🇧🇴Bolivia makes major oil, natural gas discovery
Bolivia’s state-run oil company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) made a natural gas discovery at the Remanso-X1 well. The new reservoir will generate approximately $5 billion in gas revenue for the country.
"This discovery opens up a new development horizon in the short and medium term, which will make it possible to incorporate reserves and increase the production of liquids and thus reduce imports of fuels under the line of the import substitution”, stated the president of YPFB, Armin Dorgathen Tapia.
Samples have been taken to assess whether the discovery is a gas condensate or a volatile oil; the test results are making it possible to estimate productivity, characterize the reservoir and quantify volumes produced.
#oil #gas
@songofoil
Bolivia’s state-run oil company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) made a natural gas discovery at the Remanso-X1 well. The new reservoir will generate approximately $5 billion in gas revenue for the country.
"This discovery opens up a new development horizon in the short and medium term, which will make it possible to incorporate reserves and increase the production of liquids and thus reduce imports of fuels under the line of the import substitution”, stated the president of YPFB, Armin Dorgathen Tapia.
Samples have been taken to assess whether the discovery is a gas condensate or a volatile oil; the test results are making it possible to estimate productivity, characterize the reservoir and quantify volumes produced.
#oil #gas
@songofoil
Forwarded from Blood Meridian
🇧🇷 Protesters oppose Petrobras oil exploration plan at mouth of Amazon river
Environmental demonstrators protested on Sunday against plans by Brazilian state-run oil company Petrobras to drill for oil at the mouth of the Amazon river.
A group of 50 protesters gathered outside a convention center where heads of state of Amazon nations will meet this week to discuss joining efforts to protect the rainforest.
Petrobras has appealed against a decision by Brazil's environmental protection agency, Ibama, to deny it permission to drill an exploratory well at the mouth of the Amazon, saying the request lacked an environmental assessment of the project.
Petrobras has rights to explore a block 175 kilometers from Brazil's northeastern coast in a deepwater area, south of where Suriname is exploring for oil and where foreign companies have discovered 11 billion barrels of recoverable oil in Guyana.
Environment Minister Marina Silva said Ibama would study Petrobras' new request to install a drilling rig off the coast of Amapá to explore for oil in the area where the Amazon river waters enter the Atlantic.
🔎 Source
#Brazil #protests
☠️ Blood Meridian
Environmental demonstrators protested on Sunday against plans by Brazilian state-run oil company Petrobras to drill for oil at the mouth of the Amazon river.
A group of 50 protesters gathered outside a convention center where heads of state of Amazon nations will meet this week to discuss joining efforts to protect the rainforest.
Petrobras has appealed against a decision by Brazil's environmental protection agency, Ibama, to deny it permission to drill an exploratory well at the mouth of the Amazon, saying the request lacked an environmental assessment of the project.
Petrobras has rights to explore a block 175 kilometers from Brazil's northeastern coast in a deepwater area, south of where Suriname is exploring for oil and where foreign companies have discovered 11 billion barrels of recoverable oil in Guyana.
Environment Minister Marina Silva said Ibama would study Petrobras' new request to install a drilling rig off the coast of Amapá to explore for oil in the area where the Amazon river waters enter the Atlantic.
🔎 Source
#Brazil #protests
☠️ Blood Meridian
UN completes removal of oil from decaying FSO tanker
The UN has completed the transfer of oil from the FSO Safer supertanker offshore Yemen’s Red Sea coast, preventing the immediate threat of a massive spill.
The FSO Safer, a floating storage and offloading unit, is located 60 kilometres (37 miles) north of the port of Hudaydah. It has been used for storing and exporting oil from oilfields in the oil-rich central province of Marib.
Many reports have stated that the Safer has been at risk of breaking up or exploding for years.
The cargo of oil aboard the FSO Safer has been pumped onto the replacement vessel MOST Yemen (formerly Nautica) in a ship-to-ship transfer that began on July 25, following preparations on site for the operation that began in May.
Less than 2% of the original oil cargo remains mixed in with sediment that will be removed during the final cleaning of the supertanker.
#oil
@songofoil
The UN has completed the transfer of oil from the FSO Safer supertanker offshore Yemen’s Red Sea coast, preventing the immediate threat of a massive spill.
The FSO Safer, a floating storage and offloading unit, is located 60 kilometres (37 miles) north of the port of Hudaydah. It has been used for storing and exporting oil from oilfields in the oil-rich central province of Marib.
Many reports have stated that the Safer has been at risk of breaking up or exploding for years.
The cargo of oil aboard the FSO Safer has been pumped onto the replacement vessel MOST Yemen (formerly Nautica) in a ship-to-ship transfer that began on July 25, following preparations on site for the operation that began in May.
Less than 2% of the original oil cargo remains mixed in with sediment that will be removed during the final cleaning of the supertanker.
#oil
@songofoil
Forwarded from Blood Meridian
🌎 🔨LatAm in the world's race for lithium: Part 1. Resources
Chile, Argentina and Bolivia alone hold 2/3 of the world's lithium reserves. Will such an advantage help these three countries succeed in a world where demand for lithium is soaring?
🔻The 'Lithium Triangle'
The so-called 'lithium triangle' is an arid region with expansive salt flats, shared between Chile, Argentina and Bolivia. According to estimates, this region holds 54% of the world’s lithium resources. The lithium deposits are found underneath the salt flats (contrary to Australia, which mines directly from hard rock deposits).
Bolivia is home to 21 million tons of lithium, followed by Argentina with 19.3 million and Chile with 9.6 million. These numbers are still subject to change, as active exploration leads to an increase in known resources. Identified global lithium resources rose from 53 million tons in 2018 to 89 million tons in 2022, according to the USGS.
