News Digest, Energy, Oil and Gas, 21st Jan. 2022. OPEC daily basket price stood at $88.55 a barrel on Thurs., 20 January 2022
Yemen’s Houthi rebels used cruise and ballistic missiles, in addition to drones, in an attack on Abu Dhabi this week that killed three people and set off fires at a fuel depot and an international airport, the Emirati ambassador to the United States said Wednesday.
The remarks by Ambassador Yousef Al-Otaiba marked an official acknowledgement that missiles — and not just drones — were used in Monday’s attack, claimed by the Iran-backed Houthis. Read More
China National Offshore Oil Corporation (CNOOC), issued this week a sales tender to sell dozens of LNG cargoes for delivery between February and October, Bloomberg reported.
India and IRENA ink agreement for renewables and hydrogen push
India’s Ministry of New and Renewable Energy has signed a strategic partnership agreement with IRENA, signalling its intent to further strengthen its collaboration with IRENA in the field of Renewable Energy. The agreement was signed by the Ministry of New and Renewable Energy (MNRE) Secretary, Mr. Indu Shekhar Chaturvedi and IRENA Director-General Francesco La Camera during the 12th IRENA Assembly.
India installed 13 gigawatts (GW) of renewables in 2021 and has grown its capacity by over 53 GW in the last five years, positioning it as one of the fastest growing renewable energy adopters in the world. With massive renewable energy potential, India has an aim to become a major producer of green hydrogen to support the decarbonisation of its industrial economy. According to IRENA, hydrogen will account for around 12 per cent of total energy supply in a 1.5°C world by 2050. Read More
El Salvador signed a framework agreement with the International Renewable Energy Agency (IRENA) that will see the two parties work closely to drive the Central American country’s national decarbonisation efforts in support of climate and economic development objectives. The agreement was signed during the 12th Assembly of IRENA by Ms Alexandra Hill Tinoco, President of the Assembly and Foreign Minister of El Salvador, and Director-General Francesco La Camera. El Salvador is in the process of implementing a new long-term national energy policy 2020 – 2050, which aims to reduce electricity tariffs in the country by prioritising renewables over fuel imports and facilitating the removal of subsidies from electricity towards the end of the policy period. El Salvador is increasingly turning to indigenous renewable sources of energy such as hydropower, biomass, solar PV and geothermal energy. In 2019, more than two-thirds of the country’s total energy supply came from imported fossil fuels. Read More
At EU level, the share of gross final energy consumption from renewable sources reached 22% in 2020. This is 2 percentage points (pp) above the target level for 2020, as included in Directive 2009/28/EC on the promotion of the use of energy from renewable sources. This is a major achievement and an important milestone in the EU’s path towards climate neutrality by 2050. When looking at the national targets, 26 Member States met or exceeded them for 2020. Some countries had to conclude statistical transfers in 2020 to meet their targets. The Member States that significantly exceeded their 2020 targets were Sweden, Croatia (both +11 pp) and Bulgaria (+7 pp). France, by contrast, fell short of its target (-3.9 pp). Read More
The Abu Dhabi Department of Energy (DoE) in partnership with Canada and the Clean Energy Business Council (CEBC) hosted the “Canada Advancing Clean Energy – Hydrogen and Decarbonisation” forum in Abu Dhabi. Held on the sidelines of the World Future Energy Summit, and during Expo 2020 Dubai’s Global Goals theme week, the event brought together stakeholders from the UAE and Canada to reach their shared target of achieving net zero by 2050. The event was opened by the Honorable Jeremy Harrison, Minister of Trade and Export Development for the Province of Saskatchewan, and Jean-Philippe Linteau, Consul-General of Canada in Dubai and the Northern Emirates, and gathered industry experts from Canada and the UAE to foster closer collaboration in the hydrogen and decarbonisation space. Read More
Masdar announced the formation of a joint venture (JV) with PT Mitrabara Adiperdana Tbk (Mitrabara), a conglomerate focused on the energy sector, to target the fast-growing commercial & industrial (C&I) segment of the renewable energy market in Indonesia.
