Top Energy/Automotive News As Reported
London, 15 May, 2023, (Oilandgaspress) : Crude oil production in the Permian is set to hit a record high in May according to drilling productivity data from the EIA
Two electric vehicle battery makers plan to spend around 10 billion euros ($11 billion) on factories in Europe, they said on Friday, after Europe loosened state aid rules for green industry projects in a bid to win the subsidy race with the U.S.
Both plants will start production in 2026, employ thousands of people and supply batteries to European car makers.
After months of worry that it would opt for an investment in North America over Europe, Sweden’s Northvolt said it is set to pick Heide in northern Germany for its factory as long as subsidies are approved, estimated by one source close to the matter to be over 600 million euros.
Taiwan’s ProLogium, meanwhile, announced a new plant in the French city of Dunkirk after France offered deal sweeteners and competitive power prices, executives from the company said. Read More
Eni’s new fixed rate bond offering
Eni (Baa1 Moody’s / A- S&P / A- Fitch) intends to place today new fixed rate bonds with a 4-year and 10-year maturity (the “Bonds”), under its existing Euro Medium Term Note Programme.
The Bonds are to be issued in accordance with the resolution adopted by the Board of Directors on April 7, 2022 and are aimed at financing Eni’s future needs and at maintaining a well-balanced financial structure.
The Bonds, targeted to institutional investors, will be placed subject to market conditions and subsequently listed on the regulated market of the Luxembourg Stock Exchange.
For the issuance of the Bonds, Eni has mandated a syndicate composed of Crédit Agricole CIB, Goldman Sachs International, Intesa Sanpaolo (Divisione IMI CIB), MUFG, Santander, SMBC, Société Générale e UniCredit, who will act as joint bookrunners. Read More
TotalEnergies has launched at its Antwerp refinery (Belgium), a battery farm project for energy storage with a power rating of 25 MW and capacity of 75 MWh, equivalent to the daily consumption of close to 10,000 households.
A First Flagship Energy Storage Project in Belgium
After commissioning four battery parks in France offering total energy storage capacity of 130 MWh, this project will be the Company’s largest battery installation in Europe. The batteries, 40 Intensium Max High Energy lithium-ion containers, will be supplied by Saft, the battery subsidiary of TotalEnergies, confirming its position as European leader in industrial-scale stationary storage with this project.
The installation, which will be operational by the end of 2024, will help meet the needs of the European and Belgian high-voltage transmission network 24/7 by:
Smoothing power fluctuations in the national grid on a daily basis, particularly during peak winter periods.
Guaranteeing grid security by participating actively in the national grid’s reserve services.
Allowing more renewable electricity to be integrated into the grid. Read More
Africa Oil Corp.announce its operating and interim consolidated financial results for the three months ended March 31, 2023. In Q1 2023, the Company recognized net income amounting to $21.9 million (Q1 2022: $45.6 million).
In Q1 2023, included in the Company’s share of income from equity investments is income from its 50% investment in Prime of $37.5 million (Q1 2022: $51.0 million).
Highlights
• The high impact Venus appraisal campaign commenced with the spud of Venus-1A well, located 13km to the north of the discovery well Venus-1X, on March 4, 2023. A second drilling rig is expected to join the campaign soon.
• On April 27, 2023, the Company subscribed for 39,455,741 shares in Impact for $31.4 million, payable in two tranches, and following the transaction the Company will ultimately hold 31.1% of the enlarged share capital in Impact.
• The OML 130 drilling campaign commenced on February 22, 2023, with the spud of the first infill well on the Egina oil field. This is the first well in a multi-well program that is planned for up to 9 wells on Egina and Akpo in the license area during 2023 and 2024.
• Cash position of Prime* net to the Company’s 50% shareholding of $198.5 million and debt balance of $360.2 million at March 31, 2023, resulting in a Prime net debt position of $161.7 million, which is a further deleveraging of Prime since Q4 2022.
• AOC’s cash and cash equivalents at March 31, 2023, of $158.2 million.