🔻Three countries - three approaches
🇨🇱 Chile has transformed the majority of its available resources into economically viable reserves available for commercial production. Having the lowest deposits (out of the three countries), it managed to become the world’s second-largest commercial producer after Australia. The Atacama salt flat has the highest-quality, proven reserves with a low cost of production.
Things might soon change, though, as the Chilean government announced in April it will nationalize the country's lithium, requiring the state to control 51% of future ventures. Foreign lithium miners, such as Chinese SQM now must renegotiate its contract under the new rules. The Chilean Copper Commission already warns Argentina might overtake Chile as the 2nd world lithium producer by 2035, as Chile's market share is expected to decline.
🇧🇴 Bolivia has struggled to transform its lithium resources into commercially viable reserves, due in large part to the poor investment climate and the country’s political instability. The country nationalized its lithium reserves back in 2008 and missed out on foreign investment opportunities in the following decade. Having recently signed deals with China and Russia, Bolivia hopes to quickly reach high production levels in the coming years.
🇦🇷 Argentina has created a more favorable investment climate, as it asks for only 3% royalty (lower than Chile, which imposes a progressive royalty that can reach up to 40%). Since 2020, over $4 billion in investments have been announced, with dozens of private sector projects now in the pipeline. Most of these investments come from Chinese companies.
The three countries are in talks about a possible regional alliance on lithium - "a kind of lithium OPEC," as Bolivian President Luis Arce puts it.
🔻North America
🇺🇸 North America is also rich in lithium. The U.S. ranks 4th in total resources (9,1 million tons), but the only active lithium mine is in the state of Nevada, producing just 1% of global lithium.
🇲🇽 Mexico, which also holds some lithium reserves, nationalized its lithium last year and has since announced that only joint ventures with majority state control could exploit the mineral. Those companies that started lithium exploration before the nationalization process began will be able to continue mining under the previous terms.
Despite holding the largest lithium reserves, Latin American countries are lagging behind when it comes to lithium production and processing. So, which countries are actually taking advantage of the growing lithium market?
🔻🔻🔻
Part 2
#analysis #LatAm #lithium #resources #Chile #Argentina #Bolivia #US #Mexico
☠️ Blood Meridian
Chile, Argentina and Bolivia alone hold 2/3 of the world's lithium reserves. Will such an advantage help these three countries succeed in a world where demand for lithium is soaring?
🔻The 'Lithium Triangle'
The so-called 'lithium triangle' is an arid region with expansive salt flats, shared between Chile, Argentina and Bolivia. According to estimates, this region holds 54% of the world’s lithium resources. The lithium deposits are found underneath the salt flats (contrary to Australia, which mines directly from hard rock deposits).
Bolivia is home to 21 million tons of lithium, followed by Argentina with 19.3 million and Chile with 9.6 million. These numbers are still subject to change, as active exploration leads to an increase in known resources. Identified global lithium resources rose from 53 million tons in 2018 to 89 million tons in 2022, according to the USGS.
🔻Three countries - three approaches
🇨🇱 Chile has transformed the majority of its available resources into economically viable reserves available for commercial production. Having the lowest deposits (out of the three countries), it managed to become the world’s second-largest commercial producer after Australia. The Atacama salt flat has the highest-quality, proven reserves with a low cost of production.
Things might soon change, though, as the Chilean government announced in April it will nationalize the country's lithium, requiring the state to control 51% of future ventures. Foreign lithium miners, such as Chinese SQM now must renegotiate its contract under the new rules. The Chilean Copper Commission already warns Argentina might overtake Chile as the 2nd world lithium producer by 2035, as Chile's market share is expected to decline.
🇧🇴 Bolivia has struggled to transform its lithium resources into commercially viable reserves, due in large part to the poor investment climate and the country’s political instability. The country nationalized its lithium reserves back in 2008 and missed out on foreign investment opportunities in the following decade. Having recently signed deals with China and Russia, Bolivia hopes to quickly reach high production levels in the coming years.
🇦🇷 Argentina has created a more favorable investment climate, as it asks for only 3% royalty (lower than Chile, which imposes a progressive royalty that can reach up to 40%). Since 2020, over $4 billion in investments have been announced, with dozens of private sector projects now in the pipeline. Most of these investments come from Chinese companies.
The three countries are in talks about a possible regional alliance on lithium - "a kind of lithium OPEC," as Bolivian President Luis Arce puts it.
🔻North America
🇺🇸 North America is also rich in lithium. The U.S. ranks 4th in total resources (9,1 million tons), but the only active lithium mine is in the state of Nevada, producing just 1% of global lithium.
🇲🇽 Mexico, which also holds some lithium reserves, nationalized its lithium last year and has since announced that only joint ventures with majority state control could exploit the mineral. Those companies that started lithium exploration before the nationalization process began will be able to continue mining under the previous terms.
Despite holding the largest lithium reserves, Latin American countries are lagging behind when it comes to lithium production and processing. So, which countries are actually taking advantage of the growing lithium market?
🔻🔻🔻
Part 2
#analysis #LatAm #lithium #resources #Chile #Argentina #Bolivia #US #Mexico
☠️ Blood Meridian
Forwarded from Blood Meridian
🌎 🔨LatAm in the world's race for lithium: Part 2. Production
🔻Producers
🇦🇺 Australia leads in lithium production by a wide margin, having produced 61,000 tons last year. Australia's lithium production is expected to grow at a rate of 14.2 percent and reach 116,240 tons in 2026 as mines expand. Most of the country’s lithium supply is exported to China as spodumene.
🇨🇱 Chile, the world's second largest lithium producer (39,000 tons per year), focuses not so much on the domestic processing of lithium, but rather on exporting raw materials to, primarily, South Korea, Japan, China and the EU. The recent increase in exports from Chile has predominantly been associated with lithium carbonates, which are relatively unrefined.
