SAIPEM WINS $1.8 B
Italian oil services company Saipem SpA said Wednesday it has been awarded a contract worth about $1.8 billion for engineering and construction work on a large natural gas field off Azerbaijan.
BP awarded the contract on behalf of the Shah Deniz consortium for the second stage of the large natural gas field, located 90 kilometers off Azerbaijan, that will supply Turkey and the European Union, Saipem said in a statement.
Saipem is part of a consortium with Bos Shelf and Start Gulf, it said. The contract, which includes laying more than 360 kilometers of pipelines, is scheduled to be completed by the end of 2017.
This deal follows Tuesday's announcement that Saipem has won a 400 million euros ($552 million) contract for construction works to the second line of the OAO Gazprom led South Stream offshore pipeline that aims to bring Russian gas via the Black Sea to the EU, bypassing Ukraine.
The works related to the construction of the South Stream second line is scheduled to be completed by the end of 2016.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.