News Update: Canada Rig Count is up 14 from last week to 241
U.S. Rig Count is down 4 from last week to 771 with oil rigs down 10 to 613, gas rigs up 6 to 156 and miscellaneous rigs unchanged at 2.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 20 January 2023 | 771 | -4 |
| Canada | 20 January 2023 | 241 | +14 |
| International | December 2022 | 900 | -10 |
The U.S. Department of Transportation (DOT) recently released its Research, Development and Technology (RD&T) Strategic Plan for Fiscal Years (FY) 2022-2026. The new RD&T Plan continues the Department’s leadership role in supporting, fostering, and safeguarding transportation innovation so that it meets strategic priorities and objections articulated in the U.S. DOT Strategic Plan. It is also a call for innovation, guided by the Innovation Principles that the Department rolled out in 2022.
“We recognize that the work of research, development, and technology deployment takes collaborative effort across the public, private, academic and non-profit sectors,” said DOT Deputy Assistant Secretary for Research and Technology and Chief Science Officer Dr. Robert C. Hampshire. “In this time of rapid change and experimentation, research must drive the learning necessary for the public sector to keep pace with technological advancement and to adapt to evolving socio-economic needs. By providing a vision for a future transportation system made possible by research, we seek to foster collaborative innovation to create a better transportation future for all.”
The RD&T Strategic Plan supports DOT’s mission to deliver the world’s leading transportation system, serving the American people and economy through the safe, efficient, sustainable, and equitable movement of people and goods. The Plan provides a long-term vision for how research and technology deployment can help transform our nation’s transportation system, while guiding transportation research, development, and technology deployment activities over the next five years. Read More
The U.S. Department of Transportation’s Maritime Administration (MARAD) announced the availability of nearly $20 million in Federal Fiscal Year 2023 funding to help modernize small U.S. shipyards and train the workforce in this critical sector. MARAD’s Small Shipyard Grant Program strengthens the economic competitiveness of shipyards by providing grants that can be used to purchase equipment or provide employee training. In addition, these grants can support the purchase of American-made manufacturing equipment that support a wide range of jobs throughout our nation’s manufacturing base. Read More
Crude oil gathering momentum supported by strength across fuel products
Crude oil prices were heading for a second weekly advance, thereby fully offsetting the weakness that hit the market during the first days of January. Prices are supported by continued optimism on Chinese demand and increasingly by strength in the product market. Gasoline and diesel are both trading at a two-month high ahead of the embargo on Russian products from February 5 and following a late December wintry blast in the US which continues to impact refinery activity.
Reports that China’s Covid caseload has peaked further boosted optimism that demand will start to recover more sustainably following the Lunar New Year holiday. Global demand expectations also received a boost as US jobless claims data supported the view that the labor market is still tight, thereby reducing the risk of a recession in the world’s biggest energy consuming economy. A jump in US crude exports and the first week without injections from Strategic Petroleum Reserves (SPR) nevertheless saw inventories jump 8.4m barrels as refinery demand struggled to recover following the late December wintry blast and outages.
Monthly oil market reports from OPEC and the IEA painted a mixed picture, although both mention the recovery in China as the main driver behind a rise in global crude oil demand this year. The IEA saw global oil demand rising by 1.9 million barrels per day – to a record 101.7 million barrels per day – with half of the increase from China following the lifting of its Covid restrictions. An overall non-OPEC+ rise of 1.9 million barrels per day led by the US, Canada and Brazil will be partly offset by an OPEC+ drop of 870 kb/d due to expected declines in Russia. Having bounced from support at the 50-day moving average at $83.77, a weekly close for Brent above $87 may signal further strength in the week ahead. This could also be the case for WTI at $81. Read More
TechnipFMC (NYSE: FTI) will host its fourth quarter 2022 earnings conference call on Thursday, February 23, 2023, at 1:30 p.m. London time (8:30 a.m. New York time). A press release announcing the results will be issued prior to the call at approximately 11:45 a.m. London time (6:45 a.m. New York time). Read More
In a new IIASA-led study, an international team of researchers developed a novel way to store energy by transporting sand into abandoned underground mines. The new technique called Underground Gravity Energy Storage (UGES) proposes an effective long-term energy storage solution while also making use of now-defunct mining sites, which likely number in the millions globally.
UGES generates electricity when the price is high by lowering sand into an underground mine and converting the potential energy of the sand into electricity via regenerative braking and then lifting the sand from the mine to an upper reservoir using electric motors to store energy when electricity is cheap. The main components of UGES are the shaft, motor/generator, upper and lower storage sites, and mining equipment. The deeper and broader the mineshaft, the more power can be extracted from the plant, and the larger the mine, the higher the plant’s energy storage capacity. Read More
In a new IIASA-led study, an international team of researchers analyzed carbon dioxide removal quotas for developing countries, while considering issues of equity and fairness. The study, published in the journal Nature-Based Solutions, employs a diverse set of allocation methods on a range of global emissions scenarios to address equitability in sharing the burden of climate change mitigation. The allocation methods were based on extended equity principles compared to previous studies, adding the Right to Development principle to other principles of Responsibility, Equality, and Capacity. Based on these methods, the team distilled the global climate targets into national quotas and assessed the implications for developing countries. Carbon dioxide removal can be achieved by either using technology and engineering methods, or through natural climate solutions, such as conservation, restoration, and improved land management. Given the large potential for natural climate solutions in tropical developing countries, the study focused on seven of these (Brazil, Colombia, Democratic Republic of Congo (DRC), India, Indonesia, Malaysia, and Mexico) which together cover ∼35% of global cost-effective natural climate solutions potential. Read More
The UK’s first electric-only rail freight operator has started moving parcels between Scotland and the Midlands. Varamis Rail is using fully electric former passenger trains converted to carry freight in response to the growing demand for next day deliveries of goods bought online. The majority of freight trains on Britain’s railways are powered by diesel, with an average speed of around 24mph. The rail industry looks to play its part in decarbonising the UK Read More
Fugro has been awarded a ground investigation contract for SSE Thermal and Equinor’s planned Keadby 3 Carbon Capture Power Station in North Lincolnshire. When complete, Keadby 3 could become the UK’s first flexible power station equipped with carbon capture technology, capable of capturing up to 1.5 million tonnes of carbon annually. The acquired Geo-data will enable stakeholders to understand ground conditions and make informed decisions during the engineering, design and construction phases of this project. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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