Latest Energy / Automotive News and Press Releases
London, March 13, (Oilandgaspress), Silicon Valley Bank (SVB) Collapse Threatens U.S. Renewable Plans. The collapse threatens to derail what was a fast and growing part of the venture capital sector. More than $28 billion was invested in climate technology start-ups last year, up sharply from the year before, according to HolonIQ, a data provider.
Climate Tech Venture investment is now 40x larger than it was a decade ago. With innovation surging across the entire Climate Tech Landscape, notable mega rounds included 🇸🇪 Northvolt’s $1.1B growth round, 🇺🇸 TeraWatt’s $1.0B Series A, 🇺🇸 TerraPowers $750M+ growth round, 🇨🇳 RT Advanced Materials $740M, 🇨🇳 Voyah’s $700M Series A, 🇨🇭Climework’s $650M growth round and 🇺🇸 EnergyX’s $450m growth round joining 160+ other companies that closed a $100M+ Mega Round in Climate Tech through 2023.
Moody’s Investors Service has March 13, 2023 changed the outlook for Norsk Hydro ASA’s rating to positive from stable. Concurrently, Moody’s has affirmed the Baa3 long-term issuer rating, the Baa3 Baseline Credit Assessment (BCA) and the Baa3 rating of the EUR 500 million and EUR 300 million senior unsecured Bonds due 2025 and 2029, respectively. The positive outlook reflects an increased likelihood of an upgrade if Norsk Hydro ASA maintains strong credit metrics despite cost challenges and demand uncertainty. Read More
MOL Plc. (“MOL”) hereby notifies the market of the following:
The mandatory public takeover bid made on 16 December 2022 in accordance with Section 68 § (1) b) of the Act CXX of 2001 on the Capital Market (hereinafter: “Tpt.”) and submitted to the Hungarian National Bank (hereafter: “Supervisory Authority”) by MOL RES Investments Ltd. as a designated purchaser that is exclusively owned by MOL, as well as Főnix Private Equity Fund, managed by Diófa Asset Management and Riverland Private Equity Fund, managed by Indotek-Investments Zrt. as persons acting in concert, regarding the purchase of the registered ordinary shares (ISIN: HU0000155726) with a nominal value of HUF 12.5 each issued by ALTEO Energy Services Public Limited Company (hereinafter: “Alteo”) (and amended on 2 February 2023), has been approved by decision no. H-KE-III-77/2023 of the Supervisory Authority on 3 February 2023.
The proposed purchase price defined in the mandatory public takeover bid remain HUF 3.040 per share. The deadline for the declaration of acceptance regarding the mandatory public takeover bid commences on 10 February 2023 (at 9:00 a.m.), and ends on 13 March 2023 (at 3:00 p.m.). Read More
E.ON SE said Tuesday that Karl-Ludwig Kley has decided not to stand for re-election as chairman of the supervisory board and will be succeeded by Erich Clementi.
The German energy company said the appointment of Mr. Clementi, who has been a member of the supervisory board since 2016, is subject to his re-election at the annual general meeting and his subsequent election by the newly formed board. E.ON also said the supervisory board will have 16 members in future instead of 20. Read More
Petroleum Development Oman (PDO), the sultanate’s leading oil and gas exploration and production company, on Tuesday unveiled its new corporate purpose and strategy, outlining how it will continue to serve Oman and deliver value to the sultanate in a rapidly changing and volatile energy landscape.
The company’s new purpose – ‘Building a sustainable and low-carbon future to maximise value for Oman’ – replaces its previous vision and mission which were established more than ten years ago.
The official launch of PDO’s new purpose was announced at the Oman Sustainability Week (OSW) conference and exhibition, which PDO co-hosted with the Ministry of Energy and Minerals for the second consecutive year. In the exhibition, PDO showcased its refreshed strategy at an exhibition booth, giving attendees a glimpse of its existing projects and future plans to generate sustainable revenue for Oman today and in the low-carbon future. Read More
In the wake of Russia’s invasion of Ukraine and a surge in energy prices, natural gas demand in the European Union fell in 2022 by 55 bcm, or 13%, its steepest drop in history. The decline is the equivalent to the amount of gas needed to supply over 40 million homes. What were the main drivers behind this decline? In this commentary we assess how changes in the energy mix, economic activity, weather, behavioural changes and other factors were responsible for this dramatic shift in natural gas consumption.
