Energy / Renewable Transition News Digest to 19th Feb. 2022. Rig Count Up by 11
BlackRock will continue to invest in oil and gas firms and is not boycotting the energy industry, the world’s biggest asset manager has said in a letter sent to Texas officials and trade groups after the top U.S. oil-producing state started considering dropping investors that it thinks are boycotting its energy industry.
“We will continue to invest in and support fossil fuel companies, including Texas fossil fuel companies,” executives at BlackRock wrote in a letter, which a spokesperson for the asset manager confirmed to Reuters was sent to Texas stakeholders earlier this year. Texas has passed a new law relating to state contracts with and investments in certain companies that boycott energy companies.
BlackRock has never said it would discontinue investments in fossil fuels, but it now has to balance the message to Texas, following the asset manager’s increased focus on ESG. Read More
What is going on with energy prices in the UK?
There’s an energy crisis in the UK, with a number of major issues causing prices to rocket. Here’s all you need to know. Suppliers buy energy from the wholesale market and then sell it to domestic and business energy customers. When wholesale prices go up, energy suppliers increase their rates to cover the extra costs and we’re all hit with higher energy bills Read More
Rwanda turns to electric motorbikes to drive down emissions. Rwanda Electric Motors Ltd converts motorcycles to run on electric in a bid to reduce air pollution in the capital Kigali. The company has converted around 80 motorcycle taxis so far, the most common form of public transport in Kigali, and developed another 200 brand-new electric motorbikes for use in the country. Read More
| Oil and Gas Prices | Units | Price $ | change |
| Crude Oil (WTI) | USD/bbl | $91.07 | Up |
| Crude Oil (Brent) | USD/bbl | $93.54 | Up |
| Bonny Light | USD/bbl | $93.66 | Down |
| Natural Gas | USD/MMBtu | $4.43 | Down |
| OPEC basket 17/02/22 | USD/bbl | $94.03 | Down |
Remarks by IMF Managing Director Kristalina Georgieva at the EU-AU Summit Roundtable on Financing for Sustainable and Inclusive Growth in Africa.
Excellencies, friends, it is an honor to join you today.
As the world emerges from an unprecedented crisis, all countries are struggling with challenges–but it is particularly true for Africa. Africa experienced a painful contraction in 2020. Since then, it has started growing again—but for many countries growth falls short of what is needed. In both 2021 and 2022, Africa’s projected growth trailed the global average. And it ought to be the other way around. Africa should outperform the rest of the world—so countries can create jobs and lift up living standards.
IMF actions to support Africa
It is in this context that we at the IMF have taken unprecedented action to support our member countries, especially on the African continent. I like to say: we are stepping up with and for Africa. Read More
$52 million investment will expand access to clean energy to communities in Illinois and South Carolina
Soltage LLC, announced an investment by Soltage’s Iris capital vehicle with Harrison Street in a 31 megawatt (MW) portfolio of five solar projects located in South Carolina and Illinois.
The portfolio consists of one project in Illinois and four projects in South Carolina. The electricity generated from these projects will be sold to municipal, commercial and residential community solar customers, as well as local utilities. These projects will create local green job opportunities and generate tax revenue for regional economies.
This is the most recent deployment from Soltage’s Iris capital vehicle with Harrison Street, a $250 million partnership announced in March 2021 to deploy 450 MW of solar and storage projects across the United States. This announcement brings the total investment deployed through the Soltage Iris vehicle to 16 total solar facilities and over 60 MWs. Read More
As of March 1st, 2022, Thierry Piéton, currently Deputy Chief Financial Officer and Controller, is appointed Chief Financial Officer of Renault Group. He becomes a member of the Board of Management (BOM) of Renault Group and will report to Luca de Meo, CEO of Renault Group. Clotilde Delbos will mainly focus on her role as CEO of the Mobilize brand, around RCI Banque SA of which she is the Chairman of the Board of Directors, to accelerate its development in the context of the Group’s transformation and the next stages of the Renaulution plan. Read More
Renault unveils the teaser for a new concept car embodying the commitments of its sustainable development strategy: environment, safety, inclusion This unprecedented concept-car, with a hydrogen engine, embodies the decarbonization trajectory of the Group and the Renault brand as well as their progress in terms of circular economy, recycled and recyclable materials On-board technological innovations serve the safety of the driver and users Inclusion is present through the diversity of the teams and the accessibility of the vehicle Read More–>
EDF Renewables Ireland is announcing plans to develop a c.50MW wind farm on land to the east of Broadford in Co. Clare. The proposed Lackareagh Wind Farm, which could power more than 35,000 homes*, will be located in the townlands of Killeagy and Shannaknock.
The project team is currently gathering wind data and mapping the environmental constraints on site which will be used to create a preliminary wind turbine layout. Detailed environmental studies will also be carried out at the site, including ecology, noise, landscape and visual assessments. The results of these studies, together with feedback gathered in consultation with local communities, will be used to determine the final wind farm layout and number of turbines. EDF Renewables Ireland intends to submit a planning application and an Environmental Impact Assessment Report in support of the project, which could consist of up to seven turbines, to Clare County Council in early 2023.
Subject to planning permission, the wind farm could be constructed and operational by 2026. A Community Benefit Fund commensurate with the size of the final project will be established to provide funding for local community initiatives and activities. Read More
A summary of results relating to EDF Energy in the UK is below:
UK EBITDA -£21million in 2021, vs. £712m in 2020
UK EBIT -£1.7billion in 2021, vs. -£862m in 2020
Significant losses reflect the ongoing impact of COVID-19, high global gas prices, and unplanned outages at UK nuclear power stations Hinkley Point C schedule remains unchanged with the start of electricity generation scheduled for June 2026, but COVID-19 continues to have an impact on the project Strong operating performance in residential business with over 650,000 accounts added and smart metering targets exceeded 2021 was a landmark year for progress on the company’s future operations, with legislation for a new financing model to be used by Sizewell C, the signing of the decommissioning agreement with UK Government, and further investment delivered in electric vehicles through the listing of Podpoint on the London Stock Exchange. By the end of 2021 had installed 160,000 chargepoints, up 70% on the year before. Read More
| Region | Period | Rig Count | Change |
| U.S.A | 18th February 2022 | 645 | +10 |
| Canada | 18th February 2022 | 220 | +1 |
| International | January 2022 | 841 | +7 |
Maersk Supply Service has been awarded an integrated solutions contract by Shell Brasil, for a station-keeping assignment during the removal of the emergency Gas Lift Riser on the FPSO Fluminense. The scope includes responsibility for the station keeping, including vessels, heading control procedures, towmasters, survey equipment and deck crew for the FPSO to manage turret operations. Two Maersk Supply Service anchor-handling tug vessels, Maersk Launcher and Maersk Lancer, are assisting with the offshore element of the contract, commencing their charter from Rio de Janeiro. Read More–>
Lamprell announced that it has received a limited notice to proceed (LNTP) from the Saudi-based contractor, Bas Global Marine Services (BGMS), in anticipation of the full award in Q2 2022. The full scope of work on this large* contract relates to the delivery and construction of multiple jack-up lift barges to BGMS. The scope of work under the LNTP is for early works, including the procurement of materials and mobilisation of the Group’s project management team. All project activities will be undertaken in Lamprell’s Hamriyah facilities and work will start immediately, with project completion planned for 2H 2023. Read More–>
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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