Energy News to 01/11/22 | Oil majors TotalEnergies, Shell, BP, Chevron reporting very strong earnings
World Bank expects energy prices to decline by 11% in 2023 after this year’s 60% surge following Russia’s invasion of Ukraine. However, slower global growth and COVID-19 restrictions in China could lead to a deeper fall, it says. The bank projects an average Brent crude price of $92 a barrel in 2023, easing to $80 in 2024 according to media reports
Asia has surpassed Russia as the biggest supplier of oil products to the EU, according to shipping organization BIMCO. It says 4.4 million tonnes were delivered to the bloc from Asia in October. Read More
Shell ($9.45bln) and TotalEnergies ($9.9bln), each reported profits of more than $9 billion in the third quarter. BP comes in with $8.2 bln profit. The strong earnings are likely to intensify calls in Britain and the European Union for further windfall taxes on energy companies to help households cope with soaring power bills, Reuters says.
President Joe Biden has accused oil companies of “war profiteering” as he raised the possibility of imposing a windfall tax if companies don’t boost domestic production.
In remarks on Monday, just over a week away from the 8 November midterm elections, Biden criticised major oil companies for making record profits while refusing to help lower prices at the pump for American people. The president said he would look to Congress to levy tax penalties on oil companies if they don’t begin to invest some of their profits in lowering costs for American consumers.
“My team will work with Congress to look at these options that are available to us and others,” Biden said. “It’s time for these companies to stop war profiteering, meet their responsibilities in this country and give the American people a break and still do very well.” Read More
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), signed a Long Term Service Agreement (LTSA) with Damietta LNG (DLNG), a leading producer and exporter of liquid natural gas in Egypt, to enhance the reliability, efficiency and availability of power supply, and protect LNG production at the plant.Damietta LNG, one of two LNG export plants in Egypt, with a capacity to produce up to five million tons of liquefied natural gas per year, is a long-term customer of Mitsubishi Power in Egypt. This latest service agreement follows Mitsubishi Power’s first LTSA for the units which was signed in 2006.
Under the terms of the agreement, Mitsubishi Power will undertake the parts, repairs and services for five Mitsubishi Power H-25 gas turbines installed at the facility, located in New Damietta Port in the northern region of Egypt. Read More
Scientists from the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) and Lawrence Berkeley National Laboratory (Berkeley Lab) are providing researchers with a guide to how to best measure the efficiency of producing hydrogen directly from solar power.
Photoelectrochemical (PEC) water-splitting, which relies on sunlight to split water into its component elements—oxygen and hydrogen—stands out as potentially one of the most sustainable routes to clean energy. Measurements of how efficient the PEC process is on an identical system can vary wildly from different laboratories, however, from a lack of standardized methods. The newly developed best-practices guide published in Frontiers in Energy Research is intended to provide confidence in comparing results obtained at different sites and by different groups.
The publication provides a road map for the PEC community as researchers continue to refine the technology. These best practices were verified by both laboratories via round-robin testing using the same testing hardware, PEC photoelectrodes, and measurement procedures. Research into photovoltaics has allowed a certification of cell efficiencies, but PEC water-splitting efficiency measurements do not yet have a widely accepted protocol. Read More
The U.S. construction industry is facing a housing supply deficit on the order of millions—and growing—at a time when climate targets mean that every unit should be built as efficiently, sustainably, and affordably as possible. To help meet this need, the construction industry must modernize to increase the speed and scale of high-performance building delivery.
National Renewable Energy Laboratory (NREL) researchers are eager to give partners a blueprint for optimizing performance by leveraging industrial construction methods. Techniques such as high-volume off-site construction, prefabrication, and on-site construction automation provide a pathway to decarbonization that also addresses the affordable housing crisis. On Sept. 21, the NREL Industrialized Construction Innovation team hosted an Industry Demonstration Day in conjunction with the Modular Building Institute’s Off-Site Construction Expo in Denver, Colorado. Industry leaders received an overview of NREL’s seminal research in the field, as well as their very own blueprint—a copy of the Energy in Modular (EMOD) Buildings Method report. Read More
ACWA Power Company, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants, today signed a Memorandum of Understanding (MOU) to finance sustainable infrastructure projects with the European Bank for Reconstruction and Development (EBRD) at the side lines of the Future Investment Initiative Forum, which took place in Riyadh, Saudi Arabia.
