Oil and gas press monitor. OPEC daily basket price at US$81.88/bl, 13 Mar. 2023
London, March 14, (Oilandgaspress) Brent crude futures fell more than 2% to below $79 per barrel on Tuesday. West Texas Instruments (WTI) crude futures fell 2% to about $73 per barrel. Oil prices fell further on Tuesday, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis.
The sudden shutdown of SVB Financial triggered concerns about risks to other banks resulting from the U.S. Federal Reserve’s sharp interest rate hikes over the last year.
Gold prices continued to rise on Monday with the hit to the US dollar in wake of the Silicon Valley Bank (SVB) crash. Gold prices rose 2.6% to US$1,915.90 per ounce, while the price of silver was up 6.8% at US$21.91 per ounce.
Nigeria collected 21 trillion nairas ($45.6 billion) from the sale of crude oil in 2022, according to the National Bureau of Statistics (NBS).
The amount was up 46.41% last year from 14.41 trillion nairas in 2021, Ripples Nigeria newspaper reported. NBS data showed that the country sold 5.6 trillion nairas worth of crude oil in the first quarter of 2022 and 5.9 trillion nairas in the second quarter. Sales fell to 4.6 trillion nairas in the third quarter and 4.91 trillion nairas in the fourth quarter amid rising oil theft. The Netherlands was the top buyer, paying 517.65 billion nairas, followed by Indonesia at 462.67 billion nairas. Other top buyers were France (441.73 billion nairas), the US (429.78 billion nairas), India (420.87 billion nairas) and Spain (383.39 billion nairas). Read More
Neste Corporation announces today the final results of the invitation to the holders of its EUR 400,000,000 1.50 per cent. notes due June 2024 (ISIN: FI4000261201) (the “Notes”) to tender their Notes for cash on the terms and conditions set out in the tender offer memorandum dated 6 March 2023 (the “Tender Offer Memorandum”) (the “Tender Offer”). Capitalised terms used in this release but not defined have the meanings given to them in the Tender Offer Memorandum.
At the Expiration Deadline of 4:00 p.m. (Finnish time) on 13 March 2023, valid Tender Instructions of EUR 198,800,000 in aggregate nominal amount of Notes were received pursuant to the Tender Offer.
The Company announces that (subject to satisfaction or waiver of the New Issue Condition on or prior to the Settlement Date) it will accept for purchase EUR 198,800,000 in aggregate nominal amount of the Notes (the “Final Acceptance Amount”) pursuant to the Tender Offer.
Accordingly, pursuant to the terms and conditions of the Tender Offer Memorandum, all valid tenders will be accepted in full with no proration of Notes. Read More
The completion of Seplat Energy’s ANOH gas processing plant is being delayed by NNPC Gas Infrastructure Limited (NGIC), with production pushed to the fourth quarter (Q4) of 2023, Ripples Nigeria learnt. According to checks on Seplat’s financial statement for the period of 2022, the company said the delay was due to a third party, which has yet to complete the infrastructure. Seplat said the third-party infrastructure will be completed in the second quarter (Q2) 2023, assurance of gas output is in the fourth quarter of this year. Read More
SVB Financial Group’s top executive officers were sued on Monday by shareholders who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit, which failed last week, “particularly susceptible” to a bank run.
The proposed class action against SVB, Chief Executive Greg Becker and Chief Financial Officer Daniel Beck was filed in the federal court in San Jose, California.In Monday’s lawsuit, shareholders led by Chandra Vanipenta said Santa Clara, California-based SVB failed to disclose how rising interest rates would undermine its business model, and leave it worse off than banks with different client bases. The lawsuit seeks unspecified damages for SVB investors between June 16, 2021, and March 10, 2023. Read More
HSBC announced the acquisition of Silicon Valley Bank UK (SVB UK), the UK subsidiary of the bankrupt US Silicon Valey Bank, for £1. HSBC and the UK Treasury stated that all funds deposited with SVB UK were safe and that all operations would continue as normal. The UK banking giant indicated that the acquisition would enable it to strengthen its presence in the UK. As of 10 March, SVB UK had loans of around £5.5 billion (€6.22 billion) and deposits of around £6.7 billion, while equity capital is expected to be around £1.4 billion. The acquisition was completed with immediate effect. The Bank of England (BOE) commented that it had taken the decision to sell SVB UK in order to stabilise the business, ensure continuity of banking services, minimise disruption to the UK technology sector and support confidence in the financial system. On Friday, SVB UK’s parent company, Silicon Valley Bank, was shut down following a run on its deposits, becoming the second largest bank failure in US history. The BOE had signalled on Friday evening that it planned to place SVB UK in insolvency proceedings on Sunday, unless the situation changed. Read More
Kinetiko Energy Ltd (ASX: KKO) (Kinetiko or the Company) an Australian gas explorer and developer focused on advanced shallow conventional gas and coal bed methane in South Africa, provided the following update on its onshore gas exploration and production development activities.
