Energy top stories to 14/7/22. OPEC daily basket price stood at $104.41/bl, 13 July 2022
One U.S. dollar is now equal to one euro. This means European companies and consumers will pay more for the goods and services they import, while European exports become immediately cheaper in international markets. The euro worth over $1.13 in February.
Top Five Oil Rigs Operating in Africa
Namibia: Crown 750 Drilling Rig
The Crown 750 Drilling Rig – rated at 1,000 horsepower and equipped with two CAT 540 horsepower diesel engines – was acquired by Canadian oil and gas company, ReconAfrica, in 2020 to drill its onshore PEL 73 asset in the Kavango Basin in northeastern Namibia.
Angola: Benguela-Belize Lobito-Tomboco Platform
Situated in Angola’s Block 14 concession, approximately 512 meters off the southern African country’s Cabinda Coast, the Benguela-Belize Lobito-Tomboco Platform is a drilling production platform owned and operated by supermajor, Chevron.
Libya: Bouri NC-41 DP4 Platform
Operating in the Bouri Offshore Field’s Block NC-41 in the Mediterranean Sea, north of the Libyan coast, the DP4 Platform is permanently moored to the field’s Floating Storage and Offloading vessel with storage capacity of approximately 1.5 million barrels, and together with its satellite platform, the DP3 is able to produce 150,000 bpd for export. Considered the biggest of its kind in the Mediterranean region, the Bouri oil field is situated in water depths of between 145 meters and 183 meters and consists of 38 wells.
South Africa: Island Innovator Rig
The rig is a 6th generation, GM4000 WI enhanced design and was acquired by oil and gas exploration company, Eco Atlantic in early-2022. With an overall length and width of 104.5 meters and 65 meters, respectively, the Island Innovator has a carrying capacity of 11,500 tons.
Senegal: Ocean BlackRhino Drillship
Built in 2014 by Hyundai Heavy Industries, the Ocean BlackRhino is an ultra-deepwater drillship oil rig with water depth capabilities of up to 12,000 feet and drilling depth capabilities up to 40,000 feet. Operated by Woodside Energy, the Ocean BlackRhino is currently located offshore Senegal, having started drilling the first of 23 planned wells for Phase 1 of the Sangomar field development in mid-2021. Read More
Mitsubishi Heavy Industries, Ltd. (MHI) has received an ESG Rating of “AA” from MSCI(Note) for the first time. The new 2022 rating represents an upgrade from the Company’s previous “A” rating, and it demonstrates the high assessment MSCI accords to MHI’s ESG initiatives. MSCI’s ESG Ratings are given in seven ranked grades in descending order from AAA to CCC, based on the firm’s analysis of a company’s initiatives relating to environmental, social and governance issues. MSCI’s ESG Ratings serve as a global index for making ESG investments. MHI is currently selected for inclusion in all four of the ESG investment indices used by Japan’s Government Pension Investment Fund (GPIF), which is the largest pension fund in the world: FTSE Blossom Japan Sector Relative Index, MSCI Japan ESG Select Leaders Index, MSCI Japan Empowering Women Index (WIN), and S&P/JPX Carbon Efficient Index. The Company is also included in the Asia Pacific Index of the Dow Jones Sustainability Index (DJSI), one of the world’s leading ESG stock investment indices. Read More–
Mitsubishi Heavy Industries Engineering, Ltd. (MHIENG), part of Mitsubishi Heavy Industries (MHI) Group, awarded a Front End Engineering Design (FEED) study of a CO2 capture plant applied to natural gas fired gas turbines for a repowered combined cycle (GTCC) power plant in Alberta, Canada from Capital Power Corporation (“Capital Power”) (TSX:CPX), a power generation company based in Canada. MHIENG has achieved the world’s top share of the market with its CO2 capture technology and has received high praise for its performance and expertise in this area. The objective of this FEED study is to implement the CO2 capture plant at the repowered Genesee Generating Station Units 1 & 2, owned by Capital Power in Alberta. MHIENG’s “Advanced KM CDR Process™” will be deployed at these stations. The total expected amount of captured CO2 will be approximately 3 million tonnes per year. The captured CO2 will be transported and sequestered underground. For the execution of the FEED study, MHIENG partnered with Kiewit Energy Group Inc. (“Kiewit”), a major North American construction and engineering company and both companies will work together with Capital Power for realization of the Carbon dioxide Capture and Storage (CCS) project. Capital Power is moving forward with repowering, deploying the GTCC system with MHI gas turbine toward the reduction of greenhouse gas emissions through the company’s fuel conversion from coal to natural gas. Operation with this system is scheduled in 2023 and 2024 at Generating Station 1 and 2 respectively. The entire MHI Group will collaborate together to support customer’s decarbonization strategy through the overall optimization between power generation facilities and CO2 capture system. Read More
