Top Energy/Automotive News As Reported
London, 19 April, 2023, (Oilandgaspress): Benchmark U.S. crude oil for May delivery fell $1.69 to $80.83 a barrel Monday. Brent crude for June delivery fell $1.55 to $84.76 a barrel. Wholesale gasoline for May delivery fell 7 cents $2.77 a gallon. May heating oil fell 3 cents to $2.61 a gallon. May natural gas rose 17 cents to $2.28 per 1,000 cubic feet. Gold for June delivery fell $8.80 to $2,007 an ounce. Silver for May delivery fell 37 cents to $25.09 an ounce and May copper fell 4 cents to $4.07 a pound. Read More
How Norway killed the combustion car market
Time: May 4, 2023, 15:45-16:45
Place: Oslo Fjord – Parallel Stage
Norway has become the leading EV country in the world. Oslo has become the leading capital on electric mobility overall and the Western Region of Norway has become champions on zero emission mobility at sea. But how did this happen? What concrete policies have made this transition to electric mobility so successful? And what policies has showed not to work? In this seminar we invited the leading Norwegian experts from the City of Oslo, ENOVA SF and the Norwegian EV Association, to answer these questions. We take a deep-dive into how concrete policies has made – and is making – the fast transformation across all areas of transport, zero emission, happening.. Read More
Automobili Lamborghini and Master & Dynamic, the New York brand leader in the world of premium audio devices, create a third co-branded collection of headphones and earphones.
The collection includes MW75 Active Noise-Cancelling Wireless Headphones, MG20 Wireless Gaming Headphones, MW08 Sport True Wireless Earphones, for a range of high-tech audio systems with Automobili Lamborghini design elements.
Jonathan Levine, Founder and CEO of Master & Dynamic announces: “Our new collection with Lamborghini celebrates and highlights the brand’s bold DNA of super sports cars. The black and green MG20 Gaming headset reminds me of the first Lamborghini Huracán I’ve seen and is perfect for a high-performance headphone. The elegant black, white and silver MW08 wireless earphones and MW75 ANC headphones pay homage to the elegance and fun of driving Lamborghini super sports cars”.
The third installment of the collaboration features the custom design of the MW75 Active Noise-Cancelling Wireless Headphones and MW08 Sport True Wireless Earphones that reflect the bold language of Automobili Lamborghini and the iconic “Y” on the glass plates. The MG20 Wireless Gaming headphones, on the other hand, have a graphic pattern in shades of Shock Green, the distinctive color of super sports cars and are made of leather and sapphire crystal front glass.
The MW75 wireless headphones offer Adaptive Active Noise-Cancelling, which automatically adjusts the cancellation of ambient noise, for an unprecedented listening experience. Made of aluminum, leather and tempered glass, the MW75 headphones are perfect for daily and extended use.
The MG20, the first true luxury gaming headset, has a detachable microphone and an internal alternative system for clear communication both in game and on the move. Constructed from magnesium and featuring a low-latency adapter, the MG20 Wireless Gaming Headset is designed to raise the bar for any gaming setup.
The MW08 Sport True wireless headphones offer uninterrupted sound performance and perfect stainlessness, they also feature a Kevlar® charging case, which offers up to 42 hours of battery life. Read More
The annual general meeting of Equinor ASA will be held 10 May 2023 at 15:00 CEST.
The annual general meeting will be held in Equinor Business Center, Forusbeen 50, 4035 Stavanger for those attending in person and via Lumi AGM for those attending digitally. Voting will be carried out electronically via Lumi AGM both for shareholders attending in person and attending digitally. It is also possible to vote in advance or give proxy. Read More
Berkeley, California, cannot ban natural gas hookups in new buildings because a U.S. federal law preempts its rule, a federal appeals court said Monday, siding with a challenge the state’s restaurant industry made.
