Brazil to become member of OPEC+ coalition

Energy News Beat

Brazil will become a member of the OPEC+ coalition in January 2024, Brazilian Energy Minister Alexandre Silveira announced on Nov. 30, 2023.

The announcement was made during the rescheduled OPEC+ meeting convened to discuss the oil output strategy for 2024. The meeting took place against the backdrop of sluggish prices due to a fragile demand recovery in China, geopolitical uncertainties, and concerns about oil supplies.

In video footage from the meeting, Silveira disclosed that President Lula da Silva had given consent for Brazil to join OPEC+. ” I would like to conclude my words by informing you that the honorable President Lula confirmed our entry into the OPEC+ cooperation charter from January 2024,” he said.

“It is important that our technical crew analyzes the content of the document that we just received, the charter of the cooperation. It is part of our government protocol to do this,” he added.

At the time of the announcement, it was unclear whether Brazil would be required to implement production cuts as a condition of membership.

Both OPEC and the OPEC+ alliance are actively seeking new members, as the addition of alliance producers will increase the alliance’s market share and thus the impact of its coordinated policies on oil supply and prices.

The 37th OPEC and non-OPEC Ministerial Meeting will be held on June 1, 2024 in Vienna.

Source: Ogj.com

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China helps BRICS partner solve power outages

Energy News Beat

South Africa has received a shipment of 450 gasoline generators donated by China to ease the impact of severe power shortages in the country, local media reported on Thursday.

According to Electricity Minister Kgosientsho Ramokgopa, about 100 more generators are expected to arrive in the near term.

The equipment will be distributed to public service facilities across the country, according to an earlier statement from the government.

The generators will be used as backup to alleviate the impacts of load-shedding in the delivery of services in clinics, schools and courts, while the government continues to implement the energy action plan to ultimately end load-shedding and create sustainable energy security.”

The donation is a part of the Technical Assistance Program, which covers a raft of deals inked between Beijing and Pretoria on the sidelines of the BRICS summit in Johannesburg this past August. Apart from a donation of power-generating equipment worth $8.9 million, the program includes a grant of around $26.8 million intended to upgrade South Africa’s power transmission and distribution network.

South Africa has been grappling with a power crisis for years, with its state utility Eskom struggling to fully supply electricity due to frequent breakdowns at its coal-fired power stations, which led to record power cuts earlier this year.

Some experts note that there may be a deeper meaning to China helping South Africa overcome its energy crisis, despite Ramokgopa stating in an earlier interview that there are “no strings attached” to the program.

I don’t think there are strings attached, but there are expectations attached, and it is done with these expectations to oil the wheels of future business… I think this is more of a political signal. A signal that China is interested in cooperation with South Africa, that they have business interests here and want to expand those interests,” energy analyst Chris Yelland told 702 radio station.

Source: RT

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Russia’s biggest oil and gas exporters see revenues slump by 41%

Energy News Beat

Oil Price

Total revenues for Russia’s largest oil and gas exporters plunged by 41% between January and September compared to the same period last year, due to lower commodity prices and lower exports, Russia’s central bank said on Thursday.

Source: Oil Price

Oil and gas production and exports have dropped this year, the Bank of Russia said in a financial stability review on Thursday. Re-directing oil and gas exports requires significant investment, and changes in the nature of transactions are raising the lead times for receipt of payments.

“The process of moving away from the use of the U.S dollar and other “toxic” currencies in international payments continues,” the central bank said.

The move away from the dollar has impacted the supply and demand of currencies on the domestic market, the bank noted.

Over the first nine months of the year, the share of Chinese yuan in payments for Russia’s oil and gas exports jumped from 13% in January to 35% in September. The share of the exports in Russian rubles also remains significant – at 39% in September 2023, the Bank of Russia said.

Due to the significantly lower Russian natural gas exports to the EU, Russia’s natural gas production fell by 11.4% year-over-year between January and September.

Similarly, due to the EU embargo on Russian oil and fuels, the volume of oil exports via the system of pipeline monopoly Transneft declined by 8% annually in the first nine months of 2023, the central bank said.

During the same period, the average price of the flagship Russian crude grade, Urals, slumped by 26% compared to January-September 2022.

While Russia’s companies are feeling the pinch from lower commodity prices and lower exports, the Russian state continues to see a steady income from oil and gas exports.

Russia’s oil and gas revenues jumped in October, due to a cyclical surge in the profit-based tax, and more than doubled from September to $18.3 billion (1.635 trillion Russian rubles), data from the Russian finance ministry showed early this month.

By Charles Kennedy for Oilprice.com

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Opponents appeal decision to allow drilling under Ohio state parks and wildlife areas

Energy News Beat

Environmental groups filed an appeal Thursday, challenging recent decisions by an Ohio regulatory commission to allow drilling under a state park and two state wildlife areas.

Those decisions currently call for sections of Salt Fork State Park, Zepernick Wildlife Area and Valley Run Wildlife Area to be leased to the highest and best bidder, with the bidding period set to start in January.

Among other things, the groups say the Ohio Oil and Gas Land Management Commission failed to consider all of the factors it was required to weigh under state law. The groups also allege that the commission failed to provide an opportunity for public hearing under state law.

Plans to drill under Ohio state parks and wildlife areas were jump-started earlier this year by House Bill 507, which began as a two-page bill about poultry regulations and grew to more than 80 pages when lawmakers heaped in provisions about natural gas and other unrelated topics last December. Environmental groups challenged the constitutionality of the law earlier this year, and that case is still pending.

The new case appealing the commission’s decisions was filed on Nov. 30 with the Franklin County Court of Common Pleas. A notice of appeal was also filed with the Ohio Oil and Gas Land Management Commission.

