Energy / Automotive News Roundup; Weakening Demand Could Send Oil Prices Back Down
London, 05 September, 2023, (Oilandgaspress) : The price of Russia’s flagship crude grade, Urals, averaged $74 per barrel in August, slightly down from August 2022, but way above the G7 price cap of $60 and higher than the July average of $64.37 a barrel, according to data released by the Russian Finance Ministry on Friday. Read More
Her Highness Sheikha Fatima bint Mubarak, the “Mother of the Nation,” Chairwoman of the General Women’s Union (GWU), President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation (FDF), highlighted that Emirati Women’s Day is an important event for the people of the UAE as it reflects the Leadership’s commitment to empowering and supporting women and appreciating their role as key partners in driving progress and development in the country.
In a speech delivered on her behalf by Her Excellency Dr. Maitha bint Salem Al Shamsi, Minister of State, at an event organized by ADNOC to mark the UAE’s 9th annual Emirati Women’s Day, H.H. Sheikha Fatima bint Mubarak noted that this year’s Emirati Women’s Day is held under the theme “We Collaborate for Tomorrow” and it coincides with the Year of Sustainability, when the nation will host the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28). She cited the need to develop sustainable solutions to climate challenges, raise awareness of and expand the culture of sustainability.
Her Highness stressed that Emirati women will be important in this regard, as they have a proven record of delivery in various fields across economic and social development as well as in environmental protection in several pioneering initiatives in the Emirates which have helped to preserve the environment and community traditions and societal values.
Her Highness encouraged Emirati women and others involved in implementing programs and activities to support the Year of Sustainability and COP28 to present an honorable performance that reflects the competence of the UAE people and ensures that the UAE continues to be a model for other countries of the world.
In his remarks, His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Managing Director and Group CEO of ADNOC, thanked H.H. Sheikha Fatima bint Mubarak for her continuous efforts in supporting and empowering Emirati Women. He noted that empowering Emirati women was laid down by the UAE’s late founding father, His Highness Sheikh Zayed bin Sultan Al Nahyan, and the UAE’s wise Leadership and H.H. Sheikha Fatima bint Mubarak continue to build on this commitment.
H.E. Dr. Al Jaber said the participation of H.H. Sheikha Fatima bint Mubarak in ADNOC’s annual celebration of Emirati Women’s Day is a testament to the importance the UAE’s wise Leadership places on honoring the contributions of Emirati Women to the nation’s growth and development.
As part of ADNOC’s commitment to empowering Emirati Women, the company will sign the ‘SDG 5 Pledge to Accelerate Gender Balance in the UAE’ in support of the UN Sustainable Development Goal 5, the UAE Gender Balance Strategy 2026 and the Abu Dhabi Family Wellbeing Strategy. As a signatory, ADNOC, in collaboration with the UAE Gender Balance Council, will accelerate efforts to ensure equal pay, promote gender-equitable recruitment and promotion, further embed a gender balance perspective in the company’s policies and programs and enhance transparency through effective reporting. Read More
Oil production has slumped to a record low as the UK industry’s future hangs in the balance.
In the first six months of this year, 17.4 million tons of crude was extracted from the North Sea and the mainland, according to Department for Energy and Net Zero estimates. This compares with 20 million tons in the same period last year and nearly 50 million tons in 2003. North Sea-focused firms are slashing investment in the UK after a windfall tax was introduced last year Read More
Saudi Arabia’s crude exports to India jumped 69% to 820,000 barrels per day (bpd) in August 2023 from 484,000 bpd in July.
However, oil exports from the UAE to the South Asian country fell nearly 6% to 273,000 bpd in August from 290,000 bpd a month ago, state-owned Press Trust of India (PTI) reported, quoting data from energy cargo tracker Vortexa. The world’s third largest oil consumer also trimmed imports from Russia for a third straight month to 1.46 million bpd in August, down from 1.91 million barrels a month earlier. India’s total crude imports declined 7% to 4.35 million bpd during the period but is likely to pick up from October as demand is expected to surge in the fourth quarter.
“Refiners have raised imports from Saudi Arabia off the back of strong refinery runs and lower refinery supplies from Russia,” said Vortexa’s head of Asia-Pacific analysis Serena Huang. Given tight crude supplies from Saudi Arabia, it remains to be seen whether imports from the Kingdom can be sustained at this level, she added. Read More
UK Ministers are expected to announced today that the de facto ban on onshore wind farms is being ditched.
The U-turn is set to be confirmed later as Rishi Sunak struggles to quell Tory infighting over planning rules and the Net Zero drive.
Former Cop26 president Alok Sharma has been leading backbench pressure to drop rules which allow a single objection to block development. A Government source said: ‘We are very clear that onshore wind developments should have the consent of, and benefit, local communities.
‘However, we want to see the sector thrive and believe that this is an important step forward.’ Read More
Saab announces a new feature for its Barracuda Ultra-lightweight Camouflage Screen (ULCAS) giving armed forces the possibility to combine protection from the enemy with the possibility to communicate with friendly forces.
