Energy News to 18/10/22. OPEC daily basket price stood at $92.16/bl, 17 Oct. 2022
OPEC+ members, including Saudi Arabia, the United Arab Emirates, Iraq and Kuwait expressed support for the production cut over the weekend, expressing a joint need to stabilize oil prices amid headwinds from slowing economic growth
In 2021, the Austrian National Parliament introduced the Renewable Energy Sources Expansion Act (EAG). It set the goal for the country to use 100 per cent renewable electricity by 2030. Around €260 million of investment will see one million roofs producing solar electricity and an increase in wind and hydro power. There will be special grants to support clean technologies with €1 billion to be invested annually in the expansion of renewables by 2030. Read More
In response to the Ukraine war, the Danish government is still planning to phase out natural gas entirely and quadruple the production of solar and wind power. Though the output of natural gas may increase in the short term to help Europe wean itself off of Russian fossil fuels, the country says plans to terminate production in the long term haven’t changed.
By upping the energy produced by clean sources, Denmark is also hoping to become a renewable power exporter. By 2030, the country is aiming for 100 per cent renewable power production. Read More
In April, Portugal announced that it was accelerating its energy transition, aiming to increase the proportion of power produced by renewables in the country to 80 per cent by 2026 – four years earlier than previously planned. It already gets 60 per cent of its electricity from clean sources – one of the highest in Europe.The nation’s largest utility company, EDP, is aiming to provide 100 per cent renewable power by the end of the decade. All of this puts Portugal on track to becoming fossil fuel free by 2030, according to Ember. Read More
Oslo is on course to become the first capital city in the world with an all-electric public transport system.
Norway’s capital hopes to reach this goal by the end of 2023 as part of its aim to become the world’s first wholly emissions-free city by 2030.
The transport push entails replacing the city’s diesel-fuelled buses with 450 electric ones. It is hoped the 500 million crown (€48 million) programme will save the city money over the long term. Read More
The U.S. Department of Energy (DOE) today announced $14 million in funding to researchers to study how solar energy infrastructure interacts with wildlife and ecosystems. These projects are part of DOE’s nearly $100 million renewable power research portfolio that invests in innovative, cost-effective solutions to minimize wildlife impacts — and maximize the environmental benefits — of renewable energy technologies. As renewable energy deployment grows to combat the climate crisis and achieve President Biden’s goal of net-zero carbon emissions by 2050, DOE is supporting research to ensure renewable energy deployment also benefits native wildlife and ecosystems. Read More
Just Stop Oil block the A4 at Barons Court to demand an end to new oil and gas
30 supporters of Just Stop Oil have blocked the A4 at Barons Court tube station in central London. They are demanding that the government halts all new oil and gas licences and consents.
Starting at 7.30am today, Just Stop Oil supporters walked into the A4 near Baron’s Court tube station by sitting in the road with banners, some glued onto the tarmac and others used lock ons. Read More
Abu Dhabi National Oil Company (ADNOC) announced today, the award of a contract worth $980 million (AED3.6 billion) to ADNOC Drilling to hire two jack-up offshore rigs and associated manpower and equipment. The contract, awarded by ADNOC Offshore, will support the expansion of ADNOC’s production capacity as it responds to the growing global demand for lower carbon intensity oil and gas.
ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size and this award will leverage the company’s world-class expertise and state-of-the-art rig fleet to further unlock the UAE’s offshore energy resources. Over 80% of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) program, supporting local economic growth and diversification. Read More
Abu Dhabi Department of Energy (DoE) has signed a Memorandum of Understanding (MoU) with the Cyber Security Council, aimed at enhancing security of the UAE’s energy sector
The MoU aims to align the efforts of the DoE and the Cyber Security Council as they develop and disseminate innovative technologies that enhance the digital and cyber security capabilities of the energy sector in Abu Dhabi. Both parties will exchange expertise and data in fields related to information and communication technologies, cyber security risks, electronic espionage, hacking, cyber terrorism, and disinformation campaigns, among others, which are increasing in pace with the accelerated adoption of modern technologies. Read More
Aramco, one of the world’s leading integrated energy and chemicals companies, announced a global partnership with the International Cricket Council (ICC), the sport’s governing body.
