Energy News Digest to 05th October 2021

Opec+ agreed in July to boost output by 400,000 barrels per day (bpd) each month until at least April 2022 to phase out 5.8 million bpd of existing production cuts. OPEC+ will meet next on Nov. 4 to review the group’s production plans for December.

Neste will expand the availability of windshield washer fluid dispensers by introducing them at 27 more Neste Express stations during the fall 2021. Once the expansion has been completed, automatic Easy Fill dispensers will be available at a total of 45 stations around Finland, meaning that motorists will no longer need to purchase plastic packages to refill their vehicles. With the expansion, Neste makes this more sustainable option available to a larger number of consumers and reduces the amount of plastic waste by up to 80,000 packages annually, corresponding to nearly 40 large waste pallets full of plastic waste per year. Read More

ACWA Power, a leading developer, investor and operator of power generation, green hydrogen and desalinated water plants worldwide, will showcase its portfolio of leading renewable energy at the 23rd Water, Energy, Technology and Environment exhibition (WETEX) as a Jubilee Sponsor. This year’s edition will take place at the Dubai Exhibition Centre at Expo 2020 Dubai – the first international Expo in the Middle East, Africa and South Asia and one of the first major events in the world since the COVID-19 pandemic. The 23rd WETEX and the Dubai Solar Show (DSS) will be held from 5 to 7 October 2021 at the Dubai Exhibition Centre, Expo 2020 Dubai. The event will address important topics on rapid changes and challenges in the energy, water and environment sectors in addition to exploring best practices and green solutions to counter environmental challenges. Read More

British Army personnel were on standby as service station pumps ran dry across the country, forcing vendors to ration sales as a shortage of truck drivers strained supply chains of major oil and gas suppliers. AFP reports Monday that as many as 200 military tanker personnel have been deployed to alleviate the energy crisis. Troops in military fatigue were spotted across London and southeast England, delivering various fuel grades to gas stations to alleviate fuel shortages. Read More

The United States’ oil production outlook is set to grow over the next five years from 10.96 million barrels per day (mmbd) in the beginning of 2021 and reach more than 12.9 mmbd by 2030. The biggest growth is expected to happen in the Permian Basin, where crude oil and condensate supply is projected to increase by almost 0.90 mmbd from 4.5 mmbd in 2021 to 5.4 mmbd by the end of the outlook period, according to GlobalData. Read More

Rolls-Royce’s Pearl® 700 engines have been selected by Gulfstream to power the company’s latest ultra-long-range business jet, the G800. The engine type was purpose-designed for Gulfstream and is on track to receive its certification next year. It is the most powerful product in the Rolls-Royce business jet propulsion portfolio flying today, and the exclusive powerplant for the all-new Gulfstream G700 and Gulfstream G800.

With more than 3,600 business jets in service today powered by Rolls-Royce, the company is the Number one engine supplier in this market

.Read More

Rolls-Royce announces first fully-electric car rolling out in 2023

Rolls-Royce Motor Cars announced, that on-road testing of its first fully electric motor car is imminent. Finished product will come to market in Q4 2023. New product named ‘Spectre’. Electric Rolls-Royce fulfils the 1900 prophecy of the marque’s founder, Charles Rolls
A promise kept by Rolls-Royce Motor Cars Chief Executive Officer, Torsten Müller-Ötvös, who pledged to bring an electric car to market this decade. Global testing will cover 2.5 million kilometres – a simulation of 400 years of use
By 2030 all Rolls-Royce products will be fully electric Spectre underpinned by Rolls-Royce’s own spaceframe architecture Read More

