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Esgian Week 27 Report: A Lull in Contracting
Esgian provides an update on the current lull in contracting in its Week 27 Rig Analytics Market Roundup.Report SummaryContractsAban Offshore-owned 250-ft jackup Aban II has received a letter of award (LOA) from Oil India for an offshore work program in Andhra Pradesh, India.Shelf Drilling North Sea has secured a new 17-month contract for the 400-ft Shelf Drilling Winner (previously known as Noble Sam Turner) jackup rig with TotalEnergies EP Denmark.Drilling Activity and DiscoveriesThe Norwegian Ocean Industry Authority (Havtil) has given Aker BP consent to drill an exploration well in block 35/6 in the North Sea off Norway.The Norwegian Ocean Industry Authority (Havtil) has given Aker BP consent for exploration drilling in blocks 6507/2 and 6507/5 in the Norwegian Sea.The Norwegian Offshore Directorate (NOD) has granted Equinor a drilling permit for a wellbore in the North Sea offshore Norway.Beacon Offshore Energy has started up oil production at the Winterfell development in the US GOM, with the initial two production wells of the first phase now online and ramping up production.The Norwegian Offshore Directorate (NOD) has granted Aker BP a drilling permit for an exploration well in the North Sea off Norway.China's Sinopec has reported 'high-yield' flows from its Hai 3 well, in the Beibu Gulf, offshore China.DemandCanadian Natural company CNR International (South Africa) Limited has given notice to its partners in a joint operating agreement that it will withdraw from its 20% interest in Block 11B/12B offshore South Africa.Following the Labour Party’s victory in the UK’s general elections, Offshore Energies UK (OEUK) said it is committed to working with the new government on the next steps to a homegrown energy transition, to safeguard energy security, jobs and skills, and create an "irresistible investment environment" in the UK.Mobilisation/Rig MovesAfter a long journey from the UK North Sea, the 400-ft jackup Valaris 247 has reached Darwin, Australia.Advanced Energy Systems' (ADES) 375-ft jackup Admarine 691 has started mobilising from Bahrain to Qatar for its new contract.Dolphin Drilling 6,000-ft semisubmersible Blackford Dolphin has begun its journey out of Nigerian waters and will continue onwards to India for its upcoming contract with Oil India.Noble 12,000-ft drillship Noble Venturer has arrived in Equatorial Guinea and is now preparing to begin a three-well program for Trident Energy.PV Drilling's 400-ft jackup PV Drilling VI has left the Kemaman anchorage to start drilling an exploration well for Petronas Carigali offshore Malaysia.The 10,000-ft semisubmersible drilling rig, SSV Catarina, has completed drilling operations for Eni in Vietnam and has moved to the Vung Tau anchorage.Odfjell Drilling-managed 3,900-ft semisub Deepsea Yantai has completed a contract with Vår Energi and is en route to its next contract in the North Sea.Arabian Drilling-owned 400-ft jackup ArabDrill 70 is moving to Ras Al Khair anchorage in Saudi Arabia.The COSL-owned 300-ft jackup HAIYANGSHIYOU 936 is underway to Ras Al Khair anchorage in Saudi Arabia following the suspension of its contracts with Saudi Aramco in April 2024.A COSCO heavy lift and transportation vessel loaded a 400-ft jackup rig in Saudi Arabia earlier this week and is understood to be taking it to China.Arabian Drilling's 250-ft jackup rig, ArabDrill 17, has concluded its contract with Saudi Aramco and is being towed to Ras Al Khair, where it will await further assignment.Other NewsTransocean has completed a previously announced share purchase agreement and now owns all of the issued and outstanding equity interests in the joint venture company which owns the 6th generation 10,000-ft semisubmersible, Transocean Norge.Emperor Energy, the operator of the VIC/P47 exploration permit containing the undeveloped Judith gas field offshore Gippsland, Australia, has extended its Memorandum of Understanding (MOU) with Cooper Energy.ExxonMobil subsidiary Esso Exploration International Limited has signed an agreement with Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) for two reconnaissance contracts covering the Safi-Essaouira Offshore and Agadir-Ifni Offshore areas.Baron Oil, an oil and gas company planning to drill the Chuditch-2 appraisal well offshore Timor-Leste in early 2025, has officially changed its name. The name change to Sunda Energy was proposed in June to reinforce the company's focus on Southeast Asian energy markets.
