Energy News to 17/10/22. OPEC daily basket price stood at $94.17/bl, 14 Oct. 2022
WTI for November delivery fell $3.50 to settle at $85.61 a barrel in New York.
Brent for December dropped $2.94 at $91.63 a barrel. The IEA has warned that the OPEC+ cuts could tip the global economy into recession, and the US has condemed Saudi Arabia for the decision.
Africa Oil Corp. announce that the Company repurchased a total of 3,429,480 Africa Oil common shares during the period of October 10, 2022 to October 14, 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 10, 2022 to October 14, 2022, the Company repurchased 667,480 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 2,762,000 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. During the period dated October 10, 2022 to October 14, 2022, the Company cancelled 3,716,000 common shares repurchased under the share buyback program. Read More
CF Industries, a leading global manufacturer of hydrogen and nitrogen products, has entered into the largest-of-its-kind commercial agreement with ExxonMobil to capture and permanently store up to 2 million metric tons of CO2emissions annually from its manufacturing complex in Louisiana. Start-up for the project is scheduled for early 2025 and supports Louisiana’s objective of net zero CO2 emissions by 2050.
As previously announced, CF Industries is investing $200 million to build a CO2 dehydration and compression unit at its Donaldsonville, Louisiana, facility to enable captured CO2 to be transported and stored. ExxonMobil will then transport and permanently store the captured CO2 in secure geologic storage it owns in Vermilion Parish. As part of the project, ExxonMobil has signed an agreement with EnLink Midstream to use EnLink’s transportation network to deliver CO2 to permanent geologic storage. The 2 million metric tons of emissions captured annually will be equivalent to replacing approximately 700,000 gasoline-powered cars with electric vehicles. Read More
According to a new report from Guidehouse Insights, global synfuel demand is expected to grow at a compound annual growth rate (CAGR) of 78.5 percent, from 1,200 BPD in 2022 to 228,000 BPD in 2031. Guidehouse Insights estimates global e-fuel demand will grow at a compound annual growth rate of 79 percent through 2031
Synthetic fuel has been around for almost 100 years, but next-generation synfuels – otherwise known as electrofuels, or e-fuels – present a unique opportunity to decarbonise the transportation sector. Global demand for e-fuel for shipping is expected to see the fastest growth of a CAGR of more than 90 percent and will likely outpace road needs by 2023. “The right policy and market signals could increase investment in synfuel production facilities, lower costs, and hasten uptake in synfuel consumption” said Peter Marrin, senior research analyst with Guidehouse Insights. “Such signals could include favorable government policies such as blending mandates, monetary support from private investors to expedite early projects, and additional R&D grants to unlock technological advancements, learning rates, and economies of scale through 2030.” Read More
Ameresco, Inc. and Bright Canyon Energy, a leading developer of energy infrastructure, hosted a groundbreaking and blessing ceremony for the Kūpono Solar Project on Friday, October 7, 2022.This combined solar and battery storage system will be built at the Joint Base Pearl Harbor-Hickam West Loch Annex in Hawai‘i. Once operational, the project is designed to deliver 42 megawatts (MW) of clean, renewable energy to Hawaiian Electric’s (HECO) grid on the island of O‘ahu. Attendees at the event heard from U.S. Senator Mazie Hirono, Lt. Governor Josh Green, and Meredith Berger, Assistant Secretary of the U.S. Navy for Energy, Installations, and Environment.
Using approximately 131 acres of Federal land, the Kūpono Solar Project will feature the installation of a 42-MW photovoltaic solar array and 42 MW/168 MWh (four-hour duration) of lithium-ion battery storage system. Read More
First Hydrogen Corp. announce that its two light commercial vehicles (LCVs) have been certified legal on United Kingdom (UK), excluding Northern Ireland, roads by the Vehicle Certification Authority. The vehicles will now be able to undertake customer trials on public roads commencing January 2023 for a period of 24 months during which the Company expects to collect significant proprietary data from fleet owners and to capture high-level interest for future orders. The vans will be trialled in real-world conditions with major fleet operators initially in the UK and enable the Company to publicly showcase its leading design and accelerate the adoption by light commercial vehicle owners of fuel cell-powered vehicles to replace aging diesel fleets. A total of 13 UK fleet operators in various industries including telecoms, utilities, infrastructure, delivery, grocery and healthcare have signed up to participate in the trials.
