London, 01 September, 2023, (Oilandgaspress) : OPEC Secretary General, HE Haitham Al Ghais, stated that the world would continue to witness rising oil demand amidst global energy transitions. In an op-ed entitled, “Why the world needs more oil and not less,” Secretary General Al Ghais highlighted OPEC’s perspective concerning energy security, energy transitions and climate change. Al Ghais underlined the importance of using all energy sources to ensure energy security and avoid volatility while reducing emissions. “No single form of energy can currently meet expected future energy demand,” he wrote, adding that an ‘all-peoples, all-fuels and all-technologies’ approach was required to address climate change and ensure stability. The Secretary General also noted the reality that if oil vanished today, many vital products and services that use oil or its derivatives would vanish too. Read More
Watson Farley & Williams (“WFW”) has advised BW Energy on an up-to US$80m prepayment facility provided by a leading international commodity trader. The facility will be used to fund the purchase of the Golfinho oil field located in the Espírito Santo Basin offshore Brazil from oil and gas giant Petrobras.
BW Energy has acquired 100% of the operated working interest in the Golfinho cluster. The acquisition along with BW Energy’s acquisition of the Camarupim cluster and a 65% operating stake in the BM-ES-23 exploratory block is expected to add approximately 9,000 barrels of oil per day to production from mid-2023.
The Golfinho cluster is located at a water depth of between 1,300 and 2,200 metres in the Espírito Santo Basin and crude oil produced from the cluster will be sold to Shell. BW Energy is a growth-focussed oil and gas company involved in the acquisition, development and production of proven oil and natural gas fields. It holds majority interests in three hydrocarbon licences in Gabon, Brazil and Namibia and concentrates on hydrocarbon fields with significant upside potential to leverage its technical operational and basin expertise with repurposed infrastructure. The WFW London Projects team that advised BW Energy was led by Partner Joe Levin working closely with Senior Associate Jordan Joannides and Associate Cosmo Fisher.
Joe commented: “This is our second time working with BW Energy after previously advising them on signing their inaugural RBL facility. We are delighted to continue to grow our strong relationship and once again provide advice on key financing aspects of this important transaction. The deal highlights the team’s ability to successfully advise clients on high-value, complex financings in the oil and gas market”.
HFW advised BW Energy on offtake arrangements and Mattos Filhos acted as Brazilian legal counsel, advising BW Energy on acquisition documentation and intercompany financing arrangements. Read More
Equinor has awarded COSL Offshore Management AS two contracts and will employ COSLPromoter and COSLInnovator on the Norwegian continental shelf. The contract values are calculated at around USD 369 million for both firm periods.
The COSLPromoter is already contracted to Equinor and will commence on the new contract in the first quarter of 2025. The firm contract is for one year, with options for a further four years. The COSLInnovator is contracted for two years, starting in the second quarter of 2025, and the contract includes options for a further three years. The contract value includes running of casing, remote-operated vehicle (ROV), offshore waste management and cement unit maintenance. Mobilisation and demobilisation fees are also included. Read More
Saudi investment firm Energy Capital Group has invested in US-based Pure Lithium, which specialises in batteries made of lithium metal. The company did not disclose the value of the investment.
It said it is leading discussions with potential investors and partners in Saudi Arabia to provide the right platform for Pure Lithium to expand in the region. The latest fundraising for the US firm is led by American-Canadian billionaire mining investor Robert Friedland.
Headquartered in Boston, Pure Lithium seeks to establish an “entire contained supply chain” in Saudi Arabia, according to a statement on Wednesday.
The company has introduced a battery technology that seeks to phase out today’s lithium-ion (Li-ion) batteries. Its lithium metal rechargeable product is lighter than Li-ion batteries, costs a lot less to manufacture and eliminates the need for graphite, nickel, cobalt and manganese. The battery can also be manufactured in just three days, compared to more than 500 days to make lithium-ion. Read More
Bentley Motors is releasing details of the extraordinary new sound system available to customers of the Bentley Batur by Mulliner. The most exquisite in-car audio system ever created, the new ‘Naim for Mulliner’ option is the result of 10,000 hours of development work, exceptional new hardware and a complete system recalibration. The ‘Naim for Mulliner’ audio system will be a £25,000* option for the 18 customer Baturs to be handcrafted by Mulliner at Bentley’s Dream Factory in Crewe, England.