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Heat wave eliminates a minimum of 56 in India, nearly 25,000 heat stroke cases, from March-May
India saw almost 25,000 cases of thought heat stroke and 56 people lost their lives after numerous heat wave days throughout the country from MarchMay, regional media reported, mentioning federal government information. May has been an especially bad month for the region, with temperature level in capital Delhi and neighboring state of Rajasthan touching 50 degrees Celsius (122 degrees Fahrenheit). In a contrast, parts of eastern India have actually been reeling under the impact of cyclone Remal. Heavy rain in the north eastern state of Assam has actually killed 14 individuals considering that Tuesday. In the island country of Sri Lanka, a minimum of 15 individuals have died due to flooding and landslides after heavy monsoon rain lashed the area, the country's Catastrophe Management Centre ( DMC) stated on Sunday. A confluence of elements has actually resulted in a very hot summertime in South Asia, a pattern scientists state has been intensified by human-driven climate modification. A minimum of 33 individuals, including election authorities on task in India's just-concluded basic election, passed away of presumed heatstroke in the states of Uttar Pradesh and Bihar in the north, and Odisha in the east on Friday. Information from the National Centre of Illness Control ( NCDC) revealed that the scenario was worst in May, with 46 heat-related deaths and 19,189 thought heat stroke cases, news website The Print reported. Including suspected cases, the overall number of deaths in India could be much greater at 80, newspaper The Hindu reported. Over 5,000 cases of heatstroke were spotted in the main state of Madhya Pradesh alone. The weather workplace has actually anticipated that heat wave conditions will be less extreme till Wednesday and an early arrival of monsoon in the southern state of Kerala recently is anticipated to bring more relief.
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London copper increases on China, United States data
London copper rose on Monday, as a. economic sector survey revealed strong factory activity in top. consumer China, and stabilising inflation in the United States. recommended the Federal Reserve's rate of interest cut strategies later. this year remained intact. Three-month copper on the London Metal Exchange increased. 1.1% to $10,152.50 per metric heap by 0232 GMT, while the. most-traded July copper contract on the Shanghai Futures. Exchange reduced 0.2% to 82,100 yuan ($ 11,332.42) a lot. China's production activity in May grew at the fastest. speed in about 2 years with strong production and brand-new orders. across smaller sized, export-oriented companies, a private sector study. showed, contrasting a surprise fall in the broader authorities. buying supervisors' index. The manufacturing sector takes in a big quantity of metals. A softer dollar also made greenback-priced metals cheaper to. holders of other currencies. Data released last week revealed that U.S inflation stabilised. in April, keeping the door open for the Fed to cut rates later. in the year. The discount to import copper into China tightened to $10 a. heap on Friday, from $20 on May 22, showing some improvement. in physical demand. However, overall usage stayed lukewarm. due to high and volatile prices. LME aluminium rose 0.4% to $2,662 a ton, nickel. climbed 1.1% to $19,920, zinc advanced 0.7% to. $ 2,990, lead increased 0.6% to $2,286.50, while tin. fell 0.2% to $32,975. SHFE aluminium dropped 1% to 21,225 yuan a ton,. nickel relieved 0.6% to 149,560 yuan, zinc. declined 1.4% to 24,430 yuan, tin reduced 0.9% to. 271,330 yuan, while lead rose 0.6% to 18,870 yuan. For the top stories in metals and other news, click. or DATA/EVENTS (GMT) 0750 France HCOB Production PMI 0755 Germany HCOB Manufacturing PMI 0800 EU HCOB Mfg Final PMI 0830 UK S&P Global Manufacturing PMI 1345 United States S&P Global Mfg PMI Final 1400 US ISM Manufacturing PMI
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Severe Asian heat spurs LNG demand ahead of summer season
Severe temperature levels across Asia are increasing liquefied gas (LNG) need in the area as importers seek cargoes ahead of summer season, with imports in South Asia hitting records. This might tighten offered supply and further lift Asian spot rates that have currently gained a third because April, with heatwaves across South and Southeast Asia boosting air-conditioner use and other cooling need. Costs are now at a near six-month peak at $12 per million British thermal units ( mmBtu) and are expected to stay raised. Area costs are now driven by Asian need. Temperatures in South Asia are increasing due to a heatwave, increasing power need, stated Siamak Adibi, primary expert at energy consultancy FGE. While China might still see lower demand compared to its record breaking shipments in 2021, need from India and the rest of Asia has made up for any drop-off, Adibi stated. Parts of South and Southeast Asia saw extreme heat and record temperature levels in April and May, increasing electrical energy usage for cooling and straining power products. In India on Thursday, a minimum of 15 individuals died of believed heatstroke in the eastern states of Bihar and Odisha. South Asian LNG imports rose almost 20% from a year previously to 3.8 million metric loads in May, according to analytics firm Kpler. India saw its greatest import levels ever for May at 2.4 million tons, while Bangladesh LNG volumes struck an all-time monthly record at 0.6 million loads, according to Kpler data. New importers the