Energy News Digest, Oil and Gas, 3rd Feb. 2022. OPEC daily basket price stood at $90.18 a barrel on Wed, 2nd February 2022
Ofgem confirms UK energy price cap will rise by 54 per cent
The UK energy regulator, Ofgem, announced on Thursday an increase in the current price cap, which is the maximum amount households in England, Wales and Scotland can be charged per unit of energy on their energy bills. At the moment, the cap is £1,277.
This morning Ofgem has said it will permit to energy price cap to rise by 54 per cent from 1 April to 1 October.
Experts estimate that the average UK household will henceforth experience a jump from £1,277 to £1,971 per year in energy bills.
The Biden administration said last week it was working with European allies to find additional natural gas supplies from North Africa, the Middle East, Central Asia and the US in the event military conflict breaks out and Russian flows get disrupted..
UAE-based Gulftainer, one of the world’s leading privately-owned independent port operators, this week successfully unloaded a 121 tonne, 35m-long vacuum unit at its Iraq Container Terminal (ICT). The unit, manufactured for Midland Refineries Company in the UAE, was shipped via the port of Jebel Ali to Iraq, where it will be utilised by Najaf Refinery. The shipping of such units signals a rebound in business for Gulftainer and other port operations around the globe, whose supply chain was affected by the COVID-19 pandemic. Read More
CME Group, reported its January 2022 market statistics, showing average daily volume (ADV) increased 28% to 24.6 million contracts during the month. Energy ADV of 2.4 million contracts, Energy ADV increased 7% E-mini Crude Oil futures ADV increased 53% Read More
U.K government has approves a new oil and gas field in the North Sea: An environmental regulator for offshore oil and gas, which acts on behalf of the business secretary, approved the Abigail Field Development oil and gas field on 17 January, according to official documents. It granted consent on the basis there was “no significant effects on the environment” associated with the project. Read More–>
OPEC+ agreed on Wednesday to stick to moderate rises in its oil output with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to cap surging prices.OPEC+ has stuck to its target of monthly increases of 400,000 barrels per day (bpd) Read More
Self-charging hybrid cars, which operate on both an internal combustion engine and a battery, outsold diesel cars in Europe for the first time in 2021, albeit by just 48 vehicles, data showed on Wednesday. One in 11 cars sold were battery-electric, the data from the European Automobile Manufacturers’ Association showed, totalling just under 880,000 vehicles. Self-charging hybrid cars contain a battery charged by an internal combustion engine, and generally can only drive a limited distance on electric power. Read More
Neste will publish its fourth quarter and full-year 2021 results on Thursday, 10 February 2022 at approximately 9 a.m. (EET). The release will be available on the Neste website immediately after publishing. Read More
Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, has completed a conceptual study, in a joint effort with Mitsui O.S.K. Lines, Ltd. (MOL), on floating storage and regasification unit (FSRU) for ammonia. The study is aimed at promoting utilization of ammonia as an energy source that contributes to decarbonization, and the introduction of ammonia FSRU all over the world.
Ammonia FSRU is a floating facility for receiving and storing ammonia which is transported in a liquid state from its production area, and the stored ammonia is then heated and regasified onboard for transfer to an onshore pipeline. Ammonia FSRU can be constructed at a lower cost and in a shorter time than onshore ammonia storage and regasification plants. At a time when global interest in usage of ammonia is increasing, the application of Ammonia FSRU in place of onshore storage and regasification plants is expected to contribute to earlier and stable supply of ammonia fuel. Read More
As the world takes decisive steps on climate change, the ensuing policy changes and their effect on the world’s fastest growing fossil fuel, natural gas, were examined at an event held by the Gas Exporting Countries Forum (GECF) on Tuesday, 1 February 2022.
Entitled ‘Natural gas in the aftermath of COP26’, the two-part webinar enjoyed the participation of first-class speakers representing exporting countries, academia, business, and service providers. The first session reviewed the main COP26 outcomes, including possible impacts on the energy sector, in particular natural gas. The second part focused on the responses of the gas sector to what came out of Glasgow in November 2021 and on what might be on cards as the industry head towards COP27. Read More
The Organization of Petroleum Exporting Countries (OPEC) and its allies have agreed to make another modest increase in production ceiling next month despite rising crude prices. The oil producers are expected to hike their collective output by up to 400,000 barrels per day in March, in line with the targets set in the previous months, according to a statement released after the 25th OPEC and non-OPEC Ministerial Meeting held on Wednesday. Read More
| Commodity Prices | Units | Price $ | change |
| Crude Oil (WTI) | USD/bbl | $87.39 | Down |
| Crude Oil (Brent) | USD/bbl | $88.66 | Down |
| Bonny Light | USD/bbl | $91.08 | — |
| Natural Gas | USD/MMBtu | $5.13 | Up |
| OPEC basket 02/02/22 | USD/bbl | $90.18 | Down |
Following the conclusion of the 25th OPEC and non-OPEC Ministerial Meeting (ONOMM), held via videoconference on Wednesday, 2 February 2022, and in view of current oil market fundamentals and the consensus on the outlook, the OPEC and participating non-OPEC oil-producing countries in the Declaration of Cooperation (DoC) decided to: Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th ONOMM on 18 July 2021.
Reconfirm the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of March 2022, as per the attached schedule.
Reiterate the critical importance of adhering to full conformity and to the compensation mechanism, taking advantage of the extension of the compensation period until the end of June 2022. Compensation plans should be submitted in accordance with the statement of the 15th ONOMM.
Hold the 26th ONOMM on 2 March 2022. Read More
Russia will be able to resume its oil production to 90% of the levels it was producing prior to the pandemic, Russian Deputy Prime Minister Alexander Novak said in an interview aired on Russian television on Wednesday. Novak attributed Russia’s ability to ramp up its oil production to the decision made by OPEC+ earlier on Wednesday. That decision saw the group agree to ease production cuts by another 400,000 bpd. Read More
The resumed fifth session of the United Nations Environment Assembly will take place – in person and online – at the UN Environment Programme (UNEP) Headquarters in Nairobi, Kenya, from 28 February to 2 March 2022.
UNEA-5 will be preceded by the resumed fifth meeting of the Open-ended Committee of Permanent Representatives (21-25 February). UNEA-5 will by followed by a special session of the UN Environment Assembly to commemorate the 50th anniversary of UNEP (3-4 March). Journalists are welcome to attend all three parts in person or virtually. A special media briefing for journalists planning to cover the Assembly session will be held on 10 February 2022 at 3:30PM EAT. Read More
| Region | Period | No. of Rigs | Change from Prior Count |
| U.S.A | 28th January 2022 | 610 | +6 |
| Canada | 28th January 2022 | 217 | +5 |
| International | December 2021 | 834 | — |
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