These two demonstrator vehicles will showcase the advantages fuel cell electric vehicles have over battery electric vehicles in terms of range and refuelling speed. First Hydrogen vehicles offer 400-600km of range on a single refuelling, which takes a matter of minutes. The certification is a significant milestone for the Company and will help with further approvals required as First Hydrogen scales up its vehicle demonstrator program to trial the vehicles in the European Union, United States and Canada. The global light commercial vehicle market is projected to reach $786.5 billion by 2030 (according to Allied Research) and First Hydrogen’s vehicles will help the sector meet zero emission targets. Read More
First Hydrogen Corp. is encouraged that the European Parliament’s transport and tourism committee has voted in significant changes relating to hydrogen mobility and transport. As part of the Alternative Fuels Infrastructure Regulation (AFIR), the committee agreed on targets of one hydrogen refueling station (HRS) every 100km along the Trans-European Transport Network (TEN-T) Core and Comprehensive Network, which connect all of Europe. Recently, the European Union announced funding of €5.12 billion to co-fund 135 transport infrastructure projects that will form part of the TEN-T. European association, Hydrogen Europe, estimates the number of HRS to be 1,500 by 2030 far greater than the European Commission’s original proposal, where HRS would be installed every 150km in the Ten-T Core Network leading to 200 HRS. First Hydrogen recently announced its expansion to Germany, Benelux, Eastern Europe, France, Spain, Portugal and Italy to identify and sign-up fleets for European trials of the Company’s light commercial vans (LCV). Green hydrogen facilities production opportunities will also be identified and developed to support the TEN-T Core and Comprehensive Networks. The Company’s hydrogen-as-a-service model will be a zero emission ecosystem solution that will benefit from the EU’s move to decarbonize. Read More
Iranian Petroleum Minister Javad Owji said on Sunday that Iran has started refining its crude oil in Venezuela, SHANA news agency affiliated to his ministry reported.
Iran had started processing some 100,000 barrels per day of its crude in Venezuela’s El Palito refinery, Owji was quoted by SHANA as saying. “This was a long-standing and 43-year-old dream that was realized through the efforts of my colleagues at the National Iranian Oil Refining and Distribution Company (NIORDC),” he said.
Jalil Salari, head of NIORDC, said on Sunday that efforts are underway to expand Iran’s refinery operation in overseas projects. According to Press TV, Iran signed a 116-million-U.S. dollar contract with Venezuelan state oil firm PDVSA in May to repair and expand the refinery. Read More
French President Emmanuel Macron on Saturday promised to follow up French energy giant Total’s oil and gas exploration in Lebanon to ensure its continuous work, a statement by Lebanon’s Presidency reported.
“You can count on Total’s commitments; I will follow up on the matter,” Macron said in a phone call with his Lebanese counterpart Michel Aoun.
The leaders of Lebanon and Israel announced Tuesday that the two countries had agreed to resolve a decades-long dispute over their maritime boundary in the eastern Mediterranean. On Thursday, Aoun announced Lebanon’s approval of the final version of the agreement proposed by the U.S. energy envoy Amos Hochstein to demarcate maritime borders with Israel.
The agreement, a copy of which was seen by Xinhua, grants Total exploration rights at the Qana gas field. According to the agreement, Qana would be located mostly inside Lebanon, although Total will share some profits with Israel. Read More
VAALCO Energy, Inc. announced the closing of the strategic combination of VAALCO and TransGlobe Energy Corporation (“TransGlobe”). As previously disclosed, the combined Company will now trade on the NYSE and LSE under the ticker symbol EGY. The combined Company is a leading African-focused operator with a strong production and reserve base, a diverse portfolio of assets in Gabon, Egypt, Equatorial Guinea and Canada, and significant future growth potential. In conjunction with the closing, VAALCO welcomes three new directors to the Board, expanding the Board of Directors to seven directors.
KEY HIGHLIGHTS
Enhanced stockholder returns with increased dividend, announced share buyback and potential for special distributions;
Targeted annualized dividend of US$0.25 per share, or approximately US$27.3 million(1), for calendar 2023, nearly double VAALCO’s targeted annualized dividend of US$0.13 per share prior to the combination;
Planned share buyback program of up to US$30 million, the equivalent of US$0.27 per share(1), to be implemented following yesterday’s closing;
Potential to further enhance stockholder distributions through returning excess cash via special distributions;
Boosts size and scale through material growth in proved reserves and production volumes;
Further enhances VAALCO’s balance sheet with an increased, robust cash position and no net debt;
Reduces VAALCO’s overall risk profile through geographic diversification and multiple sources of production;
Increases optionality with expanded inventory of high-quality, multi-year investment options;
Potential to capture US$30 to US$50 million in synergistic cost savings over the next seven years as a result of the combination that can meaningfully improve margins and enhance future cash flow generation;
Immediately accretive to key metrics and significantly increases future Adjusted EBITDAX(2) generation potential;
Allows for improved public market valuation multiples based on VAALCO’s significantly enhanced scale and profile post-closing; and
Expands the Board of Directors to seven members with the addition of David Cook, Edward LaFehr and Timothy Marchant. Read More–>
CNOOC Limited announced the support for the Hong Kong Special Administrative Region (HKSAR) Government’s initiatives of encouraging the adding of RMB-denominated stock trading counters as well as optimizing the trading mechanism in Hong Kong.
