All posts by InboundRSS

Tethys Oil AB: Production update May 2018

Tethys Oil’s share of the production, before government take, from Blocks 3&4 onshore the Sultanate of Oman amounted in May 2018 to 368,030 barrels of oil, corresponding to 11,872 barrels of oil per day. Tethys Oil AB, through its wholly owned subsidiary Tethys Oil Block 3 & 4 Ltd, has a 30 per cent interest [Read More…]

Source: BOE Report

Clarke Valve Achieves API 641 Certification on Shutter Valve, First Control Valve to Meet the Low Fugitive-Emission Standard

NORTH KINGSTOWN, R.I.–(BUSINESS WIRE)–#ShutterValve–Clarke Valve announces the API 641 certification of its proprietary Shutter Valve design, the first control valve to achieve this certification of low fugitive-emission performance. The API 641 standard applies to all stem seal materials and requires a stringent maximum allowable leakage of 100 parts per million by volume (PPMv). This API [Read More…]

Source: BOE Report

Wentworth Resources Limited : Corporate Update

PRESS RELEASE 25 JUNE 2018   WENTWORTH RESOURCES LIMITED  (“Wentworth” or the “Company”) Corporate update Wentworth, the Oslo Stock Exchange (OSE: WRL) and AIM (AIM: WRL) listed independent, East Africa-focused oil & gas company, provides the following corporate update. Chief Executive Officer Further to the Company’s announcement dated 15 January 2018, Mr Eskil Jersing has [Read More…]

Source: BOE Report

SeaBird Exploration: source work in US Gulf of Mexico

25 June 2018, Limassol, Cyprus SeaBird Exploration is pleased to announce that it has signed an agreement to provide a source vessel for an upcoming seismic survey in the US Gulf of Mexico. The project is anticipated to commence during Q3 and will have a minimum firm duration of approximately 60 days. SeaBird will be using [Read More…]

Source: BOE Report

Why solar is suddenly so sexy for Indian companies

India-corporates-solar-renewables

In 2014, heavy machinery manufacturer Schwing Stetter put up a rooftop solar power system at its factory near Chennai in southern India. Operating out of a city that experiences frequent power outages, the company wanted to explore other sources of electricity and zeroed in on a 100 kilowatt (KW) rooftop solar system.

“At that time, the payback (time taken to recoup investment) was seven years. Today, our payback has come down to almost five years,” Anand Sundaresan, managing director of Schwing Stetter India, told Quartz. Schwing Setter now plans two more such systems—one 65 KW and another 500 KW.

Another Chennai firm, water pumps manufacturer Grundfos Pumps, put up a 52 KW rooftop solar system in 2014 and followed it up with another 98 KW. The company now gets around 26% of its power requirements from solar sources.

Till a few months ago, Schwing Stetter and Grundfos were among a handful of firms experimenting with renewable energy. Today, with solar and wind energy tariffs crashing below even grid power and the government pushing for them, companies are going big on renewables. Some are even working towards meeting all their needs with clean power.

“In the last couple of years, there’s been mainstreaming of solar for large companies,” said Andrew Hines, co-founder of solar power provider CleanMax Solar.

In fact, such is the demand that the corporate solar market in India could touch around 10,000 megawatts (MW) by 2023, according to a report by the World Business Council for Sustainable Development (WBCSD), a global advocacy association of some 200 firms dealing with business and sustainable development. The rooftop segment, tottering along till now, could make up for 40% of the additions.

Besides rooftop solar, companies typically get their renewable power from on- or off-site solar plants and wind projects. These assets could be either owned by the company or by a clean-power provider.

The driving forces

The movement has picked up steam due to multiple factors.

One, renewable power is now much cheaper than before—around Rs4.5 per unit, including regulatory costs, compared to an average Rs6 for power bought from the state’s grid. Installation costs, too, have fallen from around Rs60,000 per KW in 2014 to around Rs48,000 now, several companies told Quartz.

“Three or four years ago, because the saving would be marginal, the companies who would be looking at rooftop solar would be ones who really wanted to do it not only for cost reasons but for sustainability reasons. Now, I think the savings by themselves are substantial enough,” said Hines.

That’s precisely what’s happened at Grundfos Pumps. “(It) certainly makes business sense. By just buying solar power we not only impact the environment positively, we also save money as the unit cost comes down,” said Ranganath NK, the company’s managing director. “Ideally speaking we will not just explore 100% renewable but would like to be net positive in emissions right across our supply chain.”

