Energy News to 11/10/22. OPEC daily basket price stood at $99.13/bl, 10 Oct. 2022
US-Saudi relationship is going to take a turn for the worse due to production cuts announced by the OPEC+ in proportion to the rising oil prices in the coming weeks. The OPEC+ move caught the US off-guard, President Biden has now made it clear that he would look for alternatives to bring the crude oil prices down, implying what he called ‘other tools’ at his disposal.
The US say that the decision was short-sighted and branded the move as ‘the alignment of the OPEC+ with Russia’
An undersea cable that will carry 3,000 MW RES electricity and connect northern Egypt directly to Attica in Greece. “GREGY interconnection” is a 3.5 billion euro project that has been categorized as a Project of Common Interest (PCI) by the European Union.
It will carry clean electricity produced in Egypt (or other African countries) through solar or wind parks. “Approximately one third (of the electricity that will come from Egypt) will be consumed in Greece, and mainly in Greek industries, another third will be exported to neighboring European countries and one third will be used in Greece, for the production of green hydrogen. The majority of this hydrogen will also be exported to neighboring European countries”, added Ioannis Karydas.
Egypt has completed interconnections with Libya, Sudan and Saudi Arabia and aspires to become a major energy hub for SE Europe too.
The “GREGY interconnection” is expected to be operational in 7 to 8 years.The project has been undertaken by the Copelouzos Group Read More
The UK has opened a new licensing round for companies to explore for oil and gas in the North Sea.
Nearly 900 locations are being offered for exploration, with as many as 100 licences set to be awarded.
The decision is at odds with international climate scientists who say fossil fuel projects should be closed down, not expanded.
They say there can be no new projects if there is to be a chance of keeping global temperature rises under 1.5C.
Both the Intergovernmental Panel on Climate Change (IPCC), the global body for climate science and the International Energy Agency (IEA) have expressed such a view.
The government’s own advisers on climate change said in a report earlier this year that the best way to ease consumers’ pain from high energy prices was to stop using fossil fuels rather than drill for more of them. Read More
PepsiCo Inc confirmed on Friday it would take delivery of Tesla Inc’s Semi trucks on Dec. 1, becoming the first company to receive its orders of the much-delayed electric vehicle.
PepsiCo said in a statement that the trucks would be used at its Frito-Lay plant in Modesto, California, and its PepsiCo beverages factory in Sacramento. PepsiCo has been aiming to reduce fuel costs and emissions, and placed an order for 100 of the trucks in 2017.
U.S. companies have pledged to take action to reduce their impacts on the environment. Transportation accounts for roughly 10% of the Mountain Dew maker’s greenhouse gas emissions, PepsiCo’s CEO, Ramon Laguarta, has said. Its company-owned fleet traveled 1.2 billion miles last year. Read More
Dana Incorporated (NYSE: DAN) will release its 2022 third-quarter financial results on Thursday, Oct. 27, 2022. A press release will be issued at approximately 7 a.m. EDT, followed by a conference call and webcast at 9 a.m. EDT. Members of the company’s senior management team will be available at that time to discuss the results and answer related questions. Read More
Money managers responded to surging crude oil prices on heightened speculation about a 2 million barrels per day cut in OPEC+ production by lifting the net long position in WTI and Brent crude oil by 47k lots to 375k lots, a ten week high. The change was driven by 32k lots of fresh longs and a 15k lots reduction in the gross short. Wednesday’s controversial decision by the group of producers to cut baseline production by 2 million barrels per day from November will likely translate into an actual reduction of around 1 million barrels per day with several producers led by Nigeria, Kazakhstan and not least Russia currently producing well their baselines and as a result will not have to cut. The decision nevertheless helped drive Brent up by 15% on the week as the decision will increase the tightness just before Russia’s production look set to fall further as the EU embargo starts on December 5.
All three fuel contracts jumped by more than crude oil, led by gas oil’s 14% rally driven by low stocks and concerns about winter tightness, and as a result money managers were forced to cut recession-focused short positions. In total, 12k lots of short positions were closed while the gross long received a 6k lots boost. Read More
FreeWire Technologies announced a new program “to make available” battery-integrated electric vehicle charging equipment and solutions for Chevron’s branded stations.
In effect, soon we should see FreeWire Boost Chargers deployed at Chevron and Texaco stations (both company-owned and independently owned retailer and marketer stations). The recently launched FreeWire Boost Charger 200 is equipped with an integrated battery energy storage (160 kWh) and can charge at up to 200 kW (using CCS plug) or up to 100 kW (using CHAdeMO plug), or charge two vehicles simultaneously, each at up to 100 kW.
