London, 14 March 2024, (Oilandgaspress):– Nigerian oil production, beleaguered by rampant theft and sabotage, hit its highest in more than three years amid a concerted effort to crack down on targeted attacks and organized theft rings. According to OPEC data, the country’s production hit 1.476 million barrels per day (bpd) in February, after hitting a decades-low in the second half of 2022, when it dropped below 1 million bpd. Since then, the government has pursued a more efficient and aggressive policy for cracking down on theft and pipeline sabotage, hiring private security firms to bolster military efforts to guard facilities. As of this week, Nigeria is pumping more than it has since December 2020. Nigeria has consistently failed to produce to its quota in the OPEC+ agreement. Read More
KBR (NYSE: KBR) announced today it has been awarded a project management contract by Sonangol for the design and construction of a new 200,000 bpd refinery in Lobito, Angola.
Under the terms of the contract, KBR will provide services encompassing the project management of engineering, procurement and construction phase execution. The Lobito Refinery Project is one of the most significant energy infrastructure projects in the region and will contribute to Angola’s energy independence. The project will also contribute to significant job creation and economic development of this region. Upon completing the Lobito Refinery Project, Angola is expected to have a 200% increase in the capacity to produce fuel products within the country in an efficient and sustainably improved approach. This award further extends the more than twenty-year long partnership between KBR and Sonangol in the development of essential natural resources in Angola. KBR completed the FEED phase of the project earlier in 2023, providing a cost competitive design that met Sonangol’s business objectives while meeting the advanced emission standards required in the industry. In line with our strategy in energy transition to provide more environmentally friendly solutions, KBR’s FEED design also meets 2030 African and European Product Specifications with river water consumption and waste-water treatment requirements reduced by 30% as a result of KBR’s innovation in the refinery’s cooling system design. “We are excited to be a part of this important project and to continue to grow and maintain a substantial presence in the region,” said Jay Ibrahim, President, Sustainable Technology Solutions. “This win is indicative of KBR’s strategic commitment to offer differentiated technical services that support Angola’s sustainable development goals.” . Read More
The Movano is the largest member of Opel’s light commercial vehicle portfolio. It sets standards in terms of payload, loading volume and permissible total weight. This makes it the ideal transporter for almost all commercial tasks. But the Opel Movano can do more than just transport goods. As a powerful and robust load carrier, it also offers the ideal prerequisites for camper van conversions – something the experts at Crosscamp are taking full advantage of. Three Crosscamp camper vans based on the Opel Movano currently enrich their range: The Crosscamp 541 is a flexible everyday vehicle, adventure vehicle and multifunctional camper van in one. The two Crosscamp variants 600 and 640 focus on maximum living comfort when travelling and plenty of storage space. In this way, Crosscamp and the Opel Movano fulfil the desire of lovers of the outdoors for plenty of space, including the interior height, and a pleasant journey in every respect – and in three ways, depending on their wishes and usage profile.
Crosscamp 541: Innovative solution for outstanding vacation flexibility
Flexibility is key in the Opel Movano-based Crosscamp 541. With a total length of 5.41 metres, the camper van is also suitable for city traffic and fits into most parking spaces. Thanks to its modular concept, up to 14 variants can be created from one floor plan. A variable furniture concept ensures living and sleeping comfort on the one hand and, on the other hand, offers plenty of storage space for bicycles, surfboards and other leisure and sports equipment. . Read More
NewMed Energy – Limited Partnership, together with the committee (the “Committee”) established to assess the proposed transaction with BP and ADNOC (together, the “Consortium”), provides an update in relation to the proposed transaction. .The Committee and the Consortium have agreed, due to the uncertainty created by the external environment, to suspend discussions in relation to the proposed transaction. The Consortium reiterated its interest in the proposed transaction. The process will remain suspended until such time as discussions resume or the process is terminated. There can be no certainty that discussions will resume or that an agreement will be reached in the future, nor as to the terms of an agreement should one be reached. The Partnership will update unitholders of further developments as appropriate. . Read full article
ADNOC Technical Academy (ATA) has inaugurated its new campus in Al Dhannah city. The new campus reinforces ADNOC’s commitment to developing and upskilling UAE National talent, enabling future leaders to play a vital role in future-proofing the company and contributing to the nation’s economic development. The inauguration ceremony was attended by Nasser Mohammed Al Mansouri, Undersecretary of the Ruler’s Representative Court, Al Dhafra Region; Hamad Khamis, Chief Executive Officer, Al Dhafra Hospitals; Brigadier Hamdan Saif Al Mansouri, Director, Al Dhafra Region Police Directorate; Mohammad Ali Al-Mansouri, Director General, Al Dhafra Region Municipality; Saeed Salem Al Mazrouei , Executive Director of Citizen Affairs, Ruler’s Representative Court in Al Dhafra; Yaser Saeed Al Mazrouei, ADNOC Executive Director, People, Commercial and Corporate Support, and Chairman of ADNOC Technical Academy’s Board of Trustees; Ibraheem Al Zaabi, Senior Vice President, ADNOC Technical Academy and other senior executives from ADNOC.
