Energy top stories to 11/08/22. OPEC daily basket price stood at $101.29/bl, 10 August 2022
10 financial institutions own almost half the world’s unburned fossil fuels, a new study shows.The new study, published in the Environmental Innovation and Societal Transitions journal, reveals that governments and prominent American investment managers are among the biggest shareholders in fossil fuel firms. Researchers at Canada’s University of Waterloo analysed the ‘Carbon Underground 200’, a database of the world’s largest coal, oil and gas companies, to find the most powerful investors. Read More–>
Kent’s market director for low carbon projects gives Gas Pathways his thoughts on delivering Vertex’s 1,000 MW hydrogen generation project, part of the HyNet North West Track 1 cluster sequencing initiative.With its prime minister Boris Johnson preparing to leave office, the UK now stands on the cusp of a new epoch for its energy policy, in line with its objective of achieving net zero by 2050. Low-carbon hydrogen production, distribution and fuel switching is a key pillar of this transition strategy. Following the publication of its new energy security strategy in April, Whitehall now aims to have delivered 10 GW of hydrogen production capacity by the end of this decade. That is double the 5 GW capacity it had originally envisaged. Around half of this quota is expected to come from green hydrogen, produced from renewable electricity sources, while the other 5 GW may be natural gas-derived blue hydrogen with carbon capture and storage, or alternatives such as nuclear-derived hydrogen or the experimental concept of turquoise hydrogen.
HyNet set to decarbonise England’s North West
At the heart of UK ambitions for industrial decarbonisation is the multi-track cluster sequencing programme. The cluster programme is designed to enable shared infrastructure and hydrogen production to be developed in a cost effective way. It prioritises the sequence of delivery underpinned by government support regime.
A large geographical area encompassing North West England and North Wales was identified as the one of the primary hot spots for industrial carbon emissions due to being home to the UK’s largest manufacturing region, employing nearly 350,000 people. Read More–>
China on Wednesday reaffirmed its threat to use military force to bring self-governing Taiwan under its control, amid threatening Chinese military exercises that have raised tensions between the sides to their highest level in years. The statement issued by the Cabinet’s Taiwan Affairs Office and its news department followed almost a week of missile firings and incursions into Taiwanese waters and airspace by Chinese warships and air force planes. More
Kent, has been awarded a major contract win for Berwick Bank Project.
Kent’s scope is to complete two multidiscipline concept designs for the offshore substation platforms (OSPs), delivering designs for options of both larger capacity OSPs and smaller OSPs of the same total capacity.
Kent will provide the complete service required to deliver the concept designs, encompassing project and engineering management and technical delivery for structures and architectural, high voltage electrical system design, safety, and various facilities disciplines.
Kent has also been commissioned to provide the substructure concept designs for the Berwick Bank Project with SSE Renewables. This includes substructure and foundation designs for wind turbine generators (WTGs) and OSPs across the site in the Firth of Forth.
The concept designs will support supply chain engagement and further project development, considering both piled and suction caisson foundation options, along with options for transportation and installation of the jacket substructures. Read More
Ampol has awarded Kent the Future Fuels Desulphurisation Project for their Lytton refinery in Brisbane, reducing fuel emissions by 2025.
In a win for sustainability, Kent has been awarded the Future Fuels Desulphurisation Project by Ampol, where they will support the reduction of fuel emissions by 2025.
This landmark project, which aims to support the longevity of the Australian refinery, is a significant award for Kent, won following a competitive tendering period.
Support from offices in Houston, Mumbai, UAE, London, Bogota and Calgary has allowed Kent to get to where it is today, as a connected global organisation. Kent’s global hubs will also be working together on this project.
The project is critical to meeting proposed Euro 6 fuel sulphur emissions legislation, which requires that all fuels contain less than 10ppm sulphur, in Australia by 2025.
Stage 1, Front End Engineering Design (FEED),Long Lead Items (LLI’s) and FID package will commence immediately, whereas Stage 2, EPC execution contract, will be developed for early 2023 subject to final approvals
Joe McCormick, Kent’s Executive Vice President, Asia Pacific, said: “We are excited to have been awarded Ampol’s Future Fuels Desulphurisation Project, as this significant award has come after a competitive tendering period supporting the longevity of Australian refining. It’s our first time with Ampol. However, we look forward to forging a long-standing partnership with them to support their Future Fuels business.” Read More–>
Nissan e.dams is all set to take on the first edition of the Seoul E-Prix double-header in what will be the season finale of the 2021/22 ABB FIA Formula E World Championship. The team aims to build on the recent pace shown in the last few rounds, with both Sébastien Buemi and Maximilian Günther qualifying for the Duels and finishing in the top-10 in London two weeks ago, moving Nissan e.dams up a position in the Teams’ Championship.
