Energy / Automotive News As Reported to 28 Feb 2023
London, Feb 28 (Oilandgaspress) , Brent Crude stood at $83.00/bl, WTI Crude at US$76.46/bl.
Oil steadied pending tighter US monetary policy against optimism for a demand recovery in China and supply disruption in Europe due to ongoing war in Ukraine.Poland’s largest oil company, PKN Orlen SA , unexpectedly stopped receiving crude via the Druzhba pipeline from Russia.
U.S. Environmental Protection Agency (EPA) announced $21,410,211 in grant funding to 16 institutions for community-based research to examine how climate change may compound adverse environmental conditions and stressors for vulnerable populations in underserved communities.These grants will support research projects that will use community-based participatory research approaches that aim to empower the partnering underserved communities with science-based resilience-building solutions to protect their most vulnerable residents. Read More
Watson Farley & Williams (“WFW”) has advised Vancouver-based San Cristobal Mining Inc. (“SCM”) on the financing for its purchase of the San Cristóbal mine in Bolivia from Sumitomo Corporation. The acquisition was completed under the terms of a stock purchase agreement which sees SCM acquire all the issued and outstanding shares of Commercial Metales Blancos AB, SC Minerals Bolivia S.R.L and other subsidiaries which hold all of the equity interests in the mine. The San Cristóbal mine has one of the largest deposits of zinc, lead, and silver in the world and is the largest mining operation in Bolivia. The operation focusses on the production of zinc-silver and lead-silver mineral concentrates. SCM is a private Canadian mining company comprising exploration, mining, operations and finance professionals with substantial international experience in the mining industry. Sumitomo is a leading Fortune 500 global trading and business investment company with 111 international locations and 20 locations in Japan. Read More
Arrow Exploration Corp., the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an update on the drilling of Rio Cravo Este-3 (“RCE-3”), an appraisal well on the Tapir Block in the Llanos Basin of Colombia, and is providing an operations update. RCE-3 Update
The RCE-3 well reached total depth on February 16, 2023. RCE-3 is location within the Rio Cravo Este oil field, located on the Tapir Block in the Llanos Basin of Colombia. The well was drilled to a total measured depth of 8,880 feet (8,087 feet true vertical depth) and encountered seven hydrocarbon bearing intervals totaling 58 net feet of oil pay (measured depth).
The following hydrocarbon bearing intervals have been identified:
• Carbonera C7: 19 feet net oil pay over three intervals
• Lower Gacheta: 39 feet net oil pay over four intervals
Interval thicknesses are not necessarily indicative of long-term performance or ultimate recovery. It is expected that the RCE-3 well will begin production in early March 2023. The rig will then be moved to the RCE-4 location with the intention that RCE-4 will spud within two days of RCE-3 being brought on production. Read More
Abraj Energy Services, Oman’s leading oilfield services provider which opened its initial public offering (IPO) on February 20, has signed a strategic partnership deal with Saudi Arabian Chevron and Kuwait Gulf Oil Company in the field of drilling and oil extraction to expand its regional presence.
Abraj said its strategic partnership with Saudi Arabian Chevron and Kuwait Gulf Oil Company is aimed at enhancing opportunities between the two parties through drilling and oil extraction for a period of five years.
Global oil giant Chevron is a major player in Saudi Arabia’s energy market having a continuous upstream presence in the kingdom for more than seven decades. Kuwait Gulf Oil Company, a wholly-owned subsidiary of Kuwait Petroleum Corporation for upstream oil and gas operations, represents the interest of the State of Kuwait in the Partitioned Zone (PZ) which lies alongside the border between Kuwait and Saudi Arabia.
The partnership agreement will see Abraj build three drilling platforms and provide other related services for the Wafra oil field project located within the onshore Partitioned Neutral Zone (PZ) in the southern part of Kuwait, Abraj said in a press statement on Saturday. Read More
Abraj Energy Services, Oman’s leading oilfield services provider which launched its initial pubic offering (IPO) on February 20, will add 11 new drilling rigs to its fleet during the next five years as part of its expansion plans, the company informed on Wednesday.
Abraj organised an informative session at the Muscat Stock Exchange on Wednesday to highlight the IPO of its shares. During the session, the company expressed confidence in achieving the highest regional growth and providing attractive opportunities for investors.
As part of its growth plans, the company explained that 11 new drilling rigs will be added during the next five years, Abraj said in a press statement.
Abraj said it has been awarded a contract in Kuwait for a fixed duration of five years in addition to an optional additional period of two years. ‘By virtue of this contract, the company will provide three drilling rigs for this project, slated to commence in 2024. The new project will be added to the company’s operations record within drilling as well as well maintenance and services.’ Read More
Oman’s daily average production of crude oil continued to remain above 1mn barrels per day (bpd) in January, up by nearly four per cent in comparison to daily average output recorded in the same period of last year.
