Energy News to 15/11/22. OPEC daily basket price stood at $94.42/bl, 14 Nov. 2022
The OPEC+ decision to cut the headline production target by 2 million barrels per day (bpd) as of November did stabilize the oil market, as OPEC+ claims its goal is. Brent prices stabilized at above $90. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $85.24 | Down |
| Crude Oil (Brent) | USD/bbl | $92.74 | Down |
| Bonny Light | USD/bbl | $94.69 | Down |
| Saharan Blend | USD/bbl | $96.35 | Down |
| Natural Gas | USD/MMBtu | $6.05 | Down |
| OPEC basket 14/11/22 | USD/bbl | $94.42 | Down |
Baker Hughes Rig Count
U.S. Rig Count is up 9 from last week to 779 with oil rigs up 9 to 622, gas rigs unchanged at 155 and miscellaneous rigs unchanged at 2. Canada Rig Count is down 9 from last week to 200, with oil rigs down 8 to 133, gas rigs down 1 to 67.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 11 November 2022 | 779 | +9 |
| Canada | 11 November 2022 | 200 | -9 |
| International | October 2022 | 911 | +32 |
TotalEnergies and its partner ENI have signed, with the State of Israel, a Framework Agreement to implement the agreement on maritime boundary which has been reached between Israel and Lebanon on October 27, 2022. In Lebanon, TotalEnergies is the operator of the exploration Block 9, and holds a 60% interest, alongside its partner ENI (40%).
Following the signature of this Framework Agreement, the Block 9 partners will initiate the exploration of an already identified prospect which might extend both in Block 9 and into Israel waters South of the recently established Maritime Border Line. Preparation of exploration activities starts now with the mobilization of the teams, the purchase of required equipment and the procurement of a drilling rig. “TotalEnergies, as the operator of block 9, is proud to be associated with the peaceful definition of a maritime border between Israel and Lebanon. By bringing our expertise in offshore exploration, we will respond to the request of both countries to assess the materiality of hydrocarbon resources and production potential in this area”, said Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies. Read More
Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), has signed a NOK 120 million contract for alkaline electrolyser equipment with a high quality North European energy company. The contract also includes front-end engineering and design (FEED) study related to the deliveries.
This contract is for alkaline electrolyser equipment and related FEED, and includes pass-through mechanisms for steel and nickel price adjustments. Production of electrodes is estimated to be completed by end-2023.. Read More
All EPT31H2, SMO31H2 and SMO31-Pl:d series pressure sensors feature high-grade 316L stainless-steel wetted parts for extreme resistance to hydrogen embrittlement and permeation with IP67 protection as standard and IP69K optionally available. Internally, a piezo resistive sensing element coupled with the latest ASIC circuitry assures excellent accuracy and high resistance to shock and vibration across an operational temperature range of up to 125°C. Several pressure range options from 1.0 bar to 1000 bar are available for gauge or vacuum measurement (EC79 approval is limited to 700 bar for all model lines). A choice of four pressure ports include ¼ NPT, M16x1 Male, 7/16“- 20 UNF 2A Male, and 3/8“-24 UNF2A. Further application flexibility is ensured with optional 600 mm cable connection, M12x1 round connector or Packard Metri-Pack connector. All sensors feature a 4 – 20 mA output from a 10 – 32 VDC supply voltage whilst the EPT31H2 also includes a 0.5…4.5V ratiometric output from a 5V DC supply. With room temperature accuracy specified at less than 0.5% of range, the sensors are rated for more than 10 million pressure cycles.
Variohm’s ETP21H2 hydrogen temperature sensor is built to the same exacting quality as the H2 pressure series with its stainless-steel housing protecting a PT100 sensor element that has a measurement accuracy to greater than +/- 1.0 % at RT. A choice of output options cover 10…32 VDC for 4…20 mA, or 5 VDC for ratiometric 0.5…4.5 V, and the same electrical connection options as their pressure sensing counterparts ensure straightforward installation where required. Specifically targeting hydrogen powered fuel cell applications on mobile vehicles, the sensor’s low current consumption of just 7.5 mA will suit battery powered use. A working temperature range from -40 to +125 °C enables wide application flexibility whilst short-circuit and reverse voltage protection provides security.
