Latest Energy News As Reported
London, March 17, (Oilandgaspress): WTI Crude stood at $68.80/bl, Brent Crude at $75.08
In its Annual Energy Outlook 2023 published on Thursday, the Energy Information Administration predicted that high international demand for petroleum products will lead to continued growth in U.S. production. Combined with relatively little growth in domestic consumption, this means the United States remains a net exporter of petroleum products and natural gas through 2050 in all AEO2023 cases.
The EIA sees a wide band of possibilities for petroleum and other liquids production depending on its three core scenarios. Read More
Genel Energy plc updates on oil reserves across its portfolio. International petroleum consultants DeGolyer and MacNaughton, working on behalf of the operator
DNO, assess that Tawke licence (Genel 25% working interest) gross year-end 2022 2P reserves stood at 327 MMbbls, compared to 357 MMbbls at year-end 2021, after adjusting for production of 39 MMbbls and an upward technical revision of 9 MMbbls. Following implementation and observation of the performance of phase 1 of the Tawke field Enhanced Oil Recovery project, Genel has moved 11.7 MMbbls of the 23.3 MMbbls of those gross 2P reserves that were previously included as 2C resources into 2P reserves. At Taq Taq (44% working interest, joint operator), gross 2P reserves stood at 24 MMbbls at year-end 2022 (26 MMbbls at end-2021), following production of 1.6 MMbbls. McDaniel & Associates carried out the independent assessment of the Taq Taq licence. At Sarta (30% working interest, operator) Genel’s estimate of gross 2P reserves at year-end 2022 is 9 MMbbls (32 MMbbls at the end of 2021), following production of 1.7 MMbbls and a technical revision after assessment of the results of the 2022 appraisal wells and pilot production. Read More
Eni’s Board of Directors, chaired by Lucia Calvosa, today resolved to distribute to Shareholders the fourth of the four tranches of the provision in place of the dividend 2022 from Eni S.p.A. available reserves[1] of € 0.22 (compared to a total annual provision, in place of the dividend, equal to € 0.88) per share outstanding at the ex-dividend date as of 22 May 2023[2], payable on 24 May 2023[3], as resolved by the Shareholders’ Meeting of 11 May 2022.
Holders of ADRs, outstanding at the record date of 23 May 2023, will receive € 0.44 per ADR, payable on 8 June 2023[4], with each ADR listed on the New York Stock Exchange representing two Eni shares. Read More
Eni’s Board of Directors, chaired by Lucia Calvosa, has resolved to submit a proposal to the Shareholders’ Meeting of 10 May 2023, called in ordinary session, to authorize the purchase of treasury shares (the “new buyback Program”) for a period up to the end of April 2024.
As illustrated in the 2023-2026 Strategic Plan, presented to the market on February 23, 2023, Eni intends to distribute between 25%-30% of annual CFFO by way of a combination of dividend and share buyback. In upside scenarios of the CFFO compared to the amount foreseen in the Plan, Eni expects to use 35% of incremental CFFO for distribution.
In line with the Plan, considering Eni’s expectations for the scenario and the performance of the businesses, Eni therefore intends to launch a €2.2 billion new share buyback in 2023. This amount may be increased up to a total maximum of €3.5 billion, in case of upside scenarios as described above.
The maximum amount of shares that can be purchased under this program is no. 337 millions of shares (approximately 10% of Eni’s share capital as a result of the proposed cancellation of the shares acquired in the previous 2022-2023 buyback Program).
