Top Energy News; OPEC basket price at US$78.43/bl
London, 10 July, 2023, (Oilandgaspress) : The West Texas Intermediate (WTI) for August delivery settled at $73.86 a barrel on the New York Mercantile Exchange. Brent crude for September delivery settled at $78.47 a barrel on the London ICE Futures Exchange.
Europe will require investments of more than 700 billion euros ($762.44 billion) a year to meet its energy transition goals to combat climate change, the European Union Commission said on Thursday. “Overall, additional investments of about 620 billion euro ($675.3 billion) annually will be needed to meet the objectives of the Green Deal and of our REPowerEU plan, with an additional 92 billion euros needed to address the objectives of the Net-Zero Industry Act over the 2023-2030 period,” it said in a statement on its 2023 Strategic Foresight Report. Read More
Nigeria’s average daily petrol consumption has fallen by 28% since President Bola Tinubu scrapped a popular but costly subsidy on the fuel at the end of May, data from the industry regulator shows. Average daily petrol consumption fell to 48.43 million litres in June, down from the previous average of 66.9 million, according to figures released to Reuters by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Read More
China National Offshore Oil Corporation (CNOOC) and French TotalEnergies, are busy preparing to start Uganda’s first-ever commercial oil production. In the Kingfisher oil field here in Kikuube district in the Western Region of Uganda, and Tilenga oil field in neighboring Buliisa, run by CNOOC and TotalEnergies respectively, young Ugandan oil talents are taking on tasks, acquiring skills and knowledge from international experts. CNOOC and TotalEnergies in February last year announced the Final Investment Decision (FID) to start commercial production in Uganda. The 10-billion-USD project, according to Uganda’s Ministry of Energy and Mineral Development, includes the development of the oil wells and the construction of a crude oil pipeline that will transport the oil from western Uganda to the Tanzanian seaport of Tanga. The 1,445-km pipeline, estimated to cost 3.55 billion dollars, will be the world’s longest-heated pipeline. The first oil output is expected in 2025 after completion of construction, according to the ministry. The project will generate about 160,000 jobs besides provisions of goods and services.(Xinhua) Read More
Daqing Oilfield, China’s largest onshore oilfield, produced 15.09 million tonnes of crude oil in the first half of 2023, said the oilfield, a subsidiary of the China National Petroleum Corporation. During the same period, the oilfield yielded around 2.97 billion cubic meters of natural gas, an increase of 63 million cubic meters compared with the same period last year. (Xinhua) Read More
Petróleos Mexicanos (PEMEX) reports that, at approximately 5:25 a.m., there was an outbreak of fire at the Nohoch – A Link Platform and later at the Compression Platform, for which the Emergency Shutdown System was activated and four boats were sent to control the fire.
328 workers were working in the Processing Center, of which 321 have been evacuated with the support of seven boats. So far, six people have been reported injured.
The Emergency Care and Management Group in Ciudad del Carmen, Campeche, is in permanent session attending to the emergency.
PEMEX will continue to report throughout the day on the control, extinction of the fire, and damage assessment. Read More
The general director of Petróleos Mexicanos (PEMEX), Eng. Octavio Romero Oropeza, informed that, regarding the fire that happened this morning, the firefighting boats arrived on time and thanks to this, the fire did not spread to the other platforms of the Nohoch processing center, since only one of the five platforms was the one where the accident occurred. Romero Oropeza reiterated that the most important thing for PEMEX is the safety of the personnel, as well as the employees of the companies that work there. However, he commented that there were three workers injured, who, fortunately, are already out of danger, to such an extent that two of them are already at home while the other has burns on 35% of his body, for which he will be transferred the Hospital Central Sur de Alta Especialidad in Picacho, Mexico City; to receive specific care for your burns, but without risk to your life. He also added that, by a private company, there are five people injured, but none of them is at risk of losing their lives. However, he regretted that two workers from the private company lost their lives and one is still missing. Consequently, he guaranteed that all those affected will receive full support from Petróleos Mexicanos and the company where they work. Read More
BW Energy Limited approved the award of share options under a Long-Term Incentive Program (LTIP) adopted on 19th May 2021 to align the interests of the participating employees with those of the Company’s shareholders. This year is the third annual award under the LTIP. The LTIP is discretionary, and participants are invited on an annual basis. The total number of shares awarded under the LTIP for 2023 is 1,414,400, allocated to options that will give the holder the right to acquire one BW Energy share. A total of 19 BW Energy employees have been invited to participate in the program. The strike price of the options is calculated based on the volume-weighted average share price five trading days prior to grant date, plus a premium of 15.76% (corresponding to a 5% increase annually over 3 years). The strike price for the options awarded on 7 July 2023 is NOK 31,26. The options will have a vesting period of three years, followed by a three-year exercise period. Exercise windows will be set by the Company. The options will expire 6 years after the award date. The options are non-tradable and conditional upon the option holder being employed by the Company and not having resigned or being terminated for cause prior to the vesting date. Following the new awards, the Company will have a total of 4,850,400 outstanding options and 257,993 restricted share units. Read More