When it comes to in-car audio systems, ‘Naim for Bentley’ is considered one of the most impressive sound systems available today. However, when a new bespoke coachbuilt model came to light, the engineers at Crewe started planning the next benchmark for in-car audio. With a partnership spanning over 15 years, the ‘Naim for Bentley’ system was a solid foundation to start further development. The system needed to deliver an unrivalled musical experience, providing presence, detail, power, warmth, airiness and immersion, whilst using the most efficient technologies.
Collaborating with Naim and Focal, over 56 requirements and recommendations were identified for the 20 speaker system planned for the Batur. The output is the result of 10,000 hours of innovation developments inherited from both brands and combined to produce the pinnacle of in-car audio – ‘Naim for Mulliner’. Using bespoke Focal speaker drivers which sit in Bentley’s unique speaker baskets, created using additive manufacturing, a significant step change in performance is achieved. The 20 speaker system comprises six tweeters, nine mid-range speakers, two woofers, two active bass transducers and one sub-woofer. All mid-range speakers and tweeters have new speaker drivers for ‘Naim for Mulliner’, whilst the woofers and sub-woofer have been modified to improve linearity and dynamics. Read More
For over 110 years, Bugatti has created incomparable automobiles, designed with an elegance, ingenuity and rarity that has elevated them far beyond automotive and into the realms of pure luxury. Earlier this year Bugatti brought together leading media, prominent brands and renowned experts for its first ever “Luxury Summit” to explore the future of luxury in a shifting world. Hosted at the home of Bugatti, the Château Saint Jean in Molsheim, the “Luxury Summit” was designed as a platform to explore the current trends, but also to collectively plot the trajectory of the luxury sector. Special guests, including published luxury experts and CEOs of leading luxury brands, were gathered in the Château – once bought by Ettore Bugatti to host his customers and VIPs – to enlighten a room of global lifestyle media on the future of luxury through keynote speeches, panel discussions and a workshop. The compere and host for the day was author and leading expert in brand, luxury and culture, Rebecca Robins, who has long worked with the world’s most recognizable luxury organizations. Read More
Eni announces that, in line with the authorization of the Shareholders’ Meeting held on 10 May 2023, in the next days it will launch the second tranche of the share buyback program (the “Second Tranche”), which follows a first tranche of purchases executed between 12 May 2023 and 24 August 2023 with the purchase of 62 million shares for an amount of €825 million. The Second Tranche will concern the purchase of Eni’s shares up to a total maximum of €1.375 billion and for a maximum number of 275 million shares (approximately 8% of share capital) by no later than April 2024. This tranche will have the purpose of paying Eni’s shareholders further remuneration with respect to the distribution of dividends; therefore, treasury shares purchased in the context of the Second Tranche will be cancelled without a nominal reduction of the share capital, pursuant to the resolution of the Shareholders’ Meeting held on 10 May 2023. Purchases will be executed on the Euronext Milan through an authorized agent, who will act independently, also in relation to the timing of transactions and will be disclosed to the market in accordance with the terms and conditions set out in the laws and regulations in force. As illustrated in the Capital Markets Update on 23 February 2023, Eni confirms its share buyback program for a total amount of €2.2 billion by the end of April 2024. Read More
On the occasion of the inauguration ceremony of the Absheron gas field, whose first development phase started production in early July 2023 and is currently producing 1.5 BCMA (billions of cubic meters per year), Patrick Pouyanné, Chairman and CEO of TotalEnergies, met on Thursday in Baku His Excellency Mr. Ilham Aliyev, President of the Republic of Azerbaijan, as well as Mr. Mikayil Jabbarov, Minister of Economy and Chairman of SOCAR’s Supervisory Board, Mr. Parviz Shahbazov, Minister of Energy, and Mr. Rovshan Najaf, President of SOCAR. Together they discussed TotalEnergies’ projects in Azerbaijan, notably the launch of the second phase of the Absheron development, which will increase the field’s production to 5.5 BCMA, in line with Azerbaijan’s ambition to supply the European market. TotalEnergies also plans to participate in the development of the country’s renewable energy potential under the Memorandum of Understanding signed in June 2023 to assess and develop 500 MW of renewable wind and solar energies and energy storage systems for the national grid. “I am very pleased to inaugurate Absheron, alongside the national company SOCAR and our new partner ADNOC. Discovered by our exploration team, this gas field provides additional gas resources to contribute to diversifying gas supply for Europe”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies. “In line with our multi-energy strategy, we also look forward to supporting Azerbaijan in implementing its own energy transition strategy, through an agreement to develop renewable energy combined with electricity storage.” Read More
USD 80 million Golfinho prepayment facility and offtake agreement
BW Energy has entered into an agreement for an up to USD 80 million prepayment facility with a leading commodity trading company.
