Energy News to 04/10/22. OPEC daily basket price stood at $90.68/bl, 03 Oct. 2022
Oil prices rose more than 4% on Monday morning on expectations of an OPEC+ production cut. OPEC+ is reportedly looking to cut 1 million bpd. Kuwait’s oil minister said on Tuesday that OPEC+ would make a suitable decision to both guarantee energy supply and serve the interests of producers and consumers.
On Wednesday October 5, the Peterson Institute for International Economics (PIIE) will host a discussion on the upcoming release of the International Monetary Fund (IMF) October 2022 World Economic Outlook analytical chapters.
The IMF’s forthcoming October 2022 World Economic Outlook examines two economic forces that could impact inflation going forward. One chapter looks at wage dynamics post-COVID-19, wage-price spiral risks, and how policymakers can respond. Another chapter investigates the potential near-term effects of critical climate policies on inflation and economic activity and how they can be best designed.
After briefly summarizing the chapters, the presenters will discuss their findings with PIIE senior fellows Olivier Blanchard and Pinelopi Koujianou Goldberg. A Q&A with the audience will follow.
What:Launch of October 2022 World Economic Outlook Analytical Chapters
Chapter 2: Wage Dynamics Before and After the COVID Shock: Drivers, Prospects, and Policies
Chapter 3: Near Term Macroeconomic Impact of Decarbonization Policies
When:Wednesday October 5, 2022, at 9:00 AM (ET) Read More
Orrön Energy AB announce the completion of previously announced acquisitions, adding approximately 30 GWh of net annual production in price area SE3 in Sweden.
The acquisition agreements were entered into and announced by Slitevind AB1 (“Slitevind”) in June 2022 and consist of an additional 27 percent interest in the 36 MW wind farm Näsudden Väst, and an additional 10 percent interest in the 27 MW wind farm Stugyl. The total consideration for both transactions amounts to 9 MUSD and it takes the Company’s net ownership to 67 percent in Näsudden Väst and 37 percent in Stugyl and adds approximately 30 GWh of net annual production in the SE3 price area. Both wind farms are situated on Gotland at locations well known for their favourable wind conditions.
Following these acquisitions, the expected yearly net production will be 750 GWh in 2023 and in excess of 1 TWh per annum from 2024 onwards when the Karskruv project in southern Sweden is fully operational. Read More
Maserati to unveil its new global retail store concept, debuting with the opening of a new space in the heart of Milan’s historic and elegant Magenta district. Intended to express the Italian House’s power and prowess in Italian luxury craftsmanship, the innovative retail concept combines the refinement of a sartoria – a tailor’s atelier – with the rawness of an officina – a workshop, allowing clients to unleash their creative passion to bring to life their own bespoke vision of the ultimate luxury sports car.
The pioneering new architectural concept was co-created together with the New York-based experience design firm Eight Inc. and marks a departure from the traditional aesthetics of the “bright and sterile” car showroom. The inviting new environment, imbued with Italian beauty, presents the cars dramatically spot-lit like dynamic sculptures in a darkened art gallery. Read More
TotalEnergies and Holcim in Belgium have signed a Memorandum of Understanding (MoU) to work together on the full decarbonization of a cement production facility being upgraded by Holcim in Obourg, Belgium. Various energies and technologies will be assessed for the efficient capture, utilization, and sequestration (CCUS) of around 1.3 million metric tons of CO2 emitted by the facility every year.
Each partner will contribute its best-in-class technologies and its know-how to explore and develop the project, including:
an innovative new air-oxyfuel switchable kiln, to facilitate the capture and purification of CO2 in the flue gases, as part of Holcim’s upgrade of the current cement plant; and
the transportation and use of the captured CO2 by TotalEnergies for an innovative e-fuel producing scheme and/or deposit in geological storage in the North Sea.
TotalEnergies will assess the development of renewable projects to power a new electrolyzer, which would generate the green hydrogen needed to produce e-fuels. This new renewable energy production capacity would also power Holcim’s new oxyfuel kiln, thus contributing to the decarbonization of the cement plant. Finally, the oxygen emitted by the electrolyzer would be used to fuel the new kiln. Read More
Nel Hydrogen US, a subsidiary of Nel ASA (Nel, OSE: NEL), has been granted $5.6 million in funding from the US Department of Defense (DoD) for accelerating advanced PEM electrolyser stack development, to enable low-cost hydrogen storage and resiliency applications, in collaboration with the Engineer Research and Development Center- Construction Engineering Research Laboratory (ERDC- CERL).
