Energy News Releases to 24/11/22 . OPEC daily basket price at $85.19/bl, 23 Nov. 2022
Crude prices down as demand in China remains weak as the country presses on with Covid-Zero curbs. Canada Rig Count is down 7 from last week to 194, with oil rigs down 6 to 129, gas rigs down 1 to 65. WTI for January delivery dropped $3.01 to settle at $77.94 a barrel in New York. Brent for January settlement slid $2.95 to settle at $85.41 a barrel.
Saipem, Algerian, Supreme Court , criminal, proceeding ,GNL3 Arzew, project, rejecting the appeal presented by all defendants against the ruling issued by the Algiers Court of Appeal on June 28, 2022. Specifically, Saipem SpA , Saipem Contracting Algérie and Snamprogetti SpA Algeria branch were notified of the aforementioned ruling by their local legal counsels.
It is recalled that the decision by the Algiers Court of Appeal, on June 28, 2022, had upheld the first instance sentence by the Court of Algiers dated February 14, 2022, which had convicted the abovementioned defendants for charges and amounts as they are indicated in the recalled press releases. Saipem notes that the Italian judiciary authority – further to criminal proceedings in which the process of award in 2008 of the project GNL3 Arzew had been analyzed – fully acquitted the Company on December 14, 2020. Saipem SpA, Saipem Contracting Algérie and Snamprogetti SpA Algeria Branch, which have always contested the charges, reserve the right to challenge the decision issued by the Algerian Supreme Court before the relevant judicial authority. Read More
An International Monetary Fund (IMF) team, led by Ms. Sonali Jain-Chandra, Mission Chief for China, conducted virtual discussions on the 2022 Article IV Consultation from November 2 to 16, 2022. The mission held constructive discussions with senior officials from the government, the People’s Bank of China, private sector representatives, and academics to exchange views on economic prospects and risks, reform progress and challenges, and policy responses. The IMF’s First Deputy Managing Director, Ms. Gita Gopinath, also held virtual meetings with several senior policy officials and issued the following statement at the end of the virtual visit:
“Against this backdrop, growth is projected at 3.2 percent for 2022, increasing to 4.4 percent in 2023 and 2024, under the assumption that the current zero-COVID strategy will be gradually and safely lifted in the second half of 2023. Risks remain tilted to the downside, with the economy facing external headwinds from a global slowdown, a further rise in energy prices, and further tightening in global financial conditions. Domestically, recurring COVID outbreaks and lockdowns and ongoing challenges in the property sector remain key risks. Longer term, rising geopolitical tensions pose risks of fragmentation through financial decoupling pressures, and limits to trade, foreign direct investment, and knowledge exchange around technology. Read More
China’s market regulator on Wednesday accepted 20 merger and acquisition transactions with out circumstances, together with INEOS Co.’s acquisition of Shanghai SECCO Petrochemical’s stake, in line with a press release on its web site. In July, China’s Sinopec Corp introduced a string of offers with UK-based chemical compounds and vitality group INEOS, together with the sale of a 50 per cent stake in Shanghai SECCO Petrochemical for 10.5 billion yuan ($1.56 billion).. Read More
Neste and CIM, part of NOVEN Group in France, the leading independent French group of companies providing oil storage and supply services, are pleased to announce their collaboration to enable the supply of Neste MY Sustainable Aviation Fuel™ into France. The collaboration enables fuel marketing companies to comply with the French mandate for sustainable aviation fuel (SAF), which has set a requirement to include a minimum of 1% SAF in jet fuel for all commercial flights from French airports in 2022.
Compagnie Industrielle Maritime (CIM), part of NOVEN Group, plays a major role in the energy supply infrastructure in France and operates the biggest import terminal in Le Havre, France via which SAF will be delivered from Neste to the local fuel suppliers. From Le Havre, the blended SAF will be transported by the TRAPIL pipeline to airports where it will be used to fuel aircraft. Pipeline distribution reduces greenhouse gas emissions of the fuel transports when compared to conventional logistics by tanker trucks.