The partnership will include Aramco sponsorship of all major men’s and women’s ICC events scheduled until the end of 2023, including the ICC Men’s T20 World Cup 2022 in Australia, the ICC Women’s T20 World Cup in South Africa, the ICC World Test Championship Final in the UK, and the ICC Men’s Cricket World Cup 2023 in India.
It will connect Aramco with a global cricket audience of more than one billion cricket fans, as the Company expands its mission to deliver affordable, reliable and more sustainable energy to customers around the world. Read More–>
MSA Safety (NYSE: MSA), the global leader in the development and manufacture of safety products that help protect people and facility infrastructures, today announced that Lee McChesney has been named Senior Vice President and Chief Financial Officer. Mr. McChesney previously served as Vice President, Corporate Finance and Chief Financial Officer for Stanley Black & Decker’s $12.8 billion operating unit, Global Tools and Storage.
“We are delighted to have Lee join our executive leadership team,” said Nish Vartanian, MSA Safety Chairman, President and Chief Executive Officer. “Lee is a proven CFO with a track record of delivering exceptional results and creating value,” Mr. Vartanian said. “Coming from a Fortune 500 industrial manufacturing company that serves a number of markets common to MSA, I’m confident Lee will help strengthen our organization with his 20-plus years of financial leadership experience in guiding a large, growth-focused enterprise,” Mr. Vartanian said. Read More
OPEC Secretariat will host the Fourth OPEC-OPEC Fund Annual Legal Workshop on regulatory issues related to the energy transition, along with energy access and security, on Monday, 24 October 2022.
The event will be held in a hybrid format. Attendees can either participate in person at the OPEC Secretariat or via videoconference.
In its fourth instalment, the Workshop will provide an interactive platform to explore a number of key topics, including principal regulatory issues on energy access, as well as energy security as a global objective.
Among the participants are representatives of national and international oil companies, international law firms and international organizations, as well as government officials and other notable speakers, who will share their experiences and knowledge during the sessions. Delegates from OPEC Member Countries, non-OPEC oil-producing countries participating in the Declaration of Cooperation and other oil-producing nations will be present.
The Workshop is the result of ongoing robust cooperation between OPEC and the OPEC Fund for International Development. It aims to facilitate the exchange of information and experiences, along with discussions on critical topics.
Under the guidance of the Secretary General, OPEC’s Legal Office provides information, analysis and capacity-building opportunities to Member Countries and the international community regarding laws and regulations relevant for a just energy and economic transition that takes into consideration global environmental issues, energy access and sustainable development goals. Read More
GCC countries with access to low-cost domestic gas and renewable energy production are well placed to compete in the future blue and green hydrogen markets.
While both types of hydrogen, blue and green, will play a role in reducing the global carbon footprint, only green hydrogen has the potential to reduce GCC countries’ reliance on hydrocarbons, according to ratings agency Moody’s Investors Service.
Green and blue hydrogen production could mitigate the negative economic and fiscal impact of lower global oil demand and prices on GCC sovereigns when global carbon transition accelerates. “However, only green hydrogen will also somewhat reduce GCC countries’ heavy reliance on hydrocarbons and as such their underlying credit exposure to longer-term carbon transition risks.”
However, the shift will happen only gradually and over several years, it added in a new report. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $86.07 | Down |
| Crude Oil (Brent) | USD/bbl | $92.14 | Down |
| Bonny Light | USD/bbl | $92.56 | Down |
| Saharan Blend | USD/bbl | $92.73 | Down |
| Natural Gas | USD/MMBtu | $5.92 | Down |
| OPEC basket 17/10/22 | USD/bbl | $92.16 | Down |
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.
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.
| 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 |
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.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter |
Oil and gas press covers, Energy, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas, News and Analysis
