Energy News Releases to 29/11/22 . OPEC daily basket price at $79.93/bl, 28 Nov. 2022
Woodside today announces the resignation of its Executive Vice President Australian Operations, Ms Fiona Hick, to pursue a career opportunity with another ASX listed company. Woodside CEO Meg O’Neill noted the significant contribution Ms Hick has made to Woodside during her 22-year career with the company. “Fiona has demonstrated exceptional vision and leadership in the many roles she has fulfilled at Woodside.
“Since 2019, Fiona has been a valued member of the executive team, leading Woodside’s operations group. As the executive vice president overseeing Australian operations, Fiona has been instrumental in delivering safe, reliable, low-cost and lower-carbon performance. “Fiona’s tenure was outstanding across a very challenging period in which the operations group was responding to the emerging and ongoing impacts of the pandemic and global market disruptions. “Thanks to her strong and decisive leadership Woodside’s Australian operations are positioned for continuing success. “On behalf of the Woodside Board and the executive team, we wish Fiona all the best in her future
endeavours,” she said. The process to identify Ms Hick’s successor is underway. Read More
Meridian, with the support of Ngāi Tahu, have selected Woodside Energy (Woodside) as the preferred partner to move forward to the development stage of the proposed Southern Green Hydrogen (SGH) project in New Zealand. A final investment decision will follow the development stage. Woodside was selected after an extensive competitive bidding process based on its capability and experience in operations, process safety, and liquids marketing. Meridian Chief Executive Neal Barclay said: “We’re very pleased to be partnering with Woodside which, like us, is focussed on progressing a world-class hydrogen and ammonia facility in Southland, New Zealand, that will provide significant benefits to the local community. In addition to its operational and marketing expertise, Woodside has demonstrated climate change ambitions, and as we are a 100 percent renewable energy company and committed to sustainability, that was a key focus for us in selecting a partner.” Mitsui & Co., Ltd. (Mitsui) is also in discussions to join the project and develop the potential market for ammonia offtake, with the aim of creating a world-class collaboration that covers the full hydrogen and ammonia supply chain. Mitsui has 50 years of experience in the ammonia business, including the largest share of ammonia imports into Japan. Subject to finalising commercial arrangements, Meridian, Woodside, and Mitsui will work towards commencing front-end engineering design for the project. Read More
Ofgem is today launching a new package of reforms designed to bolster consumer protection and ensure energy suppliers are more resilient to market shocks.
The proposals include the introduction of capital adequacy requirements – which will help reduce the risk and cost of supplier failures. Ofgem will also be requiring suppliers to ringfence Renewable Obligation receipts and monitoring closely the use of credit balances. Today’s proposals look to protect current and future energy consumers by reducing the risk of future supplier failures and the associated costs and disruption.
These policies are further steps as part of Ofgem’s overall reforms to create a more stable and viable market in the interests of both consumers and suppliers.
These Statutory Consultations come on the back of robust review findings announced earlier in the week by the regulator, asking 17 energy companies to drive up standards for consumers. They also build on the work the regulator has done over the last year to ensure suppliers have robust business models and their directors are fit and proper for the role, to minimise the risk of supplier failure, which comes at a cost to consumers. Read More
Nigeria has posted strong oil profits, with high hopes to continue expanding its fossil fuel industry as oil majors look to Africa to boost their low-carbon operations. But oil theft continues to be a significant challenge to the country’s oil output with the government taking major steps to tackle the crime. Between 1999 and 2020 the Nigerian government earned $741.48 billion from oil and gas, according to a recent Nigeria Extractive Industries Transparency Initiative (NEITI) report. NEITI Executive Secretary, Ogbonnaya Orji, stated at a stakeholder meeting this month that the 2021 oil and gas sector report is ongoing and will be released soon.
Nigeria recently established its five-year strategic plan for 2022 to 2026, which will allow NEITI to support the government in recouping revenue from the oil and gas sector. So far, NEITI reports are said to have led to the recovery of billions of dollars from oil and gas firms. In addition, recommendations from the reports supported the development of major energy reforms. The group hopes to provide data and expertise to help the Presidential Steering Committee effectively roll out the Petroleum Industry Act (PIA). Orji also vowed to improve the transparency and accountability of Nigeria’s oil and gas sector to deliver on pledges to international actors. This is expected to boost foreign investments in the country and support the ongoing growth of its energy sector. Nigerian authorities have been successful in their crackdown on oil theft in the Niger Delta in recent months, with recent raids and collaboration with local security agencies deterring the thieves. A recent operation, led by former oil region militant, Government Ekpemupolo, led to the shutdown of 58 illegal taps on oil facilities. Read More
Ferrari N.V. (NYSE/EXM: RACE) has purchased, under the Euro 150 million share buyback program announced on June 30, 2022, as the initial tranche of the multi-year share buyback program of approximately Euro 2 billion expected to be executed by 2026 in line with the disclosure made during the 2022 Capital Markets Day (the “First Tranche”), the additional common shares – reported in aggregate form, on a daily basis – on the Euronext Milan (EXM) and on the New York Stock Exchange (NYSE). As of November 25, 2022, the Company held in treasury No. 11,817,519 common shares equal to 4.60% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company’s equity incentive plan. Read More
