Oil companies lower U.S. Gulf of Mexico output by 91% forward of Hurricane Ida

Oil companies on Saturday cut nearly 91% of US crude oil production in the Gulf of Mexico, approximately 1.65 million barrels as Hurricane Ida is heading for large U.S. offshore oil fields, according to the Bureau of Safety and Environmental Enforcement.

The regulator also estimated that approximately 84.87% of natural gas production in the Gulf of Mexico has been shut down.

Ida is expected to hit a Category 4 hurricane before making landfall west of New Orleans. Louisiana residents on Saturday hurried to prepare for the stormthat could bring winds of up to 225 km / h when it hits land.

Oil and gas companies evacuated 279 production platforms, representing 49.82% of the 560 manned platforms in the Gulf of Mexico, and stopped nearly 91% of their typical offshore production as the storm approached, according to the offshore regulator.

The companies also moved 11 drillships off the site and out of the storm’s path on Saturday.

The Gulf of Mexico’s offshore oil production accounts for 17% of the country’s crude oil production and 5% of the state’s offshore dry gas production. corresponding the US Energy Information Agency.

Andrew Lipow, president of Lipow Oil Associates in Houston, said Saturday that gas prices in the southeast and mid-Atlantic markets would likely rise by about 10 cents a gallon if a Category 4 storm hit New Orleans refineries directly.

Companies line up ‘inexperienced’ ammonia for fertilizer and future gas

As society tries to find ways to reduce its ecological footprint, the decarbonization of a wide variety of sectors and industrial processes will be crucial in the years to come.

Time is of the essence when it comes to finding new solutions and technologies for if the latest findings of the IPCC are correct.

The report released last week warned that limiting global warming to nearly 1.5 degrees Celsius or even 2 degrees Celsius above pre-industrial levels over the next two decades would be “unattainable” without immediate, rapid and large-scale reductions in greenhouse gas emissions .

Against this sobering backdrop, a number of companies are trying to reduce the environmental impact of ammonia production, which, according to a policy briefing by the Royal Society, is responsible for around 1.8% of global carbon dioxide emissions.

On Monday, for example, three Norwegian companies – energy company Statkraft, Aker Clean Hydrogen and fertilizer specialist wound – founded a company that focuses on the production of so-called “green” ammonia.

The new company, called HEGRA, is jointly owned by the three companies. According to Statkraft, which is itself owned by the Norwegian state, HEGRA will focus on electrifying and decarbonising an ammonia plant in Herøya, Norway.

The basic idea behind the initiative is to use renewable energies to produce ammonia on a large scale. The ammonia would then be used to make carbon-free fertilizers. Statkraft also described green ammonia as “a promising zero-emission fuel for the maritime sector”.

In a conversation with CNBC’s “Squawk Box Europe” on Monday morning, Yara CEO Svein Tore Holsether emphasized the importance of developing solutions for the big picture.

“The technology is there, but it’s also about making a product out of it,” he said. “And the nice thing about ammonia production and fertilizer production is that you already have an existing infrastructure.”

“By converting some of it into renewable energy using hydropower, as we speak here in Norway, we can produce a renewable fertilizer product and deliver it to farmers on a large scale.”

In terms of a schedule, Holsether stated it would take five to seven years to get the project up and running.

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The founding of HEGRA is just one example of how companies are looking for ways to reduce the emissions associated with ammonia production.

Yara also works in Australia ENGIE in the development of a plant for the production of renewable hydrogen and ammonia. The project is supported by an Australian $ 42.5 million ($ 31.15 million) grant from the Australian Government.

Last week, oil and gas giant BP announced that “producing green hydrogen and green ammonia using renewable energy” is now technically feasible in Australia.

The conclusion of the energy major is based on the results of a feasibility study announced in May 2020, which is supported by the Australian Renewable Energy Agency, the solar developer Lightsource bp and the professional service company GHD Advisory.

In a statement, BP described the vast state of Western Australia as “an ideal place” to develop “large-scale renewable energy plants that can in turn produce green hydrogen and / or green ammonia for domestic and export markets.”

– CNBC’s Sam Meredith contributed to this report

Tidal energy undertaking in Canada secures help of Japanese corporations

Laszlo Podor | Moment | Getty Images

Two Japanese companies have entered into a joint development agreement with Ireland-based DP Energy to work on the initial stages of a tidal energy project in Canada.

In statements released earlier this week Chubu Electric Power and Kawasaki Kisen Kaisha, or “K” Line, said the agreement was related to the Uisce Tapa Tidal Energy project. The development is located at the Fundy Ocean Research Center for Energy in the Bay of Fundy, a bay between the Canadian provinces of New Brunswick and Nova Scotia.

Both Chubu Electric Power and “K” Line called it “the first tidal power project that a Japanese company will participate in overseas”.

According to DP Energy, the first phase of Uisce Tapa – Irish for “fast water” – revolves around three 1.5 megawatt turbines. The second aims to increase the capacity of the project to 9 MW.

Uisce Tapa is backed by a 15-year power purchase agreement with Nova Scotia Power Incorporated, which amounts to Canadian dollars 530 (approximately $ 422) per megawatt hour. It also benefits from a grant of approximately $ 30 million Canadian dollars from Natural Resources Canada.

In its announcement on Wednesday, DP Energy described the Bay of Fundy as “home to some of the highest tides in the world”. At the highest surface speed, the tidal currents are “capable of exceeding 10 knots” or 5 meters per second, he added.

Fisheries and Oceans Canada said the project is being considered for approval by Chubu Electric Power and “K” Line. If everything goes according to plan, the first turbine would go into operation in 2023, followed by two more in 2026.

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The news comes the same week that tidal energy company Nova Innovation said it was able to move forward with a project focuses on expanding the production of tidal turbines after receiving funding from the Scottish Government.

The £ 2 million ($ 2.77 million) funding increase announced on Thursday will be used to support the Volume Manufacturing and Logistics for Tidal Energy project, also known as VOLT.

According to Nova, VOLT will “develop the first European assembly line for the mass production of tidal turbines” and also “test innovative techniques and tools to ship, deploy and monitor turbines around the world”.

Last week, another company, Orbital Marine Power, said its O2 turbine had started with grid-connected electricity generation at the European Marine Energy Center in Orkney, an archipelago north of mainland Scotland.

The 2 megawatt O2 is known as the “strongest tidal turbine in the world”, weighs 680 tons and is 74 meters long.

Turkey provides crypto companies to cash laundering, terror financing guidelines

A Bitcoin logo can be seen next to the Turkish flag in a cryptocurrency exchange store in Istanbul, Turkey, on April 27, 2021. The photo was taken on April 27, 2021. REUTERS / Murad Sezer

Turkey has added cryptocurrency trading platforms to the list of companies covered by anti-money laundering and terrorist financing regulations, according to a presidential decree released on Saturday.

The Official Gazette said the country’s recent expansion of rules on cryptocurrency transactions would take effect immediately, covering “crypto asset service providers” who would be subject to the existing regulations.

Last month, Turkey’s central bank banned the use of crypto assets for payments because such transactions were risky. In the days that followed, two Turkey-based cryptocurrency trading platforms were shut down as part of separate investigations.

The investigation into one of them, Thodex, led to the detention on Thursday of six suspects, including the siblings of its chief executive Faruk Fatih Ozer, whom the Turkish authorities are looking for after his trip to Albania. Continue reading

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