The one-year prepayment facility will be used to finance the acquisition of the Golfinho field, the FPSO Cidade de Vitória and field-related investments. As part of the transaction, BW Energy has also entered into an offtake agreement to sell and deliver the crude oil production from the Golfinho field to the commodity trader during the term of the facility. Read More
The Gastech 2023 Technical and Commercial conference programme will showcase the very best analysis of global energy markets and next generation solutions-focused case studies, from industry leaders including Baker Hughes, Technip Energies, Rystad Energy.
Convening 150 speakers over 50 sessions, the Technical conference will highlight the latest and best thinking on global energy supply and capacity constraints, emissions reductions, emerging marine technologies, and health and safety best practices. Showcasing world-leading, peer-reviewed research and cutting-edge technologies, the conference aims to bridge the gap between knowledge and implementation in natural gas, LNG, hydrogen, low-carbon solutions, and climate technologies. Attendees will enjoy access to an unrivalled range of insights from technicians, engineers, research analysts, and academics. These thought leaders will present pathfinding case studies and research, outlining clear and actionable roadmaps towards a more profitable and lower-carbon energy sector. To address the issue of maintaining global energy security, sustainability, and affordability, the Commercial conference will seek to bridge the gap between policy and delivery for industry professionals. Interventions from 55 speakers from different segments of the energy value chain will provide unique insights into how energy professionals can best leverage political, economic, and market trends and identify pathways to ensure the global energy system meets its long-term goals.
The Technical and Commercial conference will be spread across five theatres, taking place alongside the Gastech Exhibition which will offer opportunities for attendees to build their professional networks and expand their businesses. This year, the conference will include a new Climatetech Theatre, and a greatly enhanced programme in the Hydrogen Theatre, both driving conversations on the decarbonisation of the energy value chain to achieve net zero targets. Read More
Africa Oil Corp. reports the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act. View PDF version. As a result of the exercise of stock options under the Company’s stock option plan, Africa Oil now has 462,367,871 common shares issued and outstanding with voting rights as at August 28, 2023. Read More
Yatsushiro City, Kyushu Electric Power Co., Inc. (hereinafter “Kyushu Electric Power”), NTT Anode Energy Corporation (hereinafter “NTT Anode Energy”), and Mitsubishi Corporation (hereinafter “MC”) are pleased to announce our signing of an agreement to strengthen collaboration and accelerate efforts to grow the use of renewable energy, thereby helping to expedite Yatsushiro City’s transition to carbon neutrality. Read More
Toyota’s liquid hydrogen-powered GR Corolla returned after last competing in Round 2, the 24-hour race at Fuji Speedway (Oyama, Shizuoka) in May. About an hour out from the checkered flag, however, an engine oil leak forced the car to retire.
Though unable to finish the race, the Corolla showed solid progress, increasing its range between refuels by roughly 23 km to 19 laps, against 14 laps with gaseous hydrogen last year. Read More
Vestas has received a firm order to power an undisclosed repowering project in Schleswig-Holstein, Germany.
The order consists of six V150-6.0 MW wind turbines and one V162-6.2 MW wind turbine in 6.0 MW operating mode and includes supply, delivery, and commissioning of the turbines. Upon completion, Vestas will service the turbines under a 20-year Active Output Management 4000 (AOM 4000) service agreement designed to ensure optimised performance of the assets. “We are pleased to build upon our strong track record to successfully repower wind projects in Germany which will be a key for the industry to deliver on a successful energy transition,” says Jens Kück, Senior Vice President Sales Onshore for Northern and Central Europe at Vestas. ” This project is another example of collaboration between Vestas and our clients to extend the production lifespan of aging fleets with customised solutions for specific site conditions utilising Vestas’s proven technology.” Turbine delivery is expected to begin in the first quarter of 2024 with commissioning scheduled for completion in the third quarter of 2024. Read More
Vestas has signed a conditional agreement for the supply of turbines for an onshore project in the USA with a capacity above Vestas’ current disclosure threshold of 1 GW. If and when the agreement translates into a firm and unconditional order, Vestas will disclose this in a company announcement in accordance with the company’s disclosure policy. Read More
Vestas has received a firm order from Energiequelle GmbH for the Zeven-Wistedt wind park in Lower Saxony, Germany.
The order consists of nine V162-6.2 MW wind turbines in 6.0 MW operating mode and includes supply, delivery, and commissioning of the turbines. Upon completion, Vestas will service the turbines under a 25-year Active Output Management 5000 (AOM 5000) service agreement designed to ensure optimised performance of the assets.