• The Company declared and paid a semi-annual dividend of $0.025 per share (approximately $11.5 million) at the end of March 2023. Since end of March 2022, the Company has returned more than $80.0 million to its shareholders through the share buyback program and the dividend policy. Read More
IEA to address world leaders on energy and climate challenges at G7 Summit in Hiroshima
Next weekend, the G7 Summit in Hiroshima, Japan, will bring together global leaders at a crucial moment for international efforts to strengthen energy security and tackle climate change amid complex geopolitical challenges.
Our Executive Director, Fatih Birol, will be speaking at the G7 Summit on these issues alongside the leaders of Canada, the European Union, France, Germany, Italy, Japan, the United States and the United Kingdom – as well as those of Australia, Brazil, Comoros, the Cook Islands, India, Indonesia, Korea and Vietnam, who have been invited to the Summit.
The IEA has already contributed to the G7’s energy and climate agenda across a range of key areas, including critical minerals, clean energy technology manufacturing, renewables, energy efficiency, hydrogen, natural gas markets and more. This week, ahead of the Hiroshima Summit, we will be publishing an update on the state of play with global clean technology manufacturing, building on the agenda-setting analysis of our Energy Technology Perspectives 2023. Read More
Beacon Energy PDMR Dealing
Beacon Energy (AIM:BCE) announces that Peter Appel, Managing Director of Beacon Energy’s wholly owned subsidiary Rhein Petroleum GmbH, on 12 May 2023 purchased 11,000,000 ordinary shares of no par value each in the Company (“Ordinary Shares”) at a price of EUR 0.002 (GBP 0.0017). Following this transaction, Peter Appel has an interest in 11,000,000 Ordinary Shares, representing approximately 0.1 per cent. of the Company’s issued Ordinary Share capital. Read More
Allkem and Livent announce definitive agreement to combine in an all-stock merger of equals valuing the combined company at US$10.6 billion (A$15.7 billion)
Allkem (ASX:AKE) and Livent (NYSE:LTHM) announced the signing of a definitive agreement (“Transaction Agreement”) to combine the two companies to create a leading global lithium chemicals producer (“NewCo”), (the “Transaction”). The Transaction is expected to close by the end of calendar year 2023, and upon closing of the all-stock merger of equals, Allkem shareholders will own approximately 56% and Livent shareholders will own approximately 44% of NewCo4. Allkem and Livent, two global lithium chemicals companies, will combine their highly complementary range of assets, growth projects, and operating skills across extraction and processing under a vertically integrated business model with the scale and expertise to meet the rapidly growing demand for lithium chemical products.
The combined company will have a significant footprint of low-cost assets diversified across key geographies, products, and customers. Given the proximity of certain assets in Argentina and Canada, significant cost synergies and capex savings, in addition to other anticipated commercial synergies, are expected to be realized from the opportunity to co-develop and de-risk future expansion projects and operations. Livent is a global leader in lithium processing technologies with nearly eight decades of experience producing a diverse range of lithium chemicals for energy storage and other specialty applications. Allkem brings complementary expertise in conventional brine-based lithium extraction, hard rock mining, and lithium processing. With Livent’s technical and commercial capabilities and its deep customer relationships, and Allkem’s large and diverse resource base and significant growth pipeline, NewCo will be well-positioned to capitalize on the expected growth in lithium demand from electric vehicles (“EVs”) and energy storage solutions. Read More
Official opening of the Njord field
Neptune Energy today welcomes Equinor’s announcement of the official opening of the Njord field in the Norwegian Sea. Following a major upgrade, Njord is now expected to produce oil and gas for another 20 years.
Neptune Energy’s Managing Director for Norway and the UK, Odin Estensen, said: “We congratulate Equinor for their safe and successful start-up of the Njord field and the tie-back and start-up of the subsea fields Bauge, Hyme and Fenja to Njord A. This is a great example of how relatively small discoveries can be brought together to create profitable, low emission developments.”
The Njord Area will provide Neptune with net production of 30,000 barrels of oil equivalent per day.
