Energy News Digest/ Press Release to 15th Feb. 2022. OPEC daily basket price stood at $95.16 a barrel, Mon, 14th Feb. 2022
Oil prices continue to roll towards $100 per barrel, as fuel demand recovers combined with fears Russia could invade Ukraine.
The price of petrol has hit a new record high, reaching 148.02p a litre on average today, as families across the UK continue to face the worsening cost of living crisis. This means it has surpassed the record price set on November 21 when drivers faced pump prices of an all-time high of 147.72p per litre on average.
Meanwhile, the cost of diesel has also surpassed the record price set on Friday and is now sitting at 151.57p per litre on average. A sharp rise in wholesale gas prices has led to energy regulator Ofgem raising the cap that limits what suppliers can charge consumers in England, Scotland and Wales by £693 to £1,971 a year from April – with a further hike expected in October. Read More
| Oil and Gas Prices | Units | Price $ | change |
| Crude Oil (WTI) | USD/bbl | $92.54 | Down |
| Crude Oil (Brent) | USD/bbl | $93.80 | Down |
| Bonny Light | USD/bbl | $95.97 | Up |
| Natural Gas | USD/MMBtu | $4.38 | Up |
| OPEC basket 14/02/22 | USD/bbl | $95.16 | Up |
In 2021, Neste’s renewable and circular solutions helped customers reduce their greenhouse gas (GHG) emissions globally by 10.9 million tons* altogether. This amount equals the annual carbon footprint of 1.7 million average EU citizens (source: World Bank) or the removal of 4.2 million passenger cars from the roads for a full year. “With the 10.9 million tons reduction in GHG emissions, we are more than halfway to our commitment of helping our customers reduce emissions with our renewable and circular solutions by at least 20 million tons of CO2e annually by 2030,” says Peter Vanacker, President and CEO of Neste. Read More
Europe’s biggest banks led by HSBC, Barclays and BNP Paribas have provided £24bn to oil and gas companies that are expanding production less than a year since pledging to target net zero carbon emissions, data shows. Investments to drill new oil wells and tap fresh gas reserves, backed by funds from major banks, appear to contradict commitments to international agreements and undermine efforts to accelerate the switch to renewable energy sources, the report said. Read More
State Gas Limited update on its current production testing activities.
Good progress is being made in its production testing of the Rougemont-2 well at the Company’s Rolleston-West Project (ATP 2062) in Central Queensland, where the Company is working to confirm the potential of the area for gas development. The well, drilled mid 2021, is being gradually dewatered to ensure a controlled reduction in downhole pressures and facilitate gas flow. Gas flows commenced approximately four weeks ago and have been consistently building since, even though the water levels remain above the top of the coals (currently ~35m above). Production is expected to materially increase once the coals are fully exposed, still some several weeks away. Read More
Golar LNG’s 4th Quarter 2021 results will be released before the NASDAQ opens on Thursday, February 24, 2022. In connection with this a webcast presentation will be held at 3:00 P.M (London Time) on Thursday February 24, 2022. The presentation will be available to download from the Investor Relations section at www.golarlng.com Read More
The world’s largest ethane carrier was named as the ‘Pacific INEOS Belstaff’ after the iconic Belstaff clothing brand, which is also owned by INEOS. The new ship joins INEOS’s growing carrier fleet and was primarily built to transport US ethane both to China and Europe. As the world’s first 99,000 CMB VLEC (Very Large Ethane Carrier) the vessel is fitted with type B tanks, a brand-new design for transporting ethane. The tanks allow optimisation of vessel capacity, fitting closely to the external shape of the vessel. The ship also has the potential to carry other products such as ethylene and LPG. Read More–>
Crude oil production is set for another increase next month, according to the U.S. Energy Information Administration’s latest edition of the Drilling Productivity Report released on Monday. According to the EIA, crude oil production in the seven most prolific U.S. shale basins is set to increase to 8.707 million barrels per day in March—a 109,000 bpd increase (1.3%)from February’s 8.598 million bpd, and an increase of 271,000 bpd from January’s tally. The largest increases are expected to be seen in the Permian basin (+71,000 bpd in March) and the Eagle Ford (+24,000 bpd). Read More
Iranian oil exports have risen to more than 1 million barrels per day for the first time in almost three years, based on estimates from companies that track the flows, reflecting increased shipments to China. 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 |
Eni and the University of Milano-Bicocca today signed a Joint Research Agreement (JRA) in the presence of Rector of the University of Milano-Bicocca Giovanna Iannantuoni, Eni Chairman of the Board Lucia Calvosa and Eni Chief Executive Officer Claudio Descalzi. The five years long agreement intends to launch a strategic collaboration on research projects of common interest, in areas related to the energy transition and for which the University is recognised as a centre of excellence.