Parties to the appeal include Save Ohio Parks, the Ohio Environmental Council, the Buckeye Environmental Network and Backcountry Hunters and Anglers. Lawyers at Earthjustice are acting as counsel, and the Ohio Environmental Council also has its own attorneys on the complaint.

HB 507 would have required approval of drilling under state-owned lands until the commission adopted a standard lease form and other rules to allow drilling on different parcels.

Now, under the law, Ohio statutory law calls for the commission to consider nine factors, including environmental impacts, effects on visitors or users of state-owned lands, public comments or objections, economic benefits and more. Commission Chair Ryan Richardson also recited those factors in an affidavit filed in the constitutional challenge case.

The opponents’ appeal alleges that the commission failed to duly consider all those factors. The commission also did not allow people attending the meetings to present testimony in opposition to particular proposals.

Even after the Ohio Oil and Gas Land Management Commission adopted rules this spring, comments by its members indicated they still viewed HB 507 as a legislative mandate preventing them from rejecting parcel nominations outright.

“We’ve been directed to open these lands up,” Richardson said at a Sept. 18 commission meeting.

In a similar vein, commission member Jim McGregor told the Energy News Network this summer, “we have a mandate from the legislature that says we shall lease public lands for fracking.”

The commission did not discuss all the statutory factors for voting either yes or no at its Nov. 15 meeting. Yet it voted to allow opening up lands under the state park and wildlife areas for bid next quarter. No written opinion explaining the decisions has been posted on the commission’s website.

“The commission is not required to submit a written opinion, and they are not expecting to write one,” said Andy Chow, spokesperson for the Ohio Department of Natural Resources, in response to a question by the Energy News Network the next day. “And there is no appeals procedure.”

“The Commission’s refusal to issue a written decision, failure to engage in meaningful discussion of the statutory criteria, and its belief that decisions are not appealable, show a concerning disregard for the process and rigor contemplated by their statutory mandates,” said Megan Hunter, a lawyer for Earthjustice who is representing opponents in the appeal and in the constitutional challenge case.

“As seen in the Commission’s meetings, the Commission did not publicly consider all nine statutory factors prior to opening up Salt Fork State Park, Valley Run Wildlife Area, and Zepernick Wildlife Area for oil and gas development. The Commission should be held accountable for this failing,” she added.

The post Opponents appeal decision to allow drilling under Ohio state parks and wildlife areas appeared first on Energy News Beat.

 

Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled

Energy News Beat

Cybertruck deliveries are finally underway, with Tesla releasing prices and specs for the futuristic-looking vehicle. Tesla stock fell.
The post Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled appeared first on Investor’s Business Daily. 

The post Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled appeared first on Energy News Beat.

 

Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled

Energy News Beat

Cybertruck deliveries are finally underway, with Tesla releasing prices and specs for the futuristic-looking vehicle. Tesla stock fell.
The post Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled appeared first on Investor’s Business Daily. 

The post Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled appeared first on Energy News Beat.

 

Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled

Energy News Beat

Cybertruck deliveries are finally underway, with Tesla releasing prices and specs for the futuristic-looking vehicle. Tesla stock fell.
The post Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled appeared first on Investor’s Business Daily. 

The post Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled appeared first on Energy News Beat.

 

Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled

Energy News Beat

Cybertruck deliveries are finally underway, with Tesla releasing prices and specs for the futuristic-looking vehicle. Tesla stock fell.
The post Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled appeared first on Investor’s Business Daily. 

The post Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled appeared first on Energy News Beat.

 

Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled

Energy News Beat

Cybertruck deliveries are finally underway, with Tesla releasing prices and specs for the futuristic-looking vehicle. Tesla stock fell.
The post Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled appeared first on Investor’s Business Daily. 

The post Tesla Cybertruck Deliveries Begin Four Years After EV Unveiled appeared first on Energy News Beat.

 

ConocoPhillips working to resume APLNG terminal ops

Energy News Beat

A unit of ConocoPhillips is working to resume production at the Australia Pacific LNG plant on Curtis Island after the 174,100-cbm Cesi Qingdao was moved from the terminal early Friday morning.

ConocoPhillips Australia confirmed in a statement on Friday that the 2017-buitl LNG vessel was moved from the facility following approval from Australian Maritime Safety Authority.

Earlier this week, the loaded LNG tanker owned by a joint venture of MOL, Cosco Shipping, and Sinopec had lost power at the terminal’s jetty and was unable to leave.

“The ship has been moved to outer anchorage from Gladstone Harbour for further repairs by the ship owner in accordance with regulators’ safety orders,” ConocoPhillips Australia said.

ConocoPhillips as downstream operator will now focus on safely bringing the LNG facility back into operation to resume LNG production, it said.

Shareholder and upstream APLNG operator, Origin Energy, said in a separate statement that it will start ramping up production to return the flow of gas to the LNG facility to normal levels.

Origin, which is subject to a takeover offer from a consortium consisting of Canada’s Brookfield Asset Management and a unit of US-based energy investor EIG, expects the LNG facility to recommence loading operations overnight.

“In total, three LNG cargoes were unable to be loaded during this event,” the company said.

Origin currently owns a 22.5 percent in the APLNG project, while Sinopec owns a 25 percent share in the project.

US energy giant ConocoPhillips has a 47.5 percent share in the APLNG project and operates the 9 mtpa LNG export facility on Curtis Island near Gladstone.

However, ConocoPhillips revealed plans in March to become upstream operator of APLNG following the closing of EIG’s transaction with Origin, and it has also agreed to purchase up to an additional 2.49 percent shareholding interest in APLNG for $0.5 billion.

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