Energy News Digest, Oil and Gas, 28th Jan. 2022. OPEC daily basket price stood at $90.20 a barrel on Thur, 27 January 2022

Crude oil futures were higher in mid-morning trade in Asia. $90 oil prices now a reality!


The Mozambique Oil and Gas Chamber, in move to promote inclusivity and offer support to all facets of the Mozambican energy sector, has announced that the organization will be rebranding to the Mozambique Energy Chamber. As a key supporter and facilitator of Mozambique’s energy sector success, the rebranding marks a turning point for the organization as it moves to accelerate country wide oil, gas, and renewable energy growth in a post-COVID-19, energy transition environment. Read More


BYD Auto released its December sales on January 3rd, 2022. During the past December, BYD sold 97,990 passenger vehicles in total, with over 77.9% year-on-year (YoY) growth. Its annual passenger vehicles sales reached 730,093, up 75.4% YoY. And its annual passenger NEV sales grew by 231.6% YoY to 593,745, setting a new sales record in China. Specifically, the monthly NEV sales rose sharply by 236.4% YoY and reached 92,823 units in December. Read More


Hitachi, Ltd. and Hitachi Industrial Equipment Systems Co., Ltd. announced that they have been accelerating the global development of the line building business leveraging industrial robots (“the robotic SI*1 business”) and will establish Hitachi Automation, Ltd. (“Hitachi Automation”) on April 1, 2022, by reorganizing and integrating the operations and resources within group companies, with the aim of reinforcing the robotic SI business in Japan and ASEAN countries. Specifically, the robotic SI business involving assembly and conveyor lines for all kinds of manufacturers will be transferred from Hitachi Industrial Equipment Systems, a Hitachi subsidiary to KEC Corporation (“KEC”), a Hitachi Industrial Equipment Systems subsidiary handling robotic SI business mainly in the automobile industry through a company split, while transferring shares of KEC’s stock from Hitachi Industrial Equipment Systems to Hitachi’s Industry & Distribution Business Unit and changing the tradename at the same time. Read More


Hitachi Rail and RATP, the operator of the Paris metro, have signed a new contract worth €33m for maintenance services for a period of four years, renewing a relationship that ensures 24/7 availability of the metro’s services for millions of passengers.

The contract covers preventive and corrective maintenance of signalling devices and installations on nine lines of the Paris metro and seven tramway lines operated by RATP. Hitachi’s scope of work also includes assistance to the RATP for track work. Read More


The Shareholders’ Nomination Board, established by Neste Corporation’s Annual General Meeting (AGM) on 4 April 2013, has forwarded to the Board of Directors of the Company its proposals to the 2022 AGM.

Board Members

The Nomination Board proposes that Matti Kähkönen shall be re-elected as the Chair of the Board of Directors. In addition, the current members of the Board, John Abbott, Nick Elmslie, Martina Flöel, Jari Rosendal, Johanna Söderström and Marco Wirén are proposed to be re-elected for a further term of office. The Nomination Board proposes that Marco Wirén shall be re-elected as the Vice Chair of the Board.

Further, the Nomination Board proposes that the Board shall have nine members and that Just Jansz and Eeva Sipilä shall be elected as new members. Read More


Golar LNG announces that Cool Company Ltd. (“CoolCo”) has successfully closed an upsized private placement of $275 million in new shares. Following the equity raise CoolCo will have an initial equity value of $400 million. Eastern Pacific Shipping (“EPS”) will be the largest shareholder with a 38% shareholding, Golar will own 31% and the public will own 31% of the Company.

The Shares will be listed on the N-OTC immediately following completion of the Private Placement. CoolCo will then apply to list the shares of the Company on Euronext Growth Oslo during February 2022. CoolCo will also target an additional listing on an internationally recognized stock exchange during 2022. Initially owning 8 modern TFDE LNG ships upon closing of a Sale and Purchase Agreement in February, CoolCo targets to become a growth vehicle and consolidator of modern LNG carriers providing investors with direct market exposure to an expected continued strength in the LNG freight market. Read More


Over 93 per cent of employees vaccinated at Gazprom and core subsidiaries of gas business

The Management Committee took note of the information about the results of the efforts undertaken in 2021 to vaccinate the employees of the Gazprom Group against COVID-19, as well as the status of health & disease control measures implemented to curb the spread of infection at Gazprom, its subsidiaries and entities. Read More


