Energy News to 06/12/22 . OPEC daily basket price at $83.16/bl, 05 Dec. 2022
Lower Oil Prices as China Enters Next Phase Of Covid Crisis
Volkswagen and CARIAD are providing a total of 11 million euros in funding for 42 Berlin. Other Group brands have recognized the potential of 42 for the digital transformation as well and are also promoting the general-interest coding schools. Audi, for example, is providing around 1 million euros in support for 42 Heilbronn and 42 Wolfsburg through 2025. Skoda has been funding 42 Prague since May of this year and will continue for a period of three years. Porsche is also involved in growing coding expertise and awards five scholarships each year for students of 42 Wolfsburg and 42 Heilbronn.
For Kilian, this is an important gesture: “By supporting a total of four 42 iterations, we are leveraging crucial synergies within the Group and are taking a joint approach to dealing with the shortage of skilled workers. This demonstrates the power the Group has when we join forces and work together to tackle major strategic topics.”
Software competence and a “digital mindset”: new training concept relies on self-study and teamwork and opens up tech training for lateral entrants Read More
Nissan Motor Co., Ltd. today signed a 200 billion yen syndicated green loan agreement arranged by Mizuho Bank. Nissan will utilize the loan to support its clean mobility and related projects to progress its long-term electrification and carbon neutrality ambitions. The loan contract period will be five and seven years.
As the first funds raised since launching the Nissan Sustainable Finance Framework in July, the company is deepening its investment program in electrification. Loan proceeds will fund eligible green projects defined in the framework, such as R&D, investments and expenditures for the design, development, and manufacturing of zero-emission vehicles and components for electric vehicles or other future carbon-neutral initiatives.
With a second-party review conducted by Sustainalytics, Nissan has aligned its framework with the Green Bond Principle 2021, Social Bond Principle 2021, Sustainability Bond Guideline 2021, Green Loan Principle 2021, and Social Loan Principle 2021.
As a pioneer in electric vehicles, Nissan is accelerating electrification and technological innovation to enhance zero emission and clean mobility. Nissan seeks to empower journeys and society with a range of electrified vehicles of high value to customers.
The signing of the green loan represents the latest initiative that positions sustainability at the core of Nissan’s business, reflecting its corporate purpose of “Driving innovation to enrich people’s lives.” As Nissan becomes a truly sustainable business, the company aims to realize a cleaner, safer and more inclusive world. Read More
Nissan Motor Co., Ltd. (headquarter: Yokohama, Kanagawa, President & CEO: Makoto Uchida) (hereinafter “Nissan”) has completed the previously announced acquisition of all the common shares of Vehicle Energy Japan Inc. (headquarter: Hitachinaka, Ibaraki, Representative Director and CEO: Hiroshi Ikeuchi) (hereinafter “Vehicle Energy Japan”) held by INCJ, Ltd. (headquarter: Tokyo, President and COO: Mikihide Katsumata) and subscription of common shares issued by Vehicle Energy Japan Inc. As a result of this transaction, Vehicle Energy Japan Inc. has become a consolidated subsidiary of Nissan. Maxell, Ltd. (headquarter: Tokyo, President and Representative Director: Keiji Nakamura) and Hitachi Astemo, Ltd. (headquarter: Tokyo, President & CEO: Brice Koch), both the existing shareholders of Vehicle Energy Japan Inc., will continue to hold its shares jointly with Nissan. Read More
Saudi Arabia lowered the January official selling prices (OSPs) for the flagship Arab light crude it sells to Asia to plus $3.25 a barrel versus the Oman/Dubai average, the country’s state oil producer Aramco 2222.SE said on Monday.
The price is $2.20 a barrel less than the December OSP. Read More
TotalEnergies Foundation’s annual call for partners has given new associations an opportunity to present their projects in the area of Education & Inclusion. In September 2022, nine associations were selected as partners. They will benefit from support and financial backing. The Company has allocated a budget of €200 million to TotalEnergies Foundation for 2023-2027, with a priority on youth.
Three years after the first call for partners in France, TotalEnergies Foundation presents the initial results:
200 applications have been reviewed and 26 high social impact projects selected by the Foundation benefiting almost 55,000 young people in extremely vulnerable situations.
The selected projects benefit from one to three years of financial backing, as well as assistance from TotalEnergies Foundation in developing their impact and ability to take action.
