Oil and Gas, Press, Energy News Brief, 03 Nov. 2021

West Texas Intermediate crude for December delivery slipped 14 cents to settle at $83.91 a barrel in New York. Brent for January settlement rose 1 cent to settle at $84.72 a barrel

The National Statistician Sir Ian Diamond has told an audience at the COP26 summit that making data on UK climate change available and understandable to all is among the highest priorities for the Office for National Statistics (ONS). Describing how it is already affecting our lives, Sir Ian spoke of the intention to expand ONS’ role in the monitoring of climate change and the analysis of links between environment, society and economy. Delivering the keynote speech at a joint Met Office and ONS event in the COP26 Science Pavilion, the National Statistician explained it was the goal of the ONS to provide the UK with the best possible data and insights on climate change: informing effective policy responses and helping businesses, the public and third sector organisations to better understand climate change and its impacts. Read More

During the period from 25 to 29 October, 2021, Eni acquired n. 2,170,000 shares, at a weighted average price per share equal to 12.27200 euro, for a total consideration of 26,630,240.06 euro within the authorization to purchase treasury shares approved at Eni’s Ordinary General Meeting of shareholders on 12 May 2021, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999. On the basis of the information provided by the intermediary appointed to make the purchases, the following are details of transactions for the purchase of treasury shares on the Electronic Stock Market on a daily basis: Read More

BP reported soaring profits Tuesday on the back of surging oil and gas prices as the global economy recovers from the coronavirus pandemic. The British energy giant also warned that gas markets would remain “tight” over the coming months, which will likely further pressure household budgets. BP said its underlying replacement cost profits — the industry standard — jumped to $3.3 billion in the three months ending in September, up from just $86 million in the same period a year earlier, when oil prices had slumped because of the pandemic. The third-quarter figure also was an increase of 18% from the previous quarter’s $2.8 billion and ahead of analysts’ expectations of about $3.1 billion. Read More

Dana Incorporated (NYSE: DAN) today announced that the company’s advanced drive technologies are featured on the winners in two categories of the “Tractor of the Year 2022” awards competition. The New Holland® T6.180 Methane Power tractor was selected among all the finalists to receive the “Sustainable Tractor of the Year” designation. It is equipped with Dana’s high-precision Graziano™ gears and shifting solutions. Meanwhile, the John Deere® 6120M AutoPowr™ compact tractor with a Spicer® 730 modular steering axle won the “Best Utility” award. Read More

Cairn announced that it has entered into undertakings with the Government of India in order to participate in the scheme introduced by recent Indian legislation, the Taxation Laws (Amendment) Bill 2021 (the “Taxation Amendment Act”), allowing the refund of taxes previously collected from Cairn in India. Subject to certain conditions, the Taxation Amendment Act nullifies the tax assessment originally levied against Cairn in January 2016 and orders the refund of INR 79bn (approximately US$1.06bn*) which was collected from Cairn in respect of that assessment. Read More

SkyDrive Signs Supporter Agreement with EY Strategy and Consulting — Aiming to establish global status by strengthening strategy for air mobility business Read More

Marathon Petroleum Corp. Reports Third-Quarter 2021 Results
• Reported third-quarter net income of $694 million, or $1.09 per diluted share; reported
adjusted net income of $464 million, or $0.73 per diluted share
• Progressing portfolio optimization by pursuing strategic alternatives for the Kenai refinery
and related operations, which could include a sale; and continuing focus on lowering the
cost structure
• Completed ~25% of $10 billion capital return program through Oct 31; committed to
complete remaining $7.5 billion by year-end 2022
• Exceptionally strong year-to-date cash flow at MPLX supports a third quarter distribution
consisting of a 2.5% increase to the base distribution amount and a special distribution
amount; MPC expects to receive a total of $829 million

Read More

Unveiled at the climate summit COP26 taking place in Glasgow, the Association of South East Asian Nations (ASEAN) Catalytic Green Finance Facility, managed by the Asian Development Bank, will increase access to finance for critical infrastructure for ASEAN countries, and will support the development of sustainable infrastructure projects such as renewable energy, clean transportation or urban infrastructure in developing countries across the region. The UK’s £110 million of financial support announced today will mobilise further public and private funds and forms part of a wider commitment from ASEAN governments and partners to deploy over £5 billion into green projects across the region. Read More

EU Commission adopted its annual Fuel Quality ReportSearch for available translations of the preceding based on the 2019 reporting data submitted by EU countries. The report finds that the average greenhouse gas (GHG) intensity of fuels in the 28 reporting Member States had fallen by 4.3% compared to the 2010 baseline. The year-on-year progress achieved compared to 2018Search for available translations of the preceding was limited to a 0.6 percentage point decrease. Progress varies greatly across Member States, and almost all need to act swiftly to meet the target set out under the Fuel Quality Directive to reduce the GHG intensity of transport fuels by a minimum of 6% by 2020 compared to 2010. Read More

The global IT solutions provider and digitalization specialist for the energy industry, Implico Group, has welcomed a new senior-level executive among its rows. In October 2021, the studied computer scientist Dr. Volker Braun joined the company as CTO and Managing Director. In his new role, the 52-year-old IT expert from the Rhineland will focus on the following key objectives: To refine and expand Implico’s diverse product portfolio. To help the company achieve its standardization and cloudification goals. And to drive and shape Implico’s ongoing transition towards becoming a strong product company. The latter, he will do alongside Tim Hoffmeister (CEO) and Thomas Ernst (Managing Director) as part of the management team. Read More