🇨🇳 China comes in third, producing 19,000 tons per year. While production in China is comparatively low, China imports lithium in large quantities and dominates lithium refining and battery production.
🔻China's interest
China's rapid increase in the manufacturing of goods and components means that its demand for lithium is growing at 10% a year. China has over half of the world's lithium refining capacity but has to rely on imports for about two-thirds of the raw material.
Chinese companies are now increasing their investments in the "lithium triangle." China’s Ganfeng Lithium, for example, is the majority stakeholder in Argentina’s Caucharí-Olaroz operation.
Similarly, in Chile, China’s Tianqi Lithium became the second-largest shareholder in SQM, holding 23.8 percent of shares. The Chinese companies Ganfeng Lithium and Tianqi Lithium now represent two of the top three lithium mining companies in the world.
🔻EU investments
The EU has consistently shown interest in South American lithium. In January, Scholz toured Latin America, and lithium mining was not the last thing on the agenda. At the EU-CELAC summit, EU countries announced €45bn ($49,5bn) in investments in the region, some of which are aimed at resource extraction under the guise of green initiatives.
🔻Rare earth elements industry
The US and China have split roles in the rare earth elements (REE) market and have maintained them, at least until recently. China has been developing its own resources and buying cheap raw materials from other countries, Latin America included. China has taken a large share of the REE processing market and has established production of batteries and components needed for green industries, but has not fully engaged in high-tech manufacturing.
The US and other developed countries have taken over the production of the final high-tech products of the green industry. At the same time, the US did not prevent China from increasing its presence in Latin American countries and buying cheap raw materials, as it was beneficial to both countries.
Now the REE market is changing. The US and the EU are interested in negotiating cheap raw material supplies and investing in processing facilities in Latin America, not only to reduce dependence on China but also to get their share of profits.
China is trying to develop its own high-tech manufacturing. In many areas, China will have to start from scratch because developed countries are reluctant to share the technology.
🔻"Lithium triangle" role
In this context, the "lithium triangle" countries don't care who they sell their lithium to: China, the US or the EU. Argentina, Chile and Bolivia are trying to capitalize on the growth of the lithium industry and develop domestic industrial infrastructure. However, these countries will not be able to see the same profits as the developed countries that produce the final high-tech product.
At the same time, by allowing investors into their markets, these countries give up some control. It will be easier for investors to promote their interests and dictate their terms when countries such as Bolivia, Chile and Argentina depend on resource extraction for a significant part of their budget.
🔻🔻🔻
Part 1
#analysis #LatAm #lithium #resources #Chile #Argentina #Bolivia #US #China
☠️ Blood Meridian
🔻Producers
🇦🇺 Australia leads in lithium production by a wide margin, having produced 61,000 tons last year. Australia's lithium production is expected to grow at a rate of 14.2 percent and reach 116,240 tons in 2026 as mines expand. Most of the country’s lithium supply is exported to China as spodumene.
🇨🇱 Chile, the world's second largest lithium producer (39,000 tons per year), focuses not so much on the domestic processing of lithium, but rather on exporting raw materials to, primarily, South Korea, Japan, China and the EU. The recent increase in exports from Chile has predominantly been associated with lithium carbonates, which are relatively unrefined.
🇨🇳 China comes in third, producing 19,000 tons per year. While production in China is comparatively low, China imports lithium in large quantities and dominates lithium refining and battery production.
🔻China's interest
China's rapid increase in the manufacturing of goods and components means that its demand for lithium is growing at 10% a year. China has over half of the world's lithium refining capacity but has to rely on imports for about two-thirds of the raw material.
Chinese companies are now increasing their investments in the "lithium triangle." China’s Ganfeng Lithium, for example, is the majority stakeholder in Argentina’s Caucharí-Olaroz operation.
Similarly, in Chile, China’s Tianqi Lithium became the second-largest shareholder in SQM, holding 23.8 percent of shares. The Chinese companies Ganfeng Lithium and Tianqi Lithium now represent two of the top three lithium mining companies in the world.
🔻EU investments
The EU has consistently shown interest in South American lithium. In January, Scholz toured Latin America, and lithium mining was not the last thing on the agenda. At the EU-CELAC summit, EU countries announced €45bn ($49,5bn) in investments in the region, some of which are aimed at resource extraction under the guise of green initiatives.
🔻Rare earth elements industry
The US and China have split roles in the rare earth elements (REE) market and have maintained them, at least until recently. China has been developing its own resources and buying cheap raw materials from other countries, Latin America included. China has taken a large share of the REE processing market and has established production of batteries and components needed for green industries, but has not fully engaged in high-tech manufacturing.
The US and other developed countries have taken over the production of the final high-tech products of the green industry. At the same time, the US did not prevent China from increasing its presence in Latin American countries and buying cheap raw materials, as it was beneficial to both countries.
Now the REE market is changing. The US and the EU are interested in negotiating cheap raw material supplies and investing in processing facilities in Latin America, not only to reduce dependence on China but also to get their share of profits.
China is trying to develop its own high-tech manufacturing. In many areas, China will have to start from scratch because developed countries are reluctant to share the technology.
🔻"Lithium triangle" role
In this context, the "lithium triangle" countries don't care who they sell their lithium to: China, the US or the EU. Argentina, Chile and Bolivia are trying to capitalize on the growth of the lithium industry and develop domestic industrial infrastructure. However, these countries will not be able to see the same profits as the developed countries that produce the final high-tech product.
At the same time, by allowing investors into their markets, these countries give up some control. It will be easier for investors to promote their interests and dictate their terms when countries such as Bolivia, Chile and Argentina depend on resource extraction for a significant part of their budget.