The JV, PT Masdar Mitra Solar Radiance, which will operate under the Solar Radiance brand, was formally launched at a ceremony on the sidelines of Abu Dhabi Sustainability Week (ADSW) 2022, held this week in the UAE capital. Angela Soedjana, Director of Baramulti Group, shareholder of Mitrabara, attended the event, along with Hidefumi Kodama, General Manager, Coal and Energy Solution Department, Idemitsu, also shareholder of Mitrabara, and Khoirudin, Chief Executive Officer of Mitrabara. Masdar was represented by Fawaz Al Muharrami, Acting Executive Director, Clean Energy. Read More
President Nicolás Maduro of the Bolivarian Republic of Venezuela paid glowing tribute to OPEC Secretary General, HE Mohammad Sanusi Barkindo, for a very successful two-term tenure which comes to an end in August 2022. The President was addressing the nation’s Parliament during the State of the Nation address in Caracas on Wednesday, 19 January 2022. The President made reference to the outstanding achievements of Secretary General, HE Mohammad Sanusi Barkindo, during the two most eventful terms at OPEC and wished him every success in his future endeavors. The President also congratulated the incoming Secretary General from the State of Kuwait, Mr Haitham Al-Ghais, and wished him a successful tenure. President Nicolás Maduro stated, “Bolivarian peace diplomacy has achieved a splendid year for the OPEC and OPEC + countries. We have come out to defend the oil market, the stability of the world economy and the need for a fair price for world oil.” Read More
| Commodity Prices | Units | Price $ | change |
| Crude Oil (WTI) | USD/bbl | $83.80 | Down |
| Crude Oil (Brent) | USD/bbl | $86.71 | Down |
| Bonny Light | USD/bbl | $90.17 | Up |
| Natural Gas | USD/MMBtu | $3.92 | Down |
| OPEC basket 20/01/22 | USD/bbl | $88.55 | Up |
The Iranian, Chinese and Russian navies will begin joint naval maneuvers in the northern Indian Ocean waters on January 21, the ISNA news agency reported on Thursday, citing the Iranian army’s press office. The drills will practice various maneuvers, in particular, rescuing a ship swept by fire, releasing a captured vessel and firing against targets. The drills are aimed at strengthening the security of international sea routes, fighting piracy and maritime terrorism and exchanging experience, the news agency reported. Read More
Signing long-term agreements with gas suppliers would be the key to resolving the energy crisis in Europe, Hungarian Foreign Minister Peter Szijjarto said in an interview with TASS. Read More
Shareholders approved a capital return of A$0.80 per share at a General Meeting held on 15 September and payment was made on 28 September. On 13 October 2021, FAR announced that the ATO had published a class ruling confirming that no part of the Capital Return will be assessable as a dividend. The Ruling also confirms that qualifying shareholders will be entitled to treat any resulting capital gain as a discount capital gain and that certain foreign resident Shareholders will be entitled to disregard any resulting capital gain or loss.
FAR had US$55.6M cash at the end of the period (including US$1.1M in restricted cash held in The Gambia Joint Venture account). During the period, FAR completed drilling operations on the Bambo drilling program (inclusive of the Bambo-1 and Bambo-1ST1 side-track wells). FAR’s share of the Bambo program is expected to be US$28.8M, with US$15.3M expected to be paid in Q1. Read More
Oil supply will soon overtake demand as some producers are set to pump at or above all-time highs, the International Energy Agency (IEA) said on Wednesday, while demand holds up despite the spread of the Omicron coronavirus variant. The United States, Canada and Brazil are set to pump at all-time highs for the year while Saudi Arabia and Russia could also break their output records. Read More
Oil and gas (O&G) companies can no longer afford to ignore digitalization, says GlobalData, which notes that any O&G company that doesn’t start to modernize now risks going under. The leading data and analytics company highlights Internet of Things (IoT) technologies such as digital twins have the potential to be the backbone of digitalization in the energy sector.According to GlobalData forecasts, the global Internet of Things (IoT) revenue in the energy sector is expected to reach $59 billion by 2025, up from $34 billion in 2019. Read More
Beicip Franlab has signed a deal to provide consultancy services to the Iraqi Oil Ministry’s Reservoirs & Fields Development Directorate.
