Energy News Digest to 13th October 2021 Rig Count, Oil Prices

  • Oct 13, 2021
  • Oil and Gas Press

According to the IEO2021, Liquid fuels remain the largest source of energy consumption, driven largely by the industrial and transportation sectors.

African Energy Week, taking place from 9 to 12 November 2021 in Cape Town. As one of the world’s largest energy exporters and a leader in the generation of renewable energy, Norway plays an important role in the global energy sector. With its diverse energy mix from conventional energy sources, as well as its strong footprint in renewable energy such as hydropower, Norway is a prime example that serves as a representation of successful diversification of a country’s energy mix. The Norwegian delegation’s participation at the African Energy Week is expected to not only encourage a dialogue around renewable energy projects, but to foster a sustainable relationship between African investment opportunities and Norwegian investors. The delegation from Earth Wind and Power, Valinor, PetroNor and other Norwegian stakeholders will showcase opportunities of cooperation between Norway and Africa in Cape Town. Read More

The Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Monday that demand for natural gas in the wider Arab region is rising at its “fastest” pace, with a steady annual growth rate of 4.8 percent. Demand for gas in the region eclipses global demand by more than twofold, the second highest in the world in terms of growth, second only to the Asia-Pacific, the Kuwait-bsed oil group said amid virtual talks hosted by industry journal Petroleum Economist over liquefied natural gas (LNG) output in the region, according to KUNA. Power generation in the region forms 52 percent of total consumption, with the region’s energy transition plans heavily reliant on LNG import projects, chief among them Arab states’ forays into LNG terminal construction, added the bloc. It espoused the merits of LNG output expansion in improving energy efficiency by up to 39 percent as part of efforts to reduce dependence on oil and petroleum products. Read More

A new report, titled ‘Hydrogen: From Hype to Reality’, has called on the importance of developing integrated strategies to produce, store and use hydrogen energy. As the world strives to achieve net-zero emissions, hydrogen will be crucial to decarbonize hard-to-abate industries, such as steel, cement, aviation and shipping, it noted. The report is launched by Dubai Future Foundation (DFF) in partnership with Ministry of Energy and Infrastructure, Ministry of Climate Change and Environment (MoCCAE) and Dubai Electricity and Water Authority (DEWA). The report states that the UAE could become not only a leading hydrogen economy in the region but also a major exporter of hydrogen. Policymakers in Dubai are strongly recommended to pursue the ‘Producer & Hub’ export sector development strategy, which is possible under either high or medium domestic and international hydrogen demand. The strategy could add up to AED32 billion annually to Dubai’s GDP, create over 120,000 jobs and offset CO2 emissions equivalent to 84 days per year of the UAE’s crude oil production by 2050. Read More

Golar is pleased to announce that it has entered into swap arrangements to hedge part of its TTF price exposure for the incremental 0.2 MTPA train 3 production for Q1 2022 at a TTF price of $28/MMBtu. With TTF gas prices averaging $28/MMBtu during Q1 2022, the additional capacity utilization is expected to realize $21.2 million of Net Income to Golar for the quarter. This implies a gross tolling fee of $11.4/MMBtu for the incremental production. For each $1.00/MMBtu change in TTF, Net Income realized by Golar will increase (or decrease) by $0.4 million for unhedged volumes during Q1 2022. Golar is also realizing increased Net Income from the Brent link component of production from trains 1 and 2. Golar’s realized share of Net Income increases by $2.7m for every $1/bbl that Brent is above $60/bbl. Assuming the current oil price of approximately $83/bbl for 2022, Net Income realized from the oil derivative will be approximately $15.5m for Q1 2022 or $62m for the full year. Read More

The Organisation of Arab Petroleum Exporting Countries (OAPEC) said on Monday that demand for natural gas in the wider Arab region is rising at its “fastest” pace, with a steady annual growth rate of 4.8 percent. Demand for gas in the region eclipses global demand by more than twofold, the second highest in the world in terms of growth, second only to the Asia-Pacific, the Kuwait-bsed oil group said amid virtual talks hosted by industry journal Petroleum Economist over liquefied natural gas (LNG) output in the region, according to KUNA. Power generation in the region forms 52 percent of total consumption, with the region’s energy transition plans heavily reliant on LNG import projects, chief among them Arab states’ forays into LNG terminal construction, added the bloc. It espoused the merits of LNG output expansion in improving energy efficiency by up to 39 percent as part of efforts to reduce dependence on oil and petroleum products./WAM/ Read More

