10 July 2024
10 July 2024
The revenue will go towards helping Saudi Arabia diversify its economy away from oil and gas production.
The US energy body forecasts increased electricity production from renewables and coal in the second half of this year due to an expected rise in natural gas prices.
Gas flaring is due to the non-availability of a financially feasible gathering system over the lifetime of an asset producing stranded gases.
The project’s development plan involves an unattended installation platform in the East Coast Marine Area (ECMA), connected by a 110km, 32in pipeline to the onshore gas processing facility.
Last year, Gazprom suspended its long-term contract with Bulgargaz, which accounted for 90% of the gas deliveries to Bulgarian customers.
The deal between OMV and Gazprom is currently set to run until 2040.
The Jerun A central processing platform (CPP) is engineered to produce a maximum of 550 million cubic feet per day (mcf/d) of gas.
The United Arab Emirates' (UAE) state-owned oil company claims the network will help to streamline onshore and offshore operations.
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