Authorization for the purchase of treasury shares under the new buyback Program is requested for the following purposes: up to no. 275 millions of shares, to remunerate shareholders; up to no. 62 millions of shares, to set up a share portfolio to serve extraordinary financial transactions, as convertible bond issues, or for other purposes consistent with the financial, business and/or strategic interest of Eni. Purchases made under the new buyback Program will be made at a price identified in compliance with regulatory requirements and accepted market practices in force from time to time. This price may not deviate downward or upward by more than 10% from the official price recorded by Eni S.p.A. stock in the session of the Euronext Milan market, organized and managed by Borsa Italiana S.p.A., on the day preceding each individual transaction. Purchases may be made: on regulated markets in accordance with operating procedures established in the regulations for the organization and management of those markets; in the way established by the market practices permitted by Consob pursuant to Article 13 of Regulation (EU) No. 596/2014 (if applicable); under the conditions set forth in Article 5 of Regulation (EU) No. 596/2014. The Board of Directors has also resolved to submit a proposal to the Shareholders’ Meeting, called in extraordinary session, to cancel: the treasury shares purchased under the previous 2022-2023 buyback Program (no. 195,550,084 of treasury shares), and the treasury shares to be purchased under the new buyback Program for the purpose of remunerating shareholders (maximum no. 275 millions of treasury shares). This cancellation will be carried out by the Board of Directors without reducing the share capital, in view of the absence of the par value of Eni’s shares, by July 2024, in one or more acts, even before the maximum number of shares authorized by the Shareholders’ Meeting has been purchased. For shares purchased for purposes other than shareholder’s remuneration, the Shareholders’ Meeting is called upon to authorize their subsequent disposal, without time limits. The sale or other acts of disposal of such shares may be carried out in accordance with the terms and conditions established from time to time by the Board of Directors, in accordance with the purpose for which the authorization to purchase is requested, as well as in the way deemed most appropriate by the Board of Directors and in accordance with the interests of the Company and, in any case, in compliance with applicable regulations and any applicable market practices. Read More
The U.S. Environmental Protection Agency (EPA) has announced the names of 15 organizations that each earned EPA’s ENERGY STAR certification for more than 150 commercial, multifamily, and industrial buildings in 2022. In total, the top certifiers collectively certified more than 3,700 buildings representing over 800 million square feet of floor space. EPA is highlighting the organizations that are the most active certifiers in recognition of the 30th anniversary of the ENERGY STAR program. Any organization that certified five buildings or more in 2022 was eligible for special recognition as a member of the ENERGY STAR Certification Nation. The group of top certifiers includes a diverse set of energy services companies that help their clients improve the energy performance of their buildings as well as large commercial real estate companies, a healthcare real estate capital provider, a public utility, and a regional bank holding company: Read More
Vestas has received a 50 MW order to power Prime Capital AG’s Lappfjärd Extension project in Kristinestad, Finland. The order includes supply, installation, and commissioning of eight V162-6.2 MW turbines, as well as a 20-year Active Output Management 5000 (AOM 5000) service agreement designed to ensure optimised performance of the asset.
This order is an extension of the Lappfjärd project, which was completed in the fourth quarter of 2022 and features 31 wind turbines of the same type, marking the first time Vestas deployed the V162-6.2 MW variant.
“After the successful and timely completion of wind farm Lappfjärd with 31 EnVentus turbines in 2022, we are grateful to the municipality of Kristinestad for the fast permitting of further eight wind turbines which Vestas will install equally fast already in 2023. We are looking forward to extending our cooperation with Vestas on this project which will support the power supply to Prime Capital`s ambitious green hydrogen project in Kristinestad. Further, Vestas and Prime Capital will explore the development of the Lappfjärd project as a showcase for innovative grid services that will support the secure operation of the Finnish power grid,” says Andreas Schmid, Head of Engineering at Prime Capital AG.
“We are thrilled to deliver the turbines already this year, and to work again with our long-time partner Prime Capital,” says Nils de Baar, President of Vestas Northern & Central Europe. “The industry-leading V162-6.2 MW EnVentus turbine was the perfect choice for Lappfjärd, highlighted by the expansion with the same model, and the project also shows the mutual trust between Vestas and Prime Capital.”
The delivery and installation of the wind turbines are expected to begin in the third quarter of 2023 with commissioning scheduled for the fourth quarter of 2023.