Daily average oil output during January 2023 increased to 1.065mn bpd compared with 1.028mn bpd in the same period of 2022, the data released by National Centre for Statistics and Information (NCSI) showed on Monday. The sultanate’s total oil production in January 2023 grew by 3.6 per cent to 33.023mn barrels compared to 31.869mn barrels in the same period of last year. Of the total production, crude output rose by 3.5 per cent year-on-year to 25.978mn barrels during January, while condensates output increased 4.1 per cent to 7.045mn barrels during the first month of 2023. The sultanate’s total oil production for the full year 2022 had increased by nearly 10 per cent to 388.4mn barrels compared to 354.5mn barrels recorded in 2021. Oil exports decline 6.9% Read More
88 Energy Limited reports that the Hickory-1 ice pad construction is nearing completion and that pre-spud operations are on schedule. The Hickory-1 well is located within 88 Energy’s Project Phoenix acreage, directly adjacent to the Trans-Alaska Pipeline System and the Dalton Highway. Mobilisation of Nordic Calista’s Rig-2 to the Hickory-1 well location is expected to commence shortly, together with equipment and services relating to the well operations. Hickory-1 spud remains on track for early March 2023.
The well is designed to appraise up to six conventional reservoir targets within the SMD, SFS, BFF and KUP reservoirs and 647 million barrels of oil1,2 and is permitted to a total depth (TD) of up to 12,500 feet. The primary targets for the well are the 3 SMD reservoirs (SMD-A, B and C), with the SFS and BFF reservoirs considered secondary targets. The KUP reservoir is a tertiary target and will be drilled subject to time remaining in the season, borehole conditions and other technical considerations.
The Hickory-1 surface hole is planned to be drilled to 3,500 feet, with 9 5/8” surface casing installed and the blow-out preventer system tested. This is anticipated to take up to two weeks in total. Drilling to TD is then expected to take a further two weeks, at which point a targeted wireline logging program is scheduled. Read More
Touchstone Exploration Inc. reports that on February 24, 2023, the Company was notified by The National Gas Company of Trinidad and Tobago Limited (“NGC”) that they expect to be ready to receive first gas from the Cascadura natural gas and associated liquids facility on or about June 30, 2023. Touchstone remains on track to complete the Cascadura facility prior to this date to ensure production can commence as soon as NGC is in a position to receive first gas. The approximate construction status of the Cascadura facility is as follows:
• the civil and concrete foundation work for the main process facility equipment is complete;
• the flare stack is procured, with the associated foundation work commencing imminently;
• the communication tower is approximately 80 percent complete;
• the pipe racks are approximately 90 percent assembled with hydrotesting initiated, and the units are expected to arrive at the facility within the next three weeks;
• on-site condensate tanks are approximately 65 percent complete;
• the compressors, separators, and vapour recovery units have been safely transported to the facility;
and
• all process equipment for the facility has been acquired. Read More
i3 Energy plc , an independent oil and gas company with assets and operations in the UK and Canada, announce the following Q4 2022 operational and financial update.
Highlights:
· Average Q4 2022 production of approximately 22,757 barrels of oil equivalent per day (“boepd”), an 11% increase from the previous quarter, with current production of approximately 23,440 boepd
· Record corporate production exceeding 24,000 boepd achieved in December
· 2022 drilling programme completed, delivering 31 gross (18.4 net) wells, which met or exceeded management’s expectations and completed approximately 5% underbudget in a high inflationary environment · In Q4, 10 gross wells (5.7 net) brought onto production and 8 gross wells (4.3 net) drilled in its core Central Alberta, Wapiti and Clearwater assets · Completed the 13/23c-12 appraisal well on the UK North Sea Serenity field, with a single well field development plan now being progressed
· Dividends of £5.098 million declared and £3.399 million paid in the quarter, with total dividends of £15.351 million paid in 2022
· Operations commenced on the 2023, USD 64.05 million capital programme ahead of schedule targeting 23 gross wells, with 6 gross (4.3 net) wells drilled Read More
With research showing motorists are cutting back on car maintenance to save money, the RAC has launched a new payment plan which affordably enables drivers to spread the cost of their services and MOTs. Data for the RAC Report on Motoring* shows one-in-10 of all drivers (9%) have been cutting back by servicing their vehicles less frequently and 14% have put off getting repairs done – a figure that rises to 37% of drivers aged 17 to 24.