The 9th U.S. Circuit Court of Appeals in San Francisco said Berkeley’s 2019 ban on new gas hookups effectively barred appliances that use the fuel, and that the U.S. Energy Policy Conservation Act preempts such a move. The California Restaurant Association challenged the ban in court in 2019 alongside other industry groups including natural gas utilities and homebuilders, claiming the ordinance would introduce major costs and burdens. The restaurant group said the ban would mean restaurants can no longer prepare popular dishes. Read More
Hanseatic Energy Hub GmbH is developing an import terminal that will contribute to secure Germany’s supply of LNG and green gases while preparing for the market ramp-up of hydrogen. The German company has awarded the design and development of an emission free regasification terminal to a consortium led by Técnicas Reunidas and made up of the Spanish company FCC and Entrade GMBH.
This is an EPC (Engineering, Procurement and Construction) contract for the execution of a new storage and regasification terminal for liquified gases in the river port of Stade, which is part of the metropolitan region of Hamburg (Germany).
The land on which the facility will be built belongs to the large chemical company Dow Chemicals, which is participating in the project as one of the development partners. The terminal will utilize Dow’s industrial waste heat and therefore will be able to regasify the gases without additional CO2 emissions.
The new terminal will have a capacity of 13.3 Bm3 nominal per year and will involve a total investment of close to 1,000 million euros, of which approximately 500 million euros will correspond to the scope of Técnicas Reunidas and the other 500 million euros to FCC and Entrade GMBH.
The project has been divided into two phases, a first stage of preliminary works and engineering with a duration of 5 months; and a second stage, that constitutes the main contract, which is subject to HEH Final Investment Decision scheduled for summer 2023.
Técnicas Reunidas will design the regasification terminal and the two storage tanks, each with a capacity of 240,000 cubic meters, and will undertake all the equipment and materials supply work for the project. The project is part of Técnicas Reunidas’ long experience and know-how in the design and development of this type of plants, aimed at optimizing performance and minimizing environmental impact.
FCC has extensive experience in the construction of Liquefied Natural Gas (LNG) tanks and will build the tanks. In addition, it will carry out all site preparation and civil works activities for the plant. The company has designed, built and commissioned several LNG storage plants in Spain, Finland and Chile. Specifically, in Spain, it has executed 8 LNG facilities with a capacity to supply 1.53 million homes thanks to the storage of 1.1 Mm3 LNG.
Entrade GMBH, a subsidiary of ENKA, one of the strongest engineering and construction companies in the world and with work in progress near Stade, will be in charge of the electromechanical assembly activities. The complete execution of the plant is estimated to take place around 2027 Read More
Vortexa announced that Communitas Capital, took a stake in Vortexa – the leading real-time energy analytics company. The partnership with Vortexa is combined with the firepower of Communitas Capital founders; Tom Glocer, Lead Board Director at Morgan Stanley and former CEO at Thomson Reuters alongside other industry heavyweights; Duncan Niederauer, the former CEO of NYSE and Partner at Goldman Sachs and Doug Atkin, the former CEO Instinet
While CEO at Thomson Reuters, Tom oversaw one of the largest news and information organizations in the world, including its financial terminal business before it became Refinitiv as part of the spin off transaction led by a Blackstone consortium in 2018 and later sold to London Stock Exchange in an all-share transaction valued at $27 billion.
In Tom Glocer’s words, “The traditional financial information networks were primarily based on the aggregation and distribution of market data. Vortexa is the first information platform of its kind using advanced AI to create a real-time fundamental view of the multi-trillion-dollar energy market. The speed in which Vortexa is attracting and working with the top energy traders in the market is a clear indication of something immensely valuable in the making.” Fabio Kuhn, CEO of Vortexa: “Tom is a true legend in the financial information and news industry. In the game of basketball, our partnership would be the equivalent to having Michael Jordan joining the team – and I could not be more excited about the game plan we will build together.” Read More
Ipsos UK and Thinks Insight and Strategy were commissioned by Ofgem to undertake consumer research with GB domestic energy consumers to support a policy review into the practice of involuntary prepayment meter (PPM) installations. Involuntary installations include PPMs installed under warrant and remote switching smart meters to PPM mode (without consent from the customer). This report outlines the findings of that research.
