Latest Energy / Automotive News As Reported,
London, 11 July, 2023, (Oilandgaspress) : Global sea surface temperatures reached a record high in May, June, and July – and the warming El Niño weather pattern is only just getting started – experts at the UN World Meteorological Organisation (WMO) said on Monday. Global sea surface temperatures were at record high for the time of the year both in May and June. This comes with a cost. It will impact fisheries distribution and the ocean circulation in general, with knock-on effects on the climate. It is not only the surface temperature, but the whole ocean is becoming warmer and absorbing energy that will remain there for hundreds of years. Alarm bells are ringing especially loudly because of the unprecedented sea surface temperatures in the North Atlantic. June 2023 was drier than average over much of north America, conditions which favoured and sustained severe wildfires. It was also drier in Russia, the Horn of Africa, most of southern Africa, South America, and regions of Australia, according to Copernicus Climate Change Service. It was wetter than average over most of southern Europe, western Iceland and north-western Russia, with heavy precipitation leading to floods. Read More
Centrica Business Solutions has secured the development rights to a 65MW two-hour battery storage plant in Perthshire, Scotland, its largest battery storage acquisition to date. The site in Abernethy is located near a connection for North Sea offshore wind farms and will help manage grid capacity by charging when demand for power is low, and discharging when demand is at its highest.
Once connected to the grid in 2028, the 65MW two-hour battery will be able to store enough electricity to power 130,000 homes for an hour – the equivalent to a town the size of Aberdeen. The discharge could happen up to four times a day.
Capturing and storing energy for use when and where it’s needed will play an essential role in improving the UK’s energy security and maximising the potential of offshore wind farms in the North Sea. The project forms part of Centrica’s plan to deliver 1GW of low carbon energy assets and will join the 30MW battery storage plant in Aberdeenshire – which is set to go live in mid-2024. Read More
Aker Carbon Capture secured a contract with Ørsted with a total value of more than EUR 200 million, representing the company’s largest order intake to date. Aker Carbon Capture’s order backlog rose to NOK 3.3 billion, up from NOK 1.7 billion the same period last year. Revenues rose to NOK 305 million, up 57% compared to the same period last year. The cash position at the end of the quarter was solid at NOK 1.1 billion. The contract with Ørsted includes the delivery of five modular Just Catch 100 units and additional equipment with a total design capacity to capture 500,000 tonnes of CO2 per year. The delivery of five units is a milestone for Just Catch serial production, enabling scale-up and time-efficient deployment. Ørsted’s Kalundborg CCS Hub project represents Denmark’s first full carbon capture value chain, capturing biogenic CO2. In addition to support from the Danish Energy Agency (DEA), the project has been enabled by the close collaboration between Ørsted, Aker Carbon Capture and Microsoft, which was established in March 2021. Microsoft will purchase several million tonnes of high-quality carbon removal credits from Ørsted, which represents one of the world’s largest carbon removal offtake agreements by volume to date. Read More
Aker Carbon Capture announces the appointment of Egil Fagerland as its new Chief Executive Officer with effect from today, July 11, 2023. Fagerland will replace Valborg Lundegaard, who is stepping down to focus on her health and family. Fagerland is currently CFO of Aker Carbon Capture and has been with the company since April 2021. Chairperson of Aker Carbon Capture Kristian M. Røkke said the Board was pleased to announce Egil Fagerland as the company’s new CEO. He praised Fagerland, stating, “Egil has shown exceptional aptitude and leadership as the CFO of Aker Carbon Capture. His track record in business growth and his solid understanding of the CCUS industry make him an exemplary leader.” Røkke expressed his anticipation of Fagerland’s contribution in his new role, “We are excited to see Egil bring Aker Carbon Capture to its fullest potential, delivering on the company’s current project portfolio and expanding the company in new markets and industries.”