Yaser Saeed Al Mazrouei said: “We are delighted to inaugurate ATA’s new campus in Al Dhannah City. ADNOC continues to invest in developing UAE National talent and providing them with the technical skills and competencies required to commence their journey in the energy industry. We are fully committed to investing in our nation’s talent as we prepare our future leaders to support the UAE’s long-term growth and prosperity.” The new campus will offer a six to 12-months foundation program to prepare students for the academy’s core technical curriculum, with an emphasis on English, mathematics, science and health safety and environment (HSE). Designed for young UAE Nationals seeking high-quality academic training, the program is a prerequisite to enrolling in the core Diploma program taught at the ATA’s Abu Dhabi campus. Since its inception in 1978, the ATA has served as ADNOC’s training arm, providing technical, unique and specialized educational programs to UAE Nationals and ADNOC employees. Its programs provide comprehensive training, theoretical studies, hands-on experience and on-the-job training across ADNOC’s operational sites. Read full article
ADNOC announced today that it has issued a Limited Notice to Proceed (LNTP) for early engineering, procurement and construction (EPC) activities to a joint venture, led by Technip Energies, with JGC Corporation and National Petroleum Construction Company PJSC for its low-carbon liquefied natural gas (LNG) project in Al Ruwais Industrial City, Abu Dhabi. With the Final Investment Decision (FID) expected this year, the Ruwais LNG project is set to be the first LNG export facility in the Middle East and North Africa region to run on clean power, making it one of the lowest-carbon intensity LNG plants in the world.
Fatema Al Nuaimi, Executive Vice President, Downstream Business Management at ADNOC, said: The Ruwais LNG project will reinforce ADNOC’s position as a reliable global natural gas supplier, underscoring its pivotal role and contribution to global energy security. The project is set to significantly contribute to the Al Dhafra region’s economy by boosting the local industrial ecosystem, attracting further investments and creating a vital energy trade gateway in Al Ruwais Industrial City.”
Once completed, the project will consist of two 4.8 million metric tonnes per annum (mmtpa) LNG liquefaction trains with a total capacity of 9.6mmtpa, and is set to more than double ADNOC’s LNG production capacity, from 6mmtpa to around 15mmtpa.
Natural gas is a key transition fuel and the low-carbon LNG project in Al Ruwais Industrial City underscores ADNOC’s commitment to decarbonization, sustainability and innovation. Read full article
BP and the Abu Dhabi National Oil Company (ADNOC) have suspended talks to buy a 50% stake in Israel’s natural gas producer NewMed, due to uncertainty in the region, the Israeli company said on Wednesday.
In March 2023, BP and the national oil company of one of the leading Middle Eastern oil and gas producers, the United Arab Emirates (UAE), offered to buy a large stake in NewMed in a deal estimated to be worth around $2 billion.