This weekend Formula E travels to Seoul for the first time to wrap up Season 8. The 2.618-kilometer track weaves in and out of the Olympic Stadium, which hosted the 1988 Summer Olympics. 22 turns and a huge crowd awaits the drivers as they take on the circuit on August 13 to 14. Read More
In July, 7.1 percent of employed persons in the U.S. teleworked because of the coronavirus pandemic,unchanged from the prior month. These data refer to employed persons who teleworked or worked at home for pay at some point in the 4 weeks preceding the survey specifically because of the pandemic.
In July, 2.2 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic–that is, they did not work at all or worked fewer hours at some point in the 4 weeks preceding the survey due to the pandemic. This measure is little changed from the previous month. Among those who reported in July that they were unable to work because of pandemic-related closures or lost business, 25.0 percent received at least some pay from their employer for the hours not worked, little different from the previous month.
Among those not in the labor force in July, 548,000 persons were prevented from looking for work due to the pandemic, little changed from the prior month. (To be counted as unemployed, by definition, individuals must be either actively looking for work or on temporary layoff.) Employment in professional and business services continued to grow, with an increase of
89,000 in July. Job growth was widespread within the industry, including gains in management
of companies and enterprises (+13,000), architectural and engineering services (+13,000),
management and technical consulting services (+12,000), and scientific research and
development services (+10,000). Read More
Golar LNG Limited (the “Company”) advises that the 2022 Annual General Meeting of the Company was held on August 10, 2022 at 09:00 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2021 were presented at the Meeting.
The following resolutions were passed:
1) To re-elect Tor Olav Trøim as a Director of the Company.
2) To re-elect Daniel Rabun as a Director of the Company.
3) To re-elect Thorleif Egeli as a Director of the Company.
4) To re-elect Carl Steen as a Director of the Company.
5) To re-elect Niels G. Stolt-Nielsen as a Director of the Company.
6) To re-elect Lori Wheeler-Naess as a Director of the Company.
7) To re-elect Georgina E. Sousa as a Director of the Company.
8) To re-appoint Ernst & Young LLP of London, England as auditors and to authorize the Directors to determine their remuneration.
9) To approve remuneration of the Company’s Board of Directors of a total amount of fees not to exceed US$1,750,000 for the year ended December 31, 2022. Read More
Advent Technologies Holdings, Inc., an innovation-driven leader in the fuel cell and hydrogen technology space, announced the signing of a Memorandum of Understanding (“MoU”) with DEPA Commercial S.A., the leading importer of pipeline gas and liquefied natural gas (“LNG”) in Greece to enter into a strategic collaboration on hydrogen projects of common interest.
The MoU sets out the framework for a forthcoming mutually binding agreement. The parties have preliminarily agreed to the following actions:
Collaborate on the production of environmentally friendly hydrogen as a fuel with the participation of other major industrial partners.
Co-develop a proprietary and highly differentiated CHP system ready for mass production with efficiency approaching 90% and with multi-fuel operating capabilities (hydrogen, natural gas, efuels) that can address the key current, future, and on-grid, off-grid operation modes and business cases.
Create an innovation hub for the Greek hydrogen and fuel cell industry and develop synergies for promoting hydrogen and related technologies.
DEPA’s CEO, Dr. Konstantinos Xifaras, stated: “Our cooperation with Advent marks another important milestone in the advancement of hydrogen technologies in our country. DEPA has been closely following and actively pushed for the developments in the hydrogen sector, while Advent has extensive electrochemistry and engineering expertise and a global scale of operations and manufacturing footprint. We look forward to working with Advent’s team of experts, contributing to the diversification of the national energy mix and the security of the energy supply while simultaneously strengthening the national economy.” Read More
Ireland is looking to generate 80% of its electricity from renewable sources by 2030. If solar is to play its part in achieving that target then vital action must be taken to drive down costs and ensure as many solar projects as possible progress to completion.
For example, ISEA estimates that Ireland is paying €73 for every megawatt-hour of solar energy generated, while Spain is paying just €32. While climate plays a part, one of the main reasons for the difference is the very high network charges that apply here.
