Oilandgaspress News Roundup; Oman’s official oil price for March delivery @ $81.76 per barrel.
London, January 24, 2025 (Oilandgaspress) –- Shell Energy North America (US), L.P. (SENA), a subsidiary of Shell plc (Shell), has completed the previously announced 100% equity stake acquisition of RISEC Holdings, LLC (RISEC), which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA. This acquisition maintains SENA’s position in the deregulated Independent System Operator New England (ISO New England) power market, securing long-term supply and capacity offtake for Shell. In the coming decades, power demand is expected to increase in the ISO New England market due to growing decarbonization efforts in sectors such as home heating and transportation.
The acquisition has been absorbed within Shell’s cash capital expenditure guidance, which remains unchanged Read More
The Chairman of Iberdrola, Ignacio Galán, stated in an interview with the prestigious Spanish business daily Expansión, on the occasion of his speech at the Davos 2025 World Economic Forum, that all growth industries ‘are going to need more and more electricity’, to which is added ‘the electrification of transport and domestic uses in heating and electrification’. And, he adds, to make this possible, grids are essential. This translates into an imminent need for investment in networks, ‘especially in the US and the UK’, to ensure Iberdrola’s ‘present and future’ growth. ‘Our largest network assets are already in those two countries, followed by Brazil and Spain. Read More
In an interview with Ignacio Galán, Executive Chairman of Iberdrola, at the World Economic Forum in Davos featured on CNBC. The piece highlighted Iberdrola’s strategic focus on grids, the enabler of electrification, where 60% of Iberdrola’s investment has been committed, and the critical role grid development plays in meeting increasing demand. On the US, where the company has had a presence for 20 years, Mr Galán reinforced that 80% of Iberdrola’s business in the country is electricity grids and there continues to be huge growth prospects and need for investment. He said Iberdrola has increased its presence and investment under previous governments, including under the previous Trump administration, and expressed optimism about the future. Read More
Iberdrola’s Executive Chairman, Ignacio Galán, advocated for the need to maintain nuclear energy in Europe during his intervention on a live panel at the annual meeting of the World Economic Forum in Davos. In his opinion, to be energy self-sufficient and independent, the continent must have clean technologies: “We have wind, hydroelectric, solar and nuclear energy”, but no gas and little oil. Moreover, renewables are competitive and new installations are cheaper to build than the ones that require fossil fuels.
“We have proven, at least with the nuclear power plants that are already in operation, that they are safe, efficient and absolutely necessary to keep the lights on at a time when new demand is growing, like data centres that require stable supply 24 hours a day, seven days a week,” he said.
During his speech on the panel entitled The Importance of Climate Technology, in the section Industries in the Intelligent Age, the Executive Chairman of Iberdrola said that electrification is the ‘best and fastest way to decarbonise the economy’.
Galán has generally defended a new drive for electrification in the European Union so as not to be left behind not only by the United States, but also by China. He warned that “in Europe we fly the flag for the green economy” but “we are behind some of the countries that we have criticised the most, such as China”, which has made notable progress in electrification. Read More
Porsche has teamed up with the community empowerment initiative Liter of Light to create a striking light installation that is now providing a reliable light source to rural Indian homes, as part of Diwali celebrations. Diwali is the annual festival of light and one of the most significant celebrations on the Indian calendar. It symbolises the victory of light over darkness and knowledge over ignorance. This made it a fitting occasion to celebrate the project at the famous Mumbai tourist site. The number of lights donated – 1,963 – is a nod to the birth year of the Porsche 911 and led to a new Guinness World Record being set for the largest display of solar-powered lamps. Read More
“Close-up” – the name of this series from the Mercedes-Benz Museum says it all. Each instalment tells a surprising, exciting or behind-the-scenes story, illuminating details of a vehicle, an exhibit or an architectural or design feature. In the spotlight this time: the Mercedes-Benz C 280 from 1996 in Collection Room 5: Gallery of Everyday Heroes.At the Mercedes-Benz Museum, visitors with colour vision deficiency are also able to enjoy the full beauty of colourful paint finishes like that of the C 280. Because for more than a year, the Museum has made it possible to borrow special EnChroma® goggles free of charge for the duration of a visit. These goggles filter a small part of the colour spectrum from the visible light, making it possible to see clear, vivid colours despite colour vision deficiency. Read More
China has cemented its place as the world’s largest EV producer, with heavy production subsidies handed out by the state. Brands like BYD, Geely, and Nio have leveraged their home market dominance to expand abroad, offering competitively priced vehicles, equipped with advanced digital and software capabilities. Chinese automakers are now rapidly penetrating markets in the EU – which has announced big increases in tariffs on EVs from China, set to rise from 10% to 45% for the next five years – and beyond. Ratings agency S&P Global expects Chinese brands to capture a 10% share of the European market by 2034, up from just 2.5% in 2023.
