Energy News to 28 Apr. 2022. OPEC daily basket price stood at $105.33/bl, 27 April 2022
The US has instituted a ban on all Russian oil imports, and the UK has committed to ending its dependence on Russia by the end of the year. Rosneft failed to find enough buyers to fill a fleet of oil tankers last week, according to media reports.
The Board of Directors of TotalEnergies SE, meeting on April 27, 2022 under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer, declared the distribution of the first 2022 interim dividend at €0.69/share, an increase of 5% from the interim dividends paid and the final dividend proposed for the 2021 financial year. This increase is in line with the shareholder return policy for the financial year 2022 as announced by the Board in February 2022 and confirmed to shareholders at the March 24, 2022 investor meeting. Read More
Equinor and Applied Petroleum Technology (APT) have joined forces in a R&D project that aims to replace costly downhole sampling and logging with more cost-efficient solutions. “How can we extract more relevant information that helps operators find and produce more oil and gas despite having access to fewer data sources? This is the challenge we aim to solve together with Equinor,” says Helge Nyrønning, CEO of APT. The oil and gas industry’s drive to reduce both its cost level and climate gas emissions has resulted in continued pressure to reduce the cost and scope of data acquisition programmes.
This pressure creates a need for methodologies that more effectively provide insight into the character of petroleum fluids in the absence of downhole samples.
APT and Equinor will cooperate to extract more information from reduced data acquisition programmes. The joint R&D project will develop pragmatic solutions, using geochemical analysis, to extract the required information from reduced data sets, including enabling operators to replace acquisition programmes such as downhole fluid sampling, production logging or wireline logging with more robust and cost-efficient solutions. Read More
TC Energy transports renewable natural gas made from organic waste. Announced a strategic collaboration with GreenGasUSA to further develop a network of RNG transportation hubs across our USNG footprint to increase renewable gas sources to as many producers and consumers as possible. Gas will be delivered to these hubs, not only by the commonly used lateral or direct connection, but also by way of compressed natural gas (CNG) trucks. This allows for multiple users to connect to our pipeline network, similar to the way a gas station offers several fuel sources at one stop. These centralized hubs allow for wider and more equitable participation of RNG in energy markets and helps remove many of the traditional obstacles that make it difficult for new companies to enter this type of market. Read More
TC Energy Corporation, together with the insight and involvement of our partner Nikola Corporation (Nasdaq: NKLA), is evaluating its plan for a hydrogen production hub on 140 acres in Crossfield, Alberta, where the Company operates a natural gas storage facility. The plan will be highlighted during the first-ever Canadian Hydrogen Convention in Edmonton, Alberta. TC Energy expects a final investment decision by the end of 2023; the project will be subject to customary regulatory approvals. Read More
Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation solutions, marked the beginning of its commercial serial truck production of the Nikola Tre BEV (battery-electric vehicle), with a special ceremony today in Coolidge, Arizona. The event featured remarks from Nikola executives and Arizona Governor Doug Ducey and was attended by fleet customers, government officials, and Phoenix business leaders. Phase 1 of the Coolidge, Arizona manufacturing facility provides Nikola with a production capacity of 2,500 trucks. Construction of the Phase 2 assembly expansion area has begun and is expected to be completed in 2023 with a production capacity of up to 20,000-trucks per year on two shifts. Read More
Windfall tax threat: Energy firms facing crackdown unless they boost UK supplies. Rishi Sunak said he would consider a windfall tax on the profits of energy companies. Mr Sunak said: “If we don’t see that type of investment coming forward, if companies aren’t going to make investments in our energy security, of course that’s something I’d look at. More
VAALCO Energy Inc. announced the successful completion of the Avouma 3H-ST development well that was drilled from the Avouma platform in the Etame field, offshore Gabon. The initial flow rate of the well was approximately 3,100 gross barrels of oil per day (“BOPD”), which was above VAALCO’s internal expectations. This sidetrack well targeted existing high-quality Gamba hydrocarbons at the top of a structure that have not previously been produced by prior wells. This is the second successful well of VAALCO’s 2021/2022 drilling campaign. More
VAALCO Energy, Inc. today announced the timing of its first quarter 2022 earnings release and conference call.
The Company will issue its first quarter 2022 earnings release on Tuesday, May 3, 2022 after the close of trading on the New York Stock Exchange and host a conference call to discuss its financial and operational results on Wednesday morning, May 4 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time and 3:00 p.m. London Time.) Read More
Iraqi Drilling Company (IDC) has started work on the first of its 20 oil wells at the Nasiriyah oil field in Dhi Qar.
IDC’s Director General, Basem Abdul Karim, said that the project is part of a contract with the Dhi Qar Oil Company (DQOC) in cooperation with Weatherford.
The planned depth of the well is 2,200 meters. The project is to be completed within 18 months. Read More
ShaMaran Petroleum Corp. released its financial and operating results and related management’s discussion and analysis (MD&A) for the three months and year ended December 31, 20211. Dr. Adel Chaouch, President and Chief Executive Officer of ShaMaran, commented “2021 has been a transformational year for ShaMaran. The Company generated the highest annual oil sales revenues in its history at $102.3 million. ShaMaran’s 2021 EBITAX was more than triple that of 2020 and last year demonstrates the Company’s cash generating ability with cashflow from operations increasing by almost 5 times versus the year before. Atrush continues to prove itself as a world class field with cumulative production now in excess of 54MM barrels and a continuation of full replacement of 2P reserves year on year. The fourth quarter generated oil sales revenue of $27.4 million and during 2021 the Company generated the highest-ever annual oil sales revenues at $102.3 million; A strong EBITDAX of $18.5 million for the fourth quarter and $66.4 million for the full year 2021, 3.3 times the EBITDAX of 2020 Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $101.92 | Down |
| Crude Oil (Brent) | USD/bbl | $105.08 | Down |
| Bonny Light | USD/bbl | $104.56 | Down |
| Saharan Blend | USD/bbl | $105.62 | Up |
| Natural Gas | USD/MMBtu | $7.30 | Up |
| OPEC basket 27/04/22 | USD/bbl | $105.33 | Up |
U.S. Rig Count is up 2 from last week to 695 with oil rigs up 1 to 549, gas rigs up 1 to 144 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 2 from last week to 101, with oil rigs down 1 to 48, gas rigs down 1 to 53.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 22nd April 2022 | 695 | +2 |
| Canada | 22nd April 2022 | 101 | -2 |
| International | March 2022 | 815 | — |
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.
