Top Energy/Automotive News As Reported, to 02 May 2023
London, 02 May, 2023, (Oilandgaspress) : Amazon Web Services in collaboration with Accenture and WindEurope,have developed a digital permitting solution prototype for wind permitting across Europe that could significantly ease the bottleneck around the energy transition. Read More
Africa Oil in a USD 95.0 million Open Offer by Impact Oil & Gas
Africa Oil Corp. announce that it has participated in a USD 95.0 million Open Offer by Impact Oil & Gas Limited (“Impact”), the privately–owned, African–focused exploration company. The capital raised shall be used towards funding Impact’s participating share of the multi-well drilling and testing programme in Namibia to further evaluate and appraise the Venus discovery; a world class, light-oil and associated gas field announced in February 20221. View PDF version.
Africa Oil is the only publicly-listed Independent E&P company with exposure to the Venus discovery through its strategic 31.1% shareholding in Impact which in turn holds a 20.0% participating interest share in Block 2913B (PEL 56) and an 18.9% participating interest share in the adjacent Block 2912 (PEL 91).
The Company has made an investment of approximately USD 31.4 million and following this placement, Africa Oil’s shareholding in Impact has increased to 31.1% from 30.9%. The Company’s closing cash balance as at December 31, 2022, was USD 199.7 million.
The proceeds from the Open Offer is intended to be used by Impact to fund its activities in 2023 including:
• The appraisal and development programme on Block 2913B, in Namibia, following the Venus discovery, including the appraisal well (Venus-1A) which spud on March 4, 2023, a re-entry of the Venus-1X discovery well and testing of both wells.
• Exploration activity on the neighbouring Block 2912 to determine the extent of the Venus discovery, including an exploration well, Nara-1X, and testing on the anticipated westerly extension of Venus into the neighbouring block.
If Nara-1X is successful, it will be followed by the Nara-1A appraisal well and extended 3D seismic survey on this block Read More
Opel , ADAC, Extend Partnership in Electric Rally Racing
Opel has reaffirmed its commitment to the world’s first electric one-make rally cup, previously known as Read More
World’s first electric motorway
Sweden is building the world’s first electric motorway which will allow cars and lorries to recharge will driving.
The ‘e-motorway’ will be built along 13 miles of European route E20 which connects Hallsberg and Örebro, located between Sweden’s three major cities of Stockholm, Gothenburg and Malmö. It comes after the European Union passed a law last month requiring all new cars sold to have zero CO2 emissions from 2035. The project is at the procurement stage and is expected to be built by 2025, according to Euronews. The charging method for the motorway hasn’t been decided but there are three types of charging methods: catenary system, inductive system, and conductive system. The catenary system can only be used for heavy-duty vehicles because it uses overhead wires to provide electricity to a special kind of bus or tram. Conductive charging works like a wireless charger for smartphones with the electric vehicles receiving energy from a pad or plate on the road. Read More
Commitment of Respect for the Planet
Toyota Kentucky, employees and their loved ones participated in a local Adopt-A-Highway cleanup project to help beautify Georgetown roads. The project was led by members of TERRA, one of Toyota’s Business Partnering Groups (BPGs), that works to empower others with the knowledge they need to help reduce their overall impact on the environment. In addition, Toyota Kentucky’s environmental team hosted a community celebration where participants had the opportunity to explore the recently reopened Toyota Kentucky Biodiversity Trail and learn how the area’s environmental leaders are working to improve the planet. The Urban Forestry Initiative, Bluegrass Greensource, Georgetown College, and Kentucky River Watershed Watch were on hand to offer composting workshops and educational trail tours. Read More
Commitment of Respect for the Planet
China’s largest NEV maker BYD launched its new electric model Seagull on Wednesday.
The Shenzhen, Guangdong province-based carmaker said the model has young urban car buyers as its target customers.
The Seagull, with two range options of 305 km and 405 km, has a design language that focuses on fun and individuality. It is available in four exterior colors and three interior colors.
The sub-compact model is built based on BYD’s platform e 3.0 and is equipped with BYD’s blade-shaped batteries.
It is compatible with fast charging, which enables the model to get charged from 30 percent to 80 percent in 30 minutes.
The Seagull has a wheelbase of 2,500 mm and luggage space up to 930 liters. It features BYD’s DiLink system, a 10.1-inch rotatable display as well as voice command.
The segment of electric sub-compact vehicles is very competitive in China, with models mainly from local Chinese marques, including Wuling and Neta. Read More
Vauxhall is ‘Fleet Manufacturer of the Year’ at the Great British Fleet Awards 2023
Vauxhall has been awarded the title of ‘Fleet Manufacturer of the Year’, at Great British Fleet Awards 2023 in Milton Keynes organised by Fleet World. The Vauxhall Astra, Corsa and Vivaro were also celebrated, taking home the ‘Best Lower Medium Fleet Car’, ‘Best Fleet Supermini’, and ‘Medium Van of the Year’ titles, respectively.
