Top Energy/Automotive News; OPEC basket price $81.46/bl, WTI Crude (August Contract) $75.46/bl
London, 20 July, 2023, (Oilandgaspress) : The world’s demand for electricity is expected to rise by less than 2% this year, down from last year’s growth pace of 2.3%, as power consumption in the United States and Europe will decline amid an economic slowdown and the effects of the energy crisis, the International Energy Agency (IEA) said in a new report on Wednesday. EU electricity demand set to drop to lowest level in 20 years, but with global consumption expected to increase strongly in 2024, growth of renewables is more important than ever. At the same time, electricity generated from fossil fuels is expected to decline over the next two years. Electricity generated from oil is projected to fall significantly, while coal-fired generation will slightly decline in 2023 and 2024, after rising 1.7% in 2022. Read More
The American Petroleum Institute (API) on Tuesday reported a decrease of 0.797 million barrels of crude oil in U.S. inventories for the week ending July 14.
The Ministry of Energy & Infrastructure’s (MOEI) UAE Electric Vehicle Policy includes having 914 AC and DC charging stations for electric vehicles by the end of 2023.
The ministry is also working to create an EV GCC Corridor, to establish fast charging stations on the border between Saudi Arabia and Oman, facilitating the movement of EVs between countries. Other plans include making the UAE’s car fleet 50% electric vehicles by 2050, 25% plug in hybrids (PHEV), with the remainder to be internal combustion engines (ICE), compressed natural gas (CNG) and hydrogen (H2) vehicles.
Meanwhile, buses are to be 70% electric, 15% plug in hybrid and the remainder to ICE, CNG and H2.
The target for trucks in the UAE is 10% PHEV and 40% hybrid, with the remainder to be ICE, CNG, H2 or other vehicles. Read More
National Grid released the findings of its Health Hub initiative at the IFA interconnector in Sellindge. A year after its launch, in collaboration with The University of Warwick, the initiative has identified significantly lower anxiety levels associated with facility use.
Data from Office National Statistics (ONS) reveals that workers in the construction industry are four times more likely to take their own lives, compared to other sectors. Research indicates that 90% of workers in the construction industry have felt overwhelmed and 26% experienced suicidal thoughts. Health Hub was designed to change that and to provide a working example of the tools and measures required to make a difference – providing a lasting legacy of knowledge for future projects and wider industry. Of the 107 participants in the initiative, two thirds acknowledged that the facilities helped to make their lives easier, indicating lower anxiety levels with increased use. Participants cited the facilities as ‘unheard of, for this industry and ‘about time’ while another said, ‘I do feel it benefits everyone’. Facilities included a gym, canteen, outdoor social space, and TV room, with over half admitting that they would like to see similar facilities on future projects. Of those facilities provided, the canteen was the most used, ensuring food was available 24/7 to meet the needs of all shift workers; the TV room and outdoor social spaces were also popular. Read More
Tuesday 20 June saw National Grid sign the Armed Forces Covenant, a voluntary pledge to support the welfare, employment and education of the armed forces community and their families, at their London Power Tunnels site in New Cross, London.
By signing the pledge, National Grid joins more than 10,000 organisations across a range of sectors including education, manufacturing, the charity sector, hospitality, retail and financial services that have committed themselves to providing fair treatment for veterans, serving personnel, reservists and their families. David Wright, National Grid’s Chief Engineer, was joined by Vice Admiral Phil Hally CB MBE, the Ministry of Defence’s Chief of Defence People, at the New Cross substation of National Grid’s London Power Tunnels project to mark the signing. The commemoration, which was witnessed by members of the London Power Tunnels Project, will also be marked with the unveiling of a new plaque at the London Power Tunnels site, to represent a lasting reminder of National Grid’s commitment to the armed forces community. Read More
National Grid has sold a further 20 per cent stake in National Gas to its existing majority owners, a consortium of investors led by Australia’s Macquarie Asset Management. National Grid said the stake sale would be on the equivalent financial terms as when it sold a 60 per cent stake to the consortium in January.
