Energy News to 20/10/22. OPEC daily basket price stood at $89.29/bl, 19 Oct. 2022
“In the mid- and long term, the Ukraine crisis will bring an acceleration to the energy transition because governments finally realise that going for renewables is not only good for the environment, jobs, GDP, but also good for ensuring higher energy independency,” head of the International Renewable Energy Agency (IRENA) Francesco La Camera said.
During the period from October 10 to October 14, 2022, Eni acquired n. 12,652,854 shares, at a weighted average price per share equal to 11.6324 euro, for a total consideration of 147,183,295.97 euro within the authorization to purchase treasury shares approved at Eni’s Shareholders’ Meeting on 11 May 2022, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999.
On the basis of the information provided by the intermediary appointed to make the purchases, the following are details of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read More
Hydrogen is experiencing unprecedented momentum and given the current geopolitical turmoil leading to severe risks for global energy security, the need to accelerate its development has become even more important. This was recognised by the German G7 presidency who announced, in the ‘G7 Hydrogen Action Pact” earlier this year, the need for strengthened collaboration between G7 members on the development of green and low carbon hydrogen value chains.
“The G7 group of countries have a tremendous opportunity and are well placed to play a leading role in accelerating the development of a global hydrogen market” said Barbara Jinks, Programme Officer – Green Gas Delivery and Use of the International renewable Energy Agency (IRENA), at the Global Clean Energy Action Forum (GCEAF) in Pittsburgh, US, last month.
Speaking at a side event titled, ‘G7 Hydrogen Action Pact – Facilitating and Accelerating PtX-Market Ramp-up,’ Ms. Jinks underscored the importance of closer collaboration between countries to develop common policy and regulatory frameworks to work collectively to ramp-up global hydrogen markets. The side event was co-organised by IRENA, the PTX Hub and the International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE). Together, the partners represent over 168 IRENA members. Read More
Rising amounts of renewable energy coupled with an increase in decentralised power generation call for the modernisation and significant expansion of the European grids.
The EU project SCARLET (“Superconducting cables for sustainable energy transition”) unites 15 partners from 7 countries around the goal of designing and industrially manufacturing superconducting cables to enable more efficient and less costly power transmission from renewable electricity generation sites.
Superconductivity is a phenomenon occurring when specific materials are cooled to very low temperatures, allowing for the transmission of electricity without any resistive losses. The promise of superconducting cables lies in their high efficiency, compact size, and reduced environmental impact. The SCARLET project will make use of these advantages by developing cables that transfer very high powers in very small conductors. The goal is to bring the technology to the last qualification step before commercialization. Read More
SINTEF, an independent research organization in Norway, has developed batteries based on PCM, which are able to store wind and solar power in the form of heat via a heat pump. PCM can absorb, store and release large amounts of latent heat over defined temperature ranges. They have often been used at the research level for PV module cooling and the storage of heat.
“The heat battery can use any heat source as long as a fluid carries the heat to/from the heat battery,” researcher Alexis Sevault told pv magazine. “For example, district heating is also coupled to our demo unit, for more flexibility in winter. In that case, water is the heat transfer fluid, since it is very well suited for most buildings. Our technology can also be used in industrial processes, using pressure heat transfer fluid, for example, pressurized CO2 for refrigerated or freezing industrial processes.”
The scientists embedded what they described as a “bio-battery” in a silver-colored container that hosts 3 tons of a type of PCM – a liquid biowax based on vegetable oil. It is reportedly able to melt at body temperature and becomes a solid, crystalline material when it becomes “cold” below 37 C. The heat storage system also contains a heat exchanger for heat extraction. Read More
Bank of America has indicated that Nigerian local currency, the naira, is 20% overvalued, according to its latest estimates. The global lender said the naira will be devalued as its exchange rate to the dollar is well above fair value.
The Economist, Bank of America Sub-Saharan Africa, Tatonga Rusike, listed three indicators that would crumble the naira as the country prepares for the 2023 elections that will be contested among three leading pro-market candidates.
In the statement released, BoA’s economist said the black-market rate, the central bank’s real effective exchange rate, and “our own currency fair value analysis”, indicate that the naira is 20 per cent overvalued. “We see scope for it to weaken by an equivalent amount over the next six-nine months, taking it to as high as 520 per the United States,” Rusike said in a note sends to clients on Tueaday.
While the naira will come under increasing pressure “due to limited government external borrowing,” devaluation is unlikely to happen until after the February 2023 presidential elections, the bank said. Read More
Insurance company restrictions on oil and gas are finally starting to catch up with those on coal, according to new data from the Insure Our Future campaign, co-published with Greenpeace. Ahead of COP27, the campaign coalition argues that insurers must now fully exit new coal, oil and gas, and demonstrate that the industry is ready to deliver on its net zero commitments.
Insure Our Future’s annual scorecard ranks the top 30 global fossil fuel insurers on the quality of their fossil fuel exclusion policies. This year Allianz, AXA and Axis Capital rank best for their coal exit policies, while Aviva, Hannover Re and Munich Re come out on top for their oil and gas exclusions.