Philippines and Vietnam, which began taking LNG shipments last year, have actually also bumped up their purchases. Vietnam got 3 freights in April and May for power generation, while buyers in the Philippines shipped 9 freights up until now this year versus 11 for all of in 2015. Increasing need for cooling is set to continue as Northeast Asia enters its summertime. Japan's meteorological agency projection likely higher-than-average temperature levels from June to August, and China's energy regulator cautioned power supply will be tight in some regions the next few months in the middle of growing usage. Various weather forecasts suggest Northeast Asia may experience hotter-than-normal weather condition from May, stated Energy Aspects expert Min Na in a note, adding that restocking demand for LNG in Asia will be higher year-on-year this summer season. We anticipate an overall restocking need of 2.4 million loads this summer throughout Japan, South Korea and Taiwan, up by 2.3 million tons year-on-year and 0.1 million tons above the five-year average. Japan federal government data showed LNG stockpiles by energies at 2.06 million loads since May 26, listed below the five-year average for the period, as Tokyo is currently experiencing heat. South Korean power generation company Korea Midland Power Co. .
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Larger planted area must enhance Australia's wheat harvest, Rabobank says
Australia's 2024/25 wheat harvest should be somewhat larger than in 2015's after an increase in planted area, but barley and canola output will likely fall, experts at Rabobank said on Monday. Higher wheat production would add to international supply at a time when crop losses in Russia have pressed benchmark Chicago wheat futures to 10-month highs. Australia is a significant exporter of wheat, barley and canola. The nation ought to gather 27.4 million metric tons of wheat in the present 2024/25 cropping season, up 5.7% from 2023/24, 10 million lots of barley, down 7.2% from 2023/24, and 5 million tons of canola, down 11.4% from 2023/24, Rabobank stated. That would suggest wheat and canola harvests approximately in line with the average of the last 5 years, however barley around 2 million loads listed below that average. As planting wraps up, Australia's eastern cropping areas have abundant moisture but the west, south and southeast have been drier. The bank said it presumed a mid-to-late season healing for dry areas as a La Nina weather event led to increased rains. La Nina generally brings wetter weather condition to eastern Australia, and lots of forecasters forecast one will emerge later on in the year. Australia's location planted to wheat is set to increase by 961,000 hectares to 13.48 million hectares (33.3 million acres), with barley location increasing by 210,000 hectares to 4.33 million hectares and canola location diminishing by 450,000 hectares to 3.11 million hectares, Rabobank stated. Those wheat and canola areas are 5% to 7% greater than the five-year average, while barley is around 10% lower, it said. Western Australia's cropping area will increase despite its dry start, according to the bank, while Queensland's area must rise by nearly one-third, with the amount of land planted to wheat growing to its biggest on record. The majority of the nation's dry cropping areas got rain in the recently, which analysts said might include 1 million heaps to the wheat harvest. Australia's agriculture ministry is due to issue a quarterly crop report with its expectations for production on Tuesday.
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Proposed EU ban on Russian LNG transhipments present no issues for Asia, EU commissioner says
Proposed new European sanctions targeting transhipments of Russian melted natural gas (LNG) are not likely to effect Asian purchasers, Kadri Simson, European Commissioner for Energy, told reporters in Tokyo on Monday. As part of a 14th package of sanctions on Russia over its war on Ukraine, the European Union proposed to ban re-loading services by EU facilities for trans-shipment of Russian LNG to third nations. This does not impact imports into the EU. The EU would likewise ban new investments and the provisions of goods, innovation and services by EU operators for the completion of LNG jobs under building such as Arctic LNG and Murmansk LNG This will not enforce issues for Asian customers: LNG. market now is a liquid market and it is possible to replace volumes even if Russia will not discover alternative transport methods, Simson stated. Nations including Belgium, Germany and France have asked the commission for evaluations on whether the ban might strike the Russian economy more than the EU's, according to diplomats. Simson said that the commission has actually supplied its member states with 'all the required data' that the proposal will not effect global markets considerably. It just indicates that Russia has to use alternative vessels to serve their third country customers that will be more expensive for Russia but otherwise it doesn't withdraw volumes far from global markets, she added. Diplomats stated they are racing to straighten out the 14th package of sanctions before Hungary takes control of the EU presidency in July. Hungarian Prime Minister Viktor Orban, who preserves ties with Russia's President Vladimir Putin, has actually previously tried to block help to Ukraine and restrictions on Moscow. I believe that Hungary is thinking along extremely constructively especially due to the fact that Hungary is a landlocked country and its own economy will not be impacted any way no way by transhipment choices, Simson stated.
