Texas Seeks to Defend Key Economic Segment
Across the value chain, the oil and gas industry is a key contributor to Texas’ economy and tax base and the source of hundreds of thousands of Texans’ livelihoods. In response to growing attacks on the industry from major players within the business and finance communities, the Lone Star State recently enacted a new law that seeks give the industry's detractors a proverbial taste of their own medicine. A recent syndicated news article about the statute proved to be popular among Rigzone’s downstream audience. Read on for details about this and other top downstream-related articles on Rigzone from last week.
With the stroke of a pen, Texas Gov. Greg Abbott last Monday enacted legislation that bans state investments in businesses that boycott the oil and gas industry. The new law responds to a crusade by some companies – succumbing to pressure from vocal investors to address climate change – to shun the oil and gas sector. However, this Bloomberg article predicts exceptions in the new law likely will prevent Lone Star State public pension funds from pursuing a major sell-off of investments in companies falling within the anti-oil and gas column.
Citing pent-up oil demand and a supply shortfall, Boston Consulting Group (BCG) sees strong potential for a boom in oil prices within the next two years. In a new report, BCG also cautions the boom could be relatively brief. Moreover, the consultancy contends it could be the last such global oil boom given increasing flexibility on the demand and supply sides. To be sure, the firm also tempers its oil price outlook by raising the specter of future lockdowns to combat new COVID-19 variants.
An Indian refiner has awarded McDermott International Ltd. a pair of engineering, procurement, construction, and commissioning (EPCC) contracts for two of its refineries. One of the contracts calls for a new diesel hydrotreating unit and associated facilities while the other EPCC award covers a catalytic dewaxing unit and associated facilities. McDermott, which did not specify the contract amounts, noted that personnel from its offices in India, Australia, and Czech Republic will work on the projects.
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