Top Energy/Automotive News; Saudi Arabia to extend voluntary cut of oil production by 1m bpd.
London, 04 July, 2023, (Oilandgaspress) : Crude oil futures prices fell on Monday as investors’ concerns over oil demand outlook outweighed additional production cuts from Saudi Arabia and Russia. The West Texas Intermediate (WTI) for August delivery lost 85 cents, or 1.20 percent, to settle at 69.79 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery lost 76 cents, or 1.01 percent, to settle at 74.65 U.S. dollars a barrel on the London ICE Futures Exchange.
Saudi Arabia announced on Monday its decision to extend the voluntary cut of oil production by 1 million barrels per day. The voluntary cut that was planned for July will now also cover August, the Ministry of Energy said, adding that further extensions are possible. The kingdom would produce approximately 9 million barrels of oil per day in August, the ministry said. The extension of the voluntary cut aims to reinforce OPEC+ countries’ efforts to stabilize the oil markets, it noted.(Xinhua) Read More
Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives.
The exploration revival – on the part of European majors in particular – reflects a renewed commitment to oil and gas after Shell and BP went back on pledges to reduce output and invest in renewables as part of the energy transition.(Reuters)
The Egyptian Ministry of Petroleum and Mineral Resources has announced new refining and petrochemical projects worth $9 billion, Arabian Business reported.
The Ministry said it is working on launching new refining projects valued at $7.5bn, including the expansion of Midor refinery in Alexandria, Egypt, which has completed its first and second phases and started experimentally operating, as well as the diesel production complex project at Assiut’s ANOPC. Read More
ADNOC awards Petrofac US$700 million EPC project
Petrofac has been selected by the Abu Dhabi National Oil Company (ADNOC) subsidiary, ADNOC Gas Processing, to undertake a significant new Engineering, Procurement and Construction project at its Habshan Complex.
The contract, awarded to Petrofac Emirates, is valued at approximately US$700 million and involves the Engineering, Procurement and Construction of a new gas compressor plant. Comprising three gas compressor trains, associated utilities and power systems, the new plant will support ADNOC to substantially increase gas output from the Habshan Complex, West of Abu Dhabi. Read More
Petrofac has been awarded an extension to its integrated services contract with NEO Energy.
The life of field extension, worth £250 million, will see Petrofac continue to deliver operations, maintenance, engineering and construction support for NEO Energy’s UKCS-based floating production storage offtake (FPSO) vessel, Global Producer III (GPIII).
Current forecasts expect the asset to remain fully operational until at least 2026 when it is due for its next reclassification by DNV. In parallel, both NEO Energy and Petrofac are working hard to further extend field life beyond this date. Read More
Global upstream oil and gas investment is on track to increase by an estimated 11% in 2023 to USD 528 billion, compared with USD 474 billion in 2022. While the impact of higher spending will be partly offset by cost inflation, this level of investment, if sustained, would be adequate to meet forecast demand in the period covered by the report. Based on the current pipeline of projects underway and US light tight oil (LTO) growth expectations, we see 5.9 mb/d of net additional production capacity brought online by 2028. Despite easing from 1.9 mb/d on average over 2022-23 to just 300 kb/d by 2028, new capacity building still moves in line with projected demand growth over the forecast period. Oil producing countries outside the OPEC+ alliance (non-OPEC+) dominate medium-term capacity expansion plans, with a 5.1 mb/d supply boost led by the United States, Brazil and Guyana. Saudi Arabia, the United Arab Emirates (UAE) and Iraq lead the capacity building within OPEC+, while African and Asian members struggle with continuing declines, and Russian production falls due to sanctions. This makes for a net capacity gain of 800 kb/d from the 23 members in OPEC+ overall. Read More
Bugatti Type 32 ‘Tank’
The occasion was the French Grand Prix of 2 July 1923, the venue the city of Tours in the beautiful Loire Valley, where 300,000 spectators gathered to enjoy an event that promised plenty of high-octane excitement from an array of cutting-edge race cars. The car that attracted the most attention, however, was the bold machine that was testament to the genius of Ettore Bugatti, and his relentless quest for improvement by defying convention.
