening market access. The SPC has approved ADNOC's plans for capital expenditure of over DH 400bn (c.USD 109bn) over the next five years, which includes expansion and growth of its upstream and downstream projects. Furthermore, the SPC has approved ADNOC's plans to explore Abu Dhabi's unconventional gas resources and has given the green light to pursue international downstream investments.

Iraq invites foreign bids for 9 Oil & Gas blocks

With an aim to boost its energy output capacity by developing new reserves, Iraqi's Oil Minister, Jaber Al Luaibi, invited foreign companies to bid for contracts to explore & develop oil and natural gas in nine of its new blocks. At a conference in Baghdad, he stated, "We invite all international companies to participate. This new exploration bidding round aims to maximize reserves.” Of the 9 blocks, 5 blocks are located at the border areas with Iran, 3 with Kuwait and 1 is offshore in the Gulf waters.

Aramco signs MoU with SABIC for Oils-to-Chemicals Complex

Saudi Aramco and SABIC have signed a memorandum of understanding (MoU) to develop a fully integrated crude oil-to-chemicals complex in Saudi Arabia, which governs the execution of the FEED before a final investment decision is made. The oil-to-chemical complex, which is expected to start operations in 2025, is expected to process 400,000 barrels per day of crude oil; this will produce approximately 9 million tons of chemicals and base oils annually.