Energy News to 14 June 2022. OPEC daily basket price stood at $120.66/bl, 13 June 2022

U.S. gasoline price averaged more than $5 a gallon for the first time on June 11, according to data from the AAA . The national average price for regular unleaded gas rose to $5.004 a gallon. U.S. President Joe Biden on accused the U.S. oil industry, and Exxon Mobil Corp. in particular, of capitalizing on a supply shortage to increase profits and not investing profits to drill more but to buy back stock.

In May, solar production reached 8.2% of total production, which corresponds to the highest value ever recorded in Portugal, according to the Portuguese Association of Renewable Energies (APREN).Portugal trailed Norway (99.6%), Denmark (76.1%) and Austria (73.2%) in terms of the incorporation of renewable energy into electricity generation in Europe, in the first five months of the year. According to the report, until May, Portugal registered a total of 59.4% of renewables used to produce electricity.

The report also reveals that the fourth position also remained, looking only at the data for the month of May, when 56.3% of renewable energies were generated and used for the production of electricity, although the production of this type of energy has decreased by 5.8% compared to April and 4.2% compared to May 2021. This reduction, explains the report, “is mainly due to the decrease in wind and hydraulic indices, which resulted in a decrease in production of wind and water”. Read More

Nigeria’s national grid on Sunday June 12, collapsed, leading to a nationwide blackout.
The grid collapsed around 6.49pm, making it the fifth collapse of Nigeria’s electricity grid in 2022. Punch reported that this led to the shutdown of the outgoing electricity feeders of some power distribution companies
The collapse was confirmed by Enugu Electricity Distribution Company Plc and Kaduna Electricity Distribution Company in separate messages.

Prior to the incident, the quantum of power on the grid as at 6am on Sunday was 3,628.6 megawatts, but it was gathered that this crashed significantly in the evening leading to the eventual grid collapse.

Nigeria’s power grid had collapsed twice in March and twice again in April this year, as the power generation on the system had continued to fluctuate due to various concerns such as gas constraint, water management challenges, gas pipeline vandalism, among others. Read More–>

Devon Energy Corp. (NYSE: DVN) announced today it has entered into a definitive purchase agreement to acquire the leasehold interest and related assets of RimRock Oil and Gas, LP, a Warburg Pincus portfolio company, in the Williston Basin for total cash consideration of $865 million. The transaction is subject to customary terms and conditions and is expected to close in the third quarter of 2022, with an effective date of April 1, 2022.

“This bolt-on acquisition is highly complementary to our existing position in the Williston Basin and is immediately accretive to our financially-driven strategy,” said Rick Muncrief, president and CEO. “RimRock’s directly adjacent acreage offers strong operational synergies, adds to our high-quality inventory in the core of the play and positions us to further increase the return of cash to shareholders.” Read More

Iran and Venezuela Sign 20-year Cooperation Plan

The 20-year plan between Iran and Venezuela includes cooperation in the fields of oil, petrochemicals, defense, agriculture, tourism and culture plus the repair of Venezuelan refineries and the export of technical and engineering services.The signing ceremony, carried by Iranian state TV, was overseen by Iranian President Ebrahim Raisi and his Venezuelan counterpart Nicolas Maduro and took place at the Saadabad Palace in north Tehran. Read More

Chevron Corporation (NYSE: CVX) today completed its previously announced acquisition of Renewable Energy Group, Inc. (NASDAQ: REGI) (REG) following approval by REG stockholders. “We have brought together companies with complementary capabilities, assets, and customer relationships to make Chevron one of the leading renewable fuels companies in the United States,” said Mark Nelson, executive vice president of Downstream & Chemicals for Chevron. “Chevron now offers our customers an expanded suite of cost-effective, lower carbon solutions that utilize today’s fleets and infrastructure.” Further, Cynthia “CJ” Warner, formerly president and CEO of REG, has been appointed to Chevron’s Board of Directors, effective today. “CJ Warner has deep experience across both the traditional and renewable energy sectors,” said Chevron Chairman and CEO Mike Wirth. “Her perspective and guidance will be invaluable as Chevron leverages its strengths to deliver lower carbon energy to a growing world.” Read More

Genel Energy plc announces that after discussions with the Board following the recent AGM, at which Bill Higgs did not receive the required 50% majority of votes in favour of reelection as a Director, he has agreed to step down as CEO of the Company with immediate effect.
Dr Higgs will take up a role as Special Advisor to the Chairman until 1 September 2022, to support an orderly transition, after which he will remain as a consultant to the Company. Paul Weir, COO, has been appointed as Interim CEO with immediate effect. A search for a suitable replacement is now ongoing and an announcement will be made in due course. Paul joined Genel in January 2020, having worked for more than 30 years in upstream E&P with experience in the North Sea, South East Asia and Africa. Before joining Genel, Paul was Group Head of Operations and Safety at Tullow Oil, having previously spent 13 years at Talisman as VP Production and Exploration, and also worked in a variety of roles at Nippon Oil, Elf, Occidental, and Total. Read More

