Energy News Monitor. OPEC daily basket price stood at $90.53/bl, 17 Nov. 2022
Oil prices remain under pressure, with recession concerns , mounting China COVID-19 cases , pending European Union ban on Russian crude on Dec. 5 and OPEC+, tightening supply.
Petrobras and the National Bank for Economic and Social Development (BNDES) launched, this Thursday (17), a notice to support recovery projects for native vegetation in mangrove and restinga areas in Brazil. The partnership, which will mobilize BRL 44.4 million, is the first investment by the Floresta Viva matchfunding , an initiative that aims to contribute to the ecological restoration of Brazilian biomes. The matchfundingit aims, among others, at benefits related to the preservation of biodiversity, water resources and the removal of carbon dioxide from the atmosphere. The announcement was made by the president of the BNDES, Gustavo Montezano, and by the director of Institutional Relations and Sustainability at Petrobras, Rafael Chaves, at COP 27, in Egypt. During the announcement, Montezano spoke about how the show was born and celebrated its development; “This project started with a concept prepared by the Ministry of the Environment, which brought the challenge to the BNDES. So the Bank’s technicians put this concept of matchfunding on its feetof partnership”. “We had the pleasure of launching this at last year’s COP, in Glasgow, with the objective of raising BRL 500 million between BNDES and partners. We arrive at this COP, a year later, having already reached around BRL 700 million and our objective, which I think is totally feasible, is to reach BRL 1 billion”, he concluded. “Ecological restoration is an activity that both mitigates and adapts to climate change. This is even more relevant in the case of mangroves, which store a lot of carbon and protect coastal areas”, explains the director of productive and socio-environmental credit Bruno Spider. Read More
Petrobras’ supercomputer Pégaso is the largest in Latin America in terms of processing capacity and the most eco-efficient, according to the TOP500.Org and Green500 rankings. The result reaffirms the company’s leadership in high-performance computing (HPCs). The machine surpasses, in both aspects, the Dragão and Atlas, which also belong to Petrobras and has processing power equivalent to the sum of six million cell phones or 150,000 modern laptops.
With the result of the ranking, the company obtains the fourth title in HPCs. In 2019 the company took first place with Fênix; in 2020 with Atlas and in 2021 with Dragão. Investing in these machines allows Petrobras to apply its technical knowledge in the processing of geophysical and geological data to reduce uncertainties and project risks, as well as the time between a new discovery of an oil field and the start of its production.
“We are very pleased to receive this result. Expanding data processing allows Petrobras to generate ever sharper subsurface images of areas mapped for oil and natural gas exploration and production, in addition to reducing the processing time for this information. This contributes to optimizing production, increasing the recovery factor of current reserves and maximizing the efficiency of the company’s exploratory projects”, explains Petrobras’ Director of Exploration and Production, Fernando Borges.
The investment in Pégaso, of R$300 million, as well as in other machines that accelerate the processing of geophysical and geological data, algorithm training in data science projects and simulations of flows in reservoirs is essential to make viable strategic programs such as EXP100 , which aims to achieve 100% use of data and knowledge in exploratory projects, CEOS and PROD1000, which aims to reduce deadlines for starting production in a field. Read More
PETRONAS confirms that a fire incident occurred at the Sabah-Sarawak Gas Pipeline (SSGP) near KP 132, nearby Lawas, Sarawak earlier this afternoon.
The incident is believed to have involved a third-party contractor performing work unrelated to SSGP operations nearby the pipeline’s Right-of-Way (ROW) area. A police report has been lodged with regard to this incident. To this end, an investigation will commence in earnest.
PETRONAS’ Emergency Response Team has been mobilised to the area. The company will work closely with all the relevant authorities to take the necessary action and preventive measures to contain the situation and safeguard the safety of the surrounding community and environment. Read More
Sempra Infrastructure, a subsidiary of Sempra (NYSE: SRE) (BMV: SRE), announced it has entered into a heads of agreement (HOA) with Williams (NYSE: WMB) for the offtake of liquefied natural gas (LNG) and development of associated natural gas pipeline projects to further connect abundant U.S. natural gas supplies in the Gulf Coast region to markets around the world.
The HOA contemplates negotiation and finalization of two 20-year long-term sale and purchase agreements for approximately 3 million tonnes per annum (Mtpa) of LNG in the aggregate from the Port Arthur LNG project under development in Jefferson County, Texas, and the Cameron LNG Phase 2 project under development in Hackberry, Louisiana. The HOA also contemplates the negotiation of a separate natural gas sales agreement for approximately 0.5 billion cubic feet per day (Bcfd) to be delivered in the Gillis, Louisiana area, as feed gas supply for the referenced LNG projects. Read More
On 13 November 2022, the first cargo of liquefied natural gas (LNG) produced by the Coral Sul Floating Liquefied Natural Gas plant left the Coral Sul field, which is located in the ultra-deep waters of the Rovuma Basin. With the new gas, Eni’s FLNG will contribute to increasing the security of supplies and it will be an important driver for the development of Mozambique’s economy.