The research consisted of an online survey of 2,095 GB domestic energy consumers conducted between 10 and 14 March 2023, alongside 6 online focus groups with 42 GB domestic energy consumers during the week commencing 6 March 2023. Due to the urgency of the review, fieldwork and data collection needed to be undertaken at speed and therefore a number of compromises had to be made in the research design phase. The limitations have been set out in the report.
This research explored: consumers’ views on which groups of vulnerable consumers should be protected from energy debt collection and risk of self-disconnection (through involuntary PPM installations consumer attitudes towards cross-subsidisation on bills to protect vulnerable groups from being moved onto PPMs and the trade-offs around this consumers’ ‘willingness to pay’ to protect vulnerable consumers from energy debt collection through involuntary PPM installations. Read More
Hitachi Industrial Equipment Systems Co., Ltd. (“HIES”),announced the establishment of Hitachi Global Air Power, a new company bringing together its global compressed air business. Effective immediately, Sullair will change its company name and operate under Hitachi Global Air Power.
“We are the same organization, ownership, leadership, and staff, but now we have a name that more clearly demonstrates Hitachi’s breadth of compressed air solutions, product lines and innovation that both Sullair and Hitachi bring to the market,” said Yasuhiro (Charlie) Takeuchi, President and CEO of HIES. “In today’s relentlessly transforming society, Hitachi Global Air Power is uniquely positioned to raise the bar on the value we deliver to customers through our comprehensive portfolio of compressed air products and solutions such as Air as a Service.”
Hitachi Global Air Power will be instrumental to HIES accelerating significant global growth through green (sustainable) and digital products and solutions that match today’s environment and digital age. Hitachi Global Air Power seeks to provide ultra-high-efficiency compressed air products and connected solutions that help customers achieve more energy savings and operational efficiencies. Read More
Hitachi High-Tech Corporation announced that it will construct a new production facility in Kasado Area of Kudamatsu City, Yamaguchi Prefecture, with a view to increasing production capacity of etching systems for its semiconductor manufacturing equipment business, with production scheduled to begin in FY2025. The new facility will double production capacity through digitalized and automated production lines, in order to cater to the ever-increasing demand for semiconductor manufacturing equipment. The facility will also be carbon-neutral, in line with Hitachi High-Tech’s goal to achieve carbon neutrality at all of its business sites (factories and offices) by FY2027, in aims of realizing a decarbonized society.
Hitachi High-Tech will create new value and solve customer issues by shortening development times, reducing costs and increasing productivity, in order to contribute to sustainable industrial development supporting a digital society. Read More
The pace of electric vehicle (EV) adoption is hastening around the world, with China set to surpass 30% of new sales in 2023. The U.S. Environmental Protection Agency (EPA) announced its plan to significantly increase regulation on tailpipe emissions, so much so that it would require between 54%-60% of new vehicles sold in the U.S. to be electric by 2030 and 64%-67% by 2032.
This new regulation shifts away from MPG standards and targets total greenhouse gas emissions. Exceeding President Joe Biden’s goal of 50% adoption by 2030, it is slightly more aggressive than Enverus Intelligence Research’s (EIR) view on U.S. EV adoption prior to the regulation change. According to our analysis, the adoption curve required by the EPA would displace approximately 0.8 MMbbl/d of U.S. oil demand in 2030 and 1.1 MMbbl/d by 2032, which is 50 Mbbl/d and 80 Mbbl/d higher than our estimates, respectively. EV adoption is one of the most visible shifts associated with the energy transition, but detractors argue battery technology and supply chains cannot support a high rate of adoption. This report examines demand for key minerals and areas, particularly in mineral recycling and battery technology, where innovation is most impactful. Read More
Crude oil inventories in the United fell this week by 2.675 million barrels, the American Petroleum Institute (API) data showed on Tuesday, with analysts expecting a 2.464 million barrel draw.
The total number of barrels of crude oil gained so far this year is still more than 44 million barrels.
