Energy News to 23/12/22 . OPEC daily basket price at $81.14/bl, 22 Dec. 2022
Shell Plc suspended production at a floating liquefied natural gas facility off the west coast of Australia after a fire broke out, tightening fuel supplies to Asia right as winter starts to boost consumption. Read More
IPCEI grant awarded to Neste
Finland awarded Neste with a public funding of EUR 27.7 million for green hydrogen projects at Neste’s refinery in Porvoo, Finland, aiming to develop solutions for renewable hydrogen production. In July 2022, Neste became the first Finnish company to receive IPCEI (Important Project of Common European Interest) status from the European Commission for its hydrogen projects, which enabled the company to apply for the public funding now granted. EU IPCEI projects promote the EU’s strategic objectives and the common interests of Europeans by supporting innovation projects in different EU Member States. The grant decision is part of the EU’s first wave of IPCEI projects on hydrogen, which aims to develop and accelerate the production and use of green hydrogen across Europe. In Finland, the EU application process has been coordinated by the Ministry of Economic Affairs and Employment and Business Finland. In Finland, projects related to the value chain for the hydrogen economy are part of the Sustainable Growth Programme for Finland, funded through the EU’s Recovery and Resilience Facility. “Neste’s goal is to strengthen the European hydrogen value chain and be at the forefront of the production and development of renewable hydrogen solutions. This grant will have a significant impact on advancing our green hydrogen projects in today’s challenging business environment. We would like to thank the Ministry of Economic Affairs and Employment and Business Finland for the funding and their support in the application process,” says Outi Ervasti, Vice President of Renewable Hydrogen at Neste. Read More
The U.S. Environmental Protection Agency (EPA) has just announced $2,497,134 in research funding for 25 small businesses to develop technologies that address some of our most pressing environmental problems. Projects include technologies for detecting methane emissions, methods to prolong the shelf life of foods and reduce food waste, software systems to improve recycling and materials management, and a water sampling device to detect the presence of PFAS.
Read More
The Chair of the Shareholders’ Nomination Board of Neste Corporation changes. Director General Kimmo Viertola of the Ownership Steering Department in the Prime Minister’s Office of Finland has been the Chair until 22 December 2022 and as of 23 December 2022, the Chair will be Senior Ministerial Adviser, Financial Affairs Maija Strandberg of the Ownership Steering Department in the Prime Minister’s Office of Finland. In line with the stock exchange release published on 6 September 2022, the other members of the Shareholders’ Nomination Board are: Timo Sallinen, Senior Vice President, Investments of Varma Mutual Pension Insurance Company; President and CEO Jouko Pölönen of Ilmarinen Mutual Pension Insurance Company and Matti Kähkönen, the Chair of Neste’s Board of Directors.
The members of the Nomination Board are elected annually and their term of office ends when new members have been elected to replace them. The largest shareholders entitled to elect members to the Nomination Board are determined annually on the basis of the registered holdings as of the first weekday in September in accordance with the detailed rules included in the Charter for the Nomination Board.
The Shareholders’ Nomination Board will forward its proposals for the 2023 Annual General Meeting of Shareholders to the Board of Directors by 31 January 2023. Read More
UK car production grew for the second consecutive month in November, up 5.7% to 80,091 units, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT). The rise means UK car manufacturing output has grown in six of the past seven months demonstrating how, even amid global chip shortages and supply chain constraints, factories are doing their best to meet demand for new cars at home and overseas.Production for the home market was up 59.1% to 20,206 units, a rise of 7,505 cars, while export volumes fell -5.0% to 59,885, a loss of 3,170. Exports accounted for 74.8% of all cars made in the month with the majority of shipments (57.3%) heading into the European Union, followed by the US (21.9%) and China (5.9%).
Continuing the recent upward trend, UK production of battery electric (BEV), plug-in hybrid (PHEV) and hybrid (HEV) vehicles rose once again, with combined volumes up 18.3% to 29,318 units and representing more than a third (36.6%) of total production in November. Since January, UK manufacturers have turned out 209,930 of these vehicles combined, up 2.9% on the same period in 2021. Read More
UK commercial vehicle (CV) manufacturing grew by 42.9% in November, with 11,343 vans, buses, trucks, coaches and taxis rolling off British factory lines, according to the latest figures released today by the Society of Motor Manufacturers and Traders (SMMT). It marked the highest total output for the penultimate month of the year since 2011,1 rounding off the 11th consecutive month of increased production this year.Growth was driven by overseas deliveries, which have seen double-digit increases throughout the year, rising by 89.4% to 7,990 units in November – some 92.6% of which were destined for Europe. Meanwhile, production for the UK fell by -9.9% in the month, highlighting the importance of ensuring the UK remains a globally competitive location for production and trade.As a result of continued strong demand, total UK CV manufacturing is up 45.1% so far in 2022, with 96,890 units built in Britain to date. Robust overseas demand means exports have increased 72.4% to 59,261 units during the 11-month period, while production for domestic buyers has risen by 16.2%, to 37,629 units. This represents the best January to November period since 2012,2 and is 21.1% higher than pre-pandemic five-year average.3 Read More
Subsea 7 S.A. announced that, following the implementation of the Norwegian Central Securities Depository Act, implementing the EU Central Securities Depositories Regulation (CSDR) and the decision of the board of directors under the authorisation given to it by the extraordinary general meeting of the Company on 12 April 2022, the compulsory dematerialisation of all the existing shares in the Company is now effective. All issued shares in the Company have been converted into dematerialised shares and the Company’s articles of incorporation have been amended to remove the references to provisions that were applicable until such conversion.
