Tag Archives: Energy (TRBC level 1)

Exclusive: The German government is proposing a green funding tool to help industry reduce CO2 | Instant News

FILE PHOTO: A woman cycles past a power station connected to the ArcelorMittal steel plant in Eisenhuettenstadt, 124 km (77 miles) east of Berlin November 26, 2012. REUTERS / Thomas Peter / File Photo

FRANKFURT (Reuters) – The German government on Friday presented plans for so-called contracts for differences (CfDs), instruments that help companies in the steel, cement, lime and ammonia industries finance the transition to low-carbon technologies.

A draft plan by the environment ministry, seen by Reuters, says that companies committed to cutting carbon dioxide emissions by more than half by using innovative technology could be granted a license to operate under a 10-year CfD.

While at an early stage, the plan points the direction for Europe’s largest economy to take advantage of CfD payments, which companies have to bid on at auction, and which guarantee a minimum strike price for low-carbon products.

Through CfD, states reduce or partially finance higher operating costs than those in the existing process, reducing uncertainty around developments in emission permit prices and thereby assisting planning and access to finance.

The design draws on green hydrogen derived from wind and renewable solar energy, which Germany hopes can be developed to produce synthetic fuels for the industrial, energy and transportation sectors.

“The plan includes bridge technologies such as partial use of natural gas (fossil) and green hydrogen (from renewable energy) in direct reduction (steel making) or ammonia plants where the share of green hydrogen must increase significantly during the CfD run-time. , “Said the draft.

Germany’s top court on Thursday demanded reform of climate laws by the end of 2022, which would require faster emission reductions.

The ministry’s draft plan is subject to EU state aid oversight but must be helped by the fact that the CfD is a proven tool for stimulating renewable energy, which was already seen in Britain, which was a member of the EU before leaving the bloc last year.

Utilities like RWE have called for the introduction of CfD.

Reporting by Markus Wacket and Vera Eckert, editing by Thomas Escritt and Veronica Brown


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UPDATE 2-Australia Beach Energy’s market value fell $ 730 million as reserve estimates were cut | Instant News

* Western Flank oil reserves reduced by 38%

* Lowered income prospects far below that of brokers

* Stock sinking 24% (Reposted with share price reaction)

MELBOURNE, April 30 (Reuters) – Beach Energy cut its reserve forecast and earnings outlook on Friday after oil production fell at the Western Flank field in South Australia, sending its shares tumbling nearly a quarter.

Beach’s market value plunged A $ 935 million ($ 727 million) after gloomy forecasts, following a review of production cuts at Western Flank, which were first reported in February. The company also warned of impairment costs and attracted a five-year production outlook.

“Obviously this is a pretty big risk for the company – what this review could bring. It’s much more disappointing than the market expected, ”said JPMorgan analyst Mark Busuttil.

Beach, Australia’s largest petroleum producer, lowered its estimate of Western Flank’s proven and possibly oil reserves by 17.6 million barrels, a 38% drop from what was posted in its 2020 annual report.

That cuts its estimated gas reserves by 7.2 million barrels of oil equivalent (mmboe), a 45% reduction from reserved reserves by 2020.

“The past five years have seen Western Flank beat our expectations, but we are now witnessing material decline from a number of areas,” Chief Executive Matt Kay said in a statement.

The decline in reserves across Western Flank’s oil and gas assets “could lead to a carrying value adjustment” to its annual results, which are due on August 16, Beach said.

The company cut its earnings before interest, tax, depreciation and amortization (EBITDA) forecast for the year by 5% to between A $ 850 million and A $ 900 million, well below brokerage estimates of around A $ 973 million.

It also cuts the estimated annual pro-forma production to 25.2 mmboe to 25.7 mmboe from 26.5 mmboe to 27.5 mmboe the previous one.

Beach is attracting a five-year prospect, and said it will no longer provide a five-year prospect in its current form.

The company reported production of 5.89 MMboe for the quarter ended March 31 versus 6.94 MMboe for last year’s quarter, and posted a nearly 9% drop in sales revenue.