This week, SPR inventory dropped for the third week in a row losing another 1.6 million barrels for the week to reach 368 million barrels—the lowest amount of crude oil in the SPR since October 1983. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $79.65 | Down |
| Crude Oil (Brent) | USD/bbl | $83.56 | Down |
| Bonny Light | USD/bbl | $84.47 | Down |
| Saharan Blend | USD/bbl | $85.09 | Down |
| Natural Gas | USD/MMBtu | $2.36 | Up |
| OPEC basket 18/04/23 | USD/bbl | $85.51 | Down |
OPEC Reference Basket (ORB) made up of Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Petrefuel Holdings, a subsidiary of Petredec Onshore, is set to acquire 100% of Royale Energy with the current shareholders of Royal Holdings opting to take up a 15% share in the jointly merged entities. The Agreement is subject to the fulfilment of certain suspensive conditions expected to be completed by the end of August 2023.
The addition of Royale Energy to Petrefeul’s portfolio expands its geographic footprint into Gauteng. Limpopo and the North West and adds two liquid fuels storage terminals on the Transnet fuel pipeline. Petrefuel currently operates across the Western Cape, Eastern Cape, KwaZulu-Natal, Free State, and the Northern Cape. Founded in 2003, Royale Energy is one of the largest privately owned licensed petroleum wholesale distributors in South Africa, operating an extensive network of retail filling stations, major storage facilities in Gauteng and strategically placed smaller depots in Olifantsfontein, Hammanskraal and Polokwane. Read More
Tesla has implemented another round of price cuts in the US, less than 24 hours before the automaker announces its Q1 2023 financial results. The price drop has brought the entry-level Model 3 to below $40,000 USD, before incentives.The entry-level Rear-Wheel Drive (RWD) variant of the Model 3 now starts at $39,990, down from $41,990. Add in the now reduced $3,750 US tax credit effective as of today and the Model 3 could be purchased for $36,240. There was no price change to the Performance variant, and the Long Range is still unavailable to order. Read More
Porsche AG is shifting into high gear with its corporate venture capital activities. The company has earmarked up to €250 million for investments in new start-ups and the existing venture capital portfolio. The aim is to continue to provide fresh impetus for promising business models and technologies.Porsche Ventures, the sports car manufacturer’s venture capital unit, will also be converted into an independent subsidiary, Porsche Investments Management S.A., and based in Luxembourg. Medium-term plans envision launching a VC fund. Read More
U.S. Rig Count is down 3 from last week to 748 with oil rigs down 2 to 588, gas rigs down 1 to 157 and miscellaneous rigs unchanged at 3.
The U.S. Offshore Rig Count is up 3 to 20, up 8 year-over-year.
Canada is down 16 to 111 rigs.
Canada Rig Count is down 16 from last week to 111, with oil rigs down 7 to 45, gas rigs down 9 to 66.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 14 April 2023 | 748 | -3 |
| Canada | 14 April 2023 | 111 | -16 |
| International | March 2023 | 930 | +15 |
Neste welcomes the Italian government’s decision to introduce a mandate for increasing the use of unblended, i.e. “neat”, biofuels to further accelerate greenhouse gas emissions (GHG) reductions in the transport sector. While the use of such renewable fuels is not new in Italy, their use as neat, i.e. without being blended with fossil fuels, comes as a welcomed solution to support an already ambitious decarbonization roadmap when it comes to the transport sector.
Such fuels produced 100% from renewable raw materials for use as such, such as Neste MY Renewable Diesel™, are a ready-to-go solution immediately available to decarbonize the existing fleet of both light-duty and heavy-duty vehicles in Europe and elsewhere, and are an essential piece of the sustainable mobility puzzle.
“The ambition shown by the Italian government in boosting the use and production of fuels produced 100% from renewable raw materials and used without being blended with fossil fuels is a great example of how environmental and industrial policy can be reconciled,” says Peter Zonneveld, Vice President Sales Europe and APAC at Neste. “This change in domestic legislation makes Italy a frontrunner in fighting emissions from the transport sector. In fact, Italy is one of the first countries to introduce such a mandate for these types of fuels, matching the strong pro-renewable fuels stance the Italian government has been taking over the last years in the main international arenas, including the European Union and the G7,” Peter Zonneveld continues. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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