Energy News 10 October, 2023|WTI Crude stands at $85.96/bbl,
London, 10 October, 2023, (Oilandgaspress): – Egypt is evaluating whether the stoppage of gas production at an Israeli field following the Hamas attack would scupper its plans to resume LNG exports to Europe as planned, anonymous officials have told Bloomberg. Following the attack, Chevron, the operator of the Tamar gas field offshore southern Israel, shut down production at the field per instructions from the Israeli energy ministry.
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $85.96 | Up |
| Crude Oil (Brent) | USD/bbl | $87.71 | Up |
| Bonny Light | USD/bbl | $90.87 | Up |
| Saharan Blend | USD/bbl | $91.47 | Up |
| Natural Gas | USD/MMBtu | $3.37 | Down |
| OPEC basket 09/10/23 | USD/bbl | $89.99 | Up |
London, 10 October, 2023, (Oilandgaspress): – Abu Dhabi Future Energy Company PJSC – Masdar, the UAE’s clean energy powerhouse, has signed a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to invest US$8 billion for up to 10 gigawatts (GW) of renewable energy projects in a strategic partnership that will significantly contribute to Malaysia’s sustainable energy transformation.
The collaboration marks an important milestone in the pursuit of a sustainable and greener future for Malaysia. MIDA will facilitate Masdar to develop up to 10 gigawatts (GW) of renewable energy projects by 2035, to include ground mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems.
The signing was witnessed by the Prime Minister of Malaysia, The Honorable Dato’ Seri Anwar Ibrahim; HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate; HE Ahmed bin Ali Al Sayegh, UAE Minister of State; Malaysia’s Minister of Investment, Trade and Industry (MITI), HE Senator Tengku Datuk Seri Utama Zafrul Aziz; Malaysia’s Minister of Foreign Affairs, HE Dato’ Seri Diraja Dr Zambry Abdul Kadir; and the Ambassador of Malaysia to the UAE, HE Datuk Seri Ahmad Fadil bin Shamsuddin. The MoU was signed by Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Datuk Wira Arham Abdul Rahman, Chief Executive Officer of MIDA. Read full article
London, 10 October, 2023, (Oilandgaspress): – Middle East oil demand is forecast to grow to 11.9 million barrels per day (bpd) in 2045, the Organisation of the Petroleum Exporting Countries (OPEC) said in its 2023 World Oil Outlook released on Monday.
The demand represents an increase of 3.6 million bpd compared to 2022. The oil consumption outlook in the region contrasts with that in OECD countries, which include those in Europe, Asia-Pacific and the Americas, where oil demand is forecast to fall by 9.3 million bpd over the same period.
The Middle East will also be among the major contributors to the growth in oil demand in non-OECD region, aside from Africa, which is forecast to consume an additional 3.8 million bpd by 2045, China (to increase by 4 million bpd) and other countries in Asia (4.6 million bpd). The largest contributions to the non-OECD oil demand growth are set to come from India, which will add 6.6 million bpd to oil demand over the forecast period. Read full article
London, 10 October, 2023, (Oilandgaspress): – , Toshiba Corporations energy arm, Toshiba Energy Systems and Solutions corporation, and Bekaert, a technology leader in Porous Transport Layers (PTL), announced global partnership to accelerate renewable energy markets, particularly green hydrogen production.
The partnership will see:
• The partnership will aim to accelerate Toshiba’s growth strategies in renewable energy markets, particularly in green hydrogen production utilising Hydrogen Production Technology with Reduced Iridium developed by Toshiba.
• Bekaert has a leading market position in Porous Transport Layers (PTL), a key component in the MEA of water electrolyzers, and has established a global commercial and manufacturing network which the partnership will utilise.
• Both businesses have agreed to study the possibility of a global partnership to jointly develop the production and sales of Membrane Electrode Assembly’s MEAs by leverage their technological, manufacturing and commercial network strengths.
Toshiba ESS and Bekaert signed a Memorandum of Understanding to formalise their commitment in developing a partnership by the end of this year. Read full article
U.S. Rig Count is down 4 from last week to 619 with oil rigs down 5 to 497, gas rigs up 2 to 118 and miscellaneous rigs down 1 to 4.
Canada Rig Count is down 11 from last week to 180, with oil rigs down 7 to 108 gas rigs down 4 to 72.
International Rig Count is down 12 rigs from last month to 940 with land rigs down 1 to 716, offshore rigs down 11 to 224.
| Region | Period | Rig Count | Change |
| U.S.A | 06 October 2023 | 619 | -4 |
| Canada | 06 October 2023 | 180 | -11 |
| International | September 2023 | 940 | -12 |
Rig Count Overview & Summary Count |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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