Energy News Digest to 10th October 2021 Rig Count, Oil Prices

The EIA’s estimate for oil production in the United States for the week ending October 1 rose 200,000 bpd, to an average of 11.3 million barrels per day

The U.S. Department of Energy (DOE) today announced a new National Community Solar Partnership (NCSP) target: to enable community solar systems to power the equivalent of five million households by 2025 and create $1 billion in energy bill savings. Reaching these milestones will help achieve the Biden-Harris Administration’s goals of achieving 100% clean electricity by 2035 and ensure that all Americans can reap the benefits of renewable energy while building community wealth and resiliency. Read More

Nigeria, the largest oil producer and exporter in Africa, hopes that its newly adopted petroleum industry law will help it hike its oil production by 310 percent to 4 million barrels per day (bpd), Nigerian Petroleum Minister Timipre Sylva said this week. Nigeria currently produces just below 1.3 million bpd, as per OPEC’s latest official data. The African OPEC member is one of the OPEC producers that have struggled in recent months to pump as much oil as their quota under the OPEC+ deal Read More

The Petroleum Industry Act (PIA) will assist Nigeria in increasing its oil production to 4 million barrels per day, the Minister of State for Petroleum Resources, Timipre Sylva, has said. That is an increase of over 310 per cent when compared to the 1.2 million barrels per day the country currently produces. According to him, the Act will also boost oil reserves from 37 billion barrels to 40 billion barrels, while also drawing on the country’s estimated 600 trillion cubic feet of natural gas reserves to provide clean and efficient energy. Mr. Sylva, speaking at the Seplat energy summit, said the new law has enhanced the Nigerian petroleum industry’s reputation, provided the pathway to new investments, and consolidated Nigeria’s ability to play a significant role in meeting the world’s growing demand for energy. Read More

Chevron Corporation announced the pricing terms of its previously announced 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”). 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 (together with the Offer to Purchase and Notice of Guaranteed Delivery, the “Tender Offer Documents”). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase. Read More

MingYang Smart Energy has reached a new milestone with the introduction of the new MySE 16.0-242, the world’s largest Hybrid Drive wind turbine. Designed for high-wind IEC IB including typhoon-class IEC TC, the powerful MySE 16.0-242 features an exceptional nameplate capacity of 16MW, a 242-meter diameter rotor, 118-meter long blades, and a staggering 46000m2 swept area equivalent of more than six soccer fields.

With industry’s largest rotor and highest nominal rating, MySE 16.0-242 is set to move the boundaries of wind energy production even further. A single MySE 16.0-242 turbine can generate 80000MWh of electricity every year, enough to power more than 20000 households. In comparison, it produces 45% more energy than MingYang’s previous turbine model, the MySE 11.0-203. Read More

Candela C-8, the Swedish electric boat maker aims to bring electric boats to high-volume production. Building on its first, successful sports craft, the Candela C-7, the Swedish tech company is now launching its second-generation hydrofoiling leisure boat: the Candela C-8, a larger and more comfortable craft designed to bring electric boats to the wider market. With the new C-8, Candela is pushing the technology to the next level, while designing it for efficient mass production. At 8,5 meters in length, the C-8 features all the amenities anticipated in a premium cruiser: A large, comfortable cockpit with seating for eight persons, a big sunbed, a spacious front cabin equipped with beds for two adults, and two kids, and a marine toilet. Priced at €290 000 euros excluding VAT, the C-8’s asking price is on par or lower than many conventional fossil fuel powerboats in the 28-29-foot range. Read More

The UAE is on track to achieve gas self-sufficiency as ADNOC leverages advanced technologies to expand into unconventional gas, tap into gas caps and unlock new reservoirs, as part of the company’s integrated gas strategy launched in 2018 Read More

Gazprom Gazomotornoye Toplivo signed agreements on the wider use of natural gas as a vehicle fuel with the governments of three Russian regions: the Republics of Tatarstan and Mordovia and the Kaliningrad Region. The documents were signed in furtherance of previously existing agreements. The parties will continue creating conditions for the conversion of motor vehicles in their regions to methane. Read More

Commodity PricesUnitsPrice $Change
Crude Oil (WTI)USD/bbl$79.35Down
Crude Oil (Brent)USD/bbl$82.39Down
Bonny LightUSD/bbl$82.18Up
Natural GasUSD/MMBtu$5.56Down
OPEC basket 07/10/21USD/bbl$78.60Down
At press time 10th October 2021

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.A8th October 2021533+5
Canada8th October 2021167+2
InternationalSept. 2021787+10

Baker Hughes Rig Count to 10th October 2021

ExxonMobil has increased its participation in the proposed Acorn carbon capture project in Scotland by signing an Expression of Interest to capture, transport and store CO2 from its Fife Ethylene Plant. The agreement to include the ethylene plant, located in Mossmorran, Scotland, is in addition to an earlier announced Memorandum of Understanding to capture and store emissions from gas terminals at the St Fergus complex at Peterhead, Scotland, which includes ExxonMobil’s joint venture gas terminal. Read More

Sentinel Midstream Texas LLC announced the formation of a joint venture with ExxonMobil Pipeline Company that owns crude oil pipelines and related transportation infrastructure in the Houston area. The joint venture, Enercoast Midstream LLC (“Enercoast”), provides the critical last-mile link for Permian, Gulf of Mexico, and other barrels in the Houston crude oil market. For the joint venture, ExxonMobil will contribute two existing crude oil pipelines into Enercoast: a 16-inch pipeline originating at Webster Terminal with delivery points at ExxonMobil’s Baytown Refinery and Seabrook export terminal and a 20-inch crude pipeline with access to Moore Road station. Sentinel contributed cash for a majority equity position and will be the operator for the joint venture. Read More

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