Energy News to 17/11/22. OPEC daily basket price stood at $91.72/bl, 16 Nov. 2022
Oil prices fell on Wednesday and continued lower on Thursday as NATO confirmed Russia did not fire missiles at Poland.
NATO member Poland and the head of the military alliance both said Wednesday that a missile strike in Polish farmland that killed two people appeared to be unintentional and was probably launched by air defenses in neighboring Ukraine.
Baker Hughes (NASDAQ: BKR) will hold a webcast on Monday, Jan. 23, 2023, to discuss the results for the fourth quarter and full year ending Dec. 31, 2022. The webcast is scheduled to begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). A press release announcing the results will be issued at 7 a.m. Eastern Time (6 a.m. Central Time). Read More
Electrogenic expands drop-in EV powertrain kit range to future-proof automotive icons
Electrogenic, known for its world-leading classic car EV conversions, has revealed details of its newly expanded range of ‘drop-in’ EV conversion kits aimed at future-proofing automotive icons. The easy-to-install EV conversion technology kits for the Land Rover Defender, Jaguar E-Type and classic Porsche 911 will be offered by the Oxford, UK-based Electrogenic’s recently expanded ‘Powered by Electrogenic’ arm.
The drop-in kits, which have been developed and engineered in the UK, will be offered globally through an international network of installation partners – offering sustainable, silent and reliable electric motoring. Read More
SSE, the leading electricity infrastructure company, invested almost four times as much as it made in profits in the first half of its financial year, according to its interim results, published today. The group, which is one of the leading generators of renewable energy and one of the largest operators of electricity networks in Great Britain, invested a record £1.7bn (2021: £1bn) compared to adjusted profit after tax of £489m (2021: £162m) in the six months ending 30 September 2022.
The group’s financial results benefited from a good performance from the Thermal Energy business, which includes flexible gas-fired power stations and gas storage facilities. SSE has approximately 40% of the UK’s onshore underground gas storage capacity which has proven its value to the system providing vital security of supply and flexibility in more volatile market conditions after a number of years of weaker returns. Performance was also strong in the group’s Regulated Networks businesses, which continue to connect new generation assets to the grid, securing power to people’s homes. Read More
FTSE-100 electricity Infrastructure firm SSE has achieved a new global standard for paying fair tax.
The business, which was the first FTSE-100 company to be Fair Tax accredited in 2014, has been accredited by the Fair Tax Foundation’s Global Multinational Business Standard.
SSE, which has also published its seventh Talking Tax booklet aimed at giving a short, clear and easy to read guide to what taxes it pays and where it pays them, is among the first UK based businesses to do so. Against a backdrop of the business investing up to £24bn in UK [£15bn in Scotland] electricity infrastructure this decade – spending more than it makes – the report outlines SSE’s £836m total tax contribution in the UK and EURO125M in Ireland in 2021/22, as well providing more details on how the tax was paid in this period. Read More
The first 100km of subsea cable has been successfully installed in the North Sea as part of SSEN Transmission’s landmark Shetland High Voltage Direct-Current (HVDC) link project. The £660 million project will involve constructing a 260km subsea cable from Shetland to the GB mainland, linking Shetland to the national grid for the first time, as well as unlocking Shetland’s potential for future renewable energy generation.
Starting in July, the subsea HVDC cable was successfully pulled-in to where it makes landfall at Noss Head near Wick from aboard the specialist cable-laying vessel NKT Victoria, and was carefully installed onto the seabed as the vessel made its way out to sea to a point east of the Orkney Isles. Once the cable was installed on the seabed, where possible it was trenched into position using Grand Canyon III, a multi-role construction support vessel with a specialist subsea jet trencher.