Irish solar operators are paying up to €26 more than their peers in related charges for every unit of electricity they put on the grid. That’s not good for consumers who are paying the fourth-highest electricity charges in Europe or for encouraging the development of solar energy in Ireland. Read More
U.S. Environmental Protection Agency (EPA) is reminding school districts and eligible school bus operators and contractors of the August 19, 2022 deadline to apply for funding to begin replacing the nation’s fleet of school buses with clean and zero-emission buses. $500 million is available to eligible applicants in the first round of funding for the new Clean School Bus (CSB) program out of the unprecedented $5 billion investment for low- and zero-emission school buses over the next five years, secured through President Biden’s Bipartisan Infrastructure Law. The Bipartisan Infrastructure Law allows EPA to prioritize certain applicants in the CSB Program. Applicants requesting funds to replace school buses that serve high-need school districts, low-income areas, rural districts, and Bureau of Indian Affairs funded school districts will be offered more funding per bus and receive preference in the selection process in the 2022 Clean School Bus Rebates program. However, all eligible applicants, regardless of prioritization status, are strongly encouraged to apply. Read More
Thames Water, Severn Trent and Southern Water are among those to have sold off some of their reservoirs in recent years.
Thames Water, which announced on Tuesday that it would soon bring in a hosepipe ban for its 15 million customers, has sold off 25 reservoirs since the 1980s, according to the GMB Union. That includes a reservoir at Cheshunt, which it sold in 2006 to developers to build 249 flats after the water company said it was no longer needed, as well as a water storage facility in Enfield, sold to a house builder.
A 2018 document from Southern Water said the company would need to decommission 43 of 93 pre-1900 reservoirs between 2023 and 2030.
In 2015, South West Water sold off a disused plot, including its Kilworthy reservoir – which went for £170,000 – in a bid to cut costs and bills. The plot was advertised as a potential “Grand Designs” project, with planning permission for a house.
Sir John Armitt, the chairman of the National Infrastructure Commission – which has called for more reservoirs to be built – said: “It’s been three decades since the last major supply reservoir was built in England and the situation we are facing this summer indicates what we can expect to happen with increasingly regularity in the future. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $92.74 | Up |
| Crude Oil (Brent) | USD/bbl | $98.25 | Up |
| Bonny Light | USD/bbl | $118.06 | — |
| Saharan Blend | USD/bbl | $117.77 | — |
| Natural Gas | USD/MMBtu | $8.29 | Up |
| OPEC basket 10/08/22 | USD/bbl | $101.29 | Up |
Nel Hydrogen A/S, has received a purchase order from an undisclosed European client for the delivery of several H2Station™ units for fueling of light- and heavy-duty fuel cell electric vehicles. The contract has a total value of approximately EUR 8 million and includes service & maintenance. The delivery of the H2Station™ units is planned in early 2023. Read More
Ex dividend 1q22; From 11 August 2022, the shares in Equinor (OSE: EQNR; NYSE: EQNR) will be traded ex dividend USD 0.40 (ordinary dividend of USD 0.20 and extraordinary dividend of USD 0.20). Read More
DNO ASA, today reported strong second quarter operational and financial results powered by high oil and gas prices and by solid production in its operated flagship Kurdistan Tawke license. Spurred by quarterly revenue of USD 361 million and free cash flow of USD 167 million, the Company reduced debt and exited the quarter in a positive net cash position for the first time since 2018.
“DNO is committed to put its capital to work in its core competency and capture new opportunities created as peers and even some of the largest European companies scale back spending and focus instead on harvesting,” said Executive Chairman Bijan Mossavar-Rahmani. “We believe in the oil and gas business and in our responsibility to all stakeholders, including host governments who want to capitalize on current prices and consumers who now call for more production, not less,” he added.
Operational cash flow totaled USD 341 million, including USD 50 million towards arrears built up by Kurdistan from non-payment of certain 2019 and 2020 Tawke invoices. These arrears, which stood at USD 259 million at yearend 2020, were reduced to USD 87 million as of 30 June 2022, excluding interest.
The Company’s operational spend in the second quarter totaled USD 198 million in line with the USD 800 million projection for the year. During the quarter, operational spend of USD 81 million in Kurdistan was divided between the Tawke license (USD 66 million) and the Baeshiqa license (USD 15 million); operational spend in the North Sea stood at USD 117 million.