The RAC Service and MOT Plan lets drivers spread the cost of routine servicing and MOTs over two years so they don’t have to pay big bills all in one go – with no risk of prices increasing. While MOTs are a legal requirement servicing is not. As services usually involving higher upfront costs of £150 to £250, many drivers have been putting off getting them done to save money. Read More
There has been a significant rise in the proportion of drivers who admit to speeding on 60mph rural roads where more deaths occur than on any other road type, new RAC data* has found. Nearly half (48%) of the 3,102 drivers questioned for the RAC Report on Motoring say they have driven faster than the limit in the past year on these roads – up from 44% in 2021 and matching the highest figure ever seen by the RAC in 2016. Eight per cent confess to having done this frequently while 40% say they have done it occasionally on up to half of their journeys on these roads. In 2021 514 people were killed in a total of 11,827 collisions on 60mph non-built-up roads – a fatality rate of 4%, which is higher than on motorways. On motorways and high-speed dual carriageways, the UK’s fastest roads, as many as 60% of drivers say they have broken the 70mph limit, either on most journeys (16%), or on up to half of their trips (43%) in the last 12 months. This is up by five percentage points compared to 2021 when 55% admitted to having exceeded the limit. The 60% figure is the biggest percentage seen by the RAC since 2017, when 66% owned up to this. However, it is still down on the record of 70% reported in both 2015 and 2016. The percentage who speed on urban roads has changed very little in the past 12 months with 40% of drivers saying they have exceeded the 30mph limit at least occasionally, compared to 41% in 2021, while 46% have broken the limit on 20mph roads, a figure unchanged on the year before. Read More
The African Energy Chamber (AEC) in partnership with global energy market research and intelligence company S&P will host the Dubai leg of the Invest in African Energy event on March 30, to showcase investment and partnership opportunities across Africa’s burgeoning energy sector.
Following successful Invest in African Energy receptions held across Europe in London (U.K.) , Oslo (Norway and Frankfurt (Germany) in 2023, the Dubai edition aims to enhance energy cooperation between African energy policymakers and stakeholders with the UAE and companies and investors in the Middle East.
Through high-level panel discussions and meetings, exclusive networking and deal signings, the Invest in African Energy Dubai event will kickstart a new era of energy sector growth for Africa on the back of optimal cooperation on investment and industry know-how between the UAE and African stakeholders.
With Africa maximizing the development and exploitation of its estimated 125.3 billion barrels of crude oil and 620 trillion cubic feet of gas reserves to address energy poverty and drive socioeconomic development, UAE, as one of the world’s largest hydrocarbon producers and investors, represents an ideal partner for the continent to maximize industry growth. UAE companies – including the Abu Dhabi National Oil Company (ADNOC), Petrofac and the Emirates National Oil Company Group (ENOC) – have played a crucial role in stabilizing Africa’s entire oil and gas value chain. Read More
Energy and Climate Intelligence Unit warned that a lack of available second-hand EVs could cost drivers £9 billion in missed savings by 2043.
It estimated that if the Government sticks to its proposed level for the incoming ‘zero-emission vehicle mandate’, there will be 2.1million fewer used small and mid-sized EVs on sale by 2033 – compared with a scenario in which ministers adopt the car industry’s ‘high’ sales projections. The mandate will force manufacturers to boost the proportion of new cars and vans they sell in the UK that are zero emission. The Government wants that level set at 22 per cent for 2024, rising each year – including to 38 per cent in 2027 – until 2035 when 100 per cent of sales must be zero emission. But ECIU analysis of an forecast produced by the Society of Motor Manufacturers and Traders suggested that if the take-up of EVs were ‘high’, their market share would hit 34 per cent in 2024, and as high as 60 per cent in 2027. Read More
UK car production was stable in the first month of 2023, with output down just -0.3% to 68,575 units, according to the latest figures released today by the Society of Motor Manufacturers and Traders (SMMT). The loss, equivalent to just 215 fewer cars, was driven chiefly by structural changes, reflecting a move from car to van making at one major plant, but with supply chain shortages still afflicting some manufacturers.
The ongoing shift to electrified car production continued, with combined battery electric, plug-in hybrid and hybrid electric vehicle volumes up 49.9% to 28,329 units. They represented more than four in every 10 (41.3%) cars made in January, a near record monthly share, and further evidence of the UK’s capability in making these important models, most of which (77.0%) are exported to meet global demand.1
Production for the UK rose 5.6% to 12,196 units, while exports declined by -1.5%, largely due to the suspension of shipments to Russia, which accounted for 83.6% of the loss. In total, some 56,379 cars – more than eight in 10 of all those produced – were destined for overseas markets, with over half of these (56.6%) for the EU, with next most important global destinations the US (9.3%), China (8.8%), Japan (4.4%) and Australia (3.3%). Read More
Rolls-Royce Motor Cars announced that its new House Charity for 2023 is Sophie’s Legacy, founded by Gareth and Charlotte Fairall in memory of their daughter Sophie, a remarkable young girl who touched many lives.Sophie died from cancer in September 2021, aged just 10. During her illness, she compiled a list of changes she wanted to see in hospitals. As a result, the charity’s central missions are: availability of play specialists seven days a week; improvements to children’s food; meals for parents when staying with their child; specific training in childhood cancer for GPs, nurses and other health professionals; and increased funding for childhood cancer research.