The MOU was signed by Paddy Padmanathan, Vice Chairman and Chief Executive Officer, ACWA Power and Nandita Parshad, Managing Director- Sustainable Infrastructure Group, EBRD. The document envisages the continued cooperation of both organisations over the next five years, and will focus on project development in renewable energy, green hydrogen, green desalination across countries.
The countries of focus include Uzbekistan, Azerbaijan and Egypt, with the ultimate objective of jointly supporting sustainable energy transition and enabling power and water access in line with local and global environmental objectives. ACWA Power has worked with EBRD since 2011 with the institution financing multiple projects of ACWA Power in the Central Asian, Middle Eastern and North African markets. Read More
ACWA Power Company, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants, today announced that PT Perusahaan Listrik Negara (Persero) or PLN, Indonesia’s sole state-owned electricity utility, has chosen the company to develop two floating solar PV projects.
The projects will enable Indonesia to achieve its renewable energy target of 23% by 2025, under the country’s National General Energy Plan.
This marks ACWA Power’s first foray into the Southeast Asian country, as well as the company’s first floating solar PV projects in its portfolio. Named the Saguling Floating Solar PV project and Singkarak Floating Solar PV Project, the facilities will have a capacity of 60MWac and 50MWac respectively and represent a combined investment value of US$105million. ACWA Power has a 49% equity stake in both projects, with the rest being held by Indonesia Power, a subsidiary of PLN.
The offtake partner in these projects, PLN, controls, owns, and operates approximately 69% generation capacity in Indonesia. It is also the sole buyer of electricity produced by independent power plants in the country, including electricity generated from renewable energy sources. As of the end of 2021, PLN controls over 64.5 GW of generation capacity in Indonesia. As a next step, PLN and ACWA Power will finalize the power purchase agreements for these projects. Read More
Rolls-Royce joined STARLUX Airlines and Airbus in celebrating the delivery of the airline’s first A350-900, which is powered by Rolls-Royce Trent XWB-84 engines. The aircraft departed from Airbus’ Delivery Centre in Toulouse, France, and landed at Taiwan Taoyuan International Airport, the home base of STARLUX Airlines. It will initially fly to major cities within the Asia-Pacific region and will start operations to Los Angeles in April 2023. A further Rolls-Royce powered A350-900 will be added to the airline’s fleet later this year.
K.W. Chang, STARLUX Chairman, said: “This delivery is a milestone for STARLUX Airlines. The A350-900 is our first large widebody aircraft, which will allow STARLUX to open markets for longer routes, and this also marks the next step in our partnership with Rolls-Royce, with 17 more A350s powered by Trent XWB to be delivered in the future. With the addition of the A350-900, the STARLUX fleet now can cover short, mid, and long range flights, providing service to passengers outside Asia.”
Ewen McDonald, Chief Customer Officer, Rolls-Royce Civil Aerospace, said: “We would like to congratulate STARLUX on taking delivery of their first A350 passenger aircraft, which is powered by Rolls-Royce Trent XWB-84 engines. This delivery builds on our partnership with STARLUX who earlier this year took delivery of their first A330neo, which is also powered by our Trent 7000 engines. We look forward to further supporting STARLUX to maximize their fleet performance and achieve operational excellence. We thank STARLUX for their trust in Rolls-Royce, and we will continue our commitment to providing reliable power and world-class service to help STARLUX fly higher and further.” Read More
Global oil demand will increase by over 10% by 2027 and more than 13% by 2045 compared to 2021, according to the World Oil Outlook 2045 by the Organization of the Petroleum Exporting Countries (OPEC) on Monday. OPEC forecasts that global primary energy demand will increase to 351 million barrels of oil equivalent per day (boepd) in 2045, representing a rise of 23% from the 2021 level. ‘With strong policy support and declining long-term costs, other renewables, mostly wind and solar, are the fastest and largest growing category in the energy mix, adding 31 million boepd in the outlook period. Natural gas is anticipated to increase by 19 million boepd, followed by oil with just over 12 million boepd,’ the report said. Read More
National Grid is to debut an innovative new way to connect customers to the high voltage network next year when it energises its first ‘grid park’ in Bedfordshire.
