Latest Energy News and Press Releases As Reported
London, March 09, (Oilandgaspress)
Nigeria’s Minister of Interior has reportedly revoked the work permit, visa, and residence permit of the Chief Executive Officer (CEO) of Seplat Energy PLC, Mr. Roger Brown, over allegations of racism, preference of foreign workers and discrimination against Nigerian employees levelled against him by workers of the company.
The Federal Government equally accused Mr. Brown of being in possession of a Combined Expatriate Residence Permit and Aliens Card (CERPAC) not based on a valid Expatriate Quota. It was also alleged that Mr Brown failed to honour invitations by the Ministry’s panel, which investigated the matter. The revocation was contained in a March 3, 2023 letter to the Board Chairman of Seplat Energy PLC by the Minister of Internal Affairs, which was sighted by our reporter at the Federal High Court Lagos, where some concerned stakeholders, instituted a legal proceeding against Seplat in this respect. Read More
Seplat Energy Plc has become aware of a news report following a letter regarding the residency status of its Chief Executive Officer (“CEO”), Mr. Roger Brown.
Seplat Energy wishes to refute the false allegations against Mr. Brown, which have been presented to the Ministry of Interior and the public by certain petitioners, and which have not been brought to the attention of Mr. Roger Brown or Seplat Energy for a reaction. The orchestrated media reports are clearly calculated to spread false information. Seplat Energy will be engaging with the Ministry to reject the impressions created by these allegations.
The Board believes that these allegations are a spurious and vindictive reaction to the enforcement of corporate governance standards in the Company by the Board of Seplat Energy. Over the past decade, Mr. Brown has earned an unblemished record of service and leadership in the Company. On 8th March 2023, the Board of Seplat Energy unanimously passed a vote of confidence in Mr. Brown, who continues to discharge his duties and responsibilities as CEO from the SEPLAT UK office.
This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule). Read More
The Chair of the Board of Directors of Vestas Wind Systems A/S, Bert Nordberg, has informed Vestas that he will not stand for re-election as board member in connection with the Annual General Meeting on 12 April 2023. Bert Nordberg steps down after having chaired the Board of Vestas Wind Systems A/S during the period 2012-2023. Following the Annual General Meeting the Board expects to constitute itself with Anders Runevad as new Chair. Anders Runevad has been a member of the Board since 2020 and currently holds the position of Deputy Chair. Runevad was Group President & CEO of Vestas during the period 2013-2019.
Bert Nordberg joined Vestas in 2012 at a very difficult time for the Company and spearheaded Vestas’ successful return to financial stability. During his term, Vestas has transformed from a leader in onshore wind to a leader in sustainable energy solutions. As part of this strategic evolution, Vestas has led the servicification of the wind industry; re-emerged as a leader in offshore wind energy; established a development business; positioned itself to exploit future opportunities in the Power-to-X market; and made industry breakthroughs within sustainability, including a blade circularity solution. Wind energy has established itself as a key pillar of the energy systems of the future, and Bert Nordberg’s and therefore Vestas’ strategic priority to put wind energy on a par with fossil fuels has been key to this achievement, mobilising both Vestas’ technology and engineering prowess while setting the direction for the entire industry. Read More
Toyota Motor Corporation (Toyota) has been working with Fukushima Prefecture since June 2021 toward the development of new future cities using both hydrogen produced in Fukushima and hydrogen-related technologies developed there. As part of these efforts, Toyota has been collaborating with the DENSO Group to use hydrogen along with renewable energy to decarbonize plants.
Toyota recently developed new electrolysis equipment that produces hydrogen from electrolyzing water using the FC stack and other technology from the Mirai. The equipment will be put into operation this March at a DENSO Fukushima Corporation plant, which will serve as a technology implementation venue to promote its widespread use going forward. Toyota will accelerate its efforts to build a model for the local consumption of locally produced hydrogen, using electrolysis equipment to produce clean hydrogen and combust it in one of the plant’s gas furnaces. Furthermore, Toyota will publicize the details of its efforts to build such a hydrogen utilization model in the hopes of expanding the model’s implementation to many people from various industries and regions. Read More
Neptune Energy today announced its financial results for the 12 months ended 31 December 2022.
Strong operating performance in 2022, materially higher production in 2023
• Good HSE performance, with lower total recordable injury rate and process safety event rate. Targeting further im-provements in personal and process safety in 2023.
• Carbon intensity from operated production stable at 6.5 kg CO2/boe, methane intensity of 0.02%. On track to hit 2030 targets.
• FY 2022 production increased to 135.0 kboepd, reflecting restart of Snøhvit and a full-year’s contribution from Duva. Njord successfully brought onstream in December. Further improvement in production efficiency to 85%.
• Production guidance of 150-165 kboepd in 2023, supported by Njord ramp-up, start-up of Fenja (April) and Seagull (Q2) projects, and the restart of gas exports from Touat.
