Energy News to 23/09/22. OPEC daily basket price stood at $95.51/bl, 22 Sept. 2022
U.S. Department of Energy’s (DOE) Office of Petroleum Reserves has announced a Notice of Sale of up to 10 million barrels of crude oil to be delivered from the Strategic Petroleum Reserve (SPR) in November 2022. DOE plans to release up to 10 million barrels of sweet crude oil with deliveries in November 2022 from the Big Hill and West Hackberry SPR storage sites. DOE must receive bids for this notice no later than 10:00 a.m. Central Time on September 27, 2022. Contracts will be awarded to successful offerors no later than October 7, 2022. Read More
The European Union (EU) has extended its naval presence in the Gulf of Guinea under the auspices of the Commercial Maritime Presence (CMP) until February 2024.
The Ambassador of France to Nigeria, Emmanuelle Blatman said the extension was to allow ECOWAS strengthen its anti-piracy mechanism to curtail pirate attacks against commercial vessels in the Gulf of Guinea. Represented by the Consul General of France in Lagos, Laurence Monmayrant, at the 7th Lagos International Maritime Week, the Ambassador said the decision to extend the CMP scheme is coming on the heels of the successes recorded by the initiative that has reduced more than 80 per cent of pirate attacks against commercial vessels in the Gulf of Guinea. Read More
The temporary Polestar Space in Westfield White City will move to Battersea Power Station. To celebrate the opening on 14th October, the Polestar Precept, which hints at the exterior design of Polestar 5, will also be on display. The Grade II listed Battersea Power Station used to supply over a fifth of London’s electricity and is one of central London’s most visionary and eagerly anticipated new riverside neighbourhoods. Read More
Summit Ridge Energy (SRE), announced three standalone energy storage projects in New York City in partnership with Qcells, a leading provider of complete energy solutions. The projects, located in Staten Island and Brooklyn, will produce approximately 12 megawatts (MW) and 46 megawatt hours (MWh) of energy capacity as part of New York State’s Value of Distributed Energy Resources (VDER) program.
The projects are under construction and expected to complete commissioning in early 2023, making SRE one of the largest operators of energy storage under the VDER program in New York City. Since 2019, SRE has worked in close coordination with local governments and safety experts to shape legislation to support battery storage development in the city. Read More–>
U.S. Department of Energy (DOE) released the 2022 Better Plants Progress Update. The report highlights the leadership of more than 270 manufacturers and water utilities who partner with DOE to increase energy and water efficiency. Collectively, these partners have saved $10.6 billion in energy costs, 2.2 quadrillion British thermal units (Btus) of energy, and more than 130 million metric tons of CO2.Better Plants works with industrial partners to develop, implement, and share technologies and best practices to increase energy and water efficiency and reduce greenhouse gas emissions in manufacturing plants and other industrial facilities. Partners represent every major U.S. industrial sector, comprising 14% of the domestic manufacturing footprint and 3,600 facilities across the country. Read More
The U.S. Department of Energy (DOE) today announced the launch of the Industrial Heat Shot™, a new effort aimed at dramatically reducing the cost, energy use, and carbon emissions associated with the heat used to make everything from food to cement and steel. The latest DOE Energy Earthshots Initiative™, the Industrial Heat Shot ™ seeks to develop cost-competitive solutions for industrial heat with at least 85% lower greenhouse gas emissions by 2035. If this target is achieved, the American industrial sector will be on course to reduce its carbon equivalent emissions by 575 million metric tons by 2050, roughly equal to the annual emissions generated by all passenger cars currently on the road. The Industrial Heat Shot™ will help decarbonize the energy sector and help reach the Biden Administration’s goal of a net-zero emissions economy by 2050. Read More
ADNOC Refining, a joint venture company between the Abu Dhabi National Oil Company (ADNOC), Eni, and OMV, is set to complete the first phase of its innovative Waste Heat Recovery project at the General Utilities Plant in Ruwais, Abu Dhabi.