The new grid park will connect three separate customers to the same new supergrid transformer which is being installed at a new 33kV substation on the site of the existing 400kV Sundon substation.
EDF Renewables UK will be one of the first connections at the new Sundon grid park, which will see a 50MW battery connect to the grid as part of its nationwide Energy Superhub rollout.Two additional grid-scale batteries are also being lined up to connect to the grid park, bringing almost 150MW of connection capacity and energy storage flexibility to the network – equivalent to over 300,000 homes being powered for an hour.
The grid park connection design is efficient and cost-effective, allowing three smaller customers to benefit from a single investment, minimising the need for outages and having less impact on the local network in the area.
Longer term, the design also has the potential to help speed up renewable power connections to the transmission network as it’s rolled out across the country – boosting efforts to meet the country’s ambitious decarbonisation goals.
Sundon is no stranger to energy system firsts – in the 1960s the first new 400kV overhead power line in the country was completed between West Burton and Sundon, heralding the dawn of Britain’s electricity ‘supergrid’. Read More
Baker Hughes (NASDAQ: BKR) announced that the Baker Hughes Board of Directors declared an increased quarterly cash dividend of $.19 per share of Class A common stock payable on November 18, 2022, to holders of record on November 7, 2022. The dividend increase reflects a 5.5% growth rate, or $.01, over the previous quarter’s dividend.
Baker Hughes also announced its Board of Directors authorized Baker Hughes Holdings LLC (“BHH LLC”) to repurchase up to $2 billion of additional common units, increasing its existing share repurchase authorization, which was announced in July 2021, by $2 billion to $4 billion. The Company will use the proceeds from the sale of its BHH LLC common units to repurchase its Class A shares. Baker Hughes has repurchased approximately $1.2 billion of Class A shares under the current share repurchase authorization as of September 30, 2022.
“Our dividend increase and share repurchase authorization upsizing is a further step in our commitment to return cash to shareholders and complement our growth strategy. We remain committed to delivering 60 to 80% of free cash flow to shareholders through the cycle and are on track to return over $1.5 billion to shareholders in 2022,” said Lorenzo Simonelli, chairman & CEO of Baker Hughes. “Our Board of Directors remains confident in the structural growth we see in our portfolio as well as our ability to transform our operations to enhance profitability. We are proud our strong balance sheet continues to allow us to deliver our shareholder goals while we invest for growth in the energy, new energy and industrial sectors.” Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $88.18 | Up |
| Crude Oil (Brent) | USD/bbl | $94.42 | Down |
| Bonny Light | USD/bbl | $93.89 | Down |
| Saharan Blend | USD/bbl | $94.91 | Down |
| Natural Gas | USD/MMBtu | $5.85 | Down |
| OPEC basket 27/10/22 | USD/bbl | $94.73 | — |
Dr. Sultan Al Jaber Calls for Maximum Energy, Minimum Emissions in ADIPEC Opening Address
Energy security is the foundation of all progress including economic, social and climate progress
If we zero out hydrocarbon investment, we would lose 5 million barrels per day of oil each year from current supplies due to natural decline. This would make the shocks we have experience this year feel like a minor tremor
The world is on its way to being home to 9.7 billion people by 2050 and to meet their needs, we will have to produce 30 percent more energy than today
The world needs all the energy solutions it can get: oil, gas, solar, wind, nuclear, and hydrogen
This is why UAE was a first mover in renewable energy, over 16 years ago, the first country in the region to deploy nuclear power and why ADNOC is making today’s energy cleaner while investing in the clean energies of tomorrow Read More
Uganda National Oil Company (UNOC) is seeking investments of up to 20 billion for a slew of new projects across the oil value chain, the state-owned company’s CEO said.
