Technip Lands EPC Gig for Satah Full Field Development

- Technip Lands EPC Gig for Satah Full Field Development

Thursday, September 08, 2011
Technip

Technip, in consortium with NPCC, was awarded by ZADCO an engineering, procurement and construction lump sum contract, worth a total of approximately $500 million (Technip part of the contract: 35%), for the Satah Full Field Development project. This field is located 200 kilometers northwest of Abu Dhabi, United Arab Emirates.

The Satah Full Field Development project's objective is to maximize crude oil production and oil recovery by reducing the well heads' back pressure and introducing of gas injection and gas lift facilities.

The project scope involves offshore brownfield works to the existing well head platforms and production manifold platform, installation of infield pipelines, as well as modifications and installation of new facilities at the Onshore Satah plant at Zirku Island.

This project award is the recognition of our expertise in the growing brownfield projects market in the Middle-East, said Arturo Grimaldi, Senior Vice President of Technip in the Middle East. It also reflects the confidence of our client ZADCO in the strong consortium that we form with NPCC.

Technip's operating center in Abu Dhabi will execute the engineering and procurement activities while construction and installation activities for offshore works will be performed by NPCC. The Onshore construction activities will be carried out jointly by the consortium companies.

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Toyota Motor Estimates 31% Drop Full Year Net Profit

- Toyota Motor Estimates 31% Drop Full Year Net Profit



Jun 10, 2011

Toyota Motor (NYSE:TM) said today it expects its net profit to fall by almost a third this year, as production continues to be disrupted 3 months after the massive earthquake and tsunami that struck Japan on March 11th.

The company predicted its profit for the full year ending in March 2012 would decline 31% to $3.5 billion.

Analysts had been expecting a profit of $5.28 billion, and the company reported $5.1 billion in profit for the year ending March 2011.

The company expects full year sales to decline 2%, and said global production wouldn't recover completely until November.

Toyota Motor has a potential upside of 14.3% based on a current price of $80.84 and an average consensus analyst price target of $92.4.

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CNOOC: Confident Will Achieve Full Year Output Target this Year

- CNOOC: Confident Will Achieve Full Year Output Target this Year

Friday, May 27, 2011
Dow Jones Newswires
by Yvonne Lee

CNOOC expects to meet its full-year output target despite the shutdown of four oil fields in the Bohai Bay last month due to a malfunction, Chief Executive Yang Hua said Friday.

Cnooc said in March it planned to raise crude-oil and natural gas output in 2011, targeting production of 355 million-365 million barrels of oil equivalent, up 8%-11% from 328.8 million barrels in 2010.

The company is also targeting oil and gas output growth at a compound annual rate of 6%-10% between 2011 and 2015.

In April, four of Cnooc's oil fields with a total production capacity of about 39,000 barrels a day were shut down following a malfunction at a vessel in the Bohai Bay caused by rough sea conditions.

Yang also said he expects the company to drill four to six deep-water wells in the South China Sea this year, and added that the company plans to accelerate oil exploration in deep-water wells over the next four years.

Copyright (c) 2011 Dow Jones & Company, Inc.

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