ADNOC produces some of the world’s least-carbon intensive crude and the company is further reducing its greenhouse gas (GHG) emissions intensity by 25% by 2030, aligned to the UAE Net Zero by 2050 Strategic Initiative.
The Waste Heat Recovery project is one of several strategic initiatives to decarbonize ADNOC’s operations and builds on the company’s heritage of responsible environmental stewardship. This includes milestones such as the implementation of a zero routine gas flaring policy in the early 2000s and establishing the region’s first commercial-scale Carbon Capture and Underground Storage facility in 2016. In the last 12 months ADNOC has announced partnerships to decarbonize its operations at scale, with up to 100% of the company’s grid power being supplied by clean nuclear and solar energy sources and the first-of-its-kind, sub-sea transmission network in the MENA region which will which connect ADNOC’s offshore operations to clean onshore power networks. Read More–>
VAKT today announces that the first-ever physical oil trade confirmations are being conducted using the VAKT technology. Gunvor Group and TotalEnergies Trading SA (TOTSA) lead this industry first, with more counterparties to follow. This digitised transaction is a milestone for the oil trading industry. Due to the complexity of physical oil trades, the contracting process has traditionally been manual and intricate. Read More
Moody’s quotes on fracking
“At this point many previous hurdles still remain, including regulation and the related concerns around environmental damage. It is also geologically complex and the UK has a higher population density than other countries that have proceeded with fracking. While currently high energy prices may improve the potential economic viability of fracking in the UK, it may be less certain over the longer term. So it remains to be seen to what degree companies are willing to invest at scale given the uncertainties and concerns around fracking” – Tobias Wagner, Vice President, Senior Credit Officer, Moody’s
“Fracking hasn’t gained much traction in Europe due to concerns on environmental damages and pressure from environmentalists and local communities. While Europe is politically very fragmented, I’ve hardly heard of any local government, city or council being open to fracking“ – Janko Lukac, Vice President, Senior Analyst, Moody’s Read More
bp America statement on the fire at bp-Husky Toledo Refinery
Release date: 21 September 2022
It is with deep sadness we report that two bp staff injured in a fire at the bp-Husky Toledo Refinery have passed away. Our thoughts are with the families and loved ones of these two individuals. All other staff is accounted for and our employee assistance team is on site in Toledo to support our employees impacted by this tragedy.
Below are some additional updates this morning:
The fire was extinguished last night around 10:15 p.m. EST.
The refinery was safely shut down and remains offline today.
Our highest priority remains the safety of our staff, the responders and the public.
We continue to update local, state and federal officials. Read More
Subsea 7 S.A. announced that, on 22 September 2022, Société Générale SA informed the Company that on 19 September 2022, the total number of voting rights in the Company (attached to shares or through financial instruments) held by Société Générale SA was 13,148,005 representing 4.38% of the voting rights in the Company, thereby crossing below the 5% threshold provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”).
The 13,148,005 voting rights in the Company held by Société Générale SA were attached to shares and financial instruments with similar economic effect according to Article 12 (1) (b) of the Transparency Law. Read More
The global energy market confronts companies and institutions with the need to accelerate the energy transition process to tackle climate change while ensuring universal access to energy. It is a big challenge that Eni is ready for thanks to a medium and long-term strategic plan aimed at being Net Zero by 2050.
The approach of the company, which has been organized with a structure called Sustainable B2B, brings together research and development, technical and scientific expertise and experience in a virtuous ecosystem of international collaborations and partnerships. The focus on technological innovation that drives Eni towards decarbonisation makes it a global energy tech company.
Eni’s integrated model consists of products, services and solutions tailor-made for small, medium and large companies, with a holistic and cross-cutting approach. Read More
Aquapak Polymers, a leader in polymer technology that offers excellent functionality, recyclability and environmental credentials, has partnered with Industrial Physics, a global packaging, product, and material test and inspection partner, to create a harmonised set of WVTR (Water vapour Transmission Rate) testing methods for its Hydropol™ biodegradable polymer.
