Energy News Digest/ Press Release to 9th Feb. 2022. OPEC daily basket price stood at $92.17 a barrel, Tue, 8th Feb. 2022
The front-month futures price for Brent crude oil settled at $91.11 per barrel (b) on February 3, 2022, an increase of $12.13/b from the January 3, 2022, price of $78.98/b. The front-month futures price for West Texas Intermediate (WTI) crude oil for delivery at Cushing, Oklahoma, increased by $14.19/b during the same period, settling at $90.27/b on February 3 – EIA
PJSC LUKOIL announced today the results of the reserves assessment and independent audit as of December 31, 2021.
According to the SEC classification, the Company’s proved hydrocarbon reserves totaled 15.3 billion barrels of oil equivalent. The Company’s proved hydrocarbon reserve life is 19 years. The share of liquids in proved reserves is 76%, the share of gas is 24%. The proved reserves replacement ratio at the Company’s projects in Russia totaled 109% in 2021, including 109% for liquids and 108% for gas. As a result of geological exploration and production drilling conducted in 2021, LUKOIL added 501 million barrels of oil equivalent to proved reserves, which is 8% higher year-on-year. The largest contribution was made by the assets in West Siberia, Ural region, Timan-Pechora, as well as in the Baltic and Caspian Seas. The conversion of contingent resources to reserves added 40 million barrels of oil equivalent to proved reserves. The reserves dynamics was negatively affected by reserves revision for the international projects which are based on production sharing agreements or service contracts due to an increase in annual average oil price. Read More
PJSC LUKOIL became winner of the annual Proactive Corporate Disclosure Policy contest held by Interfax and AK&M agencies certified by the Bank of Russia to disclose information in stock market. The company received a crystal prize that symbolizes transparency. The prize was presented at the annual Director of the Year awards ceremony, organized by the Independent Directors Association and Russian Union of Industrialists and Entrepreneurs. The judges praised the excellent layout of LUKOIL website, the Company’s system approach to description of ESG factors, as well as the high quality of its annual report and corporate events disclosure. Read More
Mitsubishi Heavy Industries, Ltd. (MHI) has concluded a memorandum of understanding (MOU) with Indonesia’s Institut Teknologi Bandung (ITB) to conduct joint research on clean energy solutions that will enable decarbonization in Indonesia. Activities will include feasibility studies, investigations, validations and R&D for technologies that will power the country’s energy transition. The MOU will be in effect for five years, with the research results building the foundation for discussions to establish a joint R&D center in Indonesia. Read More
SSE plc has today published its Q3 Trading Statement. This Trading Statement upgrades SSE’s financial outlook for the 2021/22 financial year and sets out the Group’s key strategic developments and operational performance in the quarter ended 31 December 2021.
SSE forecasts surge in profits of nearly £1bn as gas prices soar
The Trading Statement details:
Upgrading 2021/22 adjusted earnings per share to at least 90 pence
Reporting early progress with SSE’s Net Zero Acceleration Programme
Announcing a refreshed set of net zero-linked business goals for 2030 Read More–>
CME Group, announced it will launch CBL Core Global Emissions Offset™ (C-GEO™) futures on March 7, 2022, pending all relevant regulatory reviews. CBL C-GEO futures are intended to align with the Core Carbon Principles, an emerging set of transparent and consistent standards around the supply of carbon credits to be overseen by the Integrity Council for the Voluntary Carbon Markets. CBL C-GEO futures complement CBL GEO® and N-GEO™ futures, which launched last year. In 2021, over 57 million tons of CO2 equivalent were traded between the two contracts, with over 6.5 million offsets delivered through seven successful cycles. The pool of offset credits that underpin the CBL GEO, N-GEO and C-GEO contracts is deep, with approximately 230 million offsets available across these three different segments, offering participants choice in effectively meeting reduction targets. Read More
Gazprom meeting with the Supervisory Board of Moldovagaz slated for February 2, 2022, did not take place due to non-attendance by representatives of the Moldovan Government. The Supervisory Board was supposed to harmonize the approaches to be used in auditing the debt owed by Moldovagaz to the Gazprom Group for consumer gas supplies to the right bank of the Dniester, as provided for by the Protocol of negotiations on the settlement of outstanding issues in the gas sector that was signed on October 29, 2021. Instead, representatives of the Government of the Republic of Moldova have announced that the Moldovan party has already determined the conditions on which an auditor will be engaged. As can be seen from the documents made public, the suggestions submitted earlier to the Moldovan party by Gazprom have not been taken into account. Read More
