Energy News Digest/ Press Release to 14th Feb. 2022. OPEC daily basket price stood at $92.85 a barrel, Fri, 11th Feb. 2022
Chronic underperformance by OPEC+ in meeting its output targets and rising geopolitical tensions have propelled oil prices higher. Benchmark crude prices rose by more than 15% in January to cross the $90/bbl threshold for the first time in more than seven years. Global oil stocks at multi-year lows and dwindling OPEC+ spare capacity have left the market with only a small cushion says the International Energy Agency
Despite higher demand and the recurring failure of OPEC+ to meet its targets, the market is still set to shift to surplus in 2022. Non-OPEC+ producers could add 2 mb/d of supply, and if OPEC+ cuts are fully unwound, the bloc could increase output by 4.3 mb/d. Of course, that would come at the expense of effective spare capacity, which could fall to 2.5 mb/d by the end of the year and end up held almost entirely by Saudi Arabia and, to a lesser extent, the UAE. Iran, if released from sanctions, could add another 1.3 mb/d.
| Oil and Gas Prices | Units | Price $ | change |
| Crude Oil (WTI) | USD/bbl | $92.75 | Up |
| Crude Oil (Brent) | USD/bbl | $94.07 | Up |
| Bonny Light | USD/bbl | $94.57 | Up |
| Natural Gas | USD/MMBtu | $4.15 | Up |
| OPEC basket 10/02/22 | USD/bbl | $92.85 | Down |
The U.S. Department of Energy (DOE) issued two notices of intent to provide $2.91 billion to boost production of the advanced batteries that are critical to rapidly growing clean energy industries of the future, including electric vehicles and energy storage, as directed by the Bipartisan Infrastructure Law. The Department intends to fund battery materials refining and production plants, battery cell and pack manufacturing facilities, and recycling facilities that create good-paying clean energy jobs. The funding is expected to be made available in the coming months and will ensure that the United States can produce batteries, as well as the materials that go into them, to increase economic competitiveness, energy independence, and national security. Read More
The U.S. Department of Energy’s Bioenergy Technologies Office (BETO) in the Office of Energy Efficiency and Renewable Energy (EERE) and the Office of Fossil Energy and Carbon Management’s (FECM’s) Carbon Utilization Program announced up to $19 million in federal funding for the advancement of technologies that utilize waste carbon to reduce greenhouse gas (GHG) emissions and produce reliable feedstocks for biotechnologies. Read More
Humber Refinery gigafactory: Britain’s best-kept industrial secret is an unexpected solution to saving the planet. The Humber Refinery is one of the most important links in the supply chain for the most important product of the green industrial revolution Read More–>
Nigeria’s Oando did not import poor quality petrol into the country, it said on Friday, in response to allegations by the state oil firm that it, along with three other firms, had supplied unusable methanol-blended fuel. Read More
Russia could get an additional $65 billion for its state coffers this year if higher oil prices remain resilient, Bloomberg reported this week, citing estimates made by economists. For the windfall to realize, prices need to remain around $90 per barrel of Brent for the rest of the year, according to the estimates. Yet with many forecasters expecting even higher prices later in the year, topping $100 and more, Russia may gain a lot more, up to $73 billion in additional oil revenues.
