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January Oil & Gas News Roundup

In January, Shell is set to hand over a refinery to Pemex, the CEO of ADNOC visits injured workers, Oil prices rise to a new high, and the USA announces the startup of their clean energy breakthrough fund. Continue reading our oil and gas news round up to learn more about what’s happening in the industry this month. 

Shell to hand over Deer Park refinery to Pemex

Mexican state oil company Petroleos Mexicanos will take control of the Deer Park refinery in Houston, Texas. Royal Dutch Shell agreed to sell its majority stake in the Deer Park refinery, which can process up to 340,000 barrels per day, to Pemex, its long-time partner in the plant, for about $596 million. Conversations had accelerated in recent days in order to complete the entire purchase operation before Feb. 1.

For more information on this agreement click here.

ADNOC CEO Visits Injured Workers

On January 17, ADNOC confirmed that an incident occurred at its Mussafah Fuel Depot in Abu Dhabi which resulted in the outbreak of a fire. ADNOC confirmed that three colleagues had died in the incident and that a further six had been injured. ADNOC’s CEO Ahmed Al Jaber has visited workers who were injured during the and later spoke to the families of the workers who passed away.

To read the whole article on the accident click here.

Oil Rises to Seven-Year High as Demand Defies Omicron

Oil touched its highest level since October 2014 as the International Energy Agency said the market looks tighter than previously thought, with demand proving resilient to omicron. An explosion on Tuesday knocked out a key crude pipeline running from Iraq to Turkey, sending futures trading above $87 a barrel.

Oil markets have tightened in recent weeks due to stronger-than-expected demand and outages in OPEC+ producers including Libya, with buyers in Asia paying sharply higher premiums for spot cargoes. 

For more information check out rigzone’s article here.

USA Announces $420MM Clean Energy Breakthrough Fund

The U.S. Department of Energy has announced a $420 million funding opportunity for DOE’s Energy Frontier Research Centers (EFRC). This funding will advance climate solutions through early-stage research on clean energy technology, advanced and low-carbon manufacturing, and quantum information science, the DOE noted in an organization statement.

The EFRC program is said to bring together diverse teams of scientists across disciplines and institutions solely focused on solving complex problems in early-stage research and accelerating advances in the most challenging areas of materials sciences, chemical sciences, geosciences, and biosciences. 

For more information on this clean energy breakthrough fund check out the whole article here.

Reach Out to Tiger General

We hope you found our January oil and gas news roundup interesting. If you need a new piece of equipment, fill out the Tiger General Truck Inquiry Form today!