Røkke also paid heartfelt respect to Valborg Lundegaard, under whose leadership the company evolved into a leading entity in the carbon capture domain. He stated, “Valborg’s leadership has been inspirational and impactful. Her influence extends beyond Aker Carbon Capture to the broader CCUS industry. We are grateful that she will continue to lend her expertise and insight to Aker Carbon Capture. Her contributions have been invaluable, and we look forward to her continued association with the company.” Lundegaard will serve as a senior advisor to Aker Carbon Capture going forward. Read More
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco, announced the successful completion of drilling and logging operations for the MOU-4 well.
MOU-4 preliminary drilling results
A preliminary summary of the results from the zones of interest is given below pending further NuTech petrophysical wireline analysis and reservoir characterisation. .
- M1 Sand interval and deeper
Within the interval from 540 to 589 metres TVD MD, 26.5 metres of sands were encountered.
No structural closure was mapped pre-drill within this interval. Pending the results of the NuTech wireline log analysis this interval may be re-mapped and re-assessed. It had not previously been considered as a potential target and this is the first time that the Company has acquired wireline logs over this shallow interval. - Moulouya Fan
From 779.5 metres to 809.8 metres TVD MD the Moulouya Fan is present as prognosed pre-drill. The wireline logs over one interval of 16 metres of sand are impacted by poor borehole conditions with possible washouts. NuTech wireline log analysis will be run over this interval.
The presence of the Moulouya Fan in MOU-4 has extended the overall area of the feature to the southeast beyond the previously mapped limit. - Lower Fan
From 860.5 to 879.5 metres TVD MD 13 metres of gross sands are developed which justify further log analysis by NuTech. - Top Jurassic carbonates
The top Jurassic carbonate objective was reached at 1135 metres TVD MD, 253 metres deeper than the estimated depth pre-drill based on no well control.
A thick section of 175 metres of claystones capped the Jurassic carbonate section confirming the presence of an excellent seal separating the section from the overlying Moulouya Fan sequence. This has eliminated a significant pre-drill seal risk. Read More
Toyota Auto Insurance, the automaker’s branded insurance product, is now available to customers residing in the states of Colorado, Georgia and Oregon. Introduced to select markets in 2021, Toyota Auto Insurance offers customers quality, customizable coverage at affordable rates. Now, Toyota Auto Insurance customers in the Centennial State, the Peach State and the Beaver State will be able to receive an immediate upfront discount and may be able to save even more with good driver, good student, or multipolicy discounts.*
Toyota Auto Insurance offers consumers a quick, easy and flexible policy purchase process via Toyota’s state-of-the-art mobile app, call center agents, participating Toyota dealerships and the ToyotaAutoInsurance.com website. The insurance may be applied to both Toyota and non-Toyota vehicles in a customer’s household. Read More
Lamborghini’s reputation as a game-changing super sports car maker speaks for itself. But the company is also fiercely proud of the people behind the scenes – and behind the machines. Now a major new podcast series prepares to raise the shutter doors of the famed Sant’Agata factory to give the audience a guided tour with a difference.
Beyond: A Lamborghini Podcast brings key Lamborghini people centre-stage and shines a revealing spotlight on them. They’ll share details about their life and work at the company, personal anecdotes, and provide insights into the fast-moving, ever-evolving automotive world. It will also feature special guests from outside the car world, in conversation with senior Lamborghini figures whose roles – and inspirations – have important parallels.
Hosted by Lamborghini’s Director of Communications Tim Bravo and broadcaster Giulia Salvi (i.a. Virgin Radio Italy), who specialises in lifestyle and music, Beyond: A Lamborghini Podcast challenges the norms of brand interaction to cover subjects as diverse as music, art, design, science, fashion and more. This is about bringing fresh perspective to the world of Lamborghini and doing what the title suggests – to truly go beyond.