The successful installation of the first 100km of cable required careful coordination between the NKT Victoria, multiple subsea divers as well as the shoreside cable pull-in team at Caithness, who worked to install the cable through the previously constructed horizontal directional drilled (HDD) ducts at Noss Head in Caithness. Read More
Neste, Brightlands Venture Partners, 4 Impact VC and Asahi Kasei announce a combined EUR 11 million investment into Netherlands-based startup Circularise. The goal of the investment is to accelerate the transformation to more sustainable materials within the polymers and chemicals industry by providing new digital solutions to boost traceability and visibility of material flows along value chains. “Together with partners, Neste leads the way in accelerating the transition towards more sustainable solutions for polymers and chemicals. There is an urgent need for new scalable, end-to-end digital solutions to trace renewable and recycled material flows, providing increased transparency along the value chains. Circularise provides novel solutions for this need, and we are excited to support them in speeding up the critical transition to circular solutions,” says Lars Peter Lindfors, Neste’s Senior Vice President, Innovation.
With its blockchain-based digital product passports, Circularise enables customers to improve resource use, verify provenance, conduct carbon footprint and impact assessments across supply chains. This is relevant in complex supply chains such as those of polymers, chemicals, plastics, metals, and critical raw materials. Additionally, the company provides a solution for mass balance bookkeeping, in order to support the shift from fossil feedstocks to sustainable alternatives in the plastic and chemicals industry.
Circularise’s solution helps suppliers to share sensitive data, like material composition, environmental footprint or LCA data, without risking privacy and confidentiality. This is achieved with technology, which allows suppliers to be in control of which data they want to share. Read More
Subsea 7 S.A. (the Group) announced today results for the third quarter which ended 30 September 2022.
Third quarter highlights
Adjusted EBITDA of $171 million resulting in a margin of 12%
Backlog of $7.1 billion, of which $1.3 billion to be executed in Q4 2022 and $3.2 billion in 2023
Cash and cash equivalents of $533 million and net debt (including lease liabilities) of $33 million
Agreement to form a joint venture with SLB and Aker Solutions
Extension of Subsea Integration Alliance agreement until 2033 on completion of the joint venture transaction
Post quarter end, $650 million increase in liquidity for Seaway7 through an equity rights issue and new debt facilities
that leaves its new-build programme fully funded Read More
EBITDA for the third quarter of 2022 was USD 61.5 million, up from USD 5.5 million in the second quarter of 2022, primarily due to one lifting to the Company at a price of USD 101 per barrel. A further lifting to the Company is scheduled in December 2022.
“We deliver stable production and solid cash generation from our Dussafu operations. The Hibiscus / Ruche development is progressing to schedule with the BW MaBoMo production facility and the subsea pipeline to the BW Adolo FPSO is already installed. With drilling set to commence in January, we are on track for first oil towards end of the first quarter,” said Carl K. Arnet, the CEO of BW Energy.
BW Energy’s share of gross production was approximately 700,000 barrels of oil. The net sold volume, which is the basis for revenue recognition in the financial statement, was 715,000 barrels including 32,500 barrels of quarterly Domestic Market Obligation (DMO) deliveries with an under-lift position of 185,000 barrels at the end of the period.
Gross production from the Tortue field averaged approximately 10,400 barrels of oil per day in the third quarter of 2022, amounting to a total gross production of approximately 960,000 barrels of oil for the period. Production was in line with the previous quarter and remain affected by the continued shortage of gas lifting capacity. The new gas lift compressor arrived in Gabon in late October and is being prepared for mobilisation to the FPSO with planned installation at year-end and start-up in the first quarter of 2023.
HIGHLIGHTS
Q3 EBITDA of USD 61.5 million and net profit of USD 33.8 million
Q3 gross production of ~960,000 barrels with ~700,000 net to the Company
Completed one lifting with ~682,000 barrels sold (net BWE) at a price of USD ~101 per barrel
Hibiscus / Ruche development on track for first oil in late Q1 2023
Progressing towards closing of Golfinho in Q1 2023, approved as deep-water class A operator by ANP
Maintained a strong balance sheet with a cash position of USD 186 million
Initial draw-down of USD 100 million made on Reserve Based Lending (RBL) facility Read More
Neptune Energy today announced its financial results for the third quarter of 2022.