At the bottom of fossil fuel rankings are a group of insurers which have yet to adopt any restrictions on providing cover to coal, oil or gas projects, including US insurers Berkshire Hathaway and Starr and Bermudian carrier Everest Re. The UK’s Lloyd’s of London also scores very poorly, having announced a coal exit framework in 2020 but then backtracked by declaring it optional. The report highlights some of the most dangerous projects in development today: the July 2022 auction for exploration rights of 30 oil and gas blocks in the Democratic Republic of Congo (DRC). Some of these blocks – auctioned without the free, prior and informed consent of local communities – overlap with protected areas, including Virunga National Park, a World Heritage Site, and with the peatlands of the Cuvette Centrale, a biodiversity hotspot containing about 30 gigatons of carbon, equivalent to three years of global emissions from fossil fuels. Read More
Bus Company adopts SulNOxEco™ Fuel Conditioner
The board of the directors of the Company announced fleet wide adoption of SulNOxEco™ Fuel Conditioner following positive evaluation results from Lowveld Bus Service, based in Lephalale, South Africa. Lowveld Bus Service www.lowveldbus.co.za is a subsidiary of South Africa’s Imperial Group www.imperiallogistics.com, which in turn is a DP World company www.dpworld.com Lowveld Bus Service operates a growing fleet of over 170 buses currently consuming some 2 million litres of diesel/pa whilst servicing the Department of Transport and various clients at the Medupi Power Station and Exxaro Grootgeluk Coal Mine. Following a benefit validation program Lowveld Bus Service has now adopted SulNOxEco™ across its entire fleet, a testament that SulNOxEco™ can resolve fuel problems extensively experienced continent-wide in Africa. Read More
Opening the second day of African Energy Week 2022, French engineering and technology company, Technip Energies has signed a memorandum of understanding with the National Petroleum Corporation of Namibia. Centered around signing the deals that will transform Africa’s energy sector, African Energy Week (AEW) – running this week from October 18-21 – provides the ideal platform for energy companies, African governments and global financiers to secure partnerships and long-term agreements. In line with this agenda, French engineering and technology company, Technip Energies, has inked a deal with the National Petroleum Corporation of Namibia (NAMCOR) that will see the parties collaborate on the development of the country’s 2022 oil and gas discoveries made by Shell and TotalEnergies. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $86.88 | Up |
| Crude Oil (Brent) | USD/bbl | $93.40 | Up |
| Bonny Light | USD/bbl | $91.00 | Up |
| Saharan Blend | USD/bbl | $91.15 | Up |
| Natural Gas | USD/MMBtu | $5.54 | Down |
| OPEC basket 19/10/22 | USD/bbl | $89.29 | Down |
South Sudan’s Minister of Petroleum, Hon. Puot Kang Chol, and Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima, rejected accusations that the decision to cut production by OPEC+ was politically motivated, but rather, based on technical factors. During the 2022 edition of Africa Energy Week (AEW) – taking place this week in Cape Town – African energy ministers emphasized that the decision made by the Organization of Petroleum Exporting Countries (OPEC) and its allies to cut oil production was not a political one, or a decision in which African ministers were forced to comply with, but rather the decision was based on technical data and fully supported by all members. Speaking during a panel discussion on global energy security and moderated by African Energy Chamber Executive Chairman, NJ Ayuk, Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima, and South Sudan’s Minister of Petroleum, Hon. Puot Kang Chol, reiterated that the decision to cut production by two million barrels during the Ministerial Meeting earlier this month was supported by each and every member of OPEC+. Read More
High spot electricity prices, particularly in Europe, are changing the utility wind and solar investment narrative as potential payback periods of under a year could start a race to develop renewable assets purely based on project economics, Rystad Energy research shows.
Capital investments in renewables have also increased significantly and are set to reach $494 billion in 2022, outstripping upstream oil and gas at $446 billion for the year, according to Rystad Energy research. This is the first time that investment in renewables is set to be higher than for oil and gas.
Up until now, returns on renewable energy projects (solar PV and wind) have been unspectacular, primarily relying on subsidies to get projects over the line. Cost pressures due to recent commodity and supply chain issues should have made matters worse as they have reversed years of rapid unit cost improvements in the sector. However, Rystad Energy analysis demonstrates current spot prices in Germany, France, Italy, and the UK would all result in paybacks of 12 months or less. Read More
AEW 2022 Upstream Panel Explores the Role and Cooperation of NOCs and Independents in Africa
Following a presentation by AEW 2022 intelligence partner, Rystad Energy, a panel discussion took place that explored the path towards mutually beneficial agreements between national oil companies and independents in Africa.