In the context of the dematerialisation of its shares, the Company has appointed Verdipapirsentralen ASA (operating under the name of Euronext Securities Oslo), as central securities depository within the meaning and for the purpose of the EU Central Securities Depositories Regulation (CSDR).
No action is required from the Company’s investors. Read More
Nissan announced it will share part of its electrified powertrain design and development operations with JATCO Ltd, one of its affiliates. Nissan has positioned electrification at the core of its business strategy, and the move will enable Nissan to strengthen its engineering capabilities to meet the growing demand for electrified powertrains.
In November 2021, Nissan announced Nissan Ambition 2030, its long-term vision. The vision includes plans to introduce 23 new electrified models — including 15 EVs by fiscal year 2030 — aiming for an electrified model mix of more than 50% globally.
Takashi Hata, senior vice president of the Affiliated Company Administration Department and Global Asset Management said, “Making electrified powertrains lighter and more efficient is an essential part of our electrification strategy, and we greatly look forward to JATCO’s contribution. Nissan and JATCO will continue to strengthen cooperation.” Read More
The Fairlady Z customized edition, winner of the Grand Prix in the Tokyo International Custom Car Contest 2022, will be shown for the first time at the Tokyo Auto Salon 2023. This model is the mass-market version of the Nissan Fairlady Z customized proto that was unveiled at Tokyo Auto Salon 2022. Visitors to the Nissan booth will also see the all-new Serena announced in November, as well as concept versions of the Nissan Roox, Caravan, Cube, Sakura and Ariya.
NISMO, which has continued to deliver motorsport excitement through Super GT and the FIA Formula E World Championship, and Autech, renowned for Carrozzeria and high levels of added value, will display a combined four models.
In collaboration with an outdoor magazine from publisher Geibunsha, eight Caravans will be displayed to mark the model’s 50th anniversary coming in February 2023.
The Tokyo Auto Salon 2023 will take place at Makuhari Messe Jan. 13-15. Nissan’s booth will also have a selection of Nissan and NISMO-brand merchandise. Read More
Kenya’s Ministry of Energy and Petroleum is expected to launch an offshore licensing round covering 14,000 km2 in the Lamu Basin in 2023. International Oil Companies already hold licenses to explore 26 out of 63 total blocks in the country, while 35 will be open for bidding. Following the country’s first discovery of oil in Turkana in 2012, the Kenyan Government has been seeking to attract investment into its emerging oil and gas industry andincrease its understanding of domestic hydrocarbon resources. Meanwhile, oil reserves in Kenya’s Lokichar Basin are estimated at over four billion barrels, with full production of 100,000 barrels per day by 2024. Read More
Angola: As part of plans to increase the country’s oil and gas reserves and address slowing production due to natural declines in legacy projects, Angola’s National Agency for Oil, Gas and Biofuels (ANPG) will be continuing its six-year licensing strategy into next year. While the ANPG is currently evaluating proposals received for the 2021/2022 bid round, additional onshore acreage will be made available through limited public tender in 2023, including four blocks in the Congo Basin and eight blocks in the Kwanza Basin. Read More
Uganda’s Ministry of Energy and Mineral Development announced that it will launch two licensing rounds in May 2023 to unlock additional discoveries and drive investment into the country’s growing upstream space. Despite being next to oil-rich South Sudan, Uganda has only explored 40% of its region and remains one of the final frontiers for African hydrocarbon exploration. The tender will be Uganda’s third licensing round and will seek to exploit over 6.5 billion barrels of estimated crude oil reserves located in the country. Read More
The Nigerian Content Development and Monitoring Board (NCDMB) has commissioned a specialized oil and gas institute in Nigeria, the Standard Institute of Technology (SIT), with the aim of scaling up the local workforce through the development of human capital. Launched after the 2022 Practical Nigerian Content Workshop earlier this month, the institute – located in Uyo, Akwa Ibom State and equipped with world-class facilities – will be key to enhancing the capacity of the local oil and gas workforce, while reducing the import of skilled labor across the industry – a key step for a country that has long-been reliant on foreign expertise. Read More
Export-Import Bank of the United States signed a $500-million Memorandum of Understanding (MoU) with the African Export-Import Bank to enhance its commercial ties on the continent, as well as another $500-million MoU with the Africa Finance Corporation to promote U.S.-Africa trade and support financing for trade-enabling projects. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $79.56 | Up |
| Crude Oil (Brent) | USD/bbl | $83.92 | Up |
| Bonny Light | USD/bbl | $81.14 | Up |
| Saharan Blend | USD/bbl | $82.02 | Up |
| Natural Gas | USD/MMBtu | $5.07 | Down |
| OPEC basket 22/12/22 | USD/bbl | $81.14 | Up |
Japan has announced a major U-turn in its energy policy after the Asian nation adopted a new policy promoting greater use of nuclear energy, effectively ending an 11-year prohibition and phase-out that was triggered by the Fukushima disaster.
Under the new policy, Japan will maximize the use of existing nuclear reactors by restarting as many as possible, prolong the operating life of old reactors beyond their 60-year limit and also develop next-generation reactors to replace them Read More
Baker Hughes Rig Count
U.S. Rig Count is up 3 from last week to 779 with oil rigs up 2 to 622, gas rigs up 1 to 155 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 103 from last week to 96, with oil rigs down 92 to 32, gas rigs down 11 to 64.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 22 December 2022 | 779 | +3 |
| Canada | 22 December 2022 | 96 | -103 |
| International | November 2022 | 910 | -1 |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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