Safety improvements, low carbon intensity, increasing production
• Rolling out measures to tackle rise in minor safety incidents, PSER performance remains ahead of target.
• Group carbon intensity remained low at 6.5 kg CO2/boe, reflecting good emissions management.
• Production of 133.7 kboepd, higher than prior quarter, due to full period’s contribution from Snøhvit (Norway).
• Full year production guidance revised to around 135 kboepd, reflecting delayed restart of Touat (Algeria).
Progress on development projects, focused capital programme
• Njord (Norway) start-up in December, expected to produce net ~20 kboepd at plateau.
• YTD adjusted development capex of ~$386 million, full year 2022 guidance reduced to ~$550 million.
• Discovery at Ofelia (Norway), potential fast-track development with Hamlet, where PDO is targeted by end of 2022.
• Hydrocarbons encountered in Calypso well (Norway), operations ongoing. Appraisal drilling underway at Isabella (UK).
Supporting energy security in Europe, continuing to progress lower carbon projects
• Raised awareness and emergency preparedness level for our operations in Europe.
• Production expected to increase to more than 165 kboepd in 2023, reflecting >$4 billion of investment since 2018.
• Key contracts for the H2opZee (Netherlands) green hydrogen feasibility programme awarded.
• New Errai CCS project (Norway) has potential to store 4-8 million tonnes of CO2 annually in initial phase.
Strong financial results, lower net debt, upgrading full year operating cash flow guidance
• Post-tax operating cash flow YTD of $2,053 million, EBITDAX of $2,894 million and operating profit of $2,293 million.
• Net debt to EBITDAX fallen further to 0.18 times. Credit rating upgrades from Moody’s, S&P and Fitch.
• Full year guidance for post-tax operating cash flow increased to $2.5-3.0 billion, supporting investment plans.
• Tax charge of $846 million in Q3 2022 ($242 million, Q3 2021), FY tax charge expected to be ~$2.2 billion. Read More
Mitsubishi Heavy Industries, Ltd. (MHI) has reached an agreement with the Taiwanese state-owned firm Taiwan Power Company (TPC) to conduct a study on introducing ammonia co-firing at the Linkou Thermal Power Plant in Linkou District, New Taipei, Taiwan. A Memorandum of Understanding (MOU) was signed with officials from TPC and other companies on November 16. The aim is to reduce coal consumption in line with TPC’s project to achieve its energy supply composition targets, in response to the global trend toward reducing CO2 emissions and a shift in Taiwan’s energy policy.
The MOU signing ceremony held in Taiwan was attended by TPC President Yao-Ting Wang, with MHI represented by Senior Executive Fellow Toshiyuki Hashi, Head of Energy Transition & Power Headquarters of Energy Systems. The MOU was concluded between MHI, along with Mitsubishi Corporation and Mitsubishi Corporation Machinery, Inc., a subsidiary of Mitsubishi Corp. that provides an engineering, procurement, and construction (EPC) business, and TPC. The Linkou Power Plant is located approximately 20km west of central Taipei. It comprises three supercritical coal-fired boilers and steam turbines supplied by MHI, with total output capacity of 2,400 megawatts (MW).
