European energy crisis worsening this summer | OilPrice.com

Geopolitics Exxon Mobil and Qatar Petroleum are just weeks away from resuming drilling off the coast of Cyprus, while France Total SA and Italy Inni are set to resume drilling in the same area at H1 2022. The amendment sparked a backlash from the Cypriot government. With Turkey, Ankara – competing in a water race near the continental shelf and off the coast of Turkey, Cyprus – has said it will not be allowed to dig near the disputed waters. A.D. In 2018, Turkish navies will not be able to inspect Inni’s drill, causing further concern for investors in these Western directors. One of the biggest agreements between Israel and the United Arab Emirates (UAE) is now in question, following the signing of a landmark and major power-sharing agreement between Israel and the United Arab Emirates last year. This week, Israel’s Energy Minister called for the cancellation of his country’s oil pipeline agreement with UAE investors. This is particularly the case in Israel, and the political response is now in full swing, which could hamper diplomatic progress. In retaliation for Poland’s “arrest” of protesters, Belarus closed its oil pipeline to Poland. Belarus is also thought to be “arming” the border refugees.

Geopolitics

Exxon Mobile and Qatar Petroleum are just weeks away from resuming drilling off the coast of Cyprus, while France Total SA and Italian Inni are set to resume drilling in the same area at H1 2022. The excavation from the Cypriot government sparked a backlash. Turkey, which competes with Ankara – which competes on a continental shelf and falls off the Turkish coast in Cyprus – has said it will not be deterred from digging nearby in disputed waters. A.D. In 2018, Turkish navies will not be able to inspect Inni’s drill, causing further concern for investors in these Western directors.

One of the biggest agreements between Israel and the United Arab Emirates (UAE) is now in question, following the signing of a landmark and major power-sharing agreement between Israel and the United Arab Emirates last year. This week, Israel’s Energy Minister called for the cancellation of his country’s oil pipeline agreement with UAE investors. This is particularly the case in Israel, and the political response is now in full swing, which could hamper diplomatic progress.

In retaliation for Poland’s “arrest” of protesters, Belarus closed its oil pipeline to Poland. Belarus is also thought to be “arming” refugees trying to enter Poland on the border – with the aim of provoking armed conflict.

Markets

Europe’s energy crisis is worsening. Germany has suspended Russia’s relief pipeline certificate and analysts are announcing a blackout this summer. Meanwhile, gas prices in the Netherlands – a European measure – have so far increased by 60% in November. LNG prices are also on the way to a higher level. China says its energy crisis, which was caused by a power outage last month, is now easing. US gasoline prices are still high, and crude oil production is declining. President Biden has called on American drivers, including China, to step up their efforts to reduce the price of petrol. All indications are that the winter will be very expensive, with OPEC warning that the market will return to supply in 2022.

Amid rising inflation and declining foreign exchange reserves, Sri Lanka has closed its only oil refinery capable of refining 50,000 BPD. Sri Lanka has suspended the filter for 50 days while focusing on food and medicine. The Ministry of Energy assured the public that the closure would not lead to fuel shortages, but instead imported refined products.

Petropau threatened to take workers from one of Amazon’s gas stations. The company is building a pipeline to bring oil to the coast – but no oil has been transported since October due to local protests.

Offers and discoveries

Woodide Petroleum is selling 49% interest on Pluto Train 2 JV to Global Infrastructure Partners. PT2 is part of the Woodside Scarburo Coastal Development project, which plans to build a new LNG train on the existing Pluto LNG beach area. The first shipment is expected to be shipped in 2026. The agreement is subject to PT2 and Scarborough FID expected next month. Woods holds 51% interest.

Chile has launched a magnificent 15,000-kilometer submarine project for the construction of a $ 23 billion submarine project in China. In addition, Chile will need to add solar plants to expand its 3,106MW capacity. The project will draw on Chile’s vast solar energy, the world’s largest solar archive. It is day in Chile and night in Asia, and summer in one place and winter in another.

ADNOC has awarded $ 6 billion for drilling equipment and services after successfully listing the Abu Dhabi exchange, which aims to increase its oil production capacity to 5 million BPD and increase natural gas production by 2030. The contracts include water wells and related components and more.

Rule

Shocked by Shell’s plans to leave the Netherlands, the Dutch government is reviewing tax changes for oil and gas companies and trying to persuade them to stay afloat. The government intends to waive the 15% tax deduction, but such a bold move may not get the support it needs to lift it. It is not clear if this kept Shell there.

BOEM drilling rights bid was expensive, costing $ 191 million, and Chevron and Anadarko were the biggest spenders. While US oil and gas companies have shown that they are wary of spending as oil prices rise, the low carbon footprint is still promising, even in times of uncertainty. The lease sale came after a court order was issued by President Biden to suspend the sale of oil and gas leases.

At the same time, the Biden administration has blocked new oil and gas leases on federal land in New Mexico in protest of Native Americans’ alleged violations of sacred and cultural sites. Over the next 20 years, Doi will review a law banning new oil and gas developments within 10 miles of the Chako Culture National Park. New mining leases will also be suspended in that area.

Renewable

Shell acquired 51% stake in the 1.35 GW floating wind power project in Ireland from Simpli Blu Group. Price not specified. The project is designed to move more than a million homes.

The US is set to set a record for solar and wind power next year, including up to 44GW of solar capacity, 27 GW of wind power and 8 GW of battery storage capacity. By 2050, it will be able to carry 20% of the total US electricity and 3% of solar energy by 2020.

Munich-based solar car maker Sono Motors launched its first IPO in Nasdaq last week, following another green car IPO. Sono (ESV) listed 10 million shares each for $ 15. Sono’s plan is to introduce a budget-friendly electric car called Zion for urban transportation. A.D. Delivery expected in 2023. The Sono vehicles can travel 10 miles a day in the sun, with a 35kW battery for 160 miles.

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