For legacy automakers like Honda and Nissan, this presents a formidable challenge. Nissan was once an industry leader in EV innovation with its Leaf electric model. Launched in 2010, the Leaf was one of the first mass-produced electric vehicles globally. But Nissan has struggled in recent years, announcing 9,000 job cuts in November and slashing global production by 20%.
Honda, despite pledging to spend $65bn over the next decade on electrification, remains reliant on traditional combustion engines for most of its revenue, and its sales tumbled by more than 30% in China last year. Together, these companies face mounting pressure to keep pace with industry leaders like US company Tesla and cheaper Chinese EVs. Honda’s CEO Toshihiro Mibe said the deal was a way to “fight back” against “the rise of Chinese power,” or the two firms risk being “beaten” by rivals. Read More
CNOOC Limited announced that Dongfang 29-1 Gas Field Development Project has commenced production.
The project is located in the Yinggehai Basin, with an average water depth of approximately 68 meters. The main production facilities include a new unmanned wellhead platform and a submarine pipeline. A total of 6 development wells are planned to be commissioned. The project is expected to achieve a peak production of 38 million cubic feet of natural gas per day in 2025.
The new unmanned wellhead platform of the project is constructed in a standardized and integrated manner. The equipment layout has been optimized to make efficient use of platform space and significantly reduce project investment. The oil and gas produced will be connected to the existing facilities of Dongfang gas fields through the submarine pipeline for processing. In recent years, CNOOC Limited has been continually tapping the resource potentials of the Yinggehai-Qiongdongnan Basin, to fully utilize the existing production facilities and thereby reduce the development cost of new projects.
The commissioning of Dongfang 29-1 will further release the production capacity of the Dongfang gas fields. The company’s offshore gas fields around Hainan Island will continue to provide clean, reliable and stable energy supply for the Island.
CNOOC Limited holds 100% interest in this project and is the operator. Read More
China National Petroleum Corporation (CNPC) has marked a major step in its green transition with the successful commissioning of its largest-ever solar project at the Tarim oilfield in the Xinjiang Uygur autonomous region, the company said on Wednesday. The 1.3 million kilowatt photovoltaic facility located in Northwest China, is now connected to the national grid and also consists of a massive energy storage station with 130,000 kW/260,000 kWh capacity. It underscores CNPC’s commitment to renewable energy, significantly boosting clean power generation and supporting its low-carbon transformation strategy. The green power generated will be transmitted through the national grid to the load centers in the eastern parts of China, further ensuring sufficient green power supply, said Cui Wei, deputy manager of CNPC’s new energy division at the Tarim Oilfield. The project is expected to generate 2.1 billion kWh of clean electricity annually, which will also ensure CNPC’s 1.2 million tons per year ethylene project at the local petrochemical plant to operate entirely on green electricity, alleviating local power shortages during peak demand and improving the regional energy mix. Read More
Watson Farley & Williams (“WFW”) advised Rabobank, Santander Corporate & Investment Banking and Intesa Sanpaolo Bank Luxembourg SA as lenders on an up to €500m term, DSR and letter of credit facilities granted to a subsidiary of Amarenco Solar Limited (“Amarenco”) for the financing of a multi-country solar infrastructure project. The financing will be used for the development, construction and other project costs of a number of ground-mounted solar PV projects in Ireland, Spain and Portugal, as well as related intra-group and mezzanine intercreditor arrangements. The financing uses a FinCo borrower structure rather than the more commonly used HoldCo one and includes the refinancing of numerous smaller financings already in place, as well as structurally subordinated mezzanine debt with Berenberg fund.
WFW’s assistance included the review and coordination of tax and project agreements, corporate, real estate, environmental and planning due diligence and tax structuring advice across Ireland, Spain and Portugal as well as advising on the suite of finance documents alongside local counsel in those jurisdictions.
Based in Cork, Ireland, Amarenco is one of Europe’s leading independent renewable energy and producers. It was founded in 2018 through the merger of the Irish company of the same name with France’s Méthode Carré. With a business model integrating the complete chain for solar electricity production, has raised €500m from well-known investors since 2020. The cross-border WFW Projects team that advised the lenders was led by London Projects Partner Daisy East and Paris Finance Partner Laurence Martinez-Bellet, working with Senior Associate Suki Rees, Associates Caitlin Jenkins, Michelle Kerry and Ellen Mackie and Trainee Kate Clancy. They were supported by Tax Partner Richard Stephens, Senior Consultant Georgios Chic, Associates Kristina Buckberry, Oli Baines, Pip Moss and Trainees Elias Votta and Sara Domi in London; Associate Olivier Charron in Paris; and Partners Rodrigo Berasategui (Finance) and Luis Soto (Tax), Senior Associates Jacobo Hermidas Uzal, Javier Gabiña and Lidia Fernandez Jiminez, Associate Beltrán Silva Parladé and Trainee Miquel Ros in Madrid. Read More
PetroChina Karamay Petrochemical Company was granted the Carbon Label issued by the China Electronics Energy Saving Technology Association (CEESTA) for its gasoline and diesel products. It is CNPC’s first Carbon Label for gasoline and diesel products.