Core hole 270-03C, spudded on spudded on 24 January 2023 (Figure 1 & 2), has successfully been completed with strong gassy geology intersected with the well achieving a TD of 605 metres. This is one of the deepest core holes drilled by the Company and has again shown that the Southern geology does intersect deeper gassy zones as anticipated. Kinetiko CEO, Nick de Blocq, commented: “The completion of our latest corehole, 270-03C, has proven that we have gassy sediments proximate to the Lily Pipeline, which feeds all of the major thermal industries of the KwaZulu-Natal Province. At 605m TD, the depth of the borehole is the deepest we have encountered in recent drilling operations which bodes well in terms of potential flow rates and longevity of production. The initial field data from the logs show yet another highly successful result of our coring campaign efforts. It is most rewarding to keep our 100% strike rate intact, while proving an eventual basis for a Reserve aimed at supporting the imminent depletion of gas in the Lily line, or a direct feed into Newcastle.” Read More
Ozop Energy Solutions, Inc. wholly owned subsidiary OZOP Engineering and Design, Inc. (OED) announced its partnership with PACE Equity, LLC, as their project finance partner. This strategic alliance will provide PACE Equity’s financing solutions to OZOP’s clients ranging from $1,000,000 to $300,000,000.
Under the agreement, Ozop Engineering and Design will act as an independent agent to refer its’ green energy solution development projects to PACE Equity for financing. OZOP will also assist PACE Equity to engage new prospects and secure financing commitment and project development agreements.
This partnership allows OZOP to expand its financing capabilities and provides an opportunity for their clients to benefit from PACE Equity’s expertise and resources. PACE Equity is a leading provider of commercial property-assessed clean energy (PACE) financing, offering a unique solution that enables building owners to finance energy efficiency, water conservation, and renewable energy projects. “Based on the projects Ozop has lined up, I’m looking forward to working with their team,” stated Lou Hunter, Managing Director of PACE Equity – New York. “OZOP is excited to enter this partnership with PACE Equity as it allows us to provide a wider range of financing options to our clients,” said Brian Conway, CEO of Ozop Energy Solutions, Inc. “PACE Equity’s expertise in commercial property-assessed clean energy financing will provide our clients with a unique financing solution that will benefit their business operations while promoting sustainability.” Read More
Ozop Energy Solutions, Inc. announced the sale of the first Vehicle Service Contract (“VSC”) for Electric Vehicles (“EVs”) pursuant to the Reinsurance Contract between EV Insurance Company (DBA OZOP Plus) and American Bankers Insurance Company of Florida (“ABIC” or the “Ceding Company”). Royal Administrative Services, Inc. (“Royal”) serves as the administrator for ABIC. The ceding of the battery portion of the premium from ABIC to OZOP Plus marks the Company’s initial premium received for the battery coverage within the VSC. The contract was sold at Beaver Toyota of Cumming (“Beaver Toyota”), an award-winning car dealership in the state of Georgia. The contract was purchased for a 2022 Tesla Model 3, a popular choice among environmentally conscious consumers. Patrick Abad, the General Manager of Beaver Toyota stated “Our dealership has been waiting for a product that gives our customer the peace of mind they are seeking when purchasing an EV. The “Fully Charged” Royal VSC, whereby the EV battery coverage is provided by OZOP Plus and marketed through a partnership with Trusted Sale, Inc. accomplishes just that. Read More
United Lithium Corp. announced that Cathy Fitzgerald has been appointed to the Board and Directors, and Andrew Bowering and Victor Cantore as Strategic Advisors.
