Energy top stories to 13/09/22. OPEC daily basket price stood at $97.50/bl, 12 Sept. 2022
The European Commission said it would propose a mandatory target for the EU to cut power consumption at peak hours, a revenue cap on electricity producers and fossil fuel companies, and a price cap on Russian gas as immediate measures to save the European gas and electricity markets Read More
The European Commission has signed framework partnership agreements with five global associations of local authorities: the Association Internationale des Maires Francophones (AIMF), the Commonwealth Local Governments Forum (CLGF), Platforma/Council of European Municipalities and Regions (CEMR), the United Cities and Local Governments (UCLG), and the United Cities and Local Governments of Africa (UCLGA). Supported by €50 million from the NDICI-Global Europe instrument, the agreements support the role of local authorities and their associations in formulating policies to promote local, regional, and global level sustainable development. Read More
DNO ASA, today held an Extraordinary General Meeting in Oslo at which the proposal to increase the Company’s share capital received near unanimous support of over 99 percent of the votes cast. The Company will issue 78,943,763 new shares for subscription by RAK Petroleum plc, subject to the fulfilment of certain conditions set out in the transaction agreement entered between DNO and RAK Petroleum by which the Company will acquire assets in West Africa, as referenced in a 22 August 2022 stock exchange announcement. The total shares outstanding following the completion of the transaction will be 1,054,376,509, each with a nominal value of NOK 0.25. Read More–>
Nel Hydrogen US, a subsidiary of Nel ASA (Nel, OSE:NEL), has received a contract for a containerized PEM electrolyser from LanzaJet, a leading developer of biofuel technology in the United States.
Nel Hydrogen US has received a contract for a containerized PEM electrolyser to be installed at the world’s first commercial “Alcohol-to-Jet” production plant for sustainable aviation fuel (SAF), built by LanzaJet, an innovative leader in biofuel technology. Production capacity, when complete, will be 10 million gallons of SAF and renewable diesel per year from sustainable ethanol, with 90% SAF and 10% renewable diesel.
“Nel Hydrogen is thrilled to be part of this groundbreaking project with LanzaJet. Electrolysers can produce cost effective hydrogen for green chemical processes, which we expect to accelerate in light of recent production tax credit legislation for low carbon hydrogen”, said Dave Wolff, Regional Sales Manager for Nel Hydrogen US.
“On-site green hydrogen production is an important component of our strategy to produce low carbon sustainable aviation fuel at our facility in Georgia,” said Jimmy Samartzis, LanzaJet CEO. “Working with Nel Hydrogen will enable LanzaJet to further reduce emissions in the aviation sector.”
The purchase order has a value of approximately USD 3 million, and the equipment is expected to be delivered in Q3-2023. Read More
Shell plc (“Shell”) today announced that the payment of its second quarter 2022 interim dividend will be moved from Monday September 19, 2022 to Tuesday September 20, 2022. This change follows the announcement of a bank holiday on Monday September 19, 2022, made by the UK Government on Saturday September 10, 2022, for Her Majesty Queen Elizabeth II’s State Funeral and the subsequent releases made by the Bank of England and Euroclear UK & International that in line with their usual bank holiday processes, their systems, required to settle this dividend payment, will be closed on this bank holiday. This change in payment day will apply to Shell’s second quarter 2022 interim dividend integrally, thus covering dividend payments in (i) any of the three available currencies (pound Sterling, euro and US dollar) for ordinary shares and (ii) US dollars for American Depositary Shares. Read More
On Thursday October 27th 2022 at 07:00 BST (08:00 CEST and 02:00 EDT) Shell plc will release its third quarter results and third quarter interim dividend announcement for 2022. Read More–>
Nigeria’s state oil corporation, the Nigerian National Petroleum Corporation’s, CEO, Mele Kyari, will deliver a keynote address and participate as part of an esteemed Nigerian Delegation at this year’s African Energy Week exhibition and networking event in Cape Town Read More
Chevron Corporation (NYSE: CVX), through its affiliate Chevron Australia Pty Ltd, is part of three joint ventures that have been granted an interest in three greenhouse gas assessment permits offshore Australia.
The blocks, including two in the Carnarvon Basin off the north-western coast of Western Australia and one in the Bonaparte Basin offshore Northern Territory, total more than 31,500 km2 or nearly 7.8 million acres – an area larger than Belgium.
“Chevron has a unique set of capabilities and relationships to support the further deployment of carbon capture and storage in Australia,” said Mark Hatfield, managing director of Chevron’s Australia Business Unit. “We look forward to working with our venture participants to assess the greenhouse gas storage potential within these titles, which we hope will benefit Australia and the region for years to come.”
As part of its global lower carbon strategy, Chevron is focused on carbon capture, utilization, and storage (CCUS) – primarily through hubs with third-party emitters as partners and customers – renewable fuels, hydrogen, offsets, and other emerging technologies. Read More
KBR (NYSE: KBR) announced it has been awarded a study to develop a carbon-neutral, green ammonia-based power system for a semi-submersible drilling unit owned by Odfjell. KBR will collaborate with Odfjell, Equinor and Wärtsilä to assess conversion of the diesel generators on board drilling units to ammonia-fueled generators.
