Top Energy/Automotive News As Reported, to Tuesday, 28th March, 2023
London, 28 March, 2023, (Oilandgaspress): Shell plc has published its 2022 Sustainability Report, its 2022 Climate and Energy Transition Lobbying Report and its 2022 Payments to Governments Report.
Shell has been formally reporting on sustainability-related performance for more than 25 years, with the aim of being transparent about activities that are important to investors, governments, and civil society. The Shell Sustainability Report outlines our social, safety and environmental performance in 2022 and sets out our progress in transitioning our business to net-zero emissions.
In his introduction to the report, Shell’s Chief Executive Officer, Wael Sawan, writes:
“As we invest in the energy needed today, our target to become a net-zero emissions energy business by 2050 remains at the heart of our strategy. We are making good progress. By the end of 2022, we had reduced carbon emissions from our operations by 30% compared with 2016 on a net basis, more than halfway towards our target of a 50% reduction by 2030.
This report shows what we have achieved so far in our work to be a sustainable business. We aim to do this work responsibly, with discipline and at pace to make a positive difference.”
Shell also published its new 2022 Climate and Energy Transition Lobbying Report. This is another step forward on our journey to increase transparency around our advocacy. It builds on the progress we have made since 2019 in reporting on the key industry associations we are members of, and in providing examples of our advocacy on our website.
In addition, Shell published its 2022 Payments to Governments Report, in accordance with the UK’s The Reports on Payments to Governments Regulations 2014 (amended December 2015). In line with the Regulations, this report only covers extractive activities and payments equal to or above the £86,000 or equivalent materiality threshold, resulting in payments made to governments in 25 countries being included. Read More
Neste Corporation’s Annual General Meeting (AGM) was held today at Messukeskus, Helsinki Expo and Convention Centre. The AGM supported all the proposals presented to the meeting and approved the remuneration report. The AGM adopted the company’s Financial Statements and Consolidated Financial Statements for 2022 and discharged the Board of Directors and the President & CEOs from liability for 2022.
First dividend installment of EUR 0.76 per share and second installment of EUR 0.76 per share at the maximum
The AGM approved the Board of Directors’ proposal that an ordinary dividend of EUR 1.02 per share will be paid on the basis of the approved balance sheet for 2022 plus an extraordinary dividend of EUR 0.25 per share, i.e., EUR 1.27 per share in total. The ordinary dividend shall be paid in two installments. In addition, in accordance with the proposal by the Board of Directors, the AGM authorized the Board to decide, in its discretion, on the payment of a second extraordinary dividend of EUR 0.25 per share, by 31 October 2023. The Board expects that this discretionary second extraordinary dividend will be paid, unless there is a significant deterioration in the business environment during 2023.
The first installment of the ordinary dividend, EUR 0.51 per share, and the extraordinary dividend of EUR 0.25 per share, i.e., altogether EUR 0.76 per share, will be paid to shareholders registered in the shareholders’ register of the Company maintained by Euroclear Finland Ltd on the record date for the dividend payment, which shall be Thursday, 30 March 2023. The first installment of the ordinary dividend and the extraordinary dividend will be paid on Thursday, 6 April 2023.
The second installment of the ordinary dividend, EUR 0.51 per share, will be paid to shareholders registered in the shareholders’ register of the Company maintained by Euroclear Finland Ltd on the record date for the second installment of the ordinary dividend, which shall be Friday, 29 September 2023. The second installment of the ordinary dividend will be paid on Friday, 6 October 2023. The Board of Directors was authorized to set a new dividend record date and payment date for the second installment of the ordinary dividend, in case the rules and regulations on the Finnish book-entry system would be changed, or otherwise so require. The Board noted to the AGM that if the Board decides to pay the second extraordinary dividend by virtue of the authorization, the intention of the Board is to set the record date and payment date for the second extraordinary dividend payable on the basis of the authorization so that the dates are the same as for the second installment of the ordinary dividend. Read More
The Board of VH Global Sustainable Energy Opportunities plc (ticker: GSEO) is pleased to report its annual results for the year ended 31 December 2022.Company highlights
- Net Asset Value of £457.2m as at 31 December 2022, up from 323.9m as at 31 December 2021
- Net Asset Value (“NAV”) per share of 108.2p as at 31 December 2022, up from 104.0p as at 31 December 2021 and a total return on a NAV basis in the year of 7.6%
- Profit before tax of £28.2m as at 31 December 2022, up from £20.4m as at 31 December 2021
- Dividend coverage of 1.4x as at 31 December 2022, up from 1.0x at 31 December 2021
- Aggregate dividends of 5.13p per share declared relating to the year ended 31 December 2022, exceeding the 5p target
- Target dividend of 5.52p per share for the year to December 2023, a 7.6% increase from the previous year
- Capital raised of £122m in July 2022 with proceeds substantially deployed or committed into the Company’s Enhanced Pipeline of Assets
- Actual clean energy generated 35,117 MWh and actual tonnes of carbon avoided 14,349t
Bernard Bulkin, Chair of VH Global Sustainable Energy Opportunities plc, commented:
“This has been another very busy year for the fund against a backdrop of significant global economic challenges, in particular a growing energy crisis exacerbated by Russia’s invasion of Ukraine, and a sharp increase in the cost of living that is severely affecting families and households. The current environment presents a very compelling rationale for us to continue investing in solutions that facilitate the energy transition, enable renewable energy technologies, improve energy security and affordability, while having a meaningful impact in the economies where we deploy capital.
