Energy / Oil and Gas, Renewable News As Reported to 4 May 2022
The EU plans to phase out Russian crude oil imports within six months, European Commission President Ursula von der Leyen said May 4. “We will make sure that we phase out Russian oil in an orderly fashion, in a way that allows us and our partners to secure alternative supply routes and minimizes the impact on global markets,” von der Leyen said
PETRONAS’ subsidiaries, PETRONAS Carigali Myanmar Inc (PCMI) and PC Myanmar (Hong Kong) Limited (PCML) announced their withdrawal from Blocks M12, M13 and M14 located in the Yetagun field, offshore Myanmar.
The decision was made following a thorough techno-commercial review in alignment with PETRONAS’ asset rationalisation strategy for a portfolio that fits with its growth ambitions amid the changing industry environment and accelerated energy transition.
PCML had operated the Yetagun Gas Project since 2003, where it held 40.9 percent participating interest. Other partners included Myanma Oil & Gas Enterprise (20.5 percent), Nippon Oil Exploration (Myanmar) Limited (19.3 percent) and PTTEP International Limited (19.3 percent). Read More
PTTEP has announced its decision to withdraw from the Yetagun project and the gas transportation company in Myanmar as part of its portfolio management. Mr. Montri Rawanchaikul, Chief Executive Officer, PTT Exploration and Production Public Company Limited (PTTEP), said the company has notified the joint venture partners in the Yetagun project and Taninthayi Pipeline Company LLC (TPC), a gas transportation company delivering gas from the Yetagun project to Thailand, on its decision to withdraw as the partner from both entities. PTTEP’s shares of 19.31% will be allocated proportionately to the remaining shareholders with no commercial value and will be effective upon regulatory approval.
The withdrawal is part of the company’s portfolio management to refocus on projects that support the energy security for the country.
PTTEP remains placing utmost importance on the continuity of natural gas production as it is a main resource for electricity generations, which is basic necessity to support the livelihood and improve the quality of life for people. It is also the essential factor of the energy security and economic development.
The Yetagun project is located offshore in the Gulf of Moattama, Myanmar. Total sales volume from the project in 2021 averaged 17 million standard cubic feet per day (MMSCFD) for natural gas and approximately 560 barrels per day for condensates. Read More
Goto Floating Wind Farm LLC announced today that it has been awarded Japan’s first public offering plan certification as an offshore wind power generation facility to be
constructed based on the Act of Promoting Utilization of Sea Areas in Development of Power Generation Facilities Using Maritime Renewable Energy Resources (hereinafter “the Act”) by the Ministry of Economy, Trade and Industry (METI) and the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) of Japan. Read More
The African Energy Chamber (AEC), the voice of the African energy sector, is proud to announce the signing of a Partnership Agreement with multinational energy market intelligence firm, Rystad Energy. As part of the agreement, Rystad Energy is now officially African Energy Week 2022’s Intelligence Partner and will lead vital energy market related discussions at AEW 2022, AEC’s leading energy sector investment platform for the oil and gas industry – taking place on 18 – 21 October 2022 in Cape Town. Rystad Energy will be moderating and participating in panel discussions and technical workshops to share the latest energy market trends, updates and forecasts during the 2022, 2023 and 2024 editions of Africa’s premier event for the oil and gas sector, AEW. In addition, Rystad Energy will launch two Africa-focused webinars in the build-up to AEW in support of the event to share key market findings, AEW discussion topics and their impact on Africa’s energy environment. Read More
CME Group Inc., the world’s leading derivatives marketplace, today declared a second-quarter dividend of $1.00 per share. The dividend is payable June 27, 2022, to shareholders of record as of June 10, 2022. Read More
There have been renewed calls for a windfall tax on oil firms after BP announced a doubling of profits for the first three months of the year. The oil giant reported an underlying profit of $6.2bn (£4.9bn) for the first quarter, compared with $2.1bn (£1.6bn) for the same period last year. It says the figures were driven by ‘exceptional oil and gas trading’.
A number of opposition parties have called for a one off windfall tax to help cut energy bills for struggling households.
It would tax the profits of oil and gas firms. More
A group of 11 Just Stop Oil supportors face arrest today for standing peacefully outside the Kingsbury Oil Terminal holding placards in breach of an injunction granted to North Warwickshire Borough Council on 14th April. [1][2].
Of the 11, eight had been summoned for a full committal hearing at Birmingham County Court for previously breaking the injunction, and 3 have a bail hearing at the court. All chose instead, to not attend court and to travel to Kingsbury breaking the private injunction again. The injunction gives sweeping powers of arrest to the authorities and appears designed to help the state protect the oil industry by effectively outlawing any protest activity near the Kingsbury Terminal, the largest inland oil storage depot in the country. Arrest warrents have been issued for all 11 and the court case has been ajourned until Tuesday 10th May. 16 Just Stop Oil supporters have been summoned for a full committal hearing – one is currently occupying the Nustar Oil terminal in Glasgow, eight have travelled to Kingsbury and one has remained at home, six have attended at court. Another Five Just Stop Oil supporters are due in court for a bail hearing relating to conditions imposed for breaking the injunction; three of these people chose to travel to Kingsbury and not attend court.
By failing to turn up for court today the 11 at Kingsbury and the other 2 non attendees are risking a charge of contempt of court on top of the prospect of unlimited fines and a prison sentence of up to two years. More
Nel ASA (Nel, OSE:NEL) will announce its first quarter 2022 report on Wednesday 11 May at 07:00 CET and will host a presentation at 08:00 CET.
The presentation will be held at Hotel Continental, Oslo at 08:00 CET. The presenter will be Jon André Løkke, CEO. The presentation will be followed by a Q&A session based on submitted questions during the call. Read More
