Based on page views, Rigzone’s downstream readers showed considerable interest in articles about multibillion-dollar natural gas projects: one in North America and another in Africa. Keep reading for details in this recap of some of last week’s most popular downstream-related news items.
$7B Gasoline Manufacturing Facility Planned for Texas
Nacero Inc. has revealed that it plans to build a lower-carbon gasoline manufacturing facility near Odessa, Texas. The facility, which will be built in two phases, will produce the fuel from natural gas, bio-methane, and associated gas feedstocks. Construction is slated to begin later this year, and Nacero stated the facility will boast a production capacity of 100,000 barrels per day after the second phase. Moreover, the firm pointed out that it expects to employ 3,500 skilled workers at the height of Phase 1 construction and then 350 full-time operations and maintenance personnel – earning an approximate average salary of $85,000 per year.
Total Declares Force Majeure on Mozambique LNG
Total (NYSE: TOT), which has been spearheading development of the multibillion-dollar Mozambique LNG project in the southern African country’s Cabo Delgado province, on Monday invoked force majeure on the endeavor amid a worsening security situation. The company confirmed the withdrawal of all project personnel from the Mozambique LNG site. Additionally, it expressed hope that Mozambique’s government and others would be able to mitigate the security challenges in the area.
Big Oil Sees Cash Rolling In
Although major oil and gas companies were expected to report encouraging first-quarter earnings this past week, Bloomberg reported that firms are expected to direct extra cash to paying down debt incurred during the pandemic – at the expense of shareholder returns. Citing one major bank, the news service pointed out the first quarter will likely be an inflection point for oil and gas firms. It added the companies’ cash flow priorities will fail to mollify disenchanted investors.
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