Energy News to 04/11/22. OPEC daily basket price stood at $93.51/bl, 03 Nov. 2022
The Worldwide Rig Count for October was 1,893, up 40 from the 1,853 counted in September 2022. Europe’s natural gas prices at the Dutch TTF hub jumped by 10% early Thursday as weather forecasts pointed to a colder-than-normal spell coming to northwest Europe by December.
INEOS signs long-term time charter agreements with Pacific Gas for four 99,000 cubic metre Very Large Ethane Carriers (VLECs) INEOS Europe AG and Pacific Gas (Hong Kong) Holdings Co., Ltd, has signed long-term time charter agreements for four 99,000cbm (cubic metre) VLECs (Very Large Ethane Carriers).
The deal will bring INEOS’ ethane fleet to 16 vessels, with eight VLEC and eight Dragon class ethane carriers. With these agreements, INEOS will have a total of six VLECs under time charter with Pacific Gas. Several high profile dignitaries attended the signing ceremony, including: Jiang Guodong, Secretary of the Party Committee and Chairman of the Shandong Ocean Group; Yang Jincheng, General Manager and Deputy Secretary of the Party Group of CSSC; Xu Peilin, Vice President of INEOS Olefins and Polymers Asia; Wang Peng, President and Deputy Secretary of the Party Committee of SPDB Financial Leasing; Zhu Zhiqiang, General Manager of Shenzhen Capital Operation Group and Chairman of CIMC Leasing; and Zhang Lianhuai, President of CMB Leasing. David Thompson, CEO of INEOS Trading & Shipping, said: “Earlier this year, INEOS and Pacific Gas launched the two largest VLECs in the world: the Pacific INEOS Belstaff, and the Pacific INEOS Grenadier. Today’s signing marks the next stage of our cooperation with Pacific Gas, and we look forward to working with them and the other valuable stakeholders in this exciting project.”
Chairman Jiang Guodong said “This cooperation benefits from the mutual trust and support of all parties in the project. All parties will take this opportunity to work together and complement each other’s advantages to create a new win-win cooperation in future.” The signing of the long-term time charter agreements for four 99,000 cubic meter VLEC vessels will take Pacific Gas’ ethane carrying capacity to the largest in the world. Read More
KBR announced it has been awarded two contracts totaling over $120 million to conduct advanced analytics, modeling, estimation, research, integrated program management, acquisition technical assistance, architecture trade studies, data science, and data management, in support of the U.S. government’s evaluation of strategic space system acquisitions. Under the terms of the contracts, KBR will develop analytic products and systems engineering services that inform investment decisions for major systems acquisitions, with an emphasis on spacecraft systems, information technology systems, and space system sustainment activities. Work is expected to be performed through 2027. “We are excited to be a part of this significant project,” said KBR Government Solutions U.S. President Byron Bright. “This win is indicative of KBR’s strategic commitment to being a trusted advisor to the government in all aspects of space system acquisition.” Read More
With over six million Electric Vehicles (EV) on the EU’s roads and the number set to increase further, Delta is proud to be associated with an initiative that aims to deliver an effortless charging and payment experience. Delta is working closely with CharIN, the leading global association dedicated to promoting interoperability based on the Combined Charging System as the global standard for charging vehicles of all kinds.
CharIN’s Plug & Charge initiative enables automated communication and billing processes between electric vehicles and charging stations without the need for RFID cards, credit/debit cards or charging apps, while ensuring high levels of security. It enables automatic authentication and authorisation at each charging station, so that the customer can enjoy a seamless and easy charging process.
As the leading provider of fully integrated EV infrastructure solutions, Delta’s commitment to ongoing investment in Research and Development (R&D) has been recognised by Clarivate, which identified it as a Top Global Innovator. Today, Delta has 73 R&D centres, more than 9,000 R&D engineers and over 10,000 patents. It invests approximately 8% of its sales revenue to R&D which, in part, has helped ensure its solutions meet the charging needs of EV drivers and charging site operators.
