London, 07 June, 2023, (Oilandgaspress) : Citigroup thinks that the 1 million bpd cut from the world’s top crude exporter is not likely to result in an oil price run-up to the high $80s or low $90s per barrel.

“The likelihood that Saudi Arabia would tackle this on its own on a sustained basis is quite low,” Citi said in a note on Tuesday carried by Reuters.

Subsea7 extends frame agreement with Aker BP

Subsea7 today announced an extension of its existing frame agreement with Aker BP for four years to the end of 2028. The agreement covers the provision of engineering, fabrication and installation activities for subsea umbilical, risers and flowlines (SURF) as part of Aker BP’s field developments on the Norwegian continental shelf.

The value of the work to be called off under the frame agreement will be recognised in Subsea7’s backlog when each new project is sanctioned.

Monica Th. Bjørkmann, Senior Vice President for Subsea7 Norway said: “The continuation of the frame agreement is a testament to our collaboration with Aker BP. The strategic partnership enables Subsea7 to engage early in the field development process, optimising design solutions and contributing to positive final investment decisions for future projects on the Norwegian continental shelf”. Read More

SDX announce that it has, together with the Office National des Hydrocarbures et des Mines (“ONHYM”), renegotiated a gas sales agreement with one of its key customers in Morocco aligned with the regional development strategy and consequently will receive a higher gas price for production with effect from 1 May 2023. This price increase will enable the Company to expand its exploration and production in Morocco, and permitting for the summer drilling campaign has already commenced.

Morocco remains a core focus for SDX and the Company is well placed to seize the opportunities presented by a very demanding energy market. Jay Bhattacherjee, Interim Executive Chairman, said:

“We are delighted that we have been able to renegotiate the gas sales agreement with one of our key customers and would like to thank ONHYM for its continued support. Morocco remains a core area for us and we endeavour to expand our energy provider footprint in the country.” Read More

PTTEP was awarded the two offshore blocks in the 24th Thailand Petroleum Bidding Round. The signing ceremony took place at ICONSIAM, Bangkok.

PTTEP is ready to explore and develop both blocks, leveraging extensive knowledge and expertise gained over the past 38 years of its E&P operations. The proximity of these two Blocks to G1/61 and G2/61 Projects, which are operated by PTTEP, expedites the project development. This will contribute to the energy supply for economic development and long-term benefits to the country. Read More

Gastech unveils 2023 strategic conference programme

PETRONAS Technology Ventures Sdn Bhd (PTVSB), the technology commercialisation arm of PETRONAS and FourPhase AS, an industrial technology company specialising in solids separation, have formed a partnership to advance sustainable sand management technologies in the oil and gas industry. A Memorandum of Understanding (MoU) for Collaboration was inked recently in Bergen, Norway between PTVSB Chief Executive Officer (CEO), Dr Mahpuzah Abai, and FourPhase CEO, Øyvind Heradstveit.The collaboration will explore sand solutions that can increase crude oil output, mitigate erosion, ensure process safety and reduce downtime, among others. The goal is to deliver safe, reliable and cost-competitive energy offerings to customers.

PETRONAS Vice President of Group Technology and Commercialisation, Aadrin Azly said, “We are pleased to partner with FourPhase on this significant initiative, as it aligns with PETRONAS’ unwavering commitment to sustainability and safeguarding the environment. “Sand management is a complex and ever evolving challenge in the oil and gas industry. With the collaboration, we are confident that we can work together to find the best possible solutions and make significant strides in this area, paving the way for a more sustainable future,” he added. The MoU marks another significant milestone in PTVSB’s pursuit of enhancing its technology portfolio by leveraging intellectual properties while expanding the reach of PETRONAS’ solutions through strategic commercialisation. Read More