The ‘Fleet Manufacturer of the Year’ title reflects Vauxhall’s position as one of the UK’s most versatile fleet operators. Across its Light Commercial Vehicle (LCV) segment, it is one of the few manufacturers in the country able to offer fleets an electrified variant across its entire model line-up, alongside diesel versions. Vauxhall has been the UK’s best-selling e-LCV manufacturer for the past two years running.
Vauxhall’s passenger vehicle range has also grown significantly over the course of the past 12 months, with the brand now selling electrified variants across every model with the exception of the Crossland. By 2028 it will be an electric-only manufacturer, seven years ahead of the UK Government deadline. Vauxhall’s commitment to electrification, and its versatile product range is making it easier for businesses to go green. Read More
KBR, Inc. (NYSE: KBR) today announced its first quarter 2023 financial results.
Financial Highlights for the Quarter Ended March 31, 2023
Revenue of $1.7 billion, up 18% on an ex-OAW1 year-over-year-basis
Net income attributable to KBR of $86 million; Adjusted EBITDA1 of $182 million (11% Adjusted EBITDA1 margin)
Diluted EPS of $0.56; Adjusted EPS1 of $0.67, up 22% on an ex-OAW1 year-over-year basis
Operating cash flows of $35 million
Bookings and options of $3.1 billion during the quarter with 1.4x TTM book-to-bill2
Commentary on Quarter Ended March 31, 2023
Revenues for the quarter were $1.7 billion, flat compared to 1Q’22. Revenue ex-OAW1 increased $258 million, or 18%, primarily attributable to increased activity to support exercises, training and other activities in the European Command, on-contract growth in Science & Space, and growing demand in Sustainable Technology Solutions primarily from engineering and professional services and technology licensing.
Net income attributable to KBR was $86 million, up $157 million compared to 1Q’22, primarily due to higher gross profit and a non-cash charge to equity in earnings of unconsolidated affiliates of $137 million in connection with the Subcontractor Settlement Agreement in 1Q’22 that did not recur in 1Q’23.
Adjusted EBITDA1 was $182 million, up 18% compared to 1Q’22, and Adjusted EBITDA1 margin expanded to 11%, up 170 bps over the same period.
Diluted earnings per share and Adjusted earnings per share1 increased in line with the increase in net income attributable to KBR.
Operating cash flows were $35 million, down 61% compared to 1Q’22, due to strong sequential revenue growth and associated working capital requirements, plus timing items expected to recover in later quarters.
Liquidity, Capital Structure, and Dividends
Capital returned to shareholders totaled $77 million during the quarter, consisting of $61 million in share repurchases, inclusive of $50 million of open market repurchases and $11 million of repurchases to satisfy requirements of equity compensation plans, and $16 million in regular dividends.
During the quarter, KBR received approximately $61 million (AUD $90 million) due to a return of investment from JKC resulting from the receipt of the second payment from the Ichthys Subcontractor Settlement Agreement. These proceeds are reflected in cash flows from investing activities. Read More
UAE petrol prices increase by 5%
The UAE on Sunday increased retail petrol prices by over five per cent for the month of May 2023 as global oil prices rose due to a cut in output by the oil-producing countries.
In April, the UAE, Russia, Algeria, Kazakhstan and other GCC countries announced a surprise cut in oil production of 1.64 million barrels per day, pushing oil prices higher.
For May 2023, Super 98 petrol will cost Dh3.16 a litre, up from Dh3.01 in April. Similarly, the Special 95 petrol price has been increased from Dh2.90 to Dh3.05 per litre and E-Plus raised to Dh2.97 a litre, up from Dh2.82. The revised rates for the month of May are the highest in 2023, which will push the transportation cost higher and encourage people to use public transport more often. Read More
Subsea7 awarded project offshore US Gulf of Mexico
Subsea 7 S.A. announced an award by LLOG Exploration Offshore, LLC as project manager for the Salamanca development project, which includes the Leon and Castile fields, in the US Gulf of Mexico. The award is defined as sizeable1.
The contract scope includes the installation of three infield subsea pipeline systems, as well as the design and fabrication of subsea structures. Subsea development will consist of two pipeline systems for the Leon field, located in Keathley Canyon 686, and one pipeline system for the Castile field, located in Keathley Canyon 736. The infield pipelines will produce and flow from wellsite PLETs to the Salamanca FPS in water depths ranging from 1,800 to 2,000 metres.
Additionally, the scope includes the installation of oil and gas export pipelines which depart from the Salamanca FPS and tie into existing pipeline transport systems approximately 48 kilometres away.
Project management and engineering will commence immediately at Subsea7’s office in Houston, Texas, with offshore activity expected to begin in 2024.
Craig Broussard, Vice President for Subsea7 US said: “We are excited about the opportunity to work closely and openly with LLOG on this fast-paced, greenfield development. Our strengths as a collaborative partner and the versatility of our fleet will be instrumental in ensuring predictable, safe, and timely project delivery.” Read More
BW Energy: Q1 2023 trading and financial update
BW Energy today provides an update on the operations and development of the Dussafu Marin license in Gabon. The Company will publish financial figures for the first quarter of 2023 on Wednesday, 24 May 2023.
