Energy / Automotive News As Reported to 07 March 2023
London, March 07, (Oilandgaspress) Brent Crude stood at $85.77/bl, WTI Crude stood at $80.06/bl
The World Bank has announced the advancement of $64.2 million financing for the electrification of at least 60 localities as part of projects initiated the World Bank.The $64 million financing agreement was signed between Sani Yaya, Togo’s minister of economy and finance, and Coralie Gevers, the World Bank’s director of operations for Togo.The funding will enable the installation of 1,858 street lamps for public lighting and the electricity of 12,100 homes in rural areas.
It was explained that the funding is part of a $311 million package committed by the World Bank under the Regional Solar Emergency Response Project (RESPIT). .
Europe’s leading climate rules, such as the Fit for 55 package, meant the continent has led in global cleantech investments until recently. Dozens of billions have poured into scaling electric vehicle (EV) manufacturing, batteries and component manufacturing. As a result, over half of all lithium-ion batteries (LIB) the EU used in 2022 were already produced locally, with close to 50 gigafactories planned by 2030. But on top of China’s dominance in EV supply chains, the US Inflation Reduction Act – that pours at least USD 150 bln into batteries components and metals manufactured in the US (or friendly countries) – is changing the rules of the game fast. In terms of global investment into LIB tracked by BloombergNEF, Europe’s share dropped from 41% in 2021 to a meagre 2% in 2022, while investment in China and the US continued to grow.
Close to 50 lithium-ion battery factories are planned for Europe by 2030, but US subsidies and other factors pose a new threat to these nascent projects. T&E looked at project maturity, funding, permits and companies’ links to the US to analyse how much of Europe’s 1.8 TWh battery factory potential is at risk.
Key findings 68% of potential battery production capacity in Europe (1.2TWh) is at risk of being delayed, scaled down or not realised if further action is not taken
Tesla in Berlin, Northvolt in northern Germany and Italvolt near Turin are among the projects that stand to lose the greatest volumes of their planned capacity
Germany, Hungary, Spain, Italy and the UK have the largest shares of battery cell capacities at risk
To counter US subsidies, Europe needs a strong response including faster approvals for best-in-class projects and EU-wide funds that are easily accessible and focused on production scale-up. Almost 70% of European battery cell capacity is at risk Read More “
The NOG Energy Week Conference & Exhibition, previously known as Nigeria Oil & Gas (NOG) Conference & Exhibition, will facilitate multilateral dialogue, foster multi stakeholder engagement and enable deal making within the energy industry this coming 9-13 July 2023 in Abuja, Nigeria.
Indeed, it is a time of momentous transformation for Nigeria as it navigates its energy evolution pathway underpinned by ‘The Decade of Gas’ and looks toward a more just, affordable and sustainable energy system. With this view, NOG Energy Week has adapted its narrative and enabled a much more robust and integrated conversation – exploring how Nigeria can truly galvanise its universal energy mix. Read More
Africa Oil Corp. announce that the Company repurchased a total of 344,300 Africa Oil common shares during the period of February 27, 2023 to March 3, 2023 under the previously announced share buyback program. The launch of Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on September 22, 2022, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws. During the period dated February 27, 2023 to March 3, 2023, the Company repurchased 144,300 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 200,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company. All common shares repurchased by Africa Oil under the share buyback program will be cancelled. During the period dated February 27, 2023 to March 3, 2023, the Company cancelled 144,300 common shares repurchased under the share buyback program. Read More
The Saudi Arabian Oil Company (‘Aramco’) has completed the acquisition of the Valvoline Inc. global products business (‘Valvoline Global Operations’) for $2.65 billion, through one of its wholly-owned subsidiaries. With this acquisition, which follows the signing of an equity purchase agreement by the companies announced on Aug. 1, 2022, Aramco accelerates its aim to become one of the world’s preeminent integrated, branded lubricants players.
Aramco will now own the Valvoline brand with respect to the products business, and Valvoline Inc. will own the Valvoline brand with respect to its retail services business. Aramco and Valvoline Inc. plan to work together to continue to grow the Valvoline brand equity globally.
Valvoline Global Operations, which will continue to be headquartered in Lexington Kentucky, is a worldwide leader in automotive and industrial solutions, creating future-ready products and best-in-class services for partners around the globe. Read More
Aramco has signed a letter of intent to become a potential minority stakeholder in a new powertrain technology company (PWT), to be established by Geely Holding Group (Geely Holding), Geely Automobile Holdings Limited (Geely Auto HK.0175) — collectively referred to as “Geely” — and Renault Group. The new company will be dedicated to internal combustion and hybrid powertrain technologies.
Aramco’s investment would support the growth of the company, and contribute to key research and development across synthetic fuels solutions and next-gen hydrogen technologies. It is expected that Geely and Renault Group retain equal equity stakes in the new independent entity.
