Energy/Automotive News As Reported; OPEC basket of thirteen crudes stood at $72.79 a barrel
London, 02 June, 2023, (Oilandgaspress) : OPEC Secretary General, HE Haitham Al Ghais, underlined the importance of enhancing refining capacity globally to meet the growing demand for oil products. The Secretary General delivered these remarks at the 13th Technical Meeting of OPEC and non-OPEC countries participating in the Charter of Cooperation (CoC). Al Ghais praised OPEC Member Countries for their exceptional efforts in expanding their refining capacities by constructing refineries, such as Al Zour Refinery, Kuwait; Dangote Refinery, Nigeria; and Jazan Refinery, Kingdom of Saudi Arabia. The Secretary General also highlighted the importance of the technical discussions between OPEC Member Countries and non-OPEC countries of the CoC. “As usual, this meeting has been organized for the technical experts of OPEC and participating non-OPEC producing countries and is centred on providing an opportunity to exchange views on key factors impacting oil market developments,” Al Ghais stated. The CoC Technical Meeting is convened twice a year to facilitate knowledge sharing and exchange of views on oil market conditions as well as other key energy-related topics, thereby strengthening mutual ties and understanding among countries. The meeting was held following the conclusion of the 139th Meeting of OPEC’s Economic Commission Board (ECB).
Exxon And Chevron Shareholders
Overwhelming majorities of shareholders of ExxonMobil and Chevron rebuffed all climate-related proposals and resolutions at the annual general meetings of the two U.S. supermajors on Wednesday. The shareholder support for climate risk disclosures and for a stronger commitment to cut emissions was lower this year than at last year’s AGMs of both oil and gas giants. At Exxon, shareholders rejected all climate-related resolutions, some with an overwhelming majority, the preliminary proxy voting results showed. Read More
TOYOTA GAZOO Racing will be part of another chapter in Le Mans 24 Hours legend when it takes on a record Hypercar field in front of a sell-out crowd for the centenary edition of the world’s most famous endurance race on 10-11 June.TOYOTA GAZOO Racing targets a double hat-trick of wins against a 62-car field, including 16 Hypercars from other legendary marques such as Cadillac, Ferrari, Peugeot and Porsche. Only two other manufacturers have won for six straight years at Le Mans; Ferrari from 1960 to 1965 and Porsche from 1981 to 1987. This year’s race is more prestigious than ever, with 300,000 fans expected for the 100th anniversary edition of an event which began back in 1923 as a showcase for the latest automotive technology and has pioneered road-relevant innovations ever since. Read More
UAE’s EV market projected to grow
Eng. Naser Al Bahri, Director of the Electric Vehicle Innovation Summit (EVIS), said that the UAE’s electric vehicle (EV) market is growing rapidly, due to the country’s efforts to build an advanced infrastructure and install electric charging stations. In his statement to the Emirates News Agency (WAM), Al Bahri said that the EV market will grow at an annual rate of 27.2 percent between 2023 and 2027. He also highlighted the UAE’s visionary plans and creative initiatives to promote the use of EVs among the public, supported by a state-of-the-art infrastructure that meets the highest international standards. He then affirmed the UAE’s interest in creating a sustainable transport sector, which is a major global source of carbon emissions, pointing out the importance of EVs in reducing greenhouse gas emissions, in line with the UAE’s investment in sustainable solutions and its strategic initiative to achieve climate neutrality by 2050. Read More
Kuwait crude oil down US$2.56 to US$74.37 pb
The Kuwaiti oil price dropped by US$2.56 to US$74.37 pb on Wednesday against US$76.93 pb on the previous day, Kuwait Petroleum Corporation (KPC) announced on Thursday. According to Kuwait News Agency (KUNA), at international markets, forward Brent crude contracts went down by $1.11 to $72.60 pb, and the West Texas Intermediate crude fell by $1.37 to $68.09 a barrel. Read More
Carbon emissions
France officially banned domestic flights when a train ride of less than 2 and a half hours is available on the same route.
Multiple French ministers and President Emmanuel Macron were quick to promote the news, saying they were at the forefront of ambitious climate change policy.
Emmanuel Macron tweeted: “I committed to it. We are the first to do so”, adding a picture that says ‘Promise kept’ stamped in green ink. Currently, the ban only applies to three routes operating out of Paris Orly airport: flights going to Bordeaux, Lyon and Nantes.