What helps is that the solar power ecosystem in India is developing rapidly, making it easier for firms that aren’t aware of its nuts and bolts to take the plunge. “Awareness among companies has really increased a lot. That has kind of a cascading effect. They don’t have to spend a year going through the process of evaluating risks and vendors and so on. The decision-making cycle, sales cycle has reduced a lot,” Hines of CleanMax said.

Beer-maker United Breweries, for instance, put up solar panels at one brewery first, and then signed up for another six breweries in one shot. “This is becoming more common,” Hines said. IT services giant Infosys, which already gets around 43% of its power from renewables, is adding capacities totalling over 20 MW at all its campuses this year.

Besides, the sustainability bug has bit Indian firms.

In step with global trends, they are turning green and sustainable, with some like Infosys, automaker Tata Motors, and dairy company Hatsun Agro even making RE100 commitments—pledging to source all their power requirements from renewables. This April, in response to Apple’s announcement about being powered entirely by renewables, the CEO of digital payments firm Paytm tweeted saying “Going to do this @Paytm.”

Such ambitious statements from the top make a difference in getting the projects.

Hindustan Coca-Cola Beverages (HCCB), Coke’s biggest bottling partner in India, is a case in point. “At the end of 2017, HCCB was meeting 30% of its energy requirements through green and clean energy. Our new CEO Christina Ruggiero set us a target of meeting 40%…by 2018,” said Dinesh Jadhav, executive director of supply chain at HCCB. “We are only six months into the year…(and) on course to meet the target.”

The impediments

While the interest, economics, and resources are in place, regulatory hurdles and a lack of government support could still stall this newfound momentum.

For one, the policies of most Indian states are unclear when it comes to corporate use of renewable energy. An important element of rooftop solar power is net metering, a mechanism that lets users sell surplus power generated to the state electricity utility. And most Indian states don’t have net metering policies.

“We don’t have a battery backup. So, on Sundays and holidays, we are generating power, but it goes waste. Almost 16% of the power we are generating in a year is not getting utilised,” Sundaresan of Schwing Stetter said. The company can’t even provide free power to those who could use it, he added, due to the lack of rules.

As industrial users increasingly take to renewables, the already financially-stressed government-run power distribution firms lose a large chunk of high-paying customers. So, states have no incentive to promote green energy. For instance, companies that choose to buy power from private firms have to pay a host of regulatory charges called “open access charges” which include levies for using the state grid or a cross-subsidy charge to subsidise agricultural and residential buyers.

Nevertheless, corporate India’s shift towards sustainable power consumption is here to stay. “Overall, (not using clean energy) has become almost an exception. Companies are being asked…if they haven’t made some sort of pledge, why not?” said Hines.

Source: Energy Shocks – Quartz

All about the gas: Australia primed for more M&A

Private equity firms areexpected to drive a wave of merger activity in Australia's gassector, hunting for bargains amid soaring demand in China,rising domestic prices and a broader oil market recovery. The energy sector has dominated Australian M&A activity overthe past 12 months, led by a spurned $10.8 billion bid for oiland gas producer Santos and [Read More…]

Source: BOE Report

Saudi Arabia Gets Boost From New Market Reclassification

On Wednesday,  MSCI said that it would reclassify Saudi Arabia as an emerging market, a move that will bring billions of dollars of inflow to the oil producing country. The MSCI index is used as a common benchmark for global stock funds intended to represent a broad cross-section of global markets. The index includes a collection of stocks of all the developed markets in the world, as defined by MSCI. If the decision takes place as expected, Saudi Arabia, with 32 stocks, will become the third-largest MSCI country from Europe, Africa or the…

Source: Oilprice.com

SeaBird Exploration Plc: SeaBird appoints new CEO

24 June 2018, Limassol, Cyprus The Board of Directors of SeaBird Exploration PLC (the “Company”) announce that Hans Petter Klohs is appointed as new CEO of the Company. The appointment takes effect as of 24 June 2018. Mr Klohs has extensive senior executive management experience from Norwegian publicly listed entities in both oil service and [Read More…]

Source: BOE Report

SitePro Closes Financing Round To Expand Innovative Oilfield Automation Software Platform

LUBBOCK, Texas, – SitePro announced a financing round led by Cottonwood Venture Partners (“CVP”), a leading digital oilfield technology venture capital firm. Investing alongside CVP were several of SitePro’s earlier investors, including members of the Lubbock Angel Network. SitePro provides an end-to-end solution for water management by digitalizing and automating water infrastructure in the oil and gas industry. SitePro’s leading…

The post SitePro Closes Financing Round To Expand Innovative Oilfield Automation Software Platform appeared first on OILMAN Magazine.