Siemens Gamesa announced an extension of the original contract term for servicing the 714 MW East Anglia ONE wind power plant, from five to 15 years with customers ScottishPower Renewables and Bilbao Offshore Holdings Limited. The deal, among the biggest in Siemens Gamesa’s Service business unit’s history, comes just one year after the commissioning of the final of the 102 SWT-7.0-154 turbines. All 306 of the 75-meter-long wind turbine blades for East Anglia ONE came exclusively from the company’s Hull factory on Humberside, just to the north of the development off England’s east coast. East Anglia ONE provides clean, green energy to the equivalent of 630,000 UK households. Read More

Kawasaki Heavy Industries, Ltd. announced that it has concluded a shipbuilding contract for an 86,700 m3 liquefied petroleum gas (LPG) and liquefied ammonia gas (LAG) carrier powered by LPG fuel for ENEOS Ocean Corporation. This is the 2nd LPG/LAG carrier for ENEOS Ocean Corporation. The vessel is equipped with separate cargo tanks designed to carry LPG and LAG at the same time. This contract represents their 73rd LPG carrier, 10th LPG-fueled LPG carrier and 3rd LPG/LAG carrier to be constructed by Kawasaki. Kawasaki plans to complete the construction of the vessel at its Sakaide Works in 2023. Read More

ExxonMobil believes that advanced recycling is a necessary complement to traditional mechanical recycling to help reduce plastic waste in the environment. The company plans to build its first large-scale plastic waste advanced recycling facility at its Baytown, Texas, complex. Operations are expected to start by the end of 2022. This new facility will be among North America’s largest plastic waste recycling facilities, with an initial planned capacity to recycle 30,000 metric tons of plastic waste per year and the possibility of further expansion. Read More

Repsol aims to lead the energy transition, in line with the Paris Agreement, to limit the increase in global temperature to well below 2ºC. Technological progress and the deployment of current and future projects allow the company to increase its carbon intensity reduction targets. The new decarbonization pathway to reach carbon neutrality in 2050 establishes a reduction of the Carbon Intensity Indicator of 15% in 2025, 28% in 2030, and 55% in 2040, compared to the previous ones of 12%, 25%, and 50%, respectively. Read More

Dana Gas, which owns a 35% interest in Pearl Petroleum, saw its share of collections from sales of condensate, LPG and gas in the KRI jump 77% to $131 million (AED 480mm) in the first nine months of 2021 as compared to $74 million (AED 271mm) in the same period the previous year. In Egypt, Dana Gas collected $125 million (AED 458mm) during the first nine months of 2021, compared to $53 million (AED 195mm) received in the same period of 2020, representing a 136% increase. Read More

In Q3 2021, ADV for Europe, the Middle East and Africa (EMEA) hit 3.6 million contracts, up 15% from Q3 2020. This was due to a strong demand for Interest Rate and Energy products in the region, up 47% and 29% respectively, compared to the same period in 2020. Asia Pacific Q3 2021 ADV rose to 1.1 million contracts, up 8% from Q3 2020 and driven by 78% growth in Interest Rate products and 46% growth in Energy products in the region. Latin America ADV grew to 119,000 contracts in Q3 2021, up 32% from the corresponding period in 2020. This was led by 117% growth in Interest Rate products, 25% growth in Energy products and 11% growth in Equity products and in the region. Globally, CME Group reported ADV of 17.8 million contracts during Q3 2021, up 14% from the same period last year. Read More

The CME Petroleum Index (CPI) is based on the liquid futures contracts for WTI, RBOB Gasoline, and Ultra Low Sulphur Diesel (ULSD) traded at the New York Mercantile Exchange (NYMEX) – part of CME Group. The CPI has specifically been designed to provide access to the deep and liquid crude oil and refined products markets. Crucially, the CPI captures the increased trading interest in these key energy benchmarks from Asia-Pacific. Crude oil flows from the US to Asia, and more specifically Japan, have reached around 1.4 million barrels per day – further reenforcing the role of Asia in the global energy markets. The structure of the CPI provides investors with diversified exposure to physical energy commodities via futures contracts. Read More

