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News in brief

31/08/2022

South African petrochemicals giant Sasol has quietly reached a $24-million settlement in a class action brought by investors over cost overruns at the company’s problem-plagued Lake Charles chemical plant project in the US state of Louisiana, according to court documents seen by Business Maverick.
Hungary has agreed a deal with Russia's Gazprom to buy an additional 5.8mn m3/day (2.1bn m3/year) of gas, Hungary's secretary of state for international communications Zoltan Kovacs said on Twitter August 31.
North Sea Transition Authority (NSTA) has granted approvals for Centrica Offshore UK for Phase 1 of the Rough gas storage site in the southern North Sea. Centrica now has all the required consents to resume gas storage at the facility, having ceased activity the last few years due to high operating costs.
Ørsted today announced that the world’s largest installed windfarm, Hornsea 2, is now fully operational.
Bloomberg reports that French utility Engie SA is closing in on an agreement with Algeria for an increase in imports of natural gas, a deal that could come after an official visit to the country by President Emmanuel Macron.
Iran is aiming to fill the void left behind by Russia in the European oil market if the Middle Eastern country can secure a deal with world powers over its nuclear programme.
The Islamic Republic’s state oil producer will try to win back customers in countries like Greece, Italy, Spain and Turkiye in the event sanctions targeting its energy industry and economy are eased, according to people with knowledge of Iran’s strategy.
Pan Orient Energy has entered into an agreement to be acquired by a subsidiary of DIALOG Group Berhad and for Pan Orient’s non-Thailand business to be transferred to CanAsia Energy Corp., a new company to be owned by Pan Orient shareholders.
Afghanistan and Russia have reached accordance on the purchase of Russian oil and natural gas, according to the Afghan Ministry of Commerce and Industry, and the agreement will be signed soon, TOLOnews reported.
Iraqi security forces announced that a rocket attack on the UAE energy firm Dana Gas in Sulaymaniyah in northern Iraq has been thwarted. According to Iraqi sources, the country's security forces found the rockets that were ready to target the UAE's Dana Gas Company at the Khor Mor gas field in the Kurdistan Region of Iraq.
China Petroleum & Chemical Corp., as the firm is officially known, said net income rose 11 per cent to 44.5 billion yuan ($6.5 billion) in the first half of the year, according to an exchange filing. Oil and gas output rose 2.9 per cent and diesel production increased 7.4 per cent despite Covid lockdowns in China dampening domestic fuel demand.
ONGC Videsh has secured the seventh extension to explore for oil and gas in a Vietnamese block in the contested waters of the South China Sea, officials said.
Reuters reports that Equinor is considering selling a 28% stake in Statfjord field, which straddles the Norwegian and British continental shelves, alongside minority stakes in several satellite fields.
ExxonMobil has entered an agreement to divest its Fayetteville Shale assets in Arkansas to Flywheel Energy, according to a report by Reuters. Flywheel Energy is an upstream energy company formed to acquire and operate onshore oil and gas assets in the United States, with a strong focus on the Fayetteville Shale.
Santos, as operator of the Barossa joint venture, today announced a final investment decision (FID) has been taken to proceed with the Darwin Pipeline Duplication Project, located offshore the Northern Territory.
A final investment decision on Bayu-Undan CCS is targeted for 2023. Santos continues to work with Australian and Timor-Leste governments to establish regulatory frameworks to support future CCS operations.
Around 110 workers are taking strike action at Baker Hughes, which has offices in Aberdeen. Trade union Unite Scotland says that recent contractual changes could cut members’ pay by over £10,000.
CNH gave Shell the go-ahead to drill an exploratory well in ultra-deep waters off the coasts of Veracruz and Tabasco. The drilling of Aluk-1EXP has been contracted to Maersk Drilling’s Voyager drillship.
Following the merger with fellow Norway-focused player Lundin Energy, Aker BP announced plans to invest some 150bn ($15.4bn) kroner in 15 oil and gas projects off the country’s shore over the next five to six years.
Russia's Gazprom has informed France's Engie it will reduce gas deliveries on September 1 because of a disagreement over some contracts, the latter company said in a statement to various media on August 30.
The European Union is reducing its dependence on Russian natural gas and has made some progress. Norway has displaced Russia as the top supplier of NatGas to the EU as energy supply chains are rejiggered, reported Reuters, as Moscow reduces flows to EU countries via the Nord Stream 1 pipeline. According to government data in May, Norway ramped up NatGas production by at least 8% versus last year. This means the Scandinavian country could produce upwards of 122 billion cubic meters (bcm) of NatGas this year.

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