The series will premiere on 11 July and the first episode features the Chairman and CEO of Automobili Lamborghini, Stephan Winkelmann. As it continues its 60th anniversary celebrations, and achieves record sales and turnover figures, it’s an appropriate moment for Winkelmann to reflect on Lamborghini’s success and the ‘Direzione Cor Tauri’ plan for the rest of the decade, as well as to explore some of his personal achievements. This is a company CEO in as reflective and inspiring a mood as you will ever hear. Read More
King & Spalding has advised on IJGlobal’s North America Deal of the Year for Power Transmission.
King & Spalding represented Transmission Developers, Inc. – a Blackstone portfolio company – on its development of the Champlain Hudson Power Express (CHPE) project, a multi-billion-dollar, 339-mile-long high-voltage-direct-current (HVDC) transmission line, which will deliver 1,250 MW of clean, renewable hydro power from the U.S.-Canadian border to New York City. The renewable project delivering large quantities of clean power to New York City is one of the first of its kind to be developed in the U.S. and will be the second largest of its kind in the world.
The representation included negotiations with some of the world’s largest power infrastructure suppliers and contractors to design, procure and construct the marine route, terrestrial route, and DC to AC converter station in Astoria, Queens, New York. The firm has advised Blackstone and CHPE for over five years in connection with the project development. Read More
Based on an overall assessment, Hydro Rein has decided not to participate in the competition to develop a large-scale, bottom-fixed offshore wind farm in the Sørlige Nordsjø II area in the Norwegian North Sea. Equinor and RWE will continue their partnership, and further develop their joint project application. In May 2021, Equinor, RWE and Hydro Rein signed a collaboration agreement for offshore wind in Norway. The three companies have been maturing and preparing to jointly submit a thorough application for the upcoming prequalification round. In parallel, Hydro Rein has developed a significant portfolio of onshore wind and solar projects in the Nordics and Brazil, with 1.7 GW of projects in construction and a growing pipeline currently comprising 5 GW of projects at various stages of development. Read More
EWEC (Emirates Water and Electricity Company) announced the receipt of four proposals from ACWA Power, EDF Renewables, Marubeni Corporation, and a consortium consisting of Jinko Power and JERA, for the development of the new 1,500 MW (AC), Al Ajban Solar Photovoltaic (PV) Independent Power Project (IPP).
Al Ajban Solar PV is EWEC’s third world-leading solar power project, making Abu Dhabi home to three of the world’s largest single-site solar power plants. Once commercially operational it will generate enough electricity to power approximately 160,000 homes across the UAE and is expected to reduce Abu Dhabi’s CO2 emissions by up to 2.4 million metric tonnes per year. It will also raise EWEC’s total solar power capacity to approximately 4 gigawatts (AC).
Additionally, Al Ajban Solar PV project plays a pivotal role in enabling EWEC to achieve its strategic plans of raising Abu Dhabi’s solar power generation capacity to 7.3 GW by 2030 and supplying 60 per cent of Abu Dhabi’s total power demand from renewable and clean energy sources by 2035.
EWEC’s renewable energy plants set a global benchmark for world-class utility-scale renewable energy projects, reinforcing Abu Dhabi and the UAE’s position as an international leader in addressing pressing climate change challenges during the ‘Year of Sustainability’ and in the run-up to COP28 and beyond.
Othman Al Ali, Chief Executive Officer of EWEC, said: “Al Ajban Solar PV demonstrates EWEC’s accumulative expertise in commissioning and deploying world-leading innovative, emission-free utility projects to secure and despatch sustainable and reliable power supply across the UAE. EWEC’s renewable energy projects are further strengthening the UAE’s position as a global leader and role model in planning and implementing strategic tangible actions to realise long term socio-economic and sustainability objectives. Receiving these competitive bids demonstrates our expertise in commissioning world-leading renewable energy projects that attract internationally renowned companies to collaborate on achieving the UAE’s carbon-neutral future.”