Proscovia Nabbanja told Zawya that the national oil company is pursuing several projects across the upstream, midstream and downstream sectors after successfully achieving Final Investment Decisions (FID) for its Tilenga and Kingfisher upstream developments, and the midstream East African Crude Oil Pipeline (EACOP) in February 2022. Read More
Just Stop Oil supporters have attempted to scale the gates of Downing Street and blocked Whitehall to demand that the government halts all new oil and gas licences and consents. At 11:20am today, a group of Just Stop Oil supporters swarmed towards the entrance to Downing street on Whitehall and attempted to scale the gates. A further group sat down in the road with banners to block Whitehall. Some have glued themselves to the tarmac. 22 people are involved in the actions today. Read More
The global digitization specialist for the energy industry, Implico Group, has repositioned its management team. After four years at the company, the previous CEO Tim Hoffmeister leaves at his own request. Effective immediately, Rolf Adam, formerly of Hitachi Solutions, takes over the lead.
“In the last years, we have reorganized our internal processes and structures, we have successfully built up our partner network, and we have positioned ourselves as a thought leader in the energy industry. On this sound foundation, Implico will develop itself further as a global product company with major international customers. Now that this milestone has been completed, I deem it a good time to hand over the reins and take on new challenges outside the company,” says Hoffmeister, explaining his move.
“With his broad expertise and experience, Tim Hoffmeister has developed a cloud strategy for Implico and thus made a significant contribution to its further development as a global digitization specialist,” says Nikolaus Winther, Partner at Implico shareholder BPE, regretting the decision. “We express our special appreciation and thank him very much for his achievements and his work for our portfolio company,” Winther continues.
Succeeding on Hoffmeister, Rolf Adam will assume responsibility for the Implico Group as CEO with immediate effect. He will manage the company together with Dr. Volker Braun as CTO. Adam is a proven expert at the interface of digitization and cloudification with many years of international management experience in the energy and IT industries. Most recently, he was Senior Vice President and General Manager for the DACH countries (Germany, Austria, Switzerland) at Hitachi Solutions.
With the new management team, the Implico Group aims to further drive the internationalization and digitalization of logistics processes beyond the energy sector in the context of SAP Industry Solutions. Furthermore, the company will keep a strong focus on the cloudification of the terminal management market. Read More
The venture between Stellantis and Guangzhou Automobile Group producing Jeep vehicles in China is filing for bankruptcy, Stellantis said on Monday, after a lengthy decline for the oldest foreign auto brand in the world’s largest market. The European carmaker said in a statement it had fully impaired the value of its investment in the joint venture in its results for the fist half of 2022. Stellantis said Guangzhou Automobile Group had also approved the bankruptcy filing and that it would continue to provide service to Jeep customers in China. Read More
Seplat Energy PLC announced its unaudited results for the nine months ended 30 September 2022.
Financial highlights
• Revenues up 34.4% to $618.6 million ($678.9 million including underlift), driven by higher realised oil prices of
$108.25/bbl.
• EBITDA up 27% to $337.9 million (adjusted for non-cash items)
• Strong cash generation of $368.1 million, capex of $110.3 million
• Strong balance sheet with $304.8 million cash at bank, net debt of $452.2 million
• Production opex of $9.3/boe
• Average realised gas pricing sustained at $2.80/Mscf despite pricing pressure on domestic gas delivery obligation
• Received $13.4 million out of a total of $55 million in accordance with Ubima divestment agreement
• Q3 dividend of US2.5 cents per share, taking 9M 2022 total to US7.5 cents per share ($44.1 million paid in the
period)
Operational highlights
• Strong safety record extended to 30.5 million hours without lost-time injury at Seplat Energy-operated assets
• Volumes of 43,337 boepd, impacted by oil theft and outages of key infrastructure
• Amukpe-Escravos Pipeline commenced commercial operations in August, 700 kbbls lifted in October.