Barracuda camouflage nets provide vital protection for a soldier, hiding the operator from for example radar sensors. However, the same characteristics that provide that protection, also limits the use of GPS and/or VHF communications to and from underneath the net.
Saab’s new Frequency Selective Surface technology (ULCAS-FSS) allows selected radio frequencies to pass easily either way through the camouflage net, while protecting against the higher frequencies of electromagnetic waves used by radar systems.
The represents a significant advancement in modern signature management technology.
“Thanks to our expertise within signature management, we are taking camouflage to the next level with this novel feature. It changes how soldiers communicate while keeping multispectral protection, and so introduces a new era of tactical communication flexibility, offering unparalleled capabilities,” says Henning Robach, head of Saab’s business unit Barracuda. Saab’s camouflage solutions, including the ULCAS with FSS feature will be shown during the DSEI 2023 event in London, 12-15 September at stand H7-210. Read More
Saab has signed an extension agreement with Boeing for the manufacturing of large cargo doors, bulk cargo doors and access doors for the Boeing 787 Dreamliner.
The framework agreement is an extension of an existing contract signed with Boeing in 2004 for the 787 Dreamliner programme.
“With this contract extension we continue to be a proud partner to Boeing on the successful 787 programme, one of the world’s best-selling widebody aircraft. It strengthens our good and long relationship with Boeing and enhances the cooperation we have, both on commercial aerostructures and the T-7A trainer on the defence side,” says Lars Tossman, head of Saab’s business area Aeronautics. Since the programme started, Saab has delivered in excess of 1,100 shipsets for the Boeing 787 Dreamliner programme. Saab has a long experience in supplying major aerostructures for military as well as commercial aircraft programmes. Like many other major 787 structures, the doors will be mainly made of composite materials. A range of systems are built into the doors’ composite structures, providing Boeing with lightweight doors that are easy to install. Read More
Ricardo plc has undertaken an in-depth life cycle assessment of aftermarket valve components, which has concluded that additive manufacturing has a significantly lower impact on the environment. Commissioned by IMI Critical Engineering for its additive manufacturing technology Retrofit3D, the study identified opportunities to reduce the climate change impact of certain replacement valve parts. As part of this process, the valves’ global warming potential can now be reduced by between 85%-96% depending on valve size and repair scenario.
IMI Critical Engineering designs and manufactures highly specialised valves and actuators to help control the flow of steam, gas and liquids serving the oil and gas, petrochemicals, water and power industries. The valves used in these sectors are subject to harsh operating conditions, which can lead to deleterious phenomena such as erosion or cavitation. When this type of damage is found, upgrades are required in the form of a new disk stack.
Ricardo was asked by IMI Critical Engineering to apply its expertise in life cycle assessments to determine the environmental impact of three replacement scenarios for two different valve sizes (large and small). These scenarios included: replacement of disk stack via only traditional manufacturing methods; replacement of the full valve via traditional manufacturing methods; and replacement of the disk stack only via additive manufacturing.
The life cycle assessment found that the additive disk stack replacement manufactured by Retrofit3D was the preferable scenario across all the environmental indicators analysed. The small valve resulted in 146kg of carbon dioxide equivalent when the Retrofit3D additive manufacturing process was used to produce the replacement disk stack. The large valve resulted in 1,360kg of carbon dioxide equivalent using the same process.
All calculations were based on an assumed system lifetime of ten years. For the large valve, this represented a 96% climate change impact saving when compared with replacement of the full valve via traditional manufacturing, and a 94% saving when compared with replacement of the disk stack only via traditional manufacturing. For the small valve, it represented a saving of 87% and 85% respectively. Any use efficiency savings were not accounted for in this study due to the wide range of potential use scenarios. If these were accounted for, the savings may be higher.
Analysis of the downstream transportation methods for the new valve and components showed that transitioning from air freight to 80% sea freight and 20% road freight would reduce the total climate change impact in all replacement scenarios by 97%. Read More
DNV has granted an Approval in Principle (AiP) certificate to Hudong-Zhonghua’s new design of a 271,000cbm LNG carrier, making it the largest vessel of its kind in the world. On the inaugural day of Gastech 2023, held in Singapore, DNV’s global Business Director Gas Carriers & FSRU, Martin Cartwright, presented the AiP certificate to Song Wei, Chief Technical Officer of Hudong Zhonghua Shipbuilding Company Limited (Hudong-Zhonghua), for the new design of a 271,000cbm LNG carrier. It is part of a joint development project between both organizations. The AiP demonstrates that Hudong-Zhonghua can build such ships and offers shipowners an innovative concept to transport LNG more economically and efficiently. The new LNG carrier design is 344m long, has a breadth (moulded) of 53.6m and has five cargo tanks. Further features include energy saving solutions such as an air lubrication system (ALS) and shaft generator, a cargo tank design with sloshing monitoring, as well as an advanced anti-collision system. Despite its size, the vessel would be able to berth at more than 70 LNG terminals along the main trade route. Read More
DNV will provide quality assurance, quality control and related technical support to Intercontinental Wind Energy Co., Ltd. (IWE) on Taiwan, which is diversifying into turbine jacket fabrication for offshore wind. DNV will provide quality assurance and quality control, as well as related technical support to turbine jacket fabricator Intercontinental Wind Energy (IWE) for offshore wind projects
DNV’s work scope will assist IWE towards Tier-1 supplier status for offshore wind on Taiwan
Contract builds on similar DNV work for advisory support to accelerate the offshore wind sector uptake off the coast of the island
By working with DNV IWE aims to speed up their wind team’s learning and improve the quality and safety of processes and procedures for the planning and execution of future projects for offshore wind customers.
