Energy News to 25 October, 2023| WTI Crude stands at $83.64/bbl, Brent at $88.27/bbl
London, 25 October, 2023, (Oilandgaspress): – Crude oil prices dropped further down today after the Energy Information Administration reported an inventory increase of 1.4 million barrels for the week to October 20.
TotalEnergies and its partners, Corio Generation (Corio) and Rise Light & Power (Rise) announce that New York State selected their Attentive Energy One project for a 25-year contract to supply 1.4 GW of renewable electricity. Attentive Energy One, a joint venture between TotalEnergies (40%), Rise (35%) and Corio (25%), received the provisional award in the State’s 2023 competitive OREC (Offshore Renewable Energy Credits) solicitation, organized by New York State Energy and Research Development Authority (NYSERDA). The Consortium aims to commission this project in 2029. NYSERDA has put a particular emphasis on the local content of the proposal: the Attentive Energy One project will enable the construction of a new General Electric facility to manufacture offshore wind blades and nacelles and unlock $300 million in investments in various community-focused projects across New York State. It will in addition turn the Ravenswood gas-fueled power plant owned by Rise, into a clean energy hub at the heart of New York City. The profitability of this project is ensured by the guaranteed level of OREC revenue, the benefit of a 40% IRA tax credit, the secured access to New York electricity grid brought by Rise and the local supply of turbines by General Electric at a competitive set price. Moreover, the contract awarded by NYSERDA will include an inflation adjustment mechanism to compensate for changes in construction costs until the final investment decision.
“We are honored that the State of New York chose Attentive Energy One to deliver on the promise of bringing green electricity to hundreds of thousands of homes and businesses. Together with our partners Corio and Rise, we will mobilize all our expertise to develop a major offshore wind project that will contribute to New York State’s greenhouse gas emissions reduction targets,” said Vincent Stoquart, Senior Vice President Renewables at TotalEnergies. “Thanks to this project’s secured offtake price and competitive advantages such as the 40% IRA tax credit and its very competitive interconnection, Attentive Energy One project will contribute positively to our Integrated Power profitability target of 12% and to our ambition of more than 100 TWh of power generation by 2030.” Read full article
Eni, AVSI Foundation, and PETROCI celebrate today the completion of the rehabilitation works performed in 20 primary public schools located in the Municipality of Port-Bouët and in the Sud-Comoé Region, in Côte d’Ivoire. The ceremony, taking place at the Groupe Scolaire Vridi Canal in Abidjan, was held at the presence of the Minister of National Education and Literacy, Kone Mariatou, the General Manager of Direction Générale des Hydrocarbures, M. Esse, and the Managing Director of Eni Côte d’Ivoire Nicola Mavilla.
The interventions comprised the integral renovation of 8 schools in the Municipality of Port-Bouët including the construction of sport fields, and functional rehabilitations in 12 other schools in the Municipality of Port-Bouët and in the Sud-Comoé Region with new toilets blocks and water points and connection to the electricity grid. Access to water and electricity is now a reality in facilities that previously lacked these essential needs. In addition, all the schools have been equipped with new desks, mobile bookcases, books and computer kits, as well as stationery and hygiene kits based on the schools’ needs.
“Together with AVSI and our partner PETROCI, we are committed to contribute to meeting the country’s growing educational needs, providing full support to the school system through concrete actions such as the access to electricity, water and sanitation, as well as the provision of school equipment and training activities”, said Nicola Mavilla, Managing Director of Eni Côte d’Ivoire. “By agreeing to invest in this ambitious project to support education, thanks to Eni, AVSI is convinced that education remains an effective lever of structural transformation for children, their families, and their community. That is why AVSI has integrated into the project, community mobilization activities around education with all stakeholders in the educational ecosystem. This enables to strengthen children with other soft skills, useful for their future integration into society”, argued Dr. Bamba Lassine, Country Representative AVSI Côte d’Ivoire. Read full article
TotalEnergies has started commercial operations of Myrtle Solar, its utility-scale operated solar farm in the United States. Located south of Houston, Texas, Myrtle has a capacity of 380 megawatts peak (MWp) of solar production and 225 MWh of co-located batteries. With 705,000 ground-mounted photovoltaic panels installed over an area equivalent to 1,800 American football fields, Myrtle produces enough green electricity to cover the equivalent consumption of 70,000 homes.
