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4 May 2021 18:58 GMT Updated 4 May 2021 18:58 GMT in Singapore
Middle East and North Africa energy investments are forecast to exceed $805 billion over the next five years (2021 to 2025), according to The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution.
Apicorp’s latest MENA energy investment outlook see only a modest $13 billion increase in committed and planned energy investments compared to last year’s outlook, however renewables surge to claim an almost 40% share of the estimated $250 billion in power sector investments.
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The rising hurdles for investment in upstream
How will the oil and gas industry spend its new-found cash flow? Early Q1 company results confirm our prediction that 2021 could prove to be a record year for free cash flow. All the indications are that companies are still fixating on capital discipline, using any surplus cash to pay down debt or buy back shares.
If and when the mood changes, there’s a sizeable pool of investment options in conventional oil and gas. But to progress in the current environment, these projects will have to meet both tough economic hurdle rates and increasing scrutiny against emissions reduction targets. Rob Morris, Principal Analyst Upstream Research team, shared his thoughts on the prospects for FIDs.
McDermott International has been awarded a FEED contract from Michelin Group for the first industrialization of a plastic recycling process to produce regenerated styrene from polystyrene.
McDermott International Ltd announced Wednesday that it has been awarded a Front End Engineering Design (FEED) contract from Michelin Group in France for “the first industrialization of an innovative plastic recycling process to produce regenerated styrene from polystyrene”.
The regenerated styrene produced will be used in the production of synthetic rubber for tires and polystyrene, McDermott noted. The company said it will provide value engineering, risk analysis, and a detailed constructability study within the industry-first FEED. Work on the project will be executed from McDermott s office in Brno, Czech Republic, and will start immediately. The contract is expected to be completed in the third quarter of this year.
Offshore EPC investment primed for a rapid bounce-back in 2021 - Westwood Insight
02 Feb 2021
2020 will be remembered as one of the most challenging years in the history of the oil and gas sector. Oil consumption fell to levels not seen since 2001 and at one point US producers were paying to offload crude as the WTI price went negative for the first time ever. In the offshore sector, investment in new field developments was the lowest in over 30 years as companies of all sizes reacted quickly to the commodity price crash by slashing on average 30% from planned 2020 capex and postponing/stalling $54 billion of 2020 offshore EPC contract awards.