Energy top stories to 10/08/22. OPEC daily basket price stood at $100.92/bl, 09 August 2022
American Petroleum Institute (API) reported a surprise build this week for crude oil of 2.156 million barrels.The build comes as the U.S. Department of Energy released 5.3 million barrels from the Strategic Petroleum Reserves in week ending August 5, to 464.6 million barrels. The API also reported a draw in gasoline inventories this week of 627,000 barrels for the week ending Aug 5, compared to the previous week’s 204,000-barrel draw.crude oil production data for the week ending July 29 held steady at 12.1 million bpd, according to the latest EIA data.
During the period from August 01 to August 05, 2022, Eni acquired n. 11,693,750 shares, at a weighted average price per share equal to 11.5100 euro, for a total consideration of 134,594,810.44 euro within the authorization to purchase treasury shares approved at Eni’s Shareholders’ Meeting on 11 May 2022, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999. On the basis of the information provided by the intermediary appointed to make the purchases, the following are details of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: More
Nigeria’s Bonny Light oil output fell 89,256 b/d to 1.31 million b/d or by 6% in July as pipeline closures persist
Crude and condensate production in July fell to 1,314,074 b/d, from 1,403,330 b/d in June, according to Nigerian Upstream Petroleum Regulatory Commission data.
Seplat Energy Plc, announced that it has begun commercial injection of crude oil through the new Amukpe-Escravos Pipeline.
The 67km mostly underground pipeline is expected to provide a more reliable and secure export route for liquids from Seplat Energy’s major assets OML 4, 38 and 41, connecting them with the Chevron-operated Escravos Terminal. It has a capacity of 160,000 bbl/day, of which the Seplat Energy / NPDC joint venture is entitled to inject 35,000 bbl/day. Dewatering was completed on Friday 29 July and the Site Acceptance Test is now underway with commercial volumes.
Until now, the Company has relied on the Trans Forcados System, which has experienced numerous disruptions in recent years due to pipeline maintenance and vandalism, which have impacted the Company’s revenues. More
Ofgem has confirmed that the energy price cap will be updated quarterly, rather than every six months, as it warned that customers face a very challenging winter ahead.
Today’s change will go some way to provide the stability needed in the energy market, reducing the risk of further large-scale supplier failures which cause huge disruption and push up costs for consumers. It is not in anyone’s interests for more suppliers to fail and exit the market.
Although Britain only imports a small amount of Russian gas, as a result of Russia’s actions, the volatility in the global energy market experienced last winter has lasted much longer, with much higher prices for both gas and electricity than ever before. The price cap, as set out in law in 2018, reflects what it costs to supply energy to our homes by setting a maximum suppliers can charge per unit of energy, and caps the level of profits an energy supplier can make to 1.9%, protecting millions of households. As a result of the market conditions, the price cap will have to increase to reflect increased costs and Ofgem will publish the next price cap level at the end of August. While the price cap will have to rise, it continues to remove the risk of prices rising quickly for consumers when wholesale prices go up but falling slowly and less fully when they go down. When wholesale prices fall, these reductions will be passed on in full to customers through a lower price cap. This will happen more quickly with the quarterly price cap. Read More
Petrobras reduces diesel sales prices for distributors
As of, 08/05, the average sale price of diesel A from Petrobras to distributors will rise from R$5.61 to R$5.41 per liter, a reduction of R$0.20 per liter.
Considering the mandatory mixture of 90% diesel A and 10% biodiesel for the composition of the diesel sold at the gas stations, Petrobras’ share of the consumer price will increase from R$ 5.05, on average, to R$ 4.87 at every liter sold at the pump.
This reduction follows the evolution of reference prices, which stabilized at a lower level for diesel, and is consistent with Petrobras’ pricing practice, which seeks to balance its prices with the global market, but without passing it on to prices factors of the cyclical volatility of international quotations and the exchange rate. Read More–>
Petrobras, following on from the March 31, 2017 statement, informs that, on August 8, 2022, the judge of the District Court of Columbia, United States, rendered a decision in a lawsuit that EIG Energy Fund XIV, LP and others (OIG ) filed a lawsuit against Petrobras, related to its investment in Sete Brasil Participações SA.
