London, 3 October, 2023, (Oilandgaspress): – Oil prices down, U.S benchmark West Texas Intermediate (WTI) below $90 a barrel, as worries about further interest rate increases and a slowdown in U.S economy worries markets. S&P 500 slipped and the dollar rose, with investors awaiting clues about the path of Federal Reserve interest rate policy. High interest rates makes it more expensive to store and ship crude, even as physical markets remain tight due to supply curbs from Saudi Arabia and allies.
KBR announced today it has been awarded a multi-year service contract by Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL) for the development of their enterprise-level Smart Factory project. This transformative contract will cover the operations of their four nitric acid plants located in Dahej and Taloja, India.
Under the terms of the contract, KBR will design and deploy real-time monitoring and diagnostics, first-principles modeling, artificial intelligence and machine learning, and advanced process control to optimize plant operations. These advanced digital solutions will deliver proactive decision support and automation, driving DFPCL’s plant operations towards top quartile performance, improve energy efficiency and enhance value from existing assets.
“We are pleased to collaborate with DFPCL in the execution of their Smart Factory project. It is a testament to the strength and value of KBR’s digital offering, underpinned by decades of industry and domain expertise,” said Jay Ibrahim, KBR President, Sustainable Technology Solutions. “This project will fully leverage the combined skillset of both companies and our shared strategic vision and commitment towards creating an environmentally friendly, low-carbon intensity process and a sustainable future.” Read More
Saudi Aramco has signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for $500 million. MidOcean Energy is a liquefied natural gas (LNG) company formed and managed by EIG, a leading institutional investor in the global energy and infrastructure sectors.
MidOcean Energy is currently in the process of acquiring interests in four Australian LNG projects, with a growth strategy to create a diversified global LNG business. The strategic partnership with MidOcean Energy marks Aramco’s first international investment in LNG.
The agreement builds on the relationship between Aramco and EIG, which was part of a consortium that acquired a 49% stake in Aramco Oil Pipelines Company, a subsidiary of Aramco, in 2021. Completion of the transaction is subject to closing conditions which include regulatory approvals. Aramco also has the option to increase its shareholding and associated rights in MidOcean Energy in the future. Read More
Saudi Aramco and Jiangsu Eastern Shenghong Co., Ltd. today signed a cooperation framework agreement to facilitate discussions relating to the possible acquisition by Aramco of a 10% strategic equity interest in Jiangsu Shenghong Petrochemical Industry Group Co., Ltd. (“Shenghong Petrochemical”), a wholly-owned subsidiary of Eastern Shenghong, subject to due diligence and required regulatory clearances.
Shenghong Petrochemical owns and operates a 320 MBD integrated refinery and petrochemicals complex, a methanol-to-olefins and derivatives complex as well as a purified terephthalic acid production facility through its wholly-owned subsidiaries. The facilities are co-located in the Xuwei Petrochemical Industrial Park in Jiangsu Province. Under the Cooperation Framework Agreement, it is intended that Aramco would supply Shenghong Petrochemical with crude oil and potentially other feedstocks. Aramco and Shenghong Petrochemical also intend to cooperate on the development of a large expansion project, subject to further discussions between the parties and the execution of definitive agreements. Read More
His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar, laid the foundation stone of the North Field expansion project, which will raise the State of Qatar’s LNG production capacity from the current 77 million tons per annum (MTPA) to 126 MTPA by 2026.
The project’s ground breaking took place during a special ceremony at Ras Laffan Industrial City attended by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, and the CEOs and senior executives of QatarEnergy’s partners in the expansion project.
The project includes six mega trains, each with a production capacity of eight MTPA of LNG, four of which are part of the North Field East expansion project, and two are part of the North Field South expansion project, contributing a total of 48 MTPA to the global LNG supplies.
Speaking at the ground breaking ceremony, His Excellency Mr. Saad Sherida Al-Kaabi stressed that this pioneering expansion project is a quantum leap in our country’s leadership in the field of energy, and an embodiment of our goals towards optimal investment in our natural resources and our commitment to providing the world with a cleaner source of energy over many decades. Read More
QatarEnergy signed an agreement with Korea’s HD Hyundai Heavy Industries (HHI) for the construction of 17 ultra-modern LNG carriers.
The deal, valued at 14.2 billion Qatari Riyals, marks the start of the second phase of QatarEnergy’s LNG ship acquisition program, which will support its expanding LNG production capacity from the North Field LNG expansion and Golden Pass LNG export projects as well as its long-term fleet replacement requirements.
Together with the 60 ships that were contracted for by QatarEnergy in the first phase of the program, which will be built at Korean and Chinese shipyards, today’s agreement brings the total number of confirmed new LNG vessels to be delivered to QatarEnergy and its affiliates to 77, with more to follow.
To commemorate this occasion, a special ceremony was held in Seoul and was attended by H.E. Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President & CEO of QatarEnergy, senior executives from QatarEnergy, QatarEnergy LNG and HD Hyundai. The agreement was signed by H.E. Minister Al-Kaabi and Mr. Ka Sam-hyun , the Vice Chairman & CEO of HD Korea Shipbuilding & Offshore Engineering (KSOE). Read More
New partnerships to accelerate much-needed investment for climate adaptation Two new partnerships for scaling up adaptation action in developing countries were launched at the Climate Ambition Summit under the Secretary-General’s Adaptation Pipeline Accelerator. This initiative aims to pioneer a new collaborative model for accelerating investment for adaptation in developing countries. Australia and Spain will partner with the small island developing states of Tuvalu and the Dominican Republic respectively, to ramp up finance flows to turn their adaptation priorities into investment opportunities, and ultimately, action on-the-ground.