As Genel marks 20 years of operations in the Kurdistan Region of Iraq (‘KRI’), the Company announced the launch of the Genel20 Scholars programme, which is set to provide the opportunity for disadvantaged students to have a life-enhancing education and develop future talent for the region. The Genel20 Scholars programme will see Genel fund scholarship opportunities for 20 talented but economically disadvantaged high school graduates to pursue bachelor studies at the American University of Kurdistan. The programme will be open to citizens of the KRI, with strong academic credentials and the potential to be future industry leaders in Kurdistan. Genel will provide full funding for tuition and living expenses, as well as offering civic leadership and career-oriented workshops, internship opportunities, and faculty mentorship and guidance from Genel staff. A range of courses will be available for prospective students, including Petroleum Engineering, Nursing, Accounting and Finance Management, and Computer Software More

Repsol’s Board of Directors today approved the sale of a 25% stake in Repsol Renewables to the consortium formed by the French insurance company Crédit Agricole Assurances and Switzerland-based Energy Infrastructure Partner (EIP) for €905 million. The transaction, a new milestone in the fulfillment of the multi-energy company’s 2021-2025 Strategic Plan, values Repsol’s renewable business at €4.383 billion, including debt and minority holdings.

The transaction demonstrates the strength of Repsol’s growth and business model for this business created three years ago. The minority stake sale has generated great interest among the international investment community, with top-tier entities bidding during the various phases of this process. The incorporation of Crédit Agricole Assurances and EIP as partners includes an investment commitment that reinforces Repsol Renovables’ growth in line with the ambitious objectives of its Strategic Plan to reach 6 GW of installed capacity in 2025 and includes entering new markets and incorporating complementary technologies like offshore wind. Read More

A growing number of countries are undergoing a transition towards cleaner and more sustainable energy systems, while others have already achieved considerably high shares of renewables, and addressed a number of challenges in ensuring reliability, affordability and grid flexibility. These experiences can contribute to guiding countries that are on a similar path, and effectively address challenges through enhanced dialogue and knowledge exchange.

“International cooperation and Long-term Energy Scenarios (LTES) are critical to achieving high renewables integration in the energy system,” said Francesco La Camera, IRENA Director-General, at the third meeting of the Collaborative Framework on Enhancing Dialogue on High Shares of Renewables in Energy Systems. The meeting provided a platform for an exchange of experiences and best practices regarding the development and use of LTES and innovative scenario planning approaches. Dedicated to the key theme of energy system planning, the meeting brought together participants from 40 IRENA members and States in Accession, as well as 5 partners, to discuss the role of LTES as a planning tool in achieving a high share of renewable energy and accelerating the global energy transition. Read More

The International Renewable Energy Agency (IRENA) and the Regional Center for Renewable Energy and Energy Efficiency (RCREEE) agreed to strengthen their collaboration on scaling-up renewable energy deployment in the Middle East and North Africa (MENA) region. The Memorandum of Understanding (MoU) was signed in Jordan today, on the margins of the “MENA Europe Future Energy Dialogue,” by IRENA Director-General Francesco La Camera and RCREEE Executive Director Dr. Jauad El Kharraz. Under the agreement, IRENA and RECREEE will partner on regional dialogues and initiatives that address the challenges, needs, and opportunities of a renewables-based energy transition in MENA countries. The agencies will also share knowledge and cooperate on building capacity in MENA countries particularly through enabling policy and regulatory frameworks that can accelerate renewable energy adoption. Read More

Oil and Gas BlendsUnitsOil Price $change
Crude Oil (WTI)USD/bbl$121.87Up
Crude Oil (Brent)USD/bbl$123.28Up
Bonny LightUSD/bbl$126.27Down
Saharan BlendUSD/bbl$126.10Down
Natural GasUSD/MMBtu$8.61Up
OPEC basket 13/06/22USD/bbl$120.66Down
At press time 14 June 2022

Oil, Gas, Energy News Release Service

U.S. Rig Count is up 6 from last week to 733 with oil rigs up 6 to 580, gas rigs unchanged at 151 and miscellaneous rigs unchanged at 2.
Canada Rig Count is up 24 from last week to 141, with oil rigs up 22 to 94, gas rigs up 2 to 47.

RegionPeriodRig CountChange from Prior
U.S.A10 June 2022733+6
Canada10 June 2022141+ 24
InternationalMay 2022817+11
Baker Hughes

OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.

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