“As with last year, the Company was able to go back to market in July 2022 to raise additional funds. This has helped to ensure that GSEO has been well-capitalised to deploy into its enhanced pipeline of assets, as it has continued to do since IPO, to work towards its strategic goals. I am delighted to welcome all the new shareholders to the register and would like to thank existing shareholders for their continued support.” Read More
Neptune Energy to spend $23 million on decommissioning in Germany this year
Neptune Energy today announced it will spend $23 million on a targeted decommissioning program in Germany this year, plugging and abandoning wells which have ceased production and removing associated infrastructure.
Operations have now been completed on the plugging and abandonment (P&A) of a well in the Bentheim gas field, located in western Lower-Saxony, with a second well on the field due to be decommissioned later in 2023.
It follows the P&A of two wells in the Itterbeck-Halle field in recent months.
Andreas Scheck, Managing Director for Neptune Energy in Germany, said: “Neptune continues to play an important role in supporting energy security in Germany, operating production assets across Eastern and Western Germany, and in the Rhine Valley in the south.
“Decommissioning is an important and natural step in the lifecycle of our business and we are committed to returning these sites to nature safely and responsible, once production has ceased.”
Last year, Neptune spent $12 million on abandonment and renaturation activities in the country. Plans are also being developed for decommissioning operations in the Fronhofen gas field, the Reitbrook West oil field, and the Victorbur mud pit.
Across its global portfolio, Neptune Energy expects to spend approximately $112 million on decommissioning activities in 2023. Read More
Orrön Energy expands into the UK and secures grid connections for early-stage greenfield development
Orrön Energy AB (“Orrön Energy” or the “Company”) is pleased to announce an expansion into the UK, with secured grid connections for early-stage renewable energy projects.
Orrön Energy announced earlier this year that it had expanded its geographical footprint to include France and Germany and is now announcing the addition of early-stage project origination and development in the UK to its European portfolio. The Company has secured grid connections in the UK which enables the initiation of early-stage solar and battery storage projects, creating a long-term growth pipeline to complement the near-term growth opportunities in its Nordic portfolio. The UK expansion is led by an experienced development team who are also leading the Company’s activities in France and Germany.
Daniel Fitzgerald, CEO comments: “We see fantastic opportunities to create a large-scale and long-term growth pipeline through early-stage project origination and development in the UK. By securing a portfolio of grid connections, we are taking our first steps towards developing new renewable energy projects, and we will seek to develop this portfolio further together with an experienced development team in the UK. The UK market entry is the latest in a series of strategic moves for Orrön Energy, further establishing the Company’s presence across the entire renewable energy lifecycle.” Read More
Toyota Motor Corporation (Toyota) will establish a new company, Fuji Motorsports Forest, Inc., on April 3 to promote the Fuji Motorsports Forest Project. Fuji International Speedway Co., Ltd. will become a wholly owned subsidiary of the new company after Toyota receives a part of the shares held by Mitsubishi Estate Co., Ltd. and Taisei Corporation.
With this new structure, we will further strengthen cooperation with Fuji Speedway, Fuji Speedway Hotel, Fuji Motorsports Museum, and Toyota Fudosan Co., Ltd., which is in charge of area development, to continue making Fuji a place where people who enjoy or work in motorsports, adults and children alike will want to visit. Read More
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), secured a seven-year full-turnkey Long Term Service Agreement (LTSA) contract for the Bibiyana-III Combined Cycle Power Plant (CCPP). Under the LTSA, Mitsubishi Power, who supplied the power plant’s M701F gas turbine, the country’s most efficient, will continue to provide maintenance and inspection services of the plant’s gas turbine and related power generation equipment to enhance reliability and drive performance and efficiency.
