Energy News to 17 May 2022. OPEC daily basket price stood at $113.07/bl, 16 May 2022
A small group of countries continue to oppose a ban on Russian oil imports. Hungary is highly dependent on Russian oil, along with Bulgaria, Czech Republic and Slovakia. have reservations. Hungary reportedly gets more than 60% of its oil from Russia and 85% of its natural gas.
Neste invites our stakeholders to share their thoughts and opinions on how Neste as a company should further strengthen its global sustainability efforts.
The results from the survey will form the basis of Neste’s materiality assessment aimed at helping us identify and understand those sustainability issues that are important to our stakeholders, and the most critical to our business. Ultimately, the results will be used to develop our scope and sustainability practices that are integrated into our core businesses. All our stakeholders – customers, partners, suppliers, investors, employees, the media, local neighbours – are encouraged to offer their input by taking part in an online survey until 29 May 2022. Answering the anonymous survey takes altogether about 15 minutes. The survey can be accessed here. Read More
A new study conducted by The National Oceanic and Atmospheric Administration (NOAA) study has found that cleaner air is leading to more hurricanes, according to a study published in the journal Science Advances on Wednesday. The research indicates that a 50 percent decrease in pollution in Europe and the U.S. correlates to a 33 percent increase in Atlantic storm formation over the past couple of decades. Read More
Canoo aims to launch its first-gen Fully electric vehicle
Launching late 2022. Starting at $34,750*
logo-black
Lifestyle Vehicle
Launching late 2022
250 MI RANGE
UP TO 350 HORSEPOWER
188 FT³ INTERIOR VOLUME
Fully electric, highly versatile and offering more utility inside and out for city explorers, businesses, families and adventurers. Read More
Neste introduces co-processed marine fuel in partnership with Nordic Marine Oil – a new solution for the maritime sector enabling up to 80% GHG emission reduction Together with its partner Nordic Marine Oil, Neste is piloting a new Neste Marine™ 0.1 Co-processed marine fuel in Scandinavia – a solution helping the maritime sector to reduce the greenhouse gas (GHG) emissions. The ISCC PLUS certified* marine fuel enables up to 80%** GHG emission reduction over the lifecycle compared to fossil fuels without compromising the product quality and performance.
Accounting for 90% of world trade and 13% of global transport emissions, the shipping industry needs solutions to reduce its carbon footprint in a viable way in line with the targets of the International Maritime Organization (source: EU Climate Action, IMO). “At Neste, we are dedicated to helping our customers and the entire value chain to reduce their GHG emissions. In 2021, our renewable products helped customers to reduce 10.9 million tons of their GHG emissions. Maritime is one of the largest sources of transport emissions. We support shipping companies moving towards carbon neutrality and are introducing the Neste Marine 0.1 Co-processed marine fuel with an immediate emission reduction impact,” says Sveta Ukkonen, Head of Marine Fuels & Services at Neste. Nordic Marine Oil specializes in the supply of bunker fuels and lubricating oil to the shipping industry. Its storage tanks and bunker barges are located in key ports across Denmark, where also the new marine fuel will be available as of May 2022. Read More
Golar LNG Limited announced that it has issued its 2021 Environmental, Social and Governance (“ESG”) report. This comprehensive report describes Golar’s important role in advancing the global energy transition to a lower carbon future – championing LNG as a transition fuel in partnership with renewables, and as a reliable alternative for those in need of energy security today. As part of our target to further reduce emissions from our operations Golar has invested in a carbon capture technology company that has developed and achieved proof of concept for a CO2 capture and separation membrane technology. Subject to successful completion of a commercial pilot project with another industrial user, the technology could be used in future FLNG projects. Read More
Mitsubishi Power, and SEPCOIII consortium signed a full turnkey contract today with Aluminium Bahrain B.S.C. (Alba), the world’s largest aluminium smelter ex-China, to expand Power Station 5 at Alba, adding a new 680.9 megawatts (MW) Combined Cycle Gas Turbine Power Block. Under the terms of the contract, Mitsubishi Power & SEPCOIII consortium will be responsible to design, engineer, procure, construct and commission a 680.9 megawatts (MW) Combined Cycle Gas Turbine Power Block. Mitsubishi Power will supply a combined cycle power unit, which comprises of M701JAC gas turbine, an air-cooled version of J-series gas turbines and a steam turbine. Introduced nearly a decade ago, the J-series gas turbines, which are Mitsubishi Power’s largest and most advanced, deliver an unmatched combination of 99.6 percent reliability and greater than 64 percent efficiency. The fleet has logged more than 1.7 million operating hours globally. The gas turbine’s industry-leading operational flexibility will enable Alba to continue securing highly efficient and reliable power. To meet future decarbonization needs globally, JAC gas turbines are capable of using up to 30% hydrogen fuel by volume, to reach 100% hydrogen fuel in the future with minimal existing infrastructure modification. Read More
Mitsubishi Shipbuilding, a part of Mitsubishi Heavy Industries (MHI) Group, and Nippon Yusen Kabushiki Kaisha (NYK Line) have been granted Approval in Principle (AiP)(Note) from the Japanese classification society ClassNK for joint development of CO2 transport technology for liquefied CO2 (LCO2) carriers.
