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[ariane] 11/2/2021 09:39

Global Oil Market's Cautious Rebalancing Is Underway, IEA Says
11 February 2021 - 09:29AM
Dow Jones News

--The IEA has increased its non-OPEC 2021 supply forecast

--The oil market is set for "rapid stock draw" in the second half of the year, the IEA says

--The agency says North American production is rebounding



By David Hodari



The global supply and demand of crude oil are on course to continue rebalancing this year, after the turmoil brought by the pandemic in 2020, the International Energy Agency said Thursday.

Despite increasing its estimates for the world's oil output in 2021, the IEA said in its closely-watched monthly market report that a recovery in demand will outstrip rising production in the second half of the year to prompt "a rapid stock draw" of the glut of crude built up since the outbreak of the coronavirus.

The agency significantly increased its forecast for producing nations outside of the production pact between the Organization of the Petroleum Exporting Countries and allies such as Russia, upping non-OPEC supply by 290,000 barrels a day to an increase of 830,000 barrels a day this year.

At the same time, the IEA trimmed its forecast for global oil demand by 200,000 barrels a day to 96.4 million barrels--around 3% less than in 2019, before the coronavirus pandemic--although added that part of that change came thanks to a change to historic data.

Even so, with much of the developed world grappling with fresh Covid-19 variants and renewed lockdown restrictions, a brightening economic outlook and strict supply discipline from OPEC-plus are hastening the drawdown in global oil inventories, the IEA said. It added that "the prospect of tighter markets ahead" has been responsible for a sharp rally in oil prices in recent weeks.

Crude prices slipped early Thursday, giving up a fraction of their recent gains. Brent crude, the global benchmark, was last down 0.6% at $61.13 a barrel after climbing for nine straight sessions to notch gains of 11% so far in February and break through the $60-a-barrel level for the first time in a year. West Texas Intermediate futures, the U.S. benchmark, fell 0.6% to $58.31 a barrel.

The beginning of February saw Saudi Arabia--one of the world's largest producers--unilaterally cut an additional 1 million barrels of crude a day in a move that surprised the world when it was announced the month prior.

Along with resilient demand in developing-world powerhouses, such as China and India, as well as hopes of a large U.S. stimulus bill and ecstatic trading in broader financial markets, Riyadh's move has helped fuel a recovery in oil prices.

The so-far successful efforts of OPEC-plus to hold back supply, the hoped success of coronavirus vaccination programs, and the prospect of weaker travel restrictions remain the basis for cautious forecasts of an oil-market recovery, the IEA said.

In that context, the production of non-OPEC producers will be in focus in the coming months. Those countries, particularly the U.S. and Canada, are responding to those higher prices, "albeit cautiously and from a low level," the IEA said.

Drilling and well completion-rates in the Permian Basin have steadily risen in recent months and, while U.S. oil companies are under pressure to reward shareholders and retain financial discipline, current oil prices mean "there is clearly potential for some producers to respect those engagements and modestly increase their capital expenditures," the report added.

Canada, meanwhile, is now pumping at record rates, having restored nearly all the production shut during the nadir of the collapse of the global oil market in April.

If balances continue to tighten and non-OPEC producers ramp up production, that could fray the cohesion of OPEC-plus cuts, the IEA said. That might have consequences for the oil-price rally.



Write to David Hodari at [e-mail]



(END) Dow Jones Newswires

February 11, 2021 04:14 ET (09:14 GMT)

[ariane] 07/2/2021 09:08

Engie-led team signs Saudi water agreement

04 February 2021 By Jennifer Aguinaldo MEED

The $850m project in Yanbu includes a desalination plant, water transmission pipeline, water storage and solar farm

[waldron] 06/2/2021 08:33

OIL& GAS INDUSTRY
5 Feb, 22:43
German ex-chancellor sees ‘too much ideology’ around Nord Stream 2
Additional gas delivery route is necessary for Germany due to its plans to phase out nuclear and coal-based power generation, he said

BERLIN, February 5. /TASS/. Gerhard Schroder, who served as the chancellor of Germany in 1998-2005, believes that his country needs the Nord Stream 2 pipeline from Russia, because otherwise it won’t be able to meet its energy demand during the period of transition from traditional energy sources to renewable ones.

"We already have Nord Stream 1, which transports 55 billion cubic meters of gas from Russia to [the northern German state of] Mecklenburg-Vorpommern. And we need the second line," he told the Phoenix TV channel, adding that this additional gas delivery route is necessary for Germany due to its plans to phase out nuclear and coal-based power generation.