The calls for partners have enhanced the Foundation’s contribution to projects to help young people in disadvantaged neighborhoods and rural areas. TotalEnergies Foundation has also expanded its commitment to new, particularly fragile populations, such as young people coming out of child protective services or prison, as well as incarcerated youth.
In particular, TotalEnergies Foundation targets solutions that bring jobs and education closer together, as well as programs that get parents involved in their children’s success. The leverage effect of these initiatives increases their impact among young people. Read More
Mitsubishi Power has completed the refurbishment of Unit 1 at the Hartha Thermal Power Station operated by the Ministry of Electricity (MOE) in the Republic of Iraq. After more than 30 years of operation, the refurbishment work ordered in 2017, called for the replacement of core components of the plant’s degraded power generation facilities (gas and oil-fired boilers and steam turbines) to restore its original output rated at 200 MW. This is Mitsubishi Power’s second completed project at the Hartha plant, following refurbishment work on Unit 4, which was ordered in March 2015 and completed in December 2017.The Hartha Thermal Power Station is located in Basra Province in southern Iraq and accounts for approximately 25% of the province’s power generation capacity. The plant was completed in 1982, featuring original power generation equipment supplied by Mitsubishi Power. Following successive conflicts in the region, however, the original facilities sustained partial damage as well as gradual degradation, causing the plant to operate at a reduced capacity of 60 percent. Funding for the Unit 1 project, similarly to the Unit 4 project, was provided by Japanese Official Development Assistance (ODA) through the Japan International Cooperation Agency (JICA), as part of efforts to contribute to Iraq’s infrastructure development. Read More
Wintermar has completed the full repayment of USD45million loan to IFC On 5th December 2022, Wintermar Group fully repaid the US$45million loan facility by IFC signed in December 2011.The IFC loan enabled Wintermar to transform the fleet into higher valued vessels through the purchase of 8 OSVs. Although the loan maturity had been extended to 2025, through better cash management the Company has been able to fully repay the loan early on December 2022.
Sugiman Layanto, Managing Director of WINS said, “Wintermar values IFC as a partner that has played an important role in the growth of Wintermar. Our relationship with IFC facilitated the Company’s growth to become a recognised international shipowner and operator in the Offshore industry. With IFC’s support, Wintermar has continued to develop and reaffirm its best practices in Environmental, Social as well as Corporate Governance standards. We are thankful that we have been able to complete this early repayment of the loan ahead of the repayment schedule. We look forward to continuing our relationship.” Read More
Mubadala Investment Company PJSC (Mubadala), the Abu Dhabi sovereign investor, today announced the transition of Musabbeh Al Kaabi from his current role as Chief Executive Officer of the UAE Investments platform to Executive Director of a new Low Carbon Solutions & International Growth vertical at Abu Dhabi National Oil Company (ADNOC) as of Monday, January 16, 2023.
Al Kaabi’s move follows the announcement of ADNOC’s strategy to support the UAE ‘Net Zero by 2050’ Strategic Initiative. The new Low Carbon Solutions & International Growth vertical will be focused on new energies and low carbon solutions as well as international growth in areas such as gas, liquefied natural gas (LNG) and chemicals.
The entity will focus on new energies and low carbon solutions, including the company’s renewable energy and hydrogen portfolios and its position as a pioneer in carbon capture and storage, as well as international growth in gas, liquefied natural gas (LNG) and chemicals.
Commenting on the announcement, Khaldoon Khalifa Al Mubarak, Managing Director, and Group Chief Executive Officer of Mubadala said:
“Musabbeh’s leadership across the UAE and international energy industry, and his decades of delivering investments and partnerships that advance national economic priorities, uniquely position him for this senior leadership role at ADNOC. “We at Mubadala are grateful for Musabbeh’s leadership over the past decade. He joins a number of distinguished Mubadala alumni serving the UAE in new and importance capacities.” Read More
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, today presided over the annual meeting of the Abu Dhabi National Oil Company (ADNOC) Board of Directors, in his capacity as its Chairman.
During the meeting, which was held at ADNOC Headquarters, the board directed ADNOC to pursue a Net Zero by 2050 ambition to support the UAE Net Zero by 2050 Strategic Initiative. The board also approved ADNOC’s strategy to accelerate growth across its value chain to responsibly meet rising energy demand and support global energy security. As part of the strategy, ADNOC will establish a new Low Carbon Solutions & International Growth vertical focused on new energies, gas, liquefied natural gas (LNG) and chemicals.