The judge upheld the plaintiffs’ claim as to Petrobras’ liability for the allegations made, but denied the plaintiffs’ motion for summary judgment with respect to damages, and any award of damages will be subject to evidence of damages by EIG at a hearing. of judgment. In the same decision, the judge denied Petrobras’ request for an early judgment and postponed a decision on two procedural issues.
This decision is appealable. Read More
Platforms in the Campos Basin undergo maintenance services using floating hotels
By 2023, total investment will be US$ 220 million for the execution of services with the Maintenance and Security Units
Used by Petrobras in major maintenance and production stoppages in the Campos Basin, the Maintenance and Safety Units (UMS) perform services aimed at integrity, preservation, legal compliance and safety. The five campaigns for the execution of these activities started in 2022 and extend until 2023, with an investment of more than US$ 220 million and the creation of 2,000 jobs. This contribution of resources is part of the company’s Strategic Plan – PE 2022-2026.
The P-51 platform had its campaign and production stoppage already concluded. The P-53 and P-43 campaigns are underway, and are expected to end in July. Still in 2022, the stages of execution of the campaigns of the P-48 and P-40 platforms will begin. In addition to the UMS, Petrobras’ Campos Basin Exploration and Production Unit (UN-BC) will use, as of August 2022, a small accommodation-type vessel for smaller scope works.
In these campaigns, suppliers and partners work together with the company from planning, supplying materials to delivering each critical service. Read More
Petrobras, in continuation of the statement released on 08/14/2020, informs that it finalized the sale of all its interests in the onshore fields of Fazenda Belém and Icapuí, jointly known as Polo Fazenda Belém, located in the Potiguar Basin, in the state of Ceará, to 3R Fazenda Belém SA, formerly called SPE Fazenda Belém SA.
After fulfilling the conditions precedent, the operation was concluded with the cash payment of US$ 4.6 million to Petrobras, already with the adjustments foreseen in the contract. The amount received today is added to the amount of US$ 8.8 million paid to Petrobras on the date of signature of the purchase and sale agreement. In addition to this amount, the company will also receive US$ 10 million, within one year after the closing of the transaction, which will be corrected based on the conditions provided for in the purchase and sale agreement. Read More
EIA expects a 2.4% increase in total U.S. electricity consumption in 2022
The U.S. Energy Information Administration (EIA) expects U.S. electricity consumption this year to increase 2.4% over 2021, resulting primarily from increased economic activity but also from hot summer weather throughout most of the country.
According to the agency’s August 2022 Short-Term Energy Outlook (STEO), growth in renewable energy will meet most of the increased electricity demand this year. The United States has also consumed more natural gas to meet electricity demand so far this summer than the previous five-year average. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $89.75 | Down |
| Crude Oil (Brent) | USD/bbl | $95.58 | Down |
| Bonny Light | USD/bbl | $118.06 | Down |
| Saharan Blend | USD/bbl | $117.77 | — |
| Natural Gas | USD/MMBtu | $7.84 | Up |
| OPEC basket 09/08/22 | USD/bbl | $100.92 | Up |
U.S. Rig Count is down 3 from last week to 764 with oil rigs down 7 to 598, gas rigs up 4 to 161 and miscellaneous rigs unchanged at 5.
Canada Rig Count is down 1 from last week to 203, with oil rigs up 3 to 140, gas rigs down 4 to 63.
International Rig Count is up 9 rigs from last month to 833 with land rigs up 12 to 633, offshore rigs down 3 to 200.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 05 August 2022 | 764 | -3 |
| Canada | 05 August 2022 | 203 | -1 |
| International | July 2022 | 833 | +9 |
Petrofac, leading a consortium with Genie Civil et Batiment (GCB), has received notification of a provisional award for an engineering, procurement and construction contract with Sonatrach for the Tinrhert EPC2 Development Project in Algeria. The contract is valued at approximately US$300 million, with Petrofac’s share around US$200 million.
Located in Alrar, around 1,500 kilometres southeast of Algiers, EPC2 will provide a new Central Processing Facility (CPF) with inlet separation and decarbonisation units. The scope of work also includes tie ins to the existing Alrar Separation and Boosting Facilities, which Petrofac originally helped deliver in 2018, along with commissioning, start-up and performance testing. When completed, the development will boost natural gas production and remove CO2 from the field’s gas reserves, within specifications for the global market, enabling further economic growth in-country. More
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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