Top Energy/Automotive News As Reported; Oil prices rose in Asian trade
London, 24 May, 2023, (Oilandgaspress) : American Petroleum Institute (API) estimated late on Tuesday that crude oil inventories in the United States fell by 6.70 million barrels last week
A coalition of members of Congress and the European Parliament on Tuesday called for the ouster of the oil executive leading the next U.N. Climate Change Conference in the United Arab Emirates this fall.Tuesday’s letter represents a remarkable rebuke of the decision to name Sultan Al Jaber, who runs the state-owned Abu Dhabi National Oil Company, as president of the climate summit. It comes as human rights advocates also voice anger and disbelief over the UAE’s invitation of Syria’s embattled president to the climate talks, known as COP28. Both climate and human rights activists say the integrity of the climate gatherings are at stake.
“It’s pretty straightforward: The head of a national oil company should not be the president-designate of a climate conference,” Rep. Ro Khanna (D-Calif.), who signed the letter along with 34 other congressional Democrats, said in an interview. “It’s a slap in the face to young climate activists.” Read More
Johan Sverdrup produces at increased plateau
This week a successful capacity test has been performed confirming that the field can produce up to 755,000 barrels of oil per day. During a capacity test at Johan Sverdrup, the field reached a record-high production level of 755,000 barrels of oil per day.
This equals six to seven percent of the daily European oil consumption. “This process capacity test at Johan Sverdrup confirms technically very robust facilities and was safely performed with no unwanted incidents. This is an important milestone, and the result of systematic and targeted efforts, says Marianne Bjelland, vice president Exploration and Production for Johan Sverdrup in Equinor. Equinor and partners Aker BP, Petoro and TotalEnergies aim to maintain production levels of oil from the field up towards this level going forward. In addition, Johan Sverdrup produces 31,500 barrels of oil equivalents of gas per day. Read More
TotalEnergies has acquired a 20% stake in Ductor, a Finland-based start-up that has developed an innovative technology to process high-nitrogen organic waste, such as poultry manure, which is usually difficult to use for biomethane production. By allowing the treatment of new types of input, this technology is helping to accelerate the development of the biogas value chain, thus contributing to the energy transition. It will also enable TotalEnergies to seize new market opportunities.
TotalEnergies has also formed a partnership with Ductor to develop and invest in several biomethane production projects, primarily in the United States and Europe. Ductor already has a pipeline of fifteen to twenty projects, some of which are at an advanced stage. The partners are planning to develop an initial facility in Ohio, United States. Under the terms of this joint venture, TotalEnergies will market the production of the biomethane, and Ductor the production of the sustainable biofertilizers. Read More
Tullow Oil plc – 2023 Annual General Meeting – CEO Statement
Tullow Oil plc (Tullow) issues the following statement from its Chief Executive Officer, Rahul Dhir, ahead of its Annual General Meeting (AGM). The meeting will take place at Tullow Oil plc, Building 9, Chiswick Park, London, W4 5XT at 11:00 BST today. As I outlined at our 2022 Full Year results in March, it was a year of strong business and financial performance. The cornerstone of strong performance is always safety, and I am proud that we recorded a second successive year of industry top quartile safety performance with no recordable incidents and no Tier 1 or 2 process safety events during the year. Other notable milestones in the year included:
• Group net production of 61,120 bopd, up 6% year-on-year, leading to free cash flow of $267 million.
• Accelerated deleveraging to net debt to $1.9 billion, hitting our gearing target of below 1.5x, 3 years ahead of plan.
• Excellent drilling and completion performance enabled us to accelerate the 2022 drill schedule and four Jubilee wells and two Enyenra wells were brought onstream during the year.
• Transition of operatorship to Tullow on the Jubilee FPSO is resulting in increased uptime and lower operating costs.
• First commercialisation of Jubilee gas in Ghana through an interim agreement – an important step towards agreeing long-term commercial terms for future volumes of the significant gas resource at Jubilee and TEN.
• Delivered over $450 million to our host governments in taxes and royalties; spent $173 million with local suppliers, supported 6,000 students with STEM scholarships or education support.