Beach shares were down 24% on Friday, giving a market value of around A $ 2.9 billion. ($ 1 = Australian dollar 1.2860) (Reporting by Sonali Paul in Melbourne; Additional reporting by Arundhati Dutta in Bengaluru; Editing by Devika Syamnath and Muralikumar Anantharaman)


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UPDATE 1-Germany, Russia marks hydrogen cooperation | Instant News

* The German economy minister said gas imports were still needed

* Looking to build a hydrogen partnership with Russia

* Russia’s deputy prime minister agrees to take joint action

* Minister of Industry proposes German supply technology (Remodel, combine timeline, provide more details, excerpt from webcast)

FRANKFURT / MOSCOW, April 29 (Reuters) – Germany will need natural gas from Russia as a bridging technology as it moves to cleaner energy, but will also seek cooperation on its hydrogen strategy, German Economy Minister Peter Altmaier told a Russia-Germany conference. Thursday.

Altmaier said gas is needed because Germany is abandoning nuclear power and coal-fired power plants, but will seek to build an established fossil fuel partnership as it develops hydrogen from renewable sources as an alternative fuel.

“At the other end of the (gas) bridge there will be renewable energy and green hydrogen, which we can build together with Russia on a large commercial scale,” Altmaier said.

“Russia has very good preconditions for this partnership.”

Germany hopes to develop large-scale green hydrogen by sending renewable power from wind and sunlight via electrolysis to make synthetic fuels for the industrial, energy and transportation sectors.

The 9 billion euro ($ 10.90 billion) hydrogen promotion program launched last summer forecast huge import needs as the rollout of domestic production capacity will be hampered by land restrictions.

Russian speakers echo Altmaier’s statement.

Russian Deputy Prime Minister Alexander Novak told a webcast meeting that the two countries would benefit from intensive energy cooperation, including, on the Russian side, building a renewable energy and hydrogen value chain.

“We believe that (hydrogen) is one of the most promising sources of energy in the future,” he said.

“Germany will play an important role in promoting hydrogen energy in the European region. We hope for an alliance in that area, “he said.

Russia will also engage in digitization efforts to upgrade its energy systems with a view to closer integration with western partners, he said.

Russian Industry Minister Denis Manturov said he could set up a hydrogen cluster for production, and could develop transportation options under shared standards and metrics.

“We are counting on attracting your modern expertise with a conditional formula: green hydrogen in return for technology,” he said.

$ 1 = 0.8255 euros Reported by Vera Eckert in Frankfurt and Vladimir Soldatkin in Moscow, edited by Kirsti Knolle and Kim Coghill


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Petrobras Brasil sells a stake in the NTS gas pipeline network | Instant News

FILE PHOTO: The Petrobras logo is seen in front of the company’s headquarters in Sao Paulo 23 April 2015. REUTERS / Paulo Whitaker

RIO DE JANEIRO (Reuters) – Brazil’s state-owned oil company Petroleo Brasileiro SA has approved the sale of its remaining 10% stake in the NTS gas pipeline for 1.8 billion reais ($ 337 million) to Brookfield and Itausa SA, the company said in a statement. on Wednesday.

In 2016, an investment fund led by Canada’s Brookfield Asset Management Inc and Brazil’s Itausa SA purchased 90% of the more than 2,000 kilometers of pipeline from Petrobras for $ 5.2 billion.

The Brookfield Fund will now own 100% Nova Transportadora do Sudeste SA, as it is officially recognized by NTS.

Petrobras, as the Rio de Janeiro-based company is known, will receive 1.5 billion reais, the company said, after dividend payments and contract adjustments.

($ 1 = 5.3425 reais)

Reporting by Sabrina Valle; Edited by Christian Schmollinger & Shri Navaratnam


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Brazilian oil production fell 6% in the first quarter, led by Petrobras – ANP | Instant News

FILE PHOTO: A worker checks the volume of fuel in a train carriage near the tank of Brazil’s state-owned Petrobras oil company in Brasilia, Brazil, February 19, 2021. REUTERS / Ueslei Marcelino

RIO DE JANEIRO (Reuters) – Oil production in Brazil fell 6% in the first quarter from a year earlier, according to National Petroleum Agency (ANP) figures seen by Reuters on Monday, led by production cuts from the state-owned oil giant. Petrobras.

Brazil produced an average of about 2.8 million barrels per day in the first three months of this year, compared with about 3 million barrels per day in the first quarter of last year, according to ANP.

Petroleo Brasileiro SA, Petrobras official designation, produced 2.1 million barrels per day in the first quarter, down 5%, according to ANP data. Petrobras accounts for about 75% of all Brazilian oil production.

Natural gas production reached 131.2 million cubic meters per day in the first quarter, up 1% from a year ago, said ANP, adding that Petrobras production fell 1% to 96.5 million cubic meters per day.

Reporting by Marta Nogueira; Written by Jamie McGeever; Edited by Dan Grebler


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