Energy News to 10/10/22. OPEC daily basket price stood at $97.43/bl, 07 Oct. 2022
The November contract WTI prices rose to $92.35 (+4.43%) on Friday afternoon
The Energy Information Administration (EIA) on Wednesday showed that US commercial crude oil inventories decreased by 1.4 million barrels during the week ending Sept. 30 against the market expectation of a drop of around 1.77 million barrels.
Strategic petroleum reserves, excluded in commercial crude stocks, also fell by 6.2 million barrels, while gasoline inventories decreased by 4.7 million barrels over the same period. US crude oil inventories were down 0.3% for the week ending Sept. 30, according to data. Read More
Renewable energy offset global increases in fossil fuel use in the first half of this year – preventing an overall rise in coal and gas emissions. According to the energy think tank Ember, increases in wind and solar power met more than three-quarters of the demand in electricity growth during that period – with hydropower making up the rest. This prevented a possible 4% increase in fossil fuel generation, saving $40bn (£35bn) and 230 million tonnes of carbon dioxide emissions worldwide. “Wind and solar are proving themselves during the energy crisis,” Malgorzata Wiatros-Motyka, senior analyst at Ember, said. “The first step to ending the grip of expensive and polluting fossil fuels is to build enough clean power to meet the world’s growing appetite for electricity.” Read More
The Czech Finance Ministry proposed on Thursday a whopping 60% tax on excess profits in its energy sector, media reported.
Finance minister Zbynek Stanjura said at a Thursday news conference that the proposed tax would be on excess profits from the energy sector starting in 2023 through 2025, bringing in $3.4 billion next year, and $6 billion across the three years. The proposal requires parliamentary approval before it can be implemented.
Affected companies would be electricity and gas producers, distributors, and traders, petrochem companies, wholesale fuel traders, and fossil fuel miners.
The point at which profits become excess profits will be determined by averaging the earnings over the previous 4 years, plus 20%. Those years notably include the pandemic years. Read More
BP is targeting the North Sea and U.S. shale basins to boost oil and gas supplies.BP aims to cut its oil and gas output by 40%, or 1 million barrels of oil equivalent per day (boed), between 2019 and 2030 as part of its strategy to slash greenhouse gas emissions and build up a large renewables business. Read More
Nigeria’s President Muhammadu Buhari, accompanied by Vice-President Yemi Osinbajo and other members of the Federal Executive Council on Friday presented the 2023 budget proposal to a joint session of the National Assembly (NASS).He unveiled a budget of N20.5 trillion for the 2023 fiscal year. The 2023 budget will be his last budget to be laid before the NASS as the second tenure of his administration expires on May 29, 2023. Read More
Today, the U.S. Environmental Protection Agency (EPA) announced a proposed determination that emissions of lead from aircraft that operate on leaded fuel cause or contribute to air pollution that may reasonably be anticipated to endanger public health and welfare. Under the Clean Air Act, EPA reviews information on air pollutants and sources of air pollution to determine whether they threaten human health or welfare. This is referred to as an “endangerment finding” – a first step in using EPA’s authority to address this source of lead pollution.
“When it comes to our children the science is clear, exposure to lead can cause irreversible and life-long health effects,” said EPA Administrator Michael S. Regan. “Aircraft that use leaded fuel are the dominant source of lead emissions to air in the country.Today’s proposal is an important step forward as we work to reduce lead exposure and protect children’s health.”
While levels of airborne lead in the United States have declined 99 percent since 1980, aircraft that operate on leaded fuel are the largest remaining source of lead emissions into the air. The majority of aircraft that operate on leaded aviation gasoline are piston-engine aircraft. These are typically small aircraft that carry 2-10 passengers. Jet aircraft used for commercial transport do not operate on a fuel containing lead.
This proposed endangerment finding will undergo public notice and comment, and after evaluating comments on the proposal, EPA plans to issue any final endangerment finding in 2023. EPA is not proposing aircraft engine lead emission standards with this action. EPA’s consideration of endangerment is a first step toward application of EPA’s authority to address lead pollution. If the proposed finding is finalized, EPA would subsequently propose regulatory standards for lead emissions from aircraft engines.
