Talos assures not responsible for oil leak in U.S. Gulf of Mexico

MOSCOW (MRC) -- Oil producer Talos Energy Inc said the company's assets were not the source of an oil spill in the U.S. Gulf of Mexico around Louisiana, said Hydrocarbonprocessing.

The company said it was notified of an oil release observed on Bay Marchand Block 5 in Louisiana state waters on Aug. 31, due to its status as a prior lessee of the block, but it ceased production from the block in 2017.

The U.S. Coast Guard said on Monday it was investigating nearly 350 reports of oil spillage in and along the U.S. Gulf of Mexico following Hurricane Ida.

Clean-up crews and a dive team were at the leak site in the Bay Marchand area on Sunday seeking to contain the spill and pinpoint its source and location.

A miles-long black streak of oil in the Gulf of Mexico off Louisiana was visible from the air after Hurricane Ida tore through the region a week ago.

As it was written earlier, Talos Energy said on Sunday that the rate of oil flowing from a spill of unknown origin in U.S. Gulf of Mexico following Hurricane Ida appears to have decreased. Clean-up crews and a dive team were at the leak site in the Bay Marchand area of the Gulf of Mexico on Sunday seeking to contain the oil and pinpoint its source and location. A miles-long black streak of oil in the Gulf of Mexico off Louisiana was visible from the air after Hurricane Ida tore through the region a week ago.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.

Talos Energy is a technically driven independent exploration and production company focused on safely and efficiently maximizing long-term value through its operations, currently in the United States and offshore Mexico, both upstream through oil and gas exploration and production and downstream through the development of future carbon capture and storage opportunities.
MRC

MOSCOW (MRC) -- The world's largest plant that sucks carbon dioxide directly from the air and deposits it underground is due to begin operating, the company behind the nascent green technology said.

Swiss start-up Climeworks AG, which specializes in capturing carbon dioxide directly from the air, has partnered with Icelandic carbon storage firm Carbfix to develop a plant that sucks out up to 4,000 tons of CO2 per year. That's the equivalent of the annual emissions from about 790 cars. Last year, global CO2-emissions totalled 31.5 billion tons, according to the International Energy Agency.

Direct air capture is one of the few technologies extracting carbon dioxide from the atmosphere and is viewed by scientists as vital to limit global warming, blamed for causing more heatwaves, wildfires, floods and rising sea levels.

The Orca plant, a reference to the Icelandic word for energy, consists of eight large containers similar in looks to those used in the shipping industry, which employ high-tech filters and fans to extract carbon dioxide.

The isolated carbon is then mixed with water and pumped deep underground, where it slowly turns into rock. Both technologies are powered by renewable energy sourced from a nearby geothermal power plant. Direct air capture is still a fledgling and costly technology, but developers hope to drive down prices by scaling up as more companies and consumers look to reduce their carbon footprint.

There are currently 15 direct air capture plants operating worldwide, capturing more than 9,000 tons of CO2 per year, according to the IEA. U.S. oil firm Occidental is currently developing the largest direct-air-capture facility, to pull 1 MMtpy of carbon dioxide from the open air near some of its Texas oilfields.

Climeworks, which recently signed a 10-year carbon removal purchase agreement with major insurance firm Swiss Re, also offers a subscription service, which allows consumers to pay for carbon removal through monthly payments.

As per MRC, Equinor-led Northern Lights venture and Swiss start-up Climeworks will explore the potential for capturing carbon dioxide (CO2) from the atmosphere in Norway, the partners said. Climeworks provides direct carbon capture technology, while Northern Lights, which also includes Shell and Total , plans to store CO2 in a geological formation under the seabed off Norway's coast.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.

Climeworks is a Swiss company specializing in technologies for capturing carbon dioxide in the air. The company filters CO? directly from the ambient air through an adsorption-desorption process.
MRC

MOSCOW (MRC) -- Borealis is continuing to significantly boost the share of renewable energy used in its Belgian operations with the signing of a nine-year power purchase agreement (PPA) with Axpo, Switzerland’s largest producer of renewable energy and an international leader in energy trading and the marketing of solar and wind power, as per the company's press release.

Under the agreement announced today, Axpo will supply Borealis with green electricity generated by two Belgian wind farms.

The PPA covers the entire output of two wind farms located in Hannut and Beaumont which are part of the portfolio managed by Axpo in Belgium, and includes the annual purchase and supply of up to 100,000 MWh of wind power to Borealis over the next nine years. Delivery will begin in January 2022.

With the signing of the contract, both companies are making a significant next step in the energy transition. By increasing the share of renewable power in its overall energy consumption at its Belgian production facilities, Borealis moves another step closer to sourcing at least 50% of its electricity consumption from renewable sources for its Polyolefins and Hydrocarbons & Energy business areas. The renewable electricity generated within the framework of the PPA with Axpo will reduce Borealis’ indirect carbon dioxide emissions at its Belgian operations by approximately 20,000 ton/year.