“We are excited to be a part of a collaborative effort that will fully integrate KBR’s semisubmersible technology expertise, Wärtsilä’s power systems, and Odfjell’s and Equinor’s operations capabilities, all to deliver a carbon-neutral solution,” said Jay Ibrahim, president of KBR Sustainable Technology Solutions. “This project demonstrates the role ammonia can play in decarbonizing existing assets and achieving net-zero targets. We pride ourselves in driving positive change, innovation and improvement in key markets, and we are proud to support our customers across the industry in their transitions to cleaner fuel options.” KBR is a world-leading ammonia licensor and KBR’s K-GreeN® technology produces carbon-free ammonia based on electrolysis of water. K-GreeN is a viable, renewable alternative to decarbonizing the maritime and shipping industries. KBR has been supporting Equinor and Odfjell for more than three decades with marine technology, engineering and original semi-submersible designs. Read More
The International Society of Automation (ISA) today has announced the release of its new Digital Transformation Training Series.
The training series is a set of courses that cover emerging technologies associated with digital transformation. The goal of the series is to increase the foundational knowledge of these technologies and explain how they can be applied to drive efficiency across multiple industries. The series is well-suited for engineers, technicians, business leaders, and managers engaged in industrial automation and its related fields.
“The ISA digital transformation series will help organizations cross the chasm on adoption of digital technologies and upskill workforce across their enterprise,” said Prabhu Soundarrajan, ISA Executive Board Member and President-elect for 2024. Read More
Australian Defence Minister Richard Marles said on Wednesday Papua New Guinea had proposed a security treaty between both countries amid increasing tensions in the Pacific islands after China struck a security pact with neighbouring Solomon Islands.
PNG Foreign Minister Justin Tkatchenko also told ABC Television he had discussed a security treaty with his Australian counterpart Penny Wong during her visit to Port Moresby on Tuesday, while Wong told ABC the discussions were in a “very early stage.”
The Solomon Islands has had a tense relationship with the United States and its Pacific allies since striking a security pact with China in April. Australia, New Zealand and other Pacific island countries have said security needs should be met within the region.
“This is an idea that has been put forward by PNG,” Marles told ABC radio on Wednesday.
“We have been making it really clear we want to be as close to PNG as we can be. We want to build on the already close military to military relationship that we have with Papua New Guinea, which we see as one of the most important military to military relationships that we have,” he added. Read More
The Board of Directors of Hess Corporation (NYSE: HES) today declared a regular quarterly dividend of 37.5 cents per share payable on the Common Stock of the Corporation on September 30, 2022 to holders of record at the close of business on September 19, 2022.
Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. Read More
During the period from August 29 to September 2, 2022, Eni acquired n. 11,902,780 shares, at a weighted average price per share equal to 12.0646 euro, for a total consideration of 143,602,437.69 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
Pipeline Technique (PTL), a market leader in the onshore and offshore infrastructure welding, coating, and technological engineering sector, has completed its transformational acquisition of a trio of industry-leading energy infrastructure businesses from Stanley Black & Decker. This marks the second acquisition of 2022 for PTL – in April, the company acquired Global Project Services.
PTL, which is backed by specialist energy private equity firm Bluewater, has acquired a group of three companies from Stanley Black & Decker: CRC-Evans, Pipeline Induction Heat (PIH), and Stanley Inspection (including MicroAlloying, part of Stanley Inspection).
The acquisition creates a global leader in welding, coating, and technical engineering. It immediately delivers a threefold increase in revenue for PTL, which is now expected to exceed $200 million. The deal also results in more than doubling of headcount, rising from around 350 people to over 1,000. PTL will now use the increased headcount to its advantage and take on more essential welding, coating related projects and contracts across the world. Every aspect of the energy mix – including traditional gases, hydrogen, ammonia, and carbon capture – requires welding and coating to deliver safe, reliable, secure energy to meet the world’s growing energy demands. Read More
The OPEC Secretariat and the City of Vienna will host the Second Vienna Energy Scholar Programme (VESP) from 19 to 23 September 2022 at the OPEC Headquarters.
The week-long programme will provide young scholars with the opportunity to learn about the OPEC Secretariat’s activities related to short-term and long-term energy perspectives, policies and regulations. The energy transition, energy access and security, and environmental challenges will be addressed in an effort to further develop mutual understanding between OPEC, its Member Countries, and the participants from Austria and other European countries. The VESP will conclude with a discussion with HE Haitham Al Ghais, OPEC Secretary General, on the energy future.
Furthermore, it is planned that participants will have the chance to explore these topics further in one of OPEC’s Member Countries in 2023. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $87.82 | Down |
| Crude Oil (Brent) | USD/bbl | $93.67 | Down |
| Bonny Light | USD/bbl | $95.72 | Down |
| Saharan Blend | USD/bbl | $93.39 | Down |
| Natural Gas | USD/MMBtu | $8.34 | Down |
| OPEC basket 12/09/22 | USD/bbl | $97.50 | Up |
McDermott International, together with its storage business, CB&I, has been awarded a Front-End Engineering Design (FEED) contract from Gunvor Petroleum Rotterdam B.V. for the Green Hydrogen Import Terminal project. The project is part of Gunvor’s program to transform their Rotterdam facility into a green energy hub.