Neste and CIM are committed to supporting and accelerating the transition of the aviation industry from conventional jet fuel use to SAF, which is widely acknowledged as a key element in helping achieve aviation’s ambitious emissions reduction goals. The cooperation serves as an example of how different stakeholders in the aviation fuel supply chain are working together to achieve these goals. It also shows how existing infrastructure can be used to transport SAF, which works seamlessly with existing fueling infrastructure and aircraft engines. Read More
Mitsubishi Heavy Industries, Ltd. (MHI) and Thailand’s largest power producer Electricity Generating Authority of Thailand (EGAT) signed a Memorandum of Understanding (MoU) to study and exchange information relating to clean power generation, hydrogen, carbon capture, utilization and storage (CCUS) technologies in support of the nation’s goal of achieving carbon neutrality by 2050.
Set to take place over the next three years, MHI, along with Mitsubishi Power, its power solutions brand, will exchange experiences and information on the specified areas with EGAT. This could also involve an exchange of engineers to share experiences and technical know-how on advancing cleaner power generation in Thailand. With this partnership, MHI, Mitsubishi Power and EGAT aim to step up efforts to support Thailand’s goal of reducing greenhouse gas emissions by 40 per cent from the projected levels by 2030, carbon neutrality by 2050 and net zero emissions by 2065. Read More
Ocean Oasis presents the Gaia prototype for wave energy desalination that it will test at the PLOCAN test site.
The Norwegian company Ocean Oasis unveiled the prototype of its offshore floating desalination plant at Las Palmas in Gran Canaria. The prototype, named “Gaia”, is powered by wave energy and will be tested at the Oceanic Platform of the Canary Islands (PLOCAN). This technology will allow the production of fresh water from ocean waters by harnessing the energy of the waves to carry out a desalination process and pump potable water to coastal users.
The launch ceremony for the Gaia prototype took place at the Juan Sebastián Elcano dock in the port of Las Palmas. It was attended by the General Director of Energy of the Government of the Canary Islands, Rosana Melián, the President of the Cabildo de Gran Canaria, Antonio Morales, the director of PLOCAN, José Joaquín Hernández Brito, as well as the Ocean Oasis team and the Norwegian company Grieg Edge on behalf of their investors.
Ocean Oasis CEO Kristine Bangstad Fredriksen welcomed everyone: “We are looking forward to continuing to develop our activities on the islands. We want this day to be a celebration of our collaboration and what is to come.”
The company’s COO, Sebastián Feimblatt, highlighted that the Canary Islands “provide us with the ideal environment to test our technology both due to PLOCAN’s infrastructure, experience and location, as well as the possibility of developing its solution in a market as relevant as the of the Canary Islands in matters of desalination and offshore activities”. Read More
Rolls-Royce’s business unit Power Systems has signed a letter of intent (LOI) with Sumec, a long-term partner in the power generation sector, at the fifth China International Import Expo (CIIE) which was held in Shanghai from 5 – 10 November 2022.
The letter of intent covers over 200 units of mtu engines and systems in total, more than twice the size of what was signed in last year’s CIIE. The letter includes loose engines with a mix of Series 4000 and Series 2000 engines, partly manufactured by MTU Yuchai Power Company Limited, the joint venture between Rolls-Royce and Guangxi Yuchai Machinery Company Ltd., locally assembled diesel systems as well as gas systems and dynamic UPS. The engines and systems will be used primarily for market segments including but not limited to telecommunications, semiconductor, data center and biogas application. With the mtu solutions, the customer will be well equipped to guarantee the continuous power supply, which is critical for these applications, thus avoiding the loss that may be brought by power disruption. Read More
The Rolls-Royce Trent 700 engine has helped the Royal Air Force (RAF) and industry partners to carry out a world-first 100% sustainable fuel flight using a military aircraft of its size, and the first of any aircraft type in the UK.
An RAF Voyager – the military variant of an Airbus A330 – took to the skies over Oxfordshire powered entirely by 100% sustainable aviation fuel (SAF), paving the way for a range of possibilities for the future of flying military and civilian aircraft.
The flight, which took place on Wednesday, was a joint endeavour between the RAF, DE&S and industry partners Rolls-Royce, Airbus and AirTanker, with the fuel supplied by Air bp.
Rolls-Royce has played a vital role in enabling the flight to take place, by securing the technical approval for sustainable aviation fuel use on the Rolls-Royce Trent 700 engine which powers the RAF Voyager fleet.
Prior to the Voyager flight, Rolls-Royce conducted a number of successful trials with sustainable aviation fuel on aircraft powered by their engines. This forms part of the organisational commitment to demonstrate sustainable aviation fuel compatibility on their products as part of the organisation’s net zero roadmap. Read More
Woodside Energy will invest up to A$65 million over the next five years to support community development in regional Western Australia.