The Republic of Kazakhstan and The United Kingdom of Great Britain released a joint statement on Strategic Partnership and Joint Efforts to Respond to Climate Change. Read More

Commodity PricesUnitsPrice $Change
Crude Oil (WTI)USD/bbl$81.29Down
Crude Oil (Brent)USD/bbl$82.40Down
Bonny LightUSD/bbl$84.30Down
Natural GasUSD/MMBtu$5.69Up
OPEC basket 02/11/21USD/bbl$83.37Up
At press time 03rd November 2021

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Non-oil private firms in the UAE have seen a surge in business supported by an increase in spending and rising tourism activities in the UAE due to Expo 2020 Dubai, a latest business survey revealed. The seasonally adjusted IHS Markit UAE Purchasing Managers’ Index – a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy – surged to 55.7 in October, from 53.3 in September, marking the highest reading since June 2019. Read More

S&P Global (NYSE: SPGI) and IHS Markit (NYSE: INFO) today announced that they have received a conditional Phase 1 approval for their $44 billion merger from the European Commission (EC), marking another significant step toward the combination of these highly complementary companies. Read More

World leaders summit on ‘Action on forests and land use’ Read More

In the third quarter of 2021, Vestas generated revenue of EUR 5,538m – an increase of 16 percent compared to the year-earlier period. EBIT before special items decreased by EUR 87m to EUR 325m. This resulted in an EBIT margin before special items of 5.9 percent, compared to 8.6 percent in the third quarter of 2020. Free cash flow* amounted to EUR 300m compared to EUR 547m in the third quarter of 2020.

The quarterly intake of firm and unconditional wind turbine orders amounted to 3,727 MW. The value of the wind turbine order backlog was EUR 19.3bn as at 30 September 2021. In addition to the wind turbine order backlog, at the end of September 2021, Vestas had service agreements with expected contractual future revenue of EUR 28.0bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 47.3bn – an increase of EUR 13.4bn compared to the year-earlier period. Read More

Today, Ørsted’s Board of Directors approved the interim report for the first nine months of 2021.

Our operating profit (EBITDA) totalled DKK 16.0 billion, an increase of DKK 2.9 billion compared to the same period last year. Our earnings included a gain of DKK 5.3 billion from the 50 % farm down of Borssele 1 & 2 in Q2 2021.

In most of Q3, we continued to see lower than normal wind speeds, which had an adverse impact on earnings from renewable assets in operation, which amounted to DKK 10.3 billion for the first nine months of the year. This was a decrease of DKK 1.3 billion compared to 9M 2020 despite ramp-up of generation from new assets and the receipt of CFDs for the last 400 MW of capacity from Hornsea 1. The total effect from lower wind speeds in 9M 2021 amounted to approx. DKK 2.5 billion compared to 9M 2020. Read More

PetroChina Company Limited announced that the Company pushed forward its green and low-carbon transformation, production and operation, reform and innovation, and ESG control in the first three quarters of 2021, grasping the favorable opportunities arising from China’s rapid economic recovery, the rebound of the oil and gas market demand and the rise in international oil prices. The oil and gas industry chains maintained stable, and the development quality and efficiency were greatly enhanced. All segments continued to improve their quality and efficiency, and remained profitable. In the first three quarters of 2021, according to IFRS, the Company achieved a revenue of RMB1,880.34 billion, representing an increase of 31.8% year-on-year. The net profit attributable to owners of the Company amounted to RMB75.13 billion, representing an increase of 646.3% year-on-year and a two-year average growth rate of 42%. The substantial growth in free cash flows enabled the Company to maintain a sound financial position and its leading position in the industry. Read More

Mobilising Institutional Capital Through Listed Product Structures (MOBILIST), the UK’s flagship programme to mobilise large scale investment through publicly listed markets, received a £66 million funding boost today at COP26 in Glasgow. The £66 million additional funding will be used to support new products as they are developed through open competition to support people in developing countries better access international capital markets to fund the infrastructure, technology and businesses they need to manage climate change and boost growth. When we help countries grow through enterprise and trade, and finance clean infrastructure, we create freer countries and freer people. Read More

ConocoPhillips Chairman and CEO Ryan Lance issued the following statement on a methane rule proposed by the U.S. Environmental Protection Agency (EPA).

“ConocoPhillips has actively supported the direct federal regulation of methane emissions from both new and existing sources and believes that the right regulation can help raise the performance floor for the entire energy industry. Reducing greenhouse gas emissions, including methane, is a major priority for us. Within our company, we’ve already voluntarily reduced our operational emissions intensity by nearly 65% since 2015 through such actions as portfolio upgrading, improving energy efficiency, replacing equipment, electrifying some facilities and equipment and detecting and repairing methane leaks. We now plan a further 10% reduction by 2025 from a 2019 baseline. We also have a separate near-term target to achieve zero routine flaring by 2030, with an ambition to meet that goal by 2025. Read More

CNG Energy has become the latest UK energy supplier to collapse as soaring gas prices continue to strangle the industry. Read More

The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.

RegionPeriodNo. of RigsChange
U.S.A29th October 2021544+2
Canada29th October 2021166+2
InternationalSept. 2021787

Baker Hughes Rig Count to 3rd November 2021

Oil and Gas News Straight from the Source

OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole. Please send us your industry related news for publication

Announce new products, New Partnerships, New director appointment, New office, financial reports, New sales staff, new contracts, charity affiliations and general news and offers by your organisation! Submit your Releases or contact us now!

Most 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.

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