Under the contract scope, CB&I will provide the FEED of the ammonia tank and associated Inside Battery Limits (ISBL) equipment. McDermott will support with FEED activities for the interconnecting pipeline, tie-ins and other Outside Battery Limits (OSBL) scope. As part of the FEED, a project execution cost estimate will be developed as basis for a potential conversion into an engineering, construction and procurement (EPC) contract for the implementation phase.
“After successfully completing the feasibility study in 2021, we are well positioned to execute the next phase of this important green energy project,” said Tareq Kawash, Senior Vice President, Onshore of McDermott. “Our ability to bring together McDermott’s decades of project execution experience with CB&I’s expertise in design, engineering and construction of ammonia tanks make us the ideal partner for Gunvor.”
“This project represents a vital contribution to ensuring a reliable logistical chain for the growing green hydrogen market and ultimately meeting the Netherlands 2030 climate goals,” said Cesar Canals, Senior Vice President, of CB&I. “As a world leader in the design and build of storage terminals, CB&I, together with McDermott, bring safety, quality and assurance.”
Work on the project will be executed from McDermott’s office in The Hague, the Netherlands and CB&I’s office in Plainfield, Illinois. Read More
Gazprom and CNPC discuss progress of project for Russian gas supplies to China.
- It was highlighted that the collaboration between Gazprom and CNPC is strategic in nature and is advancing in a consistent manner.
- The meeting touched upon the project for pipeline gas supplies from Russia to China via the Far Eastern route. It was noted that the key technical parameters of supplies are already outlined and Gazprom is in the process of designing the gas pipeline.
- Particular attention at the meeting was paid to the Power of Siberia 2 gas pipeline in Russia and the Soyuz Vostok gas pipeline in Mongolia, which will link the Russian and Chinese gas transmission systems.
- Alexey Miller also informed Dai Houliang of the status of works on the project for gas supplies via the eastern route. Construction of the linear part of the gas pipeline stretching from the Kovyktinskoye field in the Irkutsk Region to the Chayandinskoye field in Yakutia is almost 100 per cent completed.
- The parties signed additional agreements to the Sales and Purchase Agreement for Russian gas to be supplied via the eastern route. Read More
On 1 August 2022, Orrön Energy Holding AB, a wholly-owned subsidiary of Orrön Energy AB announced a recommended public offer to the shareholders of Slitevind AB (publ) (“Slitevind”) to tender all shares in Slitevind for SEK 125 in cash per share (the “Offer”). On 24 August 2022, Orrön Energy declared the Offer unconditional and extended the acceptance period until 5 September 2022. The Offer has been accepted to such an extent that Orrön Energy will own 96.5 percent of all shares and votes in Slitevind and the Offer is now closed. Orrön Energy has initiated a compulsory buy-out procedure in order to acquire the remaining shares.
Outcome of the Offer
At the expiry of the initial acceptance period for the Offer on 23 August 2022, the Offer had been accepted by shareholders holding 91.0 percent of the total number of shares and votes in Slitevind. At the expiry of the extended acceptance period on 5 September 2022, the Offer had been accepted by additional shareholders holding 388,694 shares in Slitevind, corresponding to 5.5 percent of the total number of shares and votes in Slitevind.
Settlement in respect of shares tendered during the extended acceptance period is expected to commence on or around 13 September 2022. Thereafter, Orrön Energy will own 6,865,348 shares, corresponding to 96.5 percent of all shares and votes in Slitevind.
Neither Orrön Energy nor any closely related party to Orrön Energy held or controlled any shares or other financial instruments that give a financial exposure equivalent to a shareholding in Slitevind at the time of the announcement of the Offer, and have not acquired any such shares or financial instruments outside the Offer.
Compulsory buy-out and delisting of the shares in Slitevind
Orrön Energy has initiated a compulsory buy-out procedure in accordance with the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)) for the purpose of acquiring the shares in Slitevind that were not tendered in the Offer. Further, at the request of Orrön Energy, Slitevind has applied for delisting of Slitevind’s shares from Nasdaq First North Growth Market.
Advisers
Orrön Energy has engaged SEB Corporate Finance as financial adviser, Gernandt & Danielsson Advokatbyrå as legal adviser and Skeppsbron Skatt as tax adviser in connection with the Offer. Read More
Ofgem announced its selection of Diamond Transmission Partners as the preferred bidder to own and operate the £1.2bn high voltage transmission connection link serving Hornsea 2 offshore wind farm. Diamond Transmission Partners, a consortium comprising Mitsubishi Corporation and HICL Infrastructure plc, was selected by Ofgem following a competitive Offshore Transmission Owners (OFTOs) bidding process to own and operate the asset for the next 24 years.
Green energy developer Ørsted’s 165 turbine Hornsea 2 wind farm is located 89km from the Yorkshire coast and has a capacity of 1320MW. Its associated transmission assets, which connect to National Grid’s electricity transmission network at Killingholme, are the most valuable yet brought to market through Ofgem’s OFTO regime.