LCO2 carriers transport liquefied CO2 at low temperature and high pressure, which is contained in the cargo tank system. Since the design of cargo containment system depend strongly on the condition of liquefied CO2 such as their temperature and pressure, it is an important technical development issue to increase the size of cargo tank systems and hulls for future mass transportation. In the joint development of LCO2 carriers by Mitsubishi Shipbuilding and NYK Line, which is so performed as to resolve such technical issues, the feasibility and compliance with regulations and standards were confirmed for each cargo tank system and hull section, taking into account different tank pressure settings for medium and large vessels, leading to the grant of the AiP. More
Mitsubishi Heavy Industries (MHI, TSE Code: 7011) announced that order intake rose 21.9% year-over-year to ¥4,067.7 billion in the period ended March 31, 2022. Revenue rose 4.3% to ¥3,860.2 billion year-over-year, resulting in business profit(Note1) of ¥160.2 billion, a 196.3% increase from the previous fiscal year, which represents a profit margin of 4.2%. Net profit was ¥113.5 billion, an increase of 179.4% year-over-year, with a profit margin of 2.9%. ROE was 7.7%, an increase of 4.6 percentage points year-over-year. EBITDA was ¥292.4 billion, a 51.3% increase from FY2020, with an EBITDA margin of 7.6%, up 2.4 percentage points year-over-year. Free cash flow was ¥301.8 billion, a company record high and an increase of ¥579 billion year-over-year. Planning a ¥100 per share dividend, a YoY increase of ¥25 per share Read More
MAN and ABB E-mobility rev up for the next phase of electromobility in long-haul trucking. On the site of the former Berlin Tempelhof Airport, in the presence of German Federal Minister for Digital and Transport Dr. Volker Wissing, MAN Truck & Bus had a near-series prototype of its upcoming electric truck driven today in public for the first time. A special technical feature of the trailblazing electric commercial vehicle, which will be launched on the market in 2024, is its capacity for future megawatt charging. ABB E-mobility, a leading global provider of charging solutions for electric vehicles, aims to bring megawatt charging technology to market maturity in the next three years. MAN and ABB E-mobility are thus revving up for the next phase of electromobility: operational capability for heavy-duty long-haul trucking with daily ranges between 600 and 800 kilometers. Moreover, with their unequivocal commitment to electromobility, the two companies are signaling that the industry is ready to proceed, and that legislators must establish the policy framework for zero-emission road haulage. Read More
ABB’s Motion business area is hosting its Capital Markets Day in Helsinki, Finland. The world’s leader in electric motors and drives will outline its ambition to outgrow the motion market and to improve its industry leading performance further. According to research, some 45 percent1 of the world’s electricity is converted into motion by electric motors. A large percentage of the installed base is old and inefficient. At the same time, only around 23 percent of the world’s 300 million industrial electric motors are controlled by variable speed drives which save energy and improve performance. Accelerating the adoption of the most energy efficient motors and drives – in industry, cities, and transportation – will drive significant energy savings around the world and help us get closer to the 1.5 degree2 target. “ABB Motion is a key enabler of a low-carbon future. We help our customers and partners to improve energy efficiency and to shift energy consumption from fossil fuel to clean electricity. Because of the ongoing energy transition, our business is more relevant than ever,” said the business area’s President Tarak Mehta. The business expects its market to grow above GDP as new regulations, standards, customer needs and the expectations from societies push industries towards energy efficiency and decarbonization of processes. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $113.80 | Up |
| Crude Oil (Brent) | USD/bbl | $114.10 | Up |
| Bonny Light | USD/bbl | $115.20 | Up |
| Saharan Blend | USD/bbl | $115.35 | Up |
| Natural Gas | USD/MMBtu | $8.04 | Up |
| OPEC basket 16/05/22 | USD/bbl | $113.07 | Up |
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 13 May 2022 | 714 | +9 |
| Canada | 13 May 2022 | 88 | -3 |
| International | April 2022 | 806 | -9 |
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
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