The Company has noticed the briefing by the Secretary for Financial Services and the Treasury of the HKSAR, Mr. Christopher Hui Ching-yu, at the Legislative Council Panel on Financial Services . Mr. Hui proposed to encourage the issuance and trading of dual currency securities in Hong Kong and optimize the resultant trading mechanism. These proposals are geared to improving the liquidity and price efficiency of RMB-denominated stocks, expediting the issuance and trading of RMB-denominated securities, and enhancing investors’ willingness to trade at RMB-denominated stock trading counters.
The Company welcomes the HKSAR’s active promotion for more listed issuers to add RMB-denominated stock trading counters, and the discussion between the HKSAR and mainland institutions with a view of allowing the proposed RMB-denominated stock trading counters to be included in the Hong Kong Stock Connect. These efforts will not only facilitate mainland investors to use RMB to participate in the Hong Kong Stock Connect, and enrich the liquidity and depth of the offshore RMB market, but also further boost the issuance and trading of RMB-denominated stocks, thereby speeding up the progress of RMB internationalization. Read More
Britain is offering an additional 34 exploration blocks to its first oil and gas exploration licensing round since 2019, the North Sea Transition Authority (NSTA) said on Thursday.
On Oct. 7, the NSTA initially offered 898 blocks, encouraging applications, especially for the southern North Sea, where hydrocarbons are close to existing infrastructure, allowing for swift development. Read More
NHV Group has won a helicopter services contract in the Central North Sea with INEOS FPS.
Under the five-year deal, which takes effect at the beginning of November, NHV will perform helicopter flights to the Forties Unity from NHV Aberdeen. Financial details of the deal were not disclosed. The Forties Pipeline System, which is 100% INEOS-owned and has played a major role in the development of the Central North Sea since 1975,
providing the UK and Norway with oil and gas at a nominal capacity of over six hundred thousand barrels per day. Read More
Woodside Energy has awarded Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), a contract for the alkaline electrolyser equipment for H2OK, its proposed hydrogen project in Ardmore, Oklahoma. Woodside Executive Vice President New Energy Shaun Gregory said the contract award was an important step forward for H2OK, which would be Woodside’s first hydrogen project globally. “The signing of the alkaline electrolyser contract is progress toward Woodside realising its ambition to build a New Energy business in the United States. With the passage of the Inflation Reduction Act, the drive to accelerate the energy transition in the US is underway, and Woodside aims to be part of that. “H2OK is strategically located close to national highways and the supply chain infrastructure of major transport companies. That positions H2OK to supply customers with the reliable, affordable and lower-carbon energy they are seeking,” he said. The alkaline electrolyser equipment would support phase 1 of the H2OK project, designed to produce 90 tonnes per day (tpd). Read More
IEA report shows a modern mix of clean energy can power an economy twice as big as today’s with just 30% more energy while providing universal access and limiting emissions. Energy infrastructure in the greater Horn of Africa has struggled to keep pace with a fast-growing population, creating a formidable hurdle for the region’s buoyant economies that can best be overcome through stronger deployment of energy efficiency and renewable technologies, according to a new IEA report.
Countries in the region have already demonstrated they can find innovative solutions to extend electricity access to underserved populations and have huge underexploited potential for wind and solar power. But achieving these objectives requires supportive policies, better regulatory frameworks, regional cooperation and international financial assistance, according to the IEA’s new report on Clean Energy Transitions in the greater Horn of Africa, which is being presented at a conference in Kampala, Uganda.Energy consumption in the greater Horn of Africa – defined in the report as Djibouti, Eritrea, Ethiopia, Kenya, Somalia, South Sudan, Sudan and Uganda – has grown by 3% per year over the last decade, but half the population still lacks access to electricity and only one in six people cooks with modern fuels. The eight countries represent nearly a quarter of sub-Saharan Africa’s GDP, yet their total energy consumption is less than that of Belgium and the Netherlands combined – but with 10 times the population. Read More
Moody’s Investors Service has placed on review for downgrade the long-term deposit ratings, as well as the long-term issuer and senior unsecured debt ratings of the nine largest banks in Nigeria under it coverage.
