Energy News to 13/12/22 . OPEC daily basket price at $74.94/bl, 12 Dec. 2022
The European Union reached on Tuesday a provisional agreement to impose a carbon tax on the imports of polluting non-EU products such as iron and steel, cement, aluminum, fertilizers, and electricity, in a first trade regulation accounting for carbon emission intensity.
Subsea 7 S.A. recognises that on 1st December 2022, Aker BP’s board of directors decided that Aker BP will vote for the approval of amongst others the NOAKA field development project, the Valhall PWP-Fenris project and the Skarv Satellite project. Aker BP is the operator of these development projects, which are planned to be executed together with Aker BP’s partners.
The final decisions to submit the Plan for Development and Operation (PDO) to Norwegian authorities are scheduled to take place in the respective license partnerships during the first half of December. If the PDOs are approved by the respective license partnerships the plan is to submit the PDOs to the authorities for approval before year-end.
Subsea7 has, through the Aker BP Subsea Alliance1, executed the Front-End Engineering and Design (FEED) work for these projects, under a single source supplier framework. Subsea7 expects that the above-mentioned projects could lead to the following contract awards, subject to the PDO submission in mid-December 2022:
A major2 contract for NOAKA field development project
A large3 contract for Skarv Satellite project
A substantial4 contract for Valhall PWP-Fenris project
The contracts will be recorded in backlog upon signature by all parties, expected to occur mid-December 2022.
The Aker BP Subsea Alliance is a partnership between Aker BP, Subsea7 and Aker Solutions.
Subsea7 defines a major contract as being over USD 750 million.
Subsea7 defines a large contract as being between USD 300 million and USD 500 million.
Subsea7 defines a substantial contract as being between USD 150 million and USD 300 million. Read More
INEOS USA LLC d/b/a INEOS Olefins & Polymers USA announced today it has entered into a renewable power purchase agreement which will enable the construction of a new 310-megawatt solar project located in north central Texas. The INEOS Hickerson Solar Farm will be constructed, owned and operated by a subsidiary of NextEra Energy Resources, LLC, the world’s largest generator of renewable energy from wind and sun and a world leader in battery storage. The entire output of the new solar project will be dedicated to INEOS O&P USA and is projected to cover the net purchased electricity load of all 14 of INEOS O&P USA’s manufacturing, fractionation and storage facilities in the U.S. The new solar project will be located in Bosque County, Texas, and is ultimately expected to produce 730,000 megawatt hours of clean energy annually – the equivalent of over 68,000 homes’ annual electricity use – and is expected to reduce greenhouse gas emissions by more than 320,000 tons per year.
“INEOS O&P USA seeks to be a bellwether of what the petrochemical community can do to adopt renewable energy among its long-term energy demands, and this is one of many important steps being taken globally to reduce the carbon footprint of all the INEOS businesses,” said CEO Mike Nagle.
“We’re pleased to work with INEOS O&P USA and support the company’s renewable energy goals,” said Matt Handel, senior vice president of development for NextEra Energy Resources. “We commend INEOS for taking a leading role in decarbonizing the petrochemical industry.”
Construction on the INEOS Hickerson Solar Farm is expected to commence in Q1 2024, with a planned commercial operation date by December 2025. Read More
Enel S.p.A. (“Enel”) informs that its listed subsidiary Enel Chile S.A. (“Enel Chile”) has finalized today the sale of its entire 99.09% stake in the share capital of listed Chilean power transmission company Enel Transmisión Chile S.A. (“Enel Transmisión Chile”) to Sociedad Transmisora Metropolitana SpA (“STM”), controlled by Inversiones Grupo Saesa Ltda (“Grupo Saesa”). Following the fulfillment of certain conditions precedent customary for these kinds of transactions and after the approval from Chilean antitrust authority Fiscalía Nacional Económica (FNE), the sale was carried out in compliance with a public tender offer that STM and Mareco Holdings Corp. launched on November 7th and ended on December 6th, 2022.
STM paid an overall equity consideration of 1,399 million US dollars for the entire stake held by Enel Chile in Enel Transmisión Chile – equal to around 1,575 million US dollars of enterprise value – including the price adjustment based on an interest rate from January 1st, 2022 until the public tender offer’s launch date. As part of the transaction, STM has also repaid Enel Transmisión Chile’s intercompany loans.
The overall transaction generated a positive effect on the Group’s consolidated net debt of around 1.5 billion euros and a positive impact on reported Group net income of around 435 million euros. The transaction will not have any impact on the Group’s ordinary economic figures.
