Energy News to 8 Apr. 2022. OPEC daily basket price stood at $100.13/bl, 7 April 2022
West Texas Intermediate for May delivery fell 20 cents to settle at $96.03 a barrel in New York.
Brent for June settlement fell 49 cents to settle at $100.58 a barrel. U.S. Federal Reserve raises the prospect of restrained economic growth
Offshore has entered into a Total Return Swap (“TRS”) agreement with financial exposure to 353 425 shares in BW Energy Limited (“BWE”). The TRS agreement relates to BW Offshore’s Long-Term Incentive Programme (LTIP) adopted in 2019. Expiry date for the TRS agreement is 30 March 2023, and the TRS price is NOK 28.34 per share. Please see BW Offshore’s stock exchange release for more information. Read More
The Airbus A380, a behemoth of the skies, has completed a trial flight powered on cooking oil.
The test airplane completed a three-hour flight from Blagnac Airport in Toulouse — Airbus’ French headquarters — on 25 March. It was powered by Sustainable Aviation Fuel, or SAF — predominantly made of used cooking oil and waste fats — and operating on a single Rolls-Royce Trent 900 engine. Airbus then followed up with a second A380 flight, using the same cooking oil fuel, on March 29, flying from Toulouse to Nice. The second flight was to monitor SAF use during take-off and landing. The fuel used was supplied by TotalEnergies, a company based in France’s Normandy region. It was made from Hydroprocessed Esters and Fatty Acids (HEFA), which is free of both aromatics and sulfur. Read More
Dana Incorporated (NYSE: DAN) announced today that it has received Leadership in Energy and Environmental Design (LEED) certification for its Sustainable Mobility Center, located on its World Headquarters campus in Maumee, Ohio, United States.
Dana’s state-of-the-art Sustainable Mobility Center serves as an engineering center of excellence for e-Propulsion products, including the development of electric motors and upfitting of electric vehicles with complete e-Propulsion systems. The center also offers a dynamic customer experience, showcasing the company’s electrified mobility technologies — while providing a location to educate and generate awareness around Dana’s commitment to a broad range of sustainability and social responsibility priorities.
“We know that leading the way in sustainability is critical to supporting our customers in achieving their sustainability objectives, and directly aligns with Dana’s strategic focus on delivering clean energy technologies,” said Doug Liedberg, senior vice president and chief sustainability officer at Dana. “LEED certification for Dana’s flagship Sustainable Mobility Center reinforces our commitment to transparent climate action, and the reduction of Dana’s global Scope 1 and 2 greenhouse gas emissions by more than 50 percent by 2030.” LEED certification incorporates verified use of sustainable solutions as part of the facility’s design, construction, operation, and energy efficiency. These include environmentally friendly construction materials, energy-efficient lighting, air filtration systems, temperature controls, water systems, storm water collection for irrigation, and electric vehicle charging stations. Read More
The renewable energy sector added 176 gigawatts (GW) of generating capacity globally in 2019, marginally lower than the (revised) 179 GW added in 2018. However, new renewable power accounted for 72 per cent of all power expansion last year, according to new data released by the International Renewable Energy Agency (IRENA).
IRENA’s annual Renewable Capacity Statistics 2020 shows that renewables expanded by 7.6 per cent last year with Asia dominating growth and accounting for 54 per cent of total additions. While expansion of renewables slowed last year, total renewable power growth outpaced fossil fuel growth by a factor of 2.6, continuing the dominance of renewables in power expansion first established in 2012. Solar and wind contributed 90 per cent of total renewable capacity added in 2019. Read More
Eni’s Annual Report on Form 20-F for the year ended December 31, 2021, has been filed with the U.S. Securities and Exchange Commission (SEC).
The Annual Report on Form 20-F 2021 is published on Eni’s website (eni.com) in the Publications section. Shareholders can receive a hard copy of Eni’s Annual Report on Form 20-F 2021, free of charge, by emailing a request to segreteriasocietaria.azionisti@eni.com or to investor.relations@eni.com. More
Eni and the Government of Rwanda signed a Memorandum of Understanding (MoU) to identify collaborative opportunities in the areas of circular economy, agriculture, forestry, innovation and digital information technology. Under the terms of the MoU, the two parties will evaluate the feasibility of circular economy projects focused on collecting used cooking oil and waste oils, waste management valorisation and recycling. The fields of interest also include agriculture, especially bio-feedstock production and the transformation into decarbonised products. This is in addition to forestry, especially forest conservation and generation of carbon credits through a wide range of initiatives, such as reducing CO2 emissions from the wood-fuel value chain and other service activities. Other sectors of cooperation under the MoU include innovation and digital information technology targeting circular economy, agriculture, forestry, off-grid energy, and other business areas, such as sustainability, health, safety, security and environment. The MoU aligns with Rwanda’s goal to fast-track economic development by enabling private sector growth and Eni’s commitment to increasing energy efficiency in African countries, leveraging agro-industrial projects in a sustainable framework. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $97.33 | Up |
| Crude Oil (Brent) | USD/bbl | $101.91 | Down |
| Bonny Light | USD/bbl | $100.00 | Down |
| Saharan Blend | USD/bbl | $100.74 | Down |
| Natural Gas | USD/MMBtu | $6.30 | Up |
| OPEC basket 07/04/22 | USD/bbl | $100.12 | Down |
Equinor invites analysts with coverage of the company to provide estimates for the first quarter adjusted results.
