Latest Energy News As Reported | Oil prices steady
London, 29 June, 2023, (Oilandgaspress) : Exxon Mobil has agreed to develop more than 6,100 lithium-rich acres in Arkansas with Tetra Technologies Inc , the second move this year for control of assets needed to produce the electric vehicle. (Reuters)
Northern Ocean Ltd announced its high specification semisubmersible drilling rig, Deepsea Mira, has safely completed the transit to Namibia and commenced drilling activities under its contract with a TotalEnergies subsidiary.
The contract has a firm duration of 300 days with two unexercised options which would extend the term through all of 2024. Odfjell Drilling AS prepared and mobilized the rig to Namibia and providing operations management for the duration of this contract.
Now that the Deepsea Mira has successfully commenced operations, the Company has mitigated exposure to mobilization, reactivation, and other pre-commencement risks. Additionally, the Company has amended the credit facility with Sterna Finance Ltd. to provide a new tranche in the amount of $50 million with a three-month tenor. This provides the Company with sufficient time to normalize working capital from both rigs. Read More
Dana Incorporated recently announced its 2022 Supplier Awards recipients. Thirteen companies representing six different countries were recognized for displaying excellence in supporting Dana’s cost, quality, and delivery goals, as well as its “Powering into e-Drive” enterprise strategy. A special ceremony was held yesterday to honor the winners.
This year’s award winners included:
• Leveraging the Core Award: PK USA, Poitras
• Drive Customer Centricity Award: GNA Axles, SLR Foundry Germany, Shanghai Huafon Aluminium Corporation
• Expand Global Markets Award: Jindal Stainless
• Deliver Innovative Solutions Award: Maxway Technology Co. Ltd., MSI
• Lead Electric Propulsion Award: Tempel
• Diverse Supplier of the Year: International Trade Winds
• Indirect Supplier of the Year: AH Group
• Sustainability Supplier of the Year: Bharat Forge, Vallourec Tubos do Brasil Ltda Read More
CNOOC has issued the following Announcement of Notification for Bidding Blocks Offshore China of 2023:
Eight (8) Offshore China Exploration Blocks covering an area of 18,464km2 are available for bidding in 2023, among which one (1) block is located in Donghai Basin with the acreage of 4,000km2, five (5) blocks are located in Pearl River Mouth Basin with the acreage of 12,793km2, one (1) block is located in Beibu Bay Basin with the acreage of 1077km2, and one (1) block is located in Qiongdongnan Basin with the acreage of 594km2.
In 2023, CNOOC will innovate cooperation modes with foreign enterprises and expand the scope of partners while continuing to uphold the vision of win-win cooperation. In the meantime, for deep water areas and deep formation, CNOOC will adopt flexible and preferential business arrangements in terms of exploration period, relinquishment, signature fee, participating interest and X factor in the hope of achieving the goals of expanding cooperation with foreign enterprises and enhancing foreign investments in China offshore oil and gas exploration and development.
Opening Period for Data Room: From June 20 2023 to November 30, 2023.
Closing Date for Bid: January 31, 2024
Contact: Mr. Li Junting,
Petroleum Contract Division, Exploration & Development Department, CNOOC
No.25, Chaoyangmenbei Dajie, Dongcheng District, Beijing, 100010, P.R. China
Tel: (86-10) 84527823
Fax: (86-10) 64011987
E-mail: lijt1@cnooc.com.cn Read More
North Sumatra MC2D data rejuvenation project from PGS will provide a new look at one of the hottest hydrocarbon provinces in Indonesia following the successful Timpan-1 discovery in 2022. Data will be ready in Q2 2024.