Mitsubishi Power received an order for two M701JAC gas turbines, the latest model in its mainstay air-cooled J-Series, for a 1,600-megawatt (MW) class natural gas-fired GTCC (gas turbine combined cycle) power plant, which will be one of the largest power facilities, being developed in the Syrdarya region of the Republic of Uzbekistan. The equipment supply agreement has been signed with Harbin Electric International Company Limited, the Chinese contractor for the project. Commercial operation is scheduled to start in 2026.In addition to supplying two next-generation high-efficiency gas turbines as the core equipment for this project, Mitsubishi Power will dispatch technical advisers to support installation and commissioning, and provide support for reliable operation under a long-term service agreement (LTSA). Read More
The EDiA XL electric counterbalance from Mitsubishi Forklift Trucks has picked up its second honour in recent months after being named winner of a Red Dot design award for 2023.A truly next-generation forklift, EDiA XL is a step forward for what is possible with electric trucks, offering performance and productivity beyond IC engine models thanks to cutting-edge developments such as AutoBoost and Adaptive Lift Control, combined with the green, efficient benefits of electricity. The Red Dot jury was highly impressed by EDiA XL’s clean and modern design and outstanding ergonomics, creating an incredibly driver-focused truc Read More
Mitsubishi Heavy Industries, Ltd. (MHI) announced the acquisition of Concentric, LLC (Concentric), a top provider of industrial power solutions in North America. MHI has signed an agreement with OnPoint Group to acquire all outstanding membership interests of Concentric for an undisclosed consideration. Read More
Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. (MHIET), a part of Mitsubishi Heavy Industries (MHI) Group, has been developing hydrogen combustion engines referred to in its roadmap to carbon neutrality(Note1) and generator set for commercialization as one product that supports MHI Group’s MISSION NET ZERO declaration. Earlier, MHIET has established technologies to stabilize combustion of 100% hydrogen in a single cylinder engine of 170mm cylinder bore and 220mm piston stroke modified from its GSR series, a gas engine offered in 6 to 16 cylinders at Japan’s National Institute of Advanced Industrial Science and Technology (AIST).
As the next step for commercialization, the knowledge gained from the testing has been utilized to develop a 6-cylinder 100% hydrogen engine with 500kW output and integrate it into a generator set. The hydrogen engine generator set as well as hydrogen supply facility will be installed within its Sagamihara Plant, and construction work for the supply facility has begun first. The facility depressurizes the high-pressure hydrogen gas brought in by hydrogen trailers and supplies the hydrogen gas to the generator set. The technical evaluation of the hydrogen engine generator set is planned to start in FY2024. Read More
According to the EIA, OPEC net oil revenue will fall to $656 billion (real $) in 2023. This decrease is attributable to lower OPEC production as a result of the extension of the OPEC+ agreement, along with a decrease in crude oil prices. We expect OPEC total oil liquids production to decrease to 33.5 million b/d in 2023, while the forecast Brent spot price will fall from $101/b in 2022 to $80/b. OPEC’s 2022 net revenue rose nearly 43% compared with the previous year, when OPEC net oil export revenue totaled an estimated $622 billion (real $). The increase in net export revenue in 2022 is mostly attributable to higher crude oil prices, and to a lesser degree to higher petroleum liquids production. OPEC total oil output rose to nearly 34.2 million barrels per day (b/d), increasing 2.5 million b/d year-on-year. Read More
Eni delivered a gas cargo of 90 million cubic meters to the SNAM regasification terminal in Piombino, Italy, Unloading operations took place following the completion of the test phase and mark the beginning of the terminal’s commercial operation. This additional delivery confirms the value of gas as a reliable energy source, capable of providing a reliable response to growing energy demand while supporting the energy transition. The cargo was produced at the Sonatrach liquefaction plant in Betihoua, Algeria. The partnership with Sonatrach and Algeria plays a central role in Eni’s strategy to diversify supplies and expand its gas portfolio, with investments in fast-track projects that will increase available volumes for the Italian and European markets. Eni targets growth in its LNG activities with contracted volumes expected to rise to over 18 million tonnes in 2026, more than double that of 2022. It is an important component of a reshaped global gas portfolio that will contribute to the security of supply and increasingly leverage equity production. Read More
Further to the announcement of 12 June 2023, PetroNor E&P ASA confirmed the lifting and sale of 270,000 bbls of entitlement production from PNGF Sud on 26 June 2023. The price realised, based on an average over the following 5 days, was 72.1 USD/bbl, generating revenue of USD 19.5 million. To date during 2023, the Company has sold 833,266 bbls of entitlement oil, at an average price of 76.3 USD/bbl, equivalent to USD 63.6 million. This volume exceeds the total entitlement oil of 800,177 bbls sold in the whole of 2022 at an average price of 91.0 USD/bbl. PetroNor will provide a production update based on Q2 results on Monday, 10 July 2023. The Company will release its 1H interim financial statements on 30 August 2023. Read More
PetroNor E&P ASA provided the following update on the Congo operations related to the PNGF Sud field complex.