With gas prices high, too, Russian fossil fuel revenues are set to go even higher in total. Read More
| Region | Period | Rig Count | Change from Prior Count |
| U.S.A | 11th February 2022 | 635 | +22 |
| Canada | 11th February 2022 | 219 | +1 |
| International | January 2022 | 841 | +7 |
Enbridge Inc. reported strong full year 2021 financial results. Full year GAAP earnings of $5.8 billion or $2.87 per common share, compared with GAAP earnings of $3.0 billion or $1.48 per common share in 2020
Adjusted earnings* of $5.6 billion or $2.74 per common share, compared with $4.9 billion or $2.42 per common share in 2020
Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $14.0 billion, compared with $13.3 billion in 2020
Cash provided by operating activities of $9.3 billion, compared with $9.8 billion in 2020 Distributable cash flow (DCF)* of $10.0 billion or $4.96 per common share, compared with $9.4 billion or $4.67 per common share in 2020 Read More
South Korean oil refiner Hyundai Oilbank has agreed to provide Won 3 trillion ($2.5 billion) worth of refined oil products to oil giant Saudi Aramco’s trading arm, Aramco Trading, for 2022, a company official said Feb. 11.Under the deal, Hyundai Oilbank will supply around 10,000 b/d of gasoline, 50,000 b/d of diesel and 20,000 b/d of jet fuel to Aramco Trading Singapore from Feb. 8 to Dec. 31, the official said. Read More
Dubai to start driverless taxi service by end of 2022
Hamdan Mohammed announces RTA Dubai has signed an agreement with General Motors Co’s Cruise self-driving car subsidiary to operate its autonomous vehicles in Dubai starting in 2023, adding that the self-driving fleet will reach 4,000 vehicles by 2030 Read More
Honeywell has been selected to provide its new HTS7500 turboshaft engine as the power behind the Lockheed Martin Sikorsky-Boeing DEFIANT X® helicopter, currently a contender to win the U.S. Army’s Future Long-Range Assault Aircraft (FLRAA) competition.
The HTS7500 turboshaft engine is the newest and most technologically advanced model in Honeywell’s family of military engines, which includes the iconic T55 engine that has powered the H-47 fleet for over 60 years. Like the T55, the HTS7500 is a highly reliable engine designed to thrive in austere environments and to perform to keep military personnel safer. The HTS7500 enhances mission readiness and exceeds mission power and fuel consumption requirements. The new engine comes equipped with a modernized control system, which enables a highly secure flow of engine data. The control system improves operating capabilities, reduces life-cycle costs, and ensures engine health status through its digital thread road map. Read More
Honeywell UOP announced that Tüpras has selected ISOALKY™ technology to produce high-quality alkylate at Tüpraş refineries, making the Turkish company the latest to convert to the new liquid alkylation process to meet the demands for cleaner-burning fuels. The announcement the ISOALKY units by Tüpras follows the announcement that Big West Oil will revamp its existing HF unit with ISOALKY technology. Read More
Honeywell today announced that it has introduced a new solution for producing renewable naphtha for petrochemical production using the commercially proven Honeywell UOP Ecofining™ technology. The new pathway can produce high yield of naphtha from sustainable feedstocks like used cooking oil and animal fats. Naphtha is a valuable petrochemical feedstock used in the production of plastics, specifically olefins that are building blocks for other chemicals and aromatics that are used to produce polyester and other packaging materials. Naphtha is traditionally derived from crude oil and natural gas condensates but can now be produced from renewable feedstocks. Renewable naphtha from sustainable feeds such as used cooking oil has a 50%-80% lower greenhouse gas footprint compared to petroleum feeds, depending on the feedstock. Read More
Engineering and maintenance contractor Bilfinger UK has secured a major contract to deliver fabric maintenance campaign services on TotalEnergies’ Elgin and Franklin platforms located in the UK Central North Sea.
The contract supports a 270-day campaign on the installations and will start in March 2022, creating 300 fixed-term positions. Bilfinger will provide fabric maintenance, scaffolding and rope access personnel.
Mike Henderson, business development and commercial director at Bilfinger UK, said: “We’ve supported TotalEnergies to operate and maintain its North Sea assets for more than a decade.
“This new contract win is testament to the strong relationship we’ve built with the operator’s team over this period, and to the skills and expertise within Bilfinger for successfully delivering critical offshore projects. We’re proud to be part of the team helping to extend the life of these offshore assets.” Read More
KBR was awarded a $207 million task order to conduct multi-disciplined analyses and develop recommendations to enhance the capabilities of the Phased Array Tracking Radar to Intercept on Target (PATRIOT) missile defense system. KBR was awarded this contract under the Department of Defense Information Analysis Center’s (DoD IAC) multiple-award contract vehicle designed to develop and create new knowledge for the DoD. Read More
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
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