News Digest, Energy, Oil and Gas, 26th Jan. 2022. OPEC daily basket price stood at $87.98 a barrel on Tuesday, 25, January 2022
American Petroleum Institute (API) estimated the inventory draw this week for crude oil to be 872,000 barrels
CME Group,today announced that its Equity Index futures and options complex reached a new, single-day trading volume record of 15,846,802 contracts on January 24, surpassing the prior record of 15,623,428 contracts set on February 28, 2020. Additionally, Micro E-mini Equity Index futures reached a record 6,571,375 contracts traded on January 24, across all four indices – S&P 500, Nasdaq-100, Dow Jones Industrial Average and Russell 2000. This new high surpassed the prior record of 5,135,546 contracts on January 21, 2022. Read More
Alexey Miller, Chairman of the Gazprom Management Committee, and Sainbuyan Amarsaikhan, Deputy Prime Minister of Mongolia, met via a video link. The parties signed a statement on the results of the consideration of the feasibility study for the Soyuz Vostok gas trunkline construction project. As per the feasibility study, the pipeline will stretch for 962.9 kilometers in Mongolian territory, the pipes will be 1,400 millimeters in diameter, and five compressor stations will be installed. The scope of works performed as part of the feasibility study, which includes the calculation of investment and operating costs, is extensive enough for the study to serve as FEED documents. Read More
Nigeria’s Ministry of Petroleum Resources has fully endorsed African Energy Week (AEW) 2022, partnering with the AEC (www.EnergyChamber.org) for the second edition of Africa’s premier energy event. Taking place in Cape Town on the 18th -21st of October, AEW 2022 extends on the narrative of making energy poverty history by 2030, uniting energy leaders, global financiers, and both public and private sector executives for a week of intense dialogue on Africa’s energy future. Having partnered with one of Africa’s energy sector heavyweights, the event is well positioned to lead Africa into a new era of growth and investment. Read More
At the National Community Solar Partnership (NCSP) Annual Summit, the U.S. Department of Energy (DOE) announced several new initiatives to unlock barriers to the deployment of community solar. Together, these initiatives will help achieve the NCSP’s target to enable community solar to power the equivalent of 5 million households and create $1 billion in energy bill savings by 2025. Read More
Congo has put together and launched, at the end of 2021, a plan to put its estimated 10 trillion cubic feet of natural gas reserves to good use. The new Gas Master Plan (GMP) is designed to promote gas utilization and attract foreign direct investment, while reducing its dependency on oil revenues and expanding the country’s power grid. Developed by the Ministry of Hydrocarbons and Wood Mackenzie, guided by Société Nationale des Pétroles du Congo (SNPC), the GMP is a road map to the Congo’s natural gas future both for domestic consumption as well as exports. For exports in particular, the government sees small-scale Floating Liquefied Natural Gas (FLNG) as optimal, specifying Eni’s Marine XII field as a prime target for this solution. FLNG however, particularly at a small scale, doesn’t come cheap, and changes to the country’s current fiscal terms will need to be updated for these projects to be viable. Read More
KBR, Inc. announced today that it will host a conference call to discuss its fourth quarter and fiscal 2021 financial results on Wednesday, February 23, 2022 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). The company plans to issue its fourth quarter 2021 earnings release and earnings presentation in advance of the call. Both will be available on KBR’s website. Read More
Arabian Pipes Company awarded SR 305 MM orders for the supply of steel pipes to Saudi Aramco. Arabian Pipes Co. Announces Contract Sign Off with Saudi Aramco Read More
Boeing [NYSE: BA] and the Ministry of Defence (MOD) have signed an agreement for Boeing to provide long-term training, support and sustainment for the British Army’s new fleet of 50 Apache AH-64E helicopters. The announcement was made by Minster for Defence Procurement, Jeremy Quin MP, as he visited Wattisham Flying Station to see the Apache AH-64E. “There can be no doubt these impressive Apache helicopters will help the Army sustain its battle-winning capabilities in future operations”, said Defence Procurement Minister, Jeremy Quin. “In addition to its vital defence purpose, this cutting-edge technology will create and support hundreds of UK jobs.”