Lead exposure can come from multiple sources, including leaded paint, contaminated soil, industrial emissions from battery recycling or metals processing, and the combustion of fuel or waste containing lead. Children’s exposure to lead can cause irreversible and life-long health effects. No safe blood lead level in children has been identified. Even low levels of lead in blood have been shown to affect IQ, ability to pay attention, and academic achievement. In adults, health impacts from lead exposure can include cardiovascular effects, increased blood pressure and incidence of hypertension, decreased kidney function, and reproductive issues. Read More
A trio of Democratic lawmakers wants to pull all U.S. troops out of Saudi Arabia and the United Arab Emirates after an alliance of oil-producing countries announced it was slashing production, a move which is expected to drive up U.S. gas prices. Democratic Reps. Tom Malinowski of New Jersey, a former State Department official in the Obama administration; Sean Casten of Illinois; and Susan Wild of Pennsylvania announced Wednesday night they were introducing a bill to remove all U.S. forces and military equipment from the two oil-rich nations. Read More
The U.S. Air Force unveiled ambitious goals to address the service’s impact on climate change, ranging from using less jet fuel, powering bases with nuclear reactors and introducing electric vehicles into the fleet over the next decade. The service’s 20-page Climate Action Plan, released Wednesday, comes as natural disasters have become a regular issue for bases, something scientists expect will become more common as a result of climate change. Read More
$25 million superyacht
Dutch builder U-Boat Worx will review designs for the 1,250-ton, 37.5-meter Yacht Submarine, the Nautilus. Once it is built, the vessel will be equally at ease functioning as a yacht or a submersible. Since Jules Verne’s 20,000 Leagues Under the Sea came out in 1870, people have been dreaming of a luxury yacht with dive capabilities. Since then, inventors produced a lot of impressive concepts. Unfortunately, not one of these designs has ever been realised.
The diesel-electric Nautilus has a depth rating of 200 meters, with a surface cruise speed of 9 knots and an underwater speed of 4 knots. Once ordered, an owner can expect to have their Nautilus delivered within 30 months.
When functioning as a boat, the Nautilus offers a massive sundeck equipped with a freshwater pool, a bar, and a luxurious dining table. This al fresco arrangement is retracted before the submersible slips below sea level. Read More
T. Parker Host announced the grand opening of the former Avondale Shipyards as Avondale Global Gateway. The former shipyard has been transformed during the past four years since its acquisition into a global logistics hub for intermodal commerce. Situated on the Mississippi River, Avondale Global Gateway combines river, road and rail connections with ample storage and laydown space with a strategic location. Accommodating ships, barges, rail and trucks, the site offers immediate access to regional and interstate highway systems and is positioned at the interchange of six Class I railroads, creating capability to distribute cargo in all directions. Space is plentiful at Avondale, with almost 300 acres of for development directly ashore and 1.5 million square feet of convertible warehouse or manufacturing space, including indoor and outdoor Foreign Trade Zone storage. “I am proud to be part of the Host team that took on the herculean task of transforming the former shipyard upon our acquisition in 2018,” Adam Anderson, CEO of T. Parker Host, said. “We have taken a site with great bones and repurposed it into a working, world-class multi-modal terminal with fully operating docks, working buildings and rail access at the site for the first time in half a century. Renaming the site to Avondale Global Gateway better represents what Avondale is now and will become as we continue our efforts.” Read More
50 Most Expensive Cars In The World. Bugatti, Ferrari, Koenigsegg, Rimac, and Pagani, among others. These manufacturers have cemented themselves as the top dogs in the supercar and hypercar space, extending to their wealthiest clientele the fastest, rarest, prettiest – and in this case – most expensive cars on the planet.