In a statement, Moody’s said the financial institution includes Access Bank Plc, Zenith Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Guaranty Trust Bank Limited, Union Bank of Nigeria, Fidelity Bank, First City Monument Bank Limited and Sterling Bank Plc.
It said the decision to place the long-term ratings of nine Nigerian banks on review for downgrade reflects the risk of increasing foreign currency rationing that could compromise the banks’ operational ability to meet their foreign currency obligations, as well as the risk arising from a potential material depreciation in the country’s foreign exchange rate to the banks’ capitalisation and asset quality. According to Moody’s, constraints on domestic oil production, capital outflows, and the increased cost of the country’s imported refined petroleum products, coupled with US dollar strengthening, have together weighed on the availability of foreign currency liquidity in the country despite higher oil prices and material discrepancies between official and parallel market exchange rates persist in the country. Read More
Aeromine’s innovative solution generates up to 50% more power than equivalent solar solutions harvesting the best performing renewable energy source available.
Aeromine performs under the most extreme weather conditions and produces power when energy demand is greatest.
Aeromine’s patented aerodynamic design captures and amplifies building airflow in wind speeds as low as 5 m.p.h., similar to the airfoils on a race car. Unlike turbines that require rotating rotor blades and many moving parts, making them prone to maintenance issues, the motionless and durable Aeromine solution generates more energy in less space.
Aeromine is designed for installation on buildings with large flat rooftops such as :
Warehouses and Distribution Centers
Manufacturing Facilities
Office Buildings
Multi-Family Residential Developments
Big Box Retail Read More
Greece ran entirely on renewable energy for five hours last Friday for the first time ever – using solar, wind and hydroelectric power.
It reached a record high of 3,106MWh (megawatt hours) of electricity at 9am local time (7am UK time), according to IPTO, the country’s independent power transmission operator. IPTO said: “For the first time in the history of the Greek electricity system, the demand was covered 100% from renewable energy sources.”
Greece aims to more than double its green energy capacity as it hopes renewables will account for at least 70% of its energy mix by 2030. Tilos, part of the Dodecanese group of islands, is also working towards running entirely on renewable energy under a €30bn (£26bn) project funded by the EU and private investment. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $86.65 | Up |
| Crude Oil (Brent) | USD/bbl | $92.74 | Up |
| Bonny Light | USD/bbl | $93.84 | Down |
| Saharan Blend | USD/bbl | $93.61 | Down |
| Natural Gas | USD/MMBtu | $6.22 | Down |
| OPEC basket 14/10/22 | USD/bbl | $94.17 | Up |
Leaders and changemakers from the hydrogen sector will be attending this year’s Hydrogen Europe Flagship Event and Expo, with experts from Luxfer Gas Cylinders attending the October event following a whirlwind six months of alternative fuel successes.
The team made history this summer thanks to a Luxfer hydrogen fuel system featuring on the UK’s first mass-produced hydrogen-electric truck, in partnership with Tevva Hydrogen Electric Trucks. The 7.5 tonne HGV is the first hydrogen fuel cell-supported truck to be manufactured, designed and mass-produced in the UK.
Manufacturer Tevva adapted its battery-electric HGV design, with support from Luxfer, to accommodate a hydrogen fuel cell system that tops up the battery and extends the range of the truck to 310 miles (500km).
Luxfer also played an essential role in bringing a hydrogen-electric minibus to market in spring. The most fuel efficient and quickest to refuel vehicle of its kind in the world, the eight-metre, 21-passenger H2Bus produced by Slovakian innovators Mobility & Innovation, features a complete alternative fuel system designed and supplied by Luxfer. Read More
Hydrogen storage experts Luxfer recognised with International Trade award
East Midlands Business Masters hails Luxfer Gas Cylinders for significant growth, through pioneering alternative fuel
A commitment to the alternative fuel market and success in offering hydrogen storage systems to customers across the globe has secured Luxfer Gas Cylinders the International Trade accolade from the East Midlands Business Masters.
The win was announced on Thursday 13 October 2022, with Luxfer lauded for its growth trajectory, which has seen a raft of innovative projects delivered, all harnessing the power of hydrogen fuel for transport.