Located approximately 200 kilometers northeast of Dhaka, Bangladesh, the Bibiyana-III CCPP is one of Bangladesh’s largest gas turbine combined cycle (GTCC) power plants owned by the Bangladesh Power Development Board (BPDB), a government agency operating under the Ministry of Power, Energy and Mineral Resources. The BPDB oversees planning and development of Bangladesh’s power sector and is also responsible for power generation and distribution in the nation.
Engr. Md. Mahbubur Rahman, Honourable Chairman of BPDB said: “As demand for electricity in Bangladesh rises, we are excited to extend our longstanding partnership with Mitsubishi Power to tap on their technical expertise and service support for Bangladesh’s long term power supply needs. This LTSA agreement attests to our ongoing commitment to explore solutions that help us achieve reliable and efficient power generation to deliver stable electricity for the nation.”
“We are honored to strengthen our partnership with Bangladesh Power Development Board at one of the first sites in the country where we installed our large-class gas turbines. Our state-of-the-art gas turbines contribute to one-fifth of Bangladesh’s total energy production capacity, and we look forward to continue supporting the maintenance and optimization of plants across the country through LTSAs. It is our commitment to provide the people of Bangladesh with stable, clean, and reliable power,” said Osamu Ono, Managing Director and Chief Executive Officer, Mitsubishi Power Asia Pacific.
Mitsubishi Power’s longstanding relationship with the BPDB began in 1987 with the installation of Bangladesh’s first gas turbine at the Old Haripur Power Station. In 2016, Mitsubishi Power was commissioned by the BPDB to install an M701F gas turbine. Since the GTCC began operations in 2019, the M701F gas turbine remains Bangladesh’s most efficient gas turbine. Mitsubishi Power delivered its first steam turbine to Bangladesh over 60 years ago and has since delivered a total of nine gas turbines and six steam turbines to Bangladesh. The power plants are complemented by after-sales and operations and maintenance services to help support the nation’s economic growth and energy demands. Read More
Mitsubishi Heavy Industries, Ltd. (MHI), in collaboration with Gakken Inc., has prepared and released an educational manga in English introducing MHI Group’s energy-related efforts to achieve Sustainable Development Goal (SDG) 7, toward achieving a decarbonized world. Titled “The Secrets of SDGs: Affordable and Clean Energy,” the publication, featuring color graphics and easy-to-read text, follows release of an original Japanese-language version in May 2022.
Using a mix of visuals and data, the publication explains MHI Group’s various energy-related initiatives targeted at achieving decarbonization, including the Company’s innovative power generation technologies, carbon capture systems, etc. It explains how, through diverse efforts, MHI is helping to achieve SDG 7 – Affordable and Clean Energy – in order to address issues impacting the global energy situation today and into the future. The manga pages depict a visit to an MHI factory by two elementary school children, together with their teacher, after learning about the importance of energy. The young visitors are given explanations of how MHI’s huge gas turbines play a critical role in generating power, how developments in power generation today enable the use of hydrogen fuel that emits no CO2, etc. The story presents a vision of a sustainable world in the future. Read More
Mitsubishi Shipbuilding Co., Ltd., a Mitsubishi Heavy Industries (MHI) Group company based in Yokohama, today held a launch ceremony for a demonstration test ship for transport of liquefied carbon dioxide (LCO2), to be utilized in conjunction with initiatives by the New Energy and Industrial Technology Development Organization (NEDO) for its demonstration projects (CCUS R&D and Demonstration Related Project / Large-scale CCUS Demonstration in Tomakomai / Demonstration Project on CO2 Transportation / R&D and Demonstration Project for CO2 Marine Transportation). The ceremony, conducted in the presence of representatives of the ship’s owner Sanyu Kisen Co., Ltd. and other partners, was held at the Enoura Plant of MHI’s Shimonoseki Shipyard & Machinery Works in Shimonoseki, Yamaguchi Prefecture.
The Engineering Advancement Association of Japan (ENAA), one of the consignees for the NEDO demonstration projects, will charter the ship from Sanyu Kisen, and install and operate the LCO2 marine tank system used to conduct research and development. Three additional project partners, Kawasaki Kisen Kaisha, Ltd. (“K” LINE), Nippon Gas Line Co., Ltd., and Ochanomizu University, will be commissioned by ENAA to conduct R&D on the pressure control and stability of the LCO2 transported on the ship, and plan demonstration experiments, as well as develop and demonstrate technologies for safe and low-cost CO2 transport.
Mitsubishi Shipbuilding is in charge of all aspects from the ship design through construction, including the cargo containment system, applying its gas handling technologies and expertise cultivated through the construction of liquefied gas carriers (both LPG and LNG types).
