Oil and gas press monitor. OPEC basket price at US$86.45/bl
London, 01 August, 2023, (Oilandgaspress) : University of Aberdeen has identified areas of a North Sea gas ‘super basin’ with the greatest potential for storing industrial carbon emissions, a key aim of the energy transition.
Described as ‘world-class research’ by the UK Regulator, the North Sea Transition Authority (NSTA), scientists from the University’s Centre for Energy Transition used subsurface data and techniques usually employed in oil and gas exploration, to produce a detailed technical study of the Anglo-Polish Super Basin in the Southern North Sea to determine its suitability for carbon capture, utilisation and storage (CCUS). Read More
Repsol posted net income of €1.42 billion euros in the first half of 2023, driven by increased production, integrated management of the refining system in Spain and progress in customer acquisition and loyalty, especially through the Waylet app. Adjusted income, which specifically measures the performance of the businesses, stood at €2.718 billion between January and June. The first half of 2023 saw slow growth in the world economy, marked by monetary policy decisions and international tensions resulting from the war in Ukraine. In this context of uncertainty, global inflation and slow recovery of the Chinese economy, energy product prices plummeted compared to 2022, when there was an anomalous rise in commodity prices. Between January and June, refining margins fell by 29%, Brent crude oil prices fell by 26% and the US gas benchmark, the Henry Hub, fell by 54%. In this environment of normalization of energy prices and supply, after a turbulent 2022, Repsol’s performance reflects the robustness of the 2021-2025 Strategic Plan and the company’s integrated model, which has materialized in strong earnings. Read More
The European Investment Bank (EIB) has granted a €575 million loan to support Repsol’s rollout of wind and solar PV plants in Spain with a total capacity of 1.1 GW. The renewable energy facilities will be operational before the end of 2025. The projects developed will generate electricity equivalent to the annual average consumption of around 645,000 Spanish households and will help reduce annual greenhouse gas emissions by the equivalent of over 800,000 tons of CO2 per year. Over 35% of the installed capacity will be in cohesion regions, where per-capita-income is less than 75% of the EU average, underlining EIB’s commitment to economic and social cohesion. The €400 million financing signed, the first tranche of an approved EIB loan of €575 million, will contribute to accelerating the energy transition, strengthen the security of power supply, and boost climate action and social and economic cohesion. The loan is part of the EIB’s dedicated contribution to REPowerEU, and will support energy security by lowering EU dependency from fossil fuel imports. Read More
A team of economists and engineers from China, Turkey and Nigeria has published a proposal based on simulations to build a sub-Saharan Africa electrical grid across 12 countries. In their paper published in the journal Scientific Reports, the group outlines which countries would be involved, factors that would be used to build such a grid, and estimated costs. The proposed grid would traverse northern parts of the continent, horizontally, then move south near the East Coast, including countries all the way to South Africa. Countries included would be South Africa, Mozambique, Burundi, Tanzania, Kenya, Uganda, Ethiopia, Sudan, Chad, Nigeria, Niger and Mali. To come up with estimates on the costs involved for building such a grid, the team first considered multiple scenarios that involved methods of producing the electricity based on types of renewable resources, versus using as many as possible of the coal-fired plants that currently exist.
The team then input all the relevant data into the EnergyPLAN simulator—a system that was first developed in 2000 and that has been updated and used for multiple projects in Africa. The team also gave the simulator a timetable for implementation of such a grid—either by 2030 or by 2040. Read More
UK commercial vehicle (CV) manufacturing grew 16.0% in the first six months of the year as 58,675 units rolled off factory lines, with June marking the third consecutive month of growth, according to the latest figures released today by the Society of Motor Manufacturers and Traders (SMMT). 11,748 units were produced in June, up 23.0%, and it also marks the best first half year for UK van production since 2011, as supply chain constraints continue to ease.1
First half year production was 67.0% up on pre-pandemic 2019 volumes, with growth driven by overseas demand, exports of the latest British-built CVs rising 26.7% compared to the same period last year, at 37,803 units.2 Overseas shipments represented more than 6 in 10 (64.4%) of all CVs made since January, with by far the majority, 92.8%, shipped into the European Union, followed by America and Asia.3 Volumes for the domestic market increased marginally, with output up 0.5% to 20,872 units. This growth is set to continue throughout the rest of the year, on the back of new model activity and, notably, the expected opening of a new electric van production facility in the North West. The latest independent outlook therefore forecasts light CV production to grow 44.0% to around 114,500 units this year.4 Volumes are then expected to rise again in 2024 to nearly 150,000 units providing economic conditions allow and the UK-EU trading relationship of electric vehicles continues to operate as it does today. Read More
The Prime Minister yesterday (Monday 31 July) confirmed that Scotland will continue to be at the forefront of UK Government plans to strengthen the UK’s long-term energy security. During a visit to the North East of Scotland, the Prime Minister will highlight the crucial role that the region will play in enhancing and delivering on the UK Government’s commitment to reaching Net Zero in 2050 and enhancing long term energy security for generations to come.