The world-leading manufacturer of high-pressure aluminium and composite cylinders has a specialist and expanding alternative fuel facility based in Nottingham. In the past 12 months alone, it has been at the forefront of green transport solutions that have made an international impact, including:
• The most lightweight, fuel efficient and quickest-to-refuel H2 bus in the world, in partnership with start- up Mobility & Innovation
• Cleaning up waste collection in Europe, through a ten-strong fleet of zero-emission refuse trucks, powered by Luxfer systems and created by Netherlands-based sustainable transport provider E-Trucks
• Taking hydrogen technology to the seas, with the world’s first hydrogen work boat, in partnership with international shipping and logistics giant Compagnie Maritime Belge (CMB). In addition, Luxfer is working on the world’s first hydrogen tugboat for Antwerp Harbour, navigating the challenges of the harsh saltwater environment and complex regulatory landscape, in order to make hydrogen systems safe and green for European waterways.
Alternative fuels now represent the fastest-growing division across the whole Luxfer Group, with the achievements of the UK Luxfer team being recognised in 2022 through finalist positions in the World Hydrogen Awards and Energy Awards.
Accepting this latest award on behalf of the Luxfer team was Mark Lawday, Vice President and General Manager for Luxfer Europe. He said: “To reach net zero, buses, trains, trucks, ships, refuse trucks and more must be manufactured – or adapted – to be powered by cleaner, greener fuel. That’s what drives Luxfer.
“We’ve been committed to a proactive innovation strategy targeting the alternative fuel market for many years, because we understand the growing importance of clean fuels, energy and sustainability. So it’s fantastic to get this recognition for International Trade in the East Midlands Business Masters Awards.
“What’s really exciting is that we’re now at a critical point, with our engineers pushing the boundaries of what’s possible and increased investment driving the market further than what was thought possible just a decade ago. We believe, so far, that the world has only scratched the surface of hydrogen’s potential.
“Looking to the future, Luxfer is focused on expanding work with partners of all sizes and within different sectors, and continuing to develop our cylinder technology to meet the demands of this burgeoning area.” Issued on behalf of Luxfer Cylinders by The Tonic Communications. For more information contact luxfer@thetoniccomms.co.uk Read More
Baker Hughes Rig Count
U.S. Rig Count is up 7 from last week to 769 with oil rigs up 8 to 610, gas rigs down 1 to 157 and miscellaneous rigs unchanged at 2.
U.S. Rig Count is up 226 rigs from last year’s count of 543 with oil rigs up 165, gas rigs up 59 and miscellaneous up 2.
The U.S. Offshore Rig Count is up 1 to 14, up 2 year-over-year.
Baker Hughes Rig Count: Canada is up 1 to 216 rigs.
Canada Rig Count is up 1 from last week to 216, with oil rigs up 2 to 150, gas rigs down 1 to 66.
Canada Rig Count is up 48 rigs from last year’s count of 168, with oil rigs up 52, gas rigs down 4.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 14 October 2022 | 769 | +7 |
| Canada | 14 October 2022 | 216 | +1 |
| International | September 2022 | 879 | +19 |
KBR (NYSE: KBR) announced today that it has won a contract from GS Caltex for its planned plastics circularity project in South Korea.
Based on KBR and Mura’s Hydro-PRT® process, the 50 kTA unit will convert waste plastics into raw materials for conversion into new plastics, achieving total circularity. “We are thrilled to support GS Caltex in their effort to integrate circularity in their value chain,” said Doug Kelly, KBR President, Technology. “Hydro-PRT is positioned to play a pivotal role in KBR’s effort to help our clients’ ESG objectives through our sustainability platform.”
“Along with KBR, I am pleased to support GS Caltex in its endeavor to establish early leadership in plastics circularity,” said Dr. Steve Mahon, CEO of Mura Technology. “Our differentiated, proven, and scalable Hydro-PRT process is designed to enable companies to achieve their ESG goals and we are excited to work with the team of GS Caltex for the same.”
“Deploying KBR’s plastics recycling technology, offered in alliance with Mura, marks one of the key factors for us at GS Caltex towards meeting our circularity targets. With this contract we move a step ahead in the sustainable and green technology sector by establishing a greener facility,” said Woo Jin Choi, Vice President of GS Caltex. KBR has been a leader in process technology development, commercialization, and plant design solutions for over 50 years. In early 2021, KBR entered into an alliance to become Mura Technology’s exclusive licensing and delivery partner and together, KBR and Mura have been awarded numerous license awards and feasibility studies related to plastics recycling. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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