Evening Energy News | October 24th, WTI Crude stood at $85.24/bl
Rishi Sunak named Conservative Party leader and prime minister of the UK
Barclays has cut its Brent oil price forecasts for this year and 2023, flagging risks to demand from COVID-19 flare-ups in China and a broader global economic slowdown.The bank cut its 2022 Brent price forecast by $3 per barrel to $100 per barrel, and lowered its 2023 outlook by $5 to $98 per barrel. According to the International Monetary Fund, economic growth is projected at 5.2 per cent this year for the oil exporters in the Middle East and Central Asia, with high oil prices and robust non-oil GDP growth offsetting the global headwinds.
EDF Renewables Ireland is announcing plans to develop a c.50MW wind farm in County Louth. The proposed Kellystown Wind Farm, which could power more than 35,000 homes*, will be located approximately 8km north of Drogheda town.
The project team is currently gathering wind data and mapping the environmental constraints on site which will be used to create a preliminary wind turbine layout. Detailed environmental studies will also be carried out at the site, including ecology, noise, landscape and visual assessments. The results of these studies, together with feedback gathered in consultation with local communities, will be used to determine the final wind farm layout and number of turbines.
EDF Renewables Ireland intends to submit a planning application and an Environmental Impact Assessment Report in support of the project, which could consist of up to eight turbines, in late 2023. Subject to planning permission, the wind farm could be constructed and operational by 2027. A Community Benefit Fund commensurate with the size of the final project will be established to provide funding for local community initiatives and activities. Read More
Fishbones, the leading provider of alternative reservoir stimulation technology, has today announced the opening of a new office facility in Abu Dhabi, United Arab Emirates.
Located on Al Mariyah Island, the new regional hub will support the company’s ongoing business growth in the Middle East following increased activity in the area. Its location will provide Fishbones’ customers with a specific local customer focus and on-site support.
The new hub will include a maintenance and storage facility, ensuring Fishbones can mobilize quickly and reduce the lead time for customers in the region.Eirik Renli, CEO Fishbones, said: “Today’s announcement illustrates the increase in activity that we have seen across the Middle East during the last 18 months, while highlighting our commitment to the region.
“With over 20 wells completed across the Middle East to date, our technology typically more than doubles production for operators in the region.
“Not only will this regional hub support our existing customers, but it will also provide the platform for future growth as we seek to expand our unique reservoir stimulation approach to operators in the region.”
Typical geological characteristics in the Middle East sees tight and layered carbonates, often with poor vertical communication. The use of Fishbones’ technology can overcome these challenges by ensuring single well access to multiple producing zones using an open hole liner completion.
Fishbones’ patented technology deploys subs with Fishbones needles, which are run on a reservoir liner string, to work in partnership with its Backbone open hole anchors and activation shoe. These components mean that successful needle systems can be installed and maintained while in the reservoir.
Several laterals are then created simultaneously in a short pumping operation by means of either drilling or jetting, depending on the type of formation presented.
The precisely distributed laterals penetrate the formation, bypass permeability barriers, connect to natural fractures, bypasses the damaged zone and increase the effective wellbore radius. Read More
Shanahan Engineering’s refreshed identity, as they reveal their new branding to align with parent company EthosEnergy.
The brand refresh comes at a time of change for the company, as they announce their most recent appointment of Vice President, Kevin McCarthy.
Kevin McCarthy said: “I am delighted to announce Shanahan Engineering’s refreshed brand, to align with EthosEnergy. Our brand is renowned and recognised globally, and we are now proud to add the EthosEnergy banner to further demonstrate the depth of our organisation. Although our brand unity is with EthosEnergy, Shanahan’s identity is still our own. A successful brand sets us aside from our competitors and is consistent across everything we do”.
Shanahan Engineering, an EthosEnergy subsidiary, is a leading Global Energy Services Company dedicated to providing power solutions to Owners, EPCs, Owner Engineers, OEMs and Contractors worldwide. Founded in 1979, Shanahan has four decades of proven experience in over 70 countries worldwide.
The brand refresh sees Shanahan Engineering’s logo adopt elements from EthosEnergy, including a modern typeface and colour palette. Built on the heritage and strong foundation of their original logo, Shanahan Engineering’s new brand marque is bold, clean, and has new-found energy. The logo’s overlapping elements represent Shanahan Engineering’s dedication to people, processes, and solutions, while highlighting the relationship between the two companies. Read More
Alef Aeronautics, an advanced technology company creating alternative transportation solutions for surging traffic trends, today introduces the Alef “Model A”, the only flying car with street driving and vertical take-off. The Alef Model A flying car fits within existing urban infrastructure for driving and parking. The company plans to begin production and initiate first deliveries in Q4 of 2025.The Alef “Model A” flying car has a driving range of 200 miles and a flight range of 110 miles. It has a distributed electric propulsion system, no exposed propellers, extensive software flight stabilization and safety system, elevon stabilization system, and all wheel driving. Key safety components include triple to octuple redundancy of all key components, real-time thousand point diagnostics, pre-flight reject start diagnostics, obstacle detection and avoidance among others. Read More
Africa Oil Corp. announce that the Company repurchased a total of 1,604,350 Africa Oil common shares during the period of October 17, 2022 to October 21, 2022 under the previously announced share buyback program.