Size and Targets New 7 700 line km PSDM reprocessing will bring new insights into basin prospectivity in this prolific hydrocarbon-producing area. Regional-scale data coverage will allow for better understanding of basin development history and play analyses, leading to a better understanding of existing and new petroleum systems. The PGS North Sumatra MC2D covers both existing discoveries and open blocks, enabling seismic well ties and correlations into frontier areas for better mapping of play fairways. This will provide confidence for future licensing opportunities of these open blocks. Reprocessing Workflows and Goals
State-of-the-art reprocessing is being applied to a legacy dataset. The data rejuvenation workflows are built on the knowledge acquired by PGS during the North Sumatra MC3D project, in the same basin. Processing will include 2 ms, high-resolution, broadband processing and depth conversion, based on full waveform inversion (PGS FWI). Read More
PGS, together with JV consortium partners TGS and SLB have signed a MultiClient reprocessing agreement to expand MultiClient 3D coverage in the prospective Sarawak province offshore Malaysia. This will be achieved by reprocessing legacy datasets with Petronas Malaysia Petroleum Management’s (MPM) approval to complement and merge with newly acquired phases. The reprocessing addendum enhances a multi-year contract awarded initially by Petronas in August 2020 to acquire and process up to 105,000 km² of MultiClient 3D data over a 5-year period in the Basin. The second phase of the Sarawak acquisition program is currently underway in blocks ND-3 and SK-3B and will be merged with approximately 6700 square kilometers of reprocessed data. Read More
Norway’s Ministry of Petroleum and Energy (MPE) has approved the development plans for Symra and Solveig Phase 2, which are both located in the Utsirahøyden area in the North Sea. The two developments are carried out as a joint project. Aker BP ASA (operator) and licensees Equinor Energy AS and Sval Energi AS submitted the PDO for Symra to the Ministry in December last year. The Symra field will be a tie-in to the Ivar Aasen production platform. Production start is planned for the first quarter of 2027.
Development of Solveig Phase 2 is an extension of the PDO for the first development phase of Solveig and will be connected via existing infrastructure at Solveig to the Edvard Grieg platform. Production start for Solveig phase 2 is planned for the first quarter of 2026. Aker BP ASA is the operator for Solveig, with OMV Norge AS and Wintershall Dea AS as license partners. The two developments comprise a total of 93 million barrels of oil equivalent in estimated recoverable resources. The drilling operations will commence in the third quarter of 2025. The total investments are estimated at NOK 16 billion in real terms. Read More
CGX Energy Inc. and Frontera Energy Corporation, the majority shareholder of CGX and joint venture partner of CGX in the Petroleum Prospecting License for the Corentyne block offshore Guyana (the “License”), are excited to announce today that the Joint Venture has discovered oil at the Wei-1 well, on the Corentyne block, approximately 200 kilometers offshore from Georgetown, Guyana. The Joint Venture has successfully finished drilling operations without any safety incidents and expects to release the drilling rig in early July 2023. The Wei-1 well encountered 210 feet of hydrocarbon bearing sands in the Santonian horizon. The Joint Venture acquired wireline logs and extensive core samples from the Santonian, however, due to a tool failure downhole and a new tool not being available, oil samples were not obtained. The rock and fluid properties of the Santonian will now be analyzed by an independent third-party laboratory over the next 2- 3 months to define net pay and a basis for the evaluation of this interval. The Joint Venture has updated its previously announced discovery in the Maastrichtian and the Campanian intervals to 77 feet of net pay. Fluid samples were retrieved from the Campanian and Maastrichtian indicating the presence of light crude in the Campanian and sweet medium crude oil in the Maastrichtian. Read More
China-assembled aircraft delivered to European airline
Airbus has, for the first time, delivered an aircraft assembled in north China’s Tianjin Municipality to a European client.
Hungary’s Wizz Air, the largest Central and Eastern European low-cost carrier, took delivery of its first A321neo aircraft assembled in Airbus’ Final Assembly Line (FAL Asia) at an event in Tianjin on Tuesday. The delivery is a milestone for Airbus Tianjin, said Christoph Schrempp, general manager of Airbus Tianjin Delivery Center.
