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Saudi Aramco cancels Dammam project
Saudi Aramco cancelled plans for a $1.2 billion upgrade for its Dammam Field. The company is attempting to renegotiate cheaper deals for contracts of some of its largest projects signed at the height of the commodities price boom. Aramco’s Manifa agreement with Saipem subsidiary Snamprogetti is under review, along with a refinery project at Jubail with Total. Norway’s StatoilHydro also recently cancelled a $4 billion bitumen upgrader project in Canada, citing prohibitive construction costs and an uncertain oil price outlook.
Hurricanes destroy 60 platforms
According to a US Minerals Man-agement Service report, hurricanes Gustav and Ike destroyed 60 oil and natural gas production platforms in the US Gulf of Mexico (GOM). The destroyed platforms accounted for 13,657 bpd, or 1.05%, and 96.5 MMcfd, or 1.3%, of production in US-regulated regions of the GOM. As of the Dec. 16 report, 31 platforms suffered extensive damage that may take up to six months to repair while 93 platforms
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Houston, TX - November 4-5
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