The amount of debt and equity issued by US exploration and production (E&P) companies has surged to $4.4 billion in March 2021, the highest level since last August. Analysts say upstream players want to cash in on higher oil prices which bounced back from less than $40/bbl in spring 2020 to currently over $65/bbl.
Delek Drilling, owned by the Israeli billionaire Yitzhak Tshuva, has announced plans to divest a large share of its Tamar offshore gas field to an UAE-based company for an estimated $1.1 billion. Delek confirmed a memorandum was signed with Mubadala Petroleum, and the Israeli government has been notified about the proposed sale.
Connected climate control expenditure in the European Union has grown to over €718 million, up 10% from pre-year levels, according to Delta-EE findings. Despite the negative effects of Covid-19 at the start of last year, the lockdown catalysed investment in house improvements which pushed up customer spending on climate controls from €670 million to €760 million.
Abundant and comparatively cheap supply of shale gas in Pennsylvania, Ohio, and West Virginia is encouraging the development of combined-cycle gas power plants. About one-third of new-built CCGTs in the United States since 2010 are situated in PJM Interconnection. They reach a utilization rate of 71% – substantially more than thermal coal units.
If the world takes decisive actions to limit global warming to 2°C by 2050, the scale of change is likely to unravel the energy industry. “Progressive electrification will squeeze the most polluting hydrocarbons out of the energy mix,” Wood Mackenzie says, forecasting oil demand will take a hit while gas demand remains resilient.
German utility company Uniper is looking to import hydrogen, instead of LNG, at the port of Wilhelmshaven. The terminal is planned to be equipped with an ammonia cracker for producing green hydrogen and a 410 MW electrolysis plant, which – combined with the imports – is meant to cover 10% of Germany’s hydrogen demand in 2030.
Fitch Rating has raised its ‘vulnerability scores’ for 100 utilities in Europe, the Middle East and Asia (EMEA) for the period 2025-2050. Integrated utilities like Enel, Iberdrola and EDP score a moderate 15 points, while Engie and Naturgie score 30-35 points due to higher transition risk of gas-fired generation, compared to transmission and distribution (T&D) assets.
Energy-related carbon dioxide (CO2) emissions in the United States have seen a steep 11% fall in 2020 primarily because of the effects of the Covid-19 pandemic and related restrictions. Within the US power sector, emissions from coal declined the most, at 19%, while gas-related emission rose by 3% amid a general trend towards more gas generation.
WhiteWater Midstream is holding an open season for up to 2 billion cubic feet (Bcf) of firm storage capacity at the Waha Gas Storage in Texas. The bidding process started Monday this week and will conclude at 5 pm local time on May 21. Services for the contracted gas storage capacity will start on July 1, 2022.