The initial estimated value of the transmission assets is £1.189bn. When the final value of the assets has been agreed by Ofgem, the preferred bidder will pay the final amount to Ørsted, once they have been granted the assets OFTO licence by Ofgem. Read More
Baker Hughes Company announced it is restructuring and simplifying its organization and accelerating its strategic transformation. These changes will simplify operations, enhance profitability, and drive growth, meeting customer needs and producing solutions in the rapidly evolving energy and industrial markets. “We have continuously looked to ensure Baker Hughes can operate in any environment and play a clear role in helping to address the Energy Trilemma – balancing energy security, sustainability, and affordability. Today, we are taking a deliberate next step in our strategic journey to transform and simplify our operations and position Baker Hughes for the future,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “Our updated structure will allow us to deliver the technologies that the energy transition will demand by further strengthening our existing customer relationships and allowing more operational flexibility, maintaining size and scale to maximize technology investments and capital returns to our shareholders.” Baker Hughes is restructuring its four product companies to focus on two reporting business segments and streamlining its corporate structure, which is expected to deliver at least $150 million in cost savings and form the baseline for further margin improvement. Effective October 1, the Company will be formally restructured into two reporting business segments: Oilfield Services & Equipment (OFSE) integrates the current Oilfield Services (OFS) and Oilfield Equipment (OFE) product companies. Industrial & Energy Technology (IET) integrates the current Turbomachinery & Process Solutions (TPS) and Digital Solutions (DS) product companies. Read More
Executive Director stresses need for clean energy investment at G20
Addressing the G20 Energy Transitions Ministerial Meeting in Bali, Indonesia, our Executive Director Fatih Birol urged energy ministers from the world’s largest economies on Friday to prioritise actions to ensure secure, affordable and sustainable energy in response to the crisis the world currently faces.
The top-level meeting, held under the G20 Presidency of Indonesia and chaired by Minister of Energy and Mineral Resources Arifin Tasrif, took place against the backdrop of the major turmoil in global energy markets triggered by Russia’s invasion of Ukraine. The IEA has played a major role supporting the energy transitions agenda of Indonesia’s G20 Presidency this year, including a new Net Zero Roadmap for Indonesia and joint high-level statement on net zero (see below for more), reflecting our deep and long-term cooperation with the Indonesian government. In his remarks to the ministers, Dr Birol highlighted the impact of the surge in energy prices on the developing world where it is depriving people of the ability to pay for essential electricity and clean cooking services. He stressed that the best way out of the crisis is a massive increase in clean energy investment, especially in emerging and developing economies, and called on advanced economies to mobilise more financing to support clean energy transitions in the developing world. Read More
Hungary’s transition to clean energy can enable it to achieve greater energy security and independence as it navigates the supply challenges that Russia’s invasion of Ukraine has created for countries across Europe, according to a new in-depth policy review by the International Energy Agency. Hungary has a strong starting point for its energy transition thanks to rapid growth of solar PV and a solid base of nuclear power. But it still has considerable work ahead to achieve its objectives for emissions reductions and energy sovereignty. Since the IEA’s last in-depth energy policy review in 2017, Hungary has increased its climate ambitions. In 2020, it became one of the first countries in Central Europe to put a carbon neutrality goal for 2050 into law and presented a long-term National Clean Development Strategy the following year. Hungary is aiming for 90% of its electricity generation to come from low-carbon sources by 2030. However, Russia’s invasion of Ukraine has created a new set of energy security challenges in Europe. In response to the current global energy crisis, Hungary declared a state of energy emergency in July 2022 that allowed the government to increase domestic gas and coal production, secure additional gas imports from Russia and increase the output of the Mátra coal power plant. The government is also considering extending the lifetime of the four reactors at the country’s Paks nuclear power plant, which guarantees almost 50% of Hungary’s electricity supply. Read More
A ground-breaking new series of high strength austenitic stainless steels has been developed that will transform how materials are specified and utilised across the oil and gas sector. The N’GENIUS SeriesTM represents the total reinvention of conventional austenitic stainless steels and has been specifically developed to out-perform, supersede and supplement the majority of existing grades in the 300 Series, the corrosion resistant alloy (CRA) line pipe grades currently available for selection in the API Specification 5LC and the DNV-ST-F101 standard, plus the CRA Oil Country Tubular Goods (OCTG) in the API Specification 5CT for Casing and Tubing. Read More
U.S. Rig Count is down 1 from last week to 759 with oil rigs down 5 to 591, gas rigs up 4 to 166 and miscellaneous rigs unchanged at 2.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 9th September 2022 | 759 | -1 |
| Canada | 9th September 2022 | 205 | -3 |
| International | August 2022 | 860 | +27 |
World’s First 100% Hydrogen-Powered Trains Now Running Regional Service in Germany. The new route, between the Lower Saxony towns of Cuxhaven, Bremerhaven, Bremervörde and Buxtehude, will use only hydrogen fuel cell trains from a French company Alstom, purchased by the German regional rail company LNVG.
Inside fuel cells, hydrogen stored on the roof of the train combines with oxygen to make power. When that hydrogen and oxygen combine, the only thing left is H2O.
Alstom’s model can go 1,000 kilometers, or 621 miles before it needs a refueling, which for these inter-small town services means no refill will be needed until service finishes at the end of the day. Read More
Nicolas Foucart has been appointed Chief Executive Officer, Repsol Sinopec Resources UK Limited, effective today, 1st September 2022.
