Energy top stories to 19/7/22. OPEC daily basket price stood at $108.76/bl, 18 July 2022
Unmotivated and disconcerting Nigeria judicial case ended
Eni is pleased to learn the Prosecutor-General’s Office dropped its appeal before the Second Section of the Court of Appeal of Milan on the OPL 245 matter, waiving the case. The Court acknowledged the waiver that ends the unmotivated and disconcerting criminal court case related to the OPL 245 concession in Nigeria.
The waiver means that the acquittals of Eni and its managers of March 2021 have now become full and final. After more than 8 years of investigations and court proceedings, resulting in high costs and serious and unfair reputational damages for the company and its management, Justice definitively run its course, as the Court wrote, “there is no case to answer”. Eni and its people are finally recognized for their correctness and lawfulness of their work and will continue to devote themselves with ever greater effectiveness to the historic challenges that characterize the international scenario today pertaining to the security of supply, access to energy and the path towards a just energy transition.
As the global demand for batteries looks set to continue rising in line with the growth of the EV market and renewable energy projects, the E.U. may soon throw a spanner in the works by labeling lithium batteries as harmful to humans Read More
Global energy and climate leaders met at the Sydney Energy Forum, which was co-hosted by the Australian Government and the IEA, to discuss how to scale up and strengthen supply chains for the clean energy technologies needed for a secure and affordable transition to net zero emissions.
Prime Minister Anthony Albanese of Australia opened the event, with high-level participants including IEA Executive Director Fatih Birol; Australian Minister for Climate Change and Energy Chris Bowen; US Secretary of Energy Jennifer M. Granholm; Japanese Minister of Economy, Trade and Industry Koichi Hagiuda; Samoan Minister of Natural Resources and Environment Toeolesulusulu Cedric Schuster; Indian Minister of Power, New and Renewable Energy Raj Kumar Singh; and Indonesian Minister of Energy and Mineral Resources Arifin Tasrif. Top leaders from industry and finance also took part.
The discussions at the Sydney Energy Forum on 12-13 July reflect the importance of international dialogue and cooperation for achieving energy security and climate goals – and the central role of the IEA in these efforts. Governments around the world are seeking to bring greenhouse gas emissions down to net zero and limit the worst effects of climate change. This is set to redefine global energy security to include the supply of the minerals, materials and manufacturing capacity needed to deliver clean energy technologies. The pressure on these supply chains from Covid-related lockdowns has been compounded by Russia’s invasion of Ukraine, with supply disruptions and soaring prices affecting a wide range of key commodities. This turmoil risks undermining the pace of clean energy transitions, such as by hindering the production of EVs or the deployment of renewables, calling for astute action by governments to counter these challenges.
“To durably address the challenges we’re facing from today’s global energy crisis, we need an immediate and massive expansion of clean energy technologies to build a resilient and affordable energy system,” Dr Birol said. “Establishing secure and sustainable supply chains for these technologies is essential, so I’m very pleased that decision-makers from around the world have come together for these discussions led by the Australian Government and the IEA to strengthen international action.” Read More
Sensirion Connected Solutions has launched Nubo Sphere, its end-to-end solution for supporting customers in the energy industry with locating unintentional leaks and quantifying methane emissions in a cost-effective manner. The reduction of methane emissions is being addressed by new regulations and ESG standards, investors and the public with a distinct call to action. Many industries, such as the energy sector, must act – and act quickly. However, existing methane detection technologies face several limitations: they only measure periodically and are therefore inaccurate, cumbersome and expensive.
Nubo Sphere – continuous methane emissions monitoring
That’s why Sensirion Connected Solutions has developed a methane emissions monitoring solution, “Nubo Sphere,” which allows companies in the energy sector to continuously monitor their assets remotely and fulfill new regulations and ESG requirements. Nubo Sphere is an end-to-end solution that provides high-performance emissions detection, location and quantification at a low total cost of ownership. The compact and robust design ensures reliable operation and high-fidelity data from any oil or natural gas infrastructure at all times. Read More–>
TC Energy, the operator of the Keystone Pipeline, declared force majeure on Monday following a power outage in South Dakota, which reduced the flows on the link carrying crude from Canada to the U.S.