Against the backdrop of China’s strong economic recovery, FAL Asia has continued to boost its assembling capacity, helping meet the demand of more international customers and injecting new impetus into the global aviation market, he said. To meet the increasing demand for the popular A321 model, Airbus announced its plan to expand the capability of its FAL in Tianjin to A321 production in 2021. Read More
Seplat hopes to complete $1.3 billion deal for an Exxon unit
Seplat Energy Plc remains committed to purchasing Nigerian oil and gas assets from Exxon Mobil Corporation by completing a deal that’s been held up by the West African state for more than a year, Bloomberg reported yesterday.
The Lagos and London-listed company is hoping that President Bola Tinubu, the new leader of Africa’s largest crude producer, would adopt a different approach from his predecessor, who reversed an initial decision to approve the transaction. Nigerian National Petroleum Company Limited (NNPC) which owns 60 per cent of the permits — had opposed the sale and had sued Exxon in the capital, Abuja, claiming it has the right to acquire the blocks itself from the US major. Read More
On 16th June, 2023 the Seplat Energy JV held the opening ceremony of this year’s edition of its Eye Can See Corporate Social Responsibility (CSR) initiative at the Oba’s Palace in Benin City, Edo State. The company’s signature CSR health programme is designed to ensure the provision of eye care, visual aid and surgical treatment for Cataract, Glaucoma and other eye problems within NNPC E & P Limited/Seplat Energy operational communities in Edo and Delta states. It is also an opportunity to provide lectures on ways to ensure total well-being when faced with other health challenges, such as hypertension and diabetes. The programme is targeted at men, women and children towards achieving the United Nations Sustainability Development Goal (SDG) 3 on Good Health and Well Being. Read More
Subsea 7 S.A. today announced that following the acquisition of all the shares in Seaway 7 ASA by Subsea7 and the subsequent delisting of Seaway 7 ASA from Euronext Growth Oslo, Stuart Fitzgerald will re-join the Subsea7 Executive Committee, effective 1 July 2023.
Stuart joined Subsea7 in 2000 and, after holding a number of operational and strategic roles in the Group, he was appointed as CEO of Seaway7 in 2021. Read More
INEOS has today published its global sustainability report for 2022, prepared in line with Global Reporting Initiative (GRI) standards and externally assured by KPMG. The report confirms a strong worldwide performance through the year, progressing with 2030 climate roadmaps, advancing the circular economy, building sustainable chemical value chains, and delivering excellence in health and safety.
Good progress towards net-zero emissions: The report highlights a 12% reduction in greenhouse gas emissions compared to 2019, resulting from ongoing optimisation of production processes, sourcing renewable power through major Power Purchase Agreements.
INEOS continues to play a major role in the emerging clean hydrogen economy as its new hydrogen business moves forward with plans to invest over €2 billion in green hydrogen production in Europe. Project ONE also continues to advance and the company is progressing designs for a world-scale blue hydrogen plant at Grangemouth.
