More Energy News / Press Release today from across the web

Black Thursday for Brits: Energy bills rocket by £693 and Bank of England hikes rates to 0.5% Experts are warning the cost-of-living crisis could last years Read More

Shebah Exploration & Production Company Ltd (SEPCOL) has announced a fire incident, which engulfed the oil and gas company’s offshore facility in the Niger Delta. A statement by the Chief Executive Officer of the Company, Ikemefuna Okafor, said there were 10 crew members on board at the time of the incident. At this time there are no reported fatalities, local media reports. The FPSO Trinity Spirit is located at the Ukpokiti terminal, around Excravos, Warri south-west, Delta state. Read More

A huge oil vessel with capacity for two million barrels of oil has exploded off the coast of Nigeria. Dramatic footage shows fire engulfing the Trinity Spirit and thick plumes of smoke bellowing from the sinking vessel at Ukpokiti oil field close to the River Niger delta.

IHS Markit Vice Chairman Daniel Yergin says OPEC and its allies will struggle to fulfill the nominal increase of 400,000 barrels a day pledge that the group rubber-stamped on Wednesday. “The basic fact is that they’re not actually able to put out 400000 barrels a day — so what you really have is a very tight oil market,” Yergin said on “Balance of Power.” (Source: Bloomberg) Read More

National Grid operates a Liquid Natural Gas (LNG) terminal at the Isle of Grain in Kent, the largest LNG facility in Europe with a throughput capacity of 15 million tonnes per year. Given the critical nature of operations at the facility, stringent safety controls must be followed and a planned preventative maintenance strategy is crucial to the functioning of the terminal. To ensure the strategy was implemented in an effective way, electro mechanical specialist Houghton International was called to assist. Read More–>

National Grid and Balfour Beatty engineers working on the Hinkley Connection Project have completed the installation of high voltage, 400kV cables under the Mendip Hills Area of Outstanding Natural Beauty (AONB).

Since starting in February 2021, teams have pulled a total of 102km cables (the distance between Bridgwater and Gloucester). The cables were delivered on 108 separate cable drums. Each drum held approximately 1km of cable, weighed between 35-50 tonne and stood 5 metres high. Next follows a programme of jointing and testing with energisation expected in Autumn this year. Reinstatement of the land is already underway on different parts of the route. The Mendip cables section of the Hinkley Connection Project will be fully complete by the end of 2023. Read More

Company Profile 220×210.jpg

LUKOIL presented report on recovery works following last year’s loss of piping integrity at the Oshskoye field (located at the border between the Nenetsky Autonomous District and the Komi Republic) at the Federal Service for Supervision of Natural Resources. The restoration work were completed in full, as confirmed by the act of interagency commission that examined the river. After clean-up campaign and assessment of the situation, the company took a number of measures to improve its safe work practices​. Read More

The IMF has upgraded its Financial Soundness Indicators (FSIs) database to fully reflect methodological improvements introduced in the 2019 Financial Soundness Indicators Compilation Guide (2019 FSIs Guide). The new FSI database enhances the coverage and cross-country comparability of data, following the more prescriptive approach of the 2019 FSIs Guide. It also incorporates a set of new indicators on concentration and distribution measures (CDMs), which provide information on tail risks, concentrations, and variations in distributions that are not directly captured by the aggregated averages. FSIs are key macro-financial indicators to assess the overall soundness of the financial system. The original database was launched in 2007. The release of the new FSIs data and metadata covering over 140 jurisdictions constitutes a major improvement in the data made available for macro-financial surveillance. The new database reflects the updated list of FSIs for banks (deposit takers) and an expanded list for nonbank financial institutions, focusing separately on nonbanks such as money market funds, insurance corporations, and pension funds. The new database also includes some additional indicators for household and nonfinancial corporate sectors, reflecting their importance as counterparts of financial institutions. In all, the 2019 FSIs Guide recommends the compilat Read More

The Pentagon announced Wednesday it is deploying 3,000 troops to areas of Europe following an order by President Joe Biden as fears of a Russian invasion of Ukraine escalate.

About 2,000 soldiers with the 82nd Airborne Division and 18th Airborne Corps will move in the coming days from Fort Bragg, North Carolina, to Germany and Poland, while the remaining 1,000 with an Army Stryker squadron already stationed in Germany will be redeployed to Romania, Pentagon spokesman John Kirby said. Read More

Britain’s Royal Air Force said Wednesday that it scrambled fighter jets in response to four Russian military aircraft approaching the United Kingdom. The force said four Russian strategic bombers were “intercepted and escorted,” adding that they did not enter U.K. airspace at any point. The Typhoon jets took off from British air force bases in Lossiemouth, northeast Scotland, and they were joined by a Voyager air-to-air refueling tanker launched from Oxfordshire, England. Read More

CME Group Inc., the world’s leading derivatives marketplace, today declared a first-quarter dividend of $1.00 per share, an 11% increase from the prior level of $0.90 per share. The dividend is payable March 25, 2022, to shareholders of record as of March 10, 2022. Read More

Under the terms and for the purposes of Articles 16 and 17 of the Securities Code, Galp provides the following information: On January 31, 2022, Amundi Asset Management informed the Company that, on January 27, 2022, it increased its indirect stake in Galp to 2.01%, above the 2.0% limit. The institutions through which voting rights and/or financial instruments are effectively held are listed in the annex. Read More

Facing the prospect of continued or even deeper cuts to Russian gas supplies, Europe’s energy balance is in a dire position. Prolonging a notable trend, LNG imports into Europe hit an all time record of 2.8 million tonnes (mt) per week during the first half of January. Despite this, gas storage levels continue to drop. This has left Europe relying on US-led contingency planning for extra LNG supply, with talks underway with Qatar and even Australia. With global LNG exports already at capacity, how much more can feasibly be diverted to Europe? Read More

Galp’s 4Q21 and 2021 results, as well as the short-term update , will be published on February 21, before the opening of Euronext Lisbon. The Company will hold a conference call and Q&A webcast on the same day at 2 pm (Lisbon time). More details can be found at the end of the Trading Update document.

Financial Position: Galp ‘s strong operating cash flow in the fourth quarter will be partially offset by an increase in working capital, mainly related to the temporary effects of margin accounts at the end of 2021 (derivatives to hedge risks of the TTF vs Brent differential). Net debt is expected to increase during the fourth quarter of 2021, with the net debt to RCA Ebitda ratio expected to be >1x at the end of 2021. Read More

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.