Chevron Corporation (“Chevron”, NYSE: CVX) today announced the commencement of 23 separate offers (the “Offers”) to purchase for cash up to $2.0 billion aggregate principal amount of outstanding notes of the series listed in the table below (collectively, the “Notes”). Subject to the Maximum Purchase Condition (as defined below), the series of Notes that are purchased in the Offers will be based on the acceptance priority levels (each, an “Acceptance Priority Level”) set forth in the table below. If a given series of Notes is accepted for purchase pursuant to the Offers, all Notes of that series that are validly tendered will be accepted for purchase. No series of Notes will be subject to proration pursuant to the Offers. The Offers are made upon the terms and subject to the conditions set forth in the Offer to Purchase dated October 4, 2021 relating to the Notes (the “Offer to Purchase”) and the accompanying notice of guaranteed delivery (the “Notice of Guaranteed Delivery”) and, as applicable, the letter of transmittal (the “Letter of Transmittal” and, together with the Offer to Purchase and Notice of Guaranteed Delivery, the “Tender Offer Documents”). Read More

Gas price hikes will significantly raise earnings prospects for ONGC NSE 8.64 % and Oil NSE 2.11 % India while adding another pillar to the earnings upgrade cycle for Reliance NSE -0.02 % Industries, said Morgan Stanley. India’s gas prices have been raised by 61-69%, reversing three years of decline, which should ease investor con ..Read More

Commodity PricesUnitsPrice $Change
Crude Oil (WTI)USD/bbl$78.46Up
Crude Oil (Brent)USD/bbl$82.24Up
Bonny LightUSD/bbl$80.73Up
Natural GasUSD/MMBtu$5.94Down
OPEC basket 04/10/21USD/bbl$78.25Up
At press time 05th October 2021

The OPEC Secretariat will host jointly with the Energy Charter Secretariat (ECS) and the OPEC Fund for International Development the Third Annual Legal Workshop on Monday, 18 October 2021, via videoconference to address national climate laws and jurisprudence evolution, with a focus on emissions reduction and energy access. The Workshop will be held in a roundtable format, and will aim to explore the national laws enacted and bills proposed on climate matters, as well as judicial decisions related to climate matters. Read More

An oil spill sent up to 126,000 gallons (572,807 liters) of heavy crude into the ocean off Huntington Beach and it then washed onto miles of beaches and a protected marshland. The beaches could remain closed for weeks or longer, a major hit to the local economy. Coastal fisheries in the area are closed to commercial and recreational fishing. Read More

The UK new car market has recorded its weakest September since 1998 ahead of the introduction of the two-plate system in 1999, according to figures published by the Society of Motor Manufacturers and Traders (SMMT). Some 215,312 cars were registered in the month, a -34.4% fall on September 2020, when pandemic restrictions were significantly curtailing economic activity. September is typically the second busiest month of the year for the industry, but with the ongoing shortage of semiconductors impacting vehicle availability, the 2021 performance was down some -44.7% on the pre-pandemic ten-year average. However, September was the best month ever for new battery electric vehicle (BEV) uptake. With a market share of 15.2%, 32,721 BEVs joined the road in the month, reflecting the wide range of models now available and growing consumer appetite. Read More

The European car industry is using aggressive lobbying and making unsubstantiated claims in an attempt to derail EU plans to cut pollution from road transport, campaign group Transport & Environment (T&E) revealed in a briefing paper today.

It warns that citizens’ health will suffer for decades if the industry succeeds in watering down proposed new standards on emissions from cars, vans, buses and trucks. Euro 7 will set legal limits for nearly 100 million petrol and diesel cars that will be sold in the EU after 2025, when it comes into force. Read More

SK Innovation Ulsan Complex (hereafter “Ulsan CLX”) will be the first in South Korea to introduce pyrolysis oil as the material for the refinery/petrochemical process. Aside from its innovative approach as a solution to waste plastics, what makes this advancement more striking is that it was the fruit of the concerted public-private cooperation in building a circular economy for plastic wastes.

SK Geo Centric (SKGC) has announced that from late September onward, it will employ pyrolysis oil produced through the thermal degradation of plastic wastes as feed-stock oil to its refinery/petrochemical process in Ulsan Complex for the first time in Korea. Just like other crude oil, the pyrolysis oil employed as feed-stock oil will be reborn as a petrochemical process through the refinery process of SK Energy and the petrochemical process of SKGC. Read More

Oil will likely be at $75/b, gas at the Dutch TTF hub, weather dependent, at $15/MMBtu ($66/MWh) and European carbon prices at $75/mt, Vitol CEO Russell Hardy said at the Energy Intelligence Forum 2021.