A leading role in CCUS: INEOS also highlights its leading role in major carbon capture utilisation and storage (CCUS) projects, including Project Greensand, the Scottish Acorn cluster, and Antwerp@C. In a world first, the INEOS led Greensand project demonstrated the capture of CO2 from its Antwerp site in Belgium, transportation to the Danish North Sea and injection into a depleted oil well for permanent storage. Advancing the circular economy: INEOS is committed to playing its part in the transition to a circular economy where resources are optimally used and waste is eliminated. It is on track to exceed its pledge to increase the circularity of its plastics by 2025. As of 2022, the company has already introduced more than 30 new product grades, containing at least 50% recycled content, in addition to bio-attributed styrene, polyolefins, phenol, ethylene oxide, epichlorohydrin, and PVC ranges. The 2022 sustainability report publishes a new target to incorporate 850 thousand tonnes of recycled or bio-attributed material into our polymer products by 2030. Read More
HyShelter container power plant ordered by University of Stuttgart
Proton Motor Fuel Cell GmbH has been commissioned by the “University of Stuttgart” with the production of a containerised fuel cell power plant. The “HyShelter®” plant with a capacity of up to 240kW will be integrated into a large industrial research site and is expected to generate electricity and feed electricity into the grid from the second quarter of 2024. The background to this subject is the commissioning by the “Federal Ministry of Education and Research” to the University of Stuttgart to set up a hydrogen-based industrial research platform. The aim of the so-called “WAVE-H2 project” is to promote the reduction of CO2 emissions in the industrial sector. Stuttgart’s science includes the field of “Energy Technology of the Future”, which focuses on the potential of hydrogen for end-to-end decarbonisation. Read More
Mitsui O.S.K. Lines, Ltd. (MOL announced the acquisition of approval in principle (AiP)*1 for a liquefied CO2 (LCO2) carrier from ship classification societies Det Norsk Veritas AS (DNV) and the American Bureau of Shipping (ABS). In addition, ABS issued an AiP for a floating storage and offloading (FSO) unit. Both the carrier and the FSO were jointly developed by MOL, Malaysian state oil company Petroliam Nasional Berhad (PETRONAS), and the Shanghai Merchant Ship Design & Research Institute (SDARI).
The presentation ceremony took place on June 26 at the Kuala Lumpur Convention Centre, the venue of Energy Asia*2, an international conference to promote sustainable development of the energy industry aimed at achieving net zero emissions in Asia. Read More
Mitsui O.S.K. Lines, Ltd. has signed a long-term agreement with INEOS Energy Trading, a wholly owned subsidiary of INEOS Group Ltd. (INEOS; Head Office: Knightsbridge, London), for the charter of two newbuild LNG Carriers.
Both slated for delivery in 2027, the Carriers will be built at the Okpo Shipyard of Hanwha Ocean Co., Ltd. (Head Office: South Korea) and will be equipped with the latest MAN Energy Solutions engines (ME-GA) as well as Air Lubrication Systems (ALS) (Note 1) to reduce drag on the ships’ hulls from seawater and Shaft Generators (SG) (Note 2) to increase the overall operational efficiencies of the sister vessels. The vessels will have a cargo capacity of 174,000 m3 each and will be suitable to operate globally, between the world’s major LNG terminals, at the highest level of efficiency and environmental consideration.
Being the Charterer of the largest global fleet of ethane carriers, INEOS has major long-term experience in the transportation of gas from the US to Europe and Asia. INEOS has now expanded the breadth of their extensive experience in gas by engaging in LNG and developing business relationships with large and experienced industry participants. MOL is delighted to be a part of INEOS’ journey and to help facilitate their embarkment into the LNG industry with these two newbuild LNG Carriers. MOL looks forward to working on and expanding our brewing relationship in the future, both during the period of the charters and beyond, with alignment across a number of key business areas championing the development of further mutually beneficial business engagements. Read More
MOL Concludes 1st LNG Carrier Lease with China’s Bank of Communications Financial Leasing
Mitsui O.S.K. Lines, Ltd. today announced that it has entered into a lease agreement for three new LNG carriers under construction at Hudong-Zhonghua Shipbuilding (Group) Co., Ltd. with Bank of Communications Financial Leasing Co., Ltd. (BOCOM Leasing) through a joint venture with COSCO SHIPPING LNG Investment (Shanghai) Co., Ltd., CNOOC Gas and Power Singapore Trading & Marketing Pte. Ltd., and CETS Investment Management (HK) Co., Limited. BOCOM Leasing is a subsidiary of Bank of Communications Co., Ltd. and the largest leasing company in China, and this marks MOL’s first contract with a Chinese leasing company. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $69.30 | Up |
| Crude Oil (Brent) | USD/bbl | $73.73 | Up |
| Bonny Light | USD/bbl | $73.75 | Up |
| Saharan Blend | USD/bbl | $74.20 | Up |
| Natural Gas | USD/MMBtu | $2.66 | Down |
| OPEC basket 28/06/23 | USD/bbl | $74.38 | Down |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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