Energy News Digest to 7th Mar. 2022. OPEC daily basket price stood at $113.15/bl, Fri, 4th Mar. 2022
Natural Gas Prices almost double what it was two weeks ago and keeps rising. How will europe cope?
The United Arab Emirates (UAE) and the International Renewable Energy Agency (IRENA) have launched Beyond Food, a new joint initiative that aims to provide people in communities in low-resource settings around the world with crucial access to sustainable energy for cooking. In collaboration with Nama Women Advancement Establishment, the UAE and IRENA have teamed-up to foster cooperation and coordinated action to promote the deployment of clean cooking solutions across the world, in a bid to tackle one of the world’s most pressing human development challenges. The partnership aims to expand and bring in more key actors working on this issue in the coming days. Read More
Ingeteam and Iberdrola are committed to storage as a key technology for the energy transition. Ingeteam is the technological partner chosen by Iberdrola for numerous energy storage projects, both in Spain and abroad. Storage with renewable technologies play a key role in advancing the energy transition and decarbonisation. Read More
The first large-scale photovoltaic plant in North Macedonia is already in operation. The Oslomej solar project, financed by the European Bank for Reconstruction and Development (EBRD), has been built next to a coal power plant located in Kichevo and is equipped with eight Ingeteam solar inverters of 1,400 kW each. .This photovoltaic plant represents the first phase of a larger project that contemplates the construction of up to 100 photovoltaic MW. This first phase of 11.7 MW of installed power has been built by Europower Solar, belonging to the Turkish group Girisim Elektrik AS. Executives from the EBRD and the national public electricity company ESM have recently visited the facility to check the progress of the project, which is already well advanced. The future photovoltaic plants that will be developed until the completion of the 100 MW project will be built on an old coal mine. More
Shell Plc, Europe’s largest oil company, bought a cargo of Russia’s flagship crude at a record discount, underscoring the company’s decision to keep buying supplies from the country after its invasion of Ukraine.The company paid about $28.50 a barrel below Dated Brent, Read More
A First-Ever Approach to Municipally Owned Floating Solar Emerges in Upstate New York
Two city employees of Cohoes, New York, were brainstorming how to power the city’s municipal buildings with renewable energy, but few options made sense. Cohoes does not have acres of unused land for solar panels, and the slate-topped buildings cannot hold rooftop solar. Moreover, with its high amount of low- and moderate-income (LMI) residents, 17,000-person Cohoes was not swimming in cash. The solution had to be something local — something to keep cost savings within the community. Read More
| Oil and Gas Prices | Units | Price $ | change |
| Crude Oil (WTI) | USD/bbl | $124.60 | Up |
| Crude Oil (Brent) | USD/bbl | $127.70 | Up |
| Bonny Light | USD/bbl | $115.80 | Up |
| Natural Gas | USD/MMBtu | $5.02 | Up |
| OPEC basket 04/03/22 | USD/bbl | $113.15 | Down |
Lundin Energy AB announced the publication of a company description for the new, renewables-focussed business which includes the business overview, strategy, Board of Directors and management team. After completion of the proposed Combination of Lundin Energy’s E&P business with Aker BP, the renewables business will remain as a standalone Company with three high quality assets in the Nordics. The business will be debt free, focussed on cash generation and well positioned to build on its proven track record of creating shareholder value, while contributing to a sustainable energy future. A webcast presentation will be held today at 16.00 CET.
Renewables Company highlights:
Three high quality renewables assets in the Nordics, generating around 600 GWh per annum when fully operational
Fully funded with 130 MUSD of cash to build out the Karskruv project in southern Sweden
Generating free cash flow from late 2023 onwards, when all projects will be fully operational
Initially debt free, with the capacity to raise capital for growth and acquisitions
The Company will remain listed on Nasdaq Stockholm, and maintain its headquarters in Sweden Read More
World’s Top Selling Electric Vehicles — January 2022. Last month, BEVs jumped 94% YoY while PHEVs grew 72%, mostly thanks to the BEV-friendly Chinese market, which represented almost two thirds of all global sales in January.