The transaction is in line with the Enel Group’s current Strategic Plan, as it contributes to the objective of focusing on core businesses in Tier-1 countries, which include Chile, exiting from other businesses which are no longer aligned with its strategy, such as transmission activities.
Enel Transmisión Chile operates 683 km of transmission lines, managing 60 substations (57 owned and three owned by third parties), in Santiago’s metropolitan area.
Grupo Saesa is the largest electricity distributor in southern Chile. It supplies electricity to around 950,000 customers and operates 2,280 km of transmission lines and 75 substations. In addition, it owns more than 275 MW of power generation capacity. The controllers of Grupo Saesa are the Canadian pension funds Ontario Teachers’ Pension Plan (OTPP) and Alberta Investment Management Corporation (AIMCo), with a 50% stake each. Read More
Enel’s global sustainability leadership was confirmed once again in the prestigious Dow Jones Sustainability World Index (DJSI World) after the annual evaluation of companies’ sustainability practices performed by S&P through its prestigious Global Corporate Sustainability Assessment model. In the 2022 edition, almost 250 electric utilities were assessed by S&P, and Enel reached a score of 90 out of 100 for the first time ever, nearly three times the industry average and the second highest.
Enel is one of the 8 electric utility companies listed in the DJSI World, along with its Spanish subsidiary Endesa. In addition, the Group’s South American subsidiaries, Enel Américas and Enel Chile, have been confirmed in the Dow Jones Sustainability Emerging Markets Index and Dow Jones Sustainability MILA[1] Pacific Alliance Index, as well as in the Dow Jones Sustainability Chile Index. Read More
The Board of Directors of Neste Corporation has approved the commencement of a new plan period within the share-based long-term incentive scheme for Neste’s key employees. The scheme comprises a Performance Share Plan (also “PSP”) targeted to Neste’s management and selected key employees and a Restricted Share Plan (also “RSP”) which serves as a complementary structure for individual retention and recognition and for other specific situations.
Neste originally announced the establishment of the long-term incentive scheme on 10 February 2022.
Performance Share Plan (PSP) 2023–2025
The next individual plan within the PSP structure, PSP 2023–2025, commences as of the beginning of 2023 and the potential share rewards thereunder will be paid in listed shares of Neste during H1 2026 provided that the performance targets set by the Board of Directors for the Plan are achieved. The performance measures based on which the potential share reward under PSP 2023–2025 will be paid are the relative total shareholder return of Neste relative to the STOXX Europe 600 index and Combined Greenhouse Gas Impact.
Eligible for participation in PSP 2023–2025 are approximately 150 individuals, including the members of Neste Executive Committee.
If the performance targets set for PSP 2023–2025 are fully achieved, the aggregate maximum number of shares to be paid based on this plan is approximately 386,800 shares (referring to gross earning, from which the applicable payroll tax is withheld, and the remaining net value is paid to the participants in shares).
The estimated aggregate gross value of this Plan, based on the current value of the share of Neste, is approximately EUR 18.1 million. The materialized value of the Plan may deviate from this estimate as a result of share price development and the degree to which the performance targets set for the Plan are achieved.
Restricted Share Plan (RSP) 2023–2025
The next individual plan within the RSP structure, RSP 2023–2025, commences as of the beginning of 2023 and the potential share rewards thereunder will be paid in listed shares of Neste during H1 2026 at the latest.
The aggregate maximum number of shares to be paid based on RSP 2023–2025 is 38,680 shares (referring to gross earning, from which the applicable payroll tax is withheld, and the remaining net value is paid to the participants in shares).
The estimated aggregate gross value of this Plan, based on the current value of the share of Neste, is approximately EUR 1.8 million. The materialized value of the Plan may deviate from this estimate as a result of share price development and the amount of share grants made based on the Plan. Read More
Neste has been selected in the Dow Jones Sustainability Indices (DJSI) for the 16th consecutive year. Neste is included in both DJSI World and DJSI Europe listings, among the leading sustainable companies in the world.
Neste’s performance received the industry’s best scores in materiality, environmental and social reporting, human rights, and human capital development, contributing to the company’s inclusion among the top performers.