On top of this, the fine print reveals exceptions that mean flights will be able to keep running. Read More
TAG Heuer Porsche Formula E Team aims to score top result in Jakarta
ABB FIA Formula E World Championship returns to contest two races on the 3rd and 4th of June. Pascal Wehrlein and António Félix da Costa will tackle the doubleheader event in the Indonesian capital driving the Porsche 99X Electric race cars of the TAG Heuer Porsche Formula E Team. After the second half of the season got underway with sun, sea and palm trees in the picturesque setting of Monaco, the teams and drivers now prepare to face extreme weather conditions at the Jakarta E-Prix. On top of sweltering temperatures reaching 35 degrees Celsius and high humidity, the chance of rain could be another decisive factor. While the practice and qualifying sessions are expected to remain dry, tropical showers and violent thunderstorms should not be discounted for the afternoon race. After celebrating three victories so far this season – more than any other team – the TAG Heuer Porsche Formula E Team heads to races 10 and 11 at the Jakarta International E-Prix Circuit well prepared. The Porsche customer squad Avalanche Andretti will also field two Porsche 99X Electric there. Joining forces with Jake Dennis (GBR), David Beckmann (GER), the test and reserve driver of the TAG Heuer Porsche Formula E Team and Avalanche Andretti, contests his first Formula E race. He replaces main driver André Lotterer (GER), who will take part in the official test for the 24 Hours of Le Mans (10/11 June) with Porsche Penske Motorsport during the Jakarta weekend. Read More
Hyundai Motor Reinforces Commitment to Marine Protection With Healthy Seas
Hyundai Motor and marine conservation organization Healthy Seas have kicked off the third year of their partnership with a clean-up in Tossa de Mar, a highly polluted marine area in Costa Brava, Spain. With the renewal of the partnership, the activities of Hyundai and Healthy Seas will be extended to a global scale. Committed to shaping a more sustainable future, the partners will work together to combat marine pollution across continents, nurture sustainable marine ecosystems, and promote a circular economy. The partnership is currently planning four clean-ups and several educational activations.
“It was truly heart-warming to see all that Hyundai Motor Europe and Healthy Seas achieved together for future generations in 2022,” said Michael Cole, President and CEO of Hyundai Motor Europe. “The plans for our partnership in 2023 are even more ambitious. Reaching outside of Europe, our activations this year will have a global effect, cleaning up waters on other continents and further driving a circular economy. It really is a testament to just how much is possible when many parties come together to renew a sustainable relationship with the world’s oceans.” Read More
Hyundai Ranks Third in J.D. Power 2023 U.S. OEM EV App Report
J.D. Power ranked Hyundai’s MyHyundai with Bluelink app third among manufacturers’ EV mobile apps in the J.D. Power 2023 U.S. OEM EV App ReportSM, released this week. The MyHyundai app outperformed several other apps evaluated in the study and achieved a score of 827, which is 86 points higher than the report average of 741.The U.S. OEM EV App Report, formerly the U.S. OEM EV Benchmark Study, gauges EV owners’ experience with their brand’s mobile app. Insights are derived from surveying EV owners and an assessment of the most relevant EV mobile apps. Results are based on a standardized assessment approach relying on more than 340 best practices for vehicle apps that include more than 60 EV-specific attributes. The report includes apps from the top 20 award-eligible brands that sell EVs in the United States; five profiled EV brands in Europe; and eight profiled EV brands in China. Additionally, almost 1,400 EV owners in the United States were surveyed in April-May 2023 to gather insights on app usage; feature desirability; and app overall execution. Read More
Peugeot implementing strategy of collaborations and partnerships with young designers
In its latest media operation, PEUGEOT gave the general public the opportunity to choose the design of the camouflages that will be used by the new PEUGEOT 3008 during its final development tests on the roads of Europe. The result: an exceptional success on the brand’s social media pages and 6 camouflage designs voted for! In May, ten innovative and high-impact camouflage designs from the PEUGEOT designers were submitted to the public’s vote on the brand’s social media pages. These ten designs disguise the shapes of the new PEUGEOT 3008 while providing excitement through an inspired and optimistic approach. There were thousands of contributions from the public on the brand’s various social media pages: Facebook, Instagram, Twitter et LinkedIn. Read More
PGS Releases PSDM Data for Nigeria Library Rejuvenation
The PGS Deepwater Niger Delta Depth 2023 project provides unparalleled imaging of complex structure and delivers over 5 000 sq. km of reprocessed PSDM MultiClient 3D data.This depth reprocessing focuses on the northwestern Nigerian offshore, rejuvenating two datasets: the Nigeria MegaSurveyPlus and OPL 314/315/321/323 MC3D.