The Coral South project provides a major new source of natural gas to a market in need of reliable and secure sources of energy supply. The ‘supergiant’ Coral Sul gas field, which supplies the Coral Sul FLNG on its own, has an estimated reserve of some 500 billion cubic metres and, if we consider the entire Coral, Mamba and Agulha geological complex, this totals around 2.4 trillion cubic metres of gas on site.
Coral Sul FLNG is a 432-metre long vessel weighing in at over 200,000 tonnes. Each of its components has been designed and manufactured according to the most advanced criteria in terms of sustainability and to significantly reduce CO2 emissions through the use of state-of-the-art technologies that aim to minimise the environmental impact and ensure energy efficiency. Read More
Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude, two senior industry executives told Reuters. The Group of Seven (G7), which includes the United States, Britain, Germany and France, agreed in September to enforce a low price on sales of Russian oil. U.S. officials said the move, which is due to start on Dec 5, was aimed at allowing it to continue to flow, heading off a potential price shock after total EU bans were ratified in June. Read More
UK today announced it would increase the windfall tax on oil and gas firms and extend it to power generation firms as he seeks to raise money to plug a major hole in the public finances. The Chancellor said the levy would be increased to 35 per cent from its current rate of 25 per cent. It would also apply to electricity generators with a levy of 45 per cent being applied from January 1. This means wind farms in UK waters will pay a higher windfall tax than the oil and gas rigs operating nearby. Read More
Virgin Australia has signed a 10-year TrueChoice™ Overhaul Agreement with GE Aerospace for the service of the airline’s fleet of CFM56-7B engines which power its fleet of Boeing B737 Next Generation aircraft. The airline currently operates 78 B737 NG aircraft, with plans to extend to 84 aircraft through 2023.
Virgin Australia Chief Operations Officer Stuart Aggs said the agreement demonstrated the company’s commitment to its B737 fleet for the long term.
“We are pleased to have secured this agreement with GE Aerospace, a company that upholds the highest global standards in aircraft engine production and maintenance,” Mr. Aggs said. “Not only will this agreement ensure Virgin Australia’s access to world-class engine maintenance expertise, but it will deliver significant efficiencies to the airline. This agreement is another example of our ongoing commitment and focus on creating a simplified and efficient business.”
The TrueChoice suite of engine maintenance offerings incorporate an array of GE capabilities and customizations across an engine’s lifecycle. All TrueChoice offerings are underpinned by GE data and analytic capabilities and experience to help reduce maintenance burden and service disruptions for customers.
“GE Aerospace is honored to provide maintenance, repair, and overhaul services for the Virgin Australia fleet, extending an important relationship that was established when the airline began operations 22 years ago,” said Russell Stokes, President and CEO, Commercial Engines and Services for GE Aerospace. “This agreement ensures Virgin Australia’s engines will receive the highest quality material and workmanship that a trusted OEM can deliver, to help keep their aircraft engines in top performing condition.” Read More
Silk Way West Airlines announced an order for a combined total of 16 GE9X and GE90 engines to power its fleet of long-haul Boeing 777 aircraft.
Silk Way West recently announced the purchase of GE9X-powered Boeing 777-8 Freighters and GE90-powered Boeing 777 Freighters to upgrade its cargo fleet. The engine order includes five GE9X engines and 11 GE90 engines.
“We are delighted to continue a successful, long-lasting cooperation with GE Aerospace,” said Mr. Zaur Akhundov, President of Silk Way Group. “This agreement marks the strengthening of our relationship. This is a step forward to a more sustainable future. We believe that this partnership extension will help us to deliver our long-term strategy of sustainable growth and environmental commitments, allowing us to continuously improve the services provided to our valuable customers.”
The GE9X is the most powerful aircraft engine in history and the quietest GE engine ever produced (pounds of thrust per decibel). The engine will bring up to 10% specific fuel consumption improvement compared to the GE90-115B. Like all GE commercial engines, both the GE9X and GE90 are compatible with any approved sustainable aviation fuel.