🔻🔻🔻
Part 1
#analysis #LatAm #lithium #resources #Chile #Argentina #Bolivia #US #China
☠️ Blood Meridian
🇰🇷🇯🇵 South Koreans march against Japanese Fukushima wastewater discharge, expressing safety concerns
Protesters in Seoul, South Korea, rallied against Japan's imminent release of treated nuclear wastewater from the Fukushima nuclear power plant on August 12, 2023. They called for Tokyo to abandon the discharge plans and criticized Seoul for endorsing the move despite perceived food safety risks.
The demonstration marked the latest in a series of protests following the approval of the Japanese discharge plans by the International Atomic Energy Agency in July. The agency asserted that the process adhered to international safety standards and would have minimal environmental and health repercussions.
South Korean President Yoon Suk Yeol's government has supported the safety of the wastewater release, as part of efforts to mend strained relations with the United States amidst escalating North Korean nuclear threats.
Although the Japanese government has announced its intention to commence the wastewater release this summer, a specific date has not been confirmed.
#SouthKorea #Japan #nuclear
@songofoil
Protesters in Seoul, South Korea, rallied against Japan's imminent release of treated nuclear wastewater from the Fukushima nuclear power plant on August 12, 2023. They called for Tokyo to abandon the discharge plans and criticized Seoul for endorsing the move despite perceived food safety risks.
The demonstration marked the latest in a series of protests following the approval of the Japanese discharge plans by the International Atomic Energy Agency in July. The agency asserted that the process adhered to international safety standards and would have minimal environmental and health repercussions.
South Korean President Yoon Suk Yeol's government has supported the safety of the wastewater release, as part of efforts to mend strained relations with the United States amidst escalating North Korean nuclear threats.
Although the Japanese government has announced its intention to commence the wastewater release this summer, a specific date has not been confirmed.
#SouthKorea #Japan #nuclear
@songofoil
🇦🇪🇮🇶 UAE and Iraq regain market share in Indian oil imports
Russia's July oil share in India likely peaked with a 5% sequential increase, alongside a 500,000 bpd export cut for August. UAE and Iraq are reclaiming market share in India's oil imports as Saudi Arabia reduces purchases by 33% in July.
The UAE's oil exports to India surged by 76% in July, reaching 290,000 bpd, while Iraq increased its share by 62,000 bpd to 891,000 bpd, according to Vortexa.
Saudi Arabia extended a voluntary output cut by one million bpd into August, leading to a significant decline in exports to India. Despite Russia holding a 42% share, its cuts may challenge sustained high shares.
UAE and Iraq's production rise offsets Saudi reductions, with Indian refiners turning to them due to lower Russian supplies. This trend is expected to continue in the near term.
#India #UAE #Iraq #Russia #oil
@songofoil
Russia's July oil share in India likely peaked with a 5% sequential increase, alongside a 500,000 bpd export cut for August. UAE and Iraq are reclaiming market share in India's oil imports as Saudi Arabia reduces purchases by 33% in July.
The UAE's oil exports to India surged by 76% in July, reaching 290,000 bpd, while Iraq increased its share by 62,000 bpd to 891,000 bpd, according to Vortexa.
Saudi Arabia extended a voluntary output cut by one million bpd into August, leading to a significant decline in exports to India. Despite Russia holding a 42% share, its cuts may challenge sustained high shares.
UAE and Iraq's production rise offsets Saudi reductions, with Indian refiners turning to them due to lower Russian supplies. This trend is expected to continue in the near term.
#India #UAE #Iraq #Russia #oil
@songofoil
🌐🛢 Record global oil demand and ongoing supply cuts drive price surge
Global oil demand has surged, causing a 20% price increase since June, hitting a record 103 million barrels daily. Expected to reach 102.2 million barrels this year, demand growth is led by strong OECD growth and summer travel, notably with China contributing 70%. Brent crude nears $87, possibly hitting $100 by year-end, driven by factors like China's recovery and stockpiling.
Next year, demand may ease due to recovery plans, fuel efficiency, remote work, and electric vehicles. Despite this, pump prices will stay high. OPEC+ extended supply cuts to 2024, led by Saudi Arabia's output reduction, while Russia's actions added market instability.
#oil
@songofoil
Global oil demand has surged, causing a 20% price increase since June, hitting a record 103 million barrels daily. Expected to reach 102.2 million barrels this year, demand growth is led by strong OECD growth and summer travel, notably with China contributing 70%. Brent crude nears $87, possibly hitting $100 by year-end, driven by factors like China's recovery and stockpiling.
Next year, demand may ease due to recovery plans, fuel efficiency, remote work, and electric vehicles. Despite this, pump prices will stay high. OPEC+ extended supply cuts to 2024, led by Saudi Arabia's output reduction, while Russia's actions added market instability.
#oil
@songofoil
🇬🇧🛢 SNP leader dines at Wimbledon with BP amidst energy transition debate
Stephen Flynn, the SNP's Westminster leader, enjoyed a day at Wimbledon sponsored by BP, the oil giant, even as his party aims to shift away from North Sea energy. Despite the SNP's commitment to a "just transition" to green energy, Flynn's attendance raises questions about the party's stance on oil and gas.
Flynn's Wimbledon outing on July 9, complete with two tickets valued at £1,500, included hospitality with prime viewing seats on Centre Court or Court One. The hospitality package offered gourmet cuisine by renowned chefs and complimentary fine wines.
Friends of the Earth Scotland criticized Flynn's acceptance of such lavish gifts from a major polluter, especially during a time of climate crisis. Climate campaigners accused the SNP leader of inappropriate engagement with the fossil fuel industry and called for a clearer commitment to a swift transition to renewable energy.