But in order to find out which of these unattainable-to-most vehicles is the priciest, we’ve scoured the invoice sheets and uncovered 40 cars all worth $1 million or more. The group includes hybrid Ferrari convertibles, an American speed king, a few electric Hypercars, and two a one-of-a-kind Rolls-Royce cars built for royalty.Rolls-Royce, expectedly, takes two of the top three spots on this list, with the stunning Sweptail one-off from 2017 coming in at number three. With a monumental price tag of $13.0 million, it was, at the time of its debut, the most expensive new car ever. With a price tag of $13.4 million, the one-off Bugatti La Voiture Noire is officially the most expensive new Bugatti ever made. Read More–>
Moody’s research on how Britain’s regulated electric and gas networks will be allowed to make higher returns from April 2023, after interest rates and credit spreads rose sharply this year, as regulatory cost-of-debt allowances and allowed equity returns are updated annually under the RIIO-2 framework.
“The pace at which allowed returns reflect rising bond yields, which differs between subsectors, and the size of the financing and refinancing requirements in RIIO-2 will dictate whether the boost to operating cash flow from higher allowed returns is more than offset by a rise in interest costs,” said Phil Cope, VP-Senior Analyst at Moody’s.
Key takeaways:
Moody’s expects allowed returns for most transmission networks and larger gas networks to rise from 2.96% in 2022-23 to c. 3.2% in 2023-24 and increase slightly thereafter.
Sustained high inflation would be credit positive for Britain’s regulated networks in the long term because both their revenues and regulated asset value are adjusted annually by inflation.
A sharp rise in bond yields could significantly increase funding costs. Yields on UK government bond yields of these tenors have increased by between 2.5% and 3.7% in the year ending September 2022 and this, in conjunction with a widening of credit spreads, has raised costs for new financing.
Gas networks have smaller capital expenditure programmes and thus lower incremental financing requirements than electricity peers. Networks with sizeable refinancing requirements in the short-to-medium term, such as Electricity Network West Limited, are more exposed than those with limited requirements over this time, such as Northern Powergrid (Northeast) plc. Read More
Ministers have run out of patience with renewable electricity generators, having sought to persuade them to accept voluntary 15-year fixed-price contracts well below current wholesale rates. Now legislation is expected as early as next week to cap revenues that have soared as prices rose following Russia’s invasion of Ukraine.
It is expected to be similar to the European Union’s proposals – effectively amounting to a windfall tax on companies including EDF Energy, RWE, Scottish Power and SSE.
But the firms are pushing back against the move, protesting that they have already sold most of the energy produced this year and that a tax risks another disruption of the financial markets. Read More
TotalEnergies reaffirms its full mobilization to best supply its customers in France.
Due to the current labor movement, TotalEnergies would like to recall the conditions and anticipated schedule of the Mandatory Annual Negotiation and reaffirms its commitment to social dialogue, with all the players concerned and within the bodies provided for this purpose.
In this context, TotalEnergies calls for everyone to be responsible, so that the Company can ensure the supply of French people under the best possible conditions. Subject to the end of the blocking of deposits and the agreement of all the social partners, the Company proposes to anticipate in October the Mandatory Annual Negotiation which was planned for November.
Update on the professional branch agreement and upcoming negotiations:
Following the discussions that took place in July and September 2022 with the social partners, it was agreed to bring forward to November 2022 the Mandatory Annual Negotiations (NAO) for the French employees of the Common Social Base of TotalEnergies and not to wait until January 2023 as is usually the case.
These negotiations will make it possible to define how employees will be able to benefit, before the end of the year, from the exceptional results generated by TotalEnergies, while also taking into account inflation for the year 2022. TotalEnergies indeed wants all employees are given priority in the sharing of value and receive the fair reward for their efforts on their pay slips before the end of the year. Read More
The Nigerian National Petroleum Corporation Limited has said that an oil theft point that operated undetected in Nigeria for an estimated nine years ran from the Trans Escravos pipeline in Delta state and not the Forcados export terminal as previously stated.