What immediately caught the eye about the slipstreamed Type 32 was the airplane-inspired wing-shaped body, a result of Bugatti’s conviction that advanced aerodynamics would have an increasingly important role to play in enhancing the performance of racing cars. Although under the skin it was based heavily on the Type 30 – with its 2.0-litre eight-cylinder engine developing in the region of 90 PS – the unusual fairing, relatively short wheelbase and narrow track meant it looked like little else on the grid and caused a stir among the watching fans. The car benefited from numerous innovative engineering solutions, techniques and designs. There was an underslung chassis and front hydraulic brakes, while a three-speed and reverse transaxle transmission added to the sense of adventure. Unsurprisingly, such an unorthodox car – with dramatic idiosyncratic looks – was very much the center of attention, standing out from a line-up of racers that adhered to widely used and instantly recognizable design norms that were typical at the time for a motorsport car. In total, five Type 32s were built – a prototype plus the four cars which took part in the Grand Prix, an affair that constituted a grueling 35 laps of the 22.83-kilometer circuit on public roads, for a total distance of just under 800 kilometers. Read More
Salzgitter on its way to becoming the VW Group’s global battery cell lead plant and industrial beacon in Germany. The Prime Minister of Lower Saxony, Stephan Weil, unpacked the first industrial machine that will be used in the cell factory. The “unboxing” in large format – the entire machine is around 10 x 3 meters in size – marks the start of a new construction phase. From now on, the ramp-up of the machine and equipment park begins. More than 2,500 standard containers are required for the delivery of the equipment alone. The first mega project of the battery company PowerCo, which belongs to the Volkswagen Group, is thus fully on schedule; series production of battery cells at the Salzgitter site will start in 2025.With a construction area of around 2 million square meters (equivalent to around 280 football fields), the Gigafactory Salzgitter is one of the largest construction projects in Lower Saxony. In total, three PowerCo sites are already under construction: In addition to Salzgitter, further Gigafactories are being built in Valencia and St. Thomas, Canada. The total capacity amounts to up to 200 gigawatt hours per year, enough for more than 2 million electric cars. Read More
Stellantis announced its Mirafiori site in Turin, Italy, joins the ‘grEEn-campus’ workplace transformation program that aims to strengthen the roots of Stellantis’ automotive design, R&D and central functions through innovative, sustainable, and collaborative designs. Mirafiori is the next Stellantis site in the first phase of the program, joining facilities in Poissy, France, and Rüsselsheim, Germany. The grEEn-campus is a place for exchanging and sharing ideas to promote creativity and efficiency, and ultimately create a highly desirable work environment. The transformation program directly supports Stellantis’ carbon net zero by 2038 target outlined in the Dare Forward 2030 strategy.
The “EE” in grEEn-campus represents both Stellantis’ commitment to the Environment and the Employees: Energy positive to protect the Environment as well as a mindset of constant Education to deliver a great Employee Experience. The redesign of the historic buildings, in combination with other initiatives undertaken by Stellantis, contributes to the goal of becoming a carbon net zero corporation by 2038, all scopes included, with single-digit percentage compensation of the remaining emissions. Once open, the new office buildings will be energy positive. In addition, renovated and existing buildings aim to be carbon neutral in use. Read More
At the end of 2023 and the beginning of 2024, PEUGEOT Cycles will expand its range of electrically-assisted bicycles with several new innovative models featuring the best connected technologies. Via a new dedicated smartphone application, these will offer users features such as adaptive electric assistance, an anti-theft system, an alarm, bike geolocation, real-time navigation, weather forecasts at destination, route statistics, etc, all available at launch.
PEUGEOT Cycles will be launching this range of connected electrically-assisted bicycles in three new categories:
City bike (Digital e-Bike). Longtail cargo bike (Digital e-Longtail), a bike with an extended rear end that can comfortably accommodate up to two children or a load, particularly suited to family use. The Digital e-Front Load, a cargo bike with an extended front wheelbase for carrying a box for up to three children or heavy loads, suitable for family or professional use.
The new range of cargo bikes strengthens PEUGEOT Cycles’ electric mobility offering to meet the growing needs of more and more customers: Read More
BW Offshore has signed a short-term extension for Abo FPSO with Nigerian Agip Exploration Ltd, a subsidiary of ENI S.p.A., until 31 July 2023. Read More
Wood has been awarded a contract extension worth approx. $250 million (USD) by Brunei Shell Petroleum (‘BSP’), Brunei’s largest energy producer. The two-year extension will focus on the continued rejuvenation of BSP’s offshore energy asset portfolio to maximise production capacity and efficiency. The scope of the contract includes brownfield engineering, procurement, construction and commissioning services as well as the management of its offshore marine fleet. The work Wood is undertaking will maximise the production capacity of the assets whilst minimising related emissions. This cost-reimbursable contract is delivered by Wood’s Operations business unit. Read More
88 Energy has announced the execution of binding agreements for the acquisition of a new non-operated working interest (averaging ~45% net to 88 Energy) in leases and wells with conventional onshore production and in development assets within the Permian Basin of Texas, U.S.
