Top Energy/Automotive News; Oil is now at the highest levels since early April, pushed up by the OPEC+ production cuts
London, 31 July, 2023, (Oilandgaspress) : According to Reuters, the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) earlier projected that oil demand will outpace supply this year, leading to overall inventory draws to the tune of 400,000 to 500,000 barrels per day (bpd), mostly accounted for by the second half of the year (2023).Stock declines have been geographically uneven so far, with inventory falls in the United States and Europe offset by increases in China and Japan. The declines have also been skewed more towards fuel than crude, although the supply of sour crude, typically priced lower than sweet crude, has tightened because of the cuts introduced by OPEC and its allies.
Wood has secured contracts with Beach Energy and Mitsui E&P Australia (MEPAU) to deliver solutions to achieve emissions reduction targets. These strategic projects will reduce emissions intensity in line with Australia’s National Greenhouse and Energy Reporting Act, which is driving a reduction in emissions baselines1 by 4.9 percent each year before 2030.
Applying innovations in maintenance, operations and brownfield engineering, Wood is focused on reducing carbon emissions at Beach Energy’s facilities across Australia and New Zealand and MEPAU’s Waitsia Gas Project in Western Australia.
Under these contracts, Wood is designing programs to improve operations and plant reliability while optimising energy use and electrification. The result will be a clear portfolio of projects to achieve key emissions reduction targets over the next seven years. Wood has previously applied its proprietary decarbonisation SCORE methodology to other clients delivering roadmaps that enable 15-20% reductions in Scope 1 and 2 carbon dioxide equivalent emissions.
Azad Hessamodini, Executive President of Consulting at Wood, said: “We are proud to play a leading role in critical decarbonisation projects for the energy industry. Projects like these are essential in ensuring energy security, providing power to Australian communities while at the same time minimising emissions and enabling energy transition in the Asia Pacific region. Read More
UK Prime Minister, Rishi Sunak declared war on Just Stop Oil today as he vowed to ramp up exploitation of North Sea oil and gas reserves.
He vowed to approve hundreds of new licences to drill for fossil fuels off the UK coast as he seeks to hit Labour over the cost of living. The Government has now committed to providing up to £20 billion of funding for early deployment of carbon capture, utilisation and storage (CCUS), with the Acorn project in Scotland’s north east now receiving support, along with the Viking project in the Humber.
They become the third and fourth such projects to be backed by the UK Government, with the announcement coming as Mr Sunak committed to future oil and gas licensing rounds for the North Sea. The Government, together with the North Sea Transition Authority (NSTA) stressed future licensing would continue to be subject to a climate compatibility test.Energy Security Secretary Grant Shapps will also meet top figures from the oil and gas, renewable and nuclear industries over the course of the week amid a Government focus on the issue. Read More
The UAE fuel price committee has announced petrol and diesel prices for the month of August 2023. The new rates will apply from August 1 and are as follows:
Super 98 petrol will cost 3.14 a litre, compared to Dh3 in July.
Special 95 petrol will cost 3.02 per litre, compared to Dh2.89 last month.
E-Plus 91 petrol will cost 2.95 a litre, compared to Dh2.81 a litre in June.
Diesel will be charged at 2.95 a litre compared to Dh2.76 last month. Read More
China, Niger’s second-largest foreign investor after France, has in the past two decades ploughed billions of dollars into the country, mainly for the exploration of oil and uranium. Since last week’s coup, in which military leaders detained Niger’s President Mohamed Bazoum and established a military government, China says it is closely monitoring the situation, and urges parties in Niger to safeguard stability.(Reuters) Read More
China’s largest onshore oil and gas operator PetroChina has won government approval to build a major solar-to-hydrogen project in the country’s northwest China’s Gansu province, the first of many such projects to be constructed at the company’s existing domestic onshore fields. The approval has enabled PetroChina to sign a contract with China Petroleum Engineering & Construction Company (CPECC) to start engineering, procurement and construction work. CPECC is the contractor arm of PetroChina’s parent company China National Petroleum Corporation (CNPC). Read More
On July 20, CNPC started drilling the Shendi Chuanke 1 Well in the Sichuan Basin. It is the second over 10,000-meter-deep borehole in China after the Shendi Take 1 Well in the Tarim Basin in the Xinjiang Uygur Autonomous Region. The exploration through this well will reveal the mystery of evolution under the Sinian formation, and is of great significance in discovering ultra-deep oil and gas resources, forming China’s ultra-deep hydrocarbon reservoir theory, and enhancing China’s capability of core technology and equipment in oil and gas engineering. Read More
PT Wintermar Offshore Marine Tbk (WINS:JK) has announced results for 1H2023. Wintermar’s Gross Profit from Owned Vessels jumps to US$3.1 million for 1H2023 from US$0.2 million in 1H2022 on the back of 32.6%YOY increase in Owned Vessels revenue to US$ 19.2 million.