Financial institutions holding $29.3 trillion in assets are today calling on the world’s most impactful businesses to set science-based emissions reduction targets in line with 1.5°C warming scenarios, ahead of COP26 in November. The request is signed by 220 financial institutions across 26 countries, and whose collective assets are worth more than the GDP of the United States, China, or the entire EU. It represents significant growth in support by 60% on last year, with an increase of 51% in assets behind the call to action. The group includes some of the world’s biggest investors and lenders like Allianz, Amundi, Cathay Financial Holding Co, Credit Agricole, Insight Investment Management, Legal & General Investment Management, Manulife Investment Management. Read More

Ammonia is the starting point for all mineral nitrogen fertilisers, forming a bridge between the nitrogen in the air and the food we eat. But the essential services ammonia provides come at a cost for the world’s climate. Ammonia production accounts for about 2% of total final energy consumption, virtually all of it from fossil fuels, resulting in a carbon dioxide (CO2) footprint equivalent to the total emissions of South Africa’s energy system. The Ammonia Technology Roadmap is the latest publication in a series of IEA sectoral roadmaps dating back to 2009, with the previous instalment providing a deep dive into the challenges facing the iron and steel industry. Read More

During the period from 4 to 8 October, 2021, Eni acquired n. 2,278,000 shares, at a weighted average price per share equal to 11.68529 euro, for a total consideration of 26,619,090.43 euro within the authorization to purchase treasury shares approved at Eni’s Ordinary General Meeting of shareholders on 12 May 2021, 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 Electronic Stock Market on a daily basis: Read More

The active rig count acts as a leading indicator of demand for products used in drilling, completing, producing and processing hydrocarbons.

Vagit Alekperov, President of PJSC LUKOIL, and Rustam Minnikhanov, President of the Republic of Tatarstan, signed a cooperation agreement. ?The agreement aims at increasing the efficiency of Tatarstan fuel and energy complex, improving investment environment in the region, expanding its mineral resources base, promoting stability and environmental improvement. Read More

With a global focus on flaring reduction spearheaded by initiatives such as the World Bank’s Global Gas Flaring Reduction Partnership (GGFR), Aggreko has emerged as a global leader in flare gas to power generation solutions. To date, the company has delivered more than 210 projects worldwide, including an offshore project in Indonesia that harnessed flare gas to generate 27 weeks of reliable power supply for an offshore microgrid. In the Middle East, Aggreko is currently delivering a project that’s repurposing 40 million standard cubic feet of APG per day, reducing the operator’s flaring by a third and saving 840 tonnes of carbon emissions daily. Read More

The Navy recovered the remains of five sailors and their MH-60S Seahawk off the southern California coast on Tuesday after the helicopter crashed off the deck of the aircraft carrier Abraham Lincoln on Aug. 31. In a statement released Tuesday, the service said it recovered the lost aircraft Oct. 8 from a depth of about 5,300 feet with the help of a salvage and dive team from Naval Sea Systems Command. Read More

Seventy-two percent of the UK population believe that businesses should have a legal responsibility to the planet and people alongside maximising profits, according to a recent national poll commissioned by B Lab UK, the non-profit behind the B Corporation movement in the UK and ReGenerate, an organisation promoting purpose-driven business. The poll, conducted by Hanbury Strategy in May 2020, surveyed 2,175 members of the UK public on their attitudes toward capitalism and the role of business in addressing environmental, societal and economic challenges during the post-COVID-19 recovery. Of those who expressed an opinion, 76% think that businesses have a significant responsibility towards the environment, while 47% agree that businesses have a responsibility to solve social issues such as inequality, poverty and mental health, compared with 36% who stated that businesses do not have a responsibility for solving these issues. Read More

Xiaopeng Automobile’s 100,000th vehicle officially rolled off the assembly line in Zhaoqing Xiaopeng Automobile’s Intelligent Connected Technology Industrial Park. This is another major corporate milestone that Xiaopeng Motors has ushered in after our first monthly delivery volume exceeded 10,000 in September. Read More

OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole. Please send us your industry related news for publication

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Most News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice. OilAndGasPress welcomes all viewpoints. Should you wish to provide a different perspective on the above article, please email us [email protected]