With a global network of 17 powertrain plants and five R&D centers across three continents, the planned company is intended to be a standalone global supplier with a combined capacity of over five million internal combustion, hybrid and plug-in hybrid engines and transmissions per year, supplying over 130 countries and regions. Read More
Volkswagen’s new Scout Motors EV division on Friday confirmed that its first model will be a $40,000 electric SUV to be built at a new $2 billion factory near Columbia, South Carolina. Scout, which plans to build rugged EVs inspired by the classic International Harvester Scout SUV produced from 1960 to 1980, said in a press release that the factory will produce 200,000 vehicles annually when at full capacity, and will create at least 4,000 permanent jobs. Groundbreaking for the South Carolina factory is planned for mid-2023, with production expected to start by the end of 2026, the brand said. The first model produced will be a “rugged utility vehicle” or “RUV,” Scout CEO Scott Keogh said in an interview with TechCrunch, followed “in quick succession” by a larger electric pickup truck. Read More
Bentley Motors announced the appointment of Stefanie Lackner as its new Head of Sustainability Communications, reporting directly to Wayne Bruce, Director of Communications. Joining from Audi AG, she will work closely with the Bentley Board of Management, the leadership team and regional networks to shape communications around environmental, economic and social sustainability, as well as helping to increase understanding of the value of diversity and inclusion across the company. Stefanie is an experienced communications expert, skilled in executive speech writing, social media and strategic planning. She has a strong expertise in C-suite communications and was previously responsible for internal management communications at Audi AG. Read More
Mitsubishi Heavy Industries Aero Engines, Ltd. (MHIAEL), a group company of Mitsubishi Heavy Industries, Ltd. (MHI), has completed expansion work at its aero engine maintenance shop in Komaki City, Aichi Prefecture, to respond to globally expanding demand for maintenance, repair and overhaul (MRO) services. The expanded facility is expected to increase its commercial engine MRO capacity from 5 to 6 units per month to more than 10 units per month by 2026, then ultimately reaching 15 units per month.
The expansion work added floor area of 2,500m2 in addition to the pre-existing floor area of approximately 11,600m2, resulting in 20% increase of a workspace.In addition to the ongoing MRO business for PW4000 and V2500 engine models respectively powering Boeing B747 and Airbus A320 aircrafts, the expanded shop will also perform MRO for the best-selling state-of-the-art PW1100G-JM powering the Airbus A320neo family aircrafts. Read More
The government of Tanzania has completed talks with supermajors Shell and Equinor for the potential construction of a $30-billion LNG export facility which will use the country’s huge offshore natural gas resources.
Discussions are completed and now the experts are about to begin drafting contracts, the energy ministry of Tanzania said on Twitter.
One contract is being drafted for the Host Government Agreement, and another is for blocks 1, 2, and 4, which will provide natural gas for the LNG project, Tanzania’s Energy Minister January Makamba said. Read More
Saudi Aramco raised the official selling price for the crude oil it exports to Asia and Europe for yet another month, with the flagship Arab Light to sell in April for $0.50 more than in March. The price hike for Arab Heavy was even more pronounced, at $2.50 per barrel, moving the crude blend from a discount to the Oman/Dubai average to a premium. In a report, Reuters noted that the price hikes come as several new refineries in Saudi Arabia are set to soon begin operating, and this would shrink the amount of crude available for exports. Read More
NNPC Replaces Eroton as Operator of OML 18
The non-operating Joint Venture (JV) partners of Oil Mining Lease (OML) 18 have appointed the NNPC Eighteen Operating Limited as the operator of OML 18 to replace Eroton Exploration and Production Limited (Eroton).
Mr Garbadeen Muhammad, the Chief Corporate Communications Officer, NNPC Ltd, in a statement, noted the decision was to curtail further degradation of the asset and revamp production of oil and gas. “In order to protect the JV investment in OML 18, the non-operating partners, NNPC Limited (55 per cent interest) and OML 18 Energy Limited (“OML 18 Energy” – 16.20 per cent interest), jointly owning 71.20 per cent equity, removed Eroton as operator of the JV.
“This is in line with the provisions of the Joint Operating Agreement (JOA). “NNPC Limited and OML 18 Energy further appointed NNPC Eighteen Operating Limited as operator of the JV,” he said. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $80.11 | Up |
| Crude Oil (Brent) | USD/bbl | $85.80 | Up |
| Bonny Light | USD/bbl | $86.48 | Up |
| Saharan Blend | USD/bbl | $86.83 | Up |
| Natural Gas | USD/MMBtu | $2.59 | Down |
| OPEC basket 06/03/23 | USD/bbl | $84.56 | Up |
Baker Hughes Rig Count
U.S. Rig Count is down 4 from last week to 749 with oil rigs down 8 to 592, gas rigs up 3 to 154 and miscellaneous rigs up 1 to 3.
Canada Rig Count is up 2 from last week to 246, with oil rigs unchanged at 158, gas rigs up 2 to 88.
The Worldwide Rig Count for February was 1,921, up 23 from the 1,899 counted in January 2023,and up 252, from the 1,669 counted in February 2022.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 03 March 2023 | 749 | -4 |
| Canada | 03 March 2023 | 246 | +2 |
| International | February 2023 | 915 | +1 |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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