#UK #BP #oil #Scotland
@songofoil
Stephen Flynn, the SNP's Westminster leader, enjoyed a day at Wimbledon sponsored by BP, the oil giant, even as his party aims to shift away from North Sea energy. Despite the SNP's commitment to a "just transition" to green energy, Flynn's attendance raises questions about the party's stance on oil and gas.
Flynn's Wimbledon outing on July 9, complete with two tickets valued at £1,500, included hospitality with prime viewing seats on Centre Court or Court One. The hospitality package offered gourmet cuisine by renowned chefs and complimentary fine wines.
Friends of the Earth Scotland criticized Flynn's acceptance of such lavish gifts from a major polluter, especially during a time of climate crisis. Climate campaigners accused the SNP leader of inappropriate engagement with the fossil fuel industry and called for a clearer commitment to a swift transition to renewable energy.
#UK #BP #oil #Scotland
@songofoil
🇺🇳🇾🇪 UN celebrates safe conclusion of oil transfer from decaying Yemeni tanker
The UN Secretary-General, Antonio Guterres, has commended the successful completion of the ship-to-ship oil transfer from the deteriorating FSO Safer tanker off Yemen's coast to a replacement vessel. This operation averted a potential environmental and humanitarian catastrophe, preventing an oil spill disaster.
The FSO Safer, which was converted from a supertanker to a floating storage and offloading facility (FSO) for oil, was at risk of breaking up due to neglect amidst Yemen's civil conflict. A significant portion of its 1.14 million barrels of oil has been successfully transferred to the replacement vessel, MOST Yemen, during the ship-to-ship operation.
#UN #Yemen #oil
@songofoil
The UN Secretary-General, Antonio Guterres, has commended the successful completion of the ship-to-ship oil transfer from the deteriorating FSO Safer tanker off Yemen's coast to a replacement vessel. This operation averted a potential environmental and humanitarian catastrophe, preventing an oil spill disaster.
The FSO Safer, which was converted from a supertanker to a floating storage and offloading facility (FSO) for oil, was at risk of breaking up due to neglect amidst Yemen's civil conflict. A significant portion of its 1.14 million barrels of oil has been successfully transferred to the replacement vessel, MOST Yemen, during the ship-to-ship operation.
#UN #Yemen #oil
@songofoil
🇰🇵 Two minor earthquakes near North Korea's nuclear test site
Two minor earthquakes recently struck near North Korea's nuclear test site, adding to a series of natural tremors in the Kilju region over recent months. The earthquakes, measuring magnitudes 2.7 and 2.3, occurred without causing any reported damage.
Kilju, located in North Hamgyong Province, is home to the Punggye-ri nuclear test site, where North Korea has conducted all of its nuclear tests, and has experienced eight natural earthquakes in 2022 alone.
#NorthKorea
@songofoil
Two minor earthquakes recently struck near North Korea's nuclear test site, adding to a series of natural tremors in the Kilju region over recent months. The earthquakes, measuring magnitudes 2.7 and 2.3, occurred without causing any reported damage.
Kilju, located in North Hamgyong Province, is home to the Punggye-ri nuclear test site, where North Korea has conducted all of its nuclear tests, and has experienced eight natural earthquakes in 2022 alone.
#NorthKorea
@songofoil
🌐🛢 IEA ups global oil demand forecast, citing record highs
The International Energy Agency (IEA) has raised its projection for global oil demand growth in 2023, reflecting the surge in demand that has reached record highs. World oil demand hit a historic 103 million barrels per day in June and August, with China driving 70% of the growth. The IEA anticipates a further peak in demand and forecasts a 2.2 million barrels per day expansion to reach 102.2 million barrels per day for the entire year.
The elevated demand is attributed to robust summer air travel, increased oil usage in power generation, and a surge in petrochemical activity in China. Despite concerns over the Chinese economy, demand in the country remained strong. The IEA considers this forecasted expansion in global demand to be the "highest ever annual level."
While demand rises, the OPEC+ alliance has implemented significant output cuts to stabilize prices, leading to a decrease in global oil supply. Saudi Arabia and Russia have extended their production cuts, tightening market balances and potentially further driving prices upwards. However, the IEA anticipates demand growth to slow in 2024 due to factors like economic conditions, efficiency standards, and the rise of electric vehicles as efforts to combat climate change intensify.
#oil
@songofoil
The International Energy Agency (IEA) has raised its projection for global oil demand growth in 2023, reflecting the surge in demand that has reached record highs. World oil demand hit a historic 103 million barrels per day in June and August, with China driving 70% of the growth. The IEA anticipates a further peak in demand and forecasts a 2.2 million barrels per day expansion to reach 102.2 million barrels per day for the entire year.
The elevated demand is attributed to robust summer air travel, increased oil usage in power generation, and a surge in petrochemical activity in China. Despite concerns over the Chinese economy, demand in the country remained strong. The IEA considers this forecasted expansion in global demand to be the "highest ever annual level."
While demand rises, the OPEC+ alliance has implemented significant output cuts to stabilize prices, leading to a decrease in global oil supply. Saudi Arabia and Russia have extended their production cuts, tightening market balances and potentially further driving prices upwards. However, the IEA anticipates demand growth to slow in 2024 due to factors like economic conditions, efficiency standards, and the rise of electric vehicles as efforts to combat climate change intensify.
#oil
@songofoil
🇳🇬 OPEC reports Nigeria's Q1 2023 economic growth at 2.4%
According to the latest Monthly Oil Market Report from OPEC, Nigeria's economy experienced a year-on-year growth of 2.4% in the first quarter of 2023. This figure is in contrast to the 3.6% growth observed in the fourth quarter of 2022, indicating an anticipated slowdown for the year.