Oil thieves has been using the nation’s pipelines which has choked exports, and forced some companies to shut in production and crippled the country’s finances. READ:Oil Falls as Nigeria’s Bonny Light Loading Jumps
NNPC official said the theft point ran from the Trans Escravos pipeline, which can feed the Forcados export terminal, after Kyari on Saturday posted photos and video to Twitter of a visit to the theft point site along with General Lucky Irabor, Nigeria’s Chief of Defence Staff.
The pictures showed the men inspecting pipelines that appeared to have been buried underground. Kyari tweeted that they also inspected the Afremo platform, which was potentially the exit point for the diverted crude, without giving details.
He said the discovery of the theft line showed Nigeria’s coordinated intervention was paying off. In August, NNPC awarded contracts to companies including those owned by former militants to crack down on oil theft. Read More
Al Cook, executive vice president for Exploration and Production International, has notified Equinor that he will resign to become CEO of a company outside the energy industry.
To secure a good hand over to his successor, Cook will continue in his current position in Equinor until no later than 1 April 2023.
“I would like to thank Al for his contribution to focusing and optimising our international oil and gas business, and I congratulate him on his new appointment,” says Anders Opedal, president and CEO of Equinor. “I am grateful for the opportunity I have had to contribute in shaping and delivering Equinor’s strategy of becoming a broad energy company. And I am particularly proud of the performance improvements we have delivered together. After years of commuting between Norway and the U.K., I now look forward to living with my family in London. But I remain a huge supporter of Equinor’s leadership in the energy transition,” says Al Cook. Read More
Africa Oil Corp. announce that the Company repurchased a total of 2,757,350 Africa Oil common shares during the period of October 3, 2022 to October 7, 2022 under the previously announced share buyback program.
The launch of Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on September 22, 2022, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated October 3, 2022 to October 7, 2022, the Company repurchased 834,350 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 1,923,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company. All common shares repurchased by Africa Oil under the share buyback program will be cancelled. Read More
U.S. Environmental Protection Agency (EPA) is announcing a solicitation for nominations to serve on its Local Government Advisory Committee (LGAC), which advises EPA on critical environmental issues impacting local governments. The agency is also accepting nominations for LGAC’s Small Communities Advisory Subcommittee (SCAS).
“EPA works closely with local governments in our work to deliver public health and environmental protections to all communities in the United States, including communities that have been underserved for far too long,” said Deputy Administrator Janet McCabe. “The Local Government Advisory Committee and its subcommittees have provided critical advice to the agency over the past year and I look forward to engaging more with our local partners on the issues most important to them as we advance the Biden-Harris Administration’s bold environmental agenda.”
Members of the LGAC and SCAS will provide advice and recommendations on a broad range of issues, including but not limited to: advancing environmental justice, developing capacity for technical assistance at the local level, reducing greenhouse gas emissions, bolstering resilience to the impacts of climate change, enhancing the infrastructure needed to provide drinking water and wastewater services, and supporting local governments in the assessment and remediation of PFAS chemicals.
Candidates must be current elected officials representing local, state, tribal, or territorial governments; officials working full-time for a government who have been appointed directly by an elected official will also be considered. EPA expressly values diversity, equity, and inclusion, and encourages the nominations of individuals from diverse backgrounds, so that the LGAC and SCAS look like America and reflect the country’s rich diversity. Members will be appointed for one or two-year terms. Read More
Plenitude, an Eni controlled company integrating the production of renewables, the sale of energy services and a large network of electric vehicle charging points, inaugurated the 104.5 MW El Monte wind farm in a ceremony attended by representatives of ministerial, regional, provincial and local institutions. The El Monte wind farm is located in the Spanish region Castilla La Mancha.
The project is the result of a collaboration with Azora Capital, a strategic partner for Plenitude in Spain in the development of renewable energy projects, both wind and photovoltaic. El Monte wind farm is now fully operational: renewable energy is generated by 19 GE wind turbines, model Cypress 158, with the largest unit size (5.5 MW) installed in Spain. The plant will produce about 300 GWh per year, equivalent to the domestic consumption of 100,000 households (considering an average consumption of 3.000 KW/h per household),and will boost Plenitude’s renewable energy generation in Spain.
