Energy News to 03/10/22. OPEC daily basket price stood at $92.34/bl, 30 Sept. 2022
Electric car sales reached a record 6.6 million in 2021, up 120% from 2020
By 2030, more than one out of every two cars sold in the United States, the European Union and China could be electric, according to the International Energy Agency.
Eni this weekend said it had not received any of the natural gas contracted for delivery with Russia’s Gazprom for either Saturday or Sunday and warned this could extend to Monday as well. The two companies told the media they were working to resolve the issue, which Gazprom says has to do with regulatory updates in Austria. The Russian state giant said on Saturday that Austria’s grid operator had refused to confirm transit nominations, prompting Gazprom to suspend the flow of gas via the country, Reuters reported. Read More
KBR (NYSE: KBR) announced today that it has been awarded a technology contract by Tecnimont S.p.A. for OCI NV’s low-carbon blue ammonia project in the United States.
KBR, Inc. Under the terms of the contract, KBR will supply the technology license, basic engineering design, proprietary equipment and catalyst for the 1.1 million ton per annum blue ammonia plant. Targeting completion by 2025, the project will be designed to transition from blue to green ammonia production as green hydrogen becomes available at larger scale in the future. “We are excited to continue to build on our strong relationship with OCI NV and Maire Tecnimont to deliver our market-leading and proven ammonia technology for this energy transition project,” said Doug Kelly, KBR President, Technology. “This award is a further testament to KBR’s leadership in helping its clients implement effective decarbonization technologies today on a path to achieving their future ESG objectives.”
KBR has licensed and designed 252 grassroots ammonia plants since 1944. Around half of global licensed ammonia capacity uses KBR-designed plants because they combine lowest CAPEX and OPEX with the highest reliability. KBR has driven ammonia technology development to reduce cost, improve energy efficiency and on-stream factors to maximize client returns on investment. Read More
The ‘Eni Joule for Entrepreneurship’ special mention was also awarded to honour the best innovative and sustainable business ideas
The Eni Awards ceremony was held today at the Quirinal Palace in the presence of the President of the Republic Sergio Mattarella, Eni’s Chairwoman Lucia Calvosa and Eni’s CEO Claudio Descalzi. Now in its fourteenth year, the prize, also known as the “Nobel Prize for Energy”, is considered an international benchmark for research in energy and the environment and is testament to how important scientific research and innovation is for Eni. There have been over 10,000 applications since it was established in 2008. The Scientific Commission, which assesses the different types of research submitted, is made up of scientists from top global research institutions and has seen the participation of 6 Nobel prizewinners over the years.
Once again this year, through Joule, its Business School, Eni has awarded the Eni Joule for Entrepreneurship Special Mention, intended for teams, university spin-offs and start-ups and aimed at fostering the application, enhancement and transfer of technologies while promoting the creation of a sustainable innovation ecosystem. Read More
Africa Oil Corp. announced that the Company repurchased a total of 1,883,480 Africa Oil common shares during the period of September 27, 2022 to September 30, 2022 under the previously announced share buyback program.
The launch of Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on September 22, 2022, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated September 27, 2022 to September 30, 2022, the Company repurchased 667,480 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 1,216,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
All common shares repurchased by Africa Oil under the share buyback program will be cancelled. During the period dated September 27, 2022 to September 30, 2022, the Company cancelled 166,870 common shares repurchased under the share buyback program.
As a result of the share cancellations and the exercise of stock options under the Company’s Stock Option Plan, Africa Oil now has 477,511,904 common shares issued and outstanding with voting rights as at September 30, 2022. and the Company holds 1,716,610 common shares in treasury, which will be cancelled in October 2022.
A maximum of 40,482,356 Africa Oil common shares may be repurchased under the share buyback program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems over the period of twelve months commencing September 27, 2022 and ending September 26, 2023, or until such earlier date as the share repurchase program is completed or terminated by the Company. Read More
The British government on Monday dropped plans to cut income tax for top earners, part of a package of unfunded cuts unveiled only days ago that sparked turmoil on financial markets and sent the pound to record lows. In a dramatic about-face, Treasury chief Kwasi Kwarteng abandoned plans to scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year. He and Prime Minister Liz Truss have spent the last 10 days defending the cut in the face of market mayhem and increasing alarm among the governing Conservative Party. Read More–>
The Ministry of Energy and Mineral (on behalf of the government of the Sultanate of Oman) had signed an Exploration and Production Sharing Agreement (EPSA) with Shell Integrated Gas Oman BV, a subsidiary of Shell plc, along with its partners, OQ and TotalEnergies to explore, appraise and develop natural gas resources and condensate in Block 11. This EPSA establishes Shell as the operator of Block 11, holding a 67.5% working interest, with OQ and TotalEnergies holding 10% and 22.5% respectively. The EPSA exploration activities will see seismic acquisition of 1400 Km2 in late 2022, with few planned exploration wells to follow starting in 2023. Read More
OVH Energy Marketing (OVH), owner and operator of the Oando branded retail service stations, has been acquired by Nigerian National Petroleum Company Limited (NNPC), and will be merged with NNPC Retail Limited (NRL). This strategic move aims to create the leading downstream energy company in Nigeria and West Africa, driven by operational efficiency, best in class management, physical infrastructure while offering premium petroleum products and related services to customers, in line with global standards.