Lower carbon portfolio, low carbon developments
• Total investment since 2018 of more than $4 billion, delivering a material increase in total reserves and resources and production, and supporting energy security in Europe.
• 2P reserves of 552 mmboe at 31 December 2022, with a higher proportion of reserves developed. 2C resources in-creased to 468 mmboe, reflecting new licences and exploration success, and providing future growth opportunities.
• Reducing operational emissions through electrification. Gudrun project to be brought online in mid-2023. Submitted plans in December 2022 to electrify Snøhvit and Njord, increasing proportion of production electrified in Norway to 100% in 2028.
• Continuing to advance CCS opportunities in Norway, the Netherlands and the UK. FEED expected to commence at L10 CCS project in 2023, submitted CO2 storage licence applications in the UK and Norway.
Growing cash flow, strong balance sheet
• Post-tax operating cash flow of $2.4 billion, EBITDAX of $3.9 billion and operating profit of $3.2 billion. Strong per-formance enabled dividend and capital distributions totalling $1.1 billion by Neptune Energy Group Limited.
• Total tax charge for 2022 of $2.2 billion, representing an effective tax rate of 70%.
• Net debt to EBITDAX of 0.44 times at 31 December 2022. RBL refinancing expected to be completed in the first half of 2023. Credit rating upgrades in 2022 from Fitch, Moody’s and S&P.
• Guidance for post-tax operating cash flow of ~$2.0 billion in 2023 as higher production is offset by lower expected oil and gas prices and higher cash taxes. Read More
Belltree Ltd, the leading provider of data-driven technology solutions to the upstream energy industry, is diversifying its services to meet the decarbonised demands of the future. The company is launching bMark™ CCS module to its ground-breaking bMark™ software that will deliver a data-driven Carbon Storage project benchmarking solution to assist in site selection for carbon storage projects. Over the last decade, CO2 in the Earth’s atmosphere has risen from 393 parts per million (ppm) to 414 ppm. Carbon Capture and Storage (CCS), which removes CO2 from the atmosphere and stores it underground, is gaining momentum as a means to reduce emissions and meet global climate goals.
By pairing proven data-driven approach which has informed and empowered oil & gas industry leaders for the last 8 years with brand new global data sets, Belltree will allow its customers to assess the potential of carbon storage sites in a step toward achieving global Net Zero targets.
Applying data derived insights, the bMark™ CCS module informs decision makers as to the risks, costs, and suitability of a subsurface reservoir for carbon storage. In doing so, it allows operators to identify low risk, high potential sites that can be proposed for development. Read More
Russia launched a new wave of missile strikes across Ukraine early on Thursday morning. Ukraine’s Black Sea port city of Odesa, the capital Kyiv, and Kharkiv all saw their energy infrastructure targeted, cutting off power in some areas, according to a Reuters report. Kyiv Mayor Vitali Klitschko said on Telegram that explosions occurred in Kyiv’s Holosiivskyi District, in the southwestern part of the city, early Thursday morning. “Explosions in the Holosiivskyi District of the capital. All (emergency) services are en route to the site. More details to follow,” he wrote. Officials in Odesa were warning of another wave of missile strikes in the early morning hours of Thursday. The governor of the Odesa region, Maksym Marchenko said an energy facility had been hit in the port city. Read More
Big Oil majors with operations in Brazil have filed an injunction against a new oil export tax that the Lula da Silva government introduced surprisingly a week ago.
The Brazilian government announced at the start of this month that it would collect taxes on crude oil exports for four months in a bid to offset the effects of an earlier decision to keep fuels tax-exempt, Reuters reported at the time.
That decision, however, was made without consulting the industry and it will increase uncertainty about future investments in Brazil’s oil and gas resources, according to Shell, one of the authors of the injunction, which spoke to Bloomberg. Shell has been joined by the local subsidiaries of TotalEnergies, Repsol, Equinor, and Portugal’s Galp in fighting back against the government’s decision. Read More
Since Russia’s invasion of Ukraine just over a year ago, most of the fighting has been on land. However, there has also been a less visible – but nonetheless crucial – maritime dimension to the war across the full spectrum of tactical, strategic, economic and diplomatic considerations.
After land troops crossed the Ukraine border on February 24 2022, the Russian navy quickly secured control of the northwestern Black Sea. This meant it could contribute to the air campaign against Ukraine by launching cruise missiles from the sea. This diversified Russia’s attack vectors, thus increasing the chance of penetration by overwhelming Ukraine’s air defence systems.