The project has also promoted direct and indirect local job creation. Read More
SPOT Tracker, LLC today announced that the United States Patent and Trademark Office (USPTO) has issued them U.S. Patent No. 11,443,656. The patent covers SPOT’s “Super Electrically Conductive Aluminum Foil Shielding Tape,” commonly referred to as “Jeepable Labels,” which are designed to meet a variety of EMI and RFI shielding applications in the electronic industry. The invention furthers the technology within the oil and gas industry, particularly the midstream sector, as the barcode labels are jeepable, meaning they can detect defects beneath the label at just 100 volts per mil. In addition, the labels offer greater logistical support, asset tracking, and supply chain management. Among the technology’s distinctions, PHMSA has expressed “no objection” to the use and permanent application of jeepable barcodes. This means that PHMSA agrees that our Jeepable Labels do not need to be removed before a line is buried, which is a huge cost saving and a massive reduction in risk to asset traceability and reliability. The labels are weather-proof and have the potential to remain in place over the lifetime of a pipeline system. More information regarding the patented Jeepable Labels can be found at Jeepable.com. “We are gratified that the US Patent Office has recognized and granted the patent for our Jeepable Labels,” said Jason Dunn, President of SPOT Tracker, LLC. “This patent further strengthens the differentiation of SPOT Tracker among its competitors and provides our clients with the assurance that we have established ourselves as a technology partner and will continue to innovate industry-relevant hardware and software.” While this is the first patent issued to SPOT Tracker, the company is always looking toward future technologies that align with its product and the industries in which they serve. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $92.23 | Up |
| Crude Oil (Brent) | USD/bbl | $97.44 | Up |
| Bonny Light | USD/bbl | $99.02 | Up |
| Saharan Blend | USD/bbl | $99.45 | Up |
| Natural Gas | USD/MMBtu | $6.68 | Down |
| OPEC basket 07/10/22 | USD/bbl | $97.43 | Up |
Abu Dhabi National Oil Company (ADNOC) has awarded a contract worth $1.53 billion to ADNOC Drilling Co., its subsidiary, for the provision of rigs.
ADNOC Offshore awarded the two-year contract, which covers the provision of 12 jack-up rigs and two island rigs and the associated Integrated Drilling Services (IDS), the state oil company said in a statement on Monday. The award will support the expansion of ADNOC’s crude oil production capacity to five million barrels per day (mmbpd) by 2030 and gas self-sufficiency for the UAE, the statement added. Over 80% of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) program, supporting local economic growth and diversification. Read More
Germany is set to soon unveil measures to alleviate the impact of soaring energy prices on consumers, with steps likely to include a one-off payment and subsidizing more than half of the expected gas consumption, sources close to the talks at the German expert commission told Reuters on Monday.
The ideas that the expert commission adopted early today are to give households and businesses a one-off payment worth a month of their respective gas bills, and subsidize between 60% and 80% of the expected gas consumption, while consumers will pay the rest at market prices, according to a draft proposal Reuter has seen earlier. The commission will propose measures to blunt the impact of soaring energy prices on large industrial consumers at a later stage.
The measures, if adopted by the German government, will be part of and paid for by the planned $194 billion (200 billion euros) “defensive shield” to protect companies and consumers against the impact of soaring energy prices. At the end of September, the German government that it would ditch earlier plans for a gas levy on consumers and instead would introduce a gas price cap to curb soaring energy bills. Read More
The Executive Board of the International Monetary Fund (IMF) today approved a disbursement of US$1.3 billion (SDR 1,005.9 million) under the food shock window of the Rapid Financing Instrument (RFI) to help meet Ukraine’s urgent balance of payments needs.
