Energy Update
The NY-3 well is planned to a total depth of 2,300 metres to evaluate several prospective horizons. The NY-3 well is funded through existing Kub-Gas cashflow.
Global oil prices fell by up to 3% Friday after Saudi Arabia said it is working on a plan with allies to boost oil supplies in H2 2018. OPEC and its partners led by Russia had been expected to maintain their strategy of 1.8 million b/d of cuts until the end of the year. However, the group has faced mounting criticism from major consuming nations over failing to dampen prices climbing above $80/b.
About a month ago, legislators for the District of Columbia introduced a bill that, if passed, could revolutionize how utilities deliver power to customers. The bill is known as the Distributed Energy Resources Authority Act. It would establish an independent body that ensures DC utilities look at non-wires alternatives whenever they propose to spend more than $25M on construction to expand capacity or enhance reliability.
Wind farm operators can earn an 11 percent rate of return for replacing turbine nacelles, hubs or rotors this year, and that’s even after a key federal tax break was reduced from last year, according to a report Wednesday from the consulting company ICF Inc.
At 62 percent of U.S. retail electric sales, commercial and industrial electricity consumers can substantially influence the demand for renewable energy and accelerate the pace of electric sector decarbonization.
As part of the joint venture deal, Mubadala Petroleum, a subsidiary of Abu Dhabi strategic firm Mubadala Investment Company, and RDIF agreed to acquire 49% stake in Gazprom Neft-Vostok, the operator of several oil fields in the Tomsk and Omsk regions.
Wind turbine maker Siemens Gamesa has installed a redox flow energy storage system for testing at its La Plana research and development (R&D) site near Zaragoza in Spain.
BP Plc agreed to invest $20 million in a developer of ultra-fast charging for batteries, a technology the oil major believes is key for accelerating the adoption of electric vehicles.
Out of the seven licenses won, BP will be operator in five of them and will take part in the other two as partner.
The BP-operated licenses include the Skua field, located near its Marnock field, which in turn is part of the Eastern Trough Area Project (ETAP) hub. Another operated license is located near its Capercaillie and Vorlich discoveries to go along with a license in the Northern North Sea and two licenses located in Quadrant 208 west of Shetland.
The latest approvals of the all-stock merger aimed at creating a $15bn combined entity came from the Kansas Corporation Commission (KCC) and Missouri Public Service Commission (MPSC).
According to the parties, the merger will be completed in early June with the combined company to be named as Evergy.
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