CME Group, announced that SOFR futures volume surpassed 1 million contracts for the first time, reaching a new, single-day trading volume record of 1,308,621 contracts and setting a new open interest (OI) record of 2,804,640 contracts on January 26. “These trading milestones reflect that market participants are increasingly turning to CME Group’s deeply liquid SOFR futures and options to manage their risk,” said Agha Mirza, CME Group Global Head of Rates and OTC Products. “Since the start of 2022, liquidity has continued to shift to our SOFR-based derivatives at an accelerated pace, with SOFR futures open interest now equivalent to nearly 25% of all Eurodollar futures open interest.” Read More


PetroNor E&P Limited: Adjournment of Second Court Hearing
Reference is made to previous announcements on the ongoing redomicile of PetroNor E&P Limited to Norway. The Supreme Court of Western Australia (“Court”) has today made orders to adjourn the second Court hearing for the proposed scheme of arrangement (“Scheme”) between the Company and its members to 9:00 am (AWST) on 11 February 2022. At the date of this announcement, the Scheme remains conditional on the pending approval from the Oslo Stock Exchange for the listing of PetroNor E&P ASA’s (“PetroNor Norway”) shares on Oslo Børs. Read More


Commodity PricesUnitsPrice $change
Crude Oil (WTI)USD/bbl$87.42Down
Crude Oil (Brent)USD/bbl$90.25Down
Bonny LightUSD/bbl$90.31Down
Natural GasUSD/MMBtu$4.43Up
OPEC basket 27/01/22USD/bbl$90.20Up
At press time 28th January 2022

Brent crude oil prices rose on Wednesday to $90 a barrel, as low Cushing and distillate inventories combine with supply jitters in Europe, Russia-Ukraine tensions, and falling Russian seaborne crude imports from the Baltics.

As of 11:00 a.m. EST on Wednesday, even after the weekly U.S. inventory report from the EIA showed a build in crude oil inventories, WTI Crude prices were up 1.96% at $87.27, while Brent Crude briefly hit $90, up nearly 2% on the day. Rising tensions between Russia and Ukraine continue to drive the rally in crude prices Read More


Chevron Corporation (NYSE: CVX) today reported earnings of $5.1 billion ($2.63 per share – diluted) for fourth quarter 2021, compared with a loss of $665 million ($(0.33) per share – diluted) in fourth quarter 2020. Included in the current quarter were asset sale gains of $520 million, losses on the early retirement of debt of $260 million and pension settlement costs of $82 million. Foreign currency effects decreased earnings by $40 million. Adjusted earnings of $4.9 billion ($2.56 per share – diluted) in fourth quarter 2021 compares to adjusted earnings of $298 million ($0.16 per share – diluted) in fourth quarter 2020.

Chevron reported full-year 2021 earnings of $15.6 billion ($8.14 per share – diluted), compared with a loss of $5.5 billion ($(2.96) per share – diluted) in 2020. Included in 2021 were net charges for special items of $289 million, compared to net charges of $5.1 billion for special items in 2020. Foreign currency effects increased earnings in 2021 by $306 million. Adjusted earnings of $15.6 billion ($8.13 per share – diluted) in 2021 compares to adjusted earnings of $172 million ($0.09 per share – diluted) in 2020. For a reconciliation of adjusted earnings/(loss) Read More


Tritium DCFC Limited (“Tritium”) (Nasdaq: DCFC), a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), has entered into an agreement with Electromin, a Saudi-owned company and a leading provider of e-mobility solutions across the Middle East and Africa. This agreement comes on the heels of a pledge by the Kingdom of Saudi Arabia to have net zero carbon emissions by 2060 and increase the uptake of electric vehicles. Read More


Tritium, a global leader in direct current (“DC”) fast chargers for electric vehicles (“EVs”), announced it has completed its previously announced business combination with Decarbonization Plus Acquisition Corporation II (“DCRN”) to take Tritium DCFC Limited (“Tritium”) public. Tritium’s ordinary shares and warrants are expected to commence trading, January 14, 2022, on the NASDAQ, under the ticker symbols “DCFC” and “DCFCW,” respectively. Read More


RegionPeriodNo. of RigsChange from Prior Count
U.S.A28th January 2022610+6
Canada28th January 2022217+5
InternationalDecember 2021834
Baker Hughes Rig Count


Emerita Resources Corp. is providing an update of its ongoing exploration programs in Spain. The exploration program has resumed at its wholly-owned IBW project (“IBW” or the “Project”) with four diamond drills operating presently. Progress is being hindered both in the field and at the assay labs presently due to the Covid-19 pandemic. Presently, there are seven Emerita employees in quarantine. Thankfully, they are mildly symptomatic to asymptomatic and are expected to return in approximately one week. The assay laboratory has also informed the Company that due to multiple staff in quarantine the assay production will be slowed for a time. Read More


OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.

Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.

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