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Asia shares rally on promise of rate relief, factory get
Asian share markets rallied on Monday as financiers looked forward to a rate cut in Europe, and rather potentially Canada, as the next step in global policy relieving, though sticky inflation threatens to make the process a. extracted affair. There was likewise much better news from China as the private Caixin. study showed a pick-up in its main factory index to a two-year. top of 51.7 in May, from 51.4 in April. Japan's factory activity broadened for the very first time in a. year in May, while activity in South Korea grew at the fastest. speed in 2 years. All of which assisted MSCI's broadest index of Asia-Pacific. shares outside Japan bounce 1.4%, having moved. 2.5% last week. Chinese blue chips included 0.3%. Japan's Nikkei increased 1.1%, after rebounding from. one-month short on Friday, while South Korea got 1.8%. South Korean President Yoon Suk Yeol on Monday flagged the. possibility of a large quantity of oil and gas reserves in the sea. off the country's east coast. Indian markets are waiting to see if Prime Minister. Narendra Modi will broaden his alliance's majority in parliament. when election results are launched on Tuesday, amidst speculation. this would result in more economic reforms. EUROSTOXX 50 futures climbed up 0.9% and FTSE futures. 0.7% as the risk-on mood spread. Month-end circulations saw Wall Street phase a late rally on Friday. and left the Nasdaq up almost 7% for May. Early on Monday, S&P. 500 futures were up 0.2%, with Nasdaq futures. adding 0.1%. The possibility of lower loaning expenses worldwide has been. generally favorable for equities. ECB TO PIP FED The European Central Bank (ECB) is thought about almost particular. to trim rates by a quarter point to 3.75% on Thursday, the first. time in history it would have reduced ahead of the U.S. Federal. Reserve. However, a surprisingly high reading for euro zone inflation. out recently blunted wish for a rapid round of reductions and. markets have 57 basis points of easing priced in for this year. The probability of back-to-back cuts now appears extremely low,. putting the focus for a second carry on September, said Bruce. Kasman, head of economic research study at JPMorgan. We believe President Christine Lagarde will signal that the. direction of rates is down next week, however the policy. statement will emphasize that future moves are data-dependent,. and there is no pre-commitment to a particular rate course. Markets also indicate around an 80% chance the Bank of Canada. will cut at its meeting on Wednesday and 59 basis points of. reducing this year, though experts are hopeful the reducing will be. even deeper. Investors are a lot less dovish on the Fed, seeing little. possibility of a relocation until September and even that is far from a. done offer. The outlook might change today offered data due includes. crucial studies on services and manufacturing, and the May payrolls. report where unemployment is seen holding at 3.9% as 190,000 internet. new jobs are produced. In forex markets, the Japanese yen stays the weakest of. the majors, though the government is plainly prepared to spend. big to slow its slide. Information out recently revealed Tokyo spent. 9.788 trillion yen ($ 62.27 billion) on currency intervention. between April 26 and May 29. The dollar stood at 157.09 yen, simply off last. week's peak of 157.715. The euro held company at $1.0855,. still benefiting from the EU inflation report, however faces. resistance at $1.0895. Gold was a shade firmer at $2,330 an ounce, having. now rallied for four months in a row assisted in part by purchasing. from reserve banks and China. Oil costs recovered from an early dip to press higher on. Monday after OPEC+ agreed on Sunday to extend the majority of its oil. output cuts into 2025, though some cuts will begin to be unwound. from October 2024 onwards. Brent rose 38 cents to $81.49 a barrel, while U.S. unrefined firmed 39 cents to $77.38 per barrel. ($ 1 = 157.1900 yen)
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India runs power plants flat out to keep cool in heatwave and election: Kemp
India's electrical energy grid has stayed steady in spite of a recordshattering heatwave in May, demonstrating a high degree of technical ability and avoiding awkward blackouts throughout the election duration. Daily temperatures in the New Delhi suburb of Palam in north India have actually balanced a seasonal record 35.1 degrees Celsius (95. degrees Fahrenheit) up until now in May, up from 30.1 C in May 2023 and. a long-lasting seasonal average of 33.3 C. Incredibly heats are most likely to have improved. air conditioning and refrigeration need to record or. near-record levels for the time of year. The grid satisfied a record peak load of 246 million kilowatts on. May 29 and after that 250 million kilowatts on May 30, shattering the. previous record of 240 million kilowatts embeded in September 2023. But the transmission system