The main advantage of such a type of charger is a much lower input power requirement (at 27 kW AC), which enable deployment quickly and at a lower cost in areas where full power is not easily available. Read More
One of the biggest obstacles to installing DC fast charging stations is getting it the big three-phase power it needs from the power company. This is not only expensive to put in, but makes for a huge bill every month (called demand charges). Demand charges are based on the maximum amount of power you use in a 15 or 30 minute period during the month. Many commercial and industrial customers have already solved this problem by signing up for time-of-use (TOU) electric rates with their utility. TOU rates are lower at night and on weekends when demand is low. This gives customers an advantage and helps the power company manage its loads. But, that only helps with the rates, and not the monthly demand charge.
There’s a solution to both this and the limited availability of big power at rural businesses: FreeWire’s stations with integrated battery storage. Read More
Tesla delivered over 83,000 China-made electric vehicles in September. That’s according to data from the China Passenger Car Association. And it marks a record for the automaker, an 8% increase from August delivery numbers. The data comes as the auto sector deals with struggling sales.
It’s still number two behind BYD in China, in terms of deliveries. But it does come as we are seeing some challenges, bigger challenges for the automotive industry. And we’ve got some downgrades for Ford and GM this morning. So you know, despite Tesla sort of being a bright spot, there are a lot of questions around the auto industry right now. Read More
The Organization of the Petroleum Exporting Countries (OPEC) and the Gas Exporting Countries Forum (GECF) held the third High-Level Meeting of the OPEC-GECF Energy Dialogue, on 10 October 2022, at the OPEC Secretariat in Vienna, Austria.
The Meeting was co-chaired by HE Haitham Al Ghais, OPEC Secretary General and HE Eng. Mohamed Hamel, GECF Secretary General. It noted the progress that has been achieved since the signing of the Memorandum of Understanding between OPEC and the GECF in October 2019. The two Organizations have intensified cooperation across a range of areas over the last three years, for example, both organizations now contribute to each other’s flagship publications — the World Oil Outlook (WOO) and Global Gas Outlook (GGO)— on a reciprocal basis.
“Our cooperation with the GECF is an utmost priority for OPEC. It is consistent with the ethos of all our energy dialogues, as all parties benefit from constructive dialogue, open and transparent use of data and the exchange of best-practices,” said HE Haitham Al Ghais in his opening address. HE Al Ghais added that “Meeting the world’s growing demand for energy; correcting public misperceptions about the oil and gas industry; reducing energy poverty: none of these issues can be tackled by any one organization acting on its own. They require cooperation, openness and dialogue.”
In his remarks, HE Eng. Hamel highlighted that “One of the key issues for the global oil and gas industry remains the underinvestment, which started in 2015.” HE Eng. Hamel added that “Both our organizations also share a lot of ground on the environmental agenda”. The Secretaries General emphasized that the oil and gas industry has an important role to play in a just and inclusive energy transition and support the need to reduce emissions, bolster efficiency and embrace innovation. Events in 2022 have underscored the importance of ensuring that there is an investment friendly climate for the industry. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $89.91 | Down |
| Crude Oil (Brent) | USD/bbl | $95.06 | Down |
| Bonny Light | USD/bbl | $98.36 | Down |
| Saharan Blend | USD/bbl | $99.12 | Down |
| Natural Gas | USD/MMBtu | $6.54 | Down |
| OPEC basket 10/10/22 | USD/bbl | $99.13 | Up |
Pharos Offshore invest in assets in push for major growth following ThinCats funding
ThinCats the leading alternative lender to mid-sized UK SMEs has provided Pharos Offshore, a seabed intervention and subsea robotics services company with a £7.8m funding package facilitating the purchase of new assets, in a deal advised by Bridge and York.
Originally established back in 2003, Pharos Offshore is the partner of choice for specialist equipment, manpower and engineering in the subsea pipeline, cable installation and burial industry.
Pharos provides fully manned assets and expertise across the 4 major marine markets [Offshore Wind, Renewables, Telecommunications and O&G], working with some of the largest EPCI and specialist installation contractors in the offshore wind and telecoms sectors including DEME, Boskalis, Jan De Nul, Global Marine & SBSS, Van Oord and Seaway 7, contributing to their success across the globe.
A strong track record of safety, service and delivery has underpinned significant growth for the business in recent years. Their team of now over 70 employees operate out of their headquarters in the Port of Blyth, with strategic business partnership location and equipment storage in Singapore, delivering cable projects resulting in the burial of some 160,000km of cable worldwide since 2003.
With its key market sectors poised for significant growth over the next five years, Pharos are set to capitalize on increasing demand having secured a new funding line from ThinCats to invest in their growth and additional deployable asset acquisitions.
Pharos is already the agile and environmentally conscious partner of choice offering flexible customer investment options sourcing, repurposing, and life-extending proven subsea systems. The funding package will allow Pharos to source additional Work Class ROV’s, Trenching systems, Cable Ploughs and other ancillary equipment’s and deploy them across multiple markets. 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 |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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