Estensen added: “The recent start-up of Fenja makes Njord Neptune’s second largest producing hub in Norway and aligns with our strategy for production with low unit cost and low CO2 intensity.”
Partners in the Njord unit: Equinor Energy (operator, 27.5 %), Wintershall Dea Norge (50 %), Neptune Energy (22.5 %) Read More
Oneok to buy Magellan Midstream in $18.8bn US pipeline deal
ONEOK, Inc. and Magellan Midstream Partners, L.P. announced that they have executed a definitive merger agreement under which ONEOK will acquire all outstanding units of Magellan in a cash-and-stock transaction valued at approximately $18.8 billion including assumed debt, resulting in a combined company with a total enterprise value of $60.0 billion. The consideration will consist of $25.00 in cash and 0.6670 shares of ONEOK common stock for each outstanding Magellan common unit, representing a current implied value to each Magellan unitholder of $67.50 per unit, for a 22% premium, based on May 12, 2023 closing prices. Read More
ONEOK, Inc. announced first quarter 2023 results and affirmed full-year 2023 financial guidance.
First Quarter 2023 Results, Compared With First Quarter 2022:
Net income of $1.05 billion, resulting in $2.34 per diluted share (includes impact of insurance settlement).
Adjusted EBITDA of $1.72 billion (includes impact of insurance settlement).
32% increase in natural gas gathering and processing segment adjusted EBITDA.
11% increase in natural gas volumes processed.
27% increase in Mid-Continent region natural gas volumes processed.
17% increase in natural gas pipelines segment adjusted EBITDA.
17% increase in Gulf Coast/Permian region NGL raw feed throughput volumes.
“Strong first quarter results were supported by continued earnings growth in each of our businesses,” said Pierce H. Norton II, ONEOK president and chief executive officer. “Higher natural gas and natural gas liquids volumes on our system provided a solid start to 2023 and continue to drive positive financial results.
“The successful completion of our Demicks Lake III natural gas processing plant and MB-5 fractionator projects provide additional system capacity and resiliency, and are examples of our continued focus on intentional and disciplined growth,” added Norton. “We remain financially well positioned, with significant balance sheet strength and flexibility to support continued growth.” Read More
Petrobras on Bahia Terra production
Petróleo Brasileiro S.A. – Petrobras informs that it has obtained authorization from the National Agency of Petroleum, Natural Gas, and Biofuels (ANP) to resume production from four more facilities in the
Bahia Terra Cluster (Água de Taquipe Treatment and Injection Station, Fazenda Boa Esperança “A” Station, Massapê Collecting Station, and Fazenda Azevedo Collecting Point).
The company started the execution of the operational procedures necessary for the safe return of the production process of these facilities, and of the 38 total facilities, 30 have already been released for operation, which will allow the reestablishment of approximately 70% of the total production of the Bahia Terra Cluster. The Cluster had its operations halted by determination of the ANP and Petrobras has been making every effort to meet the conditions set by the regulator and to ensure the resumption of operations of the Bahia Terra Cluster facilities in the shortest possible time. Read More
ADNOC and Baker Hughes Collaborate to Advance Hydrogen Technology Innovation
ADNOC and Baker Hughes announced today an agreement to accelerate the development and commercialization of technology solutions for green and low-carbon hydrogen, as well as graphene.
The agreement, which follows a strategic technology collaboration agreement signed between the two companies in November 2022, will see ADNOC collaborate with Baker Hughes as a strategic partner to study and pilot, the deployment of innovative solutions from Baker Hughes’ hydrogen portfolio. These include new growth stage decarbonization technologies Baker Hughes has invested in across the graphene, methane pyrolysis and next-generation electrolysis spaces.