• Progressed our journey towards Net Zero by 2030; with work ongoing to eliminate routine flaring in Ghana by 2025 and Letter of Intent signed with the Ghana Forestry commission for our nature-based carbon offset project. Read More
BW Energy: FIRST QUARTER 2023 RESULTS
EBITDA for the first quarter of 2023 was USD 18.5 million, down from USD 21.7 million in the fourth quarter of 2022, mainly due to lower oil production. One lifting to BW Energy is scheduled in the second quarter of 2023. In early April, the Company safely achieved first oil from the Hibiscus / Ruche Phase 1 development. Production performance from the first well remains in line with expectations. Drilling and completion work is currently underway on the second production well. • Q1 gross production of 665,500 barrels with 485,000 million net to BW Energy
• Completed one lifting of 750,000 barrels (net BWE) at a price of USD ~77 per barrel
• Maintained strong balance sheet with cash position of USD 166.4 million
• USD 100 million accordion committed by three additional banks, bringing the total Dussafu RBL facility up to USD 300 million
• First oil from Hibiscus / Ruche development in early April
• Agreement to defer takeover of FPSO Polvo following revision to planned first oil from Maromba Read More
DNO Shares Traded Ex-Dividend
ASA, the Norwegian oil and gas operator, today announced that the Company’s shares will be traded ex-dividend effective 24 May 2023.
A dividend payment of NOK 0.25 per share will be made on or about 2 June 2023 to all shareholders of record as of 25 May 2023. Read More
Everdrone and Air Ambulance Charity Kent Surrey Sussex collaborate to initiate drone delivery of emergency medical equipment in the UK
Everdrone, a leading provider of autonomous drone solutions and Air Ambulance Charity Kent Surrey Sussex (KSS) are proud to announce an innovative collaboration to initiate implementation of Everdrone First on Scene Grid™ technology in the UK to help save lives in sudden medical emergencies.
The aim of the collaboration is to enable KSS to expand its lifesaving service to include drone delivery of time-sensitive vital medical equipment to scene as part of its rapid response capability, potentially transforming pre-hospital emergency healthcare across Kent, Surrey and Sussex, in order to save even more lives when every second counts towards survival. Drones can significantly enhance the efficiency of emergency response services by delivering Automatic External Defibrillators (AEDs), and other time-critical medical supplies, to scene faster than any ground unit, or in support of helicopter operations, while also providing visual situational awareness to the dispatch centre. Read More
Toyota Virtual Plant Tour Opens
Go behind the scenes to see how Toyota transforms metal into road-ready vehicles through a new Toyota Virtual Plant Tour launched today.
Visitors can experience the wonders of the manufacturing line, watch narrated videos demonstrating the care and craftsmanship behind every vehicle, and hear directly from Toyota’s highly skilled and dedicated production employees.
- Learn how Toyota produces component parts and assembles vehicles, all with precision, innovative focus, and a customer-first mindset.
- See what it takes to achieve beautiful styling, from production methods and quality check through a human touch.
- Discover various new processes that are reducing environmental impact and improving quality.
Toyota Virtual Plant Tour also includes overviews of the engine production process, including the casting process, as well as vehicle assembly, a Toyota Production System overview, and more. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $73.60 | Up |
| Crude Oil (Brent) | USD/bbl | $77.43 | Up |
| Bonny Light | USD/bbl | $76.34 | Up |
| Saharan Blend | USD/bbl | $76.91 | Up |
| Natural Gas | USD/MMBtu | $2.33 | Down |
| OPEC basket 23/05/23 | USD/bbl | $75.96 | Up |
Octopus to invest £1.2 billion in renewables in Asia-Pacific by 2027
Octopus Energy announced its commitment to invest £1.5 billion in the Asia-Pacific energy market by 2027, helping speed up the region’s transition to a cleaner, smarter energy system. The global energy and technology group is planning to invest £1.2 billion into solar and wind generation in the region, with half of the money going into Japanese renewables. Doubling down on its existing Asian headquarters, Octopus is committing a further £300m to expand its tech innovation and energy retail hub in Tokyo. This will enable the business to increase its headcount tenfold by 2027, creating 1,000 green jobs for UK and local talent.
The Tokyo tech hub has played a major role in developing cutting-edge features for Octopus’ tech platform Kraken. Increasing investments in this team will unlock efficiencies and create more world-first solutions to drive down bills for consumers in the UK and abroad. The move builds on Octopus’ already successful partnership with Japanese energy giant Tokyo Gas, which saw the two companies launch a joint venture in 2021. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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