Through this acquisition, NNPC Retail Limited will build on the existing success of OVH and operate model service outlets leveraging OVH’s extensive asset base and commercial capabilities. The transaction also positions NNPC Retail Limited as the fastest growing commercial energy company in its pursuit to guarantee energy security for Nigeria’s growing population and significantly more growth opportunities for the business. OVH Energy Oando branded retail service stations will be rebranded into the NNPC brand and a full integration is expected by the end of 2023. The leadership of the merged entity share a common purpose and is focused on value creation with the strengths of OVH’s operational efficiency and NNPC’s brand. Read More
45th JMMC Meeting, 33rd OPEC and non-OPEC Ministerial Meeting to convene in person in Vienna
The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and non-OPEC Ministerial Meeting will take place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022. The OPEC Secretariat looks forward to welcoming all ministerial delegations again to Vienna. These upcoming meetings will be the first in-person ministerial meetings since March 2020. Details regarding the attendance of journalists and analysts will be provided in due course. Read More
Oil prices, which had risen sharply since last year as oil demand rebounded faster than expected after the pandemic lockdowns, lost about a quarter of their value over the third quarter. The main reason was an increasingly gloomy outlook for the world economy as inflation continued pressuring economies and central banks turned aggressive to rein it in, risking a recession. The world’s inflation problem could become even worse if OPEC+ cuts production substantially, the Wall Street Journal reported this weekend. The cuts would push prices higher, adding to the inflationary burden and effectively increasing the risk of a recession. Read More
Subsea 7 S.A. announces mandatory notification of the following share transaction by a primary insider.
Siem Industries S.A., which is represented on the board of Subsea 7 S.A. by Kristian Siem, purchased 380,539 shares in Subsea 7 S.A. (OSE symbol SUBC), at a price of NOK86.50 per share, on 30 September 2022. Following this transaction, the aggregate number of shares held by Siem Industries S.A. in Subsea 7 S.A. is 70,329,916. Read More
Neste, Idemitsu Kosan, CHIMEI and Mitsubishi Corporation have agreed to build a renewable plastics supply chain utilizing bio-based hydrocarbons (Neste RE™) for the production of styrene monomer (i.e. bio-SM), and its mass balanced renewable plastics derivatives including acrylonitrile butadiene styrene (i.e. bio-ABS*). The bio-SM production in Japan and the renewable plastics production in Taiwan will mark the first of such production in each country, and they are planned to take place in the first half of 2023. Neste, the world’s leading producer of renewable and circular feedstock for the polymers and chemicals industry uses, will provide Neste RE to Idemitsu Kosan, the biggest SM manufacturer in Japan. For this collaboration, Neste RE is produced from 100% bio-based raw materials such as waste and residues and its use can significantly reduce greenhouse gas (GHG) emissions compared with conventional fossil feedstock use.
Idemitsu Kosan will then produce bio-SM based on the mass balance method and supply it to CHIMEI, the biggest ABS manufacturer in the world for its renewable plastics production. Mitsubishi Corporation will be coordinating the collaboration between the value chain partners to develop the renewable products’ market.