On the second day of the continent’s premier event for the oil and gas sector, African Energy Week (AEW) 2022, a market-focused panel discussion under the theme, ‘National Oil Companies (NOC) and Independents: The path towards mutually beneficial agreements,’ explored the approach taken by national and independent oil companies to take an ever more central role in asset development as international oil companies (IOC) divest from African hydrocarbon developments. Read More
Signature Aviation, the world’s largest network of Fixed-Base Operations (FBO) delivering essential support services at private aviation terminals, announced today that it has expanded the availability of Neste MY Sustainable Aviation Fuel™ (SAF) to all of its locations in California.
Business aviation users now have greater access to SAF in California, enabling them to reduce greenhouse gas emissions of their air travel when flying from Signature Aviation’s private aviation terminals at San Diego International Airport, Santa Barbara Municipal Airport, Fresno Yosemite International Airport, and Palm Springs International Airport. This brings SAF available to all 10 of Signature Aviation’s owned locations in California.
SAF has been widely acknowledged as a key element in helping to achieve aviation’s emissions reduction goals. Together with Neste, the world’s largest producer of sustainable aviation fuel, Signature is accelerating the business aviation industry’s journey towards net-zero carbon emissions. This expansion of SAF availability is built on the existing partnership between Neste and Signature from 2020. Through the scope of the current partnership, Neste and Signature will deliver over 29 million gallons (89,000 tonnes) of blended SAF, reducing over 62 thousand tonnes of greenhouse gas (GHG) emissions, equivalent to the emissions from more than 13,000 cars in a year. Read More
U.S. Environmental Protection Agency (EPA) announced $1,000,000 in research grant funding to the University of Illinois Urbana-Champaign to improve wastewater monitoring to rapidly detect the emergence and spread of infectious disease in the current COVID-19 pandemic, and to detect other pathogens that could cause future pandemics. “As research by EPA and others have demonstrated during the COVID-19 pandemic, wastewater monitoring is an invaluable approach for detecting and tracking infectious disease and ultimately protecting public health,” said Chris Frey, Assistant Administrator of EPA’s Office of Research and Development. “This forward-looking EPA research grant will improve understanding of the presence of disease-causing pathogens in U.S. communities and support public health officials as they make decisions during pandemics.” Read More
Flogas Britain, one of the UK’s leading liquefied petroleum gas (LPG) suppliers, has been granted planning permission to construct a gas pipeline from Bristol Port into the UK’s largest above ground LPG storage terminal, at Avonmouth, near Bristol.
The storage facility, formerly owned by National Grid, has been a feature of the local landscape for several decades, and was previously only able to store LNG (liquefied natural gas). Giving it a new lease of life, Flogas is converting it into an LPG and green gas storage facility, with the capacity to store 34,564 tonnes. It’s set to bring a significant and welcome boost to the local economy each year and will generate a host of local employment opportunities, including 50-100 construction jobs, as well as roles at Bristol port and the Avonmouth facility.
With completion expected in 2025, the pipeline will link the UK to an unparalleled supply of off-grid gas, providing a secure and futureproof supply for off-grid homes and businesses across the UK. It will also play a vital role in creating a lower carbon future and meeting the Government’s legally binding net zero emissions target.
LPG is the cleanest, most efficient conventional off-grid fuel available, and those switching to LPG from oil benefit from significant carbon savings and improved air quality as it emits far fewer pollutant emissions. Read More
OPEC Secretariat will host the Fourth OPEC-OPEC Fund Annual Legal Workshop on regulatory issues related to the energy transition, along with energy access and security, on Monday, 24 October 2022.
The event will be held in a hybrid format. Attendees can either participate in person at the OPEC Secretariat or via videoconference.
In its fourth instalment, the Workshop will provide an interactive platform to explore a number of key topics, including principal regulatory issues on energy access, as well as energy security as a global objective.
Among the participants are representatives of national and international oil companies, international law firms and international organizations, as well as government officials and other notable speakers, who will share their experiences and knowledge during the sessions. Delegates from OPEC Member Countries, non-OPEC oil-producing countries participating in the Declaration of Cooperation and other oil-producing nations will be present.
The Workshop is the result of ongoing robust cooperation between OPEC and the OPEC Fund for International Development. It aims to facilitate the exchange of information and experiences, along with discussions on critical topics.
Under the guidance of the Secretary General, OPEC’s Legal Office provides information, analysis and capacity-building opportunities to Member Countries and the international community regarding laws and regulations relevant for a just energy and economic transition that takes into consideration global environmental issues, energy access and sustainable development goals. Read More
Baker Hughes Rig Count
U.S. Rig Count is up 7 from last week to 769 with oil rigs up 8 to 610, gas rigs down 1 to 157 and miscellaneous rigs unchanged at 2.
Baker Hughes Rig Count: Canada is up 1 to 216 rigs.
Canada Rig Count is up 1 from last week to 216, with oil rigs up 2 to 150, gas rigs down 1 to 66.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 14 October 2022 | 769 | +7 |
| Canada | 14 October 2022 | 216 | +1 |
| International | September 2022 | 879 | +19 |
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.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter |
Oil and gas press covers, Energy, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas, News and Analysis