Representatives from Sanyu Kisen, Nippon Gas Line, and “K” LINE attended the launch ceremony. Following outfitting and sea trials, the ship is scheduled to be handed over in the latter half of fiscal 2023.
Carbon dioxide capture, utilization, and storage (CCUS) is gaining attention as an effective means of achieving a carbon-neutral society. Because the sources of CO2 emissions are often located distant from the sites selected for carbon utilization or storage, demand is expected to increase for LCO2 carriers able to transport such cargo safely and economically. Mitsubishi Shipbuilding will draw on its experience constructing this vessel to bolster its business for MHI Group’s energy transition strategy, and will develop the various technologies for LCO2 vessels necessary to establish a CCUS value chain. Read More
Wood announce full year results for the year ended 31 December 2022
Results at the upper end of the ranges given in the January Trading Update
Revenue of $5.4 billion was up 4% with growth in Consulting (+4%) and Operations (+15%) offset by the expected decline in Projects (-6%). At constant currency, Group revenue was up 8%
Adjusted EBITDA of $385 million was flat on last year at constant currency. Top end of guidance range given in January Trading Update of $375 million to $385 million
Adjusted EBITDA margin of 7.1% includes the impact of the previously guided lower margin in Operations, and a lower margin in Consulting, partly reflecting the impact of our decision to exit Russia
Impairment of goodwill and intangibles of $542 million, as flagged in our January trading update
Operating loss of $568 million primarily reflects this impairment charge
Loss for the period of $352 million is after a gain on sale of Built Environment Consulting of $515 million
Basic EPS was a loss of 52.4c, reflecting the loss for the period
Adjusted diluted EPS was down 67% to 5.7c, reflecting the lower EBIT, higher interest costs and the disposal of Built Environment Consulting during the year
Free cash flow of $(730) million reflects: Significant working capital outflow of $367 million, including our decision to exit lump sum turnkey and major lump sum EPC work, and our decision to normalise payables Cash exceptionals of $319 million, reflecting the impact of addressing legacy issues, including settling the Enterprise litigation claim
Net debt (excl. leases) at 31 December 2022 was $393 million – within our previously guided range. Includes a negative currency impact and the impairment of $6 million of cash balances in Russia Read More
Wood has completed carbon capture and transportation studies for more than half of the 300 carbon-capture facilities being planned worldwide1.
From the U.S. Gulf Coast of Louisiana and the oil sands of Canada to the Persian Gulf coast of Saudi Arabia, Wood’s experts are advising and engineering the design and digitalisation of more than 175 carbon capture projects.
Daniel Carter, Wood’s President of decarbonisation, explained: “The technology to capture carbon emissions is critical to energy transition and achieving net zero. Our top five clients have committed to invest over $100 billion in decarbonising their assets, which presents a significant opportunity for Wood.
“Our focus is on helping clients achieve their net zero goals through investments in decarbonisation projects with attractive returns. In the US, the Inflation Reduction Act (IRA) means US producers can receive $85 per ton of CO2 captured which exceeds the cost of CO2 capture. That’s why we’re seeing an increasing demand to design Carbon Capture & Storage hubs. “Importantly, we need to digitalise assets before we can decarbonise. Existing technologies could cut three-quarters of methane emissions from oil and gas production at no net cost to operators. It starts with focusing on the simple stuff like the ability to actively identify and manage sources of greenhouse gas emissions in real time using digital tools, and harnessing data to identify the optimum pathway for an asset to achieve its carbon reduction goals.” Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $73.30 | Up |
| Crude Oil (Brent) | USD/bbl | $78.64 | Up |
| Bonny Light | USD/bbl | $75.68 | Up |
| Saharan Blend | USD/bbl | $75.27 | Up |
| Natural Gas | USD/MMBtu | $2.07 | Down |
| OPEC basket 27/03/23 | USD/bbl | $75.01 | Up |
McDermott has been awarded a front-end engineering design (FEED) contract from Shell Trinidad and Tobago Limited for the Manatee gas development project as part of a competitive FEED process. Under the contract scope, McDermott will provide comprehensive FEED services for a wellhead platform, export pipeline system, shore approach, midstream pipeline and onshore control room.
This award follows the successful completion of an early contract engagement with Shell and leverages McDermott’s key engineering, procurement, construction and installation capabilities. Read More
United States and Japan have sealed a deal to cooperate on critical minerals for batteries that will see the two try and move EV supply chains away from China.
According to the deal, per the Wall Street Journal, Japan and the U.S. will remove export levies on the EV minerals they trade and they will also align their labor standards in the mining department.
