Russia’s Rosneft and Japan’s Marubeni Corporation have signed a Memorandum of Co-operation for LNG (Liquefied Natural Gas) project implementation, as well as joint exploration and development of oil and gas fields.
As part of the memorandum the companies say they plan to consider possibilities for co-operation in implementing an LNG project in the Russian Far East, which includes engineering and construction of an LNG plant, financing, transportation of LNG including operation of tankers, supply of equipment and machineries, and marketing of LNG to Japanese utilities.
They also envisage joint studies for possible co-operation in exploration and development of oil and gas fields in Rosneft’s licenced areas, although no specific blocks or areas were outlined at this time.
ABB’s board of directors and Ulrich Spiesshofer have mutually agreed for him to step down from his role as CEO, which he has held since 2013, the company said on April 17.
The total capital investment of the Project is over $150 million, and there will be up to 250 people employed at the site during the height of construction activity.
Top oilfield services provider Schlumberger reported a drop in quarterly profit, hit by weak demand for its equipment and services from oil producers under pressure to rein in spending.