Oil and Gas, Press, Energy News Brief, 11th Nov. 2021

EIA report showed inventories at Cushing, Oklahoma, USA fell 34,000 barrels last week.

West Texas Intermediate crude for December delivery fell $2.81 to settle at $81.34 a barrel in New York. Brent for January settlement declined $2.14 to settle at $82.64 a barrel

As part of enhancing the corporate governance system, the Board of Directors of PJSC “LUKOIL” has approved amendments and addenda to the Regulations on the Audit Committee of the Board of Directors of PJSC “LUKOIL” and a new version of the Regulations on Performance Evaluation of the Board of Directors of PJSC “LUKOIL”. The amendments and addenda to the Regulations on the Audit Committee are aimed at developing the Company’s internal control and audit system, facilitating efficient implementation of the anti-corruption policy and ensuring statutory compliance and fulfillment of recommendations of the Bank of Russia. Read More

Lundin Energy AB (Lundin Energy) is pleased to note that following the license partners support for development concept selection, Equinor ASA, the operator of Wisting in the development phase, has now awarded the front-end engineering and design (FEED) contracts.

The Wisting development is on track for project sanction by the end of 2022; Read More

Energy Council of South Africa was launched by founding members from across the energy value chain, both public and private. The Council will play a leading and collaborative role in the development and transition of the country’s energy sector. The initiative is led by CEOs from Anglo American, Central Energy Fund (CEF), Eskom, Exxaro, Industrial Development Corporation of South Africa (IDC), Sasol, TotalEnergies South Africa and Naamsa, who will serve on the interim board. Read More

The new Boeing [NYSE:BA] 777X arrived at Dubai World Central at 14:02 p.m. (GST) today, ahead of the upcoming Dubai Airshow. The airplane will be on static display and featured in the show’s flying program starting November 14. The 777-9 flight test airplane made a nearly 15-hour nonstop flight from Seattle’s Boeing Field to Dubai, the first international flight and longest flight to date for the 777X as it continues to undergo a rigorous test program. Read More

Odfjell SE has mandated Nordea and Swedbank to explore the possibility of a conditional buyback of the outstanding bonds maturing in June 2022 ISIN NO0010796238 (ODF09) and a potential tap issue of the outstanding bond maturing in September 2023 ISIN NO 0010832181, subject to market conditions. The purpose of the contemplated transactions is to part refinance ODF09 in accordance with the Company’s finance strategy. Read More

The Prime Minister met with UN Secretary-General Antonio Guterres on the sidelines of COP26 in Glasgow today.

They reflected on the discussions they had earlier in the day with ministers and civil society on the progress made in negotiations so far and critical outstanding issues. The Prime Minister reiterated the United Kingdom’s commitment as COP President to reach a consensus agreement that achieves progress on adaptation, mitigation and finance. They agreed that countries must come together to deliver on the goals of the Paris Agreement and keep the target of 1.5C global warming alive. Read More

The UK government has today (Thursday 11 November 2021) launched the new Urban Climate Action programme (UCAP) to support the cities and regions in developing countries most impacted by climate change to accelerate their transition to net zero.

Backed with £27.5 million of new UK government funding as part of the UK’s International Climate Finance commitment, the programme will support cities across Africa, Asia and Latin America to take action to tackle climate change and create a sustainable future, by helping them to become carbon neutral by 2050 and prepare low-carbon infrastructure projects. The programme will help cities like Nairobi, Kuala Lumpur, and Bogotá develop low-emission public transport systems, renewable energy generation, sustainable waste management, new climate-smart buildings codes and climate risk planning. Read More

Infocus International Group, a global business intelligence provider, has confirmed the new date for its highly recommended LNG Supply, Demand, Pricing & Trading online training. The online training is back with a new agenda and it will be commencing live on 19 January 2022. Read More

Lundin Energy announced that the Swedish Prosecution Authority has today brought criminal charges against Chairman of the Board Ian H. Lundin and Director Alex Schneiter in relation to past operations in Sudan from 1999-2003 and 2000-2003, respectively. The charges also include claims against the Company for a corporate fine of SEK 3,000,000 and forfeiture of economic benefits of SEK 1,391,791,000, which according to the Swedish Prosecution Authority represents the value of the gain of SEK 720,098,000 that the Company made on the sale of the business in 2003. Following the bringing of charges, Ian H. Lundin has chosen not to stand for re-election as Chairman of the Board at the Company’s 2022 Annual General Meeting. The Company refutes that there are any grounds for allegations of wrongdoing by any of its representatives and does not foresee any impact on the operational and financial guidance that the Company has set out previously. The indictment states that Ian H. Lundin and Alex Schneiter are accused of complicity in crime against international law, gross crime, in Sudan 1999-2003 and 2000-2003, respectively. Read More

The Gas Exporting Countries Forum (GECF), the global platform of the leading gas producing nations, has urged the international community gathered in Glasgow, UK, for UNFCCC COP26 to look for energy options that achieve the right balance between the post-COVID-19 economic and social requirements and climate actions, particularly for the most vulnerable regions of the world.