has been uncommonly stable. throughout the heatwave-- more stable than in other durations when. need was significantly lower. Transmission frequency fell below the minimum appropriate. target of 49.9 cycles per second (Hertz) for simply 2.3% of the. time in the very first one month of the month. This has actually been the grid's best monthly performance for more. than 2 years, despite the enormous extra demands enforced by. the heatwave. By contrast, frequency was listed below target 9.8% of the time in. both May 2023 and May 2022, according to dependability reports. released by the Grid Controller of India. Chartbook: India electrical dependability Frequency is the easiest and most frequently used measure. of power quality and dependability; controllers endeavour to keep. it stable and really near to target at all times. Frequency above target ( over-frequency) is an indication there is. excess generation connected to the network compared with the. load. Frequency listed below target ( under-frequency) signifies the. opposite. Repeated and prolonged durations of under-frequency are a sign. the grid is having a hard time to meet demand; they increase the risk of. cascading failure, forcible client disconnections and. uncontrolled blackouts. In the fall of 2021 and once again in the spring of 2022, coal. shortages indicated numerous power generators were not able to start up in. reaction to guidelines from the grid. The result was electricity lacks, prolonged and severe. under-frequency, imposition of turning power cuts, and. uncontrolled blackouts throughout many areas of the country. Since then, the government has attempted to prevent a repeat. by prioritising coal movements throughout the rail network and. collecting large coal stocks on site at power generators. But grid controllers also seem to have actually ensured reliability. this month by setting up an abundance of generation to provide. themselves an extra reserve margin. Unusually for India, where flourishing demand and inadequate. generation more frequently mean typical everyday frequency falls listed below. target, frequency was above target on 22 of 30 days up until now this. month. In reality, grid frequency in the first one month of May was the. greatest for any month in more than two years, regardless of the. heatwave. Controllers seem to have actually been setting up too much generation. to guarantee they had an extra margin in case load ended up. greater than forecasted. Methodical over-frequency is pricey in terms of extra fuel. combusted but it also purchases an increase in reliability and. lowered threat of power cuts. By scheduling as much generation as possible the. transmission system kept air conditioning unit going through the. heatwave and the election period. Related columns: - India's coal mines and generators quickly satisfy record power. demand (April 30, 2024) - India generates record seasonal coal stocks as mine output. rises( February 28, 2024) - India restores coal stocks to ensure electrical. reliability( January 31, 2024) - India turns to coal as hydro generation falls (November. 30, 2023) - India counts on coal to fulfill record power need( September. 26, 2023) - India's grid strained by blossoming power need( March 29,. 2023) John Kemp is a market analyst. The views revealed. are his own. Follow his commentary on X https://twitter.com/JKempEnergy.
Mexico's 'heat dome' has already killed dozens of individuals as hotter days loom
The severe heat smothering much of Mexico has actually eliminated lots of individuals throughout numerous states over recent weeks, the nation's health ministry stated in a report published on Thursday, with hotter temperature levels forecast for coming days.
Mexico has actually been reeling from a high-pressure weather phenomenon called a heat dome, which has actually trapped hot air over much of the nation, developing record-breaking temperature levels that have surpassed 45 degrees Celsius (113 degrees Fahrenheit). in some places.
Heat-related causes killed 22 people between May 12 and 21,. according to preliminary figures shared by Mexico's health. ministry.
The 10-day period overlapped with the second and 3rd heat. waves out of 5 forecast for March to July by the nation's. leading weather firms. The 3rd heat wave is ongoing.
The new deaths bring the toll from the severe temperature levels. to 48 given that the hot season started on March 17, mainly due to heat. stroke and some to dehydration.
Health ministry information also reveals hundreds more individuals have. survived heat stroke, sunburn, dehydration and other. heat-related conditions.
Sweltering heat has actually intensified a nationwide drought and. strained Mexico's power grid, with monkeys dropping dead from. trees due to believed dehydration.
Imminent relief is not yet on the horizon, according to. researchers at the National Autonomous University of Mexico.
Mexico could experience its most popular temperatures on record. in the next 10-15 days, the scientists stated on Wednesday.