Delta is an advocate of industry initiatives that ensure a safe, uniform and simplified process for charging EVs. Therefore, Delta is proud to be working very closely with CharIN and to be one of the industry partners supporting this important and transformative initiative. Read More
Sunweb Group, one of the leading European travel organizations, and Neste announce that they have entered into a new partnership based on which Sunweb Group purchases 306 tons (385,000 liters) of Neste MY Sustainable Aviation Fuel™ (SAF) from Neste to reduce greenhouse gas (GHG) emissions resulting from Sunweb flights. The SAF volume purchased provides an emission reduction equaling the amount of GHG emissions from all Sunweb flights departing in 2022. Sunweb does not own any aircraft itself but uses commercial airlines for air travel to various holiday destinations.
The partnership follows Sunweb’s earlier announced decision to stop CO2 compensation; instead, the company invests in reducing CO2 emissions of its organized travel with Neste’s SAF that will be used by Sunweb’s partner airlines. This makes Sunweb the first travel organization without its own aircraft to purchase SAF directly to reduce its climate impact. SAF is currently the most sustainable alternative to fossil jet fuel. Using Neste MY Sustainable Aviation Fuel reduces greenhouse gas emissions (GHG) by up to 80%* over the fuel’s life cycle compared to using fossil jet fuel. By purchasing SAF, organizations like Sunweb can directly reduce the emissions from air travel and credibly report emissions reduction towards their sustainability commitments and Science Based Targets. Read More
Siemens Smart Infrastructure and Eplan have signed a strategic partnership to strengthen collaboration in the area of software solutions for the industry and infrastructure market segments. As part of this agreement, Siemens’ Electrical Products business unit will join the Eplan Partner Network as a strategic partner. The objective is to coordinate the products of both companies in a more targeted manner in order to offer optimized solutions for switchgear manufacturers and electrical planners. Sebastian Seitz, CEO of Eplan, and Andreas Matthé, CEO of Electrical Products at Siemens Smart Infrastructure, signed the agreement to this effect on September 26, 2022. Read More
Teledyne FLIR Defense, part of Teledyne Technologies Incorporated announced at CBRNE Convergence the launch of its new MUVE™ R430 drone sensor payload used to remotely detect and identify radiation sources and radiological hazards across a wide range of use scenarios.
The MUVE™ R430 is an advanced radiation detector purpose-designed for unmanned aerial systems (UAS) to detect, locate, measure, map, and identify radioactive sources from above. Using the same field-proven technology and algorithms as Teledyne FLIR’s acclaimed identiFINDER® series of radionuclide identification devices, the R430 enables users to quickly pinpoint and accurately identify sources of radioactivity from a distance. The Teledyne FLIR SkyRanger® R70 and R80D SkyRaider™ UAS serve as the initial deployment airframes for the new sensor payload. The R430 is integrated into the drone’s Mission Control Software and provides both visible and audible alerts of radioactivity. Using a familiar interface, R430 operators can easily create contamination maps, examine a dangerous source, and perform assessments in hard-to-reach places and environments, all while keeping at a safe distance. Ready to deploy in minutes, MUVE R430 balances size and weight, which makes it a versatile platform for diverse situations, including wide-area hazmat surveys, emergency response, and environmental monitoring. Read More
GCC banks raise interest rates.GCC central banks raised key interest rates on Wednesday night after the US Federal Open Market Committee (FOMC) delivered its fourth consecutive 0.75% hike as part of its continuing struggle to tame a runaway inflation. Central banks of the UAE, Qatar and Bahrain raised their benchmark rates by varying amounts to maintain their currencies pegs to the US dollar. However, they have seen more muted inflation than elsewhere in the world due to price caps on rising fuel prices (except in the UAE) and on essential food items. • The Central Bank of UAE raised its base rate on overnight deposits by 75 bps to 3.9%. Read More
PetroNor E&P ASA confirm that 466,116 bbl were lifted from the Djeno Terminal as planned during the last week of October at a realised price of USD 92.41/bbl.
The realised selling price is based on the average spot price for a period which included several days after the lifting, and was confirmed to the Company today. Adjusted for a crude price discount to Brent and lifting costs, this generates a cash inflow of approximately USD 43.1 million to the Company.