Mr Foucart replaces Jose Luis Muñoz who held the post from April 2020. Mr Muñoz is relocating to Spain upon being appointed Director of Mergers and Acquisitions (M&A) for Repsol in Madrid. Mr Foucart joined Repsol Sinopec in August 2018, most recently holding the position of COO, based in Aberdeen. Read More
Capricorn Energy PLC released its Half-yearly Results 2022.
H1 2022 Operational and Strategic Highlights
Egypt H1 2022 Capricorn working interest production averaged ~35,500 boepd
~14,600 bopd liquids (up 6% from 2021 post acquisition average)
117mmscf/d gas (down 7% from 2021 post acquisition average)
Focus on liquids production in prevailing oil price environment; currently 41% of production
Balance sheet: Group net cash at end of H1, US$631m, comprising US$809m cash and US$178m debt
Capital expenditure of US$82m during H1
US$77m of earn out consideration received in H1 in relation to the sale of the UK North Sea producing assets
Receipt of India tax refund of US$1.06bn, enabling further shareholder returns with a ~US$500m tender offer and US$25m share buyback (which completed in July)
Safe and responsible operations – zero LTIs and zero Tier 1 process Events at BED or Obaiyed in H1
Proposed all-share combination of Capricorn and Tullow Oil plc, creating a leading African energy company
Outlook
Full year forecast net capital expenditure of US$175-195m;
Egypt Development & Production US$80-90m
Egypt Exploration & Appraisal US$20-25m and International Exploration US$75-80m
Revised full year production guidance of 33,000 boepd to 36,000 boepd (previous guidance 37,000 boepd to 43,000 boepd)
Egypt Production – a ramp-up in H2 2022 drilling activity is underway following initial delays of the fourth and fifth rigs into Egypt and completion of BED compression project by year end
Acquisition of 3D seismic programmes in Southeast Horus and West El Fayum concessions, Egypt
Initiation of operated exploration drilling in South Abu Sennan, Egypt
Drilling of the Yatzil prospect on Block 7 Mexico expected to commence in Q4 2022
Clear pathway to net zero by 2040 – comprehensive GHG baseline survey to be completed for Egypt by year end
Documentation on proposed merger expected to be issued in Q4 2022 ahead of a shareholder meeting Read More
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), has achieved an accumulated 8,000 hours of actual operating hours (AOH) for its M701JAC gas turbine. The subject gas turbine unit was installed for gas turbine combined cycle (GTCC) power generation system operated as part of a joint venture between Thailand’s Gulf Energy Development Public Company Limited, one of the country’s largest independent power producers (IPP), and Mitsui & Co., Ltd. The 60Hz model M501JAC gas turbine previously achieved 8,000 AOH in June 2018, and with the 50Hz model M701JAC now having exceeded 8,000 AOH as well, the state-of-the-art air-cooled JAC (J Series Air Cooled) series has established an industry benchmark of reliability for both the 50Hz and 60Hz markets. Read More
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), announced the start of operations at the Rades C combined cycle power plant in Tunisia, owned by the Société Tunisienne de l’Electricité et du Gaz (STEG).
The high-efficiency 450 MW plant was developed by a Mitsubishi Power-led consortium with consortium partner Sumitomo Corporation to expand power generating capacity in Tunisia and achieve a stable supply of electricity, to help accelerate the sustainable economic development of the country.
Located about 10 km east of the Tunisian capital, Rades C will provide approximately 10% of the country’s current installed capacity and become the highest efficiency plant in the country. Read More
Mitsubishi Shipbuilding Co., Ltd. (President & CEO: Toru Kitamura; Headquarters: Nishi-ku, Yokohama) and Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) announced the acquisition of Approval in Principle (AiP)(Note1) for their jointly developed liquefied CO2 (LCO2) carrier from the Norwegian classification society Det Norske Veritas AS (DNV; Headquarters: Norway). The presentation ceremony took place on September 5 at Fiera Milano, the venue of Gastech 2022, a major international conference on global energy and environmental issues, including natural gas, LNG, and hydrogen, held in Milan, Italy.
The LCO2 carrier that underwent a Hazard Identification Study (HAZID)(Note2) and received an AiP is a 50,000m3-class vessel for which the two companies completed a joint concept study in November 2021. The vessel design incorporates tank pressure specifications for larger vessels in the future. Mitsubishi Shipbuilding and MOL are also integrating the knowledge of an MOL-invested company, Norway-based Larvik Shipping AS, which has managed LCO2 vessels in Europe for more than 30 years. The HAZID was implemented in line with actual operations.
Mitsubishi Shipbuilding and MOL will leverage their respective and complementary strengths and knowledge to advance this joint development project, and through the newly acquired AiP will continually work to develop various technologies, including LCO2 vessels, which will be essential in building a carbon capture, utilization and storage (CCUS) value chain, thereby contributing to the realization of a carbon-neutral society. Read More
Sarawak Shell Berhad (SSB) (80%, Operator), a subsidiary of Shell plc, together with PETRONAS Carigali Sdn Bhd (20%), has taken a final investment decision (FID) to develop the Rosmari-Marjoram gas project.