Total Gross Profit increased 140%YOY to US$5.4 million for 1H2023, while total revenues were 24.4% higher at US$31 million, largely driven by higher charter rates and additional fleet commencing operations. The Company currently owns a fleet of 42 vessels, including 9 additional higher value vessels that were acquired since 2021, including 1 mid-tier vessel acquired in 2Q2023. Of the 9 additional vessels, 6 were operational in 2Q2023, 2 more commenced work in June and July, with 1 expected to be deployed in the second semester of 2023, leaving only 1 left in the process of reactivation. Read More
As businesses and leaders from across the energy ecosystem set out on the path to net zero by 2050, natural gas, LNG, and hydrogen are emerging as key enablers of future energy security and accelerators of the energy transition. This will be in sharp focus at the Gastech 2023 Leadership Roundtables being held in Singapore from 5-8 September 2023. The series of 10 invitation-only roundtable discussions will see participation from more than 10 energy ministers and 100 C-suite executives from across APAC, Europe, the US, and beyond, to align on decisive action and tangible solutions accelerating the future of the gas and energy industries and supporting global decarbonisation goals towards a more secure energy future.
Each closed-door session will welcome up to 30 high-level participants including the energy sector’s most distinguished thought leaders, strategists, policymakers, analysts, and commentators. The sessions will be hosted and moderated by Gastech’s Knowledge Partner, Wood Mackenzie, alongside other partners including the UN Environment Programme (UNEP), Siemens Energy, and the East Mediterranean Gas Forum. Read More
Rishi Sunak and his fossil fuel backers are taking us all for fools. Most people in this country know that oil is over. They know that carbon capture is greenwash. Only Sunak and the Tories have failed to get the message. Addicted to power and illegal donations from the fossil fuel industry they are shamelessly stoking culture wars and spinning endless lies to keep themselves in power.
But it is much, much worse than that. July was the hottest month ever because of burning fossil fuels. We can all see that something is desperately wrong when tens of thousands of panicking holidaymakers rush to Rhodes beaches to escape wildfires, Americans have suffered second degree burns from scorching pavements and European wheat crops are burning to a crisp.
Every new oil and gas license makes it harder for the world to reach net-zero emissions and to stop global heating. Every delay in stopping global heating means worse climate impacts and more suffering. Sunak is worse than a war criminal. He knows new oil and gas will impose unimaginable suffering and destroy the lives and livelihoods of billions of people. He knows that it will push the world past irreversible tipping points, meaning that the consequences and suffering will echo for centuries. He is risking nothing less than the collapse of human civilization. What will his obvious lies about “energy security” mean when you can’t grow food, when violence stalks the streets, when everything you know and love is destroyed? Licensing new oil and gas, in full knowledge of these consequences, isn’t just a crime against humanity. It is the greatest crime in human history. Read More
Touchstone Exploration Inc. provides an update on the construction of the Cascadura facility and Royston-1X production testing. Touchstone has an 80 percent operating working interest in the Cascadura field and the Royston-1X well, which is located on the Ortoire block onshore in the Republic of Trinidad and Tobago. Heritage Petroleum Company Limited holds the remaining 20 percent working interest.
Cascadura
The Cascadura-1ST1 and Cascadura Deep-1 downhole safety plugs were removed on July 8 and July 9, 2023, respectively. Both wells are currently shut in, with wellhead pressures at approximately 4,100 pounds per square inch. It is anticipated that the Cascadura natural gas and liquids facility will operate between approximately 600 to 750 pounds per square inch.
On July 20, 2023 we completed the initial operational preparedness inspection of the facility with the Ministry of Energy and Energy Industries (“MEEI”) which involved a comprehensive evaluation of the facility’s infrastructure, safety protocols, and operational procedures. Following the inspection, minor modifications to optimize the facility’s performance and operational protocols were completed and the facility was mechanically complete on July 30, 2023. Pressure testing of the facility with inert nitrogen gas commenced on July 28, 2023, and is now 70% complete. As we continue to pressure test the facility, we will finalize the electrical and instrumentation connections required to link the Cascadura facility to the National Gas Company of Trinidad and Tobago pipeline tie-in point. We are scheduling the final MEEI inspection this week prior to the introduction of initial natural gas into the system. Royston Production testing at Royston-1X is ongoing and the Company will update the market when testing has concluded. Read More
Green Lithium will build one of Europe’s first large-scale lithium refineries at PD Ports in Teesside, UK. The creation of this substantial facility will begin to meet the urgent needs of the battery manufacturing and automotive sectors within the UK and the EU. Ultimately, without a localised supply of lithium chemicals, these sectors in Europe will fail. A major component in EVs is the lithium-ion battery – this battery is the main driver of cost, range and performance. Large EV battery capacities, combined with rapid EV uptake has led to a surge in demand for batteries.
Lithium is a major ingredient for the most widely used batteries today, as well as next-generation ‘solid-state’ batteries. Demand for the lithium chemicals in batteries is growing faster than companies can bring on supply.