ACC’s First Gigafactory

On May 30, 2023, ACC (Automotive Cells Company) inaugurated its first gigafactory for electric vehicle batteries in Billy-Berclau/Douvrin in the Hauts-de-France region. ACC represents the culmination of the collaborative effort between TotalEnergies, Stellantis and Mercedes-Benz, and should accelerate Europe’s transition towards a sustainable mobility accessible to all. Check out the infographic to find out more. Founded in 2020, ACC is a joint venture between Stellantis, Mercedes-Benz and TotalEnergies, through its affiliate Saft, which is behind the technology used by ACC. ACC is positioned as a key player in the battery industry to equip high-performance, low-carbon electric vehicles that are accessible to the greatest number of people. Read More

Mitsubishi Shipbuilding to Launch Technical Studies on Ammonia Fuel Supply System

Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group, has agreed to undertake technical studies on an ammonia fuel supply system for large, low-speed two-stroke marine engines under development by Winterthur Gas & Diesel AG (WinGD), a Swiss designer of large marine engines. The signing ceremony of the memorandum of understanding (MOU) was held at WinGD Headquarters in Switzerland on June 2.The newly concluded MOU reflects both companies desire to contribute to the achievement of the International Maritime Organization’s (IMO) decarbonization target in the maritime industry’s greenhouse gas (GHG) emissions. WinGD is currently developing ammonia-fueled large, low-speed two-stroke marine engines dubbed type “X-DF-A.” Mitsubishi Shipbuilding will now work with WinGD in studying the technologies for developing and commercializing the ammonia fuel supply system for the X-DF-A engines. Ammonia, which emits no CO2 when combusted, is garnering attention today as a fuel that contributes significantly to the reduction of GHG emissions in the maritime industry, and it is expected to be utilized as a stable, clean energy in the future. Going forward, Mitsubishi Shipbuilding, aligning with MHI Group’s strategy of advancement of the energy transition, will apply its technologies and expertise in ammonia handling accumulated through its long history of building transport carriers. As a maritime system integrator, the Company will promote decarbonization of the maritime industry and pursue a low-carbon society, contributing to reduction of environmental impact on a global scale. Read More

UK battery electric vehicle (BEV) market up 19.7%

The number of UK light commercial vehicles (LCVs) registered in the UK grew by 15.3% in May compared with last year, reaching 25,359 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). It represents the fifth consecutive month of rising deliveries as the market rebounds from a tough 2022 as supply chain challenges continue to ease, although registrations remain -13.0% below the pre-pandemic 2019 level.1. Registrations of the largest LCVs, weighing greater than 2.5 to 3.5 tonnes, rose by 8.3% to 17,173 units, representing nearly seven in 10 (67.7%) new vans, while deliveries of medium-sized vans weighing more than 2.0 to 2.5 tonnes reached 4,143 units, up 57.2%. As fleet operators continue to opt for models with larger payloads, demand for small vans at or below 2.0 tonnes fell by -42.3%, while the number of newly registered pickup vans increased by 13.3%. Meanwhile, deliveries of new 4x4s surged by 698.7% to 615 units last month, evidence of the diverse range of LCVs that keep Britain on the move.More businesses switched to zero emission workhorses, too, with the battery electric vehicle (BEV) market up 19.7% to 1,041 units, representing around one in 24 new vans. Rising demand means that 7,028 all-electric vans have been registered so far in 2023, an increase of 15.5% on the same period last year. With more than 25 electric van models now available in the UK, operators have a wealth of choice in zero emission solutions. Despite the strong progress made by the sector, demand for electric vans remains some distance behind the new car market, where the BEV market share is three times greater. Read More

KONGSBERG raised USD90m in investment from Shell Ventures and Idékapital

Kongsberg Digital is transforming how businesses design, operate, and maintain their assets by shaping how people work for a better tomorrow. Since its establishment in 2016, Kongsberg Digital has experienced substantial growth and established itself as the frontrunner in the digitalisation of heavy asset industries with a strong focus on the energy, maritime and renewable sectors.

