Oil and Gas, Press, Energy News Brief, 05 Nov. 2021
OPEC+ group of major producers agreed on Thursday stick to its plans to raise oil output by 400,000 barrels per day from December.
Chinese refiners have ramped up crude runs and optimised diesel yields in recent weeks to meet the supply shortfall, drawing incremental crude supplies from onshore inventories which have fallen by 50mb (or 835kbd) over the last two months and reached an almost two-year low of 790mb last week. High oil prices and the lack of crude import quotas have deterred refiners from ramping up crude purchases. Crude arrivals into China have slid for the third consecutive month to 8.3mbd in October, down nearly 10% versus the same period last year. But crude imports and diesel supplies are likely to see an upturn this month, as a flotilla of VLCCs floating offshore China’s Zhoushan and Zhejiang provinces are now discharging their cargoes after the recent fourth and fifth batches of import quotas were allocated to the independent refiners. Read More
The CEO of Eni, Claudio Descalzi, has met with the President of the Republic of Mozambique, Filipe Nyusi today. The Minister of Mineral Resources and Energy Max Tonela also took part in the meeting. Mr. Descalzi updated President Nyusi on the Eni-led Coral South Project, which will put in production Mozambique’s gas resources. The project is on track and the Coral Sul FLNG, being finalized in South Korea, is set to become the world’s first ultra-deepwater FLNG and the first LNG producer in Mozambique. Coral South – a landmark project for the industry – will project Mozambique onto the global LNG stage, paving the way to a transformational change of the Country through development of gas resources, one of the most effective solutions to ensure a just energy transition. Mr Descalzi and President Nyusi also discussed opportunities in the agro-industrial chain, focused on the valorization of agricultural waste and the cultivation of oleaginous plants that do not impact on food production. These would be converted into premium biofuels thanks to proprietary technology in Eni’s biorefineries. The initiatives would ensure job creation and allow farmers direct access to market. Read More
The Abu Dhabi Department of Energy today confirmed key sector initiatives over the next decade to help accelerate the UAE’s sustainable economic growth while supporting its ambitious Net Zero By 2050 Strategic Initiative, during COP26 in Glasgow.
The DoE outlined nine existing and planned projects focused on clean energy generation from solar and nuclear sources, electrification of the water production system through reverse osmosis (RO) technology and enabling policies and energy efficiency measures. When combined they can reduce emissions associated with power generation and water production by at least 50 percent in the next 10 years.
Eng. Awaidha Al Marar, Chairman of the Abu Dhabi Department of Energy, said, “Building on a 15-year track record of climate innovation and the UAE’s enduring support for the Paris Climate Agreement, our commitment is underpinned by a strategic shift to low-carbon technologies with large-scale investment in solar and nuclear energy to drive down emissions. For instance, Abu Dhabi has developed a world-class sustainability investment vehicle through the launch of Masdar City in 2008 as one of the world’s first carbon-neutral developments. Since then, we have taken the lead regionally in deploying renewable energy. Read More
The UAE has endorsed the Glasgow Leaders’ Declaration on Forests and Land Use that commits countries to working collectively to halt and reverse forest loss and land degradation by 2030 while advancing sustainable development and promoting an inclusive rural transformation. Over 90 countries have supported the declaration at the COP26 Leaders’ Action on Forests and Land Use Event during the World Leaders’ Summit. The forum convened governments, companies, financial actors, and non-state leaders to raise ambition on forests and land use in a way that delivers for the climate, people, economic development, and biodiversity.
Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment, said: “When forests are lost and land is degraded, we are at a risk of losing the countless services these vital ecosystems offer, such as providing critical habitats for biodiversity and acting as natural carbon sinks to regulate climate at the forefront. We believe in the multilateral process as key to solving global challenges. Therefore, the UAE has endorsed the Glasgow Leaders’ Declaration on Forests and Land Use, and will work with other like-minded nations to end and reverse forest loss and land degradation worldwide. We urge all leaders to join forces in the global transition to sustainable land use.”
In the fight against land degradation, the UAE reinforces its blue carbon ecosystems – coastal vegetation such as mangrove forests, saltmarshes, and seagrass meadows. Mangrove forests serve as powerful carbon sinks that sequester CO2 and enhance environmental resilience, thus offering considerable climate change mitigation and adaption benefits as well as providing critical habitats for biodiversity. Read More
The Board of Directors of Eni gas e luce has appointed Stefano Goberti as the company’s Chief Executive Officer.
With his years of managerial experience in the field of finance at Eni Group, Stefano Goberti will lead the new company that integrates Eni’s gas&power retail activities together with the production of energy from renewable sources. The new company is aiming for a stock market listing in 2022. As announced in October, the strategy, objectives and name of the new company will be communicated to the market at the Capital Markets Day scheduled for 22 November. The Board of Directors of Eni gas e luce has also appointed Rita Marino as the company’s Chairman. Read More
Direct gas supplies via the Yamal-Europe pipeline to Germany resumed on Thursday afternoon after five days of shutdown and reverse in the opposite direction, according to the information of the European gas transmission operator Gascade.
Thus, the volume of supplies in the first hour after the pumping was resumed reached 186,600 cubic meters.
Meanwhile, gas prices in Europe fell by almost 4% to $877 per 1,000 cubic meters, according to the ICE exchange. Yamal – Europe gas pipeline passes through the territory of four countries – Russia, Belarus, Poland, and Germany. Its design capacity is 32.9 bln cubic meters of gas per year. Read More
The gas crisis in Moldova has exposed problems in relations between Moscow and Chisinau, President of the republic, Maya Sandu said in an interview with the Moldova-1 TV channel on Thursday. She was commenting on the difficulties the Moldovan delegation faced in negotiations on gas prices. “The gas contract concerns our relations with the Russian Federation. Obviously, there are some serious problems [in relations] and those that are simpler. We have always been sincere and said that we are interested in pragmatic and constructive cooperation based on mutual respect,” the Moldovan President said. Read More
Referring to the energy crisis soaring energy costs, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman argued that “oil is not the problem”. Indeed, the energy crisis began with a natural gas crisis that eventually spilled over into coal before snowballing into fertilizer, food, and various other crises as it spread to Asia and throughout the globe. The Saudi Prince offered the market a solution: focus on the supply of natural gas to Europe and Asia—where the problem originated. This would include the infrastructure that brings the supplies to market. Read More
| Commodity Prices | Units | Price $ | Change |
| Crude Oil (WTI) | USD/bbl | $79.65 | Up |
| Crude Oil (Brent) | USD/bbl | $81.20 | Up |
| Bonny Light | USD/bbl | $81.53 | Down |
| Natural Gas | USD/MMBtu | $5.56 | Down |
| OPEC basket 04/11/21 | USD/bbl | $81.42 | Down |
US oil, gas rig count The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.
| Region | Period | No. of Rigs | Change |
| U.S.A | 29th October 2021 | 544 | +2 |
| Canada | 29th October 2021 | 166 | +2 |
| International | Oct.. 2021 | 800 | +13 |
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