The primary feedstocks for lithium chemicals are found globally as lithium brine or hard-rock lithium ore. The latter, called spodumene concentrate, is the key feedstock for lithium hydroxide production. Read More
OCI Global (Euronext: OCI) and X-Press Feeders have announced that OCI Hyfuels will supply X-Press Feeders with green methanol in the Port of Rotterdam from 2024. The milestone agreement is the first green methanol deal with a feeder container carrier and represents a crucial step in the decarbonization of the shipping chain, as the feeder industry plays an important role in supporting the ultimate carrier. X-Press Feeders will be the first common feeder operator with methanol fueled vessels on the water in Europe. The partnership between the world’s largest green methanol producer and world’s largest common feeder operator will create an end-to-end solution for global shipping companies in European ports. Earlier this year OCI announced its partnership with Unibarge to retrofit the first methanol powered bunker barge which will be deployed at the Port of Rotterdam. OCI will work with Unibarge to fuel X-Press Feeders’ feeder ships ensuring the decarbonization of another link in the chain. The announcement comes in the same month the International Maritime Organization (IMO) announced new global decarbonization targets for the maritime industry and its revised strategy for the industry to reach net zero ‘by or around 2050’. The partnership represents a concrete step towards both companies’ decarbonization journeys and is a significant commercial-scale green methanol deal that validates green methanol as the leading choice for low carbon and renewable marine fuel available at scale today. Read More
PT Pertamina International Shipping (PIS), through its branch office in Dubai, PIS Middle East (PIS ME), has achieved another success by simultaneously signing four business cooperation agreements with global players.
PIS ME signed the deals for 4 vessels owned by PIS – namely the Gas Walio vessel, Gas Widuri vessel, Gas Arjuna and Gas Ambalat vessels. The Gas Arjuna and Ambalat vessels are chartered by SHV Gas Supply & Risk Management, the Gas Walio vessel is chartered by Geogas Trading S.A, and the Gas Widuri vessel is chartered by Vitol S.A.
“The signing of this cooperation signifies the success of PIS ME’s aggressiveness in increasing revenue in the international market, as well as proving the reliability of PIS’s fleet which is qualified to sail in global scale waters,” said PIS CEO Yoki Firnandi at the signing ceremony on Tuesday, July 25.
The total transaction value for the four ship deal reached US$49.34 million, or the equivalent to Rp740.15 billion (dollar exchange rate of Rp15,000) with different contract durations ranging from 6 months to 3 years. The contracts also provided for new international routes and countries for the PIS fleet, including Chile (South America), Puerto Rico (USA), Dominican Republic (Caribbean), Tanzania, Poland, and Portugal.
Country Manager of PIS ME Andra Pelawi added that in addition to the successful commercialization of the four vessels, PIS ME has broken new business ground which will add to the company’s revenue potential. “Pertamina has, through PIS ME, entered Tankers International Pool, and a TC Syndication scheme with Scorpio for a Neptune VLGC vessel in the pool. PIS will have the potential for vessel rental at international market rates,” he said.
Through this breakthrough scheme by PIS, carried out initially during the second quarter of 2023 (since the VLGC vessel entered the pool in early May, through to the end of the quarter), PIS ME managed to realize a profit of around US$865 thousand, or the equivalent to Rp12.97 billion (dollar exchange rate of Rp15,000). Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $81.21 | Up |
| Crude Oil (Brent) | USD/bbl | $85.45 | Up |
| Bonny Light | USD/bbl | $85.37 | Up |
| Saharan Blend | USD/bbl | $83.95 | Up |
| Natural Gas | USD/MMBtu | $2.66 | Up |
| OPEC basket 28/07/23 | USD/bbl | $85.37 | Up |
OMV announced the Wittau Tief-2a exploration well to be a confirmed new natural gas discovery. The OMV operated well is located in Lower Austria and was drilled at a final depth of 5,000 meters after five months of operations.
“The positive result of our exploration is an exciting news for OMV and its customers. As we continue to work on our strategy to diversify our supply sources of natural gas, this new find marks a major contribution to the natural gas supply of our customers especially in Austria, with an expected increase of our local production,” said Alfred Stern, Chairman of the Executive Board and CEO of OMV AG.
A preliminary evaluation indicates potential recoverable resources of approximately 48 TWh (28 million barrels of oil equivalent). After full development of the discovery, OMV expects its natural gas production in Austria to increase by 50 per cent. Read More
Baker Hughes Rig Count: U.S. -5 to 664 Canada +6 to 193
U.S. Rig Count is down 5 from last week to 664 with oil rigs down 1 to 529, gas rigs down 3 to 128 and miscellaneous rigs down 1 to 7.
Canada Rig Count is up 6 from last week at 193, with oil rigs up 5 to 121, gas rigs up 1 to 72.
| Region | Period | Rig Count | Change |
| U.S.A | 28 July 2023 | 664 | -5 |
| Canada | 28 July 2023 | 193 | +6 |
| International | June 2023 | 967 | +2 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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