Daily Energy/Automotive News; OPEC $85.54/bbl, WTI Crude $82.27/bbl,
London, 20, June 2024, (Oilandgaspress): – Oil prices rose on Wednesday as summer demand optimism and concerns over escalating conflicts offset an industry report that said U.S. crude inventories unexpectedly rose.
The UK Supreme Court ruled on Thursday that a local council unlawfully granted approval to an onshore oil drilling project as planners must have considered the emissions from the oil’s future use as fuels, in a landmark case. By a three-to-two majority, the Supreme Court allowed the appeal from Sarah Finch on behalf of the Weald Action Group? and other environmental organizations against Surrey County Council, which had granted planning permission to expand oil production from a well site at Horse Hill near Horley in Surrey, close to the Gatwick airport.
The judge considered that the emissions occurring on combustion cannot in law be regarded as effects of the project because what is burnt as fuel will not be the crude oil produced from the well site but an end product made at a separate facility where the oil will be refined. The Supreme Court rejects this argument. The process of refining crude oil does not alter its basic nature or intended use and cannot reasonably be regarded as breaking the causal connection between the extraction of the oil and its subsequent combustion
The judges wrote in the judgment that “It is an agreed fact that, if the project goes ahead, it is not merely likely but inevitable that the oil produced from the well site will be refined and, as an end product, will eventually undergo combustion, and that that combustion will produce greenhouse gas emissions.” Read full article
The Danish Energy Agency has awarded INEOS and its partners, Wintershall Dea and Nordsøfonden an exploration licence for onshore CO2 storage in the Gassum formation in Jutland, Denmark. Wintershall Dea will act as the operator for the licence.
The Danish subsurface has significant potential for CO2-storage. According to analysis by the Geological Survey of Denmark and Greenland (GEUS), there is capacity to store between 12 and 22 billion tonnes of CO2 in the Danish subsurface, equivalent to 400 to 700 times Denmark`s annual CO2 emissions.
GEUS has identified significant potential for safe CO2 storage within the Gassum licence. The partners in the Gassum licence will now start the exploration process towards potential permanent storage of Danish and European CO2 in the Gassum formation. Experience gained from the INEOS-led Project Greensand and its pilot phase will be utilized in this endeavour, with investigations conducted in close dialogue with national and local authorities in Denmark. Read More
Equinor has been awarded its first CCS exploration permit in Denmark as operator, together with partners Ørsted and Nordsøfonden. The partnership will start surveys to assess if the onshore license in the North West Zealand can be developed into a safe CO2 storage facility.
The partners were today awarded permit holders for the project named CO2 Storage Kalundborg, with a reservoir approximately 1400 meters below ground, and with a potential capacity to store up to 12 million tons of CO2 per year.
If the partnership over the next years successfully develops the permit into a CO2 storage facility approved by the Danish authorities, it could start storage of CO2 at the end of this decade. Operator Equinor holds a 60 per cent share in the awarded exploration license, with partner Ørsted having a 20 percent stake, and the Danish state participating through Nordsøfonden with a 20 percent equity. Equinor expect 4-8 per cent real base project returns for its early phase CO2 storage business, and further value uplift potential when commercial markets are developed. Read More
Nexergy Holdings PLC, a pioneer in green energy investments, has been recognized as the “Company of the Year” 2024 in Green Energy Investment by Energy Business Review Europe.
The Company of the Year Award from “Energy Business Review Europe” comes after a rigorous industry-wide selection process that recognizes Nexergy Holdings PLC for its groundbreaking solutions, investment, active participation in events and conferences, recent expansions, and product launches.
“Energy Business Review Europe” is a leading source of insights and analysis within the energy sector, catering to industry executives and decision-makers in renewable energy, oil, gas, and emerging technologies. With a readership of over 53,000 professionals, it serves as a vital platform for staying informed about the latest industry trends and innovations.
Jason Turner, Managing Director of Nexergy Holdings PLC, said, “We envision a future powered by a diverse portfolio of clean, renewable energy sources, where innovative technologies can support and deliver the energy needs of society whilst supporting wider environmental stewardship and economic growth. Our mission is to be a core part of that future, and to accelerate the adoption and transition to sustainable energy by investing in pioneering companies that offer scalable, clean eco-friendly solutions.” Read More
BW ENERGY – MANDATORY NOTIFICATIONS OF TRADE AND DISCLOSURE OF SHAREHOLDING
Reference is made to the stock exchange announcement published on 6 May 2024 regarding the planned corporate restructuring of BW Group Limited’s (“BW Group”) ownership in BW Energy Limited (“BW Energy”) from the maritime business held by BW Group, and the exemption from mandatory offer obligation granted in connection therewith.