The Minister of Oil and President of Iraqi National Oil Company (INOC), Ihsan Abdul-Jabbar Ismail, said that Franlab will give advice that can be used to develop the oil sector, stating that the contract will help the Ministry of Oil and the oil companies to make the right decisions to develop the oil reservoirs in the interest of the national economy and the development of the oil and gas industry in the country. Read More
| Region | Period | No. of Rigs | Change from Prior Count |
| U.S.A | 14th January 2022 | 601 | +13 |
| Canada | 14th January 2022 | 191 | +50 |
| International | December 2021 | 834 | +17 |
Menlo Electric has been certified as an official distributor of Jinko Solar, following a year of close cooperation between both companies. The partnership is to result in module sales of over 200 MW in 2022 alone, of which 70 MW is to be delivered still in Q1. As part of the cooperation, Menlo Electric will offer N-type TOPCon modules from Jinko’s flagship Tiger Neo series. Read More
Graphex Group Limited, a world leader in graphite, graphene technologies and products used in electric vehicle (EV) battery and energy storage production, has entered into an agreement with the German company Desatec GMBH (‘Desatec’), an associate member of the TESUCO Group of Companies and a leading supplier of certain industrial materials with a customer base that extends from Europe, North and South America to Asia. Under this agreement, Graphex and Desatec will jointly promote the processing and sale of graphite materials used in the production of battery anodes for electric vehicles (EVs) and to offer services utilizing Graphex’s technologies to downstream users to establish local manufacturing capabilities for graphite anode materials. Read More
Currently announced today that they have completed over 1,500 EV charging deliveries to electric vehicle owners in its first six months of operation. The on-demand, mobile EV charging company has helped stop over 4,875,000 grams of CO2 pollution from being created. With over 65,000 miles of range delivered to Currently customers, the service/app is creating easy access to EV charging without installing a single charger. Currently, the mobile EV charging app/service, owned by its parent company SparkCharge, is having a huge impact on EV owners and the environment. The app allows EV owners to have their vehicles charged virtually anywhere and anytime for only $25 per month. Since its launch in June of 2021, Currently has generated some very impressive numbers in Los Angeles, San Francisco, San Jose, and Dallas. Read More
Stellantis Celebrates First Anniversary as it Speeds Transformation to Sustainable Mobility Tech Company. Born from the bold and visionary spirit of its founding companies, Stellantis N.V. was created to shape the future of mobility with innovative and sustainable solutions. Today, Stellantis marks its first anniversary with a review of the major milestones accomplished during the past 12 months. Read More
Clean Power Hydrogen (CPH2), the UK-based green hydrogen technology and manufacturing company that has developed the IP-protected Membrane-Free Electrolyser (“MFE”), is delighted to announce its proposed admission to trading on AIM (the “Admission”). The Group designs and manufactures hydrogen production units and is focused on the commercial production of green hydrogen in a simple, safe, and sustainable manner. The Group intends to raise approximately £50 million by way of a placing of new Ordinary Shares on Admission (“Placing”). Cenkos Securities plc has been appointed as Nominated Adviser (“NOMAD”) and sole broker to CPH2. Read More
Rolls-Royce and German agricultural machinery manufacturer CLAAS have signed a follow-up agreement covering supply of mtu engines in the years ahead. The agreement seals the continuation of the highly successful partnership enjoyed by the two companies. Each year, CLAAS shall purchase from Rolls-Royce several thousand mtu engines from Series 1000 to 1500 which it shall use to power its Lexion and Tucano combine harvesters, Jaguar forage harvesters and Xerion large tractors. The order volume will bring revenues in the mid three-digit million euros range. Read More
Shell CEO Ben Van Beurden: Carbon emissions court ruling was ‘body blow’ Shell last year pledged to cut greenhouse gas emissions from its operations by a fifth by 2030, reaching a net-zero target by 2050 in line with the Paris 1.5C climate change agreement. Read More
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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