Insights

Definition:  The “NOC” acronym means “National Oil Companies” and refers to the local oil producing companies owned by their respective government. Therefore there are nearly as many “NOCs” as countries in the world, but the most famous ones are: Saudi Aramco, Gazprom, Statoil, Petrochina, Sinopec, Petrobras, ADNOC, Qatar Petroleum, etc…. Comment:  Historically the “NOCs” used […]

Technip, in partnership with Daewoo Shipbuilding & Marine Engineering (DSME), was awarded by Dong E&P and Bayerngas, a contract for the HEJRE project development, offshore Denmark, at a water depth of 70 meters. Dong owns 60% of the Hejre field and Bayerngas 40%. Estimated to cost $2.18 billion, this contract covers engineering, procurement, fabrication, hook-up, […]

Well supported by its financial performances and the sustainable price of the oil, Statoil has announced on the last weeks a series of projects. Snorre A Platform revamping Statoil awarded Aker Solutions the $179 million contract for the revamping and up grading of the drilling equipment and system on the Sorre A platform to extend […]

Definition:  The wording “Grass-roots” refers to a new plant to be built up from scratch. It has no connection with the process to be used. Comment:  “Green field’ is the most common synonym of “Grass-roots”, both oppose to “Brown field” which is used for existing facilities. For more information and data about oil and gas […]

Formosa Plastics Corporation, U.S.A. announced to invest more than $1.7 billion at its Point Comfort, Texas site, USA, in new Olefins and Low Density Polyethylene (LDPE) facility. This will be the third major expansion at the Point Comfort site and will consist of a: New, grass-roots 800,000 MT/Y olefins cracker Associated 600,000 MT/Y propane dehydrogenation […]

On February 27th the gas price in North America reached a new low at $2.57 per million btu with all chances to stay below $3 for a while. In dividing the gas price by four since its peak at $13.5 per million btu in July 2008, the massive development of the shale gas is not […]

Definition: A “Lump Sum Turn Key (LSTK) Contract” refers to bidding terms and conditions between the End User and an EPC which don’t allow any financial change for a given scope of work until the EPC is able the deliver the newly built plant in full operations to the End User. Comment: The benefit of […]

Chevron Phillips Chemical Corporation (CP Chem) has selected its existing Cedar Bayou facility in Baytown, Texas, USA, to build its new “world-scale” 1.5 million t/y ethylene plant. The ethane will come from the local shale gas resources considered now as a competitive and sustainable feed stock. The ethane cracker will use the Shaw technology and […]

TNK-BP is planning to invest $4 billion during the next three years to develop Arctic oil and gas fields. The intention is to compensate the natural decline of production from the aged Russian fields. “TNK-BP is developing four oil fields in Northern Russia’s Yamal region with first oil planned in 2016 and production to reach […]

Definition:  The acronym “EPCM” stands for “Engineering, Procurement and Construction Management”. It may also be called “EPCS” for “Engineering, Procurement and Construction Services” or “PMS” for “Project Management Services”. As expressed clearly in the “PMS” definition, the “EPCM” refers to very different role from the “EPC” where the engineering company having the “EPCM” contract, supports […]