BW Group has today, as part of the above corporate restructuring, sold all of its shares in BW Energy to BW Energy Holdings Limited (“BW Energy Holdings”) (the “Transfer”). The Transfer took place at the carrying value of the BW Energy shares in BW Group’s books.
BW Group and BW Energy Holdings are close associates of Andreas Sohmen-Pao, Chairman of the board of directors of BW Energy. Please refer to the attached notification of trading for further details.
Disclosure of shareholding:
Following the purchase of 191,903,110 shares in BW Energy, BW Energy Holdings holds approximately 74.38% of the issued share capital and voting rights in BW Energy.
Following the sale of all of its 191,903,110 shares in BW Energy, BW Group has reduced its shareholding from approximately 74.38% to zero and will no longer own any shares or hold any voting rights in BW Energy.
Sebastien Brochet, Group CFO Read More
The Day of the Seafarer (25 June) recognises the vital contribution made by seafarers from all over the world to the global community. This year, the focus of the day is on safety tips at sea, a critical factor in seafarer wellbeing. MedSea, the maritime arm of International SOS, offers practical measures for organisations to prevent common injuries, illnesses and safety concerns onboard commercial vessels, complemented by data which highlights the diverse health challenges among seafarers.
MedSea’s assistance case data from 2023 shows that seafarers suffer from a wide variety of health issues onboard, each of which provides important learnings for management.
Musculoskeletal problems, often caused by improper lifting techniques, posture and repetitive tasks, have always been a concern for seafarers. In 2023, it emerged as the fourth most common medical case type, with a significant portion (40%) involving the neck and back. Additionally, one-third of all cases where seafarers are deemed unfit for duty were attributed to musculoskeletal problems.
In 2023, dental cases saw a concerning rise, jumping from MedSea’s sixth most common medical case category to the second. 67% of these cases required further shoreside evaluation, which is higher than average compared to other medical case types. When crew members cannot be immediately attended to by a dentist onshore, the pain and discomfort they experience may affect their job performance, concentration, sleep, and safety.
It is also important to consider the impact of chronic health conditions that many seafarers suffer from, primarily due to non-communicable diseases (NCDs). Hypertension is reported to be the most common chronic condition onboard ships, followed by diabetes, depression and obesity. When incorrectly managed, NCDs pose significant health risks to seafarers, potentially leading to complications and even medical emergencies, requiring vessel diversions and delays. The World Health Organization (WHO) stated that the increasing trend of NCDs will continue worldwide. By around 2050, chronic diseases such as cancer, diabetes, cardiovascular diseases and respiratory illnesses will account for 86% of the 90 million fatalities each year[1].
Whilst cardiovascular diseases represent a much smaller number of overall MedSea cases, globally they account for most NCD deaths, or 17.9 million people annually1. This poses a significant threat as potential consequences, such as a heart attack and a stroke can be potentially life-threatening. Protecting heart health, for example through eliminating tobacco use, should be a key priority for all onboard.
Dr Katherine Sinclaire, Senior Medical Advisor at MedSea says “As we celebrate the Day of the Seafarer and recognise their critical role, it is important to acknowledge the unique health challenges they face. Long stretches at sea, isolation and exposure to harsh environments can significantly impact crewmembers’ wellbeing and exacerbate chronic conditions like hypertension, diabetes and mental health conditions. As an industry, we must continue to focus upon prevention and improving the overall health and welfare of our seafarers.
“Organisations within the Maritime industry have a Duty of Care that goes beyond basic medical facilities onboard and moves towards proactive health management programmes, designed to address the specific challenges seafarers encounter. As we enter the northern hemisphere summer with temperatures expected to rise due to climate change, seafarers are likely to be exposed to unseasonably high temperatures. Running awareness campaigns about safe working practices in hot environments can significantly reduce the risk of heat-related illness among seafarers”. Read More
Women in Sustainability, Environment, and Renewable Energy (WiSER) – a global initiative established by the UAE’s two leading sustainability champions, Masdar and the Zayed Sustainability Prize – has successfully completed the latest instalment of its WiSER Cares program.
