Carla Sertin - Author at Oil & Gas Middle East

Oil keeps gains on US crude inventory draws, but downside risk remains

by Nishant Bhushan, oil markets analyst, Rystad EnergySeptember 16, 2021September 16, 2021

Oil prices are holding onto the strong gains of the previous day as US crude inventories recorded an unexpectedly large draw last week but, as supply slowly recovers from Hurricane Ida’s damage, there is some downside risk ahead

After Wednesday’s rally, the big question today was if oil prices are able to keep their gains and remain at such high levels. EIA’s confirmation of a surprisingly large draw of crude inventories in the US helped maintain price gains but now – like being on top of a ladder – there can turbulence with […]

Products & Services

Software AG helps automate OEE calculation with new app for Cumulocity IoT

by Carla SertinSeptember 15, 2021September 15, 2021

New app makes access to real-time Overall Equipment Effectiveness analytics available to companies of any size

Software AG has launched an app to automate Overall Equipment Effectiveness (OEE) calculation for its Cumulocity IoT platform. The new app will enable manufacturers of any size to collect and process key data as it’s created and quickly understand production effectiveness. By monitoring production line availability, performance and quality, organizations can be more responsive to […]

Energy Transition

To reach net-zero carbon, innovative technologies are key

by Carla SertinSeptember 15, 2021September 20, 2021

Efficiency and streamlined operations are the hallmarks of both digitalisation and decarbonisation...

If we want to hit net-zero carbon emissions, we need to increase our share of low-carbon fuels in the energy mix. This is accurate enough, but as outlined in the International Energy Agency’s World Energy Outlook 2020, “avoiding new emissions is not enough: If nothing is done about emissions from existing infrastructure, climate goals are […]

News, DRILLING & PRODUCTION, Exploration & Production

ADNOC Drilling IPO values company at $10 billion

by Carla SertinSeptember 15, 2021September 14, 2021

The price per share for the ADNOC Drilling IPO has been set at AED 2.30

The Abu Dhabi National Oil Company (ADNOC) today announces that it has set the offer price per share for the initial public offering of ADNOC Drilling Company PJSC at AED 2.30, implying an equity value of $10 billion. The offer price was determined by ADNOC, as the selling shareholder, and ADNOC Drilling, following investor engagement […]

Energy Transition

Leading renewable energy executive to head bp low carbon business

by Carla SertinSeptember 14, 2021September 14, 2021

bp’s strategy aims to significantly expand its low carbon energy interests, with a target of having developed 20GW net of renewable assets by 2025

bp has announced the appointment of Anja-Isabel Dotzenrath as its new executive vice president, gas and low carbon energy, and member of bp’s leadership team. Until recently she was chief executive officer of RWE Renewables, one of the world’s leading renewables businesses. Anja-Isabel will join bp on March 1st 2022. Bernard Looney, bp chief executive, […]

Exploration & Production

Oil prices rise on US supply disruptions, ignoring OPEC demand revisions

by Nishant Bhushan, oil markets analyst, Rystad EnergySeptember 14, 2021September 14, 2021

Oil prices continue to rise this week as the market prices in the prospect of further US supply disruptions as a result of Hurricane Nicholas, ignoring otherwise bearish demand revisions from OPEC

Oil prices are ignoring bearish demand flags from OPEC and continue to rise today as traders see US oil production being in a limbo state, bracing for the effect of yet another Hurricane, at a time when it hasn’t fully recovered from Ida. As a significant part of the US Gulf’s oil and gas machine […]

Products & Services

P&O launches SmartCap fatigue management system

by Carla SertinSeptember 14, 2021September 14, 2021

The wearable technology actively monitors real-time fatigue levels of employees, sensing when a worker has reduced ability to resist sleep

Last month, P&O Maritime Logistics began Phase 1 of its implementation of wearable technology that proactively prevents microsleeps and supports workers in managing their fatigue — an industry first, and a boon for safety in maritime services. SmartCap from Wenco International Mining Systems, a wholly owned subsidiary of Hitachi Construction Machinery, has previously been used […]

News

Making tomorrow safer than today: Safety io achieves ISO 27001 certification

by Carla SertinSeptember 14, 2021September 14, 2021

Safety io GmBH (a software subsidiary of MSA – The Safety Company) has recently achieved ISO/IEC 27001:2013 certification for its information security management practices. This comes after an extensive independent external audit by Bureau Veritas, an accredited independent body. Protecting workers when the seconds count Safety io protects workers and work sites in the industrial and fire service sectors by relentlessly creating, refining and expanding software tools that […]