Operating profit dropped to USD 81 million from USD 236 million in the previous quarter due to asset impairments of USD 127 million primarily related to the Ula area in the North Sea and expensed exploration of USD 48 million. Read More
DNO ASA, today announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2022, the Board of Directors has approved a dividend payment of NOK 0.25 per share to be made on or about 23 August 2022 to all shareholders of record as of 16 August 2022. DNO shares will be traded ex- dividend as of 15 August 2022. Read More
Africa Oil Corp.. announced that it has Board approval to submit an application to launch its first share buyback program under a Normal Course Issuer Bid (“NCIB”) scheme. The Company’s intention is to repurchase up to ten percent of its public float, the maximum permitted over a twelve month period under Canadian and Swedish securities law, subject to customary approvals. View PDF Version
Once approved, the buyback program would expand on the Company’s existing shareholder capital returns program with an annual base dividend of $0.05 per share, distributed in two semi-annual payments. A further update on the process and timing, including a launch press release, will be issued upon regulatory approval and once the Board has formally resolved to launch the NCIB.
Africa Oil President and CEO Keith Hill commented: “I am pleased to announce that we have Board approval to finalize the details for a share buyback program and to submit an application for its launch as soon as possible. This is the second step in delivering on our shareholder capital return aspirations and is supported by our strong cash position, debt-free balance sheet, and a positive outlook for our business.” Read More
U.S. Rig Count is down 3 from last week to 764 with oil rigs down 7 to 598, gas rigs up 4 to 161 and miscellaneous rigs unchanged at 5.
Canada Rig Count is down 1 from last week to 203, with oil rigs up 3 to 140, gas rigs down 4 to 63.
International Rig Count is up 9 rigs from last month to 833 with land rigs up 12 to 633, offshore rigs down 3 to 200.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 05 August 2022 | 764 | -3 |
| Canada | 05 August 2022 | 203 | -1 |
| International | July 2022 | 833 | +9 |
Golar LNG Limited (“Golar” or “the Company”) reports Net income of $230.0 million and Adjusted EBITDA1 of $101.0 million for Q2 2022 (“Q2” or “the quarter”).
Sold the FSRU Golar Tundra for $350.0 million and agreed to sell the steam turbine LNG carrier Golar Arctic as a converted FSRU to Italy’s Snam Group (“Snam”) for €269.0 million.
Completed the sale of remaining TFDE carriers, The Cool Pool Limited, and Golar’s shipping and FSRU management organization to Cool Company Ltd. (“CoolCo”).
Golar’s share of Q2 Contractual Debt1 decreased from $1.7 billion at Q1 2022 to $1.0 billion at Q2 2022.
Subsequent to the quarter end, FLNG Hilli customer elected to exercise optional capacity of 0.2 million tons per annum (“MTPA”) of Dutch Title Transfer Facility (“TTF”) linked production volumes from 2023 to 2026.
Entered into swap arrangements to hedge approximately 50% of Golar’s exposure to TTF linked production for 2023 at a TTF price of $49.50/MMBtu.
Advancing MKII newbuild activities scheduled for delivery in 2025.
Target FLNG project announcement within 2022.
FLNG operations: FLNG Hilli maintained its 4+ year unbroken record of 100% uptime during Q2. Distributable Adjusted EBITDA1 from FLNG Hilli was $92.5 million for the quarter, of which Golar’s share was $62.5 million. On July 27, 2022, Hilli customers Perenco Cameroon S.A. and Société Nationale des Hydrocarbures declared 0.2MTPA of their TTF linked optional production from 2023 until the end of the current contract in July 2026. On August 9, 2022 Golar entered into swap arrangements to hedge approximately 50% of Golar’s exposure to the 2023 TTF linked production, securing around $80.0 million of 2023 Distributable Adjusted EBITDA1. Based on current average 2023 TTF gas prices for the remaining unhedged portion, Golar’s share of 2023 TTF linked gross proceeds from the TTF linked volume is expected to be $160.0 million. Including the Brent oil forward curve ($88/bbl), and the fixed tariff, Golar’s share of Distributable Adjusted EBITDA1 from Hilli is expected to be approximately $305.0 million in 2023. Golar’s share of forecast 2023 total annual debt service for Hilli’s contractual debt is approximately $50.0 million (debt amortization of approximately $29.0 million and interest of approximately $21.0 million). Read More
Libya’s Economic Chaos Worsens As Result of Global Oil And Gas Supply Crisis. Libya sits on the largest known oil reserves in Africa and is heavily dependent on revenues from oil and gas exports. In more recent years, it has been controlled at various points by rebels and the Islamic State (IS) group.
As a result of that, oil and gas declined by 50% in 2022 to 145,000 barrels per day, and oil production fell to 700,000 barrels per day in the second half of June, compared to 1,250 million barrels per day before implementing the closures of oil fields and ports by the protesters. Read More
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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