Read More energypr www.energypr.co.uk
, the European Commission presented initiatives to increase the speed and scale-up of the renewable hydrogen industry.
The Net Zero Industry Act identifies electrolysers as a strategic net zero technology for Europe. It aims to accelerate permitting and reduce the administrative burden on electrolyser manufacturers when applying for permits. Until now, there have been no harmonized rules across the European internal market regarding the permitting of clean-tech manufacturing.
“We look forward to the implementation of the numerous EU initiatives intending to create an attractive investment framework in Europe,” says Nel’s CEO, Håkon Volldal. The EU package also includes an aspirational target of meeting at least 40% of the EU’s annual electrolyser manufacturing deployment needs by 2030 with electrolysers made in Europe. “There is fierce competition between continents for global leadership in renewable hydrogen technology, and we welcome the EU setting a target for the production of electrolysers made in Europe,” says Volldal.
The Commission also communicated on the highly anticipated “Hydrogen Bank.” A first pilot auction of the Hydrogen Bank with an indicative budget of €800 million will be launched in the autumn of 2023. Winners of the auction will receive a fixed premium for each kg of renewable hydrogen produced over 10 years.
In addition, the European Commission presented a proposal for a “Critical Raw Materials Act” aimed at strengthening the European critical raw materials value chain as well as diversifying the EU’s imports of critical raw materials whilst reducing strategic dependencies.
The world’s first
Nel’s production of alkaline electrodes at Herøya in Norway, where the company has established the world’s first fully automated electrolyser factory, does not depend on any rare earth metals or other scarce resources. The facility has a capacity of 500 MW and the company has started the construction of a second production line, which will take the manufacturing capacity in Herøya to 1 GW by April 2024. The facility can be further expanded to 2GW manufacturing capacity. In addition, Nel recently announced that the company has made a final investment to expand its existing manufacturing facility in Wallingford (US) from 50 to 500MW annual output. The company is also in the final site selection phase for a new gigafactory in the United States of America. The gigafactory will have a potential annual manufacturing capacity of up to 4 GW.
Volldal says Nel is committed to adding capacity when and where the market needs it. “We will continue to search for sites for further expansion. With our fully automated manufacturing concept, we have a great starting point for building more production lines and factories,” says Volldal. Read More
Neste is partnering with Catom in the Netherlands to increase the supply and distribution of Neste MY Renewable Diesel™ and to contribute to the reduction of greenhouse gas emission in the transport sector.
Catom is a Dutch company active in the trade, distribution and sales of fuels and lubricants. With its subsidiary OK Oliecentrale, Catom is market leader in the Netherlands in selling high-quality fuels to end-customers in the Netherlands. Combined with Catom’s storage facilities at strategic locations and dedicated logistics – both over land and water – the availability of Neste MY Renewable Diesel will further increase in the Dutch market. Read More
Subsea 7 S.A. today published and distributed to eligible holders of Common Shares and American Depositary Receipts the Notice of Meeting and supporting materials for the Annual General Meeting of Shareholders (the AGM) and the Extraordinary General Meeting of Shareholders (the EGM).
The AGM is scheduled to take place at 15:00 (local time) on 18 April 2023 at the Company’s registered office, 412F, route d’Esch, L-1471 Luxembourg and the EGM will take place immediately thereafter.
The holders of American Depositary Receipts (“ADRs”) on record at the close of business on 6 March 2023 and the holders of common shares on record at the close of business on 4 April 2023 will be entitled to vote. The deadline for submission of votes for holders of ADRs is 6 April 2023 and for holders of common shares is 12 April 2023. Read More
Jumbo-SAL-Alliance commences Basrah Refinery Upgrading Project shipments for JGC Corporation .The Jumbo-SAL-Alliance (JSA) has commenced its scope of work in the Basrah Refinery Upgrading Project for JGC Corporation. It is one of the largest projects ever undertaken by the Alliance. The Jumbo Javelin loaded the first of 19 transports at Dahej India. Dedicated vessels The project will see the Jumbo-SAL-Alliance undertake the transportation of a total of 450,000frts of cargo for its client. Jumbo Kinetic, with two 1,500t cranes, and SAL Heavy Lift’s MV Svenja, with two 1,000t cranes will be dedicated to the project for the duration of the transportation scope.