Through developing an even stronger partnership and closer collaboration than conventionally seen in plastics value chains, the companies are introducing new renewable contents into the value chain to enable plastic production where fossil feedstock has been replaced with renewable feedstock. With this, the companies are contributing to the plastics industry GHG emission reduction targets and the transition towards a low-carbon emission society. Read More
Bell’s next generation five seater helicopter, the Bell 505, fueled with Neste MY Sustainable Aviation Fuel™ (SAF) took off at Seletar Airport in Singapore for a demonstration flight. This is the first ever helicopter flight fueled with SAF in Southeast Asia. This remarkable milestone was achieved by a close cooperation between Bell, Safran Helicopter Engines and Neste, with Jet Aviation and Shell Aviation enabling the blended SAF to be uplifted through their facilities at Seletar Airport. The demo flight showcases the commitment of the business aviation community, as an integral component of the aviation industry, to the industry’s ambitious emissions reduction goals and adopting SAF as a key element in helping achieve these goals. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $82.34 | Up |
| Crude Oil (Brent) | USD/bbl | $88.11 | Down |
| Bonny Light | USD/bbl | $88.16 | Down |
| Saharan Blend | USD/bbl | $88.98 | Down |
| Natural Gas | USD/MMBtu | $6.62 | Down |
| OPEC basket 30/09/22 | USD/bbl | $92.34 | Down |
President of the Republic of Congo, Denis Sassou Nguesso, met Eni’s Chief Executive Officer Claudio Descalzi in Brazzaville today, to discuss the Company’s main business activities in the country, as well as other innovative initiatives, in line with the company’s commitment to a just energy transition. The Minister of Hydrocarbons, Bruno Jean Richard Itoua, also attended the meeting.
Mr Sassou Nguesso and Mr Descalzi focused on the progress made towards the valorisation and commercialisation of the country’s gas resources, which will enable the export of around 1 billion cubic metres of gas in the winter of 2023-2024 and up to 4.5 billion per year from winter 2024-2025 onwards through the use of floating LNG facilities.
The President and CEO then discussed the agri-feedstock initiatives launched in Congo, based on the cultivation of castor and other oilseeds for biorefining. The initiative leverages abandoned or degraded land, so as to avoid competing with the food chain. The start-up of the first agri-hub for vegetable oil production is planned for 2023, with a capacity of 30,000 tonnes/year, thus achieving 170.000 tonnes/year in 2026 and 200.000 tonnes/year by 2030, delivering significant economic and social developments for rural communities. Expected impacts include income generation for more than 5,000 households in 2023, rising to 100,000 by 2030. Read More
A mass civil resistance march involving thousands of people brought central London to a standstill by blocking roads and bridges The ‘We All Want to Just Stop Oil’ coalition is demanding an emergency response from the government to end the cost of living and climate crisis by stopping new oil and gas. [1][2]
Supporters of Just Stop Oil, Jeremy Corbyn’s Peace and Justice Project, Campaign for Nuclear Disarmament, Insulate Britain and others assembled at major rail stations and other locations around the capital before marching to Westminster, where they blocked Waterloo, Westminster, Lambeth and Vauxhall bridges by sitting in the road.
Just Stop Oil issued the following statement:
“Enough is Enough! This Government is making a criminal decision to gamble with our lives. We are done with asking politely. We are done with A to B Marches. We are done with this corrupt and lying system.
“From this moment, we declare Westminster a site of civil resistance. We call upon everyone to join us – to sit with us in the roads and disrupt the heart of power – and to stop this city from moving until this government takes immediate steps to meet our demands. To end the cost of living and climate crisis by stopping new oil and gas, to start a rapid transformation to a fairer society, decided by ordinary people and paid for by those who are profiting from humanity’s destruction.
“This is not a one day event. This is not a symbolic day out, this is an act of resistance against this genocidal government. We will return tomorrow – and the next day – and the next day after that! “The most important thing you can do is to call everyone you know and ask them to come and join us. We need everyone to stand up and be counted, and to say not in my name will they willfully destroy everything we know and love.” Read More
Greece and Bulgaria have started commercially operating a long-delayed gas pipeline, which will help decrease southeast Europe’s dependence on Russian gas and boost energy security. The 182-kilometre pipeline will provide a relief to Bulgaria, which has been struggling to secure gas supplies at affordable prices since the end of April, when Russia’s Gazprom cut off deliveries over Sofia’s refusal to pay in roubles.
Russia has decreased its gas deliveries to Europe after the West imposed sanctions on Moscow over its invasion of Ukraine, leaving European Union countries scrambling to secure alternative supplies amid surging prices. Read More
The eurozone’s inflation is up from 7.4 per cent in April, as Europeans continue to see soaring energy and food prices fuelled in part by Russia’s war in Ukraine. Estonia has seen inflation rise year-on-year from 6.4 per cent in September 2021 to 24.2 per cent in September 2022.
Inflation in Latvia and Lithuania also hit 22.4 per cent and 22.5 per cent respectively.
UK’s inflation rate has surged to a 40-year-high of 10.1 per cent in July, the Organisaton of National Statistics (ONS) reported on August 17.The Netherlands saw the biggest monthly increase in prices, jumping from 13.7 per cent in August to 17.1 per cent in September. Read More
Russia attacked the Ukrainian president’s hometown and other targets Sunday with suicide drones, and Ukraine took back full control of a strategic eastern city in a counteroffensive that has reshaped the war. Russia’s loss of the eastern city of Lyman, which it had been using as a transport and logistics hub, is a new blow to the Kremlin as it seeks to escalate the war by illegally annexing four regions of Ukraine and heightening threats to use nuclear force. Read More
Equinor approves final investment decision on the Blandford Road battery storage project in the south of the UK.