For the first half of 2023 average gross production of 30,330 bopd has been achieved (subject to final allocation adjustments). This is equivalent to 5,105 bopd net to PetroNor on a working interest basis and represents an increase of 16 % over the previous half year in 2022. Field performance is supported by strong contributions from the six infill wells on Litanzi and Tchibeli NE drilled in 2022. As reported on 12 June, infill drilling restarted in late May 2023 with an initial focus on the Tchibeli field. The programme is progressing ahead of schedule with the first two wells now drilled to planned total depth and currently being completed for production. First oil from these wells is expected during August. An additional two infill wells on Tchibeli are planned to follow this year. As reported on 6 July, PetroNor lifted and sold 270,000 bbls (net entitlement production) on 26 June 2023, bringing total sales for the year to 833,266 bbls. The realised sales price was 72.1 USD/bbl. The Company will release its 1H interim financial statements on 30 August 2023. Read More
Wood has been awarded a major award by Euro Manganese to deliver a unique mineral project critical to the energy transition. This cost-reimbursable contract will be delivered by Wood’s Projects business unit and is in line with Wood’s end market growth strategy.
Wood will deliver front end engineering and design (FEED) and EPCm solutions for Europe’s largest proposed high-purity manganese processing facility as part of the Chvaletice Manganese Project, in the Czech Republic. This unique and innovative project involves the processing of historic mine tailings, traditionally a waste product, to extract manganese deposits from a decommissioned mine. Manganese is recognised as an essential mineral used in most lithium-ion batteries and the European Commission recently included it on its list of critical minerals. The Chvaletice site is the only significant identified source of manganese in the European Union. Demand for manganese is forecast to increase almost eight-fold over the next ten years in response to the dramatic uptake in electric vehicle adoption making the need for sustainable mining solutions critical. Read More
TGS announced an extensive West Coast India seismic processing project that complements the India East Coast 2Dcubed project from 2022.
The project encompasses all available 2D seismic data across over three-quarters of a million square kilometers offshore India’s west coast. TGS will utilize its proprietary 2Dcubed technology to create a single, conformable, easily-accessible pseudo-3D dataset. This product is designed to encourage and assist exploration endeavors offshore India. This new dataset is TGS’s latest initiative to provide subsurface data to enhance exploration potential offshore India. It will provide coverage offshore Kutch Saurashtra, Mumbai, Kerala-Konkan Basins, and the Gulf of Mannar. The data uplift will allow local and international companies to develop structural and geological models in their pre-study evaluation process using one conformable 3D volume. It will increase confidence in license-round decision-making processes and support further exploration. 2Dcubed is a unique technology from TGS for generating a 3D seismic migration volume from a set of 2D and 3D seismic lines. An advanced structurally conformable interpolation algorithm revitalizes existing 2D multi-vintage and 3D data. The resultant volume can be used for regional interpretation and optimizing subsequent 3D and 2D survey designs. TGS has completed similar scale projects offshore East Coast India and other areas in Asia Pacific, including Indonesia, Timor-Leste, and Australia. The same technology has been applied throughout the Norwegian and UK North Seas. Read More
TGS ASA expects IFRS revenues for Q2 2023 to be approximately USD 206 million, compared to USD 230 million in Q2 2022. POC revenues* are expected to be approximately USD 241 million, up from USD 136 million in Q2 2022. POC multi-client revenues are estimated at approximately USD 129 million, the same as in Q2 2022, with late sales of approximately USD 63 million, compared to USD 97 million in the same quarter of last year, which included significant M&A-related transfer fees.
For the Acquisition business unit (former Magseis), gross revenues are expected at approximately USD 116 million (USD 107 million net of eliminations) in Q2 2023, up from USD 103 million pro-forma in Q2 2022.TGS will release its Q2 2023 results at approximately CET 07:00 am on 20 July 2023. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at CET 08:30 am during a live webcast. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $73.26 | Up |
| Crude Oil (Brent) | USD/bbl | $77.84 | Up |
| Bonny Light | USD/bbl | $75.16 | — |
| Saharan Blend | USD/bbl | $76.08 | — |
| Natural Gas | USD/MMBtu | $2.66 | Up |
| OPEC basket 07/07/23 | USD/bbl | $78.43 | Up |
U.S. Rig Count is up 6 from last week to 680 with oil rigs down 5 to 540, gas rigs up 11 to 135 and miscellaneous rigs unchanged at 5.
U.S. Rig Count is down 72 rigs from last year’s count of 752 with oil rigs down 57, gas rigs down 18 and miscellaneous up 3.
The U.S. Offshore Rig Count is unchanged at 19, up 2 year-over-year.
Canada Rig Count is up 8 from last week to 175, with oil rigs up 2 to 111, gas rigs up 6 to 64.
Canada Rig Count is unchanged from last year’s count of 175 with oil rigs down 5, and gas rigs up 5.
International Rig Count is up 2 rigs from last month to 967 with land rigs up 13 to 742, offshore rigs down 11 to 225.
| Region | Period | Rig Count | Change |
| U.S.A | 07 July 2023 | 680 | +6 |
| Canada | 07 July 2023 | 175 | +8 |
| International | June 2023 | 967 | +2 |
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