Equinor publishes first quarter 2022 financial results on 4 May. Every quarter ahead of the earnings announcement, Equinor collects earnings and production estimates from the equity analysts covering the company. These numbers become a proxy for what the market expects in terms of Equinor’s results and are published as “consensus” a week prior to the actual release. The invitation to send estimates contains information on some relevant factors for Equinor’s quarterly results as well as other information. Some of these items are preliminary. Read More
Occidental (NYSE: OXY) will announce its first quarter 2022 financial results after close of market on Tuesday, May 10, 2022, and will hold a conference call to discuss results on Wednesday, May 11, 2022, at 1 p.m. Eastern/12 p.m. Central. Read More
Drax is teaming up with Worley, NOF, and the West & North Yorkshire and Hull & Humber Chambers of Commerce to deliver a series of events that will provide British businesses with further information about how they could win contracts to deliver its vital carbon removal technology, bioenergy with carbon capture and storage (BECCS).The events will be held in Yorkshire & The Humber and the North East, in May and follow the success of an initial supplier event, held virtually in September 2021, when around 400 UK businesses attended. Read More
Supporters of Just Stop Oil have disrupted oil supplies from the Inter and Navigator terminals in Essex, marking the eighth day of action in support of their demand that the UK government end new oil and gas projects in the UK.
At around 2:40am today, two people climbed on a framework of oil pipes at the Grays Inter Terminal, one of the key suppliers to forecourts in the London area. Adrian from Derby and Darcy from Bristol succeeded in blocking all tankers from entering and exiting the terminal for approximately 3 hours, before they were unglued and removed by police. At 7:30am, 70 people carrying Just Stop Oil banners marched along a key tanker route towards the Navigator terminal, at London Road, Thurrock. They were met by police and forced to sit in the road, effectively halting tanker movements to and from the terminal. Some have glued themselves to the road and say they intend to stay for as long as possible. It is expected that this morning’s actions will further impact on fuel availability at petrol pumps across England Read More
Citizens in Australia, Canada, France, Germany, Italy, Norway, Switzerland, UK, and the United States will hold an online press conference to give updates on their ongoing, unprecedented campaigns of nonviolent disruption to force their governments to stop what arguably will be the greatest genocide in history, the greatest betrayal of our young people and the next thousand generations. There will be no greater crime.
Throughout this month, citizen members of the A22 Network are blocking roads and train tracks, leading to mass arrests, while others participate in open-ended hunger strikes. This is the new face of nonviolent climate crisis resistance in the 2020s, our darkest hour, our final hour. We will create a new humanity, one that accepts limitations, finally makes peace with itself, and this most beautiful and precious world, our only home. Read More–>
NATO allies have agreed to supply “new and heavier” weapons to Ukraine as Kyiv warned it needs immediate reinforcement in its struggle against Russia or it will be “too late”.
UK Foreign Secretary Liz Truss said, following a meeting with alliance counterparts in Brussels, there had been an agreement to help the Ukrainian defenders upgrade their “Soviet-era equipment to NATO standard equipment on a bilateral basis”.
Following the conclusion of the NATO meeting, Ms. Truss said: “We agreed to step up support for Ukraine and we’ve also recognized that the conflict has entered a new and different phase with a more concentrated Russian offensive.”
“There was support for countries to supply new and heavier equipment to Ukraine so that they can respond to these new threats from Russia. Read More
Schlumberger and Sintela announced that they have signed an agreement to co-develop new fiber-optic solutions for multiple industrial markets. Schlumberger will market and deliver the solutions in the energy, carbon capture and storage (CCS), and geothermal industries, with Sintela delivering the combined solutions to other industrial markets. The solutions will integrate intellectual property (IP) from Sintela’s distributed fiber-optic sensing (DFOS) portfolio with IP from Optiq* Schlumberger fiber-optic solutions, enabling simpler, cost-efficient fiber-optic interrogator deployments and new digital workflow capabilities for improving the operational performance of Schlumberger’s customers. Read More
U.S. Rig Count is up 16 from last week to 689 with oil rigs up 13 to 546, gas up 3 to 141 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 13 from last week to 111, with oil rigs down 11 to 53, gas rigs down 2 to 58.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 8th April 2022 | 689 | +16 |
| Canada | 8th April 2022 | 111 | -13 |
| International | March 2022 | 815 | — |
The commodity sector rally has unsurprisingly slowed down during the past couple of weeks as the market continues to digest a whole host of developments impacting the sector. During the first quarter, war and sanctions turbocharged an already strong performing sector, resulting in the Bloomberg Commodity Spot Index registering a 24% gain, its best quarter in living memory, thereby almost eclipsing the 2021 gain of 26.5%, the best annual performance since 2000.
The war in Ukraine and increasingly tough sanctions against Russia have uprooted multiple supply channels from crude oil and gas to key industrial metals as well as food commodities such as wheat, corn, and sunflower oil. All developments that have created logistical challenges and elevated input costs for many industries to the extent that some heavy energy consuming industries have started to scale back production, thereby supporting the painful and potentially long route towards stabilising prices through lower demand. Read More
Hitachi Astemo Co., Ltd. announced today that Hitachi Astemo High Cast Corporation, a Hitachi Astemo group company, has installed and begun operations of a solar power generation system at its Fukushima Plant, as part of an initiative to go carbon neutral.To achieve Hitachi Group’s goal of carbon neutrality in business sites and production activities by FY 2030, Hitachi Astemo introduced an initiative of off-balance solar power generation for in-house consumption, whereby the company does not own the assets of solar power generation facilities installed at its plants, but pays for the electricity it generates from FY 2019 onward. Read More