Separately, the Company announced on 11 October 2022 the transfer of 334,061 bbl of oil stock entitlement to the PNGF Sud operator in settlement of outstanding billings. The indicative price used to determine the quantity of barrels for this arrangement was USD 95.00/bbl. Although the number of barrels is fixed, the price per barrel will be adjusted to the actual spot price when this oil entitlement is physically lifted by the PNGF Sud operator, scheduled for later this month. Together, these two arrangements will realise the benefit of selling 800,177 bbl for the year to date period, at an expected average selling price of USD 93.49/bbl. Last year, a total of 831,089 bbl were lifted at an average selling price of USD 69.31/bbl. The Company will update the market once the price for the settlement-in-kind barrels is confirmed Read More
Neptune Energy announced drilling has commenced on the Calypso exploration well in the Norwegian Sea.
The exploration well, 6407/8-8 S, is being drilled by the Deepsea Yantai, a semi-submersible rig, owned by CIMC and operated by Odfjell Drilling. The Calypso prospect is located 14 kilometres north-west of the Draugen field and 22 kilometres north-east of the Njord A platform, within the Neptune-operated PL938 Licence.
Calypso is positioned within one of Neptune’s core areas on the Norwegian Continental Shelf. In the event of a commercial discovery, Calypso could potentially be tied back to existing infrastructure. Read More
First Bus is helping UK delivery company, DPD, to carry out more green journeys in Glasgow in a milestone move which sees the transport operator’s ambitions from COP26 come to life. At the global climate change conference last year, First Bus set out its aim offer local businesses use of the extensive electric vehicle (EV) charging infrastructure at its Caledonia Depot. One year on, DPD has become the first company to officially sign up to the scheme. The agreement means that DPD drivers will now have access to the site to charge their electric vehicles whilst in Glasgow, enabling them to travel a greater distance while making deliveries – without impacting the environment.
Through this arrangement, the green potential of First Bus’s charging hub will be maximised while its own electric fleet is out in service. Read More
Schneider Electric, the global specialist in energy management and automation, has announced that its Wiser Gateway and Wiser Smart Plug are among the first group of products in the world to achieve Matter certification, furthering the company’s complete home energy management offering.
Matter is the new unified interoperability protocol that connects compatible smart home devices and systems from different brands with one another, ensuring they are secure, reliable, and easy to use.
The Wiser Gateway, the central communication interface for the wider Wiser ecosystem, and Wiser Smart Plug, the small but essential transmitter for the Home Energy Management system (HEMS) network, are the first two products from Schneider Electric’s holistic HEMS solution to integrate the Matter Standard. It enhances the company’s credentials as a leader in developing home energy management systems that optimize energy usage and help to reduce costs and residential carbon dioxide emissions without compromising on comfort. With the threat of climate change, ensuring our home energy usage is as efficient as possible is crucial if we are to reach net zero targets.
As a board member of the Connectivity Standards Alliance (CSA) and one of the founders of the Matter standard, Schneider Electric has long been a pioneer of interoperable devices, homes, and buildings. By integrating Matter-compliant products with home energy management solutions such as renewable energy generation and storage, EV charging, and major home energy loads, the company is expanding its HEMS ecosystem to provide efficient and sustainable homes of the future for all.
By connecting more devices, homeowners have a greater understanding of how much energy they consume and therefore have more control over how and when they use it – a capability that has become essential in the current energy crisis. According to a recent global study by Schneider Electric, 54% of consumers believe using smart technology to manage their home energy can help to reduce energy bills. Read More
Schneider Electric, the leader in the digital transformation of energy management and automation, today announced its Repowering Coal partnership with TerraPraxis, a nonprofit organization that innovates, designs, and accelerates scalable, equitable climate solutions for a livable planet and human prosperity. As a global leader in sustainability, Schneider Electric’s commitment and leadership amid the climate change crisis are highly aligned with TerraPraxis’ goal of enabling coal plant owners and institutional investors to achieve fast, low-cost and repeatable conversion of the world’s coal-fired power plant fleets—the single largest source of global carbon emissions—with emissions-free heat sources.
