Oil and gas press monitor. OPEC daily basket price at US$81.91/bl, 28 Feb. 2023
London, March 01, (Oilandgaspress) Brent Crude stood at $84.10/bl, WTI Crude stood at $77.60/bl
North Africa has become a key export outlet of Russia’s diesel and other petroleum products after the EU embargo on imports of Russian fuels took effect in early February.
African countries on the Mediterranean, as well as Turkey, had started taking in more Russian fuels even before the Western ban. Now signs are emerging that some of those products could be headed for re-export to Europe, analysts say. But they also note that even if this were the case, it’s difficult to ascertain the true origin of a cargo blended with other products.
Tesla Inc and its Chief Executive Elon Musk were sued on Monday by shareholders who accused them of overstating the effectiveness and safety of their electric vehicles’ Autopilot and Full Self-Driving technologies.
In a proposed class action filed in San Francisco federal court, shareholders said Tesla defrauded them over four years with false and misleading statements that concealed how its technologies, suspected as a possible cause of multiple fatal crashes, “created a serious risk of accident and injury.”
They said Tesla’s share price fell several times as the truth became known, including after the National Highway Traffic Safety Administration began investigating the technologies, and reports that the Securities and Exchange Commission was investigating Musk’s Autopilot claims.
The share price also fell 5.7% on Feb. 16 after NHTSA forced a recall of more than 362,000 Tesla vehicles equipped with Full Self-Driving beta software because they could be unsafe around intersections. Read More
Bloomberg announced today a strategic initiative to collaborate with General Index (GX), the world’s first technology-led benchmark provider. With this initiative, all Bloomberg Terminal customers can now access a selection of GX’s robust, reliable pricing for the world’s commodity markets, with 400+ all-to-see prices, including oil spot assessments.
The addition of GX pricing to The Bloomberg Terminal further strengthens Bloomberg’s comprehensive, rich commodity pricing data that spans from spot pricing to OTC curves. This collaboration democratizes access to commodity pricing data for all financial participants that have exposure to the commodity markets, including equity investors. GX aggregates trade data to build a full view of market activity, and then applies algorithmic index methodologies consistently, accurately and without subjective judgement.
“With geopolitical volatility and soaring energy prices, there is a strong demand among investors for reliable, transparent commodity pricing data,” said Emilie Gallagher, Global Head ofCommodities, FX, and Macroeconomics Bloomberg. “In addition to investors and commodity trading houses, multinational corporations and governments working toward energy transition goals have a vested interest in closely tracking commodity price data. Through this collaboration with GX, Bloomberg is delivering high quality oil spot data and commodity pricing to the wider financial industry.”
In working closely with GX, Bloomberg will provide 400+ prices all-to-see aligned with market closures for each region. Pricing will be available for European Crude, US Crude, Middle East Crude,European Refined Products, US Refined Products, Asia Refined Products, LPG, and Marine Fuels. GX provides both new benchmarks to reflect evolving trading patterns and well-established commodity pricing points. Alongside the price assessments, GX will provide a rich layer of metadata for customers to access. Read More
General Index is pleased to announce that TOTSA TotalEnergies Trading SA has joined a growing number of international energy producers and traders to explore opportunities for trading on a General Index basis.
European gasoline will be the first market to be tested.
This is a significant step in General Index’s mission to bring technology-led, high-quality oil price benchmarks to the energy markets.
General Index benchmarks are available for global crude, refined products and LPG markets. Read More
Kosmos exited the fourth quarter of 2022 with approximately $2.1 billion of net debt(1) and available liquidity of greater than $1.0 billion, the highest level in five years. The Company generated $23 million of free cash flow in the fourth quarter, and approximately $343 million for the full year. Net debt(1) continued to decrease during the fourth quarter, with net leverage of <1.5x at year-end.
During the fourth quarter of 2022, Kosmos received formal notice from Shell that an appraisal plan for an eligible exploration well had been approved. Under the terms of the 2020 farm-out agreement with Shell, Kosmos received $50 million in December 2022 on submission of the appraisal plan following exploration success.
Net capital expenditure for the fourth quarter of 2022 was approximately $228 million, slightly higher than guidance reflecting the timing of accruals related to the Greater Tortue Ahmeyim project.
