Oil and gas industry announcements: 18 March 2015

ABB

ABB has been named by Ethisphere Institute, an independent research centre promoting best practices in corporate ethics and governance, to its 2015 list of the world’s most ethical companies. This is the third consecutive year that ABB has been recognised by the Institute. The World’s Most Ethical Companies designation recognises those organisations that have had a material impact on the way businesses is conducted by fostering a culture of ethics and transparency at every level of the company.

The assessment is based upon the Ethisphere Institute’s Ethics Quotient (EQ) framework developed over years of research to provide a means to assess an organisation’s performance in an objective, consistent and standardised way. The information collected provides a comprehensive sampling of definitive criteria of core competencies, rather than all aspects of corporate governance, risk, sustainability, compliance and ethics.

First Titan Corp

FTTN is continuing to target distressed and undervalued energy assets well positioned to rise in value once oil and gas prices rebound, the company has also announced that it has turned its gaze south of the Rio Grade. As Mexico puts up nationalised oilfields for bid to private companies for the first time in more than 75 years, FTTN will target prime acquisition opportunities in a nation where production could rise to 3.7 million bpd by 2040. FTTN CEO, Sydney Jim said, “now is the ideal time to acquire assets in oil rich Northern Mexico. The oilfields are being put up for bid, but weak oil and gas prices are keeping interest from major operators low. By acquiring highly promising Mexican assets now, FTTN could stand to profit enormously once energy prices inevitably rebound.”

Fluor

The State Oil Company of Azerbaijan Republic (SOCAR), as a result of the bidding process, has awarded Fluor Limited a contract to provide project management contractor services for its new oil-gas processing and petrochemical complex (OGPC) in Azerbaijan. Fluor will book the contract for an undisclosed value in the first quarter of this year. The megaproject has multiple interfaces not only between process units, utilities and offsite facilities, but also between the new gas processing and petrochemical facilities. The complex will be located on a Greenfield site 60km southwest of Baku.

As the project management contractor, Fluor will support SOCAR’s selection and management of future contractors that will perform detailed engineering, procurement, construction, commissioning and startup of the gas processing plant as well as front end engineering design, detailed engineering, procurement, construction, commissioning and startup of the petrochemical plants including associated offsite facilities. The project will be performed from Fluor’s UK office in Farnborough where the company serves a wide range of industries including energy, chemicals, government, infrastructure, mining and power market sectors.

Praxair

Praxair, Inc., was awarded a Bronze Class distinction in the RobescoSAM Sustainability Yearbook 2015, which names the leading companies in the field of corporate sustainability annually. RobescoSAM, an investment firm focused exclusively on sustainability investing, has compiled one of the world’s most comprehensive databases of sustainability information. Praxair was one of five companies recognised in the chemical sector and was the only US company and the only industrial gases company receiving an award within the sector. Praxair has received a Silver or Bronze Class distinction each year since the yearbook was first published in 2004.

Edited from press releases by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/refining/18032015/o-g-announcements/