Rig Count, Oil Prices,Energy Newstrack to 07/04/2021

Oil prices relatively held steady on Wednesday, U.S. crude oil inventories fell last week, while distillate and gasoline stocks rose slightly.

Slow EU Vaccine Rollout to Hit Passenger Forecast. Brent crude futures for June rose by 0.3%, to $62.90 a barrel while U.S. West Texas Intermediate crude for May was up 0.2%, to $59.47.

Commodity PricesUnitsPrice $Change
Crude Oil (WTI)USD/bbl59.05Down
Crude Oil (Brent)USD/bbl62.47Down
Bonny LightUSD/bbl62.24Up
Natural GasUSD/MMBtu2.47Down
OPEC basket 06/04/21USD/bbl61.33Down
At press time 07 April, 2021

Record New Renewable Energy Capacity in 2020 Global renewable energy capacity additions in 2020 beat earlier estimates and all previous records despite the economic slowdown that resulted from the COVID-19 pandemic. According to data released today by the International Renewable Energy Agency (IRENA) the world added more than 260 gigawatts (GW) of renewable energy capacity last year, exceeding expansion in 2019 by close to 50 per cent.

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IEA Sees Drop in Nigeria’s Crude Oil Capacity by 2026 In the report, the IEA listed the US as leading the way as the largest source of new supply, followed by Brazil, Guyana, Iraq and the UAE who will also deliver impressive gains and Colombia, the UK, Russia, Egypt, Nigeria and Angola posting the biggest declines.

It stated that one of the reasons why Nigeria’s production would decline is: “As other producers in Africa seek to improve commercial terms, Nigeria plans to raise taxes on its deepwater oil production, which will make investments less attractive.”

DPR Revokes Addax Petroleum’s Four Oil Blocks for Non-performance The affected assets are OML 123, 124, 126 and 137. The Director/Chief Executive Officer, DPR, Mr. Sarki Auwalu, told journalists in Lagos yesterday that it was discovered that over 50 per cent of the assets had remained underdeveloped.

Mozambique Says Total’s LNG Project Is Safe From Militants The Total-led Mozambique LNG Project, for which the US$20-billion Final Investment Decision (FDI) was taken in 2019, is on track to deliver LNG in 2024, Total says.

Optilan to deliver security & comms on Saudi’s major Jubail-Riyadh Water Transmission System Bill Bayliss, CEO of Optilan, says: “We’re delighted to announce we’ll be supporting Limak on the state-owned Jubail – Riyadh Water Transmission System. As we ramp up for another year of growth, we’re committed to demonstrating our communications security Critical National Infrastructure expertise globally.”

Neptune Energy announces RBL redetermination Neptune Energy today announced that it has completed the annual redetermination of its RBL facility and reconfirmed a borrowing base of $2.3 billion.

World’s Top Solar Firm Joins Hydrogen Frenzy According to industry outlet Solarzoom, cited by Bloomberg, Longi Green Energy Technology—the world’s top solar cells and panels manufacturer by market capitalization—registered last week Xi’an Longi Hydrogen Technology Co in China.

Baker Hughes Rig Count to 6th April 2021

RegionPeriodNo. of RigsChange
U.S.A1st April 2021430+13
Canada1st April 202169-12
InternationalMarch 2021715+14

Vineyard Wind Statement on the Biden Administration’s Offshore Wind “Jumpstart” “Vineyard Wind fully supports the Biden Administration’s ‘all of government’ strategy to turn the potential of the offshore wind industry into reality,” said Vineyard Wind CEO Lars T. Pedersen. “By taking this approach, we can move quickly toward the goal of unlocking a once-in-a-generation opportunity to create a new industry with good paying American jobs while also achieving significant reductions in carbon emissions.”

Vineyard Wind

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