HE Yury Sentyurin, Secretary General of the GECF who led the Forum’s delegation, said: “Given technology’s pivotal role in transforming the energy industry, we recommend that the COP26 negotiations are underpinned by technology transfer to decarbonise the energy sector, including the decarbonisation technologies of the gas industry.”

Gas is the cleanest of all fossil fuels, and its abundance, flexibility, and affordability makes it an ideal fuel of choice, particularly for emerging and developing economies, many of them in highly populated regions of Asia and Africa. Latest GECF figures estimate natural gas to become the most used source of energy in the world by 2050, upping its share from 23% today to 27%. Read More

Russia, GECF reinforce cooperation at COP26
On the sidelines of the UNFCCC COP26, HE Alexey Overchuk, Deputy Prime Minister of the Russian Federation held a working meeting with HE Yury Sentyurin, Secretary General of the Gas Exporting Countries Forum (GECF), which reinforced the long-standing historic ties between the Forum and one of the world’s largest energy producers. Whilst the two sides reaffirmed their commitment to their joint approach on energy and the environment, HE Deputy Prime Minister Overchuk specifically outlined Russian’s plan to become carbon neutral by 2060, and new climate legislation that introduces mandatory carbon reporting for the largest greenhouse gas emitting companies operating in the country, among a host of other national measures. Read More

AiDash, today announced the launch of its Intelligent Sustainability Management System (ISMS) to help companies achieve their sustainability goals including the 10 percent biodiversity net gain by 2030. The new ISMS SaaS solution, would enable customers like National Grid, a leading energy company, to meet the biodiversity net gain standards (BNG) and increase cost savings and other efficiencies by eliminating frequent land surveys that are currently performed manually. AiDash developed ISMS over the past 9 months, working closely with the National Grid Partners Innovation team. The unveiling today at 4 PM at the COP26 UN Climate Change Conference in Glasgow is led by Stephen Marland, Director of Innovation at National Grid Partners, alongside Abhishek Singh, CEO of AiDash. Organizations with large landholdings, as National Grid and other utilities, energy, water and wastewater companies, face the challenge of using traditional on the ground surveying methods to accurately map the land type and understand and measure the biodiversity level of each habitat. The cost and process complexities of using these methods can often hinder the implementation of natural capital enhancement plans for progressive, environmentally conscious organisations. Read More

Commodity PricesUnitsPrice $Change
Crude Oil (WTI)USD/bbl$81.91Down
Crude Oil (Brent)USD/bbl$83.23Down
Bonny LightUSD/bbl$83.78Up
Natural GasUSD/MMBtu$4.91Up
OPEC basket 10/11/21USD/bbl$83.69Up
At press time 11th November 2021
This image has an empty alt attribute; its file name is oil-barrel-spill.jpg

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).

Global Energy Storage (GES), which launched in May this year, announces today its first major investment at Europoort in the Port of Rotterdam. It is buying an interest in part of the assets of the Stargate Terminal from Gunvor Group and will develop more than 20 hectares at the heart of the port. The deal has been formally approved by the Port of Rotterdam Authority.

The site includes a significant waterfront with deep water access, brownfield development opportunities and potential greenfield development sites.

GES’ ambitious plans include the development of a new multi-purpose seagoing jetty, as well as developing infrastructure for:

Consolidation of biofuel storage
Storage for renewable fuels
Gas storage
Gas to chemicals production
Green and blue hydrogen

Hydrogen carriers such as ammonia Read More

RegionPeriodNo. of RigsChange
U.S.A05th November 2021550+6
Canada05th November 2021160-6

Baker Hughes Rig Count to 11th November 2021

Neste Corporation has today received a notification under Chapter 9, Section 10 of the Finnish Securities Market Act (FSMA). According to the notification by BlackRock, Inc., the aggregate holdings of the entities referred to therein in Neste Corporation have on 10 November 2021 decreased below 5% of the total number of shares and voting rights of Neste Corporation. The share stock of Neste Corporation consists of 769,211,058 shares, each entitling one vote. Read More

Tesla – shares down heavily yesterday shredding $200bn in market value over two trading sessions following Elon Musk’s poll on selling 10% of his stake in the EV-maker. The recent weakness has felt very technically and idiosyncratic just as the dramatic move higher in recent weeks has seem out of touch with the rest of the market. Read More

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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