The purpose of this 19-month project is to accelerate low-cost electrolyser development with the aim to reduce both operating and capital costs. High level activities include development of membranes optimized for electrolysis applications, development of advanced catalysts including high volume manufacturing and recycling techniques, surface coating techniques to reduce precious metal usage, and cell stack integration and testing in a full system at ERDC-CERL. The project also has options for additional funding. “We are excited to receive this funding from the Department of Defense. This project will be an important enabler for renewable hydrogen generation at scale for industrial applications with the PEM technology” says Kathy Ayers, Vice President, Research and Development at Nel
“Hydrogen generation provides a unique energy source that can be used to support the national energy security and resiliency,“ says Nicholas Josefik, Senior Researcher, Energy Branch, ERDC-CERL Read More
Neptune Energy announced it has awarded a contract worth $53 million to CHC Helicopters for offshore transport in the Dutch North Sea, optimising flight schedules and reducing associated emissions.
CHC will provide regular transport to and from the 29 offshore platforms it operates in the Netherlands. The contracts are part of a longer-term Alliance Agreement with CHC which will enable Neptune and CHC to optimise flight scheduling and route planning, and reduce the total number of offshore flights.
Neptune Energy’s Head of Supply Chain & Logistics in the Netherlands, Nicola Goodwin, said: “The new Alliance Agreement is an innovative approach for Neptune Energy and our service partner. “It will enable us to build on our good safety record, reduce the CO2 emissions associated with offshore transport, and improve overall efficiency.”
The Alliance Agreement has been awarded for three years, with two one-year extension options available. Read More
The U.S. Department of Energy (DOE) Vehicle Technologies Office (VTO) has selected five industry-led research and development projects to address key technical challenges associated with the application of lightweight materials to improve the energy efficiency of electric vehicles. These projects will help decarbonize the transportation sector and enhance the infrastructure needed to support the growing adoption of zero-emission vehicles. The award recipients will partner with a member of the Lightweight Materials Consortium, or LightMAT, to accelerate solutions to the nation’s toughest materials challenges in the energy sector. LightMAT is comprised of a network of 11 national laboratories with technical capabilities highly relevant to the development and commercial use of lightweight materials and manufacturing processes. Selected projects will receive up to $500,000 of LightMAT technical assistance from the partnering national laboratory, over a maximum project duration of 2 years. LightMAT is managed by Pacific Northwest National Laboratory, in partnership with other national laboratories, and is funded by VTO. Read More
The U.S. Department of Energy (DOE) today announced a Request for Information (RFI) to determine how DOE could best leverage the Defense Production Act (DPA) authority invoked by President Biden to accelerate domestic production of key technologies, strengthen U.S. power grid reliability, and deploy clean energy.
Following the President’s actions in June, DOE and the White House have engaged with stakeholders on maximizing the impact of DPA tools, and this RFI will gather additional input from the public. The President’s commitment to growing clean energy that’s made in America has already spurred billions in investments from private companies in solar, offshore wind, EV plants, batteries, and more, with additional investments on the way thanks to the President’s Inflation Reduction Act.
The national defense imperative to strengthen the U.S. clean energy manufacturing base has become more urgent. Russia’s war on Ukraine and impacts of the COVID-19 pandemic disrupted global supply chains and underscored the dangers of our overreliance on foreign sources for grid components and fossil fuels from adversarial nations. In the electricity sector, supply chain challenges such as wait times for upwards of two years for grid transformers have coincided with an increase in climate-fueled disasters, such as hurricanes and wildfires, that threaten grid reliability. Building the domestic energy industrial base necessary to maintain and strengthen grid reliability and resilience is critical to the U.S. economy and our national defense. Read More
The construction of the 58 MW Stępień solar plant in Poland is completed, and the plant is ready for operation. Stępień was developed and will be operated by Wento, Equinor’s 100% subsidiary.Stępień is located in the Braniewo municipality, part of the Warmia region in the north of Poland. Being one of the largest solar plants in Poland to date, Stępień comprises more than 100,000 solar panels over an area of around 65 hectares.
It will produce 61 GWh of power per year, which is equivalent to electricity consumption of 31,000 Polish households. By using local contractors during construction and operation, the project contributes to building knowledge and skills within solar developments in the Polish supplier industry.
Poland’s energy production is still dominated by conventional sources, including a high share of coal. This creates significant potential and need for domestic renewables that will help to decarbonize the energy system. Read More
Crude oil has returned to pre-Russian invasion levels as the market continues to price in the prospect for an economic slowdown hurting demand. The result is lower spot prices and a flattening forward curve to an extent that is not yet backed up by a corresponding rise in inventories. It raises the question whether the macro-economic outlook has driven prices down to levels that are not yet justified by current supply and demand developments.
There is no doubt demand has softened in recent months, especially following the end of summer driving season, and continued but temporary lockdowns in China that are hurting mobility and growth. In Europe, punitively high prices for gas and power have also helped drive a slowdown in fuel demand but the region is still importing around 3 million barrels per day from Russia. The introduction of an import embargo on December 5th will likely tighten the overall market with Russia struggling to find other buyers.
