Energy News Digest/ Press Release to 10th Feb. 2022. OPEC daily basket price stood at $91.84 a barrel, Wed, 9th Feb. 2022
American Petroleum Institute reported another drop at the key storage hub at Cushing, while signaling that nationwide inventories shrunk by 2 million barrels.
| Oil and Gas Prices | Units | Price $ | change |
| Crude Oil (WTI) | USD/bbl | $90.06 | Up |
| Crude Oil (Brent) | USD/bbl | $91.91 | Up |
| Bonny Light | USD/bbl | $93.30 | Up |
| Natural Gas | USD/MMBtu | $3.96 | Down |
| OPEC basket 09/02/22 | USD/bbl | $91.84 | Down |
The Ministry of Petroleum and Energy, The Gambia, has officially launched the licensing round for Block A1. The Request for Proposal (RFP) is now available for download on the Ministry of Petroleum’s (Ministry) website. Granted initially to BP in 2019, Block A1 became available in August 2021 after the company exited the block. This was part of BP’s company strategy to pivot from producing resources to integrating energy. During its time as licensee BP performed the required work obligations, including reprocessing 2D and 3D data, conducting geohazard, geology and geophysical studies, and progressed the block so that it is now drill ready. The 2D and 3D BP reprocessed data is available for licence from TGS, at extremely competitive rates (entry level purchase price 10,000 USD). Additional reports and other data in relation to the block will also be made available free of charge to bidders. The deadline for submission of bids is the 6 June 2022. Bidders will be required to submit bids electronically through a data room platform. Read More
CME Group Inc. reported financial results for the fourth quarter and full year of 2021. The company reported revenue of $1.1 billion and operating income of $632 million for the fourth quarter of 2021. Net income was $625 million and diluted earnings per common share were $1.71. On an adjusted basis, net income was $608 million and diluted earnings per common share were $1.66. Financial results presented on an adjusted basis for the fourth quarter of 2021 and 2020 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1
Total revenue for full-year 2021 was $4.7 billion and operating income was $2.6 billion. Net income was $2.6 billion and diluted earnings per common share were $7.29. On an adjusted basis, net income was $2.4 billion, and diluted earnings per common share were $6.67. Read More
A new prototype window can absorb heat in winter and reflect it in summer, as an energy-saving alternative to central heating and air conditioning, a new study shows. Researchers at the University of Pittsburgh have created their ultra-thin ‘smart glazing technology’ that can potentially line existing windows in the home. Made from an ‘optical stack’ of chemical compounds, the glazing can switch its atomic arrangement to either reflect or absorb light from the sun depending on the seasons. Thermal energy from the sun’s infrared rays is absorbed and re-emitted as heat into a room during winter, or reflected away to cool down rooms in the summer. If marketed, the ‘smart window’ technology could reduce the energy usage of an average home by up to a third, according to experts. Read More
Stellantis and a majority of labour union representatives have reached an agreement about moving jobs from a gasoline and diesel engine plant in Douvrin, northern France, to a new electric battery plant, several sources told Reuters. Read More–>
The Energy Integration Project brought together the OGA, BEIS, Ofgem, The Crown Estate and Crown Estate Scotland in a three-year study of energy integration opportunities on the UK Continental Shelf. The final publication (Phase 3) gives an overview of all that has been achieved in the study and highlights which project partners have worked together to support the practical implementation of energy integration projects. The project partners have now fully embedded energy integration in their core activities and will continue to work together towards the net zero goal. Read More
The U.S. Department of Energy (DOE) Solar Energy Technologies Office (SETO) announced the Small Innovative Projects (SIPS) in Solar 2022: Concentrating Solar-Thermal Power and Photovoltaics funding program, which will award up to $5 million for projects that seek to fund innovative research and development seedling projects in photovoltaics (PV) and concentrating solar-thermal power (CSP) technologies in an effort to accelerate the large-scale development and deployment of solar technologies. These research activities will support the government-wide approach to addressing the climate crisis by driving innovation. Read More
