Majors

CNPC and ONGC sign MoU in Upstream and Downstream

China and India join forces in Exploration & Production Mr. Sudhir Vasudeva, Chairman and Managing Director (CMD) of the Oil and Natural Gas Corporation Ltd (ONGC) and Mr. Jiang Jiemin, Chairman of  China National Petroleum Corporation (CNPC or PetroChina) signed a Memorandum of Understanding (MoU), on June 18, 2012 at New Delhi, India. This MoU signed between ONGC and …

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Celanese to build Methanol plant in Houston to reduce Acetyl costs

Shale gas to help Celanese integration business model Celanese Corporation (Celanese) is a global technology and specialty materials company owning and operating a large acetyl complex at Clear Lake, close to Houston, Texas, USA. The positive developments in the U.S. energy complex to become a net gas exporter creates favorable conditions to explore all the …

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Giant Exxon Baytown complex to get bigger with new cracker

From Shale gas to Polyolefins ExxonMobil implements its integrated business model The Houston based Exxon Mobil Corp. is considering a multi-billion-dollar expansion of its giant petrochemical complex in Baytown, Texas, USA. ExxonMobil, like Chevron, Dow Chemicals or Shell,  is looking to take advantage of a surplus of natural gas that’s pushed Henry hub prices near 10-year lows …

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“BOE”

Definition  BOE is the acronym of Barrel of Oil Equivalent – a unit of energy based on the approximate energy released by burning one barrel of Crude oil. One Barrel contains 42 US gallons or 158.9873 litres of light crude oil which will produce 5.8 × 106 British Thermal Units (million BTU or mBTU) according to the US …

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Rosneft and ENI sign pact for Barents & Black Seas exploration

Russian tax incentive unlock foreign investments The key factor that prompted the companies to sign the agreement was the steps taken by the Government of the Russian Federation to introduce tax incentives for offshore production, including cancelling export duties and introducing a reduced Mineral Extraction Tax rate of 5-15% depending on project complexity. The Russian Government also offered guarantees that the favourable tax regime will remain in …

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Bio-Plastic

Definition “Bio-Plastic” refers to plastic produced out of biomass as all so called bio-products. They belong to the bio-based chemical family. They may be used for industrial fibers (bio-fibers) and chemicals (bio-chemical). The bio-platics are biodegradable through composting. Some can be composted under the harsher conditions of domestic composting, while others biodegrade in the soil. Comments The …

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“IOC”

Definition:  “IOC” is the acronym of International Oil Company and nominates the Oil & Gas companies which are privately owned and operate globally. Comment:  The most well-known “IOCs” are ExxonMobil, ChevronTexaco, BP, Shell, Total, ConocoPhillips. They are also called the “Major Companies” or simply the “Majors” as they are the biggest petroleum companies in the …

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