Oil and Gas, Press, Energy News Brief, 15th Nov. 2021
Shell intends to change its share structure to establish a single line of shares, which is simpler for investors to understand and value. The company will also align its tax residence with its country of incorporation in the UK.
Cairn announced that it will commence an initial share repurchase programme of its ordinary shares of 21/13 pence each (the “Ordinary Shares”) of up to £20,000,000 (the “Programme”).
This programme is being initiated prior to the anticipated larger buyback programme to commence following receipt of the Indian tax refund. Cairn has entered into non-discretionary arrangements with Morgan Stanley & Co. International Plc (“Morgan Stanley”) in relation to the purchase by Morgan Stanley, acting as principal during the period commencing on 15 November 2021 and ending no later than 31 January 2022, of Ordinary Shares in the share capital of the Company for an aggregate purchase price of no greater than £20,000,000 and the on-sale of such Shares by Morgan Stanley to Cairn. Read More
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh has disclosed that the country has recorded massive reduction of piracy attacks in the Nigerian waters. Special Assistant to the NIMASA boss on Communication Strategies, Ubong Essien, who revealed this during a media parley in Port Harcourt at the weekend, explained that the low piracy attacks was achieved following the unveiling of the Deep Blue Project, a security architecture in the waters. Read More
BYD sold 88,898 passenger vehicles in October, increasing 90.9% year on year (YoY) and 12.5% month on month (MoM), according to the official data. In particular, the New Energy Vehicle (NEV) sales reached 80,003 units, soaring 262.9% YoY. By the end of October, the cumulative annual sales of BYD passenger vehicles topped 534,861 units. Read More
The 17th edition of the Dubai Airshow kicked off on a positive note on Sunday, with aviation players and professionals expressing optimism that the industry is now moving on a recovery path after a tumultuous period that saw revenues and passenger traffic plummet to record low levels. Read More
Emirates Airline has signed a deal to establish a codeshare partnership with Gulf Air. The agreement was signed during the first day of the Dubai Airshow, the largest gathering of aerospace industry players since the onset of the COVID-19 outbreak last year. According to Gulf Air, the memorandum of understanding (MoU) will develop a “deeper commercial cooperation” between the two Middle East carriers. With the codeshare, members of Gulf Air’s Falcon flyer members and Emirates’ Skywards will be able to enjoy “reciprocal” loyalty benefits. Customers who choose to fly on Emirates and Gulf Air’s operated flights can purchase single-ticket travel, and one-stop baggage check-in to their final destinations, Gulf Air said in a statement released to the media at the Dubai Airshow. Read More
Getech, the geoscience and geospatial technology provider and data-led energy asset developer, is pleased to announce that its wholly owned hydrogen subsidiary, H2 Green, has signed a Collaboration Agreement (the “Agreement”) with Shoreham Port. The Agreement grants H2 Green exclusive rights for the development of all port-based hydrogen, ammonia, and new onshore wind and solar power generation capacity at the Port of Shoreham, West Sussex. Read More
Abu Dhabi National Oil Co (ADNOC) Chief Executive Sultan al-Jaber said on Monday the world could not “simply unplug” from hydrocarbons and that the oil and gas industry needed to invest over $600 billion a year until 2030 to meet expected demand. He was addressing the ADIPEC oil and gas conference which opened in Abu Dhabi on Monday following U.N. climate talks in Glasgow that ended with a deal that for the first time targeted fossil fuels as the key driver of global warming. Read More
TotalEnergies announced earlier this week that it had launched the Bateke Carbon Sink afforestation operation in the Republic of the Congo. The project, conducted in partnership with Foret Ressources Management, will see some 40 million trees planted over a period of 10 years, Read More
Dana Incorporated announced that it is commencing, subject to market conditions, a registered offering of $350 million aggregate principal amount of senior unsecured notes due 2032. The company intends to use the net proceeds from the offering, together with cash on hand, to repay $349 million in outstanding borrowings under its senior secured term loan B facility. Citigroup Global Markets Inc.; Barclays Capital Inc.; BMO Capital Markets Corp.; BofA Securities; Credit Suisse Securities (USA) LLC; Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; Mizuho Securities USA LLC and RBC Capital Markets, LLC are acting as joint-bookrunning managers and Citizens Capital Markets, Inc., Fifth Third Securities, Inc. and KeyBanc Capital Markets Inc. are acting as co-managers in the offering. The offering is being made pursuant to the Company’s automatic shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on November 5, 2019, and pursuant to a preliminary prospectus supplement, which will also be filed with the SEC. Read More
All LUKOIL Group’s power and heat supply companies have obtained 2021 – 2022 winter preparedness certificates from the Ministry of Energy of the Russian Federation. The company’s power facilities with total installed capacity of 4.9 GW have timely completed the whole scope of works of the winterization schedule for the entire network of 27 thousand kilometers of the power transmission grid and 2.1 thousand kilometers of heat supply lines.? Advanced survey technologies and use of robots, providing for a significant increase of the quality of technical diagnostics, made it possible to replace twice as many sections of lines, supplying heat to various sites, social facilities among them, as last year. Read More
Russian President Vladimir Putin’s words about gas transit via Belarus do not mean Moscow may reduce supplies through this country after the commissioning of Nord Stream 2, Kremlin Spokesman Dmitry Peskov told reporters on Monday. Earlier, Putin expressed hope that Minsk would not cut off transit of the Russian gas to EU countries, noting that it would not only damage the European energy sector, but would also not contribute to the expansion of Russia’s relations with Belarus as a transit country. Asked whether Putin’s words mean that Russia may reduce gas pumping via Belarus after the commissioning of Nord Stream 2, Peskov said: “No, they do not.” Read More
The outlook is hopeful for U.S. solar power as demand increases from 2020, with solar companies showing positive revenue gains as high energy prices push consumers to look for alternative energy options. Coming out of COP26, the U.S. looks set to experience a solar boom over the next decade. Read More
| Commodity Prices | Units | Price $ | Change |
| Crude Oil (WTI) | USD/bbl | $80.14 | Down |
| Crude Oil (Brent) | USD/bbl | $81.36 | Down |
| Bonny Light | USD/bbl | $81.76 | — |
| Natural Gas | USD/MMBtu | $4.87 | Up |
| OPEC basket 12/11/21 | USD/bbl | $81.93 | — |
Royal Dutch Shell has announced a plan to move its headquarters to the UK as part of proposals to simplify the company’s structure.
The oil giant will ask shareholders to vote on shifting its tax residence from the Netherlands to the UK.
It also wants to do away with its dual share structure in favour of just one class of shares to boost “the speed and flexibility” of shareholder payouts. Shell’s chief executive, Ben van Beurden, will relocate to the UK. The company’s chief financial officer, Jessica Uhl, will also move, alongside seven other senior employees. Read More
The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.
| Region | Period | No. of Rigs | Change |
| U.S.A | 12th November 2021 | 556 | +6 |
| Canada | 12th November 2021 | 168 | +8 |
| International | Oct.2021 | 800 | +13 |
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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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