Under the new $348 million Long Term Training and Support Services (LTTSS) contract, Boeing will work closely with the British Army to provide maintenance and engineering support, supply chain and logistics management at Wattisham. Boeing will also deliver aircrew and maintainer training from its advanced facility at Middle Wallop. The new agreement, which will run until 2040, will create more than 200 jobs in the UK during the initial four-years, including more than 165 at Army Aviation Centre Middle Wallop and 45 at Wattisham Flying Station, plus dozens more with suppliers in the UK. Boeing already has more than 40 employees working alongside Army Air Corps personnel providing training for the Mk1 Apache. Read More
Saltend Chemicals Park, owned and operated by px Group, has been confirmed by Equinor as the location that will host the kickstarter project of the Zero Carbon Humber (ZCH) initiative. Hydrogen to Humber Saltend (H2H Saltend) is a clean hydrogen plant that will produce hydrogen from natural gas in combination with carbon capture and storage (CCS). Initially the plant will allow industrial customers in the Saltend Chemicals Park to switch over to hydrogen fueled energy and will reduce the amount of fossil fuels going into the Park’s gas-fired power plant, thus cutting emissions by nearly 900,000 tonnes of CO2 per year. This announcement follows that of March 2021, when it was revealed that the Zero Carbon Humber bid had secured government funding alongside other key decarbonisation projects. Read More
| Commodity Prices | Units | Price $ | change |
| Crude Oil (WTI) | USD/bbl | $86.44 | Up |
| Crude Oil (Brent) | USD/bbl | $89.24 | Up |
| Bonny Light | USD/bbl | $88.31 | Up |
| Natural Gas | USD/MMBtu | $4.27 | Up |
| OPEC basket 24/01/22 | USD/bbl | $87.35 | Down |
Dana Incorporated announced that the company was recognized as a “Top Employer 2022” in 10 countries around the world and that its European region was also was collectively named a Top Employer. This prestigious award by the Top Employers Institute honors exceptional human resources programs, including diversity and inclusion, work environment, talent acquisition, learning, and well-being. Dana’s operations in Belgium, China, Hungary, India, Italy, Lithuania, the Netherlands, Switzerland, the United Kingdom, and the United States were identified as being a Top Employer for creating an empowering environment for employees through people-first practices. Because of the high number of operations earning the honors in Europe, Dana was also selected as a Top Employer for that region. The company has earned additional employer recognition awards in a number of other countries, including Brazil, Canada, and Mexico. Read More
Dana Incorporated announced the launch of Brevini™ S-Series industrial planetary gearboxes specifically engineered to address the durability and reliability requirements of biogas production and wastewater treatment facilities.Available now, Brevini S-Series gearboxes with maximum output torques up to 290 kNm are customized to drive the mixing systems used in digesters to facilitate heat transfer and keep temperatures uniform for the production of fuel-quality biogases. Brevini S-Series gearboxes have been installed in hundreds of biogas plants throughout Europe and the Asia-Pacific region over the past 10 years. They are configured with water- and corrosion-resistant seals to propel drag chains and flights in the sedimentation tanks of wastewater treatment plants, and they meet strict international standards for preventing the ignition of flammable gases. Providing maximum output torques of up to 140 kNm, Brevini S-Series gearboxes for wastewater treatment plants are custom-built with corrosion-resistant designs, special seals allowing for continuous submersion, and a high reduction range for improved torque. Read More
Kuwait Foreign Petroleum Exploration Company, k.s.c.c. (“KUFPEC”) announced that its wholly-owned subsidiary KUFPEC Indonesia (Anambas) B.V. (“KUFPEC Indonesia”) has successfully made a commercial discovery of gas and condensate in the Anambas Block, offshore Indonesia. KUFPEC Indonesia made the discovery through the successful drilling of the Anambas-2X well. This exciting discovery marks the first operated offshore exploration discovery for KUFPEC and demonstrates KUFPEC’s growth and potential as an operator of offshore oil and gas projects, consistent with the KUFPEC 2040 Strategy. The well was drilled in 288 feet of water, using a jack-up rig to reach a total depth of 10,509 feet. Located in the Natuna Sea near an existing block in which KUFPEC is a partner, the Anambas Block was awarded to KUFPEC Indonesia through a competitive bidding process in 2019. The Block is fully operated by KUFPEC Indonesia, which also holds the entire 100% participating interest in the Block. KUFPEC Indonesia’s production sharing contract has a license term of 30 years, including a 6-year exploration period. As part of the drilling campaign, KUFPEC Indonesia conducted two Drill Stem Tests so far, one in the Lower Gabus Formation and the other in the Intra Keras Formation. These tests resulted in a stabilized combined flow rate of 7 MMscfd of natural gas and 1,240 stb/d of condensate from the two formations. KUFPEC Indonesia intends to conduct more tests on other formations within the same well. Read More
| Region | Period | No. of Rigs | Change from Prior Count |
| U.S.A | 21st January 2022 | 604 | +3 |
| Canada | 21st January 2022 | 212 | +21 |
| International | December 2021 | 834 | — |
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