"It is clear that we should place our bet on renewable sources. However, there won’t be enough of them in the foreseeable future to provide our economy with energy at an affordable price," he said. "During the period of transition, lasting 10, 20 or 30 years - no one can say for sure - we will be in need of gas, the only reasonable and environmentally pure traditional source of energy."

"And we need to ask ourselves: where are we going to take it?" the ex-chancellor continued.


In his opinion, Russian gas delivered via pipelines is the only reasonable way to get it. According to the former German leader, US gas produced by means of hydraulic fracturing is "more expensive and worse in terms of quality," as well as less environmentally friendly.

"It seems to me, that there is too much ideology here," he said, adding that the Nord Stream 2 pipeline project should not be linked to the situation surrounding blogger Alexei Navalny. "Why a connection is drawn between issues that are not related to each other? What can be in common between Nord Stream 2 and the Navalny case?" he asked rhetorically, describing this approach as a mistake.

The Nord Stream 2 project contemplates construction of two gas pipeline strings with the total capacity of 55 bln cubic meters per year from the Russian coast to Germany across the Baltic Sea. The gas pipeline is 94% complete to date. After the incident with Russian blogger Navalny, a number of German politicians demanded to halt implementation of the project.

[ariane] 03/2/2021 23:08

Cheap-rate power deal in France can be more expensive
Off-peak night-time electricity might not be the 'good buy' it seems, says consumer group 60 Millions de Consommateurs

3 February 2021
EDF and Engie clients need to use at least half of their power on the cheaper night rate for it to cost less than a basic single-rate option

By Connexion journalist

Off-peak night-time electricity might not be the “good buy” it seems – a consumer group found the vast majority of users are losing money with an heures pleines/heures creuses (HP/HC) contract.

EDF and Engie clients need to use at least half of their power on the cheaper night rate for it to cost less than a basic single-rate option.

Increased home-working has highlighted the issue, with more homes heated during the day.

[adrian j boris] 01/2/2021 20:41

UAWIRE.ORG


France urges Germany to stop construction of Nord Stream 2 pipeline
Monday, February 1, 2021 12:07:00 PM

Germany should stop construction of the Nord Stream-2 gas pipeline amid violent crackdown on protesters in Russia, announced French Minister of State for European Affairs Clément Beaune on the radio station France Inter, Deutsche Welle reports.

"We have always said that we have huge doubts about this project in this context," he said.

When asked if this meant a call for Berlin to abandon the Nord Stream 2 pipeline, Beaune said: "This is correct, we have already talked about it."

He also noted that EU leaders are now considering the possibility of imposing new sanctions against Russia amid violent suppression of protests that are taking place in support of the opposition leader Alexei Navalny.

"Sanctions have already been imposed, we can do it (again), but we have to be clear that it will not be enough," Beaune added.

According to him, another option, which is being considered, is Nord Stream-2. At the same time, the minister added that this should be a decision of Germany, as the gas pipeline is laid on its territory.

German Chancellor Angela Merkel said she had not changed her position on Nord Stream 2 and would speak with the US president's administration.

US President Joe Biden called Nord Stream 2 a "bad deal for Europe."

[adrian j boris] 28/1/2021 14:37

Engie to install EV charge points at Premier Inn hotels

28/01/2021 in Electric fleet news
electric fleet - charging and infrastructure


Engie has secured a new contract to deliver 1,000 electric vehicle charging points across Premier Inn hotels in the next three years.

It’s the biggest roll-out of high power EV chargers in the UK hospitality sector, according to the charging point provider.

Engie will install GeniePoint charging points at 300 Premier Inn hotels over the next three years. The first installation will be in Enfield, when the roll-out begins in March.

Access to the charging points will be for hotel guests, as well as members of the public using the GeniePoint Network. The company will install 50kW+ chargers that use 100% renewable energy.

Simon Leigh, procurement director at Premier Inn, said: “Electric vehicles are one of the ways in which the UK strives for a greener future and we’re pleased to help drive this goal forward with what we believe is the UK’s biggest roll-out of rapid charging points to date.

“We know that ‘range anxiety’ is a real concern for many of our guests who own electric cars. Knowing that in many locations they will soon be able to arrive and have access to a high-speed charge point to quickly refuel their car while they relax and refuel themselves will be a great source of comfort.”

Sam Hockman, divisional CEO – Futures at Engie UK & Ireland, added: “This important move by Whitbread highlights the key role the hospitality sector can play to support not only the uptake of EVs, but also the UK's wider commitment to become net zero by 2050."