Despite a 3.3% growth in Nigeria's economy in 2022, the report forecasts a deceleration for 2023. The country's economic progress is challenged by high inflation rates, with an annual inflation rate of 22.8% in June. Food inflation, a significant contributor, reached 25.1% year-on-year in the same month.
To address these challenges, the Nigerian government has introduced a comprehensive financial package worth N500 billion, and the Central Bank of Nigeria increased the key policy rate to 18.75% in July to combat inflation. However, ongoing issues have impacted economic indicators, as evidenced by the Stanbic IBTC Bank Nigeria Purchasing Managers Index retracting to 51.7 in July from June's 53.2.
#OPEC #Nigeria
@songofoil
According to the latest Monthly Oil Market Report from OPEC, Nigeria's economy experienced a year-on-year growth of 2.4% in the first quarter of 2023. This figure is in contrast to the 3.6% growth observed in the fourth quarter of 2022, indicating an anticipated slowdown for the year.
Despite a 3.3% growth in Nigeria's economy in 2022, the report forecasts a deceleration for 2023. The country's economic progress is challenged by high inflation rates, with an annual inflation rate of 22.8% in June. Food inflation, a significant contributor, reached 25.1% year-on-year in the same month.
To address these challenges, the Nigerian government has introduced a comprehensive financial package worth N500 billion, and the Central Bank of Nigeria increased the key policy rate to 18.75% in July to combat inflation. However, ongoing issues have impacted economic indicators, as evidenced by the Stanbic IBTC Bank Nigeria Purchasing Managers Index retracting to 51.7 in July from June's 53.2.
#OPEC #Nigeria
@songofoil
🇺🇸 Biden strives to garner support for ambitious climate law a year later
US President Joe Biden is grappling with the challenge of promoting the benefits of the Inflation Reduction Act, a significant initiative aimed at facilitating America's shift towards clean energy, reviving its industrial strength, and advancing social equity. Despite its name, the plan focuses primarily on accelerating the transition to green energy through substantial subsidies and tax credits, rather than directly addressing inflation. President Biden expressed regret over the name choice, acknowledging that it emphasizes economic growth and alternatives.
The Inflation Reduction Act, often referred to as IRA, has triggered approximately $110 billion in private investments in the clean energy sector since its enactment. While experts hail it as a pivotal climate and clean energy legislation, critics contend that achieving the official emissions reduction goal may require stronger regulatory measures that could face obstacles in the conservative Supreme Court. President Biden is now focused on capitalizing on his economic vision, known as "Bidenomics," before the upcoming presidential elections in November 2024. Despite challenges, Biden aims to showcase the transformative effects of his programs, encompassing technological advancement, infrastructure development, and other initiatives.
Biden's efforts to highlight the positive impacts of his policies have faced opposition from the Republican Party, which criticizes the Inflation Reduction Act as a "scam." Despite this, Biden has pointed out instances of Republican support for IRA-funded projects, emphasizing its bipartisan impact.
#US #green
@songofoil
US President Joe Biden is grappling with the challenge of promoting the benefits of the Inflation Reduction Act, a significant initiative aimed at facilitating America's shift towards clean energy, reviving its industrial strength, and advancing social equity. Despite its name, the plan focuses primarily on accelerating the transition to green energy through substantial subsidies and tax credits, rather than directly addressing inflation. President Biden expressed regret over the name choice, acknowledging that it emphasizes economic growth and alternatives.
The Inflation Reduction Act, often referred to as IRA, has triggered approximately $110 billion in private investments in the clean energy sector since its enactment. While experts hail it as a pivotal climate and clean energy legislation, critics contend that achieving the official emissions reduction goal may require stronger regulatory measures that could face obstacles in the conservative Supreme Court. President Biden is now focused on capitalizing on his economic vision, known as "Bidenomics," before the upcoming presidential elections in November 2024. Despite challenges, Biden aims to showcase the transformative effects of his programs, encompassing technological advancement, infrastructure development, and other initiatives.
Biden's efforts to highlight the positive impacts of his policies have faced opposition from the Republican Party, which criticizes the Inflation Reduction Act as a "scam." Despite this, Biden has pointed out instances of Republican support for IRA-funded projects, emphasizing its bipartisan impact.
#US #green
@songofoil
Forwarded from Africa Intel
🇳🇪 Major Pipeline projects and coup d'état in Niger
Since the coup in Niger took place, many Western and African nations stared to voice their concern regarding many things: uranium and other resources import from Niger, airspace closure and elongated fly time to and from some countries in different parts of Africa, threat of a second Great war of Africa and deterioration of situation with terrorism, etc.
🔻One of such concerns was voiced regarding the major oil and gas pipeline projects that cross the Nigerien territory or start there. Such major projects are Niger-Benin oil pipeline, Niger-Chad oil pipeline (that connects to the Chad-Cameroon pipeline) and Trans-Saharan gas pipeline. ECOWAS and Western nations were first to voice their concerns with the fate of these projects.
However, just like with the uranium (which continues to be exported from Niger and companies like Orano continue their work in the republic) the situation with pipelines remains the same no matter the coup.
▪️With Niger-Benin pipeline everything is clear. The Benin government itself told that Niger-Benin oil pipeline is not impacted by sanctions, the projects was not abandoned and is still under construction. The most recent news indicate that the pipeline is ready for 75% and should be finished soon.
▪️The situation with Niger-Chad and Trans-Saharan pipelines is different. Many western outlets started to cry that projects are under threat of being canceled. Which is funny, because even before the coup the fate of these projects was a mystery.