This will make Japan a mineral supplier eligible to participate in projects that have won financing under the Inflation Reduction Act.The new deal, which is an addition to a 2019 trade agreement between the two countries, will be reviewed once every two years in case any changes need to be introduced. The Inflation Reduction Act represented the most ambitious U.S. federal government funding program for the energy transition. With some $369 billion in total up for grabs, interest in alternative energy sources and EVs is expected to spike among businesses. Read More
United States Orders Matador Production Company to Reduce Unlawful Air Pollution from Its Oil and Gas Wells in New Mexico, Eliminating 16,000 Tons of Harmful Air Pollutants Company to Pay $1.15 Million in Civil Penalties and Conduct $1.25 Million Community Project to Help Address Environmental Harm Caused by the Company’s Violations The complaint, filed jointly by the United States, on behalf of the U.S. Environmental Protection Agency (EPA), and the New Mexico Environment Department (NMED), alleges that Matador failed to capture and control air emissions from storage vessels; comply with inspection, monitoring, and recordkeeping requirements; and obtain required state and federal permits at 25 of its oil and gas production operations in New Mexico. NMED and EPA identified the alleged violations through flyover surveillance and field investigations conducted in 2019. Read More
U.S. natural gas inventories are nearing the end of winter well above average, causing futures prices to slump close to their lowest level in real terms in three decades.
Despite several days of shattering cold immediately before Christmas, the winter was fairly mild across the main population centres of the United States, depressing gas consumption. Working stocks in underground storage amounted to 1,900 billion cubic feet on March 17, according to the U.S. Energy Information Administration (EIA), the highest for the time of year since 2020 and before that 2017. Stocks were 242 billion cubic feet (+15% or +0.54 standard deviations) above the prior ten-year seasonal average (“Weekly natural gas storage report”, EIA, March 23). The seasonal storage surplus was a total transformation from a deficit of 263 billion cubic feet (-8% or -0.98 standard deviations) on Jan. 1 and 427 bcf (-13% or -1.52 standard deviations) on Sept. 9. Read More
Baker Hughes Rig Count
U.S. Rig Count is up 4 from last week to 758 with oil rigs up 4 to 593, gas rigs unchanged at 162 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 42 from last week to 165, with oil rigs down 36 to 86, gas rigs down 6 to 79.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 24 March 2023 | 758 | +4 |
| Canada | 24 March 2023 | 165 | -42 |
| International | February 2023 | 915 | +14 |
BP p.l.c. and Abu Dhabi National Oil Company (ADNOC) has made a non-binding offer to take NewMed Energy through an acquisition of the free float and a partial acquisition of Delek Group Ltd’ stake for approximately $2 billion.
The Israel-based NewMed Energy is an energy partnership in the exploration, development, production and sale of natural gas and condensate.
This would result in ADNOC and BP holding 50% of NewMed Energy, the state-owned energy company said in a statement on Tuesday.
NewMed Energy is a subsidiary of Delek Group and holds 45.34% of the Leviathan Reservoir, the largest natural gas reservoir in the Mediterranean. Last year, Abu Dhabi’s Mubadala Petroleum acquired from Delek Drilling a 22% stake in the east Mediterranean Tamar gas field for about $1 billion.
ADNOC and BP intend to form a new joint venture that will be focused on gas development in international areas of mutual interest, including the East Mediterranean. This proposed transaction with NewMed Energy would be a significant first step in establishing the JV with BP. Read More
ADNOC announced today that it will explore opportunities to support the climate-neutral transformation of industry through the creation of a low-carbon ammonia value chain with state government and industry representatives in Germany’s North Rhine-Westphalia.
The announcement was made following the signing of a memorandum of understanding (MoU) between the Government of North Rhine-Westphalia, ADNOC and Currenta GmbH & Co. OHG (Currenta), a chemical industry services provider that manages and operates one of the largest chemical sites in Europe, Chempark, with locations in Leverkusen, Dormargen and Krefeld-Uerdingen, in North Rhine-Westphalia. Ammonia, a compound of nitrogen and hydrogen, can be used as a low-carbon fuel across a wide range of industrial applications, including transportation, power generation, and industries including steel, cement and fertilizer production.
The agreement was signed in Dusseldorf, Germany, by Her Excellency, Mona Neubaur, Deputy Prime Minister of North Rhine-Westphalia and State Minister for Economics, Industry, Climate Protection and Energy, Musabbeh Al Kaabi, Executive Director, Low Carbon Solutions and International Growth Directorate at ADNOC and Frank Hyldmar, CEO of Currenta.The primary focus of the agreement will be the production and transportation of low-carbon ammonia and its application as a fuel in energy generation, including industrial-scale testing at Currenta’s site in Dormagen, Germany. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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