With over six million Electric Vehicles (EV) on the EU’s roads and the number set to increase further, Delta is proud to be associated with an initiative that aims to deliver an effortless charging and payment experience. Delta is working closely with CharIN, the leading global association dedicated to promoting interoperability based on the Combined Charging System as the global standard for charging vehicles of all kinds. CharIN’s Plug & Charge initiative enables automated communication and billing processes between electric vehicles and charging stations without the need for RFID cards, credit/debit cards or charging apps, while ensuring high levels of security. It enables automatic authentication and authorisation at each charging station, so that the customer can enjoy a seamless and easy charging process. As the leading provider of fully integrated EV infrastructure solutions, Delta’s commitment to ongoing investment in Research and Development (R&D) has been recognised by Clarivate, which identified it as a Top Global Innovator. Today, Delta has 73 R&D centres, more than 9,000 R&D engineers and over 10,000 patents. It invests approximately 8% of its sales revenue to R&D which, in part, has helped ensure its solutions meet the charging needs of EV drivers and charging site operators. Delta is an advocate of industry initiatives that ensure a safe, uniform and simplified process for charging EVs. Therefore, Delta is proud to be working very closely with CharIN and to be one of the industry partners supporting this important and transformative initiative. To make it easier to identify which solutions offer the convenience of Plug & Charge functionality, CharIN recently unveiled a distinctive new logo. This will help EV drivers distinguish which chargers offer an uncomplicated charging and payment process. Thanks to the combined efforts of CharIN and its partners, we’re excited about the new logo soon becoming synonymous with easy, secure and convenient EV charging for all EV drivers. Read More
Caterpillar’s First Battery Electric Large Mining Truck
Delta provides solutions to strengthen grid resilience for island energy transitions
The 27th Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCCC) was just held in Egypt, with Delta actively participating in the COP for the 15th time this year. Delta focused on two “island” issues, climate resilience and ecological adaptation, and shared its endeavors with the international community. At the side event, Delta discussed its response to island energy transition issues, featuring Delta’s energy storage solutions and cases, with representatives of the Balearic and the Canary island governments and an expert from RMI, a well-known U.S. energy think tank. Aligning with the two Spanish islands’ need for energy transition, Delta also shared how to strengthen grid resilience. The side event was streamed live online, attracting the attention of international climate opinion leaders.
Wim Chang, CEO of the Delta Electronics Foundation, stated, “As the proportion of renewable energy supplied gradually increases, accelerating the establishment of a more resilient decentralized energy system is one of the hot topics at COP27. The representatives of the Spanish island governments both emphasized that technology was the key to achieving an energy transition. As a leader in energy-saving technology, Delta’s energy storage solutions are able to support the energy system when a circuit breaker trips, manage overall demand to eliminate short-term demand spikes, and overcome power supply bottlenecks, while being able to be tailored to local conditions, thereby helping stabilize the power grid. We shared with the international community how we improved grid resilience in Kinmen Island and Orchid Island with technology.”
The Delta Electronics Foundation decided on the topics of this side event and invited the Spanish island governments to exchange ideas about the issue of island energy transition with each other. At the event, Pep Malagrava, DG Energy and Climate Change Government of the Balearic Islands, emphasized their renewable energy goal of 35% by 2030 and 100% by 2050 for the whole islands. This means an acceleration of renewables within 200MW per year until 2030, reaching 1600MW. Thanks to innovative solutions, such as the use of green hydrogen for energy storage, we are also looking for new ways to produce green electricity, such as off-shore wind and wave energy. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $78.94 | Up |
| Crude Oil (Brent) | USD/bbl | $85.20 | Up |
| Bonny Light | USD/bbl | $81.76 | Down |
| Saharan Blend | USD/bbl | $81.10 | Down |
| Natural Gas | USD/MMBtu | $7.26 | Up |
| OPEC basket 28/11/22 | USD/bbl | $79.93 | Down |
U.S. Rig Count is up 2 from last week to 784 with oil rigs up 4 to 627, gas rigs down 2 to 155 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 7 from last week to 194, with oil rigs down 6 to 129, gas rigs down 1 to 65.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 23 November 2022 | 784 | +2 |
| Canada | 23 November 2022 | 194 | -7 |
| International | October 2022 | 911 | +32 |
Woodside Energy has passed another important milestone for the Sangomar Field Development Phase 1 with the completion of the construction phase for the floating production storage and offloading (FPSO) facility which will be deployed at the field offshore Senegal. Woodside awarded the contract for supply of the FPSO to MODEC, Inc in 2020. Hull and marine works, external turret and topsides module installation and conversion work on the vessel were completed by COSCO Shipping Heavy Industry (Dalian) Co., Ltd. The topsides modules were fabricated by both COSCO and by BOMESC Offshore Engineering Company Ltd. in Tianjin, and the external turret mooring system was fabricated by Penglai Jutal Offshore Engineering Heavy Industries Co., Ltd (PJOE). Woodside Energy CEO Meg O’Neill acknowledged the achievements of MODEC, COSCO, BOMESC and PJOE in completing the fabrication and conversion works. “The Chinese yards achieved excellent safety performance throughout this phase of construction, logging more than 16 million hours of complex construction work without a lost-time injury event. “The construction teams also successfully navigated the challenges posed by pandemic-related travel and logistical restrictions throughout 2021 and 2022, ensuring the FPSO remained on schedule for start-up at the Sangomar field in late 2023,” she said.
The vessel is now being relocated to Keppel Offshore & Marine Ltd.’s Tuas Shipyard in Singapore. Keppel will complete topsides integration and support pre-commissioning and commissioning activities for the FPSO. The FPSO is a converted Very Large Crude Carrier and has been named after Senegal’s first president, Leopold Sédar Senghor. It will have a capacity to produce 100,000 barrels per day of oil. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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