September 12, 2024 Global energy industry news & Prices
London, (Oilandgaspress) –– Crude prices slightly up on Wednesday as concerns Tropical Storm Francine could disrupt supply, with some production facilities already suspended. Hurricane Francine is threatening New Orleans and the wider Gulf Coast as far east as the Alabama and Florida border, shutting down a quarter of oil and gas production in the Gulf while parishes across Louisiana issued evacuation orders.
Biofuels consumption. EIA has also added several new series of forecasts that better capture how biofuels are being consumed within overall U.S. demand for distillate fuels. EIA expects that although total distillate fuel oil consumption will fall slightly this year to an average of 4.1 million barrels per day, biofuels will account for 9% of that consumption, up from 8% last year and 5% in 2022. Read More
KBR announced today it has been awarded a conceptual study contract for floating blue ammonia production from Samsung Heavy Industries (SHI), one of the world’s largest shipbuilders in South Korea.
The award is part of SHI’s diversification in the ocean energy business, with a focus on maritime technology. The study will utilize KBR’s innovative blue ammonia technology, suitable for offshore production, and leverage SHI’s expertise in the design of mega floating vessels.
“We are proud to collaborate with SHI for this strategic project and provide our low-carbon blue ammonia process technology solution to develop this first-of-its-kind floating ammonia production facility,” said Jay Ibrahim, KBR President, Sustainable Technology Solutions. “This concept will deliver a sustainable platform to our clients globally for achieving their energy transition objectives with greater flexibility.”
KBR is a world leader in ammonia technology and has been at the forefront of innovation in the ammonia market for decades. Since 1943, KBR has licensed, engineered, or constructed over 260 grassroot ammonia plants worldwide. Read full article
Bapco Energies announced the acquisition of the minority stakes held by Chevron (12.5%) and Boubyan Petrochemicals (12.5%) in Bapco Gas, formerly known as Banagas. This strategic acquisition marks a significant milestone for Bapco Gas and aligns with Bapco Energies’ vision to further integrate its value chain.
The acquisition of these minority stakes will enable Bapco Energies to fully integrate Bapco Gas into its operations, optimizing its portfolio and enhancing synergies across its various subsidiaries. Additionally, the acquisition represents the first step in Bapco Energies’ program to consolidate its investments and assets in line with the vision of the Bapco Energies’ Board of Directors, led by His Highness Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Humanitarian Works and Youth Affairs, Chairman of Bapco Energies. Read full article
Petro Rabigh announced the decrease in its accumulated losses from 53.09% of Share Capital as at 30 June 2024 to 36.16% of Share Capital as at 31 August 2024 Its accumulated losses as of June-end stood at 50% of share capital, or SAR 16.7 billion.
The reduction was achieved via a waiver of loans amounting to SAR 1.88 billion each by founding shareholders Saudi Arabian Oil Co. and Sumitomo Chemical Co. Ltd. together with related commissions accrued thereon. Read full article
Neste has helped ST Telemedia Global Data Centres (STT GDC), one of the world’s fastest-growing data center providers, to become the first data center operator in Singapore to power its backup generators with renewable diesel. The switch from fossil diesel to Neste MY Renewable Diesel™ took place at STT GDS’s facilities in Singapore in late July this year. The fuel was delivered via Neste’s distribution partner, Interion Pte Ltd.
“At STT GDC, we are committed to implementing innovative solutions that not only enhance our operational efficiency but also contribute to improving our environmental sustainability,” said Lionel Yeo, Chief Executive Officer, Southeast Asia at ST Telemedia Global Data Centres. “The deployment of renewable diesel in our operations is a significant step towards achieving our sustainability goals, while it also supports Singapore’s climate targets. As our business grows, we want to continue to embed sustainability into every facet of our business, while at the same time, support the industry’s efforts to accelerate the use of renewable fuels.” Read More
U.S. Environmental Protection Agency is announcing the launch of a new website, the Climate Resilience and Adaptation Funding Toolbox. CRAFT is a user-friendly resource for technical assistance providers working with federal funding applicants and recipients to develop, apply for and implement climate-resilient investments. The website provides simple, easy-to-understand resources that can help users consider climate adaptation and resilience before, during and after applying for EPA funding opportunities. Read More
Baker Hughes (NASDAQ: BKR) will announce the results of the third quarter ending Sept. 30, 2024, via press release at 5 p.m. Eastern Time (4 p.m. Central Time) on Tuesday, Oct. 22, 2024. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $68.19 | Up |
| Crude Oil (Brent) | USD/bbl | $71.45 | Up |
| Bonny Light 11/09/24 | USD/bbl | $72.98 | Down |
| Dubai | USD/bbl | $70.89 | Down |
| Natural Gas | USD/MMBtu | $2.29 | Up |
| Murban Crude | USD/bbl | $71.81 | Up |
| OPEC basket 11/09/24 | USD/bbl | $70.841 | Down |
Scotland’s only oil refinery is to close by next summer with the loss of 400 jobs, it has been confirmed.Owners Petroineos previously said the Grangemouth plant had been facing “significant challenges” due to global market pressures and has been unable to compete against more modern and efficient sites in the Middle East, Asia and Africa. The firm intends to transform the site into a fuels import terminal, with the number of staff expected to fall from 475 to 75. Source,
Baker Hughes announced the launch of CarbonEdge™, powered by Cordant™, the first end-to-end, risk-based digital platform for CCUS operations that provides comprehensive support, regulatory reporting, and operational risk management.
With an intuitive, integrated dashboard, CarbonEdge delivers precise, real-time data and alerts on carbon dioxide (CO2) flows across CCUS infrastructure, from carbon capture and compression to pipeline transportation, as well as subsurface storage. This connectivity across the entire CCUS project lifecycle enables customers to identify and manage risk, improve decision-making, enhance operational efficiency, and simplify regulatory reporting. Baker Hughes offers a broad portfolio of technologies and expertise to manage and deliver synergy across the entire CCUS value chain. The launch of CarbonEdge makes Baker Hughes the only provider combining advanced risk management and reporting technology for measurement, monitoring and verification (MMV) of CO2 with comprehensive digital monitoring, engineering expertise and domain knowledge across surface and subsurface planning and operations. Integration with Baker Hughes’ subsurface and autonomous modeling solutions delivers storage site characterization workflows and comprehensive MMV frameworks. “CCUS technology solutions are essential for driving decarbonization of the energy and industrial sectors on our path to solving for climate change,” said Baker Hughes Chairman and CEO Lorenzo Simonelli. “With the launch of CarbonEdge, we not only expand our portfolio of digital solutions to support new energies and empower our customers’ ability to mitigate risk while enhancing operational efficiency, but also take a bold step toward a future with more sustainable energy development. We look forward to working alongside Wabash Valley Resources to refine and evolve CarbonEdge, ensuring it continues to meet the dynamic needs of a rapidly changing industry.” Read More
Baker Hughes Rig Count: U.S. -1 to 582 Canada +0 to 220
U.S. Rig Count is down 1 from last week to 582 with oil rigs unchanged at 483, gas rigs down 1 to 94 and miscellaneous rigs unchanged at 5.
Canada Rig Count is unchanged from last week to 220, with oil rigs down 1 at 152, gas rigs unchanged to 67.
The Worldwide Rig Count for August was 1,735, up 22 from the 1,713 counted in July 2024, and down 53, from the 1,788 counted in August 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 06 September 2024 | 582 | -1 |
| Canada | 06 September 2024 | 220 | — |
| International | August 2024 | 931. | -3 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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