Energy top stories to 20/7/22. OPEC daily basket price stood at $110.27/bl, 19 July 2022
U.S. crude oil production data for the week ending July 8 down by 100,000 bpd to 12 million bpd, according to the latest EIA data.
API reported a build in gasoline inventories this week of 1.290 million barrels for the week ending July 15, compared to the previous week’s 2.927-million-barrel build.
Uniper has fully utilized the existing KfW credit facility in the amount of €2 billion. This is the company’s response to the ongoing supply shortfalls of Russian gas.
Uniper has already submitted an application for stabilization measures to the German government on July 8, 2022, which, in particular, takes comprehensive account of the effects of the supply shortfalls on Uniper’s financial situation. The package of measures proposed with Uniper’s application provides:
• the short-term activation of the options created in the Energy Conservation Act to pass on the increased procurement costs. This would make it possible to compensate for the losses incurred by Uniper as a result of the gas supply cuts.
• an equity component of the federal government that would lead to a relevant stake in Uniper SE.
• an increase in the KfW credit line, which is now fully utilized
An application to increase the KfW credit facility was additionally and independently submitted today, July 18, 2022, as talks between the German government and Uniper on stabilization measures are still ongoing and it is currently not foreseeable when these can be concluded. For the purpose of securing liquidity, Uniper has also implemented its announcement of July 8, 2022, and has been withdrawing gas from its own booked storage capacities since July 11, 2022. Up until today, over two terawatt hours (TWh) have been withdrawn. Also on July 11, 2022, Uniper sent a letter to its customers informing them about the current market situation and pointing out the possibility of rising prices. Read More
LIQVIS and The Fuel Company are pleased to have gained each other as a strong partner. Both companies are united by the common goal of providing our customers with an extensive and reliable network of LNG filling stations. The Fuel Company is pleased to start its partnership with LIQVIS by adding its infrastructure to the company’s network of gas filling stations in Europe. The new agreement means that The Fuel Company will increase its offer with a new strategically located network. It is a pleasure for the company to collaborate with an industry leading partner such as LIQVIS.
This partnership is an example of our common commitment to provide more logistics companies access to an international LNG filling station network beyond the high traffic country of transit Germany. LIQVIS is excited to be working with The Fuel Company.
Uniper subsidiary LIQVIS has been operating LNG filling stations since 2017. These are located at strategic transport hubs that serve a particularly high volume of trucks, such as Bad Honnef, Berlin, Bönen, Gotha, Hamburg, Hannover, Kassel, Magdeburg and Ulm. This year LIQVIS stations will also be commissioned in Leipzig, Alsfeld and Salzbergen. By establishing strategic partnerships for purchasing BIO-LNG from sustainable sources, Liqvis is also setting the course for CO2-neutral heavy duty logistics. In 2023 Liqvis will offer first BIO-LNG quantities as an alternative fuel for heavy duty trucks at its LNG filling stations in Germany. Read More
GE and NASA ran a megawatt-class, multi-kilovolt hybrid electric system in conditions simulating altitudes up to 45,000 feet. One megawatt could supply the equivalent of more than 600 U.S. houses. “This proves that we are altitude ready, “ Mohamed Ali, vice president for engineering at GE Aerospace says. “Next is to prove that we are flight ready.” The test took place at NEAT — NASA’s Electric Aircraft Testbed facility — the only facility currently capable of simulating high-electric and high-altitude conditions that’s also large enough to fit an electric powertrain. “NEAT is the only testing location capable of simultaneously providing both high electric power and high-altitude conditions in an area large enough to fit an entire electric powertrain — it’s truly one of a kind in the world,” says NASA’s Tim McCartney, director of aeronautics at the Glenn Research Center, in Cleveland. GE has spent years developing the power system, building on its expertise in electric motors and generators, power converters, power transmissions and power control systems. Read More–>
GE announced plans to become three independent and publicly traded businesses focusing on healthcare, energy, and aviation. Today the company unveiled their names.
Channeling its 130 years of innovation, all three — each a leader in its industry — will retain the familiar GE name and the company’s famous Monogram logo, which dates back to Thomas Edison. But their new names also reflect a new beginning.