That deal had implied an enterprise value of about £9.6billion pounds for the UK gas transmission and metering business. National Grid also told investors on Wednesday it had entered into a new option agreement with the consortium, which could result in a full takeover of National Gas.
Proceeds of around £700million will be used towards corporate purposes, including debt repayments, National Grid said. Read More
Jaguar Land Rover Automotive plc and its parent company Tata Motors Limited (“TML”) will be releasing results for the quarter ended 30 June 2023 on Tuesday 25th July. TML will be holding an investor call from 2pm BST (UK time) on Tuesday 25th July with a presentation on the TML Group results (including JLR results) for the quarter ended 30 June 2023, followed by a Q&A session.
JLR investors are welcome to join the TML call and to participate in the Q&A.
Jaguar Land Rover Automotive plc will also hold a separate conference call on JLR results on Tuesday 25th July at 4pm BST (UK time) for JLR bondholders and banks more specifically interested in JLR. Read More
Saab pilot wins award flying Gripen E at RIAT
On Sunday 16 July, Saab’s test pilot André Brännström won the Paul Bowen Trophy for the Best Solo Jet Demonstration at the Royal International Air Tattoo (RIAT) in England. The winner of the coveted award is chosen from displays flown by air force and test pilots from around the world, with some of the most advanced military fast jets participating.
This was the first time for Gripen E at RIAT and Saab brought two of them, with the display aircraft sporting its popular dark splinter camouflage pattern while a second jet was in the more typical grey colour scheme at Saab’s static display. “It was a real delight to show the aviation fans at RIAT what Gripen E is capable off in the air and, as the Saab team, we really enjoyed the interest and enthusiasm from the public we met every day at our static display. We wanted to show them that this all-new Gripen E fighter is everything that they loved before about Gripen but now on an even higher level. This award shows that we hopefully achieved that and can return to Sweden happy,” says Saab’s test pilot André Brännström. The Paul Bowen Trophy for the Best Solo Jet Demonstration is named in memory of one of the co-founders of RIAT. In 2022, Captain David Szentendrei from the Hungarian Air Force won the same award flying a Gripen C, marking two years in a row a pilot flying a Gripen fighter has won the Paul Bowen Trophy for the Best Solo Jet Demonstration.
Gripen E is the latest version of Saab’s Gripen fighter jet, ordered by Sweden and Brazil. Gripen E incorporates cutting-edge technologies, the latest systems, sensors, weapons and pods to ensure combat advantage, delivering air superiority in highly contested environments. Over 200 aircraft participated at RIAT, one of the most renowned air shows in the world, that took place this past weekend in Gloucestershire, England. Air forces and others brought a wide range of aircraft such as fighter jets, but also bigger aircrafts such as the B-52 bomber and air refuelling tankers. Read More
During the period from July 10 to July 14, 2023, Eni acquired on the Euronext Milan no. 3,848,792 shares, at a weighted average price per share equal to 13.3901 euro, for a total consideration of € 51,535,595.27 euro within the authorization to purchase treasury shares approved by the Shareholders’ Meeting on 10 May 2023, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999. On the basis of the information provided by the intermediary appointed to make the purchases, the following are details of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read More
BW Energy announced that production has safely started from the third well of the Hibiscus / Ruche Phase 1 development in the Dussafu licence offshore Gabon. Well performance is in line with expectations with current production at approximately 6,000 barrels per day.