As of 2022, the world has more than 2 terawatts (TWe) of coal-fired electric power plants. Schneider Electric and TerraPraxis will work together to deliver the latest standardized physical system designs and project applications for coal plant owners and investors to support the rapid decarbonization of the world’s coal plants by 2050. This will require hundreds of plants to be repowered with carbon-free energy each year, starting in 2025.
Schneider Electric will leverage its leadership in cutting-edge technology and global manufacturing to deliver proven technologies to accelerate this energy transition and help TerraPraxis pave the way for new, more agile plants that can be built faster and lower customer costs. Through the convergence of energy management, automation systems, and industrial software, the power of AI and cloud computing brings innovations like digital twin technology that can fast-track this transition at speed and scale.
“As part of this pivotal moment to reach net-zero, we’re proud to partner with TerraPraxis to help transition one of the world’s largest sources of carbon (coal) to zero emissions,” said Gary Lawrence, Power and Grid Segment President at Schneider Electric. “As a company deeply invested in this space, we understand the technology and players needed to evoke change, along with the economic and societal impacts of decarbonization. We believe that electrification and digitization are key to accelerate economic growth and provide immediate, sustainable solutions for customers.” Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $90.84 | Up |
| Crude Oil (Brent) | USD/bbl | $97.18 | Up |
| Bonny Light | USD/bbl | $96.13 | Down |
| Saharan Blend | USD/bbl | $97.89 | Down |
| Natural Gas | USD/MMBtu | $6.23 | Up |
| OPEC basket 03/11/22 | USD/bbl | $93.51 | Down |
Schneider Electric, SunPower Corp. (NASDAQ: SPWR), University of California, Irvine (UCI), and Southern California Edison (SCE) announced their partnership with KB Home (NYSE: KBH), as the strategy, research, technology, and energy providers for the homebuilder’s newly launched Energy-Smart Connected Communities in Menifee, California. More than 200 state-of-the-art, all electric homes will be solar powered, equipped with individual battery storage and connected to a microgrid powered by a large, shared community battery. These power-outage resistant communities are the first of their kind in the state and are designed to offer a blueprint for sustainable and resilient new home development of the future.
Residential energy use accounts for roughly 20% of greenhouse gas emissions in the U.S., contributing to more severe and frequent weather events. Between 2013 and 2020, blackouts caused by events such as snowstorms, wildfires and hurricanes have tripled in duration, according to the latest data from the U.S. Energy Information Administration.
KB Home, SunPower and UCI joined forces to reimagine what a new home community could look like if built to reduce carbon emissions, cut energy costs, and provide new ways of producing reliable and resilient energy. With a $6.65 million Department of Energy (DOE) grant, microgrid design and engineering support from Schneider Electric, and strong collaboration with SCE to ensure a smooth transition between grid and off-grid electricity, these innovative homes are now available to the public. Read More
Grenergy, the listed renewable energy producer and specialist in the development, construction and management of photovoltaic, wind and storage projects, has signed two agreements in Chile for the long-term sale of energy (PPA) of approximately 240 GWh per year with a relevant company with international presence and investment grade rating. Thus, Grenergy will sell part of the energy produced by its Gran Teno and Tamango solar farms to this international utility with a strong presence in the Chilean market, as company informed the Spanish National Securities Market Commission (CNMV). These agreements have a duration of 12 and 15 years and will come into force as of June and July 2024. The two photovoltaic plants that the listed company is building in Chile, Gran Teno, with 240 MWp, and Tamango, with 48 MWp, are scheduled to start operating in 2023, and will generate enough energy to supply 70,000 homes with electricity, saving 214,067 tonnes of CO2 per year. Read More
ADNOC Refining, a joint venture company between the Abu Dhabi National Oil Company (ADNOC), Eni, and OMV announced today that it has entered into a strategic agreement with ADQ, an Abu Dhabi-based investment and holding company, Veolia Middle East (Veolia), and Vision International Investment Company (Vision Invest) to acquire its waste management operations in Al Ruways Industrial City, Abu Dhabi.
Under the agreement, signed at the Abu Dhabi International Petroleum Exhibition and Conference, ADQ, Veolia, and Vision Invest consortium will own and operate two world-scale waste management plants, which sustainably treat and dispose of industrial waste generated from across ADNOC’s operations.