Schneider Electric, the leader in the digital transformation of energy management and automation has signed a long-term cooperation agreement with Nanjing Kisen, a CNBM (China National Building Material Co., Ltd) company, the international leader in the development of intelligent plant technologies for the cement industry. In alignment with UN Sustainability Goals, the strategic partnership will progress the operational efficiency of intelligent cement plants through innovative digital modernization. Nanjing Kisen, headquartered in Nanjing, China leads the development and application of intelligent technologies within the cement industry. Its 500+ employees are focused on research and development within energy-saving and emission reduction technologies and equipment. Read More
Schneider Electric and Storengy, a subsidiary of ENGIE are working together to achieve the zero-carbon transition and announce a partnership to offer underground hydrogen storage solutions.This partnership is initiated through a first project named HyPSTER* at the Etrez storage site. The solution will be powered by local renewable energy (photovoltaic, hydraulic) to produce renewable hydrogen. This project aims to install a demonstrator for underground hydrogen storage in a salt cavern. It will also be a mean to validate the technical and economic reproducibility of the process at other sites in Europe. Read More
U.S. regular gasoline retail prices averaged $3.31 per gallon (gal) in January, unchanged from December 2021 and up 98 cents/gal from January 2021. Retail diesel prices averaged $3.72/gal in January, up 8 cents/gal from December and up $1.04/gal from last January. Product prices have risen compared with year-ago levels because of rising crude oil prices and high refining margins. We expect diesel prices will average $3.49/gal from 2Q22 through 4Q22. The forecast decline in prices reflects our expectation of falling crude oil prices, particularly in the second half of 2022 (2H22), as well as lower refining margins as refineries increase throughputs in the coming months.
U.S. crude oil production reached almost 11.8 million b/d in November 2021 (the most recent monthly historical data point), the most in any month since April 2020. We forecast that production will rise to an average of 12.0 million b/d in 2022 and 12.6 million b/d in 2023, which would be record-high production on an annual-average basis. The previous annual average record of 12.3 million b/d was set in 2019. Read More
ONGC Videsh Limited (OVL) had registered a major gas discovery in 2019 in its deep offshore block BM-SEAL-4, Brazil, located in the Sergipe Alagoas Basin. Petrobras is the Operator of the block with 75% Participating Interest (PI) and in which partner ONGC Videsh holds 25% PI. ONGC Videsh Limited, after detailed evaluation, now enters into the development stage with the submission of Declaration of Commerciality (DoC) for the block BM-SEAL-4. The block development module of Petrobras envisages the installation of a shared FPSO and a gas pipeline. The name suggested to the Brazilian regulator for the field is Budião. Read More
Domestic oil and gas production will continue to play an important role in the UK’s energy mix, despite the commitment to net-zero emissions by 2050, Prime Minister Boris Johnson said on Tuesday. While the UK is pushing to build out more offshore wind capacity, it will continue to allow new oil and gas projects in the UK North Sea as it looks to cater to its energy security. The past few months have shown that Europe and the UK cannot go without natural gas, while Britain has seen a cost-of-living crisis unfold with energy bills soaring and the price cap on those bills set to rise by 54 percent as of April 1, which is estimated to affect 22 million UK households. The government sees oil and gas as having a role in the UK’s energy transition, a cabinet spokesman told The Independent. Read More
Iraq’s Ministry of Oil has announced total financial revenues from oil exports to $75.650 billion for 2021, which it says is a marked increase on budgeted expectations for the year. The Ministry’s Deputy for Upstream Affairs, Kareem Hattab, pointed to the commitment of the OPEC+ producers in achieving stability in oil markets Read More
A new memorandum of understanding (MoU) signed between the Government of Ceará, Brazil, and Cactus Energia Verde will see the production of green hydrogen at the Pecém Port Complex explored with a €5bn ($5.72bn) investment. According to epbr, the investment estimated at around €5bn ($5.72bn) will be used to create a green hydrogen production project with a monthly capacity of 10,500 tonnes with operation set to begin in 2023. Read More
| Oil and Gas Prices | Units | Price $ | change |
| Crude Oil (WTI) | USD/bbl | $88.76 | Down |
| Crude Oil (Brent) | USD/bbl | $90.26 | Down |
| Bonny Light | USD/bbl | $91.88 | Down |
| Natural Gas | USD/MMBtu | $4.16 | Down |
| OPEC basket 08/02/22 | USD/bbl | $92.17 | Down |
| 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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