07182018Wed
Last updateWed, 18 Jul 2018 2pm

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SABIC and ExxonMobil Advance Gulf Coast Project

SABIC and ExxonMobil have created a new joint venture to advance development of the Gulf Coast Growth Ventures project, a 1.8 million ton ethane cracker currently planned for construction in San Patricio County, TX. The facility will also include a monoethylene glycol unit and two polyethylene units.

Construction of the project, announced in 2016, is pending completion of the environmental permitting process. The plant is expected to be operational in the 2021-2022 timeframe. 


North American Oil & Gas Site Spending to Top $142B

Over $142 billion will be spent on 97 upcoming oil and gas fields between 2018 and 2025. Capital expenditure (Capex) into North America’s conventional oil and gas projects will add up to $91 billion and $2.9 billion, respectively over the eight-year period, with $82.6 billion of Capex contributing from the offshore fields, according to GlobalData. Oil sands projects will require $43 billion, while the investments into heavy oil assets will require almost $4 billion in upstream Capex by 2025.

The U.S. accounts for $76 billion or over 76% of $142 billion of Capex for the period of 2018 to 2025. The country has 39 announced and planned fields, 9 are onshore fields in Alaska and the remaining 29 are in offshore U.S. Among these, top fields in terms of Capex for the period are Mad Dog Phase 2 with $13.4 billion, Smith Bay with $11.1 billion and Horseshoe with $6.5 billion. 

Michigan Approves New DTE Natural Gas Power Plant

The Michigan Public Service Commission approved DTE Energy’s certificates of necessity to build a natural gas-powered electric generation facility in St. Clair County to replace aging coal plants. DTE has proposed building the facility on 40 acres next to the Belle River Power Plant, which is near transmission lines and high-pressure gas pipeline infrastructure. The company said it expects to begin construction in the spring of 2019 and have the plant operational in the spring of 2022. It will be DTE’s first major power plant to be built since the Fermi nuclear plant went into service in 1988. 

Global Chemicals Production Ends Quarter on a Soft Note

Data collected and tabulated by the American Chemistry Council (ACC) show that the global chemical industry ended the first quarter on a soft note. The ACC’s Global Chemical Production Regional Index (Global CPRI) shows that global chemicals production fell 0.3% in March, following a 1.0% drop in February, and a 0.6% decline in January. The last gain was 0.3% in December. Note that all data are on a three-month moving average (3MMA) basis. During March, production gains were in North America, the former Soviet Union, and Africa & Middle East with weakness elsewhere. The Global CPRI was up 2.0% year-over-year (Y/Y) on a 3MMA basis and stood at 113.9% of its average 2012 levels in February. 

Marathon, Andeavor to Form Largest U.S. Refiner

Marathon Petroleum Corp. and Andeavor have entered into a definitive merger agreement under which Marathon will acquire all of Andeavor's outstanding shares, representing a total equity value of $23.3 billion and total enterprise value of $35.6 billion, based on Marathon 's April 27, 2018, closing price of $81.43.

"This transaction combines two strong, complementary companies to create a leading U.S. refining, marketing, and midstream company, building a platform that is well-positioned for long-term growth and shareholder value creation," said Gary R. Heminger, Marathon chairman and CEO. 

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