Oil and gas press monitor | 20/02, WTI Crude stood at $77.10/bl
Brent Crude stood at $83.86/bl, OPEC basket price at US$81.73/bl.
The U.S. Department of Energy (DOE)announced $50 million in funding to support clean energy technology deployment on Tribal lands. This significant investment will strengthen Tribal energy sovereignty by bolstering ongoing efforts to lower energy costs, increase energy security and resilience, and provide electric power to unelectrified buildings. Accelerating the deployment of reliable clean energy in Tribal communities reflects the Biden-Harris Administration’s continued commitment to honoring treaty and trust obligations and ensuring Tribal nations and their members benefit from the country’s clean energy transition. Read More
The U.S. Department of Energy (DOE) celebrated the groundbreaking of its Generation 3 concentrating solar-thermal pilot facility at Sandia National Laboratories. This demonstration is the culmination of a $100 million research effort to develop next-generation concentrating solar-thermal power (CSP) plants and showcase storage technology that could provide one gigawatt of storage for one hour at a single plant. This technology is an important part of achieving the Biden Administration goal of a 100% clean energy economy by 2050.
“Next-generation CSP has the potential to be a game-changer,” said Alejandro Moreno, Acting Assistant Secretary for Energy Efficiency and Renewable Energy. “This pilot facility will demonstrate how CSP systems can meet the challenges of providing long-duration energy storage while reducing costs and complexity for solar thermal technology. At the same time, it also provides a pathway to commercialization for industrial process heat.” Read More
India is consolidating its position this year as Russia’s most important market for crude oil two months after the European Union’s ban on exports of Russian crude oil began. The gains derived from trade with Russia are likely to enlarge after the latest sanctions by the 27-nation bloc came into effect on 5 February — where the EU banned imports of Russian fuels, led by diesel, The Business Standard reported.
At the same time, the EU and other allies will institute a global price cap on Russian refined oil products. That will bar access to ships, marine insurers and services unless the refined oil products are purchased for a price at or below an agreed limit. The price cap has been set at $100 per barrel on premium oil products such as diesel and $45 per barrel on products like fuel oil.
The latest product ban by the EU may result in higher supplies of Russian crude to India and China, and enable Indian refiners to divert supplies of diesel and petrol to Europe, and establish their presence in the market, analysts said. Read More
U.S. Steps Up Efforts To Sanction Iranian Crude
China, is seeking increasingly closer ties with Iran while the United States steps up pressure on the Islamic Republic’s oil exports.
Chinese President Xi Jinping pledged to continue to develop “friendly cooperation” with Iran during a visit of Iranian President Ebrahim Raisi to Beijing this week. The visit of Raisi to China – the first of an Iranian president in many years – comes less than a week after the U.S. stepped up efforts to pressure Iran’s revenues by sanctioning nine companies for producing, selling, and shipping Iranian petroleum and petrochemicals in Asia.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned six Iran-based petrochemical manufacturers or their subsidiaries and three firms in Malaysia and Singapore involved in facilitating the sale and shipment of petroleum and petrochemicals. Read More
The launch of Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on September 22, 2022, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated February 13, 2023 to February 17, 2023, the Company repurchased 4,500 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 5,100 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
All common shares repurchased by Africa Oil under the share buyback program will be cancelled. During the period dated February 13, 2023 to February 17, 2023, the Company cancelled 635,400 common shares repurchased under the share buyback program. Read More
Africa Oil Corp. announced that it has signed two production sharing contracts (“PSCs”) with the Republic of Equatorial Guinea for offshore Blocks EG-18 and EG-31. These PSCs are subject to ratification by the country’s government. Africa Oil will hold eighty per cent (80%) operated interests in each block with the balance to be held by GEPetrol, the national oil company of Equatorial Guinea. GEPetrol has the option of acquiring an additional fifteen percent (15%) participating interest in each block. Both blocks are covered by 3D seismic data and the total minimum work commitment for both blocks in the initial exploration periods is a combined total of USD 7 million, with no drilling commitment. In Block EG-31 the Company has identified several gas-prone prospects in shallow water depths of less than 80 meters and close to existing infrastructure, including the offshore Alba gas field and the onshore Punta Europa Liquefied Natural Gas (“LNG”) Terminal. Potential future discoveries could present low-cost, low-risk gas development opportunities targeting international LNG markets. In Block EG-18 the Company has identified a potentially large and highly prospective basin floor fan prospect of Cretaceous age, that is similar to those within the Company’s exploration portfolio in Namibia and South Africa. Read More
Horisont Energi announced a cooperation agreement with the Spanish company Fertiberia, a leading producer of ammonia, for the realization of Europe’s largest clean ammonia production plant: the Barents Blue project located in Finnmark, in the Northern Norway. Fertiberia is one of the main crop nutrition and environmental solutions providers in the European Union and one of the leading companies in Spain and Portugal. Fertiberia is the first major company in the sector to commit to being carbon neutral in the next decade and it strengthens its position in the development of products with a high added value. The company, present in several sectors, has been a permanent reference for Spanish agriculture, one of the most advanced in the world. Read More
IEA Executive Director Fatih Birol met with Prime Minister Narendra Modi of India for a wide-ranging discussion on energy policy issues – including renewables, hydrogen and clean energy supply chains – and India’s Presidency of the G20 this year.
The bilateral meeting took place Monday in Bengaluru, India, on the occasion of India Energy Week, which was opened by Prime Minister Modi and India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri. Dr Birol took part in the Prime Minister’s roundtable discussion with leaders from international energy companies, where he highlighted India’s leadership on energy access, energy efficiency and renewables – and its opportunities in the new global energy economy that is emerging.
During the subsequent bilateral meeting, Dr Birol presented the Prime Minister with a copy of the IEA’s new report on the potential global benefits of India’s Lifestyle for Environment initiative and outlined the main findings. The Prime Minister invited the IEA to work further on this topic with the Government of India. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $77.10 | Up |
| Crude Oil (Brent) | USD/bbl | $83.90 | Up |
| Bonny Light | USD/bbl | $82.87 | Down |
| Saharan Blend | USD/bbl | $83.06 | Down |
| Natural Gas | USD/MMBtu | $2.22 | Down |
| OPEC basket 17/02/23 | USD/bbl | $81.73 | Down |
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 17 February 2023 | 760 | -1 |
| Canada | 17 February 2023 | 248 | -2 |
| International | January 2023 | 901 | +1 |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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