Hydropol offers all the benefits of traditional polymer plastics yet is water soluble and completely biodegradable as well as non-toxic and UV resistant. It also offers multiple end-of-life options such as recyclability, compostability and compatibility with anaerobic digestion plants.
Establishing a reliable and repeatable test method for WVTR is an industry-wide challenge. By using equipment designed by Industrial Physics’ product lines, including Systech Illinois, and Testing Machines Inc., Aquapak resolved to find a way forward by partnering with Industrial Physics, which will ultimately provide its customers across a wide range of sectors with a real alternative to using traditional polymers, helping them cut plastic pollution in the process.
Industrial Physics is a global test and inspection partner that works across a wide range of industry sectors to help customers protect the integrity of their packaging, products, and materials. The business is passionate about helping customers move to new, more sustainable packaging materials. The group is made up of numerous specialist testing brands, including Systech Illinois, TQC Sheen, Quality By Vision, Eagle Vision, Steinfurth, Technidyne, RayRan, Testing Machines Inc., and many more. Read More
Ofgem has issued Provisional Orders to energy companies Utilita and Scottish Power following a series of apparent failings related to Utilita’s lack of support for vulnerable customers and Scottish Power’s debt repayment plans.
The Provisional Order for Utilita was issued on Friday 9 September 2022 and for Scottish Power was issued on Wednesday 21 September 2022. These Orders compel both companies to bring themselves into compliance with their obligations to protect customers in particular circumstances.
These two Provisional Orders come ahead of the findings of a full market review into how suppliers make sure they are supporting customers struggling with bills, due to be published by Ofgem shortly. Read More
Iraq’s Federal Supreme Court has invalidated the Cabinet decision to set up the Iraqi National Oil Company (INOC).
According to a statement from the Court, Paragraphs 2 and 3 of Cabinet Decision No. 109 of 2020, and Decision No. 211 of 2021, are in breach of the constitution.A summary of the judgement in English, from the Court website, is shown below:
Federal Supreme Court Rules Invalidity of Paragraphs (2) and (3) of Cabinet Decision No. (109) of 2020 and the Decision (211) of 2021 and its repeal are related to the completion of the steps of establishing the National Oil Company and the assignment of [the Minister of Oil (Ihsan Abdul-Jabbar) to head it.]
The Court shall consider:
1- Whereas, public funds have inviolability following all the divine laws and affirmed that the Holy Quran in a number of its noble verses and Article (27 / 1st) of the Constitution stipulates that this and that their protection is the duty of every citizen, so all institutions and employees therein must maintain the sanctity of those funds and that the initiation of a lawsuit to protect them is consistent with what is stated in Article (20 / 1st) of the Bylaw of the Court, which obliges that the interest is a state, direct and influential in the legal status or Financial or social and because it is in the interest of the people to pay the damage caused to public funds and this is considered to be in their interest. Read More
Jordanian Minister of Energy and Mineral Resources, Dr. Saleh Al-Kharabsheh , announced on Monday that loading had commenced at Kirkuk, instead of the previous site at Baiji. The memorandum of understanding (MoU), which was signed on 28th January 2021, has been extended until 31st December 2022, in order to complete the transfer of the remaining contracted quantities.
Jordan imported about 2,525 million barrels from Iraq, at a rate of 8,359 barrels per day (bpd), from September 2021 until the end of July 2022. The oil was carried by 9,678 tanker journeys from the site at Al-Siniya/Baiji to Zarqa refinery. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $79.50 | Down |
| Crude Oil (Brent) | USD/bbl | $86.73 | Down |
| Bonny Light | USD/bbl | $91.70 | up |
| Saharan Blend | USD/bbl | $90.79 | up |
| Natural Gas | USD/MMBtu | $6.78 | Down |
| OPEC basket 22/09/22 | USD/bbl | $95.51 | Down |
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 16th September 2022 | 763 | +4 |
| Canada | 16th September 2022 | 211 | +6 |
| International | August 2022 | 860 | +27 |
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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