Oil and Gas Hub Could Usher In Energy Transition
A pair of seasoned investors see Texas’ largest city as the prime place to foster the development of innovations to accelerate the transition away from oil and gas, and Rigzone’s downstream readers showed considerable interest in their rationale as presented by Bloomberg. Keep reading for a recap of this and other popular articles from the past week, based on Rigzone’s downstream readers’ pageviews.
Given its concentration of oil and gas industry players, Houston has been nicknamed the “Energy Capital of the World.” If a pair of Silicon Valley venture capitalists have their way, the global oil and gas hub could increasingly become known as the proverbial launchpad for alternative energy technologies driving the shift toward a “post-fossil fuel economy,” according to this Bloomberg article.
Qatargas is making major investments to develop its North Field to increase its capacity to supply the world’s LNG market. Saipem (BIT: SPM) reported last week that it has secured additional North Field expansion-related work from the Qatar Petroleum unit. The company pointed out the roughly $350 million of additional work, following the exercise of two options by Qatargas, augments a pair of North Field projects announced earlier this year.
Elsewhere in the Middle East, major dealmaking has been underway in Saudi Arabia. In a massive energy infrastructure deal, Saudi Aramco (TADAWUL: 2222) will partner with EIS Global Energy Partners to optimize its crude oil pipeline network. A newly formed company, 51% owned by Saudi Aramco and 49% owned by EIG, will serve as a conduit for investments in the Kingdom’s pipeline infrastructure. It will also provide Saudi Aramco with an estimated $12.4 billion up-front.
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