• Eight wells completed, another seven wells to be drilled in Q4 (currently drilling four wells)
• Full-year guidance adjusted downwards to 40-44 kboepd owing to pipeline and export terminal outages, which were
materially worse in Q3; capex maintained at $160 million, capex per well lower due to improved drilling performance
Update on proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU)
• Seplat Energy reiterates that the Sales & Purchase Agreement (SPA) signed on 25 February 2022 to acquire Exxon’s
shallow water operations in Nigeria, MPNU, remains valid
• The Company remains confident that the proposed acquisition will be brought to a successful conclusion in
accordance with the law Read More
BP’s strategy is centered around investing in hydrocarbons whilst simultaneously putting money into the planned energy transition, the oil and gas supermajor’s CEO said Monday. “What the world needs, more than ever right now, is a conversation and a series of actions that are involved in the practicalities and realities of today and tomorrow,” Bernard Looney, who was appearing on a panel discussion moderated by CNBC’s Hadley Gamble, said.
“And by that I mean, our strategy as BP — which we’re executing in the U.K., we’re working on here in the Middle East and we’re doing it in the United States and across the world — is to invest in hydrocarbons today, because today’s energy system is a hydrocarbon system,” he added. Read More
Baker Hughes Rig Count
Total U.S. Rig Count 768 with oil rigs 610, gas rigs 156 and miscellaneous rigs 2.
Total Canada Rig Count 212, with oil rigs 145, gas rigs 67.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 28 October 2022 | 768 | -3 |
| Canada | 28 October 2022 | 212 | +2 |
| International | September 2022 | 879 | +19 |
United States and United Arab Emirates on Tuesday announced the signing of a strategic partnership that will see $100 billion mobilized to develop 100 gigawatts of clean energy by 2035. The deal, signed during the Adipec energy conference in Abu Dhabi, is entitled the “Partnership for Accelerating Clean Energy” (PACE) and encompasses four main pillars: the development of clean energy innovation and supply chains, managing carbon and methane emissions, nuclear energy, and industrial and transport decarbonization. “The cooperation comes within the framework of the close friendship between the UAE and the United States of America” and “affirms the commitment of both sides to work to enhance energy security and advance progress in climate action,” according to a UAE government statement published by state news agency WAM.
The White House described the new partnership as a major achievement for President Joe Biden’s climate agenda. Read More
Keppel Corporation Limited refers to its announcement dated 15 March 2022 in relation to the proposed acquisition by the Company, Keppel Asia Infrastructure Fund LP (“KAIF”) and a co-investor of KAIF, through Cloud Alpha Pte Ltd, of 50% of the issued share capital of Cleantech Solar Asia Pte. Ltd. The Company wishes to announce that the Proposed Acquisition has completed. A shareholders’agreement has also been entered into among Cloud Alpha, CRA and CSA to, inter alia, regulate their respective rights and obligations in relation to CSA. Read More
Nissan’s global production in September surpassed year-ealier results by 19.4%.
Production in Japan surpassed year-earlier results by 46.7%.
Production outside Japan surpassed year-earlier results by 14.9%.
April-September 2022
Global production in the April-September period increased 1.6% from a year earlier.
Production in Japan surpassed year-earlier results by 18.2%.
Production outside Japan declined 1.0% from a year earlier.
Global sales in September declined 10.1% from a year earlier.
Sales including minivehicles in Japan surpassed year-earlier results by 0.3%.
Sales of registered vehicles in Japan surpassed year-earlier results by 0.9%.
Minivehicle sales in Japan declined 0.5% from a year earlier.