This operational control gave the invaders the ability to threaten the important port city of Odesa with an amphibious assault. The prospect initially required Ukraine’s war planners to divert resources away from the main fronts in the east and north around Kyiv. It also enabled Russia to deny Ukraine access to and from its own ports, which resulted in a de facto maritime blockade of Ukraine. But Russia failed to translate this early dominance into strategic effects by opening up a new front in Odesa. This has been attributed to the navy’s subordination to the objectives of Russia’s land forces, whose focus was elsewhere.But despite all this, Kyiv managed to undermine Russia’s naval dominance by demonstrating innovation and initiative. Read More
ACWA Power has announced a ground-breaking partnership agreement with the Republic of Kazakhstan’s Ministry of Energy and Samruk-Kazyna, the sovereign wealth fund of Kazakhstan to lead and develop a 1GW wind energy and battery storage project within the Central Asian country.
The project marks ACWA Power’s entry into Kazakhstan, and with an initial investment of US$1.5 billion, aims to support national climate action, renewables integration, and sustainable development efforts through innovation and technology integration. It is intended to successfully decarbonise fossil fuel-based power generation following its scheduled completion in 2027. Read More
ACWA Power in partnership with its vocational institute the Higher Institute for Water and Power Technologies (HIWPT), launched the all-new “Renewable Energy and Occupational Safety” Program as part of the institute’s curriculum. The groundbreaking program is the first of its kind in the Kingdom and focuses on training women in technical disciplines related to renewable energy and water. The first batch within the program will include 60 female trainees in the fields of water and mechanical maintenance. Read More
The true impact of winter on electric car performance revealed: New test shows plummeting temperatures can slash battery range by up to a THIRD. A review of 12 battery-powered cars on sale in Britain today found that the worst fell 32.8 per cent shy of its claimed driving range on a full charge in winter conditions.
The least impressive performer among the selection of EVs was China’s new Ora Funky Cat, which starts from £31,995 in the UK.
The study – conducted by consumer magazine What Car? – found it could only go for 130 miles before the battery ran flat. That compares to an ‘official’ figure of 193 miles, which is based on mandatory laboratory tests of every vehicle before they hit showrooms.Poor performers in winter include the Renault Megane E-Tech, of which two versions were tested by What Car?.
The plug-in French hatchback was found to fall between 30 and 32 per cent below the claimed battery range in the controlled cold-weather tests.
Another notable EVs tested is the MG4 EV – the cheapest family-size electric car on the market today with prices starting from £26,995. Read More
Mitsubishi Power captured the top market share by megawatts in 2022 with a global gas turbine market share of 33% according to McCoy Power Reports data.(1) The company has also secured 49% market share in the Advanced Class(2) gas turbine market, led by Mitsubishi Power’s latest model JAC (J-Series Air-Cooled) gas turbines.Mitsubishi Power’s high market share results is attributed to its strong project execution track record, high performance, and product reliability. Mitsubishi Power has extensive experience with large frame gas turbines, including the F, G and J-series. The G-series has surpassed 7 million actual operating hours (AOH) and the J-series has surpassed 2 million AOH. In the heavy-duty gas turbine market, which is the most popular segment for combined cycle gas turbines, the JAC is the world’s leading gas turbine with an efficiency greater than 64%.It meets rigid standards for reduced carbon emissions, offering the lowest emissions in its class.The J-series has surpassed 100 units of cumulative orders. In 2022, the company received orders for 20 units of the JAC gas turbines (the latest J-series model), accounting for about 60% in terms of output, and contributing to the high market share. Read More
Mitsubishi Heavy Industries Aero Engines, Ltd. (MHIAEL), has completed expansion work at its aero engine maintenance shop in Komaki City, Aichi Prefecture, to respond to globally expanding demand for maintenance, repair and overhaul (MRO) services. The expanded facility is expected to increase its commercial engine MRO capacity from 5 to 6 units per month to more than 10 units per month by 2026, then ultimately reaching 15 units per month.
The expansion work added floor area of 2,500m² in addition to the pre-existing floor area of approximately 11,600m², resulting in 20% increase of a workspace.In addition to the ongoing MRO business for PW4000 and V2500 engine models respectively powering Boeing B747 and Airbus A320 aircrafts, the expanded shop will also perform MRO for the best-selling state-of-the-art PW1100G-JM powering the Airbus A320neo family aircrafts.
The facility expansion also introduces a highly efficient layout to the shop floor.The pre-existing area is now dedicated to all manually performed processes (engine disassembly, assembly, inspection, etc.), while the newly added workspace is used for the large-scale equipment for balancing, grinding, etc., as well as parts kitting process.The facility is expected to achieve capacity of 15 units per month in this new, optimized shop floor. Read More
Baker Hughes Rig Count
U.S. Rig Count is 749 with oil rigs 592, gas rigs 154 and miscellaneous rigs 3.
Canada Rig Count is 246, with oil rigs 158, gas rigs 88.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 03 March 2023 | 749 | -4 |
| Canada | 03 March 2023 | 246 | +2 |
| International | February 2023 | 915 | +1 |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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