NewMed is the largest shareholder in Israel’s Leviathan natural gas field, which is operated by U.S. supermajor Chevron. Leviathan, with 22.9 TCF of recoverable gas, is the largest natural gas reservoir in the Mediterranean, and one of the largest producing assets in the region, NewMed says. The company also has a 30% working interest in the Aphrodite natural gas field, located in the exclusive economic zone of Cyprus, with Chevron and Shell as partners with 35% each. Read full article
Subsea 7 S.A. announced the award of a large(1) contract by Woodside Energy to provide subsea installation services for the Trion development. The field is located approximately 30 kilometres south of the US / Mexico border and 180 kilometres away from the Mexican coastline, at a water depth of 2,600 metres. The project, which Woodside and Pemex are developing in partnership, involves a wet tree subsea system connected to an infield Floating Production Unit (FPU). Subsea7 will be responsible for the engineering, construction, and installation of the subsea umbilicals, risers, and flowlines, as well as the associated subsea architecture. Project management and engineering will begin immediately from our offices in the U.S. and Mexico. Offshore activities are expected to take place between 2026 and 2027. Craig Broussard, Vice President for Subsea7 Gulf of Mexico, said, “This award acknowledges our strong partnership with Woodside globally. With our experience in the Gulf of Mexico and proven track record, we can deliver innovative, reliable, fast-tracked solutions that create value for our clients. We are proud to be a part of Woodside and Pemex’s first deepwater development in Mexico.”
(1) Subsea7 defines a large contract as being between USD 300 million and USD 500 million. . Read full article
Neste Corporation has on 14 March 2024 transferred a total of 13 786 treasury shares without consideration to the participants of Neste Group’s Performance Share Plan 2021-2023 and the Restricted Share Plan 2021-2023 as share rewards based on the terms and conditions of these plans. The plans are part of the share-based incentive scheme 2019 of Neste, announced with a stock exchange release on 11 December 2018. The transfer of own shares is implemented as a directed share issue without consideration based on a decision made by the Board of Directors of Neste Corporation. The decision of the Board of Directors is based on a share issue authorization granted by the Annual General Meeting of Shareholders on 28 March 2023. After this transfer of own shares Neste Corporation holds 997 525 own shares. Read full article
Sempra Infrastructure, a subsidiary of Sempra, has placed a 319 MW order for the Cimarron wind farm in Tecate, in the state of Baja California, Mexico. This is the third phase of the Energia Sierra Juarez Wind Complex that will have a total installed capacity of 582 MW.
The order includes supply and installation of 46 V163-4.5 MW turbines and 18 V162-6.2 MW turbines. Upon completion, Vestas will also deliver a 10-year service agreement (AOM 5000) that will optimise energy production while providing long-term business case certainty for the wind farm operations.
“We are proud to have been awarded a project by Sempra Infrastructure in Mexico, strengthening our long-standing relationship with this important player in the renewable energy ecosystem. We have been able to win trust from our customers in Latin America thanks to our reliable product offering and local team with strong execution and servicing capabilities. With the signing of this new contract, we consolidate our market position in Mexico and reinforce our commitment to the development of renewable energy in the country”, says Mehdi Hadbi, Senior Business Director for Vestas in LATAM North.
Mario Barreiro Castellanos, Country Head for Vestas in Mexico, adds that “Our team has always worked dedicatedly, intensively and tirelessly, always investing in the country despite any market challenges, due to the broad potential we identify in Mexico to take on a leading role in the energy transition journey”.
Turbines delivery is planned for the fourth quarter of 2024, whilst commissioning is expected for the fourth quarter of 2025. Read full article
ENI CAPITAL MARKETS UPDATE 2024-2027
Eni’s distinctive strategy addresses the challenges and maximises the opportunities presented by the energy market. It is delivering full value from its traditional businesses and skills, and at the same time fast-tracking development of new, high-return, high growth activities related to energy transition. This balanced approach of delivering affordable, secure and sustainable energy supply to Eni’s customers also provides the opportunity to generate competitive growth and returns for the Company and its investors.
In Natural Resources, Eni will continue to leverage its leading exploration business and secure and enhance value in the Upstream through its differentiated fast-track development approach, while continuing to reduce operated emissions. The gas component in production will continue to grow and GGP will help in its commercialization, ensuring Eni captures the full available margin. Carbon capture and storage, in which Eni has a leading position, will emerge as an important new Transition business during the Plan with significant growth beyond 2027.
In Energy Evolution, Eni sees material opportunities to grow both activity and earnings from new forms of energy. Plenitude and Enilive are examples of how Eni can build scale in Transition businesses with high growth rates and attractive returns. They will contribute to a transformation in the overall scale, diversification and resilience of the Eni model.
