Energy News to 25/10/22. OPEC daily basket price stood at $92.17/bl, 24 Oct. 2022
The Secretary-General of the International Energy Agency has said that the world is currently in the middle of the first truly global energy crisis.
Volta Trucks, the leading and disruptive full-electric commercial vehicle manufacturer and services provider, and Siemens Smart Infrastructure, the leader in electrification, have signed a letter of intent, outlining a cooperation to deliver comprehensive eMobility charging infrastructure and software to Volta Trucks customers, to simplify, de-risk, and accelerate their transition to commercial fleet electrification.
The partnership looks to bring together Volta Trucks’ unique solution to commercial vehicle fleet electrification and operational expertise through its Truck as a Service offer and Siemens’ global experience in electric vehicle support solutions. This includes software control systems, facility electrification, charging infrastructure, energy management, building equipment and project finance. The partnership will seek to support Volta Trucks’ customers by providing infrastructure for full electrification aligned with their operational needs.
The technical infrastructure of the charging installations for Volta Trucks’ Truck as a Service customers would be overseen by Siemens to deliver a best-in-class solution. This includes the hardware and software required to operate the charging and power distribution infrastructure for fleets of Volta Zeros. Volta Trucks’ customers could also achieve higher uptime with minimum expenditure, through Siemens’ performance management platform. This optimization approach is powered by advanced analytical and simulation models and considers factors such as fleet duty cycles, charging times, battery life, optimal utilization and costs, and asset management. Read More
Deutsche Bank unveiled a series of targets to reduce its financed emissions in several carbon-intensive sectors, including Oil & Gas, Power Generation, Automotive, and Steel. Financing activities typically make up the vast majority of financial institutions’ climate impact, with financed emissions often hundreds of times greater than operational emissions. Deutsche Bank stated that it aims to reduce the amount of financed emissions, which constitute most of the bank’s Scope 3 emissions – those beyond its direct control – significantly by 2030. Read More
U.S. Rig Count is up 2 from last week to 771 with oil rigs up 2 to 612, gas rigs flat at 157 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 6 from last week to 210, with oil rigs down 6 to 144, gas rigs unchanged at 66.
Baker Hughes Rig Count
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 21 October 2022 | 771 | +2 |
| Canada | 21 October 2022 | 210 | -6 |
| International | September 2022 | 879 | +19 |
QatarEnergy announced that it has selected Shell as its second international partner in the North Field South (NFS) expansion project, which comprises 2 LNG mega trains that will have a combined capacity of 16 million tons per annum (MTPA) and which will raise Qatar’s total LNG production capacity to 126 MTPA.
The partnership agreement was signed today by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, President and CEO of QatarEnergy, and Mr. Ben van Beurden, the CEO of Shell, during a ceremony at QatarEnergy’s headquarters in Doha attended by senior executives from both companies.
Pursuant to the agreement, Shell will have an effective net participating interest of 9.375% in the NFS project, out of a 25% interest available for international partners. QatarEnergy will hold the remaining 75% interest.
In his remarks during the ceremony, H. E. Minister Al-Kaabi reaffirmed Qatar Energy’s determination to continue dedicating efforts to power lives with cleaner energy in every corner of the world for greater growth and a better tomorrow for all.
His Excellency Minister Al-Kaabi added: “The new LNG volumes, which Qatar will bring to the market, come at a time when natural gas assumes greater importance in light of recent geopolitical turmoil, and amidst the dire need for cleaner energy to meet global environmental objectives. These volumes are a welcome addition given the increasing global concern not just over energy security, but also over a pragmatic energy transition as well as fair and equitable access to cleaner energy.”
Minister Al-Kaabi welcomed Shell to the NFS expansion project and thanked the working teams at QatarEnergy and Shell for their excellent cooperation that led to this agreement. His Excellency also thanked Mr. van Beurden, who is retiring at the end of the year, for his “distinguished role in advancing our partnership to an unprecedent level and for a relationship that will extend for decades.” The Minister also congratulated Mr. Wael Sawan, who was present at the ceremony, for his appointment as the incoming Shell CEO and wished him all the success. Read More
An independent survey has once again confirmed Japan’s Toshiba Corporation (TOKYO:6502) as the clear leader in Japan, the United States and Europe for patents covering oxide-based negative electrode technology for lithium-ion batteries. Conducted in September this year by Tokyo-based Patent Result Co., Ltd. (Patent Result), the result is a repeat of a 2016 survey by the same company and underlines Toshiba’s No. 1 position and strength-in-depth in this essential area.