The scale and intensity of Russia’s war against Ukraine that started more than seven months ago have caused tremendous human suffering and economic pain. Amid massive population displacement and destruction of housing and key infrastructure, real GDP is projected to contract by 35 percent in 2022 relative to 2021 and financing needs remain very large. This disbursement under the RFI (equivalent to 50 percent of Ukraine’s quota in the IMF) will help meet urgent balance of payment needs, including due to a large cereal export shortfall, while playing a catalytic role for further financial support from Ukraine’s creditors and donors.
The authorities deserve considerable credit for having maintained an important degree of macro-financial stability in these extremely challenging circumstances and have requested program monitoring with board involvement to strengthen their policy commitment and further catalyze donor support.
The Executive Board reiterated its strong support for the Ukrainian people.
Following the Executive Board discussion, Ms. Kristalina Georgieva, Managing Director and Chair, made the following statement:
“Russia’s invasion of Ukraine that started over seven months ago has caused large loss of life, massive population displacement, and significant destruction of infrastructure and housing. The impact on economic activity has been enormous: real GDP has severely contracted, inflation has risen sharply, trade has been significantly disrupted, and the fiscal deficit has increased to unprecedented levels.
“The Ukrainian authorities deserve considerable credit for having maintained an important degree of macro-financial stability in these extremely challenging circumstances. As the economy adapts to the now prolonged war, key macroeconomic policies have been geared toward safeguarding priority expenditures, easing pressure on the hryvnia and international reserves, and preserving financial stability. Read More
An electric vehicle charger that claims to be the world’s fastest is to be launched, which with an output of up to 480kw of power, will be able to charge four cars at the same time and will be able to fully charge a vehicle in 10 minutes, and provide 150km of range in less than five minutes. Created by Zerova, a power supply manufacturer, the 4th Generation Four Gun Charger can be used for both passenger and commercial vehicles, and supports the major charging standards CCS-1, CCS-2, CHAdeMO, and GB. It comes with four five-meter-long cables to increase accessibility and could be used for commercial fleets or retail use. It’s small footprint also means the solution can be installed in any location – from fleet charging stations to small urban spaces. The charging point also includes an advertisement screen, enabling companies to benefit from user engagement and brand promotion. It comes in two options – the standard 360kW model and the expanded 480kW concept design.
The 4th Generation Four Gun Charger product will officially be launched in Q4 2023. Read More
Technip Energies (PARIS: TE) has been selected by PTTEP HK Offshore Ltd. to perform the Front-End Engineering Design (FEED) of the Lang Lebah Onshore Gas Plant 2 (OGP2) project located in Bintulu, Sarawak, in Malaysia.
The FEED contract covers the design of an onshore gas plant including the integrated flow assurance of the native CO2 capture, compression and transportation via pipeline up to the offshore wellhead platform where it will be reinjected. The gas coming from the Lang Lebah offshore field will be treated before being sent to the Malaysia LNG complex.
Loic Chapuis, SVP Gas & Low-Carbon Energies of Technip Energies, stated, “We are very pleased to have been selected by PTTEP for this landmark gas development in Sarawak. Bringing Technip Energies expertise in designing large scale gas plants with CO2 capture and transportation, we are committed to making this project another successful milestone in our longstanding relationship with PTTEP and our history in Malaysia.”
The Lang Lebah OGP2 project is one of the key projects of the Sarawak Integrated Sour Gas Evacuation System (SISGES) Development. SISGES is expected to be the catalyst for further development of untapped sour gas resources off the coast of Sarawak. Read More
Namibia and Zambia on Thursday inked an agreement in Swakopmund, Namibia, to facilitate a private sector-led infrastructure development project.
The memorandum of understanding (MoU), signed by Namibian Minister of Mines and Energy Tom Alweendo and his Zambian counterpart Peter Kapala, aims to build an oil and gas pipeline from Walvis Bay, a port town on the coast of Namibia, to Zambia.
“If executed as planned, this project has the potential to unblock economic potential, not only for Namibia and Zambia; but for the SADC (Southern African Development Community) region as a whole. This project will be a great example of regional cooperation as envisaged by the SADC Regional Indicative Strategic Development Plan,” said Alweendo in a statement. Read More
The explosion on the Crimean Bridge was no doubt a terrorist act aimed at destroying Russia’s critical civilian infrastructure, Russian President Vladimir Putin said Sunday.