Ms. Fitzgerald has joined the board of directors of the Company effective immediately. She is replacing Faizaan Lalani, who has resigned as a director the Company but will continue his executive role as Chief Financial Officer. The board of directors’ thanks Mr. Lalani for his service to the Company as a board member. Read More
LyondellBasell and Grenergy signed five long-term solar power purchase agreements (PPAs). Under the 15-year contracts, the Spanish renewable energy producer will supply solar energy from the La Cereal solar farm project, which is expected to be operational at the end of 2025. The agreements represent about 329,000 megawatt-hours (MWh) of solar power annually, equivalent to the annual electricity consumption of more than 90,000 European homes. “With these agreements, LyondellBasell has now achieved 70% of our target to procure at least half of our electricity from renewable sources by 2030,” said Willemien Terpstra, LyondellBasell vice president, Decarbonization. “In total, our PPA portfolio will generate over 2.9 million megawatt hours of renewable electricity and reduce our company’s scope 2 greenhouse gas emissions by more than one million tons.” “This PPA will help to optimize the financing of Grenergy’s largest project to date in Spain,” said David Ruiz de Andrés, CEO of Grenergy. “Its development also strengthens the weight of our European portfolio, which we expect to double from the current 25% to 45% by 2025. A proven structure and ability to close PPAs is key to keeping up the pace of connections and achieving our strategic targets.” The 259 megawatts (MW) La Cereal solar farm project is part of the Clara Campoamor photovoltaic solar energy project, which Grenergy is developing between the Madrid and Castilla La Mancha region. The total installed electricity capacity will be approximately 575 MW, and it will become one of the largest photovoltaic parks in Europe. These agreements demonstrate LyondellBasell continued progress towards the company’s goal to reduce its scope 1 and 2 greenhouse gas emissions by 42% by 2030 and achieve net zero by 2050. Read More
LyondellBasell (NYSE: LYB) and Mepol Group announced they have entered into a definitive agreement for LyondellBasell to acquire Mepol Group, a manufacturer of recycled, high-performing technical compounds located in Italy and Poland, consisting of Mepol S.r.l. and its subsidiaries Polar S.r.l. and Industrial Technology Investments Poland Sp.z.o.o.”This acquisition demonstrates LyondellBasell’s commitment to move the circular economy forward,” said Torkel Rhenman, executive vice president of Advanced Polymer Solutions. “With Mepol Group’s expertise in sustainable compounds and LyondellBasell’s scale, we will enhance our CirculenRecover and other sustainable solutions for our customers.” Mirco Melato, CEO of Mepol commented, “We are delighted to join forces with LyondellBasell, an industry leader we have admired for many years. LyondellBasell shares our commitment towards sustainability and with its scale and resources, the combined business will be better positioned to address customer needs.”
LyondellBasell continues to pioneer circular and low carbon solutions for its customers. The company began engineering work for a new advanced recycling plant at its Wesseling, Germany site in November last year. LyondellBasell has existing mechanical recycling facilities in the Netherlands and Belgium and is developing new plastic waste sorting and recycling plants in Houston, Germany, China and India, which was announced during the fourth quarter of 2022.
The transaction closing is subject to regulatory approval and other customary closing conditions. During this period, Mepol Group will continue to operate on a standalone basis. Jones Day and Wardynski & Partners served as LyondellBasell’s legal advisor on the transaction. Special Affairs S.r.l. served as Mepol Group’s financial advisor and Gitti & Partners is acting as its legal advisor. Read More
VW Group’s lithium battery division, PowerCo, has announced plans to build a gigafactory in the province of Ontario. The battery cell facility, located in St Thomas, will be PowerCo’s first in North America, with production expected to begin in 2027.
The battery plant will provide regionalised supply for VW Group’s substantial growth plans for battery electric vehicle production in North America, which includes introducing more than 25 new battery electric vehicles (BEVs) through to 2030.
PowerCo has already announced gigafactory locations in Europe – at Salzgitter, Germany and Valencia, Spain. The first to come online in 2025 is at Salzgitter and that facility will serve as a blueprint for the company’s battery cell operations around the world, including for logistics. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $73.21 | Up |
| Crude Oil (Brent) | USD/bbl | $79.37 | Up |
| Bonny Light | USD/bbl | $81.58 | Down |
| Saharan Blend | USD/bbl | $82.24 | Down |
| Natural Gas | USD/MMBtu | $2.60 | Up |
| OPEC basket 13/03/23 | USD/bbl | $81.88 | Up |
Subsea 7 S.A. today announced that it has completed the acquisition of 187,889,551 shares in Seaway 7 ASA (“Seaway7”), corresponding to 21.52% of Seaway7’s issued and outstanding share capital, from Songa Capital AS, Lotus Marine AS and West Coast Invest AS. Following completion of the acquisition Subsea7 holds 93.94% of the issued and outstanding share capital of Seaway7. As consideration, Songa Capital AS, Lotus Marine AS and West Coast Invest AS have received 1 new Subsea7 share for every 22 Seaway7 shares, in total 8,540,433 new shares (the “Consideration Shares”) corresponding to approximately 2.90% of the current issued share capital of Subsea7.
The Consideration Shares have the same rights as the existing Subsea7 shares but are not eligible for the proposed NOK 4.00 per share dividend tabled for approval at the forthcoming annual general meeting of Subsea7 on 18 April 2023 (the “Annual Dividend”). The Consideration Shares have thus been issued on a separate ISIN and will not be listed and tradable on the Oslo Stock Exchange until the Consideration Shares have been transferred to the ordinary ISIN of the Subsea7 shares following the record date for the Annual Dividend, scheduled for 21 April 2023. Following the issuance of the Consideration Shares, Subsea7 has an issued share capital of USD 605,716,932 represented by 302,858,466 shares, each with a nominal value of USD 2.00. Read More
Baker Hughes Rig Count
U.S. Rig Count is down 3 from last week to 746 with oil rigs down 2 to 590, gas rigs down 1 to 153 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 23 from last week to 223, with oil rigs down 19 to 139, gas rigs down 4 to 84.
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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