The 2023 PSDM provides coverage over three blocks available as part of the Nigeria Mini Bid Round 2022: PPL-303-DO, PPL-304-DO, and PPL-305-DO. The data also covers two adjacent, unlicensed blocks to the north (OPL 321 and OPL 323).
New understanding is available for two main structural provinces that are directly linked to the gravity-driven movement of the Akata Shale Formation. The eastern part is in the transitional detachment fold zone and contains subtle faulting along with low wavelength folding of Eocene to Quaternary stratigraphy. The west of the survey, situated in the outer fold and thrust belt, is characterized by closely spaced thrust faults. The Niger Delta Basin is dominated by up to 12 km of Late Cretaceous to Quaternary-aged clastics, deposited in an upward-coarsening regressive deltaic sequence. The main source rocks are Akata Formation marine shales and Lower Agbada Formation paralic shales. Proven reservoirs in the basin are formed of unconsolidated sandstones of the Agbada Formation deposited as stacked turbidite channel and fan complexes. The largest accumulations are trapped in roll-over anticlines in the hanging walls of growth faults, but hydrocarbons may also be found in fault closures and subtle stratigraphic traps. Through PSDM reprocessing, enhanced imaging of targets relevant for the 2022 mini bid round has been achieved with improved illumination of complex structures associated with the diapiric movement of the Akata Shale Formation. The broadband reprocessing has provided seismic data that is rich in frequency content, with a comprehensive velocity model enabling clearer imaging of structures, faults, and traps. AVO-compliant pre-stack data also helps to reveal subtle depositional features, significantly derisking exploration. Read More
New data for exploration, ILX and appraisal in the Norwegian Sea
A new GeoStreamer X early-out product is available now and provides high-resolution data to resolve imaging challenges in the Norwegian Sea, revealing remaining potential and derisking future drilling opportunities. For more than 10 years, PGS has built a comprehensive and contiguous data library in the Norwegian Sea. A wide range of technologies and workflows have been employed to address the imaging challenges for various subsurface targets. The latest addition to the library is the 2022 GeoStreamer X program. GeoStreamer X combines multisensor broadband fidelity and wide-tow source efficiency, with multi-azimuth illumination.The GeoStreamer X stack gives a good indication of the uplift generated with a multi-azimuth GeoStreamer X product in the Norwegian Sea. The full-integrity PTDM volume will be available in December 2023. Read More
New Contract Win for Deepsea Yantai : Odfjell Drilling has announced that on behalf of CIMC OFFSHORE, the Company has agreed a contract with DNO Norge for the use of the drilling rig Deepsea Yantai. The contract includes the drilling of one firm well, in PL 1182 in the North Sea. The firm scope of work is estimated to take 35 days and will commence in early Q3 2024. Read More
Scatec closes transaction to divest Upington solar plants in South Africa
Scatec ASA closed the previously announced transaction to divest the Upington solar plants in South Africa.
The gross consideration for divestment of Scatec’s 42% equity-share in the 258-megawatt (MW) plants is ZAR 973 million (NOK 546 million). As previously communicated the proceeds will be recycled into new investments within renewable energy.
“We are very pleased to secure a value accretive transaction, in line with our strategy to optimise our portfolio and recycle capital. South Africa remains a focus market for us, and we will continue to build scale through new investments in the country. I would like to thank all parties involved in the transaction,” says Scatec CEO Terje Pilskog The net accounting gain is estimated to be NOK 791 million on a consolidated basis and NOK 348 million on a proportionate basis. The difference is primarily explained by the D&C margin related to the projects which has been eliminated in the consolidated statement of financial positions. Scatec will continue to provide operations & maintenance (O&M) and asset management services to the plants. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $70.86 | Up |
| Crude Oil (Brent) | USD/bbl | $75.12 | Up |
| Bonny Light | USD/bbl | $74.02 | Up |
| Saharan Blend | USD/bbl | $74.40 | Up |
| Natural Gas | USD/MMBtu | $2.18 | Down |
| OPEC basket 01/06/23 | USD/bbl | $72.79 | Down |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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