The launch of Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on September 22, 2022, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated October 17, 2022 to October 21, 2022, the Company repurchased 834,350 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 770,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
All common shares repurchased by Africa Oil under the share buyback program will be cancelled. During the period dated October 17, 2022 to October 21, 2022, the Company cancelled 4,708,050 common shares repurchased under the share buyback program. Read More
His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Prime Minister and Chairman of the Council for Economic and Development Affairs, announced today the launch of the Global Supply Chain Resilience Initiative (GSCRI). The GSCRI aims to make Saudi Arabia a location of choice for leading global industrial companies looking to drive competitive advantage and improve business resilience.
As His Royal Highness mentions that the Global Supply Chain Resilience Initiative will provide a great opportunity to achieve common successes. Working along with other development initiatives that have been launched in recent years, it will help to enable investors, from all sectors, to benefit from the Kingdom’s resources and capabilities and support and develop these value chains. It will also build successful investments, which will give greater flexibility to economies, businesses and consumers around the world. It will ensure the provision and sustainability of supply chain access to all parts of the world effectively and with highly competitive advantages. Finally, the GSCRI will bring the Kingdom closer to achieving its Vision 2030 aspirations to be a top 15 global economy by 2030 and leave a prosperous legacy for future generations. The GSCRI is one of the initiatives of Saudi Arabia’s National Investment Strategy, launched in October 2021 to accelerate efforts to make the Kingdom a global investment powerhouse. The initiative aims to enable global investors to make optimal use of the Kingdom’s natural resources and untapped potential and form strong relationships with regional and global markets. The GSCRI aims to make the Kingdom an optimal investment environment for all investors in supply chains, through several steps.
These steps include, identifying and developing investment opportunities and presenting them to investors, establishing a number of special economic zones in the near future, through which an attractive environment can be created for investors, in addition to attracting the regional headquarters of international companies to the Kingdom. The Kingdom is also working to implement regulatory and procedural reforms in various aspects, which, in turn, will contribute to further improving the investment environment and increasing its attractiveness and competitiveness. As well as make the investment plays an essential role to achieve economic growth and diversity in light of Saudi Vision 2030 objectives. Read More
Shell to partner in the North Field South LNG project
Shell has been selected to participate in the next wave of Qatar’s LNG expansions – the North Field South project (NFS). Shell will obtain a 9.375% participating interest in the 16 Mtpa NFS project – out of a total 25% interest available for international partners. QatarEnergy will hold the remaining 75%. Read More
Moody’s Investors Service has downgraded Nigeria’s local currency and foreign currency long-term issuer ratings as well as its foreign currency senior unsecured debt ratings to B3 from B2.
The global rating agency also placed Africa’s largest economy by gross domestic product rating on review for downgrade, according to a rating note.According to the report, the rating downgrade is driven by the significant deterioration in Nigeria’s government finances as well as its external position, exerting increasing pressure on the sovereign credit profile despite a strong increase in international crude oil prices in 2022. Moody’s assessment is that these developments are partly the result of weak governance and likely to last, the rating note stated. Read More
Commodities suffered a broad retreat during a week where most of the directional input was being provided by another across-the-curve rise in US bond yields with traders once again being forced to re-evaluate the level of pain the US Federal Reserve is willing to inflict on the market through higher rates in order to bring inflation under control. Weakness led by natural gas, cotton and coffee. Commodities suffered a broad retreat during a week where most of the directional input was being provided by another across-the-curve rise in US bond yields, a development that saw the 10-year US note’s yield jump to 4.33%, the highest level since 2007. A development being driven by the market once again being forced to re-evaluate the level of pain the US Federal Reserve is willing to inflict on the market through higher rates in order to bring inflation under control.
While the dollar from a broad perspective traded close to unchanged, the Japanese yen weakened beyond the closely watched 150 per dollar level, driven by a widening gap between rising US yields and the Bank of Japan-managed 0.25% ceiling on ten-year JGB’s. The mentioned rise in US yields followed on from hawkish remarks from Fed officials that led to the market now pricing in a 5% peak policy rate in early 2023, i.e., another 1.75% on top of the current rate.
As the table shows, the losses across the commodity sector were broad with all sectors suffering declines. The Bloomberg Commodity Index which tracks a basket of major commodities spread evenly between energy, metals and agriculture traded softer by 2.5% with the index hovering near a March low. The weakness being primarily driven by natural gas which, despite having dropped by more than 40% since August, still trades up by more than 50% year-to-date, the result being an overly large index weight of 12.6% compared with its 8% target weight. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $84.77 | Up |
| Crude Oil (Brent) | USD/bbl | $93.54 | Up |
| Bonny Light | USD/bbl | $92.40 | Down |
| Saharan Blend | USD/bbl | $92.88 | Down |
| Natural Gas | USD/MMBtu | $5.15 | Up |
| OPEC basket 21/10/22 | USD/bbl | $92.09 | Down |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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