GE’s healthcare business will become GE HealthCare, and GE’s existing portfolio of energy businesses, including Renewable Energy, Power, Digital, and Energy Financial Services, will sit together under the brand name GE Vernova. GE Aerospace will be the name of GE’s aviation business. Read More
Take Airbus and CFM International, a 50-50 joint company between GE and Safran Aircraft Engines. In February, the two companies announced plans to collaborate on tests of an aircraft engine fueled by hydrogen. And this week at the Farnborough Airshow, Airbus said it would join the cause along with CFM by participating in the RISE (Revolutionary Innovation for Sustainable Engines) Program, launched in 2021. The technology development initiative aims to mature and demonstrate advanced technology that would serve as the foundation for the next-generation CFM engine that will use 20% less fuel and create 20% fewer emissions than the most efficient jet engine in use today and could enter service by the mid-2030s.
In the second half of this decade, the aircraft manufacturer will partner with CFM to carry out a flight test demonstrator program on an Airbus A380 to validate the open-fan engine architecture. Airbus, CFM, GE and Safran have joined the Air Transport Action Group’s goal to achieve net-zero carbon emissions in aviation by 2050. “We have a vision and commitment to help the industry achieve its net-zero goals,” says Gaël Méheust, president and CEO of CFM International, “and the open-fan flight test demonstration program is an exciting step toward achieving that.” Read More
Just Stop Oil declares M25 a site of civil resistance after UK temperatures pass 40C
This is without doubt the most important moment in UK history. All time temperature records are being obliterated, thousands of people are expected to die from heatstroke and the liars and plotters who are vying to lead us are too busy fighting among themselves to even care. This is the moment when climate inaction is truly revealed in all its murderous glory for everyone to see: as an elite driven death project that will extinguish all life if we let it.
The criminals that have our democracy by the throat are currently overseeing the destruction of everything that is needed for society and the state to function. By continuing to allow and expand fossil fuel production they are sealing our fate. Europe will see heat waves surpassing 50oC in the near future and these will become more and more common. The Middle East and North Africa face 60oC heatwaves lasting months. It is clear that our society will collapse within the next two decades. Allowing this to happen is a crime without parallel in our history. It is the ultimate betrayal of the next generation. It is an act of mass genocide against billions of the poorest people in the poorest countries on earth. It is treason – plain and simple. Read More
Abu Dhabi National Oil Company (ADNOC) and TotalEnergies signed a strategic partnership agreement to deepen their long-standing partnership and explore new opportunities for growth across the energy value chain.
The agreement was signed in the presence of the UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the French President Emmanuel Macron, during the UAE President’s state visit to France. It was signed by His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Patrick Pouyanné, Chairman and CEO of TotalEnergies.
Under the terms of the agreement, ADNOC and TotalEnergies will explore opportunities to collaborate in areas of mutual interest including in gas growth, carbon capture utilization and storage (CCUS) and trading and product supply.
H.E. Dr. Al Jaber said: “TotalEnergies is a longstanding strategic partner and we are very pleased to build on our successful partnerships through this agreement as the UAE and France strengthen energy cooperation. The agreement offers the potential to accelerate growth and create greater and more sustainable value for our mutual benefit. We look forward to working with TotalEnergies to unlock the opportunities presented by the agreement across the energy value chain to enable more secure, affordable and sustainable energy for our countries and the world.”
TotalEnergies is a significant international partner for ADNOC and has been active in Abu Dhabi’s oil and gas sector since 1939. More
CNOOC Limited says Based on preliminary estimation by the financial department of the Company and in accordance with the Chinese Accounting Standards for Business Enterprises, it is estimated that the net profit attributable to equity shareholders of the Company for the first half of 2022 will be between RMB70.5 billion and RMB72.5 billion, representing an increase between RMB37.2 billion and RMB39.2 billion, and representing an increase between approximately 112% and 118% as compared
with the corresponding period of 2021. The net profit after deducting non-recurring profit/loss items attributable to equity shareholders of the Company for the first half of 2022 is estimated to be between RMB69.8 billion and RMB71.5 billion, representing an increase between RMB37.3 billion and RMB39.0 billion, and representing an increase between approximately 115% and 120% as compared with the corresponding period of 2021. Read More
The Nigerian National Petroleum Company Limited on Tuesday made it clear that it would no longer remit any money to the Federation Accounts Allocation Committee for sharing to the three tiers of government monthly. It said this was based on its latest transition from a public corporation to a limited liability company and that it currently owed no money to FAAC, as all monetary arrears to the committee were owed by the old corporation and not the new oil company. This came as the President, Major General Muhammadu Buhari (retd.), officially unveiled the NNPC Limited on Tuesday and declared that the new entity was henceforth free from institutional regulations.