Toshiba began R&D in oxide-based negative electrodes before 2000, with a focus on Lithium Titanate Oxide (LTO) negative electrodes. Typical lithium-ion batteries have carbon-based negative electrodes, but Toshiba recognized that LTO, an oxide-based negative electrode, offered excellent characteristics in six crucial areas: safety, long life, rapid charging, high input and output, low-temperature performance, and a wide effective state of charge. Toshiba first applied the technology in the SCiB™, the lithium-ion battery it brought to market in 2008.
Over more than 20 years, Toshiba has raised the competitiveness of its battery business and built a world-class patent portfolio by refining the results of its LTO R&D, selecting developments aligned with its business plans, and strategically filing patent applications. It has also expanded and reinforced the business by using the patents to build alliances with co-creators. Read More
Toshiba Corporation (TOKYO: 6502) and Toshiba Energy Systems & Solutions Corporation will exhibit technology innovations that advance decarbonization at the Japan Pavilion, the exhibition accompanying the 27th UN Climate Change Conference of the Parties (COP27) from November 6 to 18.
The Japan Pavilion is hosted by Japan’s Ministry of the Environment and will spotlight Japan’s initiatives for climate change mitigation, and ‘number one’ and ‘only one’ environmental technologies. It will send a message to the world that Japan aims to achieve carbon neutrality by 2050, and to contribute to global decarbonization and adaptation to climate change.
Toshiba Group has been invited to present its Power to Chemicals technology and a Superconducting Motor at the COP27 event. Read More
Eni has launched a feasibility study into building a third bio-refinery to produce high-quality biofuel in Livorno. The project could maximise synergies with infrastructure already available and secure the site’s productivity and jobs.
Bio-refineries play a key role along the road to decarbonization. Hydrogenated biofuels (HVO) are produced from raw materials that do not compete with food and fodder crops, such as waste and agricultural residues, and are key to reducing transport sector emissions. To this end, Eni has consolidated its presence in some African countries through a network of agri-feedstock projects that will cover a large part of the supply for Italian bio-refineries.
Eni’s state-of-the-art plants bear witness to its commitment to technological innovation. The Venice bio-refinery, the world’s first example of conversion of a traditional refinery to bio, and the Gela refinery, one of the most innovative in Europe, could be followed by the Livorno plant as early as 2025. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $84.14 | Down |
| Crude Oil (Brent) | USD/bbl | $92.69 | Down |
| Bonny Light | USD/bbl | $92.73 | Up |
| Saharan Blend | USD/bbl | $92.82 | Down |
| Natural Gas | USD/MMBtu | $5.20 | Up |
| OPEC basket 21/10/22 | USD/bbl | $92.17 | Up |
Golar LNG Limited – Q3 2022 results presentation
Golar LNG’s 3rd Quarter 2022 results will be released before the NASDAQ opens on Wednesday, November 16, 2022. In connection with this a webcast presentation will be held at 1:00 P.M (London Time) on Wednesday November 16, 2022. Read More
Shell Petroleum Development Company (SPDC) has resumed export operations at the Forcados Oil Export Terminal, where repair works on the pipeline has been going for some days.
The SPDC’s Media Relations Manager, Mrs Abimbola Essien-Nelson, confirmed to news agency on Friday in Lagos. SPDC had said that the Forcados Oil Terminal would resume export operations by the end of October, when the ongoing essential repairs would have been completed. Read More
Lloyds Banking Group announced a new commitment to stop funding new oil and gas projects, becoming the first UK bank to do so.
The new commitment was unveiled in the bank’s updated “External Sector Statements,” which outlines the company’s policies and approaches to various high impact sectors, related to climate change risks, opportunities and risk management. Lloyds is a member of the Net Zero Banking Alliance, a group of banks committed to aligning their lending and investment portfolios with net-zero emissions by 2050.Under the updated statement, Lloyds pledged that it will no longer support the direct financing of new greenfield oil and gas developments, defined as those that did not receive approval before the end of 2021. Read More
C40 Cities is joining forces with Google to launch the 24/7 Carbon-Free Energy for Cities programme. This first-of-a-kind programme will support cities around the world to explore the concept of 24/7 carbon-free energy (CFE), accelerate the decarbonisation of regional electricity grids, and enable their residents to benefit from the clean energy transition. Cities play a major role in the global energy transition: More than half of the world’s population lives in cities, and urban areas are responsible for more than two-thirds of global energy consumption and more than 70% of global carbon emissions. Cities around the world need to rapidly decarbonise their energy use, both to help the world meet global climate goals and to enable them to meet their own climate targets, ensure the health and resilience of their communities, and realise the economic and employment benefits of clean energy. Read More
As the C40 World Mayors Summit draws to a close and global leaders are getting ready for the 27th United Nations Climate Change conference (COP27), C40 have announced unprecedented investment for climate projects for its cities in the Global South.