Sustainability, reducing greenhouse gas emissions, and the energy transition have been hot button issues for the oil and gas industry as the sector looks to build back from the COVID-19 pandemic. Policy makers around the world have been examining methods to encourage companies to reduce carbon emissions. Among these, instituting carbon pricing, a term referring to a policy that would put a dollar cost on emissions that emitters would have to pay, has emerged as a popular topic of discussion. A new report from multinational professional services firm Pricewaterhouse Coopers (PwC) has found that an international carbon price floor (ICPF) for carbon dioxide and other greenhouse gas emissions could reduce global greenhouse gas emissions by 12.3 percent. Encouragingly, the firm found that the cost of implementing the policy would be equal to less than one percent of GDP, and, more importantly, that this cost would effectively pay for itself by avoiding economic losses associated with global warming. “We found that introducing an ICPF could be done without severe economic damage to livelihoods and business, although the effects would be somewhat uneven across the world. The costs to society and business of failing to act are far greater,” says Robert Moritz, global chairman of the PwC network. PwC analysed a proposal from the International Monetary Fund announced in June to set an ICPF of greenhouse gas emissions that by 2030 would reach $75 per tonne for high-income countries, $50 per tonne for middle-income countries, and $25 per tonne for low-income countries. Importantly, this policy is designed to encourage greenhouse gas emissions to be lowered everywhere, rather than emitters simply moving operations to countries were the cost of greenhouse gas emissions would are lower. Today, carbon is priced anywhere between $0 and $130 per tonne of CO2 equivalent in different territories around the world. As such, countries have been reluctant to place onerous costs on the production of carbon due to the risk of decreasing their international competitiveness. By implementing a global policy, this problem is greatly reduced – along with reducing the possibility businesses shifting carbon production from one area to another in a bid to avoid additional costs, a dynamic referred to as carbon leakage. PwC’s scenario found that an ICPF would not lead to major carbon leakage, but also found that its impact would be uneven across territories and sectors, with lower-income countries that rely heavily on coal for energy being harder hit, for example. As such, PwC noted that examining the use of the revenue gained from carbon pricing would be key to understanding the efficacy of the policy. “The political and technical challenges remain very significant, but we hope the research will encourage countries to consider pricing carbon in such a way that it scales up effort to reach net zero in time to limit the worst effects of climate change on people and our planet,” Moritz says. Revenues that would be raised from a carbon pricing policy would be significant, which could then be used to help ease the transition. In some regions, PwC found that revenues from an ICPF could be as high as three percent of GDP. In the firm’s scenario, these funds are collected and then redistributed to all regions where the revenues were collected, creating, in effect, a carbon dividend which would help households that have been hit by the additional costs caused by the introduction of the ICPF. Additionally, these revenues could be used to supplement innovation research, create jobs, or lower taxes. PwC estimates that for low-income economies, only 13 percent of revenues raised by the ICPF in high-income economies would be needed to compensate for GDP losses caused by the policy. In particular, the firm points to the South African Customs Union and China as regions which would be most heavily impacted by the ICPF. In these regions, PwC believes carbon pricing revenues could reach 2.8 percent and 1.7 percent of GDP, respectively. “The results of analysis of the ICPF are extremely positive. Public-private cooperation will be key for next steps and to accelerate efforts for a more sustainable and inclusive recovery,” Børge Brende, President at the World Economic Forum says. The firm also analysed the differences between the application of an ICPF if it were limited only to high-income countries versus middle-income countries as well. PwC found that if only high-income countries were included, the global emission drop would reach just 1.9 percent, compared to estimated 2030 figures without an ICPF. However, if middle-income countries, particularly China, are included then the drop in emissions would jump to eight percent. For the 12.3 percent figure to be hit, an ICPF would need to be applied to all countries globally. If the ICPF were implemented globally, and when combined with countries’ existing pledges for emission reductions, global warming could be limited to 2C, the firm said. While this figure is still significantly higher than the 1.5C limit that scientists have previously pointed to as essential to prevent catastrophic climate damage, PwC believes that an ICPF, combined with additional climate ambition and action, would give the world a much greater chance of adhering to 1.5C.

Events

Webinar: How digital technology will impact oil & gas decarbonisation goals

by Carla SertinSeptember 13, 2021September 14, 2021

Join us on 27 September for a virtual discussion about the potential for digital technology to power the energy transition

Digital technology is one of the tools that oil and gas companies can use as they aim to lower their own carbon emissions, and look ahead towards a lower-carbon future. As companies work on decarbonising their own operations, business workflows will shift, and oil and gas companies will have to leverage digital technology to maintain […]

Author Archives: Carla Sertin

Oil keeps gains on US crude inventory draws, but downside risk remains

Software AG helps automate OEE calculation with new app for Cumulocity IoT

To reach net-zero carbon, innovative technologies are key

ADNOC Drilling IPO values company at $10 billion

Leading renewable energy executive to head bp low carbon business

Oil prices rise on US supply disruptions, ignoring OPEC demand revisions

P&O launches SmartCap fatigue management system

Making tomorrow safer than today: Safety io achieves ISO 27001 certification

Webinar: How digital technology will impact oil & gas decarbonisation goals

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