Is “America First” Hurting Global Energy Relations?

Throughout history the strong bond between the United States and Europe, arguably the world’s most important alliance, has been decisive within the international arena. Massive migration from the ‘old world’ to the ‘new’ during the past centuries has been the reason for sharing important norms and values such as democracy, liberalism, and international trade. The election of President Donald Trump, however, has put doubt to this alliance, which was the strongest supporter of the rule-based international system of the…

Source: Oilprice.com

Energy Efficiency and Technology Squeeze the Carbon Bubble

Read time: 4 mins
Homeowner installing programmable thermostat to help weatherize home

The carbon bubble will burst with or without government action, according to a new study. That will hurt people who invest in fossil fuels.

As energy efficiency and renewable energy technologies improve and prices drop, global demand for fossil fuels will decline, “stranding” new fossil fuel ventures — likely before 2035, according to the study in Nature Climate Change, “Macroeconomic impact of stranded fossil fuel assets.”

Source: DeSmogBlog

OTA Vapor Recovery Towers

OTA is clearing out their stock of Standard Vapor Recovery Towers. (VRT) There are limited quantities and sizes. All VRT flow rates are based on 30 minutes retention time.

Available are:

1- 48” dia. X 40’ – 3,221 bbls / day   MAWP 75 psi

3 – 36” dia. X 40’ – 1,812 bbls /day  MAWP 125 psi

6 – 30” dia. X 40’ – 1,258 bbls / day  MAWP 125 psi

Contact your area OTA representative for pricing and availability.

The post OTA Vapor Recovery Towers appeared first on OTA Compression.

The OPEC Agreement Puts A Floor Under Oil Prices

Since its December 2016 oil production-cut deal came into effect, the Organisation of Petroleum Exporting Countries (OPEC) has seen crude oil prices more than double, following the market rebound from the lows of early 2016. Due to the global anticipation of the Cartel’s voluntary supply withdraws – aimed at further sustaining the technical price recovery – prices have steadily continued to trend higher since the 2014 Brent Crude oil contract plunged. Brokered by Algeria, the deal to cut production volumes – following OPEC’s…

Source: Oilprice.com

A Storm Is Brewing In The Southern Gas Corridor

No fewer than Turkish President Recep Tayyip Erdogan, Azerbaijani President Ilham Aliyev, Serbian President Aleksandar Vucic, Ukrainian President Petro Poroshenko and Turkish Cypriot President Mustafa Akinci attended a gathering in Central Turkey on 12 June. The amount and variety of attendees of this meeting reveal a common interest in one field of geopolitical developments: energy and more specifically natural gas.  The opening ceremony of the 1.850 kilometers long Trans Anatolian Pipeline, TANAP, starting at the Shah Deniz gas field in…

Source: Oilprice.com

This Russian Oil Major Is Ready To Open The Taps

Russia’s second biggest oil company, Lukoil, is ready to raise production by 23,000 bpd in two to three months if its gets the green light from Moscow which pushed for a production increase at the latest OPEC meeting. Reuters quoted the company’s chief executive Vagit Alekperov as saying that Lukoil hoped for a go-ahead on the production increase as prices right now were in a good place. “I think that the price of oil will be between $70 and $75 per barrel until the end of the year. We are counting on that,” Alekperov said.…

Source: Oilprice.com

Syncrude Canada crude production offline through July -spokesman

Syncrude Canada crude production offline through July -spokesman

Syncrude Canada crude production offline through July -spokesman

Production at Syncrude Canada’s oil sands facility near Fort McMurray, Alberta is offline at least through July, after a power outage this week, a spokesman said on Friday. Syncrude, a joint venture majority owned by Suncor Energy Inc (SU.TO), with minority stakes held by Imperial Oil Ltd (IMO.TO

Source: FB-RSS feed for BOE Report