Energy News Roundup, Rig Count, Prices to 14/06/2021
Global crude oil demand expected to rebound to pre-pandemic levels and settle in at 100.6 million barrels daily by the end of next year, according to the International Energy Agency (IEA). Assuming “ absence of further policy changes.”
Biden-Harris Administration Proposes Competitive Lease Sale for Offshore Wind Development for New York and New Jersey This would be the first competitive offshore wind lease sale for the Biden-Harris administration. The proposed lease areas have the potential to unlock over 7 gigawatts of offshore wind energy, powering more than 2.6 million homes and supporting thousands of new jobs.
Oil discovery near Visund in the northern North Sea Equinor and partners Vår Energi and Aker BP have struck oil in production licence 554. Recoverable resources are estimated at between 1.3 and 3.6 million standard cubic metres of oil equivalent, corresponding to 8-23 million barrels of oil equivalent.
Lundin announce better than expected production performance across all key fields the production guidance for 2021 has been increased to between 180 to 195 thousand barrels of oil equivalent per day (Mboepd), from the original guidance of 170 to 190 Mboepd.
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Detroit’s Packard Plant, now lies abandoned In 2013 the decrepit plant went up for auction, and the expansive site was snapped up by Peru-based developer Fernando Palazuelo the following year. The businessman pledged to redevelop the area and advertised for industrial buyers or tenants who would be interested in setting up shop on the plot. Palazuelo paid $405,000 (£287k) for the entire site at a Wayne County auction.
| Commodity Prices | Units | Price $ | Change |
| Crude Oil (WTI) | USD/bbl | 71.57 | Up |
| Crude Oil (Brent) | USD/bbl | 73.42 | Up |
| Bonny Light | USD/bbl | 72.08 | Up |
| Natural Gas | USD/MMBtu | 3.38 | Up |
| OPEC basket 11/06/21 | USD/bbl | 71.31 | Up |
KBR Awarded INSITE® Advisory Services Contract by Iowa Fertilizer Under the terms of the contract, KBR will provide INSITE® services, part of KBR’s Digital Sustainability Suite, to proactively monitor plant operations utilizing deep domain expertise to diagnose operational problems, determine probable root causes, and recommend corrective actions to prevent or mitigate abnormal events that could lead to unplanned shutdowns and unnecessary emissions.
Virgin Atlantic explores ‘flying taxi’ partnership The airline suggests electric vertical take-off and landing vehicles (eVTOL) could fly from towns to major airports.
Vertical Aerospace is conducting test flights of its aircraft this year.
Vertical Aerospace Announces Intention to become Publicly Traded Company via Merger with Broadstone Acquisition Corp. . The transaction will result in Vertical becoming a publicly-traded company, with a pro forma equity value of approximately $2.2 billion. Vertical will be listed on the New York Stock
Exchange following the combination, which is expected to close in the second half of 2021, under the ticker EVTL.
Blue Planet Fund UK’s The £500 million fund will support countries including Ghana, Indonesia and Pacific island states to tackle unsustainable fishing, protect and restore coastal ecosystems like mangroves and coral reefs, and reduce marine pollution.
The G7 will endorse a Nature Compact at this afternoon’s meeting to halt and reverse biodiversity loss by 2030 – including supporting the global target to conserve or protect at least 30 percent of land and 30 percent of ocean globally by the end of the decade.
World’s Top Oil Firms Boosted Q1 Combined Profits To $46 Billion The top ten firms that the agency analyzed—ExxonMobil, Chevron, Total, Shell, BP, Eni, Equinor, Lukoil, Rosneft, and Saudi Aramco—saw their combined profits rise by $8.5 billion due to the more favorable commodity price environment and signs of recovering demand.
Scientists Find Cheap And Easy Way To Extract Lithium From Seawater Researchers at King Abdullah University of Science and Technology developed what they believe is an economically viable system to extract high-purity lithium from seawater.
| Region | Period | No. of Rigs | Change |
| U.S.A | 4th June 2021 | 456 | -1 |
| Canada | 4th June 2021 | 77 | +15 |
| International | May 2021 | 750 | +55 |
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