“The GE9X engine offers a combination of power and fuel efficiency that is unmatched in its class,” said Kathy MacKenzie, President of Commercial Programs for GE Aerospace. “We are proud to continue building our relationship with Silk Way West as they continue to modernize their fleet for cargo operations.” Read More
GE (NYSE:GE) signed a framework agreement with the International Renewable Energy Agency (IRENA) to collaborate on a plan which will support both climate change and energy security. The agreement was signed by Francesco La Camera, Director-General of IRENA and Roger Martella, Chief Sustainability Officer of GE at the 27th Conference of the Parties of the UNFCCC (COP27) in Egypt.
Through this collaboration, GE and IRENA have agreed to cooperate across several specific pillars including decarbonization, thought leadership, and adoption and sustainable use of all forms of renewable energy. COP27 provides the right context and platform for the agreement to move forward. Read More
Egyptian LNG has awarded a feasibility study contract to the Bechtel-led Coalition for Decarbonization that includes Enppi, Petrojet, Baker Hughes, GE Digital, HSBC and NBE. The study will assess implementation of a zero-flaring system at the Egyptian LNG export terminal (ELNG) in Idku, east of Alexandria. H.E. Tarek El-Molla, Egyptian Minister of Petroleum and Mineral Resources, hosted the signing ceremony during the Decarbonization Day events at COP 27 in Sharm El Sheikh, Egypt.
The feasibility study will assess options for total routine flaring recovery through modifications to the existing flare and compression systems at the ELNG facility, reducing methane emissions from this strategic regional facility. The project fully supports the Methane Global Pledge signed by H.E. Abdel Fattah Al Sisi, President of Egypt, in June 2022. LNG will play a key role in the supply of reliable, responsible, and sustainable energy to Europe following the tri-lateral agreement signed between Egypt, the European Union, and Israel earlier this year. The project is part of a wider program between the Coalition and the Egyptian Ministry of Petroleum and Mineral Resources aiming to decarbonize existing oil and gas facilities across the country and deliver on Egypt’s climate change strategy. The Coalition for Decarbonization was formed earlier this year between Bechtel, Enppi, Petrojet, Baker Hughes, GE Digital, HSBC and National Bank of Egypt, under the auspices of H.E. Minister Tarek El Molla. Read More
Egyptian Natural Gas Holding Company (EGAS), Seasplit Technologies, and GE (NYSE: GE) signed an innovative memorandum of understanding (MOU) for the industrial decarbonization of the Gulf of Suez. The initiative was announced on the sidelines of the United Nations Framework Convention on Climate Change’s (UNFCCC’s) 27th session of the Conference of the Parties (COP27) in Sharm El Sheikh, Egypt. Under the scope of the MOU, the three organizations plan to evaluate the technical and economic feasibility of developing 1.5 gigawatts (GW) of offshore wind power in the Gulf of Suez and intend to explore how strategic companies in Egypt’s petroleum sector can participate in the project’s delivery. In a first across Africa and the Middle East, the electricity generated is expected to power the operations of offshore oil and gas facilities. Excess power may also be supplied to the grid. Read More
U.S. Environmental Protection Agency (EPA) announced the availability of $100 million in grants for recycling infrastructure and recycling education and outreach projects across the country. EPA has published two Requests for Applications (RFAs) for new recycling infrastructure grants and education and outreach grants totaling $70 million. EPA also announced a new grant program for states and territories totaling $30 million.
The new grant programs support improvements to local waste management systems and recycling education and outreach, meeting Congress’ goal to create a stronger, more resilient, and cost-effective U.S. municipal solid waste recycling system.
“Too many communities are burdened by pollution and the negative environmental and health impacts that result from poorly managed waste,” said EPA Administrator Michael S. Regan. “Thanks to President Biden’s Bipartisan Infrastructure Law, we’ve seen a historic level of resources flow to EPA to address these challenges. The funding announced today will work hand in hand with our broader efforts to transform recycling and solid waste management across the nation and deliver economic and environmental benefits to those who need the most.”
These grants are funded by President Biden’s Bipartisan Infrastructure Law, which invested $375 million in funding for new recycling, reuse and waste prevention programs, the largest investment in recycling infrastructure to EPA in 30 years. Read More
U.S. Environmental Protection Agency (EPA) announced that the oil refinery on St. Croix in the U.S. Virgin Islands may not resume operations without obtaining a new comprehensive Clean Air Act permit. The new permit, called a Prevention of Significant Deterioration (PSD) permit, would require detailed air quality analyses and the use of the best available air pollution control technology. The facility is located near historically marginalized communities that are overburdened with pollution, including pollution from this refinery that led EPA to issue an emergency order to pause all operations in May 2021.
