Oil and Gas, Press, Energy News Brief, 09th Nov. 2021

Saudi Aramco reportedly stands to benefit and gain in market share, as it embarks on raising its crude production capacity from 12 million b/d to a world-leading 13 million b/d by 2027 as other IOC’s downsize their oil portfolios

Martti Ala-Härkönen (Dr.Sc. (Econ.), Lic.Sc. (Tech.) has been appointed as Chief Financial Officer (CFO), Strategy and IT and member of the Neste Executive Committee. He will report to President and CEO Peter Vanacker, and take up the position on 8 May 2022, at the latest. Ala-Härkönen will transfer from Caverion.

“I am pleased to welcome Martti Ala-Härkönen to Neste, and to strengthen our Executive Committee. His over 20 years long executive experience from the finance and business development in the stock listed companies in international business environment will bring value in executing Neste’s growth strategy,” says Peter Vanacker. Read More

Neptune Energy today announced it has been awarded Gold Standard status by the Oil & Gas Methane Partnership (OGMP) in recognition of setting ambitious targets and establishing credible plans to reach a net zero methane intensity by 2030. To achieve Gold Standard companies are required to outline a credible and clear path to reduce methane emissions by 45% or more and to report their progress annually. Neptune’s Gold Standard achievement was featured in the United Nations inaugural International Methane Emissions Observatory (IMEO) report, which also highlighted Neptune’s 2025 methane emission intensity target of 0.0015% as being the most ambitious of all the participating oil and gas companies. Read More

Science and Innovation Day at COP26 will see the announcement of new initiatives backed by global coalitions of nations, businesses and scientists. These will support the implementation of the goals announced during the World Leaders Summit and other country commitments announced during the first week of the conference. Government Chief Scientific Adviser Sir Patrick Vallance will underline the critical role of science and innovation in enabling every country to access the tools it needs to immediately reduce emissions in line with Paris temperature targets, and to adapt to the effects of climate change that we are already seeing. Read More

At its COP26 Gender Day on Tuesday 9 November, the UK will announce £165 million to tackle climate change while addressing the inequalities that make women and girls more vulnerable to climate change and empowering them to take climate action. Around the world, the UN has found that women are more vulnerable to the effects of climate change than men, in part because they constitute a large majority of the world’s poor and often depend on small-scale farming for a livelihood, which is particularly vulnerable to climate change. Women and children can comprise 80% of those displaced by climate-related disaster. But addressing gender inequality has also been proven to advance efforts to tackle climate change. Read More

Satellite Vu, an Earth observation company which offers the highest resolution thermal imagery and insights, has secured a major new funding boost from the UK Space Agency. The funding, which totals £999,698, was announced as the UK hosts COP26 in Glasgow, is part of the UK Space Agency’s National Space Innovation Programme (NSIP) and will support trailblazing technology that will help tackle climate change and predict global disasters using satellites. As part of the package, eleven UK organisations have been awarded a share of just under £7 million of government funding to put into action the latest advances in space innovation. The majority of the projects focus on climate change or environmental management, with others designed to secure our telecommunication systems and protect digital infrastructure against cyber-attacks. Read More

WEG announces expansion investments of R$ 178.2 million in Linhares, Brazil Within two years the company intends to add 14 thousand square meters of manufacturing facilities to its current electric motor factory and hire 250 new employees. WEG has just announced new investments for its existing electric motor factory in the city of Linhares, state of Espírito Santo, Brazil. The Company´s investment plan up to 2023 is in the range of R$ 178.2 million for the modernization and expansion of the production capacity of electric motors. With this new investment, WEG intends to expand the manufacturing facilities structure in Linhares to 79,000 square meters and hire 250 new employees over the next two years. This Manufacturing Operation became the company’s second largest industrial park in Brazil. Read More

Speaking at the Africa Oil Week 2021 in Dubai, Suhail Al Mazrouei, the UAE Minister of Energy and Infrastructure said that in terms of investment, the UAE is the fourth largest foreign country to invest in the African continent. “We have invested in 71 different projects worth $5.64 billion, across different sectors,” the minister said. The interest has been mutual with Uganda recently signing several new businesses deals worth $650 million at Expo 2020 Dubai. The commitments included $500 million for renewable energy and transportation projects; $50 million investment into mineral processing Read More

KCA Deutag secures almost $185m of land drilling contracts in the Middle East region
Global drilling, engineering and technology provider, KCA Deutag, has been awarded contracts worth almost $185m from leading exploration and production companies across key markets in the Middle East region. Multiple rig extensions have been confirmed in Saudi Arabia, representing 13 years’ work across three rigs, and in Oman, one-year contract extensions have been awarded for two heavy 2000hp rigs.

Simon Drew, President of Land commented: “These awards are a sign of rising confidence in our core markets as we increase and sustain activity following the COVID-19 pandemic challenges and resulting reduction in oil demand. We have invested significantly in the Middle East and these contract extensions illustrate that our strong operational and technological performance is delivering value for our clients in the region. Read More

Ecopetrol announce that the Liria YW12 exploratory well, located in the municipality of Aguazul, Casanare, confirmed the presence of gas and light oil of 49 ° API, a milestone that drives the exploration activity carried out directly by the company in the Piedemonte Llanero.

The exploratory well is 100% Ecopetrol and marks the beginning of a new hydrocarbon field in this area of ??the country. As part of this campaign, the company plans to drill another delimiting well in the area and, if successful, declare a new field called Recetor West commercially available in the short term, while progress is made in defining the magnitude of the find. Liria YW12 reached a total depth of 19,750 feet and tested hydrocarbons in the Mirador Formation, at a depth between 16,862 and 17,407 vertical feet from the surface. This objective was also achieved with excellent performance in terms of health, safety and environment Read More

Ecopetrol Group awarded the company AES Colombia the contract for the development of the Solar Brisas Ecopark in the municipality of Aipe, Huila department, which will be added to the Castilla and San Fernando parks, which are already in operation. The project will be developed under a 15-year power purchase contract with AES Colombia. Its objective will be to self-supply part of the energy demand of the operations of Ecopetrol’s production fields in Huila. This new eco-park will have an installed power of 26 megawatts (MWp), which is equivalent to energizing a population center of 35 thousand inhabitants, that is, an area similar to the municipality of San Agustín, Huila. It is expected to enter into operation in the last quarter of 2022. Read More

Output from Africa’s largest crude producer Nigeria dropped to 1.37 million b/d last month, according to the survey, which is 261,000 b/d below its OPEC+ quota. The country continues to be hamstrung by operational setbacks, with key pipelines facing persistent sabotage. Production from Angola meanwhile slipped 40,000 b/d to 1.11 million b/d, well below its quota of 1.362 million b/d. Read More

The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, approved a temporary licence to test self-driving vehicles, a move that comes as a part of the government’s continuous efforts to adopt advanced technologies within all sectors. The meeting, held today at Expo 2020 Dubai, was attended by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance; H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior; and cabinet members. Testing autonomous vehicles comes within the UAE strategy to become a global leader for attracting innovation and advanced technology applications. The UAE will be the first country in the Middle East and the second globally to test the application of self-driving vehicles. Read More

Commodity PricesUnitsPrice $Change
Crude Oil (WTI)USD/bbl$82.28Down
Crude Oil (Brent)USD/bbl$83.71Down
Bonny LightUSD/bbl$83.44Up
Natural GasUSD/MMBtu$5.37Down
OPEC basket 08/11/21USD/bbl$82.34Up
At press time 09th November 2021

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.A05th November 2021550+6
Canada05th November 2021160-6

Baker Hughes Rig Count to 09th November 2021

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

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