Business performance improvement and efficiency measures will also play an important role in Eni’s strategy. Versalis will be restructured and transformed to return to sustainable profitability while the Company expects to benefit from efficiency and simplification initiatives in its corporate structure.
With this notable operational progress, Eni will also deliver leading operating cashflow growth from an increasingly high quality of business. This will be allied to disciplined capital investment and a greater level of portfolio activity both of which result from the depth of the current opportunity set. Value creation and capital efficiency will be highlighted further by the progress Eni expects to make in the investment of aligned capital into its Satellites, and supported by a robust financial framework. . 2024-2027 overall net capex of €27 billion (gross investment net portfolio cash-in) and an average net capex of €7 billion per year, more than 20% lower than last year’s Plan, reflecting optimization, improved project quality and greater portfolio management.
Plan portfolio management activity of around €8 billion net cash-in reflects advancement of the Satellite strategy, anticipating value through the dual exploration model after consistent exploration success, and continued high-grading.
Upstream Scope 1, 2 emissions net zero by 2030 is confirmed; Eni Group net zero Scope 1, 2 confirmed by 2035; Scope 1, 2 and 3 emissions reduction targets are confirmed: 35% by 2030; 80% by 2040; and net zero by 2050. Read full article
Baker Hughes (NASDAQ: BKR), an energy technology company, has announced a breakthrough in flare emissions monitoring following a collaboration with bp.
Using Baker Hughes’ emissions abatement technology, flare.IQ, bp is quantifying methane emissions from its flares, a new application for the upstream oil and gas sector.
With no universally accepted solution to quantifying methane emissions from flares, bp and Baker Hughes conducted one of the largest ever full-scale studies of flare combustion, including testing a range of flares under challenging conditions and verifying the accuracy of flare.IQ technology.
Now, acting on real-time data from flare.IQ at 65 flares across seven regions, bp can carry out early interventions and reduce emissions from flaring.
“bp’s transformation is underway, turning strategy into action through delivery of our targets and aims. We don’t have all the answers, and we certainly can’t do this on our own. Through our long-standing partnership with Baker Hughes, we have progressed technology and implemented methane quantification for oil and gas flares, helping us to achieve the first milestone of our Aim 4. We continue to look at opportunities like this, where we can collaborate across the industry to find solutions to our biggest challenges,” said Fawaz Bitar, bp senior vice president of Health Safety Environment & Carbon.
“Our collaboration with bp is an important landmark and a further illustration that technology is a key enabler for addressing the energy trilemma of security, sustainability and affordability,” said Ganesh Ramaswamy, executive vice president of Industrial & Energy Technology at Baker Hughes. “As a leader in developing climate technology solutions, such as our flare.IQ emissions monitoring and abatement technology, cooperations like the one we have with bp are key to testing and validating in the field solutions that can enable operators to achieve emissions reduction goals efficiently and economically.”
Part of Baker Hughes’ Panametrics product line portfolio, flare.IQ builds on four decades of ultrasonic flare metering technology experience. Its advanced analytics platform enables operators to pull critical information from their flare systems, including temperature, pressure, vent gas velocities and gas composition, helping maximize combustion efficiency and minimize emissions. flare.IQ enables emissions reporting based on real-time measurement, in compliance with OGMP 2.0 level 4. Alongside flare.IQ, Baker Hughes has a broad, proven portfolio of emissions abatement technologies capable of improving productivity, efficiency and delivering increased value at scale across customer operations. . Read More
Baker Hughes (NASDAQ: BKR) will announce the results of the first quarter ending March 31, 2024, via press release at 5 p.m. Eastern Time (4 p.m. Central Time) on Tuesday, April 23, 2024. A webcast to discuss the results will be held Wednesday, April 24, 2024, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time).. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $80.54 | Up |
| Crude Oil (Brent) | USD/bbl | $84.74 | Up |
| Bonny Light | USD/bbl | $86.24 | Up |
| Saharan Blend | USD/bbl | $84.64 | Up |
| Natural Gas | USD/MMBtu | $1.67 | Down |
| Murban Crude | USD/bbl | $85.04 | Up |
| OPEC basket 13/03/24 | USD/bbl | $82.67 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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