Fleet News

[florenceorbis] 25/1/2021 09:50

Nord Stream 2 says Russian pipe-laying vessel starts work in Danish zone
Jan. 24, 2021 11:55 PM ETPublic Joint Stock Company Gazprom (OGZPY)By: Carl Surran, SA News Editor

Russian pipe-laying vessel Fortuna has started working at the Nord Stream 2 construction site in Danish waters, defying new sanctions

[florenceorbis] 24/1/2021 10:13

23 Jan, 22:33
Nord Stream 2 project stoppage may result in legal proceedings - German Minister
According to the Minister of Environment Protection and Nuclear Safety Svenja Schulze, Germany will need natural gas during the transitional period after the abandonment of coal-fired and nuclear power generation

BERLIN, January 24. /TASS/. The Nord Stream 2 gas pipeline project is close to completion and all the permits for its implementation were issued in line with principles of the rule of law, Germany’s Minister of Environment Protection and Nuclear Safety Svenja Schulze says in an interview with the Redaktionsnetzwerk Deutschland (RND).

"The decision on the pipeline construction was made many years ago. It is close to completion and received permits in accordance with principles of the rule of law," the Minister said. "If we stop the project now, we will inflict a great deal of harm, casting a doubt on reliability of decisions made on the basis of principles of the rule of law and would probably face court proceedings," Schulze noted.

Germany will need natural gas during the transitional period after the abandonment of coal-fired and nuclear power generation until it will be fully able to ensure energy supplies on account of renewable sources, the Minister said. "Germany barely has its own natural gas reserves, so we depend on import in this regard," she noted.

The Nord Stream 2 project contemplates the construction of two pipeline strings with a total capacity of 55 bln cubic meters per year from the coast of Russia through the Baltic Sea to Germany. To date, 94% of Nord Stream 2 has been finished.

[florenceorbis] 23/1/2021 10:37

Upcoming events on ENGIE

FEBRUARY/26/2021 FY 2020 Earnings Release

[grupo] 16/1/2021 21:44

Swiss Insurance Giant Reportedly Pulls Out of Nord Stream 2 Amid Threat of US Sanctions

Business
18:38 GMT 16.01.2021(updated 19:02 GMT 16.01.2021)
by Ilya Tsukanov


The $9.5 billion gas pipeline infrastructure project is on course to being completed later this year, with German and Danish regulators recently giving the go-ahead for more pipelaying works in their waters, and a state in northeastern Germany setting up a special fund meant to help shield companies from extraterritorial sanctions.

Swiss insurance giant Zurich Insurance Group will stop insuring the Nord Stream 2 pipeline project due to the threat of US sanctions, Bloomberg has reported, citing people said to be familiar with the situation.

[waldron] 14/1/2021 06:17

Engie Romania takes over 9.3MW PV park
14 January 2021
Andrei Chirileasa


Engie Romania, the largest natural gas distributor and supplier on the local market, has completed the acquisition of a photovoltaic park consisting of two farms, located in the village of Cristuru Secuiesc in Harghita county, Ziarul Financiar reported.

The project was formerly owned by Ever Solar, a subsidiary of the German group Soventix, and Alpine Solar.

The park has a total installed capacity of 9.3 MW and has been in operation since 2015.

How The Winner Of A Presidential Election Is Really Declared

"This acquisition marks a new stage in achieving the goal of becoming, by 2030, an important investor in the field of renewable energy in Romania and thus contributing to the group's ambition to be the leader of the energy transition. Our goal is to occupy a leading position in the segment of centralized renewable energy - given that wind and solar energy will have an increasing share in the country's future energy mix - and to provide green energy to our customers, natural or legal persons," said Eric Stab, President & CEO of ENGIE Romania.


[e-mail]

[sarkasm] 13/1/2021 08:20

Total SE and Engie SA are teaming up to set up a renewable hydrogen production site in Chateauneuf-les-Martigues, France.

The French energy companies said Wednesday that they have agreed to start construction of the project--called Masshylia--in 2022, aiming to begin production two years later.

The project will be located at Total's La Mede biorefinery site and produce five metric tons of green hydrogen a day for the biofuel production process.

The companies didn't disclose financial terms of the collaboration.



Write to Kim Richters at [e-mail]



(END) Dow Jones Newswires

January 13, 2021 02:58 ET (07:58 GMT)

[grupo] 12/1/2021 08:19

In a research note published by Ajay Patel, Goldman Sachs advises its customers to buy the stock. The target price has been revised upwards and is now set at EUR 15.40, compared with EUR 13.90 previously.