Feedstocks news in brief

25 June 2012 00:00  [Source: ICB]

PETROCHINA STARTS UP AT IRAQ'S HALFAYA FIELD
PetroChina has commenced commercial production at Halfaya oilfield in southern Iraq on 16 June, 15 months ahead of schedule. The field is producing the initial target of 70,000 bbl/day of oil at present. Under a 20-year development and production agreement signed in January 2010, PetroChina is the operator of the field and owns a 37.5% interest. France's Total and Malaysia's PETRONAS each have an 18.75% stake, while Iraq's state-owned South Oil holds the remaining 25%. Production is scheduled to rise to 535,000 bbl/day.

ENI TO EXTRACT SHALE GAS IN THE UKRAINE
Italy's Eni has signed an agreement to extract shale gas in the Ukraine to strengthen its presence in the country and build on its unconventional gas portfolio. Eni said it has signed a share purchase agreement with Ukraine's Nak Nadra Ukrayny and oil exploration group Cadogan Petroleum to acquire a 50.01% stake and operatorship in Ukrainian company LLC Westgasinvest. It holds the rights to nine shale gas license areas in the Lviv Basin of Ukraine, totalling approximately 3,800 square kilometres.

NO STATE AID FOR PETROPLUS UK
The UK Department of Energy and Climate Change says it has decided against providing state aid to Petroplus' Coryton refinery, after the insolvent company's administrators were unable to find a buyer. It said the government has looked very carefully at whether state aid should be provided for the Essex refinery, adding that it had concluded that existing overcapacity in the refining industry and declining demand for petrol meant that the refinery would not be sustainable.


By: Will Beacham
+44 20 8652 3214



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