The Carbon Label is a certification displaying the lifecycle carbon footprint of a product, informing consumers about the carbon reduction and sustainability information of the product via a label on its packaging. Many countries and regions, including China, are currently active in developing carbon labeling systems. Read More
.Basra Natural Gas Liquids (BNGL) project, a facility that captures and processes associated gas from three major oilfields. The project, built by China Petroleum Engineering and Construction Corporation (CPECC), stands as a testament to what’s possible when modern technology meets environmental consciousness.The numbers are impressive: 4.4 million cubic meters of dry gas and 2,600 tonnes of liquefied petroleum gas daily.
In the sprawling al-Rumaila oilfield, where antiquated flare stacks once spewed black smoke into the air, change is visible. New low-pressure flaring systems are replacing the old “candlestick” flares, part of an upgrade project scheduled for completion by February 2025. The initiative extends beyond gas processing. In a country blessed with abundant sunlight, Chinese engineers are helping Iraq harness solar power. A new one-megawatt solar station in the al-Rumaila oilfield, complete with energy storage systems, represents Iraq’s steps toward renewable energy. The facility is expected to reduce carbon dioxide emissions by 1,600 tonnes annually — a small but significant step in the country’s environmental journey. Read More
.European stock markets extended their gains on Thursday following US President Donald Trump’s speech at his first virtual appearance at the World Economic Forum in Davos, Switzerland. He demanded that global interest rates be reduced and urged OPEC to lower oil prices. He also called for deregulation of banking rules. Read More
QatarEnergy has entered into an agreement with Harmattan Energy Limited (HEL), an indirect subsidiary of Chevron Corporation, to acquire a working interest in the Petroleum Exploration License and Petroleum Agreement for Block 2813B (PEL0090), offshore Namibia. Pursuant to the agreement, QatarEnergy will acquire a 27.5% interest, while HEL (the operator) will retain a 52.50% interest. The other partners on the block are Trago Energy Limited and the National Petroleum Corporation of Namibia (NAMCOR), each holding a 10% interest.
Commenting on this occasion, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “This agreement demonstrates our commitment to continue expanding our upstream footprint in Namibia, and the strengthening of our partnership with our valued partner Chevron.” Read More
The price of a barrel of Kuwaiti Oil recorded $82.13 per barrel in yesterday’s trading against $82.21 dollars per barrel in Wednesday’s trading, down 8 cents Read More Oman’s official oil price for March delivery is set at $81.76 per barrel today.
The price of Oman Oil witnessed, today, a decrease of 37 cents compared to the price of yesterday, Thursday, of $82.13 cents per barrel.(QNA)
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $74.42 | Down |
| Crude Oil (Brent) | USD/bbl | $78.25 | Down |
| Bonny Light 24/01/25 CBN | USD/bbl | $80.89 | Down |
| Dubai | USD/bbl | $80.58 | Down |
| Natural Gas | USD/MMBtu | $3.88 | Up |
| Murban Crude | USD/bbl | $81.45 | Down |
| OPEC basket 23/01/25 | USD/bbl | $80.77 | Down |
The aviation sector’s increasing use of sustainable aviation fuel (“SAF”), amongst other new technology, represents a positive step in reducing the industry’s carbon emissions. However, unlike the wide availability of renewable resources and other lower carbon alternatives for the broader energy sector, which are unconstrained by factors such as weight and particularly stringent safety requirements applicable to airlines, SAF has not reached a point of development where it can viably be adopted by airlines as an alternative source of fuel on a widespread and regular basis. It is expensive to produce and production is currently very limited. In 2024, global SAF production is expected to triple from 2023, but will still only account for 0.53% of the aviation industry’s fuel needs.¹
Similar limitations are also found when considering the availability of offsets. The ICAO’s Carbon Offsetting and Reduction Scheme for International Aviation (“CORSIA”) reached a milestone earlier in 2024 when Guyana made the world’s first Paris Agreement Adjustment for ART-Issued² TREES³ carbon credits, making them the first credits eligible for use by airlines towards targets in the first phase of CORSIA. Despite this, the supply of CORSIA credits is still far below estimated needs of airlines to meet their compliance requirements in the first phase of CORSIA.
The decision in Verein KlimaSeniorinnen Schweiz and Others v Switzerland has set a precedent requiring Convention states to assess the effectiveness of their legislative regimes to protect individuals who are most vulnerable to the effects of climate change.
GOVERNMENT POLICY
Governments have sought to implement policies to encourage more sustainable growth within the aviation industry. This has been evident, for example, in the UK’s JetZero strategy and SAF adoption mandates set in the EU and the UK. However, it is unclear whether these government mandates will be achievable without significant further support for the sector.. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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