TC Energy said in a statement late on Monday that it was made aware of a non-operational incident resulting from third-party damage to the power supply to a facility on the Keystone Pipeline System near Huron, South Dakota. The system continues to operate safely, but it is operating at a reduced rate due to damage to the third-party power utility.
“Initial damage assessments have been completed with no material impact to TC Energy owned facilities,” the company said.
As a result of the power outage, TC Energy declared force majeure on the Keystone Pipeline, but did not provide a timeline for restoring crude flows to full capacity.
“Repairs are being undertaken and we are working to restore full service as soon as possible. A timeline for full-service restoration is not available at this time,” the company said.
The 2,687-mile Keystone Pipeline System plays a key role in connecting Alberta’s crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and Texas, as well as connecting U.S. crude oil supplies from the Cushing, Oklahoma, hub to refining markets in the U.S. Gulf Coast through the Marketlink Pipeline System. Read More
Keystone Pipeline System update…On July 17, 2022, we were made aware of a non-operational incident resulting from third-party damage to the power supply to a facility on the Keystone Pipeline System near Huron, South Dakota. Our system continues to operate safely. Initial damage assessments have been completed with no material impact to TC Energy owned facilities.
A force majeure has been declared on Keystone, which is operating at a reduced rate due to damage to the third-party power utility. Repairs are being undertaken and we are working to restore full service as soon as possible. A timeline for full-service restoration is not available at this time.
The safety of our people, communities and protection of the environment remains a primary focus and we continue to actively respond. We have informed our customers and key stakeholders and will keep them apprised of updates. Read More
Gazprom has declared force majeure on gas deliveries to at least one major customer in Europe, which would protect the Russian giant from compensation payments for unrealized deliveries, Reuters reported exclusively on Monday, quoting a Gazprom letter it had seen.
Gazprom cannot fulfill its supply obligations due to “extraordinary” circumstances, says the letter dated July 14 and seen by Reuters. The force majeure Gazprom declares in the letter is about supply via Nord Stream, the key Russian gas export route to Germany, a trading source told Reuters today.
This force majeure could further worsen the gas row between the EU and Russia, which has already slashed supply to major customers, including Germany and Italy. Russia claims a delay in the return of a repaired turbine due to the Western sanctions on Moscow prevents the reliable operation of a Nord Stream compressor station, for which the turbine was intended.
According to Russian daily Kommersant, Canada sent the gas turbine that was being repaired in the country on a July 17 flight to Germany, from where the equipment will need another five to seven days to reach Russia if there are no logistics or customs problems. The turbine is expected to be transported via ferry from Germany onto Helsinki in Finland and on land into Russia, according to Kommersant’s sources. The turbine is expected to arrive in Russia around July 24 but could take another three to four days to commission and install. Thus, the turbine is expected to be ready to pump gas in early August, Kommersant reports. Read More
A new report says electric vehicles will become more economical in the future when manufacturers switch to using solid state batteries, claiming they will reduce EV carbon footprint by almost a quarter.
The study, conducted by raw materials experts in the UK, says that carbon emissions could be reduced by as much as two fifths if these next-generation batteries are made from the most sustainably-sourced materials available. These batteries require up to 35 per cent more lithium than the current lithium-ion technology fitted in most of today’s electric cars, but far less graphite and cobalt is needed for solid state packs.
They also use solid ceramic material instead of liquid electrolytes to carry electric current, which makes them lighter, faster to charge and – potentially – cheaper. More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $101.42 | Down |
| Crude Oil (Brent) | USD/bbl | $105.18 | Down |
| Bonny Light | USD/bbl | $118.06 | Down |
| Saharan Blend | USD/bbl | $117.77 | — |
| Natural Gas | USD/MMBtu | $7.25 | Down |
| OPEC basket 18/07/22 | USD/bbl | $108.76 | Up |
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 15 July 2022 | 756 | +4 |
| Canada | 15 July 2022 | 191 | +16 |
| International | June 2022 | 824 | +7 |
| Baker Hughes |
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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