Along the entire value chain, the oil and gas industry is an important contributor to the Texan economy and tax base, and is the source for hundreds of thousands of Texans. In response to the mounting attacks on the industry from major players in the business and financial worlds, the Lone Star State recently passed new law designed to give industry critics a proverbial taste of their own medicine. A recent syndicated news article about the statute proved popular with Rigzone’s downstream audience. Read on for details on this and other top downstream articles about Rigzone from last week.
With the stroke of a pen, Texas Governor Greg Abbott passed law last Monday banning government investment in companies that boycott the oil and gas industry. The new law responds to a crusade by some companies – succumbing to pressure from vocal investors to tackle climate change – to avoid the oil and gas sector. However, this Bloomberg article predicts that exemptions in the new law will likely prevent the Lone Star State public pension funds from pursuing a big sell-off of investments in companies that fall into the anti-oil and gas column.
The Boston Consulting Group (BCG) sees great potential for an oil price boom in the next two years due to the pent-up oil demand and a supply gap. In a new report, BCG also warns that the boom could be relatively brief. Furthermore, this could be the last such global oil boom as flexibility increases on both the demand and supply sides. Of course, the company is also tempering its oil price outlook by fueling the specter of future lockdowns to combat new COVID-19 variants.
An Indian refinery company has McDermott International Ltd. awarded two engineering, procurement, construction and commissioning (EPCC) orders for two of its refineries. One of the contracts includes a new diesel hydrotreating facility and associated facilities, while the other EPCC allowance includes a catalytic dewaxing facility and associated facilities. McDermott, who did not specify the contract amounts, noted that employees from its offices in India, Australia and the Czech Republic will be working on the projects.
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