Gross production from the Tortue field averaged approximately 7,300 barrels of oil per day in the first quarter of 2023, amounting to a total gross production of approximately 660,500 barrels of oil for the period. Production was impacted by planned annual maintenance of the BW Adolo in February as well as the field development activities in association with Hibiscus/Ruche first oil.
BW Energy completed one lifting in the first quarter at a price of USD 77 per barrel. Production cost (excluding royalties) for the period was approximately USD 58 per barrel due to the lower production in the quarter.
BW Energy’s share of gross production was approximately 485,000 barrels of oil. The net sold volume, which is the basis for revenue recognition in the financial statement, was 750,000 barrels with an over-lift position of 247,000 barrels at the end of the period.
BW Energy had a cash balance of USD 166 million on 31 March 2023, compared to USD 210 million on 31 December 2022. The decrease is due to continued investments in the Hibiscus / Ruche development project. The Company had a total drawn balance of USD 200 million as of 31 March 2023. BW Energy is pleased to announce that the additional USD 100 million accordion has now been committed by three additional banks, bringing the total RBL facility for Dussafu up to USD 300 million.
At the start of the period, the Company had commodity price hedges for a remaining total volume 1.29 million barrels for 2023 and 2024, of which approximately 70% was for 2023. These were a combination of swaps and zero-cost collars that will allow for future cash flow stability for ongoing development projects. BW Energy has recognised unrealised crude oil hedge gains in the amount of USD 3.4 million for the first quarter. Read More
Polo is named Best Supermini in inaugural cap hpi Used Car of the Year Awards
The Volkswagen Polo and Passat are two of the best-value choices for anyone seeking a used car, according to motor industry data specialist cap hpi.
The Polo was named the Best Supermini and the Passat won the Upper-Medium category in the inaugural cap hpi Used Car of the Year Awards. Judges described the Polo as being “way ahead” of its closest volume competitors in terms of year-over-year percentage value movement, while the Passat was labelled one of the top models in the sector, whichever way the data is viewed. Run in partnership with Fleet News and its sister title AM, the cap hpi award winners were determined by residual value performance linked to new car registration volumes – making sure they reward cars that truly performed the best throughout 2022. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $74.58 | Down |
| Crude Oil (Brent) | USD/bbl | $78.26 | Down |
| Bonny Light | USD/bbl | $79.71 | Up |
| Saharan Blend | USD/bbl | $80.17 | Up |
| Natural Gas | USD/MMBtu | $2.24 | Down |
| OPEC basket 01/05/23 | USD/bbl | $80.03 | Up |
Saab has signed two contracts for eleven Giraffe 1X radars including support with the UK’s Ministry of Defence. The total order value is approximately SEK 264 million and deliveries have already started. The acquisition of Giraffe 1X is largely for operational environments, whilst a single unit has been procured by the Royal Navy and will be mounted and tested on the XV Patrick Blackett. This ship is operated by NavyX to test, trial and experiment with new technologies and concepts.
Giraffe 1X is a lightweight, multi-mission, 3D surveillance radar for simultaneous air- and surface surveillance that provides commanders with quality air defence target data, drone (C-UAS) detection and Counter-Rocket, Artillery and Mortar (C-RAM) sense and warn within a single solution. The UK has a prominent installed base of Saab radars with ARTHUR (known in the UK as MAMBA) since 2004, and the largest fleet of land-based Giraffe AMB radars, which have been in-service since 2010.
This new capability for the UK has been procured on the basis of Giraffe 1X being the fastest and most effective solution available, with a proven capability that enjoys a high degree of confidence amongst Counter-Unmanned Air Systems (C-UAS) experts. The systems include continuous software upgrades based on Saab’s longstanding knowledge of our customers’ needs and the operational threats their deployed forces face. The work is being carried out in Gothenburg, Sweden and in the United Kingdom, with system deliveries having commenced.
“These orders are an excellent example of how our fast-deployed, software defined systems continue to support our UK customer, and further strengthens our close partnership with the UK MoD,” says Dean Rosenfield, President of Saab UK. Read More
BP has agreed to buy Shell’s 27% stake in the Browse joint venture, expanding its holding in Australia’s largest untapped gas resource in a move that could improve the development prospects for the long-stalled project. The Browse project, estimated to cost $20.5 billion, has been stuck on the drawing board for years but is now being considered as a replacement for ageing gas fields to supply the North West Shelf LNG (liquefied natural gas) plant.Shell Australia said in a statement on Saturday it had agreed to sell its stake in Browse as the “asset is no longer a strategic fit in the context of Shell’s global portfolio”. Read More
Baker Hughes Rig Count
U.S. Rig Count is up 2 from last week to 755 with oil rigs unchanged at 591, gas rigs up 2 to 161 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 12 from last week to 93, with oil rigs down 6 to 36, gas rigs down 6 to 57.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 28 April 2023 | 755 | +2 |
| Canada | 28 April 2023 | 93 | -12 |
| International | March 2023 | 930 | +15 |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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