Energy News Digest to 2nd Mar. 2022. OPEC daily basket price stood at $103.89 a barrel, Tue, 1st Mar. 2022
The Biden Administration could couple releases from the Strategic Petroleum Reserve (SPR) with a longer-term policy to support the U.S. oil industry if it wants to reduce the soaring gasoline and oil prices and ensure America’s energy security, Mike Wirth, chief executive at supermajor Chevron, said on Tuesday.Support to the domestic oil and gas industry would “ensure that this country remains strong from an energy security standpoint,” Read More
Clear Blue Technologies International Inc. (TSXV: CBLU), the Smart Off-Grid Company, today announced that it has entered a memorandum of understanding (“MOU”), signed on February 25, 2022, with iSAT Africa, an integrated communications services provider serving Africa and the Middle East. iSAT Africa has also selected Clear Blue as its preferred partner for Smart, Solar Off-Grid power. The MOU also calls for Clear Blue to provide a minimum of 300 off-grid, remote power systems for satellite and cell phone services in 4 countries in Africa, to be ordered by the end of Q1 2023. This order is worth an initial amount of C$2 million and has an estimated 5-year Life-Time Contract Value, which includes capacity upgrades and ongoing service management by Clear Blue, of C$3 million. The first 30 systems will ship in Q1 2022 and the remainder of the project is subject to iSAT successfully concluding financing for the remaining rollout. Read More
During the Mobile World Congress 2022, the Forrester Data Center Autonomous Networking Thought Leadership Report, Building Leading Digital Business Competitiveness with Highly Autonomous Data Center Networks, was released. The report was commissioned by Forrester to conduct research and research. The report pointed out that enterprise data centers are transforming into modern cloud data centers represented by “multi-cloud and hybrid deployment”. The maturity of data center networks is in the process of moving from Level 3 to Level 4, and the level of automation needs to be improved urgently. At the same time, the report makes recommendations for the evolution of enterprise data center networks to a high degree of autonomy.Emerging technology development and business model innovation Two-wheel drive data center network achieves a high degree of autonomy More
Huawei CloudFabric 3.0 takes the lead in realizing L3.5 data center autonomous driving network.During the Mobile World Congress 2022, Tolly Group, an international independent testing organization, released a comparison test between Huawei’s hyperconverged data center network CloudFabric 3.0 solution and industry solutions. According to the Tolly test report, the overall solution is 3.51 points ahead of the industry’s mainstream data center SDN solutions with 2.8 points. It is the only solution in the industry that Tolly has evaluated to implement L3.5-level data center autonomous driving networks. Read More
Nigeria represents one of Africa’s heavyweights when it comes to hydrocarbon exploration and production. With over 36 billion barrels of oil (bbl) and 200 trillion cubic feet of natural gas, the country has managed to position itself as both an attractive upstream market and competitive producer. In its Q1 2022 outlook, The State of African Energy, the African Energy Chamber (AEC) (www.EnergyChamber.org) contends that Nigeria will maintain its position as one of Africa’s leading crude oil producers as well as one of the continent’s top three gas suppliers between 2022 and 2025, providing an opportunity for the west African country to leverage its energy resources for economic growth while addressing global energy demand. According to the outlook, Nigeria will produce 1.46 million barrels per day (bpd) of crude oil out of the 6.35 million bpd that Africa as a whole will produce during the year, reaffirming the country’s position as a continental energy hub as production in the west African state peaks in 2023. Read More
| Oil and Gas Prices | Units | Price $ | change |
| Crude Oil (WTI) | USD/bbl | $110.22 | Up |
| Crude Oil (Brent) | USD/bbl | $111.66 | Up |
| Bonny Light | USD/bbl | $107.77 | Up |
| Natural Gas | USD/MMBtu | $4.71 | Up |
| OPEC basket 01/03/22 | USD/bbl | $103.89 | Up |
Russia-Ukraine war: The companies that have taken action so far. Measures by the U.S. and Europe, including a move to block some Russian banks from the SWIFT payment network and sanctions on the Central Bank of Russia, have already sent the ruble cratering more than 30% and kept the Moscow Stock Exchange closed on Monday. A sharper economic fallout is underway, with JPMorgan warning the country is poised to enter a recession. Read More
The U.S. Department of Energy (DOE) has announced the Deploying Solar with Wildlife and Ecosystem Services Benefits (SolWEB) funding opportunity, which will award $10 million for innovative solutions and strategies that maximize benefits and minimize impacts to wildlife and ecosystems from solar energy infrastructure. DOE is interested in projects that will produce results with broad relevance to solar stakeholders by establishing methods, technologies, models, best management practices, or resources that facilitate ground-mounted photovoltaic energy generation, including utility-scale and community solar or concentrating solar-thermal power that is compatible with surrounding wildlife. DOE is also interested in assessing and optimizing ecosystem benefits that solar energy facilities can provide, such as soil formation, pollination of food crops, and carbon sequestration. Read More