Rosmari-Marjoram fields are situated 220 kilometres (km) off the coast of Bintulu, Sarawak, Malaysia and will be powered by renewable energy, using solar power for the offshore platform. “Rosmari-Marjoram will help to deliver a secure and reliable supply of energy, responsibly and efficiently,” said Shell Upstream Director Zoe Yujnovich. “This demonstrates our Powering Progress strategy – powering lives, generating value, and reducing emissions by using renewable energy to power Rosmari-Marjoram.”
Ivan Tan, Country Chair and Senior Vice President Upstream Malaysia said, “The support and partnership from PETRONAS and the Government of Sarawak are critical to achieving this milestone with Rosmari-Marjoram. Shell has a long and proud history in Sarawak, and we look forward to contribute further to Sarawak and Malaysia’s economic growth through investments in competitive and resilient projects.”
The Rosmari-Marjoram development is one of the strategic projects to ensure a sustained gas supply to the PETRONAS LNG Complex. The project comprises a remotely operated offshore platform and onshore gas plant, with infrastructure that includes one of the longest sour wet gas offshore pipelines in the world stretching more than 200 km. Rosmari-Marjoram project is designed to produce 800 million standard cubic feet of gas per day (MMscf/d). Gas production is expected to start in 2026. Read More
The Board of Shell plc announced the pounds sterling and euro equivalent dividend payments in respect of the second quarter 2022 interim dividend, which was announced on July 28, 2022 at US$0.25 per ordinary share.
Shareholders have been able to elect to receive their dividends in US dollars, euros or pounds sterling. Holders of ordinary shares who have validly submitted US dollars, euros or pounds sterling currency elections by August 26, 2022 will be entitled to a dividend of US$0.25, €0.2499 or 21.57p per ordinary share, respectively.
Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros at the euro rate per ordinary share shown above. Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling, at the pound sterling rate per ordinary share shown above.
Euro and pounds sterling dividends payable in cash have been converted from US dollars based on an average of market exchange rates over the three dealing days from August 31 to September 2, 2022.
This dividend will be payable on September 19, 2022 to those members whose names were on the Register of Members on August 12, 2022. Read More
Circularise announced a pioneering joint project with the certification scheme ISCC, material suppliers Neste, Asahi Kasei, Borealis, Trinseo and Shell, original equipment manufacturers (OEMs), brands Arcelik, Philips Domestic Appliances and EVBox, as well as trading companies Marubeni and Itochu, in which partners tested a blockchain system to complement the ISCC Plus certification. These parties were brought together by Circularise and Marubeni. This is the first time that 10 chemical industry players and appliance companies got together to test a blockchain-based digital system as a complement to a sustainability certification process of complex value chains.
Circularise’s blockchain-based digital system was tested with the ISCC Plus certification to make auditing of certified parties more efficient, and to strengthen integrity of certified data. Participants utilised a public blockchain enabling authentication, decentralisation and encryption of data verifying material flows and related sustainability attributes. This innovative approach differs from other blockchain projects where companies use a private blockchain operated by pre-selected participants, such as members of a consortium. Instead, Circularise and project partners used a public blockchain, making it virtually impossible for companies to appear more sustainable than they really are by reusing the proof of a sustainability claim across assets. This principle forms the foundation of trust in data integrity.
“Blockchain technology is revolutionising how data is stored and shared. Now companies don’t need to individually keep a balance of goods and transactions in excel. Instead they can use blockchain and smart contracts to store balances, record transactions, and apply mass balance rules. Every transaction is fully traceable. Auditors can therefore rely on the blockchain for parts of the audit,” said Mesbah Sabur, Circularise’s Founder. “We are excited to bring our knowledge in supply chain traceability and data management to project partners to test a public decentralised blockchain with the ISCC Plus certification.”
“At Neste, our purpose is to create a healthier planet for our children. We aim to drive a positive impact on biodiversity, while achieving a nature-positive value chain. To make sustainability a shared benefit to society, transparency along complex value chains is required. This is currently not easily available. Our goal in this project led by ISCC, Circularise and forerunner companies is to enable complex value chains to learn and take full advantage of innovative digital solutions, aiming to efficiently share data and validate sustainability characteristics of their products. Transparent product sustainability attributes will benefit industry, consumers and society,” says Isabella Tonaco, Vice President Strategy Execution & Marketing from Neste’s Renewable Polymers and Chemicals business unit.
Material traceability and verification of data at individual sites and across the value chain were guaranteed by ISCC Plus certification of each site of the operators, requiring site-specific audits, certification and mass balance calculations to provide reassurance about the sustainable content. The data was uploaded to the Circularise software system to improve mass balance bookkeeping and reporting. Read More
Neste and the University of Helsinki have agreed on a five-year cooperation to support the work of the new CoastClim research center (Centre for Coastal Ecosystem and Climate Change Research). CoastClim is a new research center of University of Helsinki that is carrying out groundbreaking research on the link between the state of the seas and climate change. Combating climate change is at the heart of both CoastClim’s activities and Neste’s strategy. Supporting the research center will provide new opportunities for Neste to promote sustainable development.