70% of Myrtle’s capacity will supply green electricity to the Company’s industrial plants in the U.S. Gulf Coast region. It is part of the Company’s “Go Green” Project, which will enable the Company to cover, by 2025, the power needs and curtail the Scope 1+2 emissions of its industrial sites in Port Arthur and La Porte in Texas, and Carville in Louisiana.
The remaining 30% of Myrtle’s capacity will supply green electricity to Kilroy Realty, a publicly traded real estate company, under a 15-year corporate power purchase agreement (CPPA) indexed on merchant prices. In addition to the photovoltaic installations, the solar power plant also features battery energy storage equipment to meet the need for grid stabilization. With a total capacity of 225 MWh, this storage is made of 114 high-tech Energy Storage Systems (ESS) containers designed and assembled by TotalEnergies’ affiliate Saft, which develops cutting-edge industrial batteries. The Myrtle project, which benefits from the IRA (Inflation Reduction Act) Tax Credit mechanisms, will positively contribute to TotalEnergies’ Integrated Power’s profitability target of 12%. Read full article
Hess Corporation (NYSE: HES) today reported net income of $504 million, or $1.64 per share, in the third quarter of 2023, compared with net income of $515 million, or $1.67 per share, in the third quarter of 2022. On an adjusted basis, the Corporation reported net income of $583 million, or $1.89 per share, in the third quarter of 2022. The decrease in adjusted after-tax results compared with the prior-year quarter reflects lower realized selling prices, partially offset by the net impact of higher production volumes, in the third quarter of 2023. E&P net income was $529 million in the third quarter of 2023, compared with $572 million in the third quarter of 2022. On an adjusted basis, E&P third quarter 2022 net income was $626 million. The Corporation’s average realized crude oil selling price, including the effect of hedging, was $81.53 per barrel in the third quarter of 2023, compared with $85.32 per barrel in the prior-year quarter. The average realized natural gas liquids (NGL) selling price in the third quarter of 2023 was $20.17 per barrel, compared with $35.44 per barrel in the prior-year quarter, while the average realized natural gas selling price was $4.57 per mcf, compared with $5.85 per mcf in the third quarter of 2022. Read full article
Fuel technology expert SulNOx Group Plc has achieved excellent results in tests on shipping which saw fuel consumption cut by 5%.
The results follow a five-month long trial in partnership with a Hamburg-based shipping company and were independently verified by a university in Northern Germany.
SulNOxEco™ fuel conditioner was applied under real conditions during commercial voyages in the North Atlantic Ocean and Mediterranean Sea, resulting in a consistent 5-6% reduction in the consumption of marine diesel.
In 2022, emissions from the international shipping sector grew by 5%, continuing the rebound from the sharp decline caused by the COVID19 pandemic in 2020. Levels are now back to where they were in 2017/18. Last year international shipping accounted for 2% of global energy-related CO2 emissions. Ben Richardson, CEO at SulNOx Group, said the latest evaluation of its technology showed the potential to help shipowners and operators meet global and regional emissions regulations.
“Meeting the maritime industry’s emissions reductions target is an ecological and moral imperative and also makes perfect business sense,” said Ben.
“Shipowners face tough decisions on future fuel choices, but we must take action on decarbonisation today. Our fuel conditioners are an immediate, easy win to make the most of current fuels, save money and cut harmful emissions.