The DHIBM-5H well was drilled as a horizontal well from the BW MaBoMo production facility to a total depth of 4,245 metres into Gamba sandstone reservoir at the Hibiscus field. Following completion, the Borr Norve jack-up has commenced drilling operations on the fourth production well (DHIBM-6H). “I would like to complement the drilling team for their efficient delivery of the third Hibiscus production well while extending our excellent HSE performance. We continue to see robust production rates and receive well data that confirms excellent reservoir quality. This supports our expectations for continued successive production growth in Gabon through 2023 and into early 2024 as we complete the drilling program,” said Carl Krogh Arnet, the CEO of BW Energy. The drilling campaign targets four Hibiscus Gamba and two Ruche Gamba wells which are expected to bring the total oil production up to approximately 40,000 barrels per day when all wells are completed in early 2024. The oil produced at Hibiscus / Ruche is transported by pipeline to the BW Adolo FPSO for processing and storage before offloading to export tankers. Read More
Neste will publish its half-year 2023 results on Thursday, 27 July 2023 at approximately 9 a.m. (EET). The release will be available on the Neste website immediately after publishing. A conference call in English for investors and analysts will be held on 27 July 2023, at 3 p.m. Finland / 1 p.m. London / 8 a.m. New York. Read More
In the eighth episode of the “Future Dimensions” feature podcast, Mercedes-Benz embraces the idea of moving in different ways and discusses forward-looking city designs that encourage individual mobility – while still making the most of our public spaces. Looking at the future of our cityscapes, host Ricardia Bramley draws inspirations from a city planner who turns abstract ideas into plausible and workable realities that improve life in both today’s and tomorrow’s cities. She also talks to a professor and city innovator who advocates for urban labs in which we can prototype new technologies and ways of living. Overall, Bramley learns that if we want to shape future urban mobility the right way, then automated electric cars could make all the difference. The English-language episodes of “Future Dimensions”, recently honoured with a bronze award as the only podcast in the category “Automotive” at the “Deutscher Preis für Onlinekommunikation”, are available on Spotify, Apple Podcasts and Deezer, as well as on the Mercedes-Benz Media communication platform. Read More
As early as 1951, Dr Ottomar Domnick, one of the very first avowed Porsche fans, took the initiative. He launched The Porsche Prize, a competition to find a logo for the new brand. However, none of the various designs submitted fit the bill. Then, at a business dinner in New York at the end of 1951, Max Hoffman spoke with Ferry Porsche and revived the idea of designing a logo. As Ferry Porsche wrote in his notebook on 27 December: “Steering wheel rim decorated with ‘Porsche’ and the Stuttgart crest or similar.” In 1952, designer Franz Xaver Reimspieß, a talented draughtsman, created the decisive design: a rearing horse, taken from the seal of the city of Stuttgart, depicted within the contours of a golden shield. Together with the name of the city of Stuttgart above it, the design represented a clear commitment to the production of cars in Zuffenhausen. The surrounding red and black state colours and the stylised antlers are taken from the traditional crest of Württemberg-Hohenzollern – with the Porsche logo forming a protective arch over everything else. Read More
Porsche Engineering uses the ever-increasing volumes of data from test benches, simulations and test vehicles to significantly accelerate development and place it on a broader empirical basis. Cloud technology plays a crucial role in this, while at the same time leading to more effective use of the IT infrastructure.
In the past, a test drive was over when the vehicle was parked in the garage. Today, it also continues well after this—for example, when testing the road-readiness of battery-electric models, which is also carried out at night and on weekends. This involves the vehicle automatically switching itself to start mode several hundred times: The temperature, voltage and capacity of the high-voltage battery are checked and the onboard systems are prepared to hit the road. Each time it is started, data loggers record all communication in the vehicle—up to three gigabytes of raw data per test, or roughly the equivalent of 40,000 emails without an attachment. The measurement data is then sent to the cloud via a mobile network or WiFi, where it is processed and analyzed. All of this proceeds automatically. “When the engineer arrives at the office in the morning, there is an email in their mailbox that indicates the availability of the data and results of the test,” says Jonas Brandstetter, Development Engineer at Porsche Engineering. This type of data-driven vehicle development is rapidly gaining in importance. For a growing number of technical issues, extensive data analyses can provide a broader empirical basis and complement the experience of the engineers. Data-driven development is given an additional boost by the cloud, as much more test data can be evaluated with the help of online processing capacity. This accelerates development work and, at the same time, leads to more effective use of IT infrastructure. “The cloud can deliver added value in almost all areas,” says Brandstetter. Read More
KBR announced today it has been awarded a contract to provide mission-critical labor at three locations in the U.S. Central Command (CENTCOM) area of operations. The cost-plus contract, through the Air Force Contract Augmentation Program (AFCAP V), is worth up to $69M and has a base period of two years with an eight-month option. Under the terms of the contract, KBR will provide support personnel at Ali Al Salem Air Base, Kuwait; Prince Sultan Air Base, Saudi Arabia; and Al Dhafra Air Base, UAE, over the next two and a half years. KBR personnel will accompany and guide local and other country nationals at U.S. military facilities throughout these three bases. This contract in the CENTCOM area of operations expands KBR’s portfolio in the region, where the company already performs base operations support in Bahrain, United Arab Emirates, and Saudi Arabia.