“Ukraine’s special services were the initiators, performers and masterminds,” Putin said when meeting with Chairman of the Russian Investigative Committee Alexander Bastrykin. Confirming Putin’s statement, Bastrykin said that citizens of Russia and foreign countries were also involved in the incident.
“We have already established the route of the truck which exploded. It drove through Bulgaria, Georgia, Armenia, North Ossetia, and the Krasnodar Territory,” Bastrykin said.
“We have also identified the carriers … With the help of FSB (Federal Security Service) agents, we were able to identify suspects from among those who could have arranged the terrorist act and those who are active within the Russian Federation,” he added.
On Saturday, a deadly blast hit the 19-km Crimean Bridge, which consists of two parallel routes for automobiles and trains over the Kerch Strait.
A truck exploded on the road bridge, causing seven fuel tanks of a train heading to the Crimean Peninsula to catch fire. Three people were killed in the blast, which also led to the partial collapse of two spans of the road bridge. Read More
Union Petroleum and Natural Gas minister Hardeep Singh Puri said that compared to fuel price hikes globally, India only raised prices by 2 per cent, which is way below that of other countries. “In terms of petrol and diesel, if the increases in North America are 43-46 per cent, in India we allow prices to go up by only 2 per cent or so. In terms of gas, global benchmarks went up by 260-280 per cent and our own ability to contain gas price increases was something around 70 per cent,” Read More
Baker Hughes Rig Count
International Rig Count is up 19 rigs from last month to 879 with land rigs up 10 to 660, offshore rigs up 9 to 219.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 07 October 2022 | 762 | -3 |
| Canada | 07 October 2022 | 215 | +2 |
| International | September 2022 | 879 | +19 |
Just Stop Oil supporters have blocked The Mall near Buckingham Palace in London today causing delays and disruption for the tenth day running. They are demanding that the government halts all new oil and gas licences and consents. At 08:00 this morning, 30 Just Stop Oil supporters established a roadblock on the Mall stopping traffic in either direction. They are sitting in the road with Just Stop Oil banners. Read More
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Reference is made to today’s announcement by RAK Petroleum plc (“RAK Petroleum”) regarding the completed intra-group transfer of 438,379,418 shares in DNO ASA from RAK Petroleum’s wholly owned subsidiary, RAK Petroleum Holdings BV (“RAK BV”), to RAK Petroleum (the “Intra-Group Transfer”).
Following completion of the Intra-Group Transfer, RAK BV has reduced its shareholding in DNO from 438,379,418 to 0 shares and has therefore crossed below several thresholds for disclosure of large shareholdings, including the 5 percent threshold.
RAK Petroleum did not previously hold any DNO shares directly. Following the Intra-Group Transfer, RAK Petroleum owns 438,379,418 DNO shares, equivalent to 44.94 percent of the outstanding shares in DNO, and it has accordingly passed several thresholds for disclosure of large shareholdings, including the one-third threshold.
RAK Petroleum is a Close Associate of Bijan Mossavar-Rahmani, DNO’s Executive Chairman, and of Shelley Watson, a member of DNO’s Board of Directors.
The Intra-Group Transfer will in principle trigger a mandatory offer by RAK Petroleum for all outstanding DNO shares. However, as RAK Petroleum will transfer its DNO shares to the RAK Petroleum shareholders pursuant to its proposed capital repayment within the four week deadline set out in Section 6-9 of the Norwegian Securities Trading Act, it will not be under an obligation to put forward a mandatory offer for DNO. RAK Petroleum’s proposed capital repayment is further described in that company’s announcements and Circular published on 22 August 2022.
Today’s announcement is made pursuant to sections 4-2, 5-12 and 6-8 of the Norwegian Securities Trading Act and the Market Abuse Regulation article 19. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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