The UK is leading international efforts by setting ambitious net zero commitments, ramping up the transition to clean energy, reducing total greenhouse gas emissions by 32% since 2010, whilst bringing down energy bills and supporting households.
It is expected that the UK Government and energy authorities will go further than before in announcing continued decisive action to:
Boost the capability of the North Sea industry to transition towards Net Zero;
Strengthen the foundations of the UK’s future energy mix;
And create the next generation of highly skilled green jobs.
In addition, it is expected that the Prime Minister will meet with key energy industry figures and companies at the forefront of delivering the UK’s energy needs, as well as the next generation of highly skilled people who are working on the projects of tomorrow. The package will also underpin that Scotland remains a cornerstone of government plans for an energy-independent UK, as well demonstrating what can be achieved due to the strength and scale of UK collective action, in defending the public against global energy supplies which have been disrupted and weaponised by Putin. Read More
UK Government will this week set out how it’s delivering on its energy security strategy plans to grow the economy and create jobs across the United Kingdom.
Prime Minister Rishi Sunak will set out how the UK’s world-leading energy industry expertise will create jobs and grow the economy and ensure tyrants like Putin can never again use energy as a weapon to blackmail the UK.
As part of the Government’s efforts to strengthen the UK’s energy independence, he will announce investment plans to put powering up Britain from Britain first – making the most of our country’s resources and reducing reliance on imported fossil fuels, by backing our oil and gas industry, investing in the latest clean technologies and isolating Putin’s regime from global energy markets.
The Prime Minister and Energy Security Secretary Grant Shapps will meet energy industry leaders throughout the week – including oil and gas, renewables and nuclear businesses – to ensure the UK is capitalising on opportunities to bolster our energy infrastructure now, and boosting our long-term energy independence, security and prosperity in the years to come. The week will also include support for British innovation in new industries such as carbon capture and storage, and for cutting edge renewables across the country. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $81.61 | Up |
| Crude Oil (Brent) | USD/bbl | $85.25 | Down |
| Bonny Light | USD/bbl | $87.09 | Up |
| Saharan Blend | USD/bbl | $85.62 | Up |
| Natural Gas | USD/MMBtu | $2.66 | — |
| OPEC basket 31/07/23 | USD/bbl | $86.45 | Up |
Nesma & Partners, a leading contracting company in the Middle East, has signed an agreement to acquire Kent, a global energy services provider. This agreement aligns two successful and entrepreneurial companies with a shared vision for sustainable expansion, creating greater opportunities in new and existing markets as well as service development and enhancement. Completion is anticipated by the end of the calendar year, subject to regulatory approvals and satisfaction of customary closing conditions, at which time Nesma & Partners will become the owner of Kent.
Kent is a privately-owned Engineering and Project Management firm in the Energy Sector. The company has been backed by global energy investment firm Bluewater since 2015. In that time, the company has grown its revenue tenfold, experiencing notable growth over the past two years following its acquisition of SNC-Lavalin’s Oil & Gas business in mid-2021. Now a $1.4 billion-dollar revenue business, it competes for recognized value-based service contracts covering complex and technical solutions for the conventional energy, renewables, low carbon, chemicals and processing sectors.
Kent has a roster of blue-chip clients including international energy companies, national oil companies, renewable energy companies, as well as global petrochemical companies. Operating for over 40 years, Nesma & Partners has an established track record of success in delivering some of Saudi Arabia’s biggest industrial and infrastructure projects for a wide range of clients in the public and private sectors, including Saudi Aramco, the Public Investment Fund, NEOM, GACA, Ministry of the National Guard, Royal Commission, and the Ministry of Defense.
As a leading contracting company, Nesma & Partners offers full-fledged services in the industrial, energy, civil and buildings, and infrastructure sectors, plus electro-mechanical capabilities. The strengths of Nesma & Partners and Kent will be leveraged to deliver high-quality services to clients across various industries. Connecting their expertise and resources will enable them to create innovative solutions for clients that meet their evolving needs in an increasingly competitive marketplace across the entire project lifecycle, from consulting to design, build, commissioning, and startup through to maintenance and decommissioning. Read More
Canada Rig Count is up 6 from last week at 193, with oil rigs up 5 to 121, gas rigs up 1 to 72.
| Region | Period | Rig Count | Change |
| U.S.A | 28 July 2023 | 664 | -5 |
| Canada | 28 July 2023 | 193 | +6 |
| International | June 2023 | 967 | +2 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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