The Niger-Chad pipeline is presumed to be shelved, because there were no news since 2019. And in 2019 Chad authorities informed that the project, most likely, was stopped in favour of Niger-Benin pipeline. The official explanation given for the project's "cancellation" was concerns about attacks by Boko Haram in the Lake Chad area.
With the Trans-Saharan gas pipeline the situation almost the same, except that the project was and is in work. The idea of the Trans-Saharan pipeline was first proposed in the 1970s. In 2000s the preparations to build it began. However latest news are from autumn of 2022. And they were about the singing of memorandum of understanding between Nigeria, Niger and Algeria. So the project remained quite vague even before the coup. And there's no confirmation of its cancelation.
🔻All in all, these "concerns" about the major pipeline projects are just another attempt to pressure Niger's military authorities to take a more favorable position in the international relations in order to bargain for better terms with the junta.
The same as with the situation with "invasion" or concerns of toppled president Bazoum's health.
High-res
#Niger #Map
@africaintel
Since the coup in Niger took place, many Western and African nations stared to voice their concern regarding many things: uranium and other resources import from Niger, airspace closure and elongated fly time to and from some countries in different parts of Africa, threat of a second Great war of Africa and deterioration of situation with terrorism, etc.
🔻One of such concerns was voiced regarding the major oil and gas pipeline projects that cross the Nigerien territory or start there. Such major projects are Niger-Benin oil pipeline, Niger-Chad oil pipeline (that connects to the Chad-Cameroon pipeline) and Trans-Saharan gas pipeline. ECOWAS and Western nations were first to voice their concerns with the fate of these projects.
However, just like with the uranium (which continues to be exported from Niger and companies like Orano continue their work in the republic) the situation with pipelines remains the same no matter the coup.
▪️With Niger-Benin pipeline everything is clear. The Benin government itself told that Niger-Benin oil pipeline is not impacted by sanctions, the projects was not abandoned and is still under construction. The most recent news indicate that the pipeline is ready for 75% and should be finished soon.
▪️The situation with Niger-Chad and Trans-Saharan pipelines is different. Many western outlets started to cry that projects are under threat of being canceled. Which is funny, because even before the coup the fate of these projects was a mystery.
The Niger-Chad pipeline is presumed to be shelved, because there were no news since 2019. And in 2019 Chad authorities informed that the project, most likely, was stopped in favour of Niger-Benin pipeline. The official explanation given for the project's "cancellation" was concerns about attacks by Boko Haram in the Lake Chad area.
With the Trans-Saharan gas pipeline the situation almost the same, except that the project was and is in work. The idea of the Trans-Saharan pipeline was first proposed in the 1970s. In 2000s the preparations to build it began. However latest news are from autumn of 2022. And they were about the singing of memorandum of understanding between Nigeria, Niger and Algeria. So the project remained quite vague even before the coup. And there's no confirmation of its cancelation.
🔻All in all, these "concerns" about the major pipeline projects are just another attempt to pressure Niger's military authorities to take a more favorable position in the international relations in order to bargain for better terms with the junta.
The same as with the situation with "invasion" or concerns of toppled president Bazoum's health.
High-res
#Niger #Map
@africaintel
🇺🇸🇨🇦 Pioneer Energy and Bayswater successfully test zero emission oil production system
Pioneer Energy, alongside Bayswater Exploration & Production, has achieved a significant breakthrough in eco-friendly oil production. Their Emission Control Treater (ECT) technology, tested successfully on a well pad in Weld County, CO, showcased impressive results.
The trial demonstrated the ECT's ability to process wellhead fluid into marketable crude oil while significantly curbing emissions from the well pad processing system. The autonomous operation of the ECT system led to an 11.3% increase in crude oil volume, highlighting its efficiency.
Pioneer Energy plans to launch commercial ECT systems by 2024.
#US #Canada #oil
@songofoil
Pioneer Energy, alongside Bayswater Exploration & Production, has achieved a significant breakthrough in eco-friendly oil production. Their Emission Control Treater (ECT) technology, tested successfully on a well pad in Weld County, CO, showcased impressive results.
The trial demonstrated the ECT's ability to process wellhead fluid into marketable crude oil while significantly curbing emissions from the well pad processing system. The autonomous operation of the ECT system led to an 11.3% increase in crude oil volume, highlighting its efficiency.
Pioneer Energy plans to launch commercial ECT systems by 2024.
#US #Canada #oil
@songofoil
🌐🇳🇴 SFL secures $100 million contract for Equinor's Hercules semi-submersible rig
SFL Corporation Ltd. has clinched a drilling contract with Equinor ASA's subsidiary for the Hercules semi-submersible rig, operating in challenging environments. The contract, valued at around $100 million, covers one firm well and an optional second well, slated to begin in Q2 2024. The firm contract period spans about 200 days, encompassing transit to and from Canada, with Odfjell Drilling overseeing rig management on SFL's behalf.
This deal adds to SFL's revenue backlog, ensuring the rig's continued employment until Q4 2024 and underscoring the robust demand for advanced harsh environment semi-submersibles.
@songofoil
SFL Corporation Ltd. has clinched a drilling contract with Equinor ASA's subsidiary for the Hercules semi-submersible rig, operating in challenging environments. The contract, valued at around $100 million, covers one firm well and an optional second well, slated to begin in Q2 2024. The firm contract period spans about 200 days, encompassing transit to and from Canada, with Odfjell Drilling overseeing rig management on SFL's behalf.
This deal adds to SFL's revenue backlog, ensuring the rig's continued employment until Q4 2024 and underscoring the robust demand for advanced harsh environment semi-submersibles.
@songofoil
🇳🇬 Forcados crude exports resume after month-long halt
Nigerian Forcados crude oil exports have restarted following a one-month suspension due to a potential leak, Shell confirmed. The pause led to a 40,000 bpd drop in Nigeria's July crude oil production, impacting OPEC output. Saudi Arabia's production notably decreased by 968,000 bpd.