“Neste’s research and innovation work provides wide-ranging support for changes in the business and technological development, and it is key to finding new growth platforms for renewable and circular economy solutions. Tackling climate change will require comprehensive research and large-scale cooperation between various companies and organizations. We are pleased to be able to contribute to the achievement of our common goals through this collaboration,” says Lars Peter Lindfors, Senior Vice President, Innovation at Neste. Read More
U.S. Environmental Protection Agency (EPA) announced nearly $2 million in research funding to the University of California, Berkeley to develop a cost-benefit tool to support enhanced aquifer recharge (EAR) as a viable, safe, and cost-effective water management strategy. EAR is the practice of using excess surface water to intentionally replenish and supplement existing groundwater supplies for storage and potential reuse.
“Given that changing climate is leading to intensified droughts, as evident this summer in communities throughout the U.S., we need to identify effective and economically feasible solutions to enhance the sustainability of our water supplies,” said Chris Frey, Assistant Administrator of EPA’s Office of Research and Development. “The research announced today will provide decision makers the knowledge needed to address groundwater depletion, support communities, and advance water availability.”
Using too much groundwater can lead to many issues that impact water quality and water availability. In many locations, EAR can be a cost-effective way to increase water resource resiliency to mitigate the impacts of drought exacerbated by climate change and can also provide ways to combat saltwater intrusion near coastal communities, among other benefits. However, groundwater removal is outpacing the rate of EAR implementation, and additional research is needed to address economic, technological, and other factors that affect the ability to implement EAR projects.
With this Science to Achieve Results (STAR) research grant, investigators at the University of California, Berkeley will conduct research using a life-cycle view of EAR which includes three pillars of decision making for EAR implementation: geochemical and physical considerations; legal and institutional considerations; and cost-benefit analysis and life-cycle assessment. The project will culminate in the creation of an EAR Lifecycle Map that can be used by water managers and other decision-makers to assess the costs and benefits of implementing their EAR projects. Read More
Aker Solutions today received grade A+ in an evaluation of environmental, social, and corporate governance (ESG) reporting of the 100 largest companies on the Oslo Stock Exchange.
The influential annual ESG100 report, by the Position Green Group (formerly known as The Governance Group), analyzes the accuracy, clarity, and relevance of the largest companies’ ESG data.
Companies rated grade A demonstrate:
Excellent reporting in line with best practice
Good description of material issues and performance in these areas
Clear strategy and specific, quantifiable targets
“Environment, social and governance are key aspects of any successful and responsible business. The recognition we received today, as a national leader in ESG, is a great acknowledgement of our commitment to create value while protecting the environment and contributing to the good of society,” said Marianne Hagen, executive vice president and head of sustainability, HSSE and communications at Aker Solutions. Read More
INEOS is renewing its offer to the UK Government and the new Prime Minister Liz Truss to drill a shale gas test well in the UK.
The new prime minister, Liz Truss, has repeatedly suggested that her government will look again at shale gas production in the UK. The country continues to face serious threats to its energy security and the cost of oil and gas from Russia and the Middle East.
Tom Crotty, INEOS Director, continues: “Shale has helped transform the energy landscape and the local communities in the US. The US is well protected against the energy crisis as it is making the most of its natural resources.”
“It can do the same here in the UK. We have promised to invest the first 6% of the value of the gas back into the local communities. It goes without saying that the Government would also have an increased tax take.”
“INEOS has proved it is committed to the Energy Transition through major investments in Hydrogen and Carbon Capture & Storage, however we and the industry knows that gas is and must be part of that transition.
“The country needs gas for at least the next 30 years. It is patently obvious that we should be using our own gas instead of shipping it in from abroad.” Read More
EPA Updates Superfund National Priorities List to Clean Up Pollution and Address Public Health Risks
U.S. Environmental Protection Agency (EPA) announced that it is adding five sites to the Superfund National Priorities List and is proposing to add another two where releases of contamination pose significant human health and environmental risk.
“All people in this country, no matter the color of their skin, their zip code or income, deserve to live in communities free from harmful pollutants and contaminated lands,” said EPA Deputy Administrator Janet McCabe. “By adding sites to the Superfund National Priorities List, we are accelerating cleanups and working to ensure that more people living near the nation’s most serious uncontrolled or abandoned releases of contamination have the health and environmental protections they deserve.”
Thousands of contaminated sites, from landfills and processing plants to manufacturing facilities exist nationally due to hazardous waste being dumped, left out in the open, or otherwise improperly managed. President Biden’s Bipartisan Infrastructure Law will accelerate EPA’s work to help communities clean up these contaminated sites with a $3.5 billion investment in the Superfund Remedial Program and reinstates the Superfund chemical excise taxes, making it one of the largest investments in American history to address legacy pollution. This historic investment strengthens EPA’s ability to tackle threats to human health and the environment, and EPA has already set action in motion to clear the backlog of the 49 contaminated sites which had been awaiting funding to start remedial action. With this Superfund National Priorities List update, the Biden-Harris Administration is following through on its commitment to update the Superfund National Priorities List twice a year, as opposed to once per year. By pledging to add sites more regularly to the Superfund National Priorities List, EPA is taking action to protect the health of communities across the country while cleaning up and returning blighted properties to safe and productive reuse in areas where environmental cleanup and jobs are needed most. Read More
Advent has co-signed an MoU with the New York State Energy Research and Development Authority and 60-plus clean hydrogen ecosystem partners for a hydrogen hub.