This will be the first commercial battery storage asset for Equinor, and the first project realized from the strategic partnership between Equinor and Noriker Power.Equinor acquired a 45% ownership share in Noriker Power Limited in December 2021. In addition to the equity investment, Equinor and Noriker have a strategic cooperation framework that grants Equinor the opportunity to directly participate in projects developed by Noriker. Blandford Road is the first project from Noriker’s pipeline that has been matured to an investment decision.
In the recently published British Energy Security Strategy, the UK Government announced an ambition of 95% of electricity by 2030 being low carbon. To deliver the Government’s ambitions for cleaner and more affordable electricity, development of storage infrastructure in the UK is critical. As the UK increases its share of renewable power, battery storage will help to solve the intermittency challenge and aid in the security of supply. Read More
German City to Switch off Street Lighting over Energy Crisis
Some companies may have to stop production as the city of Achim in the German state of Lower Saxony announced Friday that there will be no more street lighting at night, Anadolu Agency report.
With this measure, Achim is following the example of other cities in an effort to save energy, as gas supplies from Russia have been interrupted due to tensions and recent explosions on the Nord Stream pipelines. Mayor Rainer Ditzfeld said this move will likely draw criticisms, but they had to take this decision.
‘We, the politicians and the administration, are aware that the decision to shut down can be seen controversially. But it is made with the best of intentions and makes the greatest possible contribution in this form,’ he told local media.
According to a statement by the city council, street lights will be switched off from 11 p.m. to 5 a.m. on Sundays to Fridays. Read More
Monetary policy committee, MPC, of the Central Bank of Nigeria has become both fast and furious about the high inflation rate in the country which has resulted in three times upward adjustments to the interest rate.
Monetary authority raised the benchmark interest rate in May 2022 by 150 basis points, booked another 100 basis points in July and sustained a hawkish mood in September where it raised monetary policy by 150 basis points again,
A leading investment banking firm, Cowry Asset Management said the decision to raise interest rates to 15.50% is expected to fight inflationary pressures and give incentives to Nigerians to save, according to a macroeconomic note obtained by MarketForces Africa.a higher interest rate could drive a possible rise in foreign currencies or United States dollar inflows based on the attractiveness of the Nigerian investment environment. Read More
Some investors have started to see oil and gas stocks as income investment stocks rather than boom-and-bust cyclical stocks, as many others still believe.
Record cash flows and profits of the past two quarters have prompted many oil and gas firms to boost dividends or pay special variable dividends, as is the case with U.S. shale producers. Many more expanded and increased their share buyback programs. The record profits and the cash flow bonanza could lay the foundations for more stable dividend payouts to shareholders, some investors believe. But others continue to see the industry as a cyclical business that slashes dividends when oil prices plunge. Read More
Baker Hughes Rig Count
U.S. Rig Count is up 1 from last week to 765 with oil rigs up 2 to 604, gas rigs down 1 to 159 and miscellaneous rigs unchanged at 2.
Canada is down 2 to 213 rigs.
Canada Rig Count is down 2 from last week to 213, with oil rigs down 4 to 144, gas rigs up 2 to 69.
| Region | Period | Rig Count | Change |
| U.S.A | 30 September 2022 | 763 | -1 |
| Canada | 30 September 2022 | 213 | -2 |
| International | August 2022 | 860 | +27 |
The oil and gas industry reported 1,446 contracts during Q2 2022. Some of the top contractors were Schlumberger, Baker Hughes, and Halliburton in the upstream sector, Samsung Heavy Industries and Hyundai Heavy Industries in the midstream sector, and CNPC East China Design, Daqing, and CEEC in the downstream/petrochemical sector.
The Oil and Gas Industry Contracts market research report portrays detailed comparative data on the number of contracts and their value in the quarter, subdivided by region, sector, and geographies. Additionally, the report provides information on the top contractors and issuers based on the worth of contracts executed in the oil and gas industry during the quarter by geographies and over the year.
Oil and Gas Contracts Regional Outlook
The key regions in the oil and gas contracts market are Europe, North America, Asia, the Middle East, South America, Africa, and Oceania. Among them, Europe has the highest share in the oil and gas industry, followed by North America and Asia. Read More
------------------------------------------------------------------------------------------------ OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
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