The agreement was signed at the UAE CLIMATE TECH conference in Abu Dhabi, where over 1,000 global policy makers, innovators, and industrial leaders met to drive technological solutions for decarbonization. The collaboration builds on ADNOC’s $15 billion commitment towards decarbonization projects by 2030. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $70.50 | Down |
| Crude Oil (Brent) | USD/bbl | $74.62 | Down |
| Bonny Light | USD/bbl | $74.03 | Down |
| Saharan Blend | USD/bbl | $74.91 | Down |
| Natural Gas | USD/MMBtu | $2.30 | Up |
| OPEC basket 12/05/23 | USD/bbl | $74.45 | Down |
ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of ADNOC, announced today it has signed an agreement with SeaOwl for the design of unmanned Remotely Operated Vessels (ROV) capable of transporting vehicles, equipment and supplies to and from offshore sites. The agreement was signed by Captain Abdulkareem Al Masabi, CEO of ADNOC L&S and Xavier Génin, CEO of SeaOwl at the UAE Climate Tech Forum organized by the Ministry of Industry and Advanced Technology.
The innovative design of the ROV will reduce carbon emissions up to 30% as the vessel will be lighter and smaller, as facilities for a crew are not required. In addition, the smart automation systems will optimize routing and propulsion, further decarbonizing ADNOC L&S’ offshore operations in support of the UAE’s Net Zero by 2050 Strategic Initiative and ADNOC’s 2030 Sustainability Agenda.
Captain Abdulkareem Al Masabi, CEO of ADNOC L&S said: “A strategic commitment to sustainability and innovation plays a crucial role in ADNOC L&S’ ability to serve its customers. The vessel is another example of this commitment as we leverage the latest technology to optimize our maritime operations, reduce our carbon footprint and improve safety while increasing efficiency.” The design for the 55 meters long ROV will allow the vessels to be operated from an onshore control room through a satellite link using the latest automation and self-navigation technology. The design will utilize state of the art artificial intelligence systems to control propulsion, dynamic positioning, remote communication and cyber security. Read More
ADNOC, today launched a global competition to find innovations that will reshape the global energy landscape. The Decarbonization Technology Challenge is being supported by Amazon Web Services (AWS), bp, Hub71, and the Net Zero Technology Center.
The competition was launched at UAE Climate Tech Forum in Abu Dhabi, where over 1,000 global policy makers, innovators, and industrial leaders met to drive technological solutions for decarbonization.
Ten finalists will be invited to pitch their innovations to a panel of judges in December 2023. Winners will receive up to $1 million (AED3,670,000) in piloting opportunities with ADNOC. Scale-up companies specializing in carbon capture utilization and storage (CCUS), new energies, oil and gas emissions reduction, digital applications and advanced materials for decarbonization, and nature-based solutions are encouraged to apply. Read More
Eni promoted the “Seeds for sustainable energy” bootcamp in Kenya, a joint open innovation initiative involving Joule, Eni’s Business School and the company’s Tech Open Innovation and agroenergy areas.
The project concerned the innovation of the agribusiness chain and agricultural ecosystem in Kenya, with the support of BeEntrepreneurs. The aim was to identify and select start-up founders, local innovators and young talents who want to develop high-potential products and services for agribusiness initiatives.
The bootcamp, held in Nairobi at the E4Impact Entrepreneurship Centre, featured 3 international start-ups from among the more than 300 analysed and 10 local early-stage solutions from among the more than 200 applications received at the start of the initiative last January.
During the bootcamp, local start-ups had the opportunity to participate in an entrepreneurial skills development programme with the participation of Eni representatives in Kenya as well as local and Italian institutions in the area.
With the 3 international start-ups, the technological aspects of the solutions were examined in depth, identifying potential use cases. Read More
Baker Hughes Rig Count: U.S. -17 to 731 Canada +1 to 94
U.S. Rig Count is down 17 from last week to 731 with oil rigs down 2 to 586, gas rigs down 16 to 141 and miscellaneous rigs up 1 to 4.
Canada Rig Count is up 1 from last week to 94, with oil rigs up 3 to 37, gas rigs down 2 to 57.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 12 May 2023 | 731 | -17 |
| Canada | 12 May 2023 | 94 | +1 |
| International | April 2023 | 947 | +17 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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