Buhari, who made this public at the Presidential Villa, Abuja, stated that the oil firm would from now on conduct itself under best international business practice. Read More
President Muhammadu Buhari on Tuesday unveiled the new Nigerian National Petroleum Company Limited, a landmark event that officially changes the oil firm from a wholly state-run entity to a commercial oil company, limited by shares. The NNPC Limited is expected to be managed as a private energy enterprise unlike the former corruption-ridden government organisation. The unveiling took place at the presidential banquet hall in Abuja. The legal transition, based on the new Petroleum Industry Act, took effect July 1. The NNPC completed its incorporation in September last year weeks after the the PIA was signed into law by President Buhari. The NNPC Limited was then floated with an initial capital of N200 billion making history as the company with the highest share capital in the country.
The new entity is expected to become a commercially oriented and profit-driven national petroleum company independent of government, although government bodies remain its shareholders. It will be audited annually. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $103.00 | Up |
| Crude Oil (Brent) | USD/bbl | $105.90 | Up |
| Bonny Light | USD/bbl | $118.10 | Up |
| Saharan Blend | USD/bbl | $117.77 | — |
| Natural Gas | USD/MMBtu | $7.17 | Down |
| OPEC basket 19/07/22 | USD/bbl | $110.27 | Up |
President Muhammadu Buhari has appointed the Board and Management of the Nigerian National Petroleum Company Limited, in accordance with the power vested in him under Section 59(2) of the Petroleum Industry Act 2021. Chairman of the Board is Senator Margret Chuba Okadigbo (South East), Mele Kolo Kyari, Chief Executive Officer, and Umar I. Ajiya, Chief Financial Officer. Other Board Members are; Dr Tajudeen Umar (North East), Mrs Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Engr. Henry Obih (South East), Barrister Constance Harry Marshal (South South), and Chief Pius Akinyelure(South West). The appointments take effect from the date of the incorporation of the NNPC Limited. Read More
Gas flows via the Nord Stream 1, the main pipeline between Russia and Germany, were seen restarting on time on Thursday after the completion of the scheduled maintenance work, two sources familiar with the export plans said. Relieved experts had feared it would remain offline after it shut down on July 11 as Putin twisted the knife in the economic war being waged between Russia and the European Union. Read More
TotalEnergies, as operator, has announced the decision of the Papua LNG joint venture to launch the first phase of front-end engineering and design (FEED) studies for the Papua LNG project’s upstream production facilities. In parallel, studies for the downstream liquefaction facilities are progressing in line with the overall project schedule, and the objective is to launch the integrated FEED in the fourth quarter of 2022. The project is targeting a final investment decision (FID) around the end of 2023, and a start-up at the end of 2027. “The commencement of upstream FEED studies is another significant step towards developing the Papua LNG project, which will increase Papua New Guinea’s LNG export capacity and thus contribute to its further development,” said Julien Pouget, Senior Vice President Asia Pacific for Exploration & Production and Renewables at TotalEnergies. “The Papua LNG project is well positioned to contribute to growth in LNG supply worldwide, especially for customers in Asia seeking to decarbonize from coal to gas, in line with our strategy to lower global greenhouse gas emissions.”
The Papua LNG joint venture is committed to developing a landmark project in terms of sustainability, biodiversity, and low carbon emissions. Specifically, the project will incorporate a carbon capture and storage scheme for the fields’ native CO2, which will be reinjected into the reservoirs. Read More
U.S. Rig Count is up 4, Canada Rig Count is up 16
| 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 |
Polestar announced a robust performance for the first half of 2022 with record deliveries and a very strong order book. Continued development in existing and new markets is driving substantial growth in customer demand.
The Swedish company, which listed on the Nasdaq New York stock exchange in late June, delivered approximately 21,200 cars in the first six months of 2022, more than doubling deliveries from 9,510 cars in the same period in 2021 – an increase of almost 125%.
Global order take rose to 50,000 since the start of 2022, up more than 350% year-on-year, as the company continues to see strong customer demand as well as booking the first portion of Hertz orders. With this strong performance, Polestar reaffirms its full year target of delivering 50,000 cars. Read More
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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