The agreement supports ADNOC’s role as a catalyst for the UAE’s economic growth and industrial diversification by attracting additional international investment and strategic partnerships to Al Ruways. The partnership will also enhance the competitiveness of ADNOC Refining by allowing the company to focus on its core refining operations. Read More
Abu Dhabi National Oil Company (ADNOC) has signed agreements with 25 companies potentially worth AED 35 billion that will stimulate investment in local manufacturing of critical products in support of the diversification of the United Arab Emirates (UAE’s) industrial and manufacturing infrastructure.
The agreements set out the suppliers’ intention to manufacture 21 products in the UAE, supporting the delivery of ADNOC’s 2030 strategy, as it cements its position as one of the world’s leading low-cost, lower-carbon intensity energy producers. Leading companies who have signed agreements with ADNOC include Siemens, Halliburton, Celeros FT, Emerson, Proton R&D and Schneider Electric.
Among the products which could be manufactured in the UAE are pressure vessels; compressors; pipeline inspections gauges; specialist valves; industrial pumps; switchgears; variable speed drives and flame and gas detectors. The agreements could also see investments made in machining, reverse engineering and nondestructive testing equipment. The announcement was made at ADNOC’s 6th annual Business Partnership Forum, held during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), at which His Excellency Omar Ahmed Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology said the UAE’s ‘Make It In the Emirates’ program is a key part of the country’s strategy to double the contribution of the industrial sector to the UAE’s GDP to AED 300 billion by 2031. Read More
Abu Dhabi National Oil Company (ADNOC) and ADQ, the majority shareholders in TA’ZIZ, launched, today, the next phase of growth at the TA’ZIZ Industrial Chemicals Zone, in Al Ruways Industrial City, which will more than double the number of chemicals produced at the industrial hub. The centerpiece of the expansion will be a new world-scale, low-carbon footprint steam cracker to supply feedstocks for the various downstream production units, bringing multiple new product value chains to the UAE for the first time. The project is in the feasibility study phase, with the design phase set to commence in Q1 2023. The first phase of TA’ZIZ growth continues to progress, with a new strategic agreement signed at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) to advance the development of world-scale facilities for the production of ethylene dichloride (EDC) and chlor-alkali, polyvinyl chloride (PVC). Site preparation at TA’ZIZ is underway and final investment decisions on the first phase of projects are expected before year end. In line with the UAE Net Zero by 2050 Strategic Initiative, TA’ZIZ will leverage low carbon electricity sources such as cogeneration from the on-site utility facility, grid power from nuclear and solar clean energy and use best available technology to drive manufacturing growth with lower carbon emissions.
Khaleefa Yousef Al Mheiri, TA’ZIZ Acting Chief Executive Officer, said: “TA’ZIZ is a critical enabler of the UAE’s industrial development and manufacturing growth ambitions. Following strong demand from partners and investors for the first phase of world-scale growth at TA’ZIZ, and capitalizing on growing global demand for chemicals, we are expediting plans for the next phase of expansion of our chemicals production. Read More
Abu Dhabi National Oil Company (ADNOC) and Siemens Energy AG today announced plans to pilot blockchain technology to certify the carbon intensity of a range of products. By using smart sensor data gathered from across ADNOC’s operational chain – from the oil well right to the customer – the pilot will show how much CO2 was used to make products such as Murban crude, ammonia, and aviation fuels. This information will be automatically recorded onto a decentralized blockchain ledger.
Such transparency will allow independent regulators to certify the carbon intensity of products. It will also give customers greater confidence and clarity over the carbon footprint of their purchases. Abdulmunim Saif Al Kindy, Executive Director, People, Technology & Corporate Support Directorate at ADNOC, said: “People typically associate blockchain technology with crypto currencies, but the use of decentralized ledgers has significant implications for the energy industry. This pilot promises to shine a digital spotlight into our manufacturing processes. It will show the world why energy supplied by ADNOC is among the least carbon intensive in the oil and gas industry.”