Schlumberger recently announced the inauguration of its latest manufacturing center in King Salman Energy Park (SPARK), supporting Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program to promote economic growth. The center is the first of its kind for Schlumberger in Saudi as it will support both the midstream and downstream markets in the Kingdom and neighboring countries. The centre will manufacture Cameron isolation valve technologies, including GROVE valves and ORBIT rising stem ball valves, to help improve the efficiency of oil and gas operations in the region. Comprising almost 3,000 square meters, the facility demonstrates Schlumberger’s commitment to sustainability through localization, empowering local teams who understand the local environment and giving them a technology portfolio with regional agility to address local operational and commercial needs, while at the same time creating opportunity in the value chain and, ultimately, contributing to regional energy access in alignment with the Kingdom’s 2030 Vision. Read More
Ford announced solid fourth-quarter and full-year operating results for 2021 despite persistent supply chain disruptions – a year the company said is most notable for rapid progress carrying out the ambitious Ford+ plan for growth and value creation, and establishing itself as a leader in must-have connected, electric vehicles. Read More
At the Singapore Airshow this month, the largest in Southeast Asia , Boeing (NYSE: BA) will showcase its industry-leading portfolio of commercial, defense and support services by highlighting advanced systems and capabilities focused on safe and sustainable aerospace. Boeing’s presence at the show will include its newest fuel-efficient widebody jet, the 777X, along with the company’s offerings in maritime patrol aircraft, advanced fighters and trainers, and autonomous systems. Read More
Boeing [NYSE:BA] will continue to provide the U.S. Air Force with guidance and navigation repair work on a variety of aircraft under a 5-year, $91 million sole-source contract. The company has serviced components for aircraft including the B-2 Spirit, B-52 Stratofortress, E-3 Sentry and F-15 Eagle at the Boeing Guidance Repair Center in Heath, Ohio, since 1996.The Boeing Guidance Repair Center is responsible for maintaining the readiness and modernization of guidance and navigation systems for U.S. nuclear-capable platforms, as well as non-nuclear capable guidance and control systems, electronics and radio frequency systems, and platform processors. In addition, the center is home to assembly, integration and test activities for several Boeing production programs, including the KC-46 tanker, T-7A Red Hawk and the MQ-25 unmanned aircraft system. Read More
GE Aviation has selected Boeing to support flight tests of its hybrid electric propulsion system using a modified Saab 340B aircraft and CT7-9B turboprop engines. Boeing and its subsidiary Aurora Flight Sciences will provide GE Aviation with airplane modification, system integration and flight-testing services. That work includes nacelle manufacturing, flight deck interface design and software, aircraft-level performance analysis, and systems integration. Previously, NASA and GE Aviation announced the launch of a new research partnership to mature a megawatt (MW) class hybrid electric propulsion system to demonstrate flight readiness for single-aisle aircraft. Plans are to conduct ground and flight tests in the mid-2020s. The program, part of NASA’s Electrified Powertrain Flight Demonstration (EPFD) project, is a total $260 million effort including investments from NASA, GE Aviation, Boeing and other partners over five years. Read More
Increasing social and environmental pressures on oil and gas companies arising out of the energy transition highlight the urgent need to embrace diversity, agility and innovation in the pursuit of a more sustainable future, a top energy executive told Energy Connects in an interview.The oil and gas industry must also appreciate the critical role diversity plays in successfully navigating disruptions and adding value to the bottom line, said Gentry Brann, Senior Vice President, People, Culture and Communications at McDermott. Read More
Scientists have made a major breakthrough towards practical nuclear fusion bringing us closer than ever to ultra-low carbon energy.
The team, from the Joint European Torus (JET) in Oxford, managed to generate 59 megajoules of energy through nuclear fusion. This is more than double the previous record set in 1997, according to the UK Atomic Energy Authority (UKAEA). The results are good news for advocates of nuclear energy as a clean alternative to fossil fuels. Read More
| Region | Period | Rig Count | Change from Prior Count |
| U.S.A | 4th February 2022 | 613 | +3 |
| Canada | 4th February 2022 | 218 | +1 |
| International | January 2022 | 841 | +7 |
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.
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