“By adopting the SulNOx green technologies to improve fuel efficiency and reduce emissions, the industry can minimise its environmental impact as it strives towards a zero-carbon future.” The International Maritime Organization (IMO) has committed to reducing the carbon intensity of shipping by at least 40% by 2030 compared with 2008 levels. This includes a total annual greenhouse gas reduction within the industry of between 20% and 30% by 2030 and 70–80% by 2040. But despite this, CO2 emissions from global shipping increased by 5% in 2022. Last year, the UN’s Intergovernmental Panel on Climate Change (IPCC) warned it was “now or never” to take action against climate breakdown, and singled out the shipping industry and the IMO for particular criticism. Read full article
KBR announced that it raised nearly $1.5 million at its 17th annual charity golf tournament, breaking the previous record of $1.03 million set in 2022. Hundreds turned out to participate in the event, held on Monday, October 23 at Kingwood Country Club in Kingwood, Texas, and organized by KBR’s early career professionals’ employee resource group, IMPACT.
“KBR is committed to being a positive force for change in our communities, and the KBR Charity Golf Tournament, which has become a special event in the life of the company, reflects that commitment,” said Stuart Bradie, KBR president and CEO. “It’s an honor to support these fine organizations that do so much in key areas like health care, public safety, education, environmental sustainability and more. I want to extend my thanks to them for all they do, and I would also like to thank all the tournament volunteers and staff from across the KBR team of teams who came together to make this year’s record-breaking tournament a success.” Read full article
TotalEnergies and its partners, Corio Generation (Corio) and Rise Light & Power (Rise) announce that New York State selected their Attentive Energy One project for a 25-year contract to supply 1.4 GW of renewable electricity.
Attentive Energy One, a joint venture between TotalEnergies (40%), Rise (35%) and Corio (25%), received the provisional award in the State’s 2023 competitive OREC (Offshore Renewable Energy Credits) solicitation, organized by New York State Energy and Research Development Authority (NYSERDA). The Consortium aims to commission this project in 2029.
NYSERDA has put a particular emphasis on the local content of the proposal: the Attentive Energy One project will enable the construction of a new General Electric facility to manufacture offshore wind blades and nacelles and unlock $300 million in investments in various community-focused projects across New York State. It will in addition turn the Ravenswood gas-fueled power plant owned by Rise, into a clean energy hub at the heart of New York City.
The profitability of this project is ensured by the guaranteed level of OREC revenue, the benefit of a 40% IRA tax credit, the secured access to New York electricity grid brought by Rise and the local supply of turbines by General Electric at a competitive set price. Moreover, the contract awarded by NYSERDA will include an inflation adjustment mechanism to compensate for changes in construction costs until the final investment decision. Read full article
Nel ASA reported quarterly revenues of NOK 405 million in the third quarter of 2023, up 121% from NOK 183 million in the same quarter of 2022. EBITDA came in at NOK -109 million, showing a steady improvement from previous quarters. EBITDA margin from the electrolyser division was -10% this quarter, up from -12% in Q2’23 and -64% in the same quarter last year. Order intake was NOK 352 million, and at the end of the third quarter the order backlog was NOK 2 854 million, up 36% from Q3 2022 and in-line with the previous two quarters. The cash balance was NOK 3 799 million at quarter end.
Quarterly highlights
• Nel ASA (Nel) reported revenue and income in the third quarter 2023 of NOK 405 million, up 121% from the third quarter 2022 (Q3 2022: 183). All segments, Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth compared to the same quarter last year.
• EBITDA in the quarter was NOK -109 million (Q3 2022: -214). The EBITDA is improving with increasing revenues on large-scale electrolyser contracts and improving cost control in Nel Fueling.
• Net loss of NOK -226 million (Q3 2022: -260), mainly related to loss from operations and a net negative unrealised fair value adjustment from shareholdings of NOK -90 million. The same quarter last year had a net negative unrealised fair value adjustment from shareholdings of NOK -99 million.