24 months ago, we had only 2 Chinese EVs in the table, and then there were 9 in January 2021, but with the current surge in China, we now have 17 representatives in the top 20 spots! Seventeen! And the three foreigners (Tesla Model Y, Tesla Model 3, and Volkswagen ID.4) can be considered honorary Chinese EVs, as a large share of their production occurs in China. So, it’s no wonder that the current global top 20 looks a lot like China’s top 20. Read More
Responding to the energy market impacts of Russia’s invasion
The IEA is closely monitoring the implications of Russia’s invasion of Ukraine for global energy markets – and acting accordingly. In the last week, we released a 10-Point Plan for how the European Union can reduce its reliance on Russian natural gas imports by more than one-third within a year while sticking to its climate goals and maintaining energy security and affordability. This came days after our member countries agreed to release millions of barrels of emergency oil stocks to reassure global markets that there will be no supply shortfall.
At an extraordinary meeting on 1 March, ministers from our 31 member countries expressed their solidarity with the people of Ukraine and their democratically elected government in the face of Russia’s appalling and unprovoked attack on Ukraine, and voiced support for the sanctions imposed by the international community in response. Read More
IEA Member Countries unanimously agreed on 1 March to an initial emergency response plan to alleviate the increasing tightness in oil markets resulting from Russia’s invasion of Ukraine. IEA Member Countries agreed to make 60 million barrels of their emergency oil stocks available to the market. In the last few days since the decision, each IEA Member Country has been considering how much it could contribute to the announced response plan, given its domestic circumstances. The commitments submitted by Members actually surpassed 60 million barrels, demonstrating great solidarity.IEA Member Countries hold 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry. Therefore, this initial response of 61.7 million barrels represents just 3% of total emergency reserves. Read More
Foreign companies, including energy firms, which are ditching Russia will be considered pushing their Russian subsidiaries to “deliberate bankruptcy,” which under Russian law includes criminal prosecution for top managers, Upstream reported on Friday, quoting Russian Deputy Prime Minister Andrey Belousov. Under Russian law, deliberate bankruptcy resulting in damages of over 1.5 million Russian rubles ($13,300 as of March 4) carries a criminal liability. The companies leaving Russia will get fast-track bankruptcy protection, or they transfer their stakes to local managers until they return to Russia, according to a Reuters summary of Belousov’s latest comments. Read More–>
Hitachi Energy announced today that it has been selected by Aker BP, as technology partner for the NOAKA power-from-shore project off the Norwegian coast. The entire project will be powered by up to 150 megawatts of power from the mainland grid – making it the world’s longest power-from-shore AC connection at around 250 km. Hitachi Energy will perform detailed front-end engineering and design (FEED) studies for a power quality solution that will enable the Aker BP operated NOA Fulla field and the Equinor operated Krafla field in the North Sea to be powered from the mainland. The contract awarded to Hitachi Energy includes an option to deliver the power quality solution when the FEED studies are completed. Read More–>
Scatec ASA has today signed an agreement with ACME Group from India to establish a 50/50 joint venture to design, develop, build, own and operate a large-scale green ammonia facility in Oman.
The first phase of the facility is expected to produce 100,000 tonnes of green ammonia annually with about 300 MW of electrolyzer capacity and powered by 500 MW of solar. The facility will be located in the Duqm Special Economic Zone of Oman. Once fully developed the facility is expected to produce up to 1.2 million tonnes of green ammonia annually. Read More
Iveco Group (MI: IVG) and Hyundai Motor Company (HYMTF) have signed a Memorandum of Understanding (MoU) on the 4th of March to explore possible collaborations on shared vehicle technology, joint sourcing, and mutual supply. The signing took place at Hyundai Motor Company and the major participants include Gerrit Marx, CEO of Iveco Group; Marco Liccardo, Chief Technology & Digital Officer of Iveco Group; Jaehoon Chang, President and CEO, Hyundai Motor Company; and Martin Zeilinger, Executive Vice President and Head of Commercial Vehicle Development Tech Unit of Hyundai Motor Company. The MoU is a preliminary step in assessing the potential for the two groups to cooperate in the domains of technology and platforms, encompassing components and systems. Areas of possible mutual interest pertain to electric powertrains and platforms including fuel-cell systems, vehicle automation and connectivity for commercial vehicles. This agreement is a further step in Iveco Group’s and Hyundai Motor Company’s independent strategies to create leading innovative solutions in today’s fast-changing environment by building a Read More
| Region | Period | Count | Change from Prior |
| U.S.A | 4th March 2022 | 650 | — |
| Canada | 4th March 2022 | 217 | -7 |
| International | February 2022 | 813 | -28 |
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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