“Thanks to this agreement with Axpo, Borealis is moving again closer to achieving its ambitious Energy & Climate targets,” says Wolfram Krenn, Borealis Executive Vice President Base Chemicals and Operations. “Our target of sourcing 50% of renewable electricity for our operations by 2030 has become yet another step more tangible. We are proud to have signed this PPA with Axpo as strong partnerships will enable a carbon-neutral future. This is how we re-invent for more sustainable living.”

As MRC reported earlier, in April 2021, Borealis commenced a new project to secure an increased supply of chemically recycled feedstock for the production of more circular base chemicals and polyolefin-based products. A feasibility study for a chemical recycling unit to be established at the Borealis production location in Stenungsund, Sweden, is now underway.

According to MRC's ScanPlast report,Russia's estimated PE consumption totalled 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.

Borealis is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers. With headquarters in Vienna, Austria, Borealis currently employs around 6,500 and operates in over 120 countries. In 2020, Borealis generated EUR 6.8 billion in sales revenue and a net profit of EUR 589 million. OMV, the Austria-based international oil and gas company, owns 75% of Borealis, while the remaining 25% is owned by a holding company of the Abu-Dhabi based Mubadala.
MRC

1. SIBUR expects market growth in the petrochemicals segment in 2021-2022

MOSCOW (MRC) - SIBUR expects market growth in the oil and gas chemistry segment in 2021-2022, despite the threat of new strains of coronavirus, which will have a positive impact on the company, TASS reports, citing the words of the managing director of the company Pavel Lyakhovich as part of the VI Eastern Economic forum. "Limitations, of course, are possible anyway, because the coronavirus has not disappeared anywhere, it is constantly mutating. Unfortunately, it moves between borders rather quickly, so here, of course, the influence of it and new strains is possible on all segments. And, of course, forecasts. As usual, this is not a very rewarding business. But if some collapses do not happen, then we see that 2021-2022 will show growth for us in the segment itself, which cannot but rejoice, "said the managing director of SIBUR.

MRC

MOSCOW (MRC) -- Crude oil futures were higher in midmorning Asia trade Sept. 9 as the market eyed a tightened supply outlook following Hurricane Ida, reported S&P Global.

At 11:08 am Singapore time (0308 GMT), ICE November Brent futures was 23 cents/b (0.32%) higher at USD72.83/b while the NYMEX October WTI contract was up 14 cents/b (0.20%) at USD69.44/b.

"Oil prices seem to be shrugging off the recent strength in dollar, suggesting that near-term focus continues to revolve around the pace of supplies' recovery from Hurricane Ida, along with the demand outlook for oil," IG Market Strategist Yeap Jun Rong told S&P Global Platts Sept. 9, adding that a delay in recovery efforts for oil production from the impact of Ida will serve to underpin prices in the near term.

Several analyst shared a similar sentiment, saying that crude oil prices gained as supply issues continued to plague the market.

US production is still struggling to recover from Hurricane Ida. The extensive damage to infrastructure and power outages mean Ida has knocked off more supply after nine days than any other storm.

After more than a week when the Category 4 storm ripped through the region, 77% of US Gulf of Mexico output remains shut, according to the Bureau of Safety and Environmental Enforcement as of Sept 8.

Elsewhere in Libya, protesters were blocking oil exports at the ports of Es Sider and Ras Lanuf, supporting oil prices.

"Compounding this was fears of supply disruptions in Libya. A fresh wave of protests at key oilfields and ports could reduce production as much as 800kb/d as protester shave halted operations and blocked tankers from loading as they seek the removal of key officials at the National Oil Corp," ANZ research analysts said in a note Sept. 9.

In inventory news, the US commercial crude stocks declined 2.88 million barrels in the week ended Sept. 3, the American Petroleum Institute said Sept. 8.

As informed earlier, Shell said it observed damage from Hurricane Ida to its transfer station West Delta-143 offshore facilities in the Gulf of Mexico. West Delta-143 serves as the transfer station for all production from its assets in the Mars corridor in the Mississippi Canyon area of the Gulf of Mexico to onshore crude terminals. Shell said it is not yet safe to send personnel offshore to learn the full extent of the damage and estimate the effect on production.

We remind that in late August, 2021, US crude stocks dropped sharply while petroleum products supplied by refiners hit an all-time record despite the rise in coronavirus cases nationwide, the Energy Information Administration said. Crude inventories fell by 7.2 million barrels in the week to Aug. 27 to 425.4 million barrels, compared with analysts' expectations in a Reuters poll for a 3.1 million-barrel drop. Product supplied by refineries, a measure of demand, rose to 22.8 million barrels per day in the most recent week. That's a one-week record, and signals strength in consumption for diesel, gasoline and other fuels by consumers and exporters.

We also remind that US crude oil production is expected to fall by 160,000 barrels per day (bpd) in 2021 to 11.12 million bpd, the US Energy Information Administration (EIA) said in a monthly report, a smaller decline than its previous forecast for a drop of 210,000 bpd.
MRC