• Order intake in the quarter amounted to NOK 352 million (96% from electrolyser), down 55% from the same quarter last year (Q3 2022: 775).
• At quarter end, Nel had an order backlog of NOK 2 854 million (86% related to electrolyser), up 36% from the third quarter of 2022, and in line with the previous quarter.
• Cash balance of NOK 3 799 million at quarter end (Q3 2022: 3 520). • Reached a milestone of generating more than NOK 1 billion (NOK 1 239 million YTD 2023) in revenue and income (Full year 2022 revenue and income of NOK 994 million). Read full article
Subsea7 today announced the award to Seaway7, part of the Subsea7 Group, of a substantial1 contract by Equinor and partner Polenergia for the inter-array cables of the MFW Bałtyk II and MFW Bałtyk III bottom-fixed offshore wind projects, in the Polish part of the Baltic Sea.
Seaway7’s scope of work covers the engineering, procurement, construction and installation (EPCI) of 100 66kV inter-array cables, measuring approximately 200 kilometres in length. The two projects will be delivered in continuous campaigns with offshore works expected to commence in 2026. MFW Bałtyk II and MFW Bałtyk III, a 50:50 joint venture between Equinor and Polenergia, are two of the largest and most advanced offshore wind farms being developed in Poland, with a total installed capacity of 1.44 GW.
The wind farms, developed in the Polish exclusive economic zone of the Baltic Sea, will be located between 22 and 37 kilometres from the coast with water depths ranging from around 25 to 40 meters.
Stuart Fitzgerald, CEO Seaway7, said: “We are very pleased to have been selected to supply the full inter-array cables scope for these significant wind farms in the Baltic region. This is Seaway7’s first contract in Poland, a new and emerging market for offshore wind. We look forward to continuing our long-standing relationship with Equinor and supporting them on their energy transition journey with this project, our sixth offshore wind project together”.
(1) Subsea7 defines a substantial contract as being between USD 150 million and USD 300 million. Read full article
Clean fuel pioneers join forces in bid to make 150-strong hydrogen bus fleet a reality
Luxfer Gas Cylinders collaborate with Ricardo on zero-emissions double decker, trialled in Brighton following Teesside tests
An ambition to deploy 150 zero-emissions hydrogen powered buses on UK routes by 2024 could be a step closer, thanks to a partnership between Luxfer Gas Cylinders and global engineering consultants Ricardo.
Joining forces for the first time, world-leading gas cylinder manufacturer Luxfer supplied its alternative fuel expertise to Ricardo, supplying a fit-for-purpose hydrogen storage solution for a Stagecoach North East prototype double decker bus.
The vehicle, which was converted from a diesel engine to run on hydrogen fuel cell technology, underwent trials in Teesside for six weeks, before being put through its paces on hilly routes around Brighton and Hove.
The project, part funded by the Department for Transport, through its Hydrogen Transport Hub Demonstration competition, aims to demonstrate the benefits of hydrogen as a sustainable passenger transport option by extending the life of existing diesel buses.
Jim Gregory, European Business Development Manager at Luxfer Gas Cylinders, explains: “Supporting the UK transport sector’s shift from diesel and petrol to more sustainable fuels means we need to offer options that are not only clean and green, but commercially viable too. Many operators who have invested in diesel vehicles are now left with stock that has a much shortened lifespan. Retrofitting buses to run on hydrogen makes sense, and at Luxfer we have the capability to work with partners to bring bespoke projects to fruition.
“Companies, like Ricardo, are making strides in adopting hydrogen technology, and we’re proud of our role in providing the right environment for others to do the same.”
Ricardo is showcasing the hydrogen fuel cell re-powered vehicle to operators, seeking to offer it at around half the price of a new bus. The aim is to secure 50% match funding investment plus customer commitment for an initial production of 150 buses that could enter service from late 2024.
