Top Energy/Automotive News; OPEC basket price at US$76.14/bl
London, 03 July, 2023, (Oilandgaspress) : New York Mercantile Exchange’s Henry Hub rose 9.7 cents, or 3.6%, to settle at $2.7980 per mmBtu, or million metric British thermal units. For the week, gas futures were up 2.5%; for the month they rose 24% while for the quarter, they were up 26%.
For the year though, gas futures on the hub posted a loss of 37%.
India gears up for multi-billion dollar battery subsidies. The draft proposal for a production-linked incentive subsidy scheme would offer $2.63 billion from this year through to 2030 for companies to set up manufacturing capacity for battery cells in India, the FT reported Read More
ReNew Energy Global Plc, India’s leading renewable energy company, on Thursday announced the commissioning of two clean energy projects in Karnataka’s Vijaynagara district for Toyota Kirloskar Motor and Sandur Manganese & Iron Ores. Harnessing solar and wind energy, ReNew is setting up a 27.2 MW renewable energy project for Toyota to support its renewable energy requirements for its car manufacturing plant in Bidadi, and a 43 MW power project for Sandur to kickstart its decarbonization journey. Taking ReNew’s total business-to-business portfolio to close to 2000 MW, these two projects together will help abate 150 kilo-tons of carbon dioxide (CO2) emissions per annum. Both projects are part of ReNew’s 200 MW energy park to supply clean power to companies in Karnataka’s Vijaynagara region, a clear endorsement of the company’s commitment to being the preferred decarbonization partner for businesses and governments. Read More
A recent study conducted by the Hungarian University of Agriculture and Life Science sheds light on the transformative potential of bamboo in revolutionising the renewable energy sector. These plants could become the next game-changer for renewable energy as the world seeks to find out urgent sources to tackle the imminent challenges in the global ecosystem, such as climate change. Further, the research offers valuable knowledge about different types of bamboo and their unique morphological characteristics. These are all essential factors in bamboo bioenergy production. The authors propose an evaluation system that would optimize the utilization efficiency of bamboo biomass energy. According to the study, the key to maximizing the benefits of bamboo lies in pairing the specific attributes of each species with suitable bioenergy production methods. Read More
Sports carmaker TVR is racing to secure a funding injection so it can file vital documents to avoid being struck off the UK’s companies register.
Chairman Les Edgar insists that there is no risk to the company and it is simply waiting for some paperwork from an investor before filing its so-called confirmation statement, which a limited company must do annually.
It was due to file the document with Companies House in April. A notice posted to Companies House showed that TVR Electric Vehicles Ltd has two months from Tuesday July 4 to update its paperwork with the authority or risk being dissolved. If it fails to do so, its assets will belong to the Crown Read More
China’s automobile manufacturing sector registered strong expansion in terms of revenue and profit during the first five months of the year, industry data showed.
The combined operating revenue of companies in the sector topped 3.63 trillion yuan (about 502.5 billion U.S. dollars), jumping 14.3 percent year on year, according to the China Association of Automobile Manufacturers.
The figure accounted for 7.1 percent of the total operating revenue of major industrial enterprises during the period. In the first five months, the country’s automobile manufacturers raked in total profits of 174.62 billion yuan, surging 24.3 percent from a year earlier, the data showed. (Xinhua) Read More
Chinese new-energy vehicle (NEV) brands are expected to take up 9 percent of the West Europe NEV market in 2023, up from the 6-percent share last year, according to an industry report published by the global consultation firm TrendForce.
For the NEV market in Southeast Asia, the share of Chinese vehicles is expected to rise from 52 percent in 2022 to 63 percent this year, according to data.
China has a more complete supply chain and sufficient productivity due to its early development of the NEV industry, coupled with Chinese battery manufacturers to master cost-effective lithium iron phosphate battery technology and production capacity, the report said. (Xinhua) Read More
Stellantis took center stage at Rematec, which ran from 27 to 29 June in Amsterdam, to promote its strategic Circular Economy activities, and particularly the SUSTAINera line of remanufactured products.Stellantis also showcased two cars: the Peugeot e-208 in the battery corner with its high voltage battery that can be remanufactured; and the Citroën ‘Oli’ concept car at the SUSTAINera booth, an example of the Design for Circular Economy approach, recently awarded by the TopGear Magazine as “Best Electric Concept Car”. Stellantis through the SUSTAINera label offers remanufactured automotive spare parts with a wide range of 13,000 parts number across 37 different product lines like starters, alternators, clutches, turbochargers, injectors, brake calipers, electronic control modules, control units, multimedia, SCR tank, transmissions, engines, and high-voltage batteries for electric vehicles.
The SUSTAINera REMAN parts offer reduces the use of raw materials on average by 60% to 95%, depending on the part, and cuts the CO2 emissions by 30% to 80% compared to new parts production*. Read More
Honda Motor Co., Ltd. today issued its first “Honda ESG Data Book 2023,” and made it available on the company website.
For a diverse range of Honda stakeholders, the Honda ESG Data Book 2023 comprehensively summarizes Honda’s approach to sustainability and initiatives toward the fulfillment of the Honda 2030 Vision – to serve people worldwide with the joy of expanding their life’s potential – from the perspectives of ESG (Environment, Social, and Governance). Honda is striving to evolve as a company to continue creating new value while upholding its desire to “help people and society” and “expand people’s life’s potential,” a purpose that remains unchanged since the company’s founding. By issuing the Honda ESG Data Book, Honda intends to facilitate an understanding among stakeholders of Honda’s basic approach and initiatives related to the ESG. Moreover, Honda will pursue sustainable enhancement of its corporate value while continuing its efforts to have enhanced interaction with and disclosure to its stakeholders. Read More
In London, five boroughs this year have seen their key arterial roads become 20mph almost overnight as part of a wider commitment to road safety which residents say makes their neighborhoods impossible to navigate.Furious drivers across the country have blasted the government’s move to stealthily turn England’s biggest cities into 20mph zones through the gradual introduction of speed limits and low traffic neighbourhoods (LTN’s). A spokesman for the Department of Transport pushed back on this, saying: ‘There are no plans to introduce default or national 20 mph speed limits in urban environments.’ Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $70.26 | Up |
| Crude Oil (Brent) | USD/bbl | $75.04 | Up |
| Bonny Light | USD/bbl | $75.16 | Up |
| Saharan Blend | USD/bbl | $76.08 | Up |
| Natural Gas | USD/MMBtu | $2.73 | Up |
| OPEC basket 30/06/23 | USD/bbl | $76.14 | Up |
Baker Hughes Rig Count
U.S. Rig Count is down 8 from last week to 674 with oil rigs down 1 to 545, gas rigs down 6 to 124 and miscellaneous rigs down 1 to 5.
Canada Rig Count is down 2 from last week to 167, with oil rigs down 1 to 109, gas rigs down 1 to 58.
| Region | Period | Rig Count | Change |
| U.S.A | 30 June 2023 | 674 | -8 |
| Canada | 30 June 2023 | 167 | -2 |
| International | May 2023 | 965 | +18 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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