NIO Inc. announced that following its previous statement in response to the allegations made in a report issued by the short-seller firm Grizzly Research LLC on June 28, 2022 (the “Short Seller Report”), the Company’s board of directors (the “Board”), including the audit committee of the Board, after having reviewed the allegations, at the recommendation of the management of the Company and in order to protect the interests of all shareholders, has decided to form an independent committee (the “Independent Committee”), consisting of independent directors Mr. Denny Ting Bun Lee, Mr. Hai Wu, and Ms. Yu Long, to oversee an independent investigation regarding the allegations made in the Short Seller Report (the “Independent Investigation”). The Independent Committee has retained independent professional advisors to assist with the Independent Investigation, including an international law firm and a well-regarded forensic accounting firm. The Company will provide updates on the Independent Investigation in due course consistent with the requirements of applicable rules and regulations of the Securities and Exchange Commission, the New York Stock Exchange, The Stock Exchange of Hong Kong Limited (the “SEHK”) and the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The Company reiterates its continued and unwavering commitment to maintaining high standards of corporate governance and internal control, as well as transparent and timely disclosure in compliance with applicable rules and regulations. Read More
KBR announced it is a major partner to Axiom Space, which NASA selected as one of two companies eligible to support the development of NASA’s next-generation spacesuit and spacewalk systems through the Exploration Extravehicular Activity Services (xEVAS) contract. This comprehensive contract includes a full range of services, including design, testing, and verification of manufacturing and processing of the new spacesuits. KBR will co-locate with Axiom Space in their facilities.
The xEVAS contract, which advances extravehicular activity capability for low-Earth orbit, on the lunar surface, and future human missions to Mars, is managed out of NASA’s Johnson Space Center (JSC) through the Extravehicular Activity (EVA) and Human Surface Mobility Program. The milestone-based contract’s period of performance continues through 2034 with a potential total value of $3.5 billion across the life of the program.
“KBR is honored to have the opportunity to help humanity return to the moon and confident in our decades of development experience to help produce a safe and flexible suit unlike any other,” said Byron Bright, President of KBR Government Solutions U.S. “Having worked with every astronaut since 1968, this historic project is a fitting continuation of our existing human space flight efforts. Our team could not be more thrilled to support this exciting endeavor for the next generation.”
Working together on Axiom’s spacesuits, the AxEMU, is the latest collaboration between Axiom Space and KBR. The two companies worked together on Axiom’s first commercial space mission, Axiom Mission 1, and will continue to collaborate on Axiom Mission 2. This new commercial partnership contract with NASA enables Axiom Space, together with KBR, to build next generation astronaut spacesuits that serve commercial customers, private astronauts, and future space station goals while meeting NASA’s ISS and Artemis lunar exploration needs.
KBR’s science, space, and engineering experts have more than 25 years of experience leading spacesuit development and are key assets to the project. The company currently processes and refurbishes NASA spacesuits and related components used on the International Space Station, and will use its experience and knowledge to focus on the development and delivery of services related to the new next-generation spacesuits. Read More
During the period from July 04 to July 08, 2022, Eni acquired n. 3,988,020 shares, at a weighted average price per share equal to 11.1430 euro, for a total consideration of 44,438,355.63 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 Electronic Stock Market on a daily basis: Read More
A U.S. government report Wednesday is expected to show that consumer prices soared 8.8% in June compared with a year earlier, according to data provide FactSet. That would be an increase from 8.6% in May and the biggest yearly rise since December 1981.