Through the Industrial Work Surface, Kongsberg Digital offers its users an end-to-end experience with their industrial data, a place to plan, execute and close out their work all within one unified worksurface. Today, Kongsberg Digital serves some of the world’s largest energy- and maritime companies by creating crucial value for its industrial data from well to wake. Businesses trust Kongsberg Digital for its pioneering technology in carbon capture and storage, new energy ventures towards Net-Zero, voyage optimisation, emissions reduction, and balancing grids and complex power systems. The investment from Shell Ventures and Idékapital underscores a strong recognition of what has been achieved to date and is a major milestone for the organization. The new owner structure will support Kongsberg Digital’s mission to enable smarter, safer, and greener operations across industries and at an even greater scale. “As an industrial software company, Kongsberg Digital understands the value of digitalising carbon-intensive industries by deploying new ways of working. This investment from Shell Ventures and Idékapital is a fantastic testimony to Kongsberg Digital’s unwavering commitment to making heavy-asset industries operate smarter, safer, and greener. This financial support strengthens our ambitions for further growth, positioning us to become a significant global player with our technology and digital solutions for heavy-asset industries. I am very much looking forward to working alongside our new investors as we continue to scale globally and drive positive change in these industries. Our efforts to shape the future of work have been recognised and reinforced by this partnership.”, says Shane McArdle, CEO of Kongsberg Digit Read More

China, Australia in Partnership to Explore Green Hydrogen

China, Australia in partnership to explore green hydrogen after resumption of high-level economic dialogue.

Businesses from China and Australia are stepping up exchanges in green hydrogen, a promising emerging energy source, after the two countries resumed high-level economic dialogue in May as bilateral ties improved under the Albanese government. Chinese experts said that hydrogen, a green energy source, has huge growth potential and success can be expected from a partnership between China and Australia. Read More

US$10 billion Green Hydrogen Project Agreement

Namibia and Hyphen Hydrogen Energy sign US$10 billion green hydrogen project agreement at official ceremony.

Government of the Republic of Namibia (GRN) on 23 May 2023, the GRN and Hyphen Hydrogen Energy (Hyphen) today signed the Feasibility and Implementation Agreement (FIA) at an official signing ceremony held at State House in Windhoek. The FIA governs the process for the development, implementation and operation of sub-Saharan Africa’s largest, and its only fully vertically integrated, green hydrogen project.

The partnership between GRN and Hyphen represents the first step in Namibia’s journey to unlocking its potential of becoming one of the world’s leading green hydrogen production hubs, by leveraging Namibia’s world leading co-located wind and solar resource, vast open spaces and stable investment climate underpinned by strong democratic values. The FIA is expected to set a global benchmark for the sustainable development of large scale green hydrogen projects as the world looks to decarbonise its energy systems in a manner that is fair, just, economically inclusive and environmentally sustainable.

Central to the FIA is a dedication to driving the socio-economic development of Namibia, through job creation and local procurement. During the construction phase, it is estimated that the project will create around 15,000 new job opportunities and 3,000 permanent positions during the operational phase. Hyphen is striving for 90% of these jobs filled by Namibian talents, with a specific focus on the youth (18 – 35) of 20%. The project is targeting 30% local procurement for goods, services and materials throughout both the construction and operational phases. Read More

Terminal Operation Planned for 2027 Ammonia-Ready
Enagás becomes industrial partner and co-shareholder of Hanseatic Energy Hub in Stade – Terminal operation planned for 2027 ammonia-ready.

Enagás will contribute its experience in the development and operation of new infrastructures in Germany – and specifically in Stade – in the future: Hanseatic Energy Hub GmbH (HEH) has chosen the Spanish transmission system operator as its industrial partner for the operation of the terminal at the Stade industrial park. At the same time, with a 10% stake, subject to compliance with the conditions precedent inherent to this type of transaction, Enagás strengthens the existing project consortium consisting of the founding shareholder, the Hamburg-based Buss Group, the Partners Group (on behalf of its customers) and the industrial partner Dow. The previous minority shareholder Fluxys will sell its shares due to a strategic refocusing. The parties have agreed not to disclose the exact terms of the agreements until the final investment decision is taken throughout 2023.