”Neste is strongly driven by its ambitious sustainability vision and climate commitments. This year’s recognition of being again included in the Dow Jones Sustainability Indices verifies that we have made the right progress to become a global leader in renewable and circular solutions. Our people have fully taken charge of making this change happen, and we are very proud of this recognition, which is also highly valued by our stakeholders,” says Minna Aila, Senior Vice President, Sustainability and Corporate Affairs, Neste. The companies eligible for S&P Dow Jones Indices are selected for inclusion based on their comprehensive assessment in the S&P Global Corporate Sustainability Assessment (CSA). Since 1999, the CSA in collaboration with Dow Jones Indices (now S&P Dow Jones Indices) has been one of the most important and leading global sustainability benchmarks. The assessment of companies this year is based on their performance in 2021. Only leading companies in each industry are included in the indices each year. Read More
NIO delivered 14,178 vehicles in November 2022, a new record-high monthly delivery, representing an increase of 30.3% year-over-year. The deliveries consisted of 8,003 premium smart electric SUVs including 4,897 ES7s, and 6,175 premium smart electric sedans including 3,207 ET7s and 2,968 ET5s. Cumulative deliveries of NIO vehicles reached 273,741 as of November 30, 2022. NIO will further accelerate the production and delivery in December 2022.
On November 16, 2022, the ET7 was awarded the maximum five-star rating in the latest safety tests of European New Car Assessment Programme (NCAP) with its innovative body materials application and high-strength structural design. In addition, the ET7 has also secured a top five-star rating in the latest Green NCAP with high scores on clean air, energy efficiency and greenhouse gas.
On November 28, 2022, NIO and Tencent Holdings Limited (00700.HK) entered into a strategic cooperation agreement to further deepen partnership in the areas of autonomous driving related cloud services, intelligent driving maps and digital ecosystem to provide users with experiences beyond expectation. Read More
Eve Air Mobility (“Eve”) (NYSE: EVEX; EVEXW) has signed a Letter of Intent (LOI) with FlyBIS Aviation Limited (“FlyBIS”), an advanced air mobility start-up based in Caxias do Sul, in the south of Brazil, to collaborate on the development of eVTOL operations in Brazil and South America. Based on the agreement, FlyBIS will also purchase up to 40 of Eve’s eVTOL vehicles.
“This new collaboration with FlyBIS will enable us to expand the future of air mobility to Southern areas of Brazil and other South American countries,” said Andre Stein, Co-CEO of Eve. “This region has several high-traffic tourist areas that will benefit from eVTOL operations, reinforcing our commitment to fostering the urban air mobility market in different regions around the world.”
FlyBIS has become a promising option for air mobility in South Brazil in the short term and is set to help change and improve the way future generations will move. After starting operations in Brazil’s southern states, FlyBIS plans to expand operations to neighboring countries and contribute to the implementation and development of Eve’s air mobility ecosystem. FlyBIS is backed by Brave Aviation whose current fleet includes Embraer Phenom 100 as well as other aircraft.
“We have a strong team in FlyBIS working together with Eve’s outstanding workforce and second-to-none resources to develop and implement this project in the most financially efficient and sustainable way,” said FlyBIS Co-Founder and CEO Gustavo Zanettini, who is also an aviation consultant and airline pilot. “Our team is very motivated and confident, and we will be working to change future generations’ urban air mobility for a more accessible and cleaner experience.”
FlyBIS’ vehicles are included in Eve’s industry-leading order backlog of up to 2,770 eVTOLs. Read More
Ruili Airlines has signed an agreement with Embraer to join its Energia Advisory Group – Energia is Embraer’s project developing sustainable aircraft for the future. The companies will work together on the design requirements for next-generation sustainable aircraft and the potential market in China. Based at Kunming Changshui International Airport, Ruili Airlines is a full-service premium carrier focused on innovation. The airline operates a domestic and international route network across China and Southeast Asia.
“I welcome Ruili Airlines, the first Chinese airline to join our Energia Advisory Group. The partnership between Embraer and Ruili Airlines is a significant step for the Energia project,” said Arjan Meijer, President and CEO Embraer Commercial Aviation. “We look for partners around the globe to share their innovative ideas and operational insights, adding their expertise to the sustainable aviation mission. Ruili Airlines’ perspective will be invaluable in the development of the Energia family of aircraft.”
Ruili Airlines will work with Embraer to help define performance and design requirements for its Energia concept aircraft, two 19-30 seat designs featuring hybrid electric and hydrogen electric propulsion technologies. Read More
Keystone pipeline has now leaked more oil than any other pipeline since 2010, according to a new report from Bloomberg.
With more than 26,000 barrels of crude oil spilled in the last 12 years, the hazardous liquid pipeline system has come under controversy after some two dozen accidents and takes the top spot for most spillage in the last 12 years, Bloomberg reported.