The new House Charity was chosen through a well-established process, entirely independent of senior management, in which staff at the Home of Rolls-Royce at Goodwood nominate good causes close to their hearts, with a final shortlist being put to a vote. Staff then organise and run fundraising events throughout the year, consistently raising sums that have a significant impact on what are often small organisations serving the local community. Read More
Octopus Energy, the UK’s third largest energy supplier, together with the largest distribution network operator UK Power Networks (UKPN) has developed a new process to speed up fuse upgrades for heat pumps.
Octopus Energy customers who have decided to get a heat pump will now be able to have their new heating device installed at the same time as the fuse upgrade is performed in their home.
As part of the pilot scheme, UKPN trained dozens of Octopus Energy engineers to perform fuse upgrades alongside heat pump installations on their network. This marks the first time an accredited energy supplier is allowed to perform fuse upgrades, a task traditionally performed by DNOs, in the UK.
The new process drastically reduces the effort for customers through reduced handoffs and reduces the overall time to get their Low Carbon Technology working, positively affecting millions of customers and helping to speed up the rollout of heat pumps across the UK.
The trial ran from February 2022 to February 2023 and was such a success that it is now being rolled out for electric vehicle charger fuse upgrades too.
Households often need a supply upgrade when switching to heat pumps or electric cars as they require more power being directed to their property. These upgrades have historically been managed by the Distribution Network Operator (DNO) and in certain parts of the country can take up to 30 days to install.
The partners are calling on all other DNOs and suppliers to input similar processes, whereby simple supply upgrades can be delivered by accredited suppliers at the same time as the installation visits, making them quicker, easier and allowing customers to go green faster than ever before. Read More
Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) will publish its fourth quarter and full year results for the period ended 31 December 2022 on 2 March 2023 at 07:00 CET. Read More
Baker Hughes Rig Count
U.S. Rig Count is down 7 from last week to 753 with oil rigs down 7 to 600, gas rigs unchanged at 151 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 4 from last week to 244, with oil rigs down 5 to 158, gas rigs up 1 to 86.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 24 February 2023 | 753 | -7 |
| Canada | 24 February 2023 | 244 | -4 |
| International | January 2023 | 901 | +1 |
PETRONAS FutureTech 3.0, an accelerator programme to nurture technology startups, is now open to applicants in the Asia Pacific region, the first time the programme is expanding beyond Malaysian shores. Co-organised by PETRONAS Ventures and Singapore-based innovation, venture and startup enabler, StartupX, FutureTech 3.0 is a platform to uncover innovations and game-changing technologies, and to̶ accelerate these transformative ideas into real business solutions.
With seven new Corporate Partners on board – Gentari Sdn. Bhd., Tenaga Nasional Berhad, DRB-HICOM Berhad, Sembcorp Industries Ltd, Hyundai Motor Company, Vitol and Khazanah Nasional Berhad, – the third edition of the programme is expected to impart industry best practices while providing startups greater market access for growth and scalability across the region. Head of PETRONAS Ventures, Arni Laily Anwarrudin said, “PETRONAS is excited to expand its strategic partnership regionally, allowing participants to tap into the vast entrepreneurial experience and C-Suite mentorship as well as access to the right tools, support, resources and the possibility for startups to test-bed their solutions. We are anticipating impactful solutions and positive outcomes from FutureTech 3.0 to its pool of cross-functional partners, promoting sustainability and growth globally.” Read More
PETRONAS and the Sabah State Government continue to expand the collaboration in the oil and gas industry through a Heads of Agreement (HOA) signed yesterday between PETRONAS Carigali Sdn Bhd (PCSB), a wholly-owned subsidiary of PETRONAS and SMJ Sdn Bhd (SMJSB), a company wholly-owned by the Sabah State.
The HOA paves the way for SMJSB’s potential acquisition of a 50 per cent participation interest in the Samarang Production Sharing Contract (PSC). The Samarang field is located approximately 50 km offshore Sabah. The agreement was signed between PCSB’s Chief Executive Officer, Hasliza Othman and Chief Executive Officer of SMJSB, Dr. Dionysia Aloysius Kibat. It was witnessed by PETRONAS President and Group Chief Executive Officer, Datuk Tengku Muhammad Taufik, Sabah Chief Minister, Datuk Seri Panglima Haji Hajiji Haji Noor and Sabah Finance Minister, Datuk Seri Panglima Masidi Manjun. Datuk Tengku Taufik said, “PETRONAS shares the State’s aspirations for mutual prosperity even as we both pursue sustainable development. Having SMJSB on board as our upstream business partner underscores PETRONAS’ efforts to build a more inclusive environment for the oil and gas industry in Sabah, both offshore and onshore.” Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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