EWEC received 43 Expressions of Interest from potential bidding companies and consortiums, with 19 qualifying for the RFP stage after submitting Statements of Qualification. Moving forward, the proposals will undergo a detailed technical and commercial evaluation process to select the best proposal. The awarding announcement and the execution of the Power Purchase Agreement are expected to take place by Q4 2023. Read More
BYD and Tesla sign a pledge to stop ‘abnormal’ EV pricing together with NIO and XPeng
Tesla Model 3 has a direct BYD Seal competitor in China
The powerful China Association of Automobile Manufacturers (CAAM) gathered the 16 largest car makers there to sign a pledge that may put an end to Tesla’s price war. Elon Musk’s company slashed prices by up to 30% in the beginning of the year, sending everyone scrambling to catch up.The pledge of the 16 largest car makers there is not legally binding, but it includes other coordination activities besides the agreement to avoid future price wars: Read More
The Nigerian National Petroleum Corporation (NNPC) said it intercepted a suspicious vessel carrying 800,000 litres of stolen crude oil en route to Cameroon.
This is contained in a statement by its spokesperson, Garba Deen Muhammad, on Monday.
On Friday, July 7, a Private Security Contractor engaged by NNPC, Messrs. Tantita Security Services, intercepted a suspicious Vessel with a Cargo of Crude oil on board, according to Muhammad.
Muhammad disclosed that the vessel in question, named MT Tura II (IMO number: 6620462), is owned by Holab Marine Services Limited, a Nigerian registered company with Registration Number RC813311 according to media reports. The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to destroy the intercepted 800,000-litre capacity vessel with a cargo of stolen crude oil on board. Read More
Uniper and Sasol ecoFT have jointly applied for funding from the Swedish Energy Agency for the next phase of development and to the EU Innovation Fund for overall project funding. The final decision on the award is likely to be received during the next study phase.
In SkyFuelH2, biomass and renewable hydrogen feedstock will be combined using Sasol’s proprietary Fischer-Tropsch technology to produce SAF on an industrial scale, which will be a global first. The biomass comes from processed forestry residues. The hydrogen will come from an electrolysis unit that uses locally available renewable electricity. Both ensure a fully sustainable value chain and a product in accordance with the Renewable Energy Directive (RED II/III).
The partners will continue further development work, with the support of the Sollefteå municipality. The ambition is to begin construction of the SkyFuelH2 facility in 2025, subject to achieving FID (final investment decision), and potentially supplying the aviation industry with sustainable aviation fuel as early as 2028. Read More
Dominion Energy (D.N) agreed to sell its 50% stake in the Cove Point liquefied natural gas facility in Maryland’s Chesapeake Bay to a unit of Warren Buffett’s Berkshire Hathaway (BRKa.N) for $3.3 billion in cash, the companies said on Monday. Berkshire Hathaway Energy already operates the facility, and would upon closing have a 75% ownership stake. A unit of Brookfield Infrastructure Partners (BIP.N) owns the remaining 25%.Dominion also expects to receive about $200 million from the termination of interest-rate derivatives. It plans to use sale proceeds to repay debt. (Reuters) Read More
TransAlta Corporation (“TransAlta”) will acquire all of the outstanding common shares of TransAlta Renewables Inc. (“Renewables”)
Summary points about acquisition:
Creates a single, publicly-traded entity with a single strategy and simplified governance structure that facilitates growth and provides greater clarity around the execution of the Clean Electricity Growth Plan. The combined company enhances diversification, increases public float and trading liquidity, with attractive transaction metrics that unlocks value to the benefit of all shareholders. Consideration payable to shareholders of Renewables is equal to $13.00 per common share. Represents an 18.3% premium based on a closing price of $10.99 per common share of Renewables as of July 10, 2023. Shareholders of Renewables will be entitled to choose to receive, for each common share of Renewables that they hold: 1.0337 common shares of TransAlta, or $13.00 in cash, subject to pro-rationing based on a maximum aggregate issuance of 46,441,779 common shares of TransAlta and maximum aggregate cash consideration of $800 million. A special committee of independent directors of Renewables, who conducted an independent and comprehensive review process, supported by the receipt of two fairness opinions, unanimously recommends that the shareholders of Renewables vote in favour of the transaction. Read More
Nigerian National Petroleum Co. Ltd. will launch an initial public offering (IPO) “soon”, its group CEO said on Tuesday after securing the backing of Nigerian President Bola Tinubu. NNPC runs joint venture operations with major oil companies.