Inflation at that level would make it highly likely the Federal Reserve will implement another large interest rate increase at its next meeting in two weeks. Higher rates are intended to cool consumer and business spending and slow the economy and inflation.
Such large price increases would also highlight the brutal impact that inflation has had on many families’ finances, as the costs of many necessities has soared at a faster pace than incomes. Lower-income Americans and Black and Hispanic families have fared worse, as a greater percentage of their budgets are spent on items like gas and food. More
Dubai’s non-oil economy continued to expand for the second month in June as business conditions improved at the quickest pace in three years, a business survey showed on Wednesday.
The seasonally adjusted S&P Global Dubai Purchasing Managers’ Index (PMI) rose to 56.1 in June from 55.7 in May and was the highest reading since June 2019.
“The uplift came despite a rapid acceleration in input cost inflation, driven by surging fuel prices and knock-on effects on material and transport costs,” the PMI report said.
The survey, which covers the Dubai travel & tourism, wholesale & retail and construction sectors, showed that travel & tourism was still the key driver of growth as related activity rebounded sharply following the lifting of border restrictions. Read More
Angola has maintained its position as the biggest oil producer in Africa for the second month in a row, with oil production measuring higher than that of Nigeria in both May and June 2022.
According to the Organization of Petroleum Exporting Countries’ (OPECs) Monthly Oil Report for June 2022, Angola’s oil production increased to 1.175 million barrels per day (bpd) from 1.162 million bpd in May, representing the highest in Africa.
Despite production declines from 1.18 million bpd to 1.16 million bpd from April to May 2022, Angola’s oil production exceeded that of Nigeria’s during the same period.
Over this period, Nigeria experienced the biggest output decline out of all OPEC member states, with production declining by 195,000 bpd to 1.02 million bpd from April to May 2022. Read More
U.S. crude inventories have shed some 63 million barrels since the start of 2021 but the net losses have been negligible since the start of 2020, according to API data.
WTI continued to slide on Wednesday on recession fears, and fears of a China demand slump on the presence of the new Covid variant there. WTI was trading down 8.23% on the day at 2:50 p.m.
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $95.66 | Down |
| Crude Oil (Brent) | USD/bbl | $99.09 | Down |
| Bonny Light | USD/bbl | $118.06 | Down |
| Saharan Blend | USD/bbl | $117.77 | — |
| Natural Gas | USD/MMBtu | $6.74 | Up |
| OPEC basket 13/07/22 | USD/bbl | $104.41 | Down |
Drax has submitted plans to build the world’s largest carbon capture facility at its North Yorkshire power station.The company plans to invest £2bn in the 2020s in its plans to develop two bioenergy with carbon capture and storage (BECCS) units, creating and supporting thousands of jobs in the North and enabling the UK to lead the world in a vital new technology needed to address the climate crisis.
Work to build BECCS at Drax could start as soon as 2024 and once operational the two units combined will capture at least 8 million tonnes of CO2 per year, making it the largest carbon capture and storage project in power in the world. Read More
Drax Group and Japanese shipping company MOL Drybulk Ltd. are working together to reduce the emissions and fuel costs associated with shipping biomass by deploying wind power technology on its vessels.The companies plan to facilitate the development of wind-powered vessels to transport bulk cargoes of Drax’s wood pellets to its customers in Japan, where the biomass is used to generate reliable, renewable energy, which displaces fossil fuels.The newly built vessels will be fitted with MOL’s Wind Challenger hard sail technology, with the first ship expected to be on the water as soon as 2025. Read More
U.S. Rig Count up 2 from last week to 752 with oil rigs up 2 to 597, gas rigs unchanged at 153 and miscellaneous rigs unchanged at 2.
The U.S. Offshore Rig Count is unchanged at 17, unchanged year-over-year.
Canada Rig Count is up 9 from last week to 175, with oil rigs up 7 to 116, gas rigs up 2 to 59.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 08 July 2022 | 752 | +2 |
| Canada | 08 July 2022 | 175 | +9 |
| International | June 2022 | 824 | +7 |
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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