H.H. Sheikh Mohamed bin Zayed praised ADNOC’s steps to further reduce its carbon footprint as it expands its operations to meet rising global energy demand. His Highness noted ADNOC’s comprehensive approach to sustainability is testamanent to the UAE’s commitment to remaining a responsible global energy provider and to enabling a more sustainable future.
H.H. Sheikh Mohamed bin Zayed underlined ADNOC’s important role as a primary catalyst for the UAE’s growth and diversification and commended the company for maximizing value for the nation and creating new economic and industrial opportunities for the private sector. His Highness praised ADNOC’s efforts to drive industrial growth through its In-Country Value (ICV) program and its support for the ‘Make it in the Emirates’ initiative.
This year, ADNOC’s ICV program has driven over AED35 billion ($9.54 billion) back into the nation’s economy and enabled 2,000 UAE Nationals to be employed in ADNOC’s supply chain. These achievements bring the total value driven back into the economy to AED140 billion ($38 billion) since the program was launched in 2018. In addition, a total of 5,000 UAE Nationals have been employed in ADNOC’s supply chain through the program since it was launched. Read More
Chevron will officially assume control of an oil project in Venezuela this week, Bloomberg has reported, citing unnamed sources.
The supermajor will process heavy crude at the Petropiar facility, called an upgrader, and then export it to refiners on the U.S. Gulf Coast after the Treasury Department granted Chevron an exemption from Washington’s sanctions on Caracas.
Sanctions against Venezuela were introduced in 2019 by the Trump administration, and the decision of his successors to ease some of these came after the resumption of talks last month between the government of Nicolas Maduro and the Venezuelan opposition. Those talks resulted in the signing of a U.S.-brokered accord between the government and the opposition in order to resolve the country’s political turmoil.
Shortly after the accord was signed, the Treasury granted Chevron a license to operate in Venezuela but banned PDVSA, Venezuela’s state-owned oil company, from receiving any profits from the joint operations. Instead, the money due PDVSA will be used to pay down its debt to the U.S. supermajor. The license is valid for six months.
According to the Bloomberg report, Chevron could increase the production of oil from the Petropiar project and other joint ventures it has with PDVSA from 50,000 bpd to 200,000 bpd within a year. The first shipment is expected to load later this month. Read More
California legislators have tabled a bill aimed at extracting more money from oil companies who they blame for excessive gasoline prices in the state, local media report.
Per the Sacramento Bee, the bill was proposed by Democratic Senate Chairwoman Nancy Skinner at the request of Governor Gavin Newsom. In essence, it involved setting a cap on oil companies’ profits, above which ceiling they would be penalized and the money collected from these penalties would be returned to consumers in the form of rebates.
“California’s price gouging penalty is simple — either Big Oil reins in the profits and prices, or they’ll pay a penalty,” Governor Newsom said in a statement, as quoted by the Daily Breeze. “Big Oil has been lying and gouging Californians to line their own pockets long enough.”
California’s legislators and governor have for years targeted the oil industry in the state with measures aimed at effectively curbing their operations there. Last year, Newsom banned fracking, and this year the Los Angeles authorities approved a ban on all oil and gas production within city limits. Read More
Neptune Energy donates £500,000 to Childhood Trust’s Christmas appeal and urges others to back the charity
Neptune Energy has today announced it will donate £500,000 to a charity appeal, aiming to help thousands of children living in poverty in London this winter. The company is appealing to others in the capital to sign up and help those most in need in the run-up to Christmas.
Employees from Neptune, which operates internationally but has its global headquarters in London, will also give up their own time to volunteer on projects supported by The Childhood Trust, alongside the donation to the child poverty charity’s Christmas appeal.
The Trust’s campaign aims to help an estimated 50,000 vulnerable children by providing support including hot meals and warm clothes. The funds raised will also help provide access to mental health support and mentoring, as well as supporting after school clubs and opportunities for children to meet and play with others their age. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $76.96 | Down |
| Crude Oil (Brent) | USD/bbl | $82.88 | Down |
| Bonny Light | USD/bbl | $83.99 | Down |
| Saharan Blend | USD/bbl | $83.86 | Down |
| Natural Gas | USD/MMBtu | $5.51 | Down |
| OPEC basket 05/12/22 | USD/bbl | $83.16 | Down |
Fast Offshore Supply Pte Ltd , Asia’s largest offshore crew boat operator, has signed an MOU to jointly develop an Energy Storage System (ESS) with Terasaki Electric Co., Shift Clean Solutions Ltd. and RINA for the FOS Fleet as part of FOS “Green Initiative and Sustainability Program” to cut vessel carbon emission. The ESS system will be a containerised version where it will have a “Plug and Play” connection to connect with the vessel’s Electrical System. Terasaki Electric Co. will be providing the in-depth know-how to upgrade the existing vessel MSB and PMS for the vessel electrical system while SHIFT will provide their latest State-of-the-Art Marine Approved Batteries and operational software (OnWatch) for the FOS’s ESS system. RINA will be reviewing the ESS systems and will provide the “Approval-in-principle”. Read More
Saxo, the online trading and investment specialist, has today released its 10 Outrageous Predictions for 2023. The predictions focus on a series of unlikely but underappreciated events which, if they were to occur, would send shockwaves across the financial markets as well as political and popular cultures.
