At the moment, there is about 5 million to 7 million barrels per day of available oil capacity that is not being produced. However, there is still about 10mn barrels per day of demand destruction. When economies recover to full strength, Opec will probably fully open the taps, but it will still not be sufficient to meet the demand. The short-term impact will be a spike in oil prices for a while until the oil sector recovers, and supply catches up with demand.
The unparalleled decline in capex in 2020 was staggering in both its scale and swiftness, with serious potential implications for energy security and clean energy transitions.
Sharjah National Oil Corporation launches Gas Storage Project
SHARJAH, 6th January, 2021 (WAM) Sharjah National Oil Corporation (SNOC) has announced the start-up of its new gas storage project. This follows a small-scale pilot phase using existing infrastructure that has been running since early 2017.
The first gas was introduced to the project on 1st January 2021 following a turbulent year and marking a new era for SNOC. The project was completed on time and on budget and within a year from the EPC contract being awarded in December 2019.
SNOC will enter into a new area of business with the completion of this project and will help balance the gas supply and demand for Sharjah and meet the required supply flexibility for Sharjah’s power sector.
Sharjah: Sharjah National Oil Corporation (SNOC) has announced the start-up of its new gas storage project. This follows a small-scale pilot phase using existing infrastructure that has been running since early 2017.
The first gas was introduced to the project on January 1, 2021. The project was completed on time and on budget and within a year from the EPC contract
being awarded in December 2019.
SNOC will enter into a new area of business with the completion of this project and will help balance the gas supply and demand for Sharjah and meet the required supply flexibility for Sharjah’s power sector.
“The completion of this project is an outstanding achievement considering the local and international supply chain challenges we met due to the Covid-19 pandemic. It was completed without any operational, safety or environmental incidents,” said Hatem Al Mosa, CEO of SNOC.