Last July, it said it would be ready for an IPO by mid-2023, as it seeks to sell shares to the public.
“We will go to the market and this is going to happen soon. This is the new direction, and I can confirm to you that Mr President is completely committed,” Mele Kyari said at an energy conference in the capital, Abuja. (Reuters) Read More
Nel ASA (Nel, OSE:NEL) will publish its second quarter 2023 report on 18 July 2023 at 07:00 CET, and host a presentation at 08:00 CET.
The presentation will be a virtual event, followed by a Q&A session.
The live presentation can be accessed on the company’s website . Please make sure to register early. A recording of the presentation will be publicly available following the event. Read More
Governments and their militaries around the world are facing scrutiny over their “free ride” on exacerbating global greenhouse emissions. As temperatures hit new highs, scientists and environmental groups are stepping up pressure on the United Nations to force armies to disclose all their emissions and end a long-standing exemption that has kept some of their climate pollution off the books.Among the world’s biggest consumers of fuel, militaries account for 5.5% of global greenhouse gas emissions, according to a 2022 estimate by international experts.
But defense forces are not bound by international climate agreements to report or cut their carbon emissions, and the data that is published by some militaries is unreliable or incomplete at best, scientists and academics say. The U.S. military’s oil use and emissions are falling.
The U.S. Defence Logistics Agency, which oversees oil buying, said 84 million barrels were purchased in 2022, down almost 15 million from 2018. Emissions in 2022, meanwhile, fell to 48 million tonnes from 51 million tonnes the previous year.(Reuters) Read More
PEUGEOT becomes an Official Supplier of the UNDER THE POLE underwater exploration program, which combines innovative expeditions around the world, scientific research and awareness, to contribute to better knowledge and preservation of the oceans. PEUGEOT and UNDER THE POLE share a common vision which places research and technological innovation at the service of environmental protection.
ALLURE: PEUGEOT takes concrete action by supplying two vehicles to UNDER THE POLE
EMOTION: PEUGEOT is proud to support a major French environmental program
EXCELLENCE: PEUGEOT and UNDER THE POLE put research and technological innovation at the service of the environment
The UNDER THE POLE programme was founded by Ghislain Bardout and Emmanuelle Périé-Bardout in 2008, in Concarneau, France. Along with PEUGEOT, it shares the ambition to put scientific knowledge at the service of the protection of the oceans.
In order to contribute to the activity of UNDER THE POLE in a concrete way, PEUGEOT will provide it two BOXER utility vehicles which can transport all the equipment necessary for carrying out the various missions of the program. Read More
The Organization of the Petroleum Exporting Countries (OPEC) launched the 2023 edition of its Annual Statistical Bulletin (ASB) on Tuesday, 11 July 2023, at 14:00 (CEST) at the OPEC Secretariat in Vienna, Austria. The event was held in a hybrid format.
The publication and its key highlights were presented by OPEC Secretary General, HE Haitham Al Ghais, followed by a presentation and a panel discussion. A video featuring the publication’s highlights was also shown during the launch. Dr Jakob Müllner, Associate Professor and Academic Director at the WU Executive Academy, the sponsor of the event, delivered remarks at the event’s opening.