The low-carbon energy certificate initiative forms part of a broader memorandum of understanding between ADNOC and Siemens Energy. Under the agreement, specialists from both companies will co-create technologies to accelerate decarbonization and the transition to clean energy. They will collaborate at ADNOC’s state-of-the art innovation facility in Abu Dhabi. Other areas under joint development include electrification and “Power-to-X” technologies to produce green hydrogen and its derivatives, including synthetic CO2-derived products. Read More
QatarEnergy announces a successful bid for Parcel 8 of the Orphan Basin, offshore the province of Newfoundland and Labrador in Canada.
The Parcel 8 winning bid by QatarEnergy (30% working interest) and ExxonMobil (operator, with a 70% working interest) was announced by the Canada-Newfoundland and Labrador Offshore Petroleum Board “C-NLOPB” as part of the 2022 Newfoundland and Labrador Call For Bids NL22-CFB01.
Commenting on this occasion, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President & CEO of QatarEnergy, said: “We are pleased to be the successful bidder in Parcel 8 offshore Canada, and look forward to maturing the lead prospect’s potential, testing an exciting play within a transparent and stable regulatory environment.”
His Excellency Minister Al-Kaabi added “This successful bid demonstrates our ambition to further increase our footprint in the Atlantic basin, as part of our international growth drive. I would like to take this opportunity to thank the C-NLOPB for an efficient tender process, as well as our strategic partner, ExxonMobil, for their excellent cooperation in achieving this result.” Located offshore Eastern Canada, Parcel 8 lies in water depths of 2,500 to 3,000 meters and covers an area of approximately 2,700 square kilometers. Entry to the Parcel 8 license is subject to customary government approvals. Read More
Baker Hughes Rig Count
International Rig Count is up 32 rigs from last month to 911 with land rigs up 28 to 688, offshore rigs up 4 to 223. The Worldwide Rig Count for October was 1,893, up 40 from the 1,853 counted in September 2022
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 28 October 2022 | 768 | -3 |
| Canada | 28 October 2022 | 212 | +2 |
| International | October 2022 | 911 | +32 |
2022 United Nations Climate Change Conference, hosted by Egypt in Sharm El Sheikh will see delegates from around the world participate in the annual climate change negotiations. With over 40,000 estimated attendees, the summit is expected to host one of the largest number of participants in the annual global climate conference, which is running from November 6 to 18 in Sharm El Sheikh, Egypt. Speaking ahead of the conference, Ambassador Wael Aboulmagd, Special Representative to the COP27 President said: “The Egyptian Presidency team has worked tirelessly to create an enabling environment that is conducive to successful negotiations. As the hosts of the COP, we are keen on bringing representative of nations and stakeholders from across the world and to provide the required momentum to address the required actions for urgent and at-scale implementation of climate commitments and pledges.” The Sharm El-Sheikh International Convention Center (SHICC) will form the overall Blue Zone for COP27. The Blue Zone is where all negotiations amongst delegates are set to take place. In addition, a long list of dynamic events will be organized by Governments and accredited observers including youth advocates and scientists. A 22,500 square meter Green Zone is where the business community, youth, civil society, academia, and artists from all over the world will have an additional space to be present and participate. It aims to promote inclusive and dynamic dialogue and engagement among climate actors via events, exhibitions, workshops, cultural performances, and talks. Read More
COP26 President Alok Sharma will today [Friday 4 November] launch the UK’s COP26 Presidency Outcomes Document, as he joins the Prime Minister to host around 80 global business CEOs for an event at Lancaster House. The new report, which comes as the UK prepares to hand over to Egypt next week, highlights progress made over the three years since the UK took on the Presidency of the COP. It also acknowledges that more needs to be done at COP27 and beyond to implement the commitments made at COP26. Under the UK’s stewardship and during a global pandemic, COP26 brought together nearly 200 countries to forge the historic Glasgow Climate Pact. The Glasgow Climate Pact remains the blueprint for accelerating climate action this critical decade to keep 1.5°C in reach. The report details key achievements across the UK Presidency’s four overarching goals of mitigation, adaptation, loss and damage, and finance and collaboration. Highlights include:
- Keeping 1.5 degrees alive: Over 90% of the world’s GDP, up from 30% when the UK took on the COP Presidency, is now covered by net zero commitments. More than 153 countries have now put forward new 2030 climate plans, known as nationally determined contributions. Read More