Variohm EuroSensor’s hydrogen process pressure and temperature sensors are based on well-proven sensor design technologies developed over several year’s extensive use and application success in demanding automotive, agricultural, construction and industrial measurement tasks. They have been specially adapted and certified where appropriate for precise measurement tasks across hydrogen production, processing, storage, and distribution logistics. Read More
Africa Oil Corp. announces its financial and operating results for the three and nine months ended September 30, 2022
Highlights
The Company received one dividend from its shareholding in Prime for $50.0 million1 in Q3 2022 (first nine-month 2022 total of $212.5 million). Total amount of the dividends received so far in 2022 is $250.0 million, including $37.5 million received in October 2022.
Cash balance at September 30, 2022, of $207.3 million (at December 31, 2021 – $58.9 million), with no debt outstanding and an undrawn corporate facility of $100.0 million.
The Company launched a Normal Course Issuer Bid (share buyback) program on September 27, 2022. Since that date, until November 11, 2022, a total of 15,757,710 Africa Oil common shares were repurchased, at a bid cost of $35.7 million.
Paid the second semi-annual dividend of $0.025 per share to the Africa Oil shareholders for a total 2022 distribution of $23.8 million, which combined with the share buyback, represents a total shareholder capital return of $59.5 million year to date.
Selected Prime’s results net to Africa Oil’s 50% shareholding*:
achieved an average realized oil price of $101.5/bbl, the highest quarterly average since the acquisition of a shareholding in Prime, compared to the average Bloomberg Dated Brent price of $99.1/bbl for Q3 2022;
average daily W.I. production of 22,100 boepd and economic entitlement production of 25,200 boepd (84% light and medium crude oil and 16% conventional natural gas) in Q3 2022 (Q3 2021: 27,500 boepd and 30,100 boepd respectively)3,4,5;
cash position of $309.6 million and debt balance of $474.7 million at September 30, 2022 (net debt of $165.1 million), which combined with the $207.3 million cash balance at the Africa Oil corporate level, results in a net cash position of $42.2 million;
in Q3 2022, EBITDAX6 of $210.6 million (Q3 2021 – $192.1 million); and cash generated from operating activities of $62.1 million (Q3 2021: $122.2 million); and
robust Net Debt to EBITDAX6 ratio for the twelve months ended September 30, 2022, of 0.3x (twelve months ended December 31, 2021 – 0.4x).
Africa Oil President and CEO Keith Hill commented: “We have continued to deliver on our commitment to shareholder capital returns with the launch of our share buyback program in third quarter 2022. Together with our dividend policy, from start of the year through to November 11, 2022, we have returned almost $60 million to our shareholders whilst growing our cash position. This has been made possible by the robust performance of our Nigerian assets that provide us with high quality and long life production and cash flows. We can look forward to potentially high impact catalysts in the next few months, including the results of Gazania-1 exploration well, and the Venus appraisal program. Africa Oil has an attractive full-cycle opportunity set for sustainable shareholder value growth and a bright future.”
* Important information: Africa Oil’s interest in Prime is accounted for as an investment in joint venture. Refer to Note 2 on page 4 for further details. Please also refer to other notes on pages 4 and 5 for important information on the material `presented. Read More
TechnipFMC (NYSE: FTI) announced today that Doug Pferdehirt, Chair and Chief Executive Officer, will address attendees on Wednesday, November 16, at 3:30 p.m. EST at the following event:
BofA Securities 2022 Global Energy Conference
November 15 – 18, 2022
Location: 1 Hotel South Beach, 2341 Collins Ave, Miami Beach, FL 33139 Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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