“With the Hanseatic Energy Hub in the Hamburg metropolitan region, we are developing an import terminal that will secure Germany’s supply of LNG and green gases and at the same time prepare for the market ramp-up of hydrogen,” says Johann Killinger, HEH Managing Director and owner of Buss Group. “Enagás not only shares our vision, but also contributes with comprehensive technical expertise to help us make it a reality quickly and reliably.”

The Spanish Transmission System Operator is one of the world’s largest operators of regasification terminals and the second largest grid operator in Europe. Enagás is committed to being completely carbon neutral by 2040 and has extensive expertise in the use of hydrogen, biogas and bio-methane in addition to natural gas. Together with the TSOs of Portugal and France, Enagás submitted the first European hydrogen corridor project, H2Med, to the call for European Projects of Common Interest (PCIs). Also, it has submitted to the PCI call for proposals the Spanish Hydrogen Backbone, a linked infrastructure to this interconnection. Read More

Cepsa and Grupo Ibereólica Renovables agree to promote the development of new renewable energy projects

Cepsa and Grupo Ibereólica Renovables have signed an agreement that will enable Cepsa to support renewable electricity supply in the long term for its green hydrogen generation plants, located in the company’s Energy Parks in Andalusia, as well as for its network of service stations. This renewable energy will come from a portfolio of up to 5 GW projects, mainly wind, which are being developed by Grupo Ibereólica Renovables and are at an advanced stage of planning.

The agreement reinforces the viability of Grupo Ibereólica Renovables’ projects by considering the long-term sale of electricity from these projects, which are in development in the provinces of Burgos, Palencia, Valladolid, Zamora, Ávila, and Cáceres and are expected to be ready in 2026. Specifically, these 9 wind, 4 photovoltaic and 2 hybrid projects would generate an annual energy equivalent to the consumption of more than 4 million homes and would prevent the emission of 5.5 million tons of CO2 per year.

The significant importance of wind energy in Grupo Ibereólica Renovables’ portfolio optimizes the access to renewable energy for Cepsa’s green hydrogen projects, as the wind production curve is complemented by the solar farms developed by Cepsa. The company now has 17 photovoltaic projects under development in Castilla-La Mancha, Andalusia, Extremadura, and the Community of Madrid, with a capacity of 2.1 GW, of which 1.1 GW is already connected to the grid and has an environmental impact statement (EIS) and prior administrative authorization. Read More

Enagás assigning logistics services process at El Musel

Enagás begins the second phase of the capacity allocation process (Open Season) for logistics services at the El Musel liquefied natural gas (LNG) terminal in Gijón, following the high level of participation and interest shown by 16 shippers during the non-binding phase, held between 6 and 26 March 2023. The new phase is binding and will remain open until 30 June, during which time shippers can submit their bids for the terminal’s offered capacity. The process will end with the allocation of long-term logistics services. The logistics services offered for this infrastructure are LNG unloading, storage and loading operations. Under the regulated access regime, El Musel terminal will only offer the essential regasification service for the proper management of the terminal and the truck loading service. This Open Season for the allocation of logistics services in El Musel is a milestone for the start of commercial operations of the terminal, which is part of the Government’s More Energy Security Plan, and will strengthen the security of energy supply in Europe.

The Gijón terminal could contribute up to 8 bcm (billion cubic metres) of LNG capacity per year to Europe’s security of energy supply. It will allow the berthing of vessels of between 50,000 and 266,000 m3, has two tanks of 150,000 m3 of LNG storage capacity, two truck loading bays with a capacity to load a maximum of 9 GWh/d and a maximum emission capacity of 800,000 Nm3/h. Read More


Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�

OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.

Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases

Please email us your industry related news for publication
Follow us: @OilAndGasPress on Twitter |

Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,

Subscribe to Oil, Gas, Energy News Release Service