Genel Energy plc (‘Genel’ or ‘the Company’) issues the following trading and operations update in respect of the third quarter and first nine months of 2022
.FINANCIAL
• Margin of $36/bbl in the first three quarters of 2022 (2021: $24/bbl), with Brent averaging
$105/bbl (2021: $71/bbl)
• Capital expenditure of $109 million, of which $55 million was spent at Tawke, and $38 million at Sarta
• Free cash flow of $175 million up to 30 September 2022
- This does not include proceeds for June production, totalling $59 million, received in October
• In relation to the nominal $120 million for unpaid sales made from November 2019 to February
2020, and the suspended override from March 2020 to December 2020 that would have earned
$38 million, since January 2021: - Cash of $117 million has been received
- Offsets of $9 million have been made
• Cash of $447 million at 30 September 2022 ($412 million at 30 June 2022)
• Net cash under IFRS of $181 million at 30 September 2022 ($141 million at 30 June 2022) - Total debt of $274 million at 30 September 2022 ($280 million at 30 June 2022), following the
opportunistic acquisition of $6 million of bonds at a price that provided an attractive level of
return Read More
U.S. Environmental Protection Agency (EPA) announced that 132 air monitoring projects in 37 states will receive $53.4 million from President Biden’s Inflation Reduction Act and American Rescue Plan to enhance air quality monitoring in communities across the United States. The projects are focused on communities that are underserved, historically marginalized, and overburdened by pollution, supporting President Biden’s Justice40 Initiative. The air pollution monitoring projects are made possible by more than $30 million in Inflation Reduction Act funds, which supplemented $20 million from the American Rescue Plan and enabled EPA to support 77 additional projects, more than twice the number of projects initially proposed by community-based nonprofit organizations, state and local governments, and Tribal governments. More than $4 million will be awarded to communities visited by EPA Administrator Michael Regan during his first Journey to Justice tour. Read More
UK petrol and diesel prices
According to motoring magazine Auto Express rising fuel prices are a result of the OPEC oil producing nations cutting production substantially.
A spokesperson for RAC fuel told them: “Since OPEC and its allies agreed to reduce oil supply substantially, we’ve seen the price of wholesale diesel go up by 9p a litre and petrol by 4p a litre. “This has led to the average price of diesel going up by almost 4p a litre and petrol by nearly a penny. Read More
European Union legislators agreed to a deal late Thursday evening (27 October) requiring new cars and vans to be zero-emission as of 2035, a momentous agreement that sets Europe on a trajectory to a largely electric automotive future.In addition to the phase-out of petrol and diesel cars, the agreement introduces a new methodology to report on the life-cycle CO2 emissions of vehicles, which the European Commission will present by 2025.
The Commission will also publish a biannual report from 2025 on the progress towards zero-emission road mobility. This will cover the impact on automotive industry employees, as well as consumers. A dispute around the so-called “Ferrari clause” for niche carmakers was also settled on Thursday evening. Under the deal, lawmakers decided that manufacturers that produce up to 10,000 cars and 22,000 vans per year will be granted an exemption from the interim target. They will however still be required to reach the zero-emission objective by the end of 2035. Read More
U.S. Environmental Protection Agency (EPA) published the Final Fifth Drinking Water Contaminant Candidate List (CCL 5), which will serve as the basis for EPA’s regulatory considerations over the next five-year cycle under the Safe Drinking Water Act. This update includes a substantial expansion of per- and polyfluoroalkyl substances (PFAS), an important first step towards identifying additional PFAS that may require regulation under the Safe Drinking Water Act.
“Following public engagement and robust scientific review, the final contaminant candidate list is the latest milestone in our regulatory efforts to ensure safe, clean drinking water for all communities,” said EPA Assistant Administrator for Water Radhika Fox. “As EPA takes action to protect public health and the environment from PFAS, including proposing the first nationwide drinking water standards later this year, today’s final CCL 5 looks further forward to consider additional protective steps for these forever chemicals.” Read More
------------------------------------------------------------------------------------------------ OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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