Advent Technologies Holdings, Inc. announced that it has co-signed a Memorandum of Understanding (“MoU”) with the New York State Energy Research and Development Authority (“NYSERDA”) and more than 60 clean hydrogen ecosystem partners.
Under the MoU, the parties will collaborate to develop a proposal that will enable the Northeastern United States to become one of at least four regional clean hydrogen hubs designated through the federal Regional Clean Hydrogen Hubs program, included in the bipartisan Infrastructure Investment and Jobs Act.
The coalition of six States (Connecticut, Massachusetts, Maine, New Jersey, New York, and Rhode Island), along with more than 60 clean hydrogen ecosystem partners, are laying the groundwork for a proposal for the United States Department of Energy funding opportunity anticipated to be announced in September or October 2022, with up to $8 billion in total funding available.
After the initial announcement in March 2022, New York has continued to add strategic partners that now include 14 private sector industry leaders, 12 utilities, 20 hydrogen technology original equipment manufacturers (OEMs), 10 universities, seven non-profit organizations, five other States, two transportation companies, and, three State agencies.
New partners include: Read More
Car manufacturer NWTN has signed a lease for the first electric vehicle (EV) assembly facility in Abu Dhabi, which will have a capacity to build 50,000 vehicles per year.
The company, which relocated its headquarters from China to the UAE in 2016, will operate a 25,000-square-metres facility constructed by the Khalifa Industrial Zone Abu Dhabi (KIZAD), where it will also develop new models.
A statement from industrial zone operator AD Ports Group said the facility will have a capacity to assemble 50,000 vehicles a year once the second phase of the facility is completed.
The announcement follows a decision by Abu Dhabi Department for Energy (DoE) to accelerate the development of EV infrastructure as part of the emirate’s low emission vehicle strategy. Read More
Israel’s Electric Authority Sets Feed-in Tariff for Eco Wave Power’s EWP-EDF One Project, which Enables the Commencement of the Official Grid Connection Works by The Israeli Electric Company. The EWP-EDF One Project is executed in collaboration with and co-funding from EDF Renewables IL and the Israeli Energy Ministry, which recognized the Eco Wave Power technology as “Pioneering Technology.”
“The official start of grid connection for our EWP-EDF One Project is a moment that we have been waiting for, as it represents an important milestone for our company and our country,” said Inna Braverman, Eco Wave Power’s Founder and CEO. “Eco Wave Power is committed to making a positive change in the world, and we can’t wait to turn the switch on at the EWP-EDF One Project at the Port of Jaffa.” Read More
Moody’s view as to Russia’s recent decision to cut gas supplies
“The decision of Russia to cut gas flows to Nord Stream 1 increases the risk of a complete shut-off of gas supplies heading into winter, which will increase the risk of energy rationing in those countries most reliant on Russian gas, such as Central Eastern Europe, Germany, Austria and Italy. A complete cut off of Russian gas will likely to lead to a severe recession in the euro-area and a further increase in already-high inflation.
Company and government actions to mitigate effects of potential gas shut-off have eased but not erased, risks to credit quality. The most exposed companies are energy-intensive sectors such as chemicals, automotive, manufacturing sectors with significant exposure to those countries most reliant on Russian gas. European utilities will also be among most exposed mainly driven by their indirect exposures to higher gas and electricity prices. However, credit effects on utilities will ultimately depend on policy choices, including the form of government intervention to cushion the impact of higher prices on end-consumers and potential support to the sector.” – Laura Perez, CFA, Associate Managing Director, Moody’s. Read More
Woodside Energy Trading Singapore Pte Ltd (Woodside) has entered into a flexible long-term sale and purchase agreement (SPA) with Uniper Global Commodities SE (Uniper) for Woodside to supply LNG from its global portfolio into Europe, including Germany, for a term up to 2039, commencing in January 2023. The quantity of LNG to be supplied under the new SPA is up to twelve cargoes per year (equivalent to more than 0.8 million tonnes per annum or one billion cubic meters of natural gas). Supply from September 2031 is conditional upon Uniper finalising its long-term strategic capacity bookings in Northwest Europe, expected by March 2023. Woodside Energy CEO Meg O’Neill said the new agreement built on the company’s existing relationship with Uniper. Read More
Commonwealth LNG, a subsidiary of Commonwealth Projects (Commonwealth), and Woodside Energy Trading Singapore Pte Ltd, a subsidiary of Woodside Energy Group Ltd (Woodside), are pleased to announce the conversion of their non-binding heads of agreement (HOA) into two binding LNG Sale and Purchase Agreements (SPAs), signed 2 September 2022. The SPAs are for the supply of up to 2.5 million tonnes per annum (Mtpa) of LNG over 20 years from Commonwealth’s LNG export facility under development in Cameron Parish, Louisiana. Key terms in the HOA previously announced on 19 January 2022 remain unchanged in the binding SPAs, with first deliveries expected to commence in mid-2026. The SPAs will become fully effective upon the satisfaction of customary conditions including an affirmative final investment decision on the project. Read More
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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