Announcing the commitment today, Woodside CEO Meg O’Neill said the social contribution would include new opportunities as well as extending current partnerships in the communities of Karratha, Roebourne, Exmouth and Onslow.
The increased funding is in addition to Woodside’s A$50 million contribution under the Resources Community Investment Initiative announced by Premier Mark McGowan in Perth this week, taking Woodside’s newly announced social investment commitment in WA communities to A$115 million over the next five years.
“Woodside has a strong history of investment in the communities where we live and work and we are committed to the regions for the long term,” Ms O’Neill said.
“We recognise the role we have to play in supporting regional development in our host communities and helping to improve local capability and capacity.
“As we progress new projects, we look forward to continuing to work with our partners to build vibrant and resilient communities into the future.”
Today’s funding announcement will see Woodside and its joint venture partners continue to support regional development and tackle the issues and opportunities that are important to host communities.
Contributors include Woodside, the Woodside-operated North West Shelf, Pluto LNG, Scarborough, Pluto Train 2, Macedon, Ngujima-Yin and Pyrenees projects.
In 2023, Woodside’s community partnerships will focus on areas of need in the regions, including education, youth, local business and not-for-profit organisations, infrastructure, health and housing support.
Over the past 40 years Woodside and its joint venture partners have helped build critical community infrastructure, such as the Red Earth Arts Precinct, Leisureplex and St John Ambulance Centre in Karratha, and the Exmouth Bike Track.
Woodside has been a long-term supporter of educational opportunities and pathways to employment through the North West Shelf Project’s Karratha and Roebourne Education Initiatives and is focused on community liveability and wellbeing through its partnerships with local government and community organisations. Read More
CNOOC Limited announced that the MDA Gas Field, the largest gas field of 3M Project in Indonesia, has commenced production.
3M Project is located approximately 75 kilometers southeast of Madura Island in the Madura Strait, East Java, with an average water depth of around 80 meters. The project contains 3 gas fields with a total of 9 gas-producing wells. The main production facility is a floating production unit (FPU) which will undertake the natural gas production and treatment process. The FPU was constructed in China with a design capacity of 175 million cubic feet per day (MMcf/d).
The MBH Gas Field of 3M Project commenced production in October. Once the 5 gas-producing wells of MDA are put on stream, a peak daily production from 3M Project of approximately 127MMcf/d is expected.
The 3M Project in Indonesia is operated by HCML. As a joint venture partner, CNOOC Southeast Asia Limited, a wholly owned subsidiary of CNOOC Limited, holds 40% interest in HCML, Cenovus Energy Inc. holds 40% interest and Samudra holds 20% interest. Read More
CNOOC Limited announced that Jinzhou 31-1 gas field development project commenced production.
Jinzhou 31-1 gas field locates in Liaodong Bay of Bohai Sea, with an average water depth of about 30 meters. The main production facilities include 1 subsea production system, 1 submarine transportation pipeline, and 1 umbilical cable. It will fully utilize the existing processing facilities of Jinzhou 25-1 south platform and apply the first shallow-water Christmas tree independently developed in China. The project is expected to reach its peak production of approximately 14.8 million cubic feet of natural gas per day in 2023.
CNOOC Limited holds 100% interest in Jinzhou 31-1 gas field development project and acts as the operator. Read More
The ET7, the flagship sedan from global electric smart vehicle company NIO, secured a maximum five-star rating in the latest Euro NCAP safety tests. Now available in Europe, ET7 scored 91% in the Adult Occupant category, 87% for Child Occupant category, 73% for Vulnerable Road Users and 95% for Safety Assist. This follows a similar five-star result for its ES8 SUV last year. The ET7 also secured a further five-star rating in the latest Green NCAP results, the highest possible score under the latest sustainable rating scheme. The high-performance flagship sedan was awarded near maximum marks for energy efficiency, emissions, and low energy consumption.