The new oil and gas production and development assets will form an expansion of the existing Project Longhorn (Longhorn) acreage and are located approximately 4 miles to the south. The newly acquired acreage is estimated to contain independently certified net 2P reserves of 1.1 MMBOE(1,2). Read More
China’s 20 millionth new energy vehicle (NEV) rolled off the production line on Monday in Guangzhou, capital of Guangdong Province, creating a remarkable milestone for the country’s NEV sector. The car was produced by GAC Aion New Energy Automobile Co., Ltd. With this record, the NEV sector has entered a new stage of large-scale, globalized and high-quality development, and is becoming an important part of China’s modern industrial system, according to Fu Bingfeng, executive vice-president and secretary general of the China Association of Automobile Manufacturers. (Xinhua) Read More
Orrön Energy AB announced that it has entered into a revolving credit facility of MEUR 150 at attractive terms and conditions enabling a flexible capital structure. The secured multi-currency revolving credit facility has a three-year maturity, with two subsequent one-year extension options. The floating interest rate margin is less than 2 percent above EURIBOR1. The credit facility also includes an additional MEUR 150 accordion option, adding increased capacity to finance future growth. The structure of the credit facility provides a high degree of flexibility, allowing the Company to optimise its capital allocation structure and support its ambitious growth plans. The facility will replace the current MEUR 100 bridge financing facility entered into in August 2022.
The bank consortium consists of the Nordic banks DNB, Nordea, SEB and SpareBank 1 SR-Bank.
Espen Hennie, CFO of Orrön Energy comments:
“We are very pleased to announce the completion of our debt refinancing at attractive terms, which provides us with significant flexibility and ample headroom to fund both our current capital commitments and continue delivering on our growth strategy. The strong support received from our lenders is a testament to the quality of our portfolio of cash flow generating assets and future growth potential.”
1 Euro Interbank Offered Rate Read More
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), announced that a high level delegation from Aluminium Bahrain B.S.C. (Alba) completed a successful visit to Mitsubishi Heavy Industries’ headquarters in Japan, where they met with senior executives from the Energy Systems domain at the company’s Tokyo and Takasago facilities.Alba’s Chairman of the Board led Alba’s delegation, comprising the Chief Executive Officer Ali Al Baqali and Chief Power Officer Amin Sultan, in this visit to Japan, which also included a stopover to MHI’s headquarters in Tokyo to discuss matters of mutual interest to include Block 4 of Power Station 5 as well as potential areas of collaboration such as sustainable technologies that are currently part of MHI’s portfolios and its power solutions brand of Mitsubishi Power.
Alba’s delegation met with Mr. Toshiyuki Hashi, Executive Vice President, President and CEO, Energy Systems, Mr. Takashi Tozawa, Senior Fellow, Senior General Manager, GTCC Business Division of Energy Systems and other GTCC business executives.MHI’s Takasago Machinery Works is a one-of-a-kind-facility for the manufacturing of Mitsubishi Power’s cutting-edge gas turbines. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $70.20 | Down |
| Crude Oil (Brent) | USD/bbl | $75.05 | Up |
| Bonny Light | USD/bbl | $75.16 | — |
| Saharan Blend | USD/bbl | $76.08 | — |
| Natural Gas | USD/MMBtu | $2.69 | Down |
| OPEC basket 03/07/23 | USD/bbl | $76.12 | Down |
Indian refiners have begun paying for some oil imports from Russia in Chinese yuan, sources with direct knowledge of the matter said, as Western sanctions force Moscow and its customers to find alternatives to the dollar for settling payments.The U.S. dollar has long been the main global oil currency, including for purchases by India, but now the yuan is playing an increasingly important role in Russia’s financial system because Moscow has been frozen out of the dollar and euro financial networks by international sanctions. (Reuters) Read More
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 |
Saab has received an order from the Australian Department of Defence for the supply of additional Carl-Gustaf® M4 weapons. The order value is SEK 400 million with deliveries during 2024-2025. The Carl-Gustaf M4 weapons will be delivered with Saab’s new Fire Control Device, FCD 558.
“This order continues Saab’s longstanding relationship with the Australian Defence Force. We are proud to deliver modern and user-focused weapon systems that ensures the Australian armed forces’ ability to meet a wide range of challenges on the battlefield,” says Görgen Johansson, head of Saab’s business area Dynamics.
Proven to deliver results on the battlefield, Carl-Gustaf provides the effectiveness soldiers need. The wide range of ammunition types for Carl-Gustaf makes it flexible and able to handle any situation, whether it is to destroy an armoured vehicle or structure, or illuminating the battlefield during night operations.
The Carl-Gustaf system is supplied to more than 40 countries around the world. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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