Sales outside Japan declined 11.7% from a year earlier. Read More
UK100 has accused the government of a “dereliction of duty” after it missed the deadline for setting out new environmental targets, including on air quality, as required by the flagship 2021 Environment Act
The missed deadline comes after the Mayor of London joined local and regional authorities in signing a letter to the DEFRA Secretary of State pledging to go further than the UK government in tackling the air pollution crisis
Cross-party signatories include London Mayor, Sadiq Khan, Mayor of West Yorkshire, Tracy Brabin, Leader of Wiltshire Council, Richard Clewer, Leader of Bath and North East Somerset Council, Kevin Guy, and Leader of Brighton & Hove City Council, Phélim Mac Cafferty.
The letter pledged mayors and local leaders to adopt WHO air pollution limits by 2030, ahead of the then UK Government’s 2040 proposal As green organisations band together to criticise the Government’s failure to meet its own legal deadline for setting new air quality targets, UK100 is adding their voice to the chorus of condemnation. UK100 is the UK’s only local authority network dedicated solely to Net Zero and Clean Air action. Read More
British Gas Net Zero Index. We want to get everyone to zero carbon emissions by 2050 or earlier. As a company, we’re aiming to reach that target by 2045. And we believe we can get there by working together and helping each other. That’s why our ‘People and Planet Plan’ has specific goals for what we want to achieve as a company – and importantly, what we can do on behalf of you, our customers.
Our commitment to electric vehicles
To help meet car maker’s commitments and the UK government’s ambitious EV targets, we’re fully supporting the nation’s switch to electric vehicles. Our own fleet of vehicles will be 100% electric by 2025. On top of that, we’re partnering with many of the country’s most popular car brands. We’re already installing EV home charge points all over the UK for Ford, Lexus, Lotus and Vauxhall. Read More
Barchart, a commodity data and technology leader trusted by over 600 agribusinesses representing over 2,000 grain facilities, announces cmdtyView Hedge, the latest digital workflow within Barchart’s AgTech ecosystem. With this innovation, agribusinesses can now automate hedging for physical grain in cmdtyView; a fixture on grain merchandiser desktops. Barchart’s ecosystem for grain merchandising workflows also includes the 2022 award winning AgTech platform, Marketplace Apps.
Barchart already connects producers and grain buyers by linking producer-facing apps to cmdtyView – the addition of cmdtyView Hedge unlocks more efficiency by creating automated hedge orders for open offers; and then pushing grain contracts and hedge executions directly into an agribusiness’s ERP system when an offer matches.
“Our hedging system was designed to streamline grain contracting and risk management for our agribusiness clients,” says Barchart CEO Mark Haraburda. “Combined with our best-in-class ERP connectivity, we are able to provide clients with a grain buying platform that scales for any size operation.”
“Grain merchandisers are looking for a solution to manage their hedging activity in one place. Barchart customers will gain a ton of efficiency and remove costly errors with cmdtyView Hedge,” says Mike Driscoll, Barchart’s Head of Commodities. “With our solution all of the grain buying and hedging happens in one spot, so our customers will no longer need to maintain shared spreadsheets and multiple software platforms, nor rekey everything back into the ERP.”
cmdtyView is connected across the grain supply chain, including to farmers who are able to submit offers via Barchart’s elevator-branded mobile apps, as well as to grain accounting and ERP providers for managing contracts, tickets and positions; and to futures brokerage firms and exchanges for execution and clearing. The integration of hedging into cmdtyView eliminates the need for multiple systems, making cmdtyView an end-to-end platform for commodity trading. Read More
The rising cost of energy bills is putting more than seven in ten drivers off owning an electric vehicle, a new survey suggests.
An AA poll of more than 12,500 motorists indicated that rising energy bills are the main reason for not switching to an EV for 10 per cent of motorists.
A further 63 per cent said the cost of electricity has made them ‘more reluctant’ to buy a battery-powered car, though this is not the main reason for sticking with a conventionally-fuelled model for the meantime.Nearly a quarter (24 per cent) of those surveyed appear to be taking a long-term view on the cost of energy, stating that they have not been put off going electric despite the rise in the cost of electricity at home and using the public network of charging devices.
Of the 12,545-strong panel, just three per cent said they already own an electric car. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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