Andrew Ennever, Head of Electrification, at Ricardo, said: “This project has real potential to support bus operators in their environmental strategies. With an excellent track record in the sector, we chose to partner with Luxfer because their hydrogen cylinders best aligned with the design we had in mind, and the team had experience of supplying this product to other bus manufacturers for conversion projects.
“Timescales were also important. We needed a tight turnaround and Luxfer were able to get what we needed quickly, providing support to design and manufacture the cylinder frames for a complete H2 delivery system.”
The vehicle features Luxfer’s proprietary G-Stor™ H2 cylinders, as part of a five-cylinder system within a bespoke modular frame, holding 24.5kg of hydrogen.
The prototype has a fuel consumption of 17km/kg (5.88kg/100km) of hydrogen and produces zero emissions when using green hydrogen. This consumption is comparable with current production FC buses, with further improvements possible in the production phase. Ricardo estimates 45,000kg of carbon dioxide emissions can be avoided by extending the life of existing buses rather than building from new.
Jim concluded: “This is an exciting project and we hope it is successful in convincing operators of the value in conversions, because retrofitting fleets will support the hydrogen infrastructure to scale up incrementally, which is critical.
“While the hydrogen economy is now gathering pace, this is not a new area for Luxfer – we’ve been pioneering gas storage solutions for 80 years and we can bring this legacy to bear on hydrogen systems for a whole range of applications.” Read More
Macquarie Asset Management has signed an agreement with Hydro relating to the future acquisition of 49.9 percent of Hydro’s renewable energy company Hydro Rein.Through the agreement, Hydro and Macquarie Asset Management will form a joint venture (JV) where Hydro will own the remaining 50.1 percent of the company. Macquarie Asset Management intends to invest equity of USD 332 million to obtain a 49.9 percent ownership of Hydro Rein. The transaction values Hydro Rein at USD 333 million, per June 30, 2023. With the capital provided by Macquarie Asset Management, Hydro Rein is expected to be fully funded for its current projects under construction and development cost for projects in the pipeline in the coming years, with an ambition to become self-funded.
The transaction is a further demonstration of the successful and complementary partnership that Hydro Rein and Macquarie Asset Management have built over many years. The two companies are currently partners in a large-scale onshore wind farm which is under construction in the northeast of Brazil. Through Power Purchase Agreements (PPAs), the project will supply electricity to Hydro’s bauxite mine, Paragominas, and its alumina refinery, Alunorte. Hydro and Macquarie have also worked together on wind farm projects in Sweden in 2017 and 2018, contributing to the development of the Nordic market for long-term PPAs.
“This transaction marks an important milestone for the execution of Hydro’s strategy to grow in renewable energy. We launched Hydro’s renewables ambitions through Hydro Rein less than three years ago. In a short time, the company has built a solid and impressive portfolio of renewable energy projects. All of these will be key contributors to reducing CO2 emissions for Hydro and other industries,” says President and CEO Hilde Merete Aasheim. Read More
The energy world is set to change significantly by 2030, based on current policy settings alone
IEA released a new edition of our flagship World Energy Outlook. Its biggest takeaway: major shifts now underway are set to result in a considerably different global energy system by the end of this decade.
Our annual WEO, the authoritative source of global energy analysis and projections, finds that the phenomenal rise of clean energy technologies such as solar, wind, electric cars and heat pumps is reshaping how we power everything from factories and vehicles to home appliances and heating systems.
“The transition to clean energy is happening worldwide and it’s unstoppable. It’s not a question of ‘if’, it’s just a matter of ‘how soon’ – and the sooner the better for all of us,” said IEA Executive Director Fatih Birol. “Governments, companies and investors need to get behind clean energy transitions rather than hindering them.”
Some highlights from the WEO-2023:
• Clean energy technologies will surge between now and 2030 based on today’s policy settings alone. By the end of the decade, there are set to be almost 10 times as many electric cars on the road worldwide. Solar will generate more electricity than the entire United States does currently, and renewables’ share of the global electricity mix will near 50%, up from around 30% today.
