Daily Energy News
Brazilian oil and gas group Petrobras unveiled losses of BRL14.8bn (around US$4.8bn) in 2016. This figure has improved by 57% compared with the 2015 losses figure which amounted to BRL34.8bn but the company still needs to reduce its debt which is currently estimated at US$96.4bn.
Czech power utility CEZ has released its 2016 results, posting a 3% decrease in revenues to CZK 204bn (€7.5bn) (-29% for net income), mainly due to low electricity price. However EBITDA increased by 3.8% and adjusted net income by 9%.
Algeria's national oil and gas company Sonatrach plans to invest US$50bn in oil and gas operations by 2021, including US$9bn in oil and gas exploration, drilling 100 wells per year on average over this period. By 2019, Sonatrach aims to raise its crude oil production by 14%.
Algeria's crude oil production has been declining since 2008, from 1.91 mb/d in 2007 (including NGL) to 1.51 mb/d in 2015; in February 2017, it reached its lowest level since 2002, to 1.04 mb/d. Under the OPEC 2016 agreement, Algeria committed to cut its oil production by 50,000 bbl/d (to 1.04 mb/d).
Infrastructure & Investments
The US-based company Xcel Energy has announced plans to develop four new wind parks totalling 1.8 GW in three states, on top of a US$2.5bn investment in seven wind parks adding 1.55 GW in several US Northern states (Minnesota, North Dakota, South Dakota and Iowa) announced earlier in March 2017.
The 4 new sites will be located in Colorado (Rush Creek) and in the Southwest region (Sagamore Wind in New Mexico, Hale Wind and Bonita in Texas).
Spanish energy group Iberdrola has selected Mitsubishi Hitachi Power Systems (MHPS) to supply two M501J gas turbines, a steam turbine and a spare gas turbine rotor for its 850 MW Noreste gas-fired CCGT power project in El Carmen (Nuevo Leon) in Mexico. MHPS also signed a long term service agreement for the project.
The El Carmen turbines are scheduled to be delivered in 2018 and commercial operation is expected to begin in September 2019. The project is part of Iberdrola’s strategic plan to supply electricity to the growing energy market in Mexico.
Norwegian oil company Statoil and its partners have decided to proceed with the second phase of their Johan Sverdrup oil project in the Norwegian North Sea. The plan for development and operation (PDO) will be submitted in the second half of 2018 to start production in 2022. Consequently, FEED contracts will be awarded to Aker Solutions, Kværner and Siemens.
EDF Energies Nouvelles has joined the Phase III of the 800 MW Mohammed bin Rashid Al Maktoum solar power project in the United Arab Emirates.
This project is developed by a consortium led by Masdar and will be delivered in three stages. The 200 MW phase "A" is currently under construction and should be completed in April 2018. The 300 MW Phase "B" is expected in April 2019 while the Phase "C" is scheduled for April 2020. The project will produce electricity with a sale price of 29.9 US$/MWh.