During this time, the two vessels will undertake seven voyages each, providing the project with full flexibility and control of logistics. Sailing schedules are firmly fixed so that all parties within the logistical cycle know well in advance when which cargo will be collected and delivered.
The two vessels, with deadweight tonnage of 14,000t and 12,500t respectively, are strong enough to handle all modules and small enough to be able to access the restricted Morimatsu plant in Nantong, China, where much of the cargo will be loaded. Stronger together
In addition to the two vessels committed to the project, the Jumbo-SAL-Alliance will provide vessels to conduct additional five voyages. With its combined fleet of thirty vessels, the Alliance can offer JGC a vessel with the required capabilities and service level each time, while also ensuring its ability to continue to serve other clients.
Mr. Kiharu Yamashita, Project Logistics Manager of Basrah Project, JGC explained: “Having the two dedicated vessels for the duration of this phase gives us visibility, ensuring that we can remain on schedule. Jumbo-SAL-Alliance who can accommodate the size and capability required for this project is indispensable for the successful delivery of the project to our client.” Conducting consecutive runs, the Jumbo-SAL-Alliance will transport a range of items from locations in India, China, Thailand, and Korea. Amongst the cargo will be 80 modules. Here, the Alliance will draw upon its experience of using module lifting frames. This will be applied by using JGC’s in-house designed frame, which is specially developed for lifting modules at the Morimatsu facility. The shipments will also include transportation of 31 pieces of equipment including a regenerator, vacuum columns, a fractionator, and seven 800t bullet tanks, each one 82m in length.
Total project focus The Jumbo-SAL-Alliance began preparations for the project back in 2019, with the provision of engineering support. This included the design of four different loading spread mats, covering the various vessel types to be used, cargo footprint and location of the cargo on the vessel. As the project is undertaken in consecutive runs with the same vessels, the load-spreading material can be recycled (re-used) each time, offering optimal cost-efficiency. Laurens Govers, Commercial Manager at Jumbo-SAL-Alliance: “In every project that we undertake we consider not only the costs of transportation, but also the total project cost. With this project, our early involvement played a considerable role in this. We were able to work along with the client in tweaking the sailing schedule and suitable vessel rotations to match the vessels and maximise efficiency.” Preparations for the project included the creation of a hybrid contract servicing the needs of both parties and tackling the potential challenges of operating in the Basrah region. As this is still considered a hostile environment, the two companies had a particularly keen focus on safety. With the performance of the main logistical scope for the Basrah project, the Jumbo-SAL-Alliance is showcasing its ability to act as a full-service logistical provider for complex and larger project scopes. Supported by solid in-house engineering, project management, live QHSE procedures and protocols and, above all, experienced crew, the Alliance aims to ensure that cargo is handled, and sea fastened for safe delivery, on time and on budget. Read More
Subsea 7 S.A. today announced the following proposed changes to the membership of the Board of Directors, with new appointments being subject to approval at the AGM on 18 April 2023:
Mr Dod Fraser, currently Independent Director and Chairman of the Audit Committee, will not be standing for re-election at the AGM. Mr Fraser served on the Board for more than 13 years and the Board would like to thank him for his valuable contribution to Subsea7.
The Board of Directors proposes Ms Elisabeth Proust for election at the AGM as Independent Director and also the election as a Non-Independent director, of Treveri S.à r.l., a Luxembourg company, with Mr Kristian Siem, its 100% owner, to be its permanent representative on the Board of Directors. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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