These partnerships will bring together governments, public and private financiers, and other stakeholders to support vulnerable developing countries to transform plans into a pipeline of projects that are attractive for public and private investment. The partnerships come at a defining moment in the fight against the climate crisis when the adaptation needs of developing countries continue to rise as climate change impacts are growing in frequency and intensity. According to IPCC, globally three billion people are already highly vulnerable to climate change. Between 2010 and 2020, human mortality from floods, droughts and storms was 15 times higher in highly vulnerable regions. Small Island Developing States will become even more vulnerable. For instance, at the current rate of sea level rise, half of Tuvalu’s capital could be flooded by tidal waters by 2050 and almost the entire land will be flooded by periodic high tides by the end of this century. Vulnerable countries are already showing leadership through comprehensive adaptation planning and taking unprecedented action on the ground. Read full article
Hyundai Verna sedan has become the latest made-in-India car to bag a 5-star Global NCAP rating for adult and child occupant safety.
The voluntary test is one of the final results in the #SaferCarsForIndia campaign ahead of Bharat NCAP’s activation later this year. The Global NCAP’s crash test protocols assessed the frontal and side impact protection for all models, as well as Electronic Stability Control (ESC). Pedestrian protection and side impact pole protection assessments are required for vehicles scoring the highest star ratings. Read full article
In a significant move towards a sustainable future, we are excited to announce our collaboration with Lorentz Ltd. This partnership not only bolsters our portfolio but also reaffirms our dedication to promoting renewable energy sources and our vision for an eco-friendly world.
Lorentz Ltd, headquartered in England, is celebrated for its innovative methods in hydrogen gas production. Harnessing the power of solar energy, their technology offers a revolutionary, cost-effective, and environmentally friendly alternative to other solutions currently available on the market. The hydrogen gas produced using solar energy can help meet the increased industrial demand for green energy as well as power vehicles efficiently. For instance, a car equipped with a hydrogen gas engine, using Lorentz’s solar-powered production method, could travel from London to Rome for a mere production cost of 17 euros.
Our engagement with Lorentz is a testament to Nexergy’s forward-thinking approach. Anders Olsson, the founder of Lorentz and the genius behind its technology, is enthusiastic about the numerous opportunities that have arisen from discussions with Nexergy. Read full article
The National Highway Traffic Safety Administration today released its early estimates of traffic fatalities for the first half of 2023, estimating that traffic fatalities declined for the fifth straight quarter. An estimated 19,515 people died in motor vehicle traffic crashes, representing a decrease of about 3.3% as compared to 20,190 fatalities in the first half of 2022. Fatalities declined in both the first and second quarters of 2023.
Continuing the trend identified in the first quarter estimates released in June, preliminary data shows vehicle miles traveled in the first half of 2023 increased by about 35.1 billion miles, roughly 2.3% higher than the same time last year. More miles driven combined with fewer traffic deaths resulted in a fatality rate of 1.24 fatalities per 100 million VMT, down from the projected rate of 1.31 fatalities per 100 million VMT in the first half of 2023.NHTSA estimates a decrease in fatalities in 29 states, while 21 states, Puerto Rico, and the District of Columbia, are projected to have experienced increases.
NHTSA has announced several safety initiatives aimed at reducing traffic deaths, including proposed rulemakings to require automatic emergency braking systems in passenger cars, light trucks and heavy vehicles. Read full article
Hyundai Motor America and Kia America have issued “park outside” recalls for more than 3.3 million vehicles due to the risk of fire.
Until these recalled vehicles have been repaired, the manufacturers say the safest place to park them is outside and away from homes and other structures. Fires can occur whether the vehicle is parked and turned off or while driving.
Owners of the approximately 1.64 million select Hyundai and Genesis vehicles listed below should park their vehicles outside and away from homes until their vehicles have been repaired, due to a new recall for the risk of fire.
Hyundai’s safety recall (NHTSA ID: 23V-651000) applies to the following vehicles and model years: 2012-2015 Accent, 2012-2015 Azera, 2011-2015 Elantra, 2013-2015 Elantra Coupe, 2014-2015 Equus, 2011-2015 Genesis Coupe, 2013-2015 Santa Fe, 2013 Santa Fe Sport, 2011-2015 Sonata HEV, 2010-2013 Tucson, 2015 Tucson Fuel Cell, 2012-2015 Veloster and 2010-2012 Veracruz. Owners of the approximately 1.73 million select Kia vehicles listed below should also park their vehicles outside and away from homes until their vehicles have been repaired. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $89.31 | Down |
| Crude Oil (Brent) | USD/bbl | $91.03 | Down |
| Bonny Light | USD/bbl | $93.95 | Down |
| Saharan Blend | USD/bbl | $94.35 | Down |
| Natural Gas | USD/MMBtu | $2.94 | — |
| OPEC basket 02/10/23 | USD/bbl | $94.99 | Down |
Baker Hughes Rig Count; The Baker Hughes rig count defines active rigs as rigs that are actively conducting
drilling operations on a given well
U.S. Rig Count is down 7 from last week to 623 with oil rigs down 5 to 502, gas rigs down 2 to 116 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 1 from last week to 191, with oil rigs unchanged at 115 gas rigs up 1 to 76.
| Region | Period | Rig Count | Change |
| U.S.A | 29 September 2023 | 623 | -7 |
| Canada | 29 September 2023 | 191 | +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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