“Our KBR team has decades of experience within CENTCOM,” said Byron Bright, KBR Government Solutions U.S. President. “Our KBR staff will augment the uniformed military personnel in the region, which can reduce deployment cycles and allow our customer to place military personnel on other critical missions. This is yet another example of KBR operating as The Team Behind the Mission℠ and we’re proud to continue our U.S. military support.”
KBR processes hundreds of people per year, but its deployment processing center has scaled as needed for surge support. Over the past two decades, KBR has successfully processed more than 88,000 people for 150 contracts/task orders at 70 global locations. KBR is proud to continue providing operations support to the United States and allied nations around the world as it has done for more than 25 years. Read More
Super Taikyu Co-Challenge
The Super Taikyu Series enables carmakers to trial new energy sources that could be the options for realizing a carbon-neutral society. In Round 2, newcomers Honda and Nissan joined in the cross-company efforts.
The Super Taikyu Series’ ST-Q class is where manufacturers race vehicles under development. For these carmakers, the category serves as a testing ground for new energy sources—hydrogen, synthetic fuels, and biofuels—to expand the options for achieving a carbon-neutral society.
Harumi Kuwayama, head of the Super Taikyu Organization (STO) that oversees the series, explained about the ST-Q class at a press conference during the race. Among the guests was Pierre Fillon, president of the Automobile Club de l’Ouest (ACO), which organizes the FIA World Endurance Championship (WEC). Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $75.46 | Up |
| Crude Oil (Brent) | USD/bbl | $79.69 | Up |
| Bonny Light | USD/bbl | $81.72 | Up |
| Saharan Blend | USD/bbl | $80.36 | Up |
| Natural Gas | USD/MMBtu | $2.66 | Up |
| OPEC basket 19/07/23 | USD/bbl | $81.46 | Up |
Vattenfall has acquired the German solar developer Solizer. The transaction includes an experienced team and a pipeline of large-scale solar projects in Germany with a volume of 4 GW. This acquisition expands Vattenfall’s German solar development portfolio to 7 GW in total. The first projects from the new portfolio can be ready for construction as early as 2024. Read More
Vattenfall – interim report, Financial highlights, January-June 2023
Net sales increased by 47% (38% excluding currency effects) to SEK 158,539 million (107,749)
Underlying operating profit of SEK 14,604 million (16,314)
Operating profit of SEK 13,541 million (24,513)
Profit for the period of SEK 6,923 million (10,295). Business highlights, April-June 2023
Lower electricity prices and reduced price area differences.
Vattenfall stops the development of the offshore wind power project Norfolk Boreas in the UK which gave rise to a negative impact on earnings of SEK 5.5 billion.
Vattenfall’s goal of net-zero emissions by 2040 has been approved by the Science Based Targets initiative.
Work started on increasing capacity at four existing sites for hydro power generation in Sweden.
Inauguration of the South Kyle onshore wind farm in the UK and completed construction of the Hollandse Kust Zuid offshore wind farm in the Netherlands.
Vattenfall has been allocated more capacity by the Swedish TSO Svenska kraftnät, which will enable continued expansion of the electricity grid. Read More
| Region | Period | Rig Count | Change |
| U.S.A | 14 July 2023 | 675 | -5 |
| Canada | 14 July 2023 | 187 | +12 |
| International | June 2023 | 967 | +2 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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