In particular, the agreement defines six research areas: magnetic fusion, batteries, geothermal energy and hydrogeology, environmental applications, geo-bio-hydro-chemical characterisation and modelling, and sanitisation of spaces using plasma technologies. This agreement is in line with the objectives of the 2020/22 Strategic Plan of the University of Milano-Bicocca, which actively pursues and prioritises the activities of technology transfer and those relating to the third stream. Read More
Poland, the largest European Union nation to border Ukraine, is making preparations to accept Ukrainian refugees in the event of another Russian attack on that country. But the Polish government hopes that worst-case scenario can be averted.
Similar preparations are being made across the region, particularly in those nations which share borders with Ukraine.
As other countries draw down their diplomatic missions in Ukraine, Poland says it is for now keeping its diplomatic operations in place in case they are needed to facilitate a large-scale exit of Ukrainians. Read More
McDermott International has been awarded its largest ever renewable energy contract from TenneT for the BorWin6 980MW High-Voltage, Direct Current (HVDC) project. Through a consortium with Global Energy Interconnection Research Institute Co., Ltd. and C-EPRI Electric Power Engineering Co., Ltd. (GEIRI / C-EPRI), McDermott will provide engineering, procurement, construction, installation and commissioning (EPCIC) services. The project is for the design, manufacture, installation and commissioning of an HVDC offshore converter platform, located 118 miles (190 kilometers) offshore Germany on the Platform North Sea Cluster 7 in a water depth up to 131 feet (40 meters). Electricity generated from offshore wind farms will be converted into direct current and transported to an onshore converter station located 28 miles (45 kilometers) onshore near Büttel, Germany. Read More
Rolls-Royce is teaming up with UK rail rolling stock owner and asset manager Porterbrook, to identify and develop technological innovations to reduce carbon emissions and improve air quality across the rail network.
The two companies, who have signed a memorandum of understanding, will investigate the potential for the use of synthetic and net zero fuels, including hydrogen, both in fuel cells and internal combustion engines. Building on their recent success of jointly introducing hybrid battery-diesel railcars into passenger service, the two companies will also explore the potential for advanced hybridisation. The relationship also includes considering the role of the wider rail ecosystem in decarbonisation, including fuel chain supply, infrastructure and operational models that can aid innovation and the transition to net zero. The UK’s railway accounts for approximately 1% of all domestic greenhouse gas (GHG) emissions* and the Government’s ambition is to remove all diesel-only trains – both passenger and freight – from the network by 2040 and achieve a net zero rail network by 2050. The UK Government has identified a number of different routes to this target including alternative forms of power such as hydrogen, fuel cells, batteries, hybrid-electric and sustainable fuels. Read More
March Natural gas futures continued to slide on Friday despite a massive storage draw last week that was much bigger than usual for a fourth week in a row due to the cold start of 2022. Meanwhile, output recovered from last week’s freezing weather as forecasts calling for less cold and lower heating demand over the next two weeks than previously expected weighed on prices. Read More
Vertical Aerospace (“Vertical”) (NYSE:EVTL), a leading aerospace and technology company that is pioneering zero-emissions aviation, today announced that it has agreed a joint development program with Leonardo for the design, testing, manufacture and supply of the carbon composite fuselage for Vertical’s VX4 electric aircraft.
Vertical and Leonardo will work together on optimising lightweight composite structures, modular design, systems installation, and structural testing for the co-development of the aircraft’s fuselage. This is currently in place for at least six certification aircraft, up to the successful certification of the VX4. The agreement has also stated the potential to scale fuselage production to 2,000 aircraft a year to meet Vertical’s existing market-leading order book demand. Vertical has what it believes is the largest conditional pre-order book (by value) in the eVTOL industry, of up to 1,350 aircraft worth $5.4 billion from American Airlines, Avolon, Bristow and Iberojet, including pre-order options from Virgin Atlantic and Marubeni, and through Avolon’s placements, airlines JAL and Gol. Read More
South Fork Wind, a 50-50 joint venture between Ørsted and Eversource, has approved the final investment decision (FID) for the project that will be New York’s first offshore wind farm.
This final investment solidifies the companies’ commitment to the 132 MW offshore wind farm.
The FID also marked the start of the construction phase of the project.
To be located 56 kilometres (35 miles) east of Montauk Point, New York, and some 30 kilometres (19 miles) southeast of Block Island, South Fork is set to become fully operational at the end of 2023. The offshore wind farm will comprise twelve 11 MW Siemens Games turbines and will generate enough clean, renewable energy to power 70,000 homes, according to Ørsted and Eversource. Read More
Oil and gas firms that are not IR35 compliant could soon be hit with “penalty charges” as the ‘soft landing’ period wraps up. Changes to the off-payroll working tax rules were instigated by Her Majesty’s Revenue and Customs (HMRC) for the private sector in the UK in spring last year. Since April 6 medium and large oil and gas firms have been responsible for ruling whether a freelancer is self-employed or directly employed. IR35 reform implemented into the private sector in April of 2021, saw medium and large-sized businesses become responsible for determining the IR35 status of their contractors. These changes brought the private sector in line with the public sector. Read More
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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