An article that garnered numerous clicks from Rigzone’s downstream readership last week details a newly approved project in Texas that is expected to create hundreds of engineering and construction jobs. Keep reading for details about the project, along with other downstream-related articles that were popular on Rigzone last week.
Gulf Coast Petchems Project to Support Up to 600 Jobs
S&B Engineers and Contractors recently revealed that it has won a contract to engineer and build Chevron Phillips Chemical’s new 1-hexene production unit in Old Ocean, Texas. The world-scale unit will be Chevron Phillips’ second such unit in the United States, with the first – also built by S&B – located in Baytown, Texas. S&B expects construction to begin during the third quarter of this year, and it predicts the project will create up to 600 engineering and construction jobs.
What Price Will WTI Oil Be at End 2021?
The Federal Reserve Bank of Dallas recently posed the above question to 150 oil and gas executives, and responses ranged from $49 to $85 per barrel. Taking the average of responses, the Dallas Fed projects the per-barrel price for West Texas Intermediate (WTI) crude at year’s end to approach the $70 mark. The Texas-based branch of the U.S. central bank conducted the survey June 9-17, when the average WTI spot price was $71.05 per barrel. Compared to a similar survey the Dallas Fed conducted in March, the most recent end-2021 average price prediction is up 14%.
Next 2 Weeks Wil Be Extraordinarily Tight for Oil
In anticipation of the OPEC+ meeting that began on July 1, an oil markets analyst with consultancy Rystad Energy pointed out on June 24 that an exceptional level of tightness would likely characterize the oil market over the ensuing two-weeks. At the time, analyst Louise Dickson noted that OPEC+ was expected to loosen crude supply – either officially by raising alliance members’ production target or unofficially will reduced output target compliance. She pointed out that Rystad was anticipating OPEC+ to take a conservative stance toward ramping up output.
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