These predictions are a thought experiment in considering the full extent of what is possible – even if not necessarily probable – and, occasionally, they come true. Saxo recently released its list of correct Outrageous Predictions, which included the UK’s exit from the European Union.
While these predictions do not constitute Saxo’s baseline forecasts for what will happen in 2023, all large market moves are brought about by something outrageous because a big market move requires a big surprise. In a world where central banks and governments are set to lose their battle with inflation, the risk is that markets will prove as outrageous as ever in 2023 and beyond. OPEC+ & Chindia walk out of the IMF, agree to trade with new reserve asset. Billionaire coalition creates trillion-dollar Manhattan Project for energy. Commenting on this year’s Outrageous Predictions, Chief Investment Officer at Saxo, Steen Jakobsen said: “This year’s Outrageous Predictions argue that any belief in a return to the disinflationary pre-pandemic dynamic is impossible because we have entered into a global war economy, with every major power across the world now scrambling to shore up their national security on all fronts; whether in an actual military sense, or due to profound supply-chain, energy and even financial insecurities that have been laid bare by the pandemic experience and Russia’s invasion of Ukraine.” Read More
PETRONAS recently hosted the second of a three-part multi-stakeholder dialogue series, “Southeast Asia’s Net Zero Pathways: More Energy, Less Emissions”, to continue the discourse towards green collaborations within ASEAN.
The dialogue serves as an avenue to strengthen cooperation among SEA’s energy players, policymakers, financiers, technology proprietors, innovators, as well as other key proponents to accelerate towards Asia’s net zero carbon emissions. Moderated by Energy Asia knowledge partner CERAWeek by S&P Global, the second dialogue brought representatives from Indonesia, Thailand, Philippines, Singapore, Vietnam, Brunei and Malaysia. Read More
PETRONAS Abu Dhabi Sdn Bhd, a wholly-owned subsidiary of PETRONAS, inked a historic agreement with Abu Dhabi National Oil Company (ADNOC) today, to explore and appraise Unconventional Onshore Block 1 covering a 2,000 square km concession area in the Al Dhafra region.
The agreement was signed by PETRONAS President and Group Chief Executive Officer, Datuk Tengku Muhammad Taufik and UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, His Excellency Dr. Sultan Ahmed Al Jaber, and witnessed by His Majesty Seri Paduka Baginda the Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah Ibni Almarhum Sultan Haji Ahmad Shah Al-Musta’in Billah and UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan. Also present was the Minister of International Trade and Industry, YB Senator Tengku Datuk Seri Utama Zafrul bin Tengku Abdul Aziz.
Datuk Tengku Muhammad Taufik said this development is a red-letter day for the company. “I am very pleased to note that the United Arab Emirates and Malaysia’s long and fruitful bilateral ties have progressed to a partnership between PETRONAS and ADNOC. PETRONAS is honoured to have this opportunity to explore and appraise unconventional energy with a progressive and forward-looking partner such as ADNOC.
“This partnership bears strong testament to our deep unconventional expertise in Canada and Argentina which we developed over the last decade, and we look forward to bringing this experience to the world-class resources in Abu Dhabi. It will also see PETRONAS widen its global unconventional energy footprint to include the United Arab Emirates in its existing portfolio,” he added.
H.E Dr. Al Jaber said, “We are delighted to partner with PETRONAS on this historic unconventional oil concession. This award ushers a new chapter of strategic energy cooperation in the longstanding relationship between the UAE and Malaysia, and it reinforces the UAE’s position as a trusted investment destination.” Read More
Baker Hughes Rig Count
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 30 November 2022 | 784 | — |
| Canada | 30 November 2022 | 195 | +1 |
| International | November 2022 | 910 | -1 |
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,