“With all active and safety features as standard, NIO’s ET7 was designed to offer its users, wherever they are in the world, the highest levels of safety,” says Danilo Teobaldi, Vice President of Vehicle Engineering, NIO, “Providing users with peace of mind is crucial for the user experience. From the outset, we wanted to go beyond achieving test results and through our R&D find solutions to go further. If it improves safety, it is worth doing.” Read More
CNOOC is the latest oil giant to enter into a partnership with NIO. Previously, the EV maker has entered into similar partnerships with Sinopec, CNPC, and Shell.On November 22, the first battery swap stations built by NIO in partnership with CNOOC went live at a service area on the G94 Pearl River Delta Ring Highway, the electric vehicle company announced on its mobile app. Read More
|Oil and Gas Blends||Units||Oil Price $||change|
|Crude Oil (WTI)||USD/bbl||$77.44||Down|
|Crude Oil (Brent)||USD/bbl||$84.54||Down|
|OPEC basket 22/11/22||USD/bbl||$85.19||Down|
Nigerian President Muhammadu Buhari presented a set of new naira notes on Wednesday, saying the design would make them harder to counterfeit and replacing old notes would help control liquidity in an economy where the most money is held outside banks.
Speaking at the inauguration of the new banknotes which preceded the Federal Executive Council (FEC) meeting on Wednesday in Abuja, Buhari explained in detail the basis for his approval to the Central Bank of Nigeria (CBN) to redesign the ₦200, ₦500 and ₦1000 banknotes.
According to the president, the new Naira banknotes have been fortified with security features that make them difficult to counterfeit.
Under a plan announced last month, the Central Bank of Nigeria (CBN) will start issuing the new notes to the public from Dec. 15. People have until Jan. 31, 2023, to hand in their old notes and get replacements or place their money in bank accounts. According to him, the new notes will control inflation, make policies more effective, ensure financial inclusion and fight corruption.
The United States, Taiwan, and Japan all consider a stable maritime environment critical for security and prosperity. For each of them, maritime stability in the East and South China Seas – and more broadly across the Indo-Pacific region – represents their respective national interests in preserving open sea lanes for transit and trade, reinforcing international norms and rule of law, and reducing the potential for conflict in sovereign and international waters. In recent years, however, all three parties have become increasingly alarmed by the deteriorating maritime safety environment in the Indo-Pacific region, in the East and South China Seas in particular. Especially in the waters surrounding the Senkaku/Diaoyu Islands and the Taiwan Strait, Taipei, Tokyo, and Washington have all intensified their sense of urgency in exploring ways to preserve a safe maritime environment. The U.S.-Taiwan-Japan Maritime Safety Working Group was convened based on such concerns. Read More
Two vessels that had their automatic identification systems (AIS) switched off reportedly sailed close to the leak sites of the Nord Stream 2 pipelines a few days before those were ripped open due to subsea explosions, trusted satellite data analysis firm reports.
The ships measured between 311 and 426 feet in length, and had the AIS trackers, turned off, explains Jerry Javornicky, the co-founder of SpaceKnow, and Wired’s Matt Burgess informed us.
That the beacons were off meant that there was no information regarding their movements and that they were purposely trying to keep the location and general information hidden from the rest of the world, Javornicky informed the outlet.
Javornicky mentioned that SpaceKnow had discovered 25 vessels passing via an area covering a several-mile radius around the leak sites, Wired reported. Two of the ship did not have their AIS data on, Javornicky said.
The International Maritime Organization (IMO) mandates that ships loaded with a cargo of 330 tons or higher and passenger vessels, irrespective of their size, must keep their AIS trackers switched on when embarking on an international voyage. Read More
Coro Energy Plc, the South East Asian energy company with a natural gas and clean energy portfolio, is pleased, further to the Company’s announcement of 9 November 2022 which confirmed the resumption of production at the Bezzecca gas field in Italy, to provide an update on stabilised production rates from Bezzecca.
Production commenced on 8 November 2022 and was initially constrained by the Company at lower rates which were increased gradually to keep the Water to Gas Ratio under control, with the plan to reach a stabilised production plateau following the best practices of reservoir management. The well has been producing at a stabilised rate of 15,000 scm/day since 18 November 2022 with very good pressure support giving good indications for the long term field performance. Read More
Baker Hughes Rig Count
U.S. Rig Count is up 2 from last week to 784 with oil rigs up 4 to 627, gas rigs down 2 to 155 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 7 from last week to 194, with oil rigs down 6 to 129, gas rigs down 1 to 65.
|Region||Period||Rig Count||Change from Prior|
|U.S.A||23 November 2022||784||+2|
|Canada||23 November 2022||194||-7|
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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