We view the current weakness in oil fundamentals as temporary and side with the major oil forecasters of EIA, OPEC and the IEA who, despite current growth concerns, have all maintained their demand growth forecasts for 2023. During the final quarter prices are likely to remain challenged at times resulting in a potential lower range in Brent crude between $80 and $100 dollar-per-barrel. The main developments that could impact prices include:
China’s continued battle with Covid versus additional stimulus to offset growth risks
Gas-to-fuel switching supporting demand for distillate products
EU embargo on Russian oil potentially forcing a reduction in Russian production
The US plans to begin refilling its strategic reserves
OPEC threat to lower production should prices drop further
The direction of US inflation and the dollar—both key drivers of the general level of risk appetite
US production growth, which is showing signs of stalling, thereby supporting prices
Oil majors swamped with cash, and investors in general, showing little appetite for investing in new discoveries suggest that the cost of energy is likely to remain elevated for years to come. This is driven by the green transformation which is receiving increased and urgent attention, and which will eventually begin to lower global demand for fossil fuels. It’s the timing of this transition that keeps the investment appetite low. Unlike new drilling methods such as fracking where a well can be productive within months, traditional oil production projects often take years and billion-dollar investments before production can begin. With that in mind, oil companies looking to invest in new production will not be focused on spot prices around $90 in Brent and lower in WTI, but instead at +30-dollar lower prices currently traded in the futures market for delivery in five years’ time. Read More
The Quarterly Outlook looks towards a dark winter, how the energy crisis especially in Europe and Asia will affect the financial markets and which assets may suffer and gain. It also zeros in on the US currency status. Finally, the Q4 Outlook looks at asset classes such as commodities and cryptocurrencies, and discusses how the cold financial winter may affect them. This energy crisis will accelerate the green transformation in Europe and create a potential renaissance for Africa but most significantly, it will hasten deglobalisation as the world economy splits in two, with India as the biggest question mark. For the global equity market, there is still some way to go this winter before hitting the bottom, but the brightest days are still ahead of us.Multiple uncertainties will continue to create a volatile environment for most commodities ahead of the year end. The sector is unlikely to suffer a major setback before picking up speed again during 2023. This forecast for stable to potentially even higher prices will be driven by pockets of strength in key commodities across all three sectors of energy, metals and agriculture. With that in mind, we see the Bloomberg Commodity Index, holding onto its +20 percent YTD gain for the remainder of 2022. Read More
Researchers have claimed a record 30.1% conversion efficiency for four-terminal perovskite-silicon PV tandem cells.
Achieved by combining a perovskite solar cell with conventional silicon solar cell technologies, the result was presented during the 8th World Conference on Photovoltaic Energy Conversion in Milan, Italy last week.
In four-terminal tandem devices, the top and bottom cells operate independently of each other, making it possible to apply different bottom cells, according to a press release.
The researchers improved the efficiency of the semi-transparent perovskite cells up to 19.7%, certified by standardisation organisation ESTI. The silicon device – a heterojunction solar cell featuring optimised surface passivation – is optically stacked under the perovskite, contributing with 10.4% efficiency. Read More
RWE is ready to end lignite-based electricity generation in 2030. This decision is part of an agreement between the company and the Federal Ministry of Economics and Climate Protection and the Ministry of Economic Affairs, Industry, Climate Action and Energy of the State of North Rhine-Westphalia, which was presented today at a joint press conference in Berlin. The decision does not provide for any additional compensation for the company. At the same time, RWE confirmed its plans to invest massively in the energy transition.
Significant CO2 savings create basis for bringing company onto 1.5-degree path
The agreement to bring forward the lignite phase-out by eight years corresponds to a halving of the previously planned time span. This will leave around 280 million tonnes of coal in the ground corresponding to around 280 million tonnes of CO2 that will not be emitted. RWE is thus making a significant contribution to ensuring that Germany can achieve its climate protection targets. The company’s long-term CO2 balance will thus once again improve considerably. Even before this decision, the company’s strategy was in line with the Paris Climate Agreement. The 2030 coal phase-out is the basis for RWE to now be able to adjust its CO2 reduction plan to the 1.5 degree path. Read More–>
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $84.26 | Up |
| Crude Oil (Brent) | USD/bbl | $89.62 | Up |
| Bonny Light | USD/bbl | $89.79 | Up |
| Saharan Blend | USD/bbl | $90.53 | Up |
| Natural Gas | USD/MMBtu | $6.49 | Down |
| OPEC basket 03/09/22 | USD/bbl | $90.68 | Down |
Baker Hughes Rig Count
U.S. Rig Count is up 1 from last week to 765 | Canada is down 2 to 213 rigs.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 30 September 2022 | 763 | -1 |
| Canada | 30 September 2022 | 213 | -2 |
| International | August 2022 | 860 | +27 |
SDX Energy Plc ,announce the appointment of Yvon Quillien to the position of Chief Operating Officer. Yvon, who joined the Company in March this year as Morocco Country Manager, will expand this role to become overall Chief Operating Officer of the Company and will attend all meetings of the Board of Directors. 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.
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, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas, News and Analysis