The first phase of the project through 2025 will be to conduct a basic study for 5% ammonia co-firing. MHI and Mitsubishi Corporation Machinery will consider and supply ammonia burners and other equipment and systems necessary for ammonia co-firing. Mitsubishi Corporation will conduct a study on building a supply chain to secure a stable supply of clean fuel ammonia. The second phase of the project from 2026 will be to use one of the units at the Linkou Power Plant for verification, with the aim of 5% ammonia co-firing in 2028 to 2030, raising the co-firing ratio to 20% and implementing the system for the plant’s other units. Read More
EDPR has named its first placed award winner with the “Green Marine – solar package powered standard container cargo ships” project from KTH – Royal Institute of Technology;
The EDPR ideas competition, now in its 15th year, promotes the brainstorming of innovative and sustainable ideas, underscoring the company’s commitment to the Just Energy Transition. The end goal behind the awards is a drive for university students from various specialisms – such as marketing, business administration and management and engineering – to come up with innovative initiatives which can then be applied to the field of renewable energies. The winning project from this edition was ‘Green Marine: solar package powered standard container cargo ships from KTH – Royal Institute of Technology’. The other two projects were Automated solar panel cleaning solution, as developed by Polytechnic University of Catalonia – Barcelona School of Industrial Engineering students, and Athena: the energy storage connection service submitted by Aalto University, the Technical Institute and the Polytechnic of Torino students. Read More
EDP funds nine projects that promote access to energy in four African countries
EDP has announced it will support nine more projects that promote access to renewable energy in remote and vulnerable communities in four African countries: Mozambique, Nigeria, Angola and Malawi. The total funding of one million euros – guaranteed by the A2E Fund (Access to Energy) – will have a direct impact in priority areas such as health, agriculture, education and access to drinking water, involving more than one million direct and indirect beneficiaries.
The financing, under the fourth edition of The Access to Energy Fund, reinforces EDP’s social impact strategy in emerging economies and its focus on ensuring a fair energy transition. The projects now selected will benefit close to one million people in four African countries. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $85.21 | Down |
| Crude Oil (Brent) | USD/bbl | $92.74 | Down |
| Bonny Light | USD/bbl | $91.97 | Down |
| Saharan Blend | USD/bbl | $92.93 | Down |
| Natural Gas | USD/MMBtu | $6.37 | Up |
| OPEC basket 16/11/22 | USD/bbl | $91.72 | Up |
For the first nine months of 2022 EDPR’s EBITDA increased to 1.482 billion euros (a 62% interannual gain) due to solid business line results underpinned by a 10% gain in installed capacity and a 14% gain in renewable energy generation.
Elsewhere on the balance sheet operating income increased to 331 million euros (a 129 million interannual gain) which were mainly derived from asset rotation transactions closed in Poland, Spain, and Italy.
Lastly net profit increased to 416 million euros (a 181% interannual gain) which was partially offset by higher net financial costs, which went up in the amount of 296 million euros (up 58% interannually) due to increased debt, the foreign exchange rate, and the cost of debt.
EDPR are as committed as they have ever been to their Business Plan as well as leading the energy transition in those markets, they maintain a presence in. Read More
KBR (NYSE: KBR) announced today that BP Exploration (Shah Deniz) Limited has awarded an optimization stage engineering services contract to SOCAR-KBR (SKLLC) for the Shah Deniz compression project in the Azerbaijan sector of the Caspian Sea. The project is in early pre-FID stage.SOCAR-KBR is a joint venture of Azerbaijan’s state oil company, SOCAR, and KBR.
The Shah Deniz compression platform project will be the first in the Caspian region to feature crewless operations, delivering unprecedented process optimization through cutting-edge, high-end technology.
Under the contract, SOCAR-KBR will support optimization and provide class-3 engineering services. Scope also includes engineering to enable integration of the new platform to the existing system and provide shore power to reduce the carbon footprint in support of BP’s net-zero targets. KBR recently completed the initial assessment for the flagship project using their proprietary KMIT (KBR Maintenance Information Tool) to provide detailed estimates of timing and resourcing of maintenance.
“We look forward to working with BP to achieve their goals of introducing novel, crewless operations to the region, while also lowering their carbon footprint, reducing operating costs, and eliminating personnel risks associated with such projects,” said Jay Ibrahim, president of KBR’s Sustainable Technology Solutions business. “KBR’s technical innovation is paving the way for clients to more easily navigate their energy transition journey toward net zero.” Read More
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 |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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