First published in 1965, the ASB, one of the Organization’s flagship publications, continues to provide a broad range of statistics and figures on the global energy industry, particularly focusing on oil and natural gas, in addition to major key economic indicators, serving as a leading source of reliable data for officials, policymakers, industry experts, analysts, researchers, members of academia and other stakeholders. The publication features comprehensive annual data on the global oil and gas supply chain, particularly on OPEC’s 13 Member Countries. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $74.17 | Up |
| Crude Oil (Brent) | USD/bbl | $78.68 | Up |
| Bonny Light | USD/bbl | $79.71 | Up |
| Saharan Blend | USD/bbl | $79.38 | Up |
| Natural Gas | USD/MMBtu | $2.73 | Up |
| OPEC basket 10/07/23 | USD/bbl | $79.09 | Up |
Opel proved itself the perfect partner for the Brussels Urban Sessions, Belgium’s largest urban sports festival, which took place from July 6-9. For four days, the occasion transformed Brussels into the world capital of urban sports.
Opel played a prominent role in the event, which welcomed more than 31,000 visitors and nearly 300 athletes. The German brand was integrated not only in the set-up for the UCI BMX Freestyle World Cup and a skateboard battle for young and old, but also in a breaking battle – complete with Opel Mokka Electric music – and a stunt show featuring bikers and athletes centred around the Opel Astra.
The star attraction among the models on display, however, was the Opel Rocks e-XTREME. The unique concept is based on the cool Opel Rocks Electric, the quadricycle that offers locally emissions-free driving fun for two from the age of 151. The Rocks e-XTREME is the winner of the #OpelDesignHack, a challenge which allowed the Opel community to take part in the build of a concept car. Opel took the claim of the challenge – “You design it, we build it” – literally and turned the design into reality.
During this second edition of the Brussels Urban Sessions, the event hosted the UCI BMX Freestyle World Cup, a qualifier for the Olympic Games in Paris 2024. The ambiance and energy of the occasion ensured an unforgettable experience for the numerous spectators and athletes. Read More
Rig Count
| Region | Period | Rig Count | Change |
| U.S.A | 07 July 2023 | 680 | +6 |
| Canada | 07 July 2023 | 175 | +8 |
| International | June 2023 | 967 | +2 |
VH Global Sustainable Energy Opportunities plc- the London-listed company managed by Victory Hill Capital Partners LLP focused on the energy infrastructure that is essential for the global transition towards net zero – is pleased to announce that it has completed the construction of its first solar and storage hybrid system in Australia. This has been achieved through the addition of a 2 hours 4.95MW battery energy storage system (“BESS”) on its existing operational solar PV site in South Australia.
The Australian energy transition programme (the “Australian Programme”) was originally announced in August 2021 with Phase I consisting of the acquisition of two operating solar PV sites with a combined capacity of 17MW. Phase II incorporated the construction of co-located BESS. This has now been completed on the first of the two sites, while work is ongoing towards optimising the grid connection of the battery system for the second site.
The Company’s operating partner, Birdwood Energy, has worked closely with the contractors to ensure the timely delivery of this project.
This represents one of the first hybrid renewable energy plants in Australia and is a key milestone in the Australian Programme, it provides the system with additional renewable energy and supports grid stability with the storage solution. Coupling both technologies should allow optimisation of each technology to better serve the needs of the Australian market in its energy transition. Notably, GSEO expects to gain access to additional energy arbitrage and frequency stability services revenue streams from the co-located BESS.
The Company expects additional co-located batteries to be installed on its other three solar sites currently under construction in New South Wales. In line with previously stated plans, these three solar sites are expected to be commissioned in Q3 2023.
GSEO shareholders continue to support the global energy transition, with investors benefiting further from NAV growth and a progressive income stream. The Company targets a total and unlevered NAV return of 10%, net of fees, and a progressive annual dividend per share, covered 1.3x, paid quarterly (currently targeting 5.52p for the year ended 31 December 2023). As further projects achieve operational status, the dividend coverage is expected to further strengthen. The Company’s operational assets benefit from over 90% of contracted revenues. Total leverage of the Company is 2% of NAV, which only includes asset-level leverage to its US asset. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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