Keystone leaked an estimated 14,000 barrels into a creek in northeastern Kansas last week, spurring TC Energy to shut down the massive vein while the company tries to contain the oil and recoup what was lost.
The U.S. Department of Transportation Pipeline and Hazardous Materials Safety Administration has issued a corrective order to operator TC Energy, requiring the company address the current Keystone leak, develop and submit “restart plan” to resume operations for approval, and submit quarterly reports moving forward. Read More
Mitsubishi Power has kicked off its 2022 Gas Turbine Technical Seminar in Bangladesh. Set to take place in Dhaka from 11-12 December 2022, the two-day event aims to discuss the latest solutions and services in the power generation industry to advance energy security and decarbonization.
The event, attended by around 200 government representatives, industry leaders and local partners, includes dedicated user sessions and presentations by Mitsubishi Power’s technical experts that deep dive into Mitsubishi Power’s industry leading solutions and services – from decarbonization technologies such as hydrogen and ammonia co-firing, to enhancement of the reliability and performance of gas turbines. Mitsubishi Power’s gas turbines support Bangladesh’s power grid at five power plants across the country. Its M701F gas turbine was installed in Haripur as the first large-class gas turbine in Bangladesh and one of the most efficient and reliable in the country since 2014. These power plants are complemented by after-sales and operations and maintenance services to ensure that plants remain efficient and support a constant supply of electricity across the country. Read More
Siemens Energy improved in almost all areas of sustainability this past year, as reflected in its fiscal year 2022 Sustainability Report, published today.
“Global demand for electricity will increase by 25% by 2030,” said Christian Bruch, CEO and Chief Sustainability Officer for Siemens Energy. “Satisfying this hunger for energy sustainably, safely, and affordably is one of the core tasks of our time. Our mission is to support our customers in their transformation to greater sustainability. But this also means we must set a good example and apply the highest standards in our operations. Our goal is to be a leader within the energy industry when it comes to sustainability, corporate governance, and social issues. We’re on a good path, but still a long way from where we want to be.”
One important reporting parameter across the entire value chain is greenhouse gas emissions. Here, a fundamental distinction is made between Scope 1 (emissions for which the company is directly responsible or in control, such as gas consumption), Scope 2 (indirect emissions through purchased energy, e.g., electricity consumption), and Scope 3 (indirect emissions in the upstream and downstream supply chain).
In its direct area of responsibility (Scope 1 and 2), Siemens Energy emitted 21% fewer greenhouse gases in fiscal year 2022 than in the previous year. In fact, the company has reduced its greenhouse gas emissions in this area by 50% since the baseline year 2019. The original target was to reduce emissions by 46% by 2025. By 2030, Siemens Energy aims to be completely climate-neutral.
A key reason for the company’s success in reducing greenhouse gases is its use of renewable energies. At Siemens Energy, 90% of the electricity required for its operations comes from renewable sources. The planned target was 84%. Conventional contracts were replaced more quickly by new agreements or supplemented by guarantees of origin, where it was impossible to purchase renewable energy directly from the supplier. By September 30, 2023, electricity demand is expected to be covered entirely by green energy.
Siemens Energy also reports emissions in Scope 3 that result from the operation of its own products over the entire life cycle. These account for more than 99% of Siemens Energy’s total greenhouse gas emissions and represent the most significant challenge to climate neutrality. In the past year, 46 million metric tons fewer greenhouse gases were emitted in this category (a 3% reduction compared to 2021). Overall, there was a 12% reduction compared to the 2019 baseline. This is primarily due to the coal phase-out Siemens Energy implemented in 2020. This demonstrates the urgency to switch from coal to gas for power generation as quickly as possible, in addition to using renewable energies: Nearly 40% of the world’s power is still generated using coal; switching to gas could eliminate approximately 50% of the emissions at each plant. Read More
Savannah Energy PLC, announced the completion of its acquisition of ExxonMobil’s entire upstream and midstream asset portfolio in Chad and Cameroon, including
operatorship of the upstream assets (through the acquisition of the former operator, Esso Exploration and Production Chad, Inc.) (the “ExxonMobil Transaction”). Savannah is also pleased to announce the publication of a Supplemental Admission Document (the “Document”) in relation to the ExxonMobil Transaction. Selected extracts from Part 1 of the Document Letter from the Non-Executive Chair of Savannah are reproduced below. Shareholders are however encouraged to read the Document in full. This announcement follows Savannah’s 13 December 2021 announcement of the signing of a Share Purchase Agreement (“SPA”) with ExxonMobil, which has an economic effective date of 1 January 2021, and the publication of its 31 December 2021 Admission Document containing details on, inter alia, the ExxonMobil Transaction. The ExxonMobil Transaction constituted a reverse takeover transaction pursuant to AIM Rule 14 and, accordingly, was subject to, inter alia, shareholder approval which was granted on 24 January 2022. The ExxonMobil Transaction has now been completed. Re-admission of the share capital of the group as enlarged by the ExxonMobil Transaction is scheduled to take place at 8.00 a.m. on 13 December 2022. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $73.54 | Up |
| Crude Oil (Brent) | USD/bbl | $78.65 | Up |
| Bonny Light | USD/bbl | $76.97 | Up |
| Saharan Blend | USD/bbl | $77.25 | Up |
| Natural Gas | USD/MMBtu | $6.78 | Up |
| OPEC basket 12/12/22 | USD/bbl | $74.94 | Up |
The Squad Solar City Car is the product of Dutch firm Squad Mobility, which was founded in 2019. Unveiled last May, it uses sunlight to recharge its battery pack. Deliveries are scheduled to start in 2024, and Squad recently confirmed that the vehicle will be coming to the U.S.
Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa, is pleased to announce that it has entered into a Share Purchase Agreement (“SPA”) with PETRONAS International Corporation Limited (“PETRONAS”) to acquire PETRONAS’ entire oil and gas business in South Sudan (the “PETRONAS Assets”) through the acquisition of Petronas Carigali Nile Limited (“PCNL”) (the “Transaction”), for a total cash consideration of up to US$1.25 billion, subject to certain completion adjustments (the “Transaction Consideration”). The Transaction Consideration is expected to be financed through a combination of the enlarged Group’s available cash resources and debt. The Transaction is conditional upon the satisfaction of certain conditions precedent including, inter alia, approval of the Government of the Republic of South Sudan, the approval of Savannah’s shareholders and re-admission to trading on AIM taking effect.
Completion of the Transaction would result in the Company acquiring PCNL’s interests in three Joint Operating Companies (“JOCs”) which operate Block 3/7 (40% working interest (“WI”)), Block 1/2/4 (30% WI) and Block 5A (67.9% WI), in South Sudan. The PETRONAS Assets comprise of interests in 64 producing fields, with first production having commenced in 1999. In 2021, the PETRONAS
Assets produced an average gross 153.2 Kbopd. Major partners in the JOCs include CNPC, Sinopec,ONGC and Nilepet, the national oil company of South Sudan.
The Transaction constitutes a reverse takeover transaction pursuant to AIM Rule 14 and, accordingly, per the above, will be subject to, inter alia, shareholder approval. Trading in the Company’s ordinary shares will be suspended from trading on AIM with effect from 7.30 a.m. this morning, and will remain so pending publication of an AIM Admission Document setting out, inter alia, details of the Transaction, or confirmation is provided that the Transaction has been terminated. The Company intends to publish an AIM Admission Document in H1 2023, which will contain a notice of general meeting at which shareholder approval shall be sought, and, following which publication, the Company would seek restoration to trading on AIM of its ordinary shares. Full details on the
conditions to completion of the Transaction will be set out in the AIM Admission Document. Read More
Following recent press statements relating to Savannah’s acquisition of ExxonMobil’s interest in the Doba fields and the TOTCO Pipeline completed on 9 December 2022, Savannah wishes to make the following statement:
Savannah’s acquisition of ExxonMobil’s interest in the Doba fields and the TOTCO Pipeline completed
on 9 December 2022 was conducted in full conformity with the requirements of the governing
documents and the applicable law. Read More
Krishan Bodhani (43), currently Vice President and Director Sales and Marketing at Mercedes-Benz General Distributor (MBGD) Europe, Middle East and Africa, takes over as CEO of Porsche Cars Great Britain from 1 February 2023.Krishan Bodhani has been responsible for sales and marketing at Mercedes-Benz General Distributor (MBGD) Europe, Middle East and Africa as Vice President and Director since January 2020. He previously worked for Mercedes-Benz in the UK for several years, including as Director of Used Sales and Remarketing, as well as Product Management and successfully led the smart brand as Head of smart in the UK market. Between 2002 and 2015, he worked for Audi and Volkswagen in the UK in various sales and marketing roles.