In December 2022, Kosmos achieved full payback of the Ghana assets acquired from Occidental Petroleum, approximately 14 months after closing the transaction in October 2021. As part of the transaction, Kosmos acquired an incremental ~14% of the Jubilee field and an incremental ~3% of the TEN fields in Ghana.
At year-end 2022, we booked an impairment of ~$450 million against the TEN fields in Ghana. While 2P reserves were only reduced by approximately 3.5%, a more conservative future activity set is currently expected for the fields, prioritizing de-risked well locations within the TEN area. Therefore, the impairment was largely impacted by the expected pace of potential future development activity, which has been deferred given the near-term focus on maximizing rate from the Jubilee field, as well as reserve mix between oil and gas. Read More
With regards to the year 2022, the Saipem Group achieved:
· Revenues: €9,980 million, +53% compared to 2021
· Adjusted EBITDA: €595 million, compared to a negative figure of €1,274 million in 2021
· Order intake: about €14 billion[1]. Over 70% of new contracts was in offshore business (E&C and Drilling)
· Pre-IFRS 16 net financial position as of December 31, 2022 positive net cash of €56 million (post-IFRS 16 net debt of €264 million)
· Onshore Drilling disposal: first closing completed at the end of October 2022, with a cash consideration of approximately €500 million and the acquisition of 10% shares in KCA Deutag Read More
Jaguar Land Rover is expanding its global digital capability by opening three new tech hubs in Europe, creating nearly 100 new engineering jobs.
The hubs are set up to develop autonomous driving systems for JLR’s next generation of modern luxury vehicles, and come in addition to the six existing global tech hubs JLR has invested in.
The new hubs are situated in Munich Germany, Bologna Italy, and Madrid Spain, with the locations chosen because of the availability of digital engineering skills in the area.
Munich is one of Europe’s top-ranking technology hubs, while the sites in Spain and Italy have also been identified as significant and growing tech hub locations in Europe*.
The new hubs’ inception comes in addition to existing JLR tech hubs in Portland USA, Budapest Hungary, Shannon Ireland, Shanghai China, Bengaluru India and Manchester in the UK. Collectively these hubs employ over 1100 engineers, forming part of JLR’s nearly 9000 strong global engineering force. Read More
TechnipFMC (NYSE: FTI) has been awarded a substantial(1) contract by Azule Energy to supply flexible pipe for the Agogo Integrated West Hub Development Project, offshore Angola. The contract is one of TechnipFMC’s largest ever awards for flexible pipe in West Africa, and covers the engineering, procurement, and supply of jumpers, flowlines, risers, and all associated ancillary equipment. The flexible pipe will connect the new Agogo facility to the subsea production systems.
Azule Energy, a bp and Eni company, is the operator of Block 15/06 in Angola offshore, partnering with Sonangol P&P and SSI Fifteen Limited.
Jonathan Landes, President, Subsea at TechnipFMC, commented: “Our ability to meet Azule’s flexible pipe needs, which allows for optimized riser and flowline system configuration, was instrumental in winning this award. This is another example of our unique capability to support fast-track greenfield developments, and we are excited to be supporting Azule Energy and its partners on this project.” Read More
Neptune Energy today announced it has signed up to the Extractive Industries Transparency Initiative (EITI), which is designed to improve accountability for the revenues paid and received for a country’s oil, gas and mineral resources. By endorsing the initiative, companies commit to transparently reporting information about their operations in EITI-supporting countries, helping inform policymakers and raising governance standards.
Neptune Energy’s Head of ESG, Kate Niblock, said: “We are proud to help uphold the EITI’s goal of strengthening public awareness of how countries’ natural resources are managed. “Paying taxes is an important part of the socioeconomic contributions that we make in the countries where we work in Europe, North Africa and Asia Pacific, and our support reflects our commitment to transparency and open reporting of information.”
Mark Robinson, EITI Executive Director, added: “We welcome Neptune Energy to the EITI community. By committing to the Expectations for EITI supporting companies, Neptune Energy will have the opportunity to learn from and set international best practices on corporate transparency and accountability.”
Becoming a formal supporting company builds on Neptune’s existing commitments to transparent tax disclosure, under which the company reports payments to governments on a country-by-country and project basis, in keeping with the UK’s national reporting regulations. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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