Milder winter temperatures certainly played a role. However, not all weather effects reduced gas use – low rainfall in southern Europe led to a very poor year for hydropower and increased the call on gas-fired power. Policy-driven changes were vital, most notably record additions of wind and solar capacity. High prices also played a considerable role in bringing down demand, especially in gas-intensive industrial sectors. However, the extent to which they led to permanent demand reductions remains unclear. Power was the only sector in which gas demand rose above 2021 levels, with some of the notable changes caused by: Renewables, especially wind and solar. Thanks to ongoing policy support for renewables, around 50 GW of wind and solar was installed in the European Union in 2022, a record high. These additions avoided the need for around 11 bcm of natural gas in the power sector – the single largest structural driver of reduced natural gas demand. Nuclear and hydro. The sharp year-on-year declines in both nuclear and hydropower output pushed up demand for gas-fired power, leading to a small overall net increase in gas demand in the power sector. Lower electricity demand. EU electricity demand fell by around 3% in 2022. This meant that around 14 bcm of gas demand was avoided. Weather played a part in reducing electricity demand, even though higher summer temperatures and drought conditions drove up gas-fired power generation in parts of Europe. Read More
Petrobras informs that the divestment process of the Bahia Terra Cluster is in the negotiation phase with the consortium of companies Petrorecôncavo and Eneva, and no decision has been taken by the Executive Board and the Board of Directors concerning these assets, according to the releases disclosed on 05/01/2023, 13/12/2022, and 03/11/2022. Additionally, any intended decisions on investments and asset disposals must be analyzed by the appropriate governance bodies. Material facts will be timely disclosed to the market. Read More
Karoon reports that the Neon-2 (9-NEO-2D-SPS) control well reached a final total depth of 2,357 metres Measured Depth (MD) on 7 March 2023. The well was spudded to the northeast of the Echidna-1 discovery well, with the lower section deviated to the west to intersect the target zones some 1.3 kms north of Echidna-1. Wireline logging of the target sections is presently underway. The primary objectives of Neon-2 were to determine the quality and continuity of the Palaeocene units and to determine Palaeocene pressure connectivity with the Echidna-1 and Neon-1 wells. Preliminary analysis of the logging-while-drilling and wireline log data available at Neon-2 has confirmed that, as at Neon-1, the Palaeocene sandstone primary target zones are present and oil-bearing at this location.
The Palaeocene intervals were found to be present over a gross 244 metres MD interval (172 metres true vertical thickness). The net pay thickness in this section is estimated to be 148 metres MD (105 metres true vertical thickness). Importantly, preliminary wireline log analysis indicates that the average reservoir quality in this net pay section is similar to, or better than, that encountered at Echidna-1 and Neon-1. This analysis is subject to further studies and calibration with physical samples. Preliminary analysis of pressure tests through the Palaeocene section suggests that the Neon-2 oil zones lie on similar pressure gradients to the oil at Echidna-1 and Neon-1. Further work is required to determine the degree of communication between zones, given that Neon-2 intersected the reservoir on the western side of a prominent fault. Neon-2 also tested deeper Maastrichtian targets which, in line with results from Echidna-1 and Neon-1, were found to be poorly developed with no net pay currently identified. Read More
Trillion Energy International Inc. announced the preliminary gas indications from the West Akcakoca 1 well, the fourth well in our multi-well program at the SASB gas field, Black Sea, Turkiye. On March 10, West Akcakoca 1 reached 3,839 metres total measured depth (TMD) and true vertical depth (TVD) of 1,677 meters. During the drilling, an abundance of gas pay was discovered. Our analysis of logging while drilling (LWD) data suggests 55 metres of potential natural gas pay within 6 sands in the Akcakoca member (SASB production zone). The logging while drilling data is consistent with the initial mud show results. The 7” production casing will be run in and cemented this week. The initial perforation intervals are currently being selected to bring the well into production. Completion and flow testing will occur once the well is perforated, with revenue being generated prior to month end. After completion of the West Akcakoca 1 well, the rig will be skidded back to the Guluc-2 well for completion. The Guluc-2 well is scheduled to be put onto production by the end of March. Read More
Trillion Energy International Inc. provided a progress update on the Guluc 2 and West Akcakoca 1 wells at the SASB Gas field, Black Sea Turkiye.
Guluc-2 is the third well in our multi-well program, which reached total depth (TD) on Jan 31 as previously announced in our February 2 news release. We initially anticipated perforation and flow testing last week; however, completion has been temporarily delayed while we await delivery of well tools to allow the perforation guns to be properly conveyed and positioned into the well. Shipping issues due to the earthquakes caused delays in receiving certain tools, but we are expecting to receive the tools later this week. To avoid the rig standing idle waiting for tools, it has been skidded to the West Akcakcoa-1 well (“WA-1”) (to which 1008 metres of surface hole was previously drilled late in 2022) which will now be drilled to TD. After drilling of WA-1 is complete, both WA-1 and Guluc-2 wells will be perforated for production. Read More
Aker BP announced that the Frosk field development in the Alvheim area has been successfully completed and production has started on schedule and within budget, only 18 months after the Plan for Development and Operation (PDO) was submitted. Frosk is operated by Aker BP, with Vår Energi as partner.The Frosk field is tied back to Alvheim FPSO in the North Sea via existing subsea infrastructure and utilises existing capacity in the processing facilities with only a marginal increase in power consumption and CO2 emissions. The Frosk project has been delivered within the initial investment estimate of around NOK 2 billion (appr. USD 230 million). Recoverable reserves in Frosk are estimated at around 10 million barrels of oil equivalents (mmboe). The Alvheim area is among the most efficient assets on the Norwegian continental shelf, and the resource base has multiplied since start-up. This is the result of targeted exploration and reservoir development, technological innovation and not least the unique collaboration with key suppliers under Aker BP’s alliance model. Through the alliance model, Alvheim benefits from continuity on rigs, vessels, facilities and personnel. This is a key success factor which allows for transfer of learnings and continuous improvement in methods and technology from one project to the next. Frosk is the first of three new subsea tie-back projects to the Alvheim FPSO, with Kobra East & Gekko planned to come on stream early 2024 and Tyrving expected on stream in 2025. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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