• In this scenario, the share of fossil fuels in global energy supply, which has been stuck for decades at around 80%, declines to 73% by 2030, and global energy-related CO2 emissions peak by 2025.
• Total energy demand in China, the world’s largest energy consumer, is set to reach a high around the middle of this decade as its economy slows and undergoes structural changes. Continued dynamic growth in clean energy will put the country’s fossil fuel demand and emissions into decline.
However, demand for fossil fuels globally is set to remain far too high to achieve the Paris Agreement goal of limiting the rise in average global temperatures to 1.5 °C. To keep this target within reach, the WEO-2023 proposes a five-pillar global strategy (more on this below).
The WEO-2023 also examines the evolving range of energy security challenges at a moment of rising geopolitical tensions. The fraught situation in the Middle East, 50 years after the oil shock that led to the IEA’s founding, comes as many countries continue to contend with the effects of the global energy crisis that erupted last year. And it creates further uncertainty for an unsettled global economy that is feeling the effects of stubborn inflation and high borrowing costs.
For more details, read the WEO-2023 press release and the report’s executive summary. The full report can be found here. And don’t miss our launch event, led by IEA Executive Director Fatih Birol and the two lead authors of the report, Laura Cozzi and Tim Gould. It will be livestreamed today at 11 am CEST. Read More
Shell will cut around 15% of the workforce at its low-carbon solutions division and scale back its hydrogen business as part of CEO Wael Sawan’s drive to boost profits, it said on Wednesday.
The staff cuts and organizational changes come after Sawan, who took the helm in January, vowed to revamp Shell’s strategy to focus on higher-margin projects, steady oil output and grow natural gas production.Shell will cut 200 jobs in 2024 and has placed another 130 positions under review as part of a drive to reduce the headcount in the unit, which numbers around 1,300 employees, the company confirmed in response to a query from Reuters. Some of these roles will be integrated into other parts of Shell, which employs more than 90,000 people, the company added.(Reuters) Read More
Horisont Energi has signed a Letter of Intent (LOI) with Barents NaturGass AS for a long-term purchase agreement of up to 100,000 tonnes annually of clean ammonia from Horisont Energi’s and Fertiberia’s Barents Blue plant.
Under the LOI the two companies will assess the market opportunities and review technologies required to develop clean ammonia as an energy source for the industry in Northern Norway. The companies will also explore the possibilities of receiving public funding support from Enova, Innovation Norway, or other relevant funding providers.
“Although the main market for clean ammonia will be on the European continent, we also intend to serve local demand for clean ammonia with a filling station at the planned Barents Blue plant. This is the first agreement for local delivery of clean ammonia in Northern Norway, enabling the build-up of a clean energy industry and emission-free last-mile transport in the region,” says CEO Bjørgulf Haukelidsæter Eidesen in Horisont Energi.
Barents NaturGass is the leading reseller and distributor of LNG and Liquefied Biogas in the Barents region, with an interest to expand its product portfolio into clean ammonia and CO2 capture once this becomes available in the region. The Barents Blue plant is currently being planned for an annual production level of 1 million tons, making it Europe’s first large-scale clean ammonia plant. The offtake agreement follows the signing of a joint development agreement between Horisont Energi and Fertiberia earlier this year. In June, Horisont Energi secured sufficient power supply for the first stage of the project. The Barents Blue project has received a conditional grant of NOK 482 million from Enova, as part of the IPCEI Hydrogen program. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $83.23 | Down |
| Crude Oil (Brent) | USD/bbl | $87.81 | Down |
| Bonny Light | USD/bbl | $89.71 | — |
| Saharan Blend | USD/bbl | $89.30 | — |
| Natural Gas | USD/MMBtu | $3.00 | Up |
| OPEC basket 24/10/23 | USD/bbl | $91.29 | Down |
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
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 Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