Nigeria's crude production fell 12.56% in July due to the temporary Forcados terminal shutdown. The country faces challenges, producing 1 million bpd less than capacity, attributed to funding shortages and security issues amid the energy transition.
#Nigeria #oil
@songofoil
Nigerian Forcados crude oil exports have restarted following a one-month suspension due to a potential leak, Shell confirmed. The pause led to a 40,000 bpd drop in Nigeria's July crude oil production, impacting OPEC output. Saudi Arabia's production notably decreased by 968,000 bpd.
Nigeria's crude production fell 12.56% in July due to the temporary Forcados terminal shutdown. The country faces challenges, producing 1 million bpd less than capacity, attributed to funding shortages and security issues amid the energy transition.
#Nigeria #oil
@songofoil
🇪🇸 Spain's EiDF sells solar assets and PPAs to Brookfield's Finlight
Spanish solar company EiDF has announced the sale of approximately 56.7 MW of solar self-consumption systems and power purchase agreements (PPAs) to Brookfield's affiliate, Finlight Corporate SLU. The deal includes 32 fully installed systems and 21 under construction, totaling nearly EUR 26 million. Additionally, EiDF has agreed to sell its stake in Proyecto Solkw Uno SL to Greening Concesiones SLU for around EUR 7.5 million.
These sales aim to enhance liquidity and support debt restructuring for EiDF. The transactions are subject to certain conditions and are expected to be finalized within 90 days of signing.
#Spain
@songofoil
Spanish solar company EiDF has announced the sale of approximately 56.7 MW of solar self-consumption systems and power purchase agreements (PPAs) to Brookfield's affiliate, Finlight Corporate SLU. The deal includes 32 fully installed systems and 21 under construction, totaling nearly EUR 26 million. Additionally, EiDF has agreed to sell its stake in Proyecto Solkw Uno SL to Greening Concesiones SLU for around EUR 7.5 million.
These sales aim to enhance liquidity and support debt restructuring for EiDF. The transactions are subject to certain conditions and are expected to be finalized within 90 days of signing.
#Spain
@songofoil
🌐☀️ Major solar inverter suppliers control 71% of 2022 market share
The global solar photovoltaic (PV) inverter market saw the top five suppliers, namely Huawei, Sungrow, Ginlong Solis, Growatt, and GoodWe from China, dominating with a collective 71% share of shipments in 2022, marking an 8% growth compared to the previous year. These companies collectively delivered over 200 GW AC of solar inverters. Huawei led the market with a 29% share and an impressive 83% increase in shipments, while Sungrow, the second-largest, experienced a 56% growth.
The overall solar inverter market expanded by 48%, reaching 333 GW AC. The leading companies from 2021 largely maintained their positions in 2022, except for Ginlong Solis and Growatt, which switched their ranks. Notably, the top 10 suppliers, which include SMA, Power Electronics, and Sineng among others, held a combined 86% of the market share in 2022, representing a 4% YoY increase.
#solar
@songofoil
The global solar photovoltaic (PV) inverter market saw the top five suppliers, namely Huawei, Sungrow, Ginlong Solis, Growatt, and GoodWe from China, dominating with a collective 71% share of shipments in 2022, marking an 8% growth compared to the previous year. These companies collectively delivered over 200 GW AC of solar inverters. Huawei led the market with a 29% share and an impressive 83% increase in shipments, while Sungrow, the second-largest, experienced a 56% growth.
The overall solar inverter market expanded by 48%, reaching 333 GW AC. The leading companies from 2021 largely maintained their positions in 2022, except for Ginlong Solis and Growatt, which switched their ranks. Notably, the top 10 suppliers, which include SMA, Power Electronics, and Sineng among others, held a combined 86% of the market share in 2022, representing a 4% YoY increase.
#solar
@songofoil
🇷🇺 Gas station fire in Makhachkala claims lives and causes injuries
A tragic incident unfolded on the outskirts of Makhachkala, the capital of Dagestan, as a massive fire engulfed a gas station, leading to explosions that ignited two out of eight fuel storage tanks on the premises. The devastating blaze, which covered an area of approximately 600 square meters (nearly 6,500 square feet), resulted in the loss of 35 lives and left 75 individuals injured. Swift response from emergency services prevented further casualties by preventing the detonation of the remaining fuel tanks.
As investigations continue into the cause of the fire, Sergey Melikov, the Governor of Dagestan, emphasized the efforts of responders in averting a more catastrophic outcome. The regional government has pledged compensation to the families of the deceased, while those injured will also receive financial support based on the severity of their injuries. In honor of the victims, Dagestan has declared a day of mourning, during which cultural activities have been curtailed, and state flags will fly at half-mast.
#Russia
@songofoil
A tragic incident unfolded on the outskirts of Makhachkala, the capital of Dagestan, as a massive fire engulfed a gas station, leading to explosions that ignited two out of eight fuel storage tanks on the premises. The devastating blaze, which covered an area of approximately 600 square meters (nearly 6,500 square feet), resulted in the loss of 35 lives and left 75 individuals injured. Swift response from emergency services prevented further casualties by preventing the detonation of the remaining fuel tanks.
As investigations continue into the cause of the fire, Sergey Melikov, the Governor of Dagestan, emphasized the efforts of responders in averting a more catastrophic outcome. The regional government has pledged compensation to the families of the deceased, while those injured will also receive financial support based on the severity of their injuries. In honor of the victims, Dagestan has declared a day of mourning, during which cultural activities have been curtailed, and state flags will fly at half-mast.
#Russia
@songofoil