Taking place in Marrakesh, and entitled, “Adaptive Agriculture: Innovations in Technology and Practice for Water-Scarce Communities,” the course formed part of WiSER’s multidisciplinary program to engage members in sustainable community development.
WiSER Cares program completes a five-day course on adaptive agriculture in Marrakesh, Morocco.
Course focused on addressing three core climate challenges facing the agriculture sector: water scarcity, soil degradation and erosion, and invasive pests and diseases.
Eighteen WiSER Pioneers and local participants discovered invaluable insights into climate-resilient adaptive agriculture.. Read More
Emerge, a joint venture between Masdar and EDF Group, has signed an agreement to install a 3MWp rooftop solar PV plant for leading UAE steel pipe manufacturer and exporter, AJ Steel Pipes.
The decarbonization of “hard-to-abate” industries is one of the priorities identified at COP28 for achieving a carbon neutral future. Steel companies such as AJ Steel Pipes are looking to utilize efficient and carbon-free solutions that combine innovation and technology to achieve a more sustainable operation.
Situated on the roof of AJ Steel Pipes’s facilities in Mussafah, Abu Dhabi, the plant will offset over 2,500 tonnes of CO2 emissions a year and generate more than 5,000MWh of electricity annually.
The plant, consisting of more than 5,000 solar PV modules, will be delivered by Emerge as a turnkey solution, including finance, design, procurement, construction, operations, and maintenance of the solar modules for 25 years. Read More
The UAE has the eighth largest pipeline of energy storage projects as the world prepares for the energy transition to renewables.
While the value of projects in the emirates is dwarfed by that of the USA, which has more than $17 billion worth in the pipeline, research by BMI shows that there are large projectsin the pipeline in the emirates as well as in Saudi Arabia.
The ENOWA energy storage project at Saudi gigaproject NEOM is reported by Meed to have a capacity of 2,200 MW,and the Emirates Energy Storage project, which was commissioned by Emirates Water and Electricity Company (EWEC), will have a capacity of 400MW.
BMI said the next decade will see accelerated growth of the power storage sector, with grid stabilisation the main reason for power storage uptake, alongside falling project costs.
Mainland China and Australia will see the highest growth in Asia, while Germany will be at the forefront of the European growth, and the US, Canada and Chile leading the Americas.
Canada has the third largest pipeline of projects by value, followed by Mainland China and the UK, which has grown rapidly due to government support. Read More
Nexergy Holdings PLC, a pioneer in green energy investments, has been recognized as the “Company of the Year” 2024 in Green Energy Investment by Energy Business Review Europe. The Company of the Year Award from “Energy Business Review Europe” comes after a rigorous industry-wide selection process that recognizes Nexergy Holdings PLC for its groundbreaking solutions, investment, active participation in events and conferences, recent expansions, and product launches. Read full article
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $82.27 | Up |
| Crude Oil (Brent) | USD/bbl | $85.87 | Up |
| Bonny Light | USD/bbl | $85.54 | Up |
| Saharan Blend | USD/bbl | $84.74 | Up |
| Natural Gas | USD/MMBtu | $2.81 | Down |
| Murban Crude | USD/bbl | $85.10 | Up |
| OPEC basket 19/06/24 | USD/bbl | $85.54 | Up |
For the eighth year, JLR hosted the annual Global Supplier Excellence Awards, celebrating over 50 of its top strategic suppliers for their impact and contribution towards the company’s most profitable year on record. Six winners were recognised for their extraordinary contribution in cost transformation, operational delivery and sustainability for the business. JLR celebrated the outstanding achievements of its global supply chain on Tuesday 18 June, which took place at Classic Works with guest host, Amanda Stretton.
Following from the previous year, the Supplier Excellence Awards were based on JLR’s Creators’ Code values. This year, along with the five core values (Customer Love; Unity; Integrity; Growth; Impact) to award their top performing suppliers, JLR introduced an additional award; the “Exceptional Creators Award”. This new award was introduced to highlight a supplier who has received nominations across multiple categories and exemplifies outstanding behaviours in all aspects of their work with JLR, fully demonstrating all aspects of the Creator’s Code.
Customer Love rewards suppliers who demonstrate passion and care for clients. Unity rewards suppliers who consistently demonstrate that they work collectively as a single team. Integrity rewards suppliers for their trust by speaking openly and honestly, with respect for others at the forefront of their daily operations. Growth rewards those who proactively take the initiative to facilitate efficiency and change through providing honest feedback, and finally Impact, rewards those who truly make a difference. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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