The United Kingdom of Great Britain and Northern Ireland is the Stuttgart-based sports car manufacturer’s fourth-largest market worldwide. Read More
Porsche, World Fund join $63M bet on batteries for electric planes. To help electric planes take off, German battery company Customcells says it landed about $63 million (€60 million) in Series A funding from Porsche and several climate-tech investors.
World Fund, a one-year-old venture firm that backs European climate startups, led the deal. Abacon Capital and Vsquared Ventures also chipped in.
Customcells develops and recycles high-performance lithium-ion batteries that power products like cars, medical equipment and fossil fuel development (despite its stated decarbonization goals). The company also makes batteries for high-heat environments north of 122 degrees F. Read More
Abu Dhabi National Energy Company (TAQA), Mubadala Investment Company (Mubadala) and Abu Dhabi National Oil Company (ADNOC) announced today the successful completion of the Masdar transaction, following which they will all become shareholders in Abu Dhabi Future Energy Company (Masdar) – Abu Dhabi’s flagship clean energy company.
This transaction – first announced in December last year by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates – sees three Abu Dhabi champions combining their efforts to rapidly grow Masdar on a global scale under an expanded mandate covering renewable power, green hydrogen and other enabling clean energy technologies.
TAQA is taking the leading role in Masdar’s renewable business with a 43% shareholding, while Mubadala retains 33% and ADNOC holds 24%. ADNOC is taking the leading role in Masdar’s green hydrogen business with a 43% stake, Mubadala holding 33%, and TAQA 24%. The partnership sets out to develop Masdar into a global clean energy powerhouse that consolidates the renewable energy and green hydrogen efforts of TAQA, Mubadala, and ADNOC under a refreshed single Masdar brand. TAQA paid USD 1.02 billion [AED 3.7 billion] in cash for its stake.
Mubadala established Masdar in 2006 to extend the UAE’s leadership role in the global energy sector, while helping drive the nation’s economic diversification and climate action agenda. Today, Masdar is active in more than 40 countries across six continents and has developed and invested in worldwide projects with a combined value of over USD 20 billion. Read More
The accelerating transition and technological transformation of offshore energy to address the climate change and energy security crisis risks exacerbating a major skills shortage across the industry. The planned expansion of offshore wind, hydrogen, carbon capture and storage, and North Sea oil and gas production will require some 40 000 extra UK workers by 2030, including new digital and renewable skills.
This comes at a time when the energy industry already has a significant talent shortage caused by historic under-investment in entry-level training or recruitment talent from outside industries. Even efforts to transition workers from adjacent sectors, such as oil and gas to renewables, have been hindered by unnecessary silos be-tween different offshore industry qualifications, regulations, and solutions. The skills shortage has been further exacerbated by a wave of resignations during the COVID-19 crisis. This has created intensifying competition for a limited pool of experienced workers within the industry, increasing collective labour costs.
There is an urgent need to expand and diversify the offshore energy workforce by overhauling the industry’s training and recruitment model to attract a new wave of talent from universities and industries as diverse as agriculture and aviation. Crucially, the industry must remould itself in the image of an increasingly values-driven, eco-conscious, tech-savvy workforce motivated by a desire to make a personal impact. Read More
GE Hydro Solutions was selected by Anhui Jinzhai Pumped Storage Power Co., LTD, one of the divisions of State Grid XinYuan, to supply four new 300 MW pumped storage turbines, generator-motors as well as the balance of plant equipment for the Anhui Jinzhai pumped storage power plant located in the Jinzhai County, Anhui Province, China. The first two units have been successfully delivered to the project, have passed the trial operation period, and are now connected to the grid.
The 1.2 GW project will play a role to help China achieve its goal to build more than 200 pumped storage stations with a combined capacity of 270 gigawatts by 2025 (Source: Bloomberg). The project annual generating capacity represents about 1.4 times the annual household electricity consumption in Jinzhai. Acting as a sustainable large-scale energy storage system, the Jinzhai pumped storage station will save up to 89,500 tons of coal and reduce 179,000 tons of carbon dioxide emissions every year. Read More
Baker Hughes Rig Count
U.S. Rig Count is down 4 from last week to 780 with oil rigs down 2 to 625, gas rigs down 2 to 153 and miscellaneous rigs unchanged at 2.
Canada Rig Count is up 7 from last week to 202, with oil rigs up 3 to 131, gas rigs up 4 to 71.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 09 December 2022 | 780 | -4 |
| Canada | 09 December 2022 | 202 | +7 |
| International | November 2022 | 910 | -1 |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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