“As Administrator, I am committed to prioritizing the health and safety of underserved and overburdened communities across this country and holding polluters accountable. That is why EPA is using its full authority under the law to require this facility to analyze its impact on air quality and use the latest air pollution controls before it resumes operations,” said EPA Administrator Michael S. Regan. “This will ensure protections for St. Croix by requiring the refinery to operate in compliance with environmental laws designed to protect people’s health and the environment.”
“Today we are continuing to make good on our promise to deliver environmental justice and ensure that EPA protects the health of every community, regardless of race, zip code or income,” said EPA Regional Administrator Lisa F. Garcia. “EPA takes seriously our responsibility to the nearby communities, which have carried the burden of mishaps at this facility for far too long.”
A PSD permit limits emissions to levels that can be achieved by applying the best available air pollution control technology, which for this refinery would likely result in significant reductions of emissions of nitrogen oxides and volatile organic chemicals, and reductions in sulfur dioxide, hydrogen sulfide, carbon monoxide and particulate matter. The permit process also requires an air quality analysis to determine if the facility would cause pollution levels in the air to exceed EPA air quality standards. If a standard were to be exceeded, further reductions would be required in the PSD permitting process. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $79.37 | Down |
| Crude Oil (Brent) | USD/bbl | $87.23 | Down |
| Bonny Light | USD/bbl | $90.39 | Down |
| Saharan Blend | USD/bbl | $91.55 | Down |
| Natural Gas | USD/MMBtu | $6.33 | Down |
| OPEC basket 17/11/22 | USD/bbl | $90.53 | Down |
At bauma 2022, several manufacturers provided updates on their hydrogen explorations. While hydrogen power development remains in the early stages, these companies presented demonstration models that provide insight in the direction that hydrogen-fueled equipment may take.
Liebherr R 9XX H2 hydrogen-powered excavator. The winner of the bauma 2022 innovation award for climate protection is Liebherr’s debut hydrogen-powered excavator, the R 9XX H2, presented to the public for the first time during the show. The 50-ton excavator is based on the current generation 8 crawler machines, and according to Liebherr matches the performance of its diesel partners. Read More
Global leaders at COP27 discussed how best to mitigate greenhouse gas emissions and maintain global warming below 2°C to avoid catastrophic climate change. To meet emission reduction targets, countries need to decarbonize their power sectors – i.e., reduce the amount of carbon emitted when generating one unit of electricity.Doctoral Researcher Mulako Mukelabai, and Dr. Richard Blanchard, of Loughborough University, along with Professor Upul Wijayantha, now at Cranfield University, have outlined how Africa’s renewable energy resources and minerals can be utilized to provide clean energy to millions of households and help meet global net-zero targets. Read More
The Intergovernmental Oceanographic Commission of UNESCO (IOC-UNESCO) announced that Alcatel Submarine Networks (ASN), a private-sector company specialising in the manufacture and installation of trans-oceanic telecommunications cables, has joined the Corporate Data Group of the United Nations Decade of Ocean Science for Sustainable Development, the first company to do so.The Corporate Data Group is established jointly by IOC-UNESCO, which is responsible for implementing the Ocean Decade, and Fugro, an Ocean Decade Alliance member specialising in industrial ocean data, who has offered its expertise to support the Group’s efforts.
The generation, sharing, and management of ocean data, information and knowledge are cornerstones for the Ocean Decade’s success and will be essential to reverse the cycle of decline in ocean health, and contribute to an equitable and sustainable ocean economy. The overarching purpose of the Corporate Data Group is to develop strategies, equitable frameworks, mechanisms and best practices for industrial companies to provide public access to their privately held ocean data. Read More
The Danish Environmental Protection Agency begins the environmental impact assessment of Energiø Bornholm. This is done with a so-called first public phase, where all interested parties can submit consultation responses. As part of the consultation, Energinet invites citizen meetings on Bornholm and in Høje Taastrup.
From today until 5 December, interested parties can send consultation responses to the Danish Environmental Protection Agency, which has begun its environmental assessment of the power plants at Energiø Bornholm. It includes the future converter station south of Aakirkeby on Bornholm, a future converter station at Solhøj in Høje Taastrup and Ishøj municipalities, as well as the electric cables that will connect the stations. Read More
U.S. Rig Count is up 3 from last week to 782 with oil rigs up 1 to 623, gas rigs up 2 to 157 and miscellaneous rigs unchanged at 2. Canada Rig Count is up 1 from last week to 201, with oil rigs up 2 to 135, gas rigs down 1 to 66.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 18 November 2022 | 782 | +3 |
| Canada | 18 November 2022 | 201 | +1 |
| International | October 2022 | 911 | +32 |
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.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter |
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas, energy monitors,TotalEnergies, Shell, BP, Chevron