“We are proud to work on this large project in Germany which will feature Vestas’ industry leading EnVentus platform, our latest platform technology,” says Jens Kück, Senior Vice President Sales Onshore for Northern and Central Europe at Vestas. “This is the first time in a while that we work together with Energiequelle, one of Germany’s largest wind project developers. Our thanks go to the entire Energiequelle team for their trust in Vestas and a great collaboration so far which we look forward to continue in more projects together in the future.”
“We are pleased to resume our cooperation with Vestas after many years. Vestas is an important and established partner in the market with whom we will cooperate on many more projects in the future. We thank the whole team for the high level of commitment to reach the milestone in Zeven,” says Maik Pytzka, Senior Vice President Sales & Finance at Energiequelle. The project site is located in Lower Saxony, about 35 kilometres South-West of Hamburg. Turbine delivery will begin in the third quarter of 2024 with commissioning scheduled for completion in the fourth quarter of 2024. Read More
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, held its first-ever Mitsubishi Power Philippines Gas Power Seminar in Manila. The seminar served as a platform for knowledge-sharing and upskilling for the industry, highlighting the company’s latest advancements within the region and its industry-leading gas turbine technologies and services that can help address the energy needs of the Philippines.The seminar was attended by Hon. Monalisa C. Dimalanta, Chairperson and CEO of Energy and Regulatory Commission (ERC) as well as local energy industry leaders, customers and partners. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $84.49 | Up |
| Crude Oil (Brent) | USD/bbl | $87.72 | Up |
| Bonny Light | USD/bbl | $88.35 | Up |
| Saharan Blend | USD/bbl | $86.52 | Up |
| Natural Gas | USD/MMBtu | $2.75 | Down |
| OPEC basket 31/08/23 | USD/bbl | $ 88.44 | Up |
Zepp.solutions, a leading Dutch company specialized in hydrogen fuel cell technology, has successfully secured a €1.98 million grant from the European Just Transition Fund (JTF) for the development of a cutting-edge fuel cell systems factory. The JTF, which contributes to the transition to a Climate Neutral Europe, recognizes zepp’s potential in supporting the regional economy’s innovation and reducing the negative impact on employment during this transition. The factory, to be established in the Greater-Rijnmond region, will allow zepp.solutions to strengthen its leading position in Europe’s growing hydrogen sector. With the support of the Ministries of Economic Affairs and Climate (EZK) and Social Affairs and Employment (SZW), as well as the municipalities in the Dutch Greater Rijnmond area, zepp.solutions aims to accelerate the energy transition and foster resilience in the labour market.
“We are thrilled and proud to receive this significant grant from the Just Transition Fund. This is an important step towards establishing a new state-of-the-art production facility for our fuel cell systems. It will allow us to further accelerate our technology and scale-up the production and deployment of these hydrogen systems in the next few years “said Jonas Brendelberger, co-founder of zepp.solutions.
Fully integrated systems to replace diesel engines
The factory will be dedicated the production of zepp’s Y50 and X150 fully integrated hydrogen fuel cell modules. These fuel cell modules extremely efficiently transform hydrogen gas into usable high-voltage electric power to drive vehicles, vessels or other heavy machinery. Current applications include the Rotterdam Watertaxi, excavators for construction as well as a 67-meter long inland shipping vessel. The first two semi-trucks featuring zepp’s fuel cell systems will hit the roads later this year.
“The zepp team is excited to increase our contribution to a climate neutral Europe. Each of our systems ultimately replaces a polluting diesel engine resulting in a reduction of between 111 and 332 metric tons of CO2 per system annually. Our fuel cell technology boasts an impressive power density, surpassing that of our closest competitor by a significant share. This heightened power density enables the integration of hydrogen technology into a wider range of heavy-duty applications. We are maximizing the potential impact of the technology.” said Brendelberger. Read More
International Rig Count is down 9 rigs from last month to 952 with land rigs down 13 to 717, offshore rigs up 4 to 235.
U.S. Rig Count is down 10 from last week to 632 with oil rigs down 8 to 512, gas rigs down 2 to 115 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 1 from last week to 190, with oil rigs down 3 to 116 gas rigs up 4 to 74.
| Region | Period | Rig Count | Change |
| U.S.A | 25 August 2023 | 632 | -10 |
| Canada | 25 August 2023 | 190 | +1 |
| International | August 2023 | 952 | -9 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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