Torbjorn Tornqvist, chief executive of Gunvor, forecast oil at $85/b, gas at the TTF at $60/MWh and carbon prices at $70/mt.

Trafigura CEO Jeremy Weir forecast oil at $90/b, gas at the TTF at $48/MWh and carbon at $60/mt.

S&P Global Platts assessed Dated Brent at $81.765/b, Dutch TTF day ahead prices at Eur89.4/MWh ($103.74/MWh) and and CORSIA-eligible carbon (CEC) offset credits at $7/mtCO2e at the close Oct. 4. Meanwhile, in the EU Emissions Trading System, EU Allowance futures contracts for December 2021 delivery on the ICE Endex exchange closed at Eur63.40/mt Oct. 4, down from an all-time high of Eur65.77/mt Sept. 28.

Commodity markets have seen turbulent times in recent months and years. Dated Brent has swung from $85.51/b in October 2018 to $15.77/b in April 2020. Commodities, including oil, have been supported off late by the bull run in gas markets, with stocks of the fuel low after last year’s cold winter, low hydro, low wind and a booming industrial sector in many parts of the world. Read More

The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.

RegionPeriodNo. of RigsChange
U.S.A1st October 2021528+7
Canada1st October 2021165+3
InternationalSept. 2021787+10

Baker Hughes Rig Count to 5th October 2021

Saipem said on Tuesday it had signed onshore drilling contracts in the Middle East and in South America worth a total of $70 million.

The new contracts “represent a positive sign of the gradual recovery of demand in the drilling sector and investments in the oil and gas market,” the group said in a statement. In the United Arab Emirates Saipem signed a 15-month contract. In South America the group has been awarded the extension of two contracts in Colombia and one in Peru, as well as two new contracts in Bolivia and Peru. Read More

The 3rd ECOWAS Mining and Petroleum Exhibition and Forum (ECOMOF 2021) will focus on the local content, energy & investment opportunities in Niger, while gathering the ECOWAS Member States in Niamey, on 1-3 of December 2021. The attractiveness of the investment climate in the extractive industries depends on several conditions that govern the exploration and development of mineral substances. Key stakeholders will discuss the development of policy and regulatory frameworks, fiscal policies and institutional frameworks that encourage investment for the continued growth of natural resources and related infrastructure. Read More

Sonangol launched on September 28, 2021, the laying of the first stone for the construction of phase 2 of the Falcão Project, which aims to build the onshore infrastructure for the reception, transport and distribution of natural gas from the factory. from Angola LNG, to the Soyo Combined Cycle Power Station. At this stage of the Falcão Project, a gas reception and distribution unit will be built, which will allow the installation of equipment for gas conditioning and liquid handling, with a capacity of up to 125 million cubic feet of gas per day, and the reception of gas from this from the dry and wet sources of the Angola LNG factory, which will enable its distribution to other projects of a different nature. The work, which is expected to be completed in the first quarter of 2023, has, among other benefits, the generation of new jobs in the region, greater availability of products resulting from the use of natural gas, as fertilizers for agriculture, and greater production of electricity, for the local and surrounding area. Read More

Renewable fuel producer Aemetis signed an offtake agreement to provide Delta Air Lines with 250 million gallons of low carbon blended sustainable aviation fuel, moving Delta closer to airline carbon neutrality and helping offset renewable fuel compliance costs associated with its refinery.

The SAF fuel supply agreement between Aemetis and Delta follows the Sept. 29 offtake agreement between JetBlue and biofuel developer SG Preston for 670 million barrels of SAF over 10 years beginning in 2023, showing a growing trend in the hard-to-decarbonize airlines sector through fuel supply. Read More

Repsol and Enagas have developed a cutting-edge technology for the production of renewable hydrogen from direct use of solar energy, through a process known as photoeletrocatalysis. This project is a 100% Spanish R&D development, led by women, and carried out in collaboration with several of the most prestigious hydrogen research centers in the country. The next step will be the construction of a demo plant in Repsol’s Puertollano industrial complex, with the aim of reaching commercial maturity before 2030 Read More

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