The Board of Directors of Hess Corporation (NYSE: HES) today declared a regular quarterly dividend of 37.5 cents per share payable on Hess Corporation Common Stock, an increase of 50% from the previously paid quarterly dividend of 25 cents per share. The dividend is payable on March 30, 2022 to stockholders of record as of the close of business on March 14, 2022. The company also announced that it had repaid the remaining $500 million of a $1 billion term loan maturing in March 2023. “The recently announced startup of the Liza Phase 2 oil development offshore Guyana has positioned the company to reduce debt and begin increasing cash returns to shareholders,” CEO John Hess said. “As our portfolio becomes increasingly free cash flow positive, we plan to continue to grow the dividend and accelerate share repurchases.” Read More
The Pipeline Simulation Interest Group (PSIG), the foremost technical organization in the pipeline simulation industry, is pleased to announce the opening of registration for its upcoming 52nd annual meeting to be held at the San Diego Mission Bay Resort in San Diego, CA from the 10th – 13th of May, 2022. Beginning on May 10th, recognized subject matter experts will present a series of 26 papers on a broad range of topics in gas, liquid and multiphase pipeline simulation covering both theory and practical application. This years’ conference themes are energy transition, hydrogen enriched natural gas, leak detection and DRA with tracks dedicated to those topics. Other papers cover areas such as artificial intelligence, parallel processing, pump/tank optimization and modelling check valves. Read More–>
A planned $5 billion electric vehicle plant that’s billed as the largest economic development project in Georgia’s history is drawing opposition from an unusual source: former Republican U.S. Sen. David Perdue. Read More–>
Whoop Energy and Xcel Power have announced they are ceasing to trade. Whoop Energy supplies 50 households and 212 businesses and Xcel Power has 274 business customers. Ofgem has appointed Yü Energy Retail Limited to take on supplying customers from Whoop Energy and Xcel Power Limited. This follows a competitive process run by Ofgem to get the best deal possible for customers. Read More
Woodside Climate Report 2021 released
Secured sufficient offsets to meet our net equity Scope 1 and 2
greenhouse gas emissions reduction target of 15% by 20253
Delivered a 10% reduction in Woodside’s net equity Scope 1 and 2
greenhouse gas emissions below the 2016-2020 gross annual average Announced a $5 billion investment target for new energy products and lower-carbon services by 20302 Published a Scope 3 emissions plan Read More
| Region | Period | Rig Count | Change from Prior Count |
| U.S.A | 25th February 2022 | 650 | +5 |
| Canada | 25th February 2022 | 224 | +4 |
| International | January 2022 | 841 | — |
The Joint Technical Committee (JTC) of the Declaration of Cooperation (DoC) held its 60th Meeting today via videoconference to examine the latest developments in the global oil market.
The Meeting was held in preparation for the 38th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 26th OPEC and non-OPEC Ministerial Meeting (ONOMM), both of which are scheduled for tomorrow, 2 March 2022. In his remarks, OPEC Secretary General, HE Mohammad Sanusi Barkindo, congratulated the Committee’s Members on reaching the 60-meeting milestone. He emphasized that the Committee, since its inception following the signing of the DoC on 10 December 2016, has played an instrumental role in the framework’s unparalleled success, which has aimed to support oil market stability.
The Secretary General noted the impact of the global geopolitical situation and the uncertainties related to the COVID-19 pandemic on energy and the oil market. Read More
Zenith Energy Ltd., the listed international energy production and development company, announces that it has elected to not renew the Option Agreement (the “Option”) with Noble Hill-Network Limited (“NHNL”), first announced to the market on November 29, 2021, for the purchase of a 42% (forty-two percent) interest in the share capital of NHNL. The Company remains of the view that the development of the North-West Corner of OML 141 in Nigeria has significant potential, and it shall look to revisit the opportunity once the ownership of NHNL is unequivocally confirmed by the Nigerian courts. Read More
Termination of Sale and Purchase Agreement on Irish Licence FEL 3/19
Europa Oil & Gas (Holdings) plc, the UK, Ireland and Morocco focused oil and gas exploration, development and production company has received notification from DNO that it wishes to exercise its rights to terminate the Sale and Purchase Agreement (SPA) with effect from 1st March 2022. Accordingly, Europa confirms that it will not therefore be acquiring this licence. More
The Executive Board of OMV has decided to not further pursue negotiations with Gazprom on the potential acquisition of a 24.98% interest in the Achimov 4A/5A phase development in the Urengoy gas and condensate field and to terminate the Basic Sale Agreement dated October 3, 2018. Read More
Today UK wholesale gas prices – the price paid by energy companies who serve British households – briefly topped £4.50 per therm – up from £2.50 yesterday morning. It then settled at around £4. Read More
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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