Energy News to 03 June 2022. OPEC daily basket price stood at $114.62/bl, 02 June 2022

China’s independent refineries in Shandong are set to resume taking Russian Urals, with the first cargo arriving in early June and at least eight more cargoes later in the month, according to S&P Global Commodity Insights’ shipping fixtures and market sources.


New research released from the Accountability Framework initiative (AFi) and CDP shows that companies cannot afford any more delay in tackling deforestation across supply chains, with forest-related risks identified at almost $80 billion by 211 disclosing companies.

The report calls for rapid company action at a time when more than 100 world leaders and 30 of the world’s largest financial institutions pledged at COP26 to halt and reverse deforestation and destruction of other ecosystems, which account for at least 11% of annual GHG emissions created by human activity. Read More


Hitachi Energy announced that it has won an order from Deutsche Bahn to provide a 120 megawatt (MW) converter station which enables DB Energie to secure power supply for the Greater Berlin rail network. The network serves a metropolitan population of around 3.5 million people and is the hub for multiple high-speed train services to cities throughout Germany and neighboring countries. The Thyrow converter station, south of Berlin, will enable Deutsche Bahn to convert electricity from the public three-phase power distribution grid, which operates at a frequency of 50 hertz (Hz) to 16.7 Hz, and feed it into the rail power grid used to power trains and rail infrastructure. Read More–>


Africa Oil Corp. reports the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act.

As a result of the exercise of stock options under the Company’s Stock Option Plan, the Company now has 477,192,632 common shares issued and outstanding with voting rights as at May 31, 2022. Read More


U.S. Department of Energy (DOE) today launched the Interconnection Innovation e-Xchange — a new partnership funded by President Biden’s Bipartisan Infrastructure Law that brings together grid operators, utilities, state and tribal governments, clean energy developers, energy justice organizations, and other stakeholders to help solve challenges to deploying clean energy resources to the electricity grid. As the Biden Administration ramps up expansion of new renewable energy to reach the nation’s goal of a net-zero economy by 2050, i2X partners will develop solutions for faster, simpler, and fairer interconnection of clean energy resources through better data, roadmap development, and technical assistance. Read More


KBR, Inc. announced it has entered into an agreement to invest an additional $100 million in Mura Technology (“Mura”) bringing KBR’s aggregate investment in Mura to 18.5%. This investment provides Mura incremental capital to accelerate development of its plastics recycling projects and enables KBR to participate more fully in this sustainability-focused, high growth sector. Funding is expected in two tranches with the first payment in the quarter ended June 30, 2022 and the remainder in 2023.

“Building on our strong partnership of collaboration and innovation, we are very excited to announce our expanded investment in Mura,” said Stuart Bradie, KBR President and CEO. “With a strategic approach to commercializing and scaling its proprietary, differentiated plastics recycling solution, Mura is very well positioned for profitable growth and value creation as the plastics circular economy develops and matures.” Mura’s mission is to commercialize its differentiated plastics recycling solution to enable a plastic-neutral, sustainable future by providing an end-to-end process to convert mixed waste plastic back to high quality chemical feedstocks. Targeting 1,000,000 tonnes of annual recycling capacity in operation or development by 2025, Mura licenses its technology through KBR to a global client base and is also developing its own portfolio of global sites. Read More


NASA has selected hundreds of small businesses and dozens of research institutions to develop technology to help drive the future of space exploration, ranging from novel sensors and electronics to new types of software and cutting-edge materials. The newly awarded projects under the agency’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) program also include a high-power electric rocket and a coating to make solar panels more efficient that could be used both in space and here on Earth The awards total nearly $50 million, with investments spread out over 39 states and Washington. Under the selection, 333 proposals from 257 small businesses and 41 research institutions – including 10 Minority Serving Institutions – will be awarded first-round funding for technology development. View the full lists of SBIR awardees and STTR awardees online. Nearly 25% of the selected companies are women-owned, veteran-owned, disadvantaged, and/or HUBzone small businesses. Read More



Oil and Gas BlendsUnitsOil Price $change
Crude Oil (WTI)USD/bbl$119.60Up
Crude Oil (Brent)USD/bbl$120.50Up
Bonny LightUSD/bbl$124.18Down
Saharan BlendUSD/bbl$123.66Down
Natural GasUSD/MMBtu$8.83Up
OPEC basket 03/06/22USD/bbl$114.62Down
At press time 06 June 2022


Member states of the coalition commit to working together to support the adoption of an ambitious global goal for international aviation by the International Civil Aviation Organization. They also commit to supporting specific measures to reduce aviation emissions including sustainable aviation fuels, the CORSIA global offsetting scheme and new aircraft technologies. Read More


New Energy Technology Co., Ltd. (“Shanghai Electric Gotion”) to supply the battery energy storage system (“BESS”) for its 99.98 MW battery energy park the Company is developing at Richborough Energy Park in Kent, England. The agreement, which is part of the strategic manufacturing framework agreement signed by the parties last year, is a key milestone in the Company’s development of its 1.1GW BESS pipeline in the United Kingdom. Production and delivery of the BESS will begin later this year, with a unique just-in-time approach used to minimize the duration between production and energization of the batteries. Read More


Pacific Green Technologies, Inc. announces that it has entered into an agreement with Instalcom Limited (“Instalcom”) to be the principal contractor for its 99.98 MW battery energy storage system (“BESS”) in development at Richborough Energy Park in Kent, England. The award of this Principal Contractor Agreement, in conjunction with the battery supply agreement previously signed with Shanghai Election Gotion New Energy Technology Co., Ltd., paves the way for construction to begin in early July 2022. Read More


RegionPeriodRig CountChange from Prior
U.S.A27 May 2022727-1
Canada27 May 2022103+15
InternationalApril 2022806
Baker Hughes

Borealis and Austria’s leading energy company, VERBUND, announced the installation of a new photovoltaic (PV) array at Borealis production location in Linz, Austria.
The investment is in line with the Borealis aim to enhance the sustainability of its own operations while also supporting the Upper Austria Photovoltaic Strategy for 2030.
Rooftop PV arrays are among the cleanest ways to generate renewable energy. The ample availability of large surfaces on industrial buildings make them ideal sites for such arrays. Erected jointly by Borealis and VERBUND, the new rooftop PV array at Borealis operations at the Chemical Park Linz boasts a module surface area of 4,794 square meters. It is thus among the ten largest arrays of its kind in the province of Upper Austria. Construction was completed in around six weeks. Pilot operations to optimise performance at the new PV facility started at the beginning of May 2022. Once the facility begins producing energy later this month, its output will be around 1 megawatt-peak (MWp). The PV array will supply around 1 gigawatt hours (GWh) annually; this is roughly equivalent to the electricity consumption of around 250 households. The solar power generated by the new array will be used for Borealis operations at the Chemical Park Linz. It shall enable the company to reduce the annual CO2 emissions of this location by 350 tons each year. Read More


Oil, Gas, Energy News Release Service

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.

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