C40 mayors are committed to halving emissions by 2030 and are doing so by bringing forward a pipeline of projects to implement their climate action plans. C40 has led a series of successful cross-sectoral collaborations to allocate investment into urban climate action projects, particularly in the Global South – a priority for C40 Chair Mayor Sadiq Khan, who has already delivered on his pledge to spend two thirds of C40’s budget to support climate action and green recovery efforts in Global South cities.
Together with partners, C40 announced several new investments and partnerships today. These include:
Across the Global South, C40 is working with the German Agency for International Cooperation (GIZ) and other partners on 34 projects expected to leverage over $1 billion of funding by the time they are implemented. The C40 Cities Finance Facility (CFF) has so far supported 20 projects in 17 cities, including five non-C40 cities. These projects are expected to access more than $650 million of finance, contributing to reducing approximately 2.5 million tons of greenhouse gas emissions. Cities such as Bogota, Curitiba, Durban, Guadalajara, Jakarta, Mexico City, Quezon City and Rio de Janeiro have already benefitted. With generous funding from the UK, German and French governments, CFF is today announcing the next group of 13 cities and 15 projects – all in the Global South – that will benefit from this fund. These cities have been selected across a range of sectors including mobility (Freetown, Lima, Rio de Janeiro), buildings and energy (Bogotá, Cape Town, Dakar, Jakarta, Kuala Lumpur, Mumbai), adaptation and nature-based solutions to global heating (Cape Town, Drakenstein, Kuala Lumpur, Medellín, Salvador) and waste management (Accra). Read More
Thirteen Global South cities have signed up to C40’s Pathway Towards Zero Waste, which aims to slash waste emissions and set cities on a path to a cleaner, healthier, more resilient and inclusive future. The Pathway’s launch was announced today at the C40 World Mayors Summit in Buenos Aires, Argentina. Inaugural signatories are the cities of Accra, Amman, Bengaluru, Buenos Aires, Curitiba, Dar es Salaam, Durban, Ekurhuleni, Freetown, Nairobi, Quito, Rio de Janeiro and Tshwane.
The UN Intergovernmental Panel on Climate Change has stressed that reducing methane emissions is the fastest way to tackle global warming. Every 1kg of food waste disposed of in dumpsites and landfills not only pollutes the soil and underground water, but has the same climate impact as burning 1 litre of petrol.
In most Global South cities, including those across Africa, Latin America, South East and Southwest Asia, waste is a large contributor to municipal emissions, and in some regions can represent up to 35% of municipal overall emissions, primarily from methane generated at dumpsites and landfills. This is hugely detrimental to the environment, as methane’s contribution to global warming is 87 times higher than CO2 in the near term. C40 cities in the Global South generate more than 2 million tonnes of methane per year.
The thirteen cities that have signed the Pathway have taken a crucial step to reduce emissions in their cities, in line with C40’s Towards Zero Waste Accelerator. By signing up to the Pathway, cities commit to working toward a set of ambitious targets by 2030, including providing timely city-wide waste collection services, treating at least 30% of organic waste and reducing waste disposal emissions by at least 30%. To reach these targets, cities may pursue a variety of interventions, including the development of sanitary landfills (with landfill gas capture), improving informal sector working conditions, introducing a comprehensive recycling system and waste segregation framework, phasing out organic waste disposal, restricting single-use items and phasing out non-recyclable materials. Read More
Kent signs an IJV with Serikandi Oilfield Services in Brunei Darussalam Kent is proud to announce the formation of an incorporated joint venture in Brunei Darussalam with renowned local and 100% Bruneian company Serikandi Oil Field Services. The IJV has been developed specifically to pursue and execute EPCm, brownfield, and commissioning activities in Brunei Darussalam. Utilising Kent’s global expertise and Serikandi’s local knowledge, assets, and infrastructure, the venture aims to form an unparalleled Brunei-based project services company – “Global Expertise, Delivered Locally”. Kent will bring its expertise in project execution, procurement, and completion and commissioning while developing the in-country strength of Serikandi in engineering and fabrication to the next level of project execution. With its partner Serikandi, Kent is committed to supporting the local Business Development plans and the Brunei Ministry of Energy. The agreement was signed by Joseph McCormick, Executive Vice President of Asia-Pacific Operations at Kent, and Shaikh Khalid Shaikh Haji Ahmad, Chairman and Managing Director at Serikandi. Read More
------------------------------------------------------------------------------------------------ OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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