DNV will be the lead external consultant and provide advisory services. Its main responsibilities will involve supporting the IWE project team and IWE customers, assisting in requests for proposals and preparing a training programme. The move by IWE to diversify in renewable energy is validated by DNV’s Ocean’s Future to 2050 report which states that in 2022, 80% of capital expenditure (capex) in the Blue Economy was invested in the offshore oil and gas sector, but by 2050 that number will have dropped to 25%. By then, offshore wind will receive the largest investments, accounting for half of all capex. Read More
DNV announced the release of its new service specification, DNV-SE-0654, which delineates DNV’s procedures for verifying claims made by companies about the production and distribution of low-carbon hydrogen and ammonia. This new service will enable hydrogen producers to document and demonstrate compliance with applicable standards, ensuring the credibility and transparency of their claims, and allow for the validation of their systems or products based on specific characteristics – like the requirement to keep greenhouse gas emissions below a predetermined limit. The specification encompasses advisory, verification, and validation services, covering diverse pathways of hydrogen production (including conventional, electrolysis-based, and innovative methods), along with associated ammonia production linked to these hydrogen pathways. Read More
Venture Global LNG announced its long-term expansion plan to increase production from 70 million tonnes per annum (MTPA) to more than 100 MTPA of nameplate LNG export capacity. To support this initiative, Venture Global and Baker Hughes have executed an expanded master equipment supply agreement for the delivery of additional liquefaction train systems and power island systems for Venture Global’s future LNG export projects. The expanded agreement was announced on the margins of Gastech in Singapore in the presence of Venture Global CEO Mike Sabel and Baker Hughes Chairman and CEO Lorenzo Simonelli.
Venture Global continues to execute and achieve major milestones at each of its projects. Cargoes originating from its Calcasieu Pass project have been delivered to 24 countries and accounted for approximately 10% of the LNG exported from the United States to Europe in 2022 and 2023. Venture Global has taken FID on both phases of its 20.0 MTPA nameplate Plaquemines LNG facility, which is on target to produce first LNG in 2024. By early September, Plaquemines LNG will have received the first four liquefaction train modules (Blocks 1 and 2) and the roof will be raised on its third LNG storage tank. The company expects to commence construction of its CP2 LNG facility later this year following receipt of FERC authorization. To date, 9.25 MTPA of CP2 LNG’s 20.0 MTPA nameplate capacity has been sold under 20-year sales and purchase agreements. Baker Hughes, as a strategic LNG-equipment supplier to Venture Global, provided comprehensive LNG technology solutions to the Calcasieu Pass LNG facilities, and will provide the same to the currently under-construction Plaquemines LNG facility. Read More
Opel has an exciting line-up for visitors of this year’s IAA Mobility in Munich (September 5 to 10). No less than three new cars from the German brand are celebrating their world premieres in front of an international audience, with the stunning Opel Experimental leading the way. The Rüsselsheim-based carmaker recently revealed the first images of and information on the design concept, which gives an outlook on upcoming models and technologies. In addition, Opel will also present two models that will hit the showrooms soon: the new Opel Corsa Electric and the new Opel Astra Sports Tourer Electric. The small car and the compact class bestsellers will be joined by the Opel Experimental at the brand’s Open Space presence on Odeonsplatz (booth number: OP.390) after the concept car is unveiled at the Munich Exhibition Centre during the IAA Summit (hall B2; booth number B20).
“Visitors of our stands in Munich will see a clear vision of where the Opel brand is heading in the immediate and the slightly more distant future. While the Opel Experimental provides a guiding light for the next chapter of our brand, the new Corsa Electric and the new Astra Sports Tourer Electric show our current solutions for sustainable and locally emissions-free mobility,” said Opel CEO Florian Huettl.
Opel Experimental: Visionary concept car
The Opel Experimental celebrates its debut in front of an international audience in Munich. The sleek silhouette of the Experimental stands out through the addition of exterior lighting and bold contrasting graphics instead of chrome, adding personality and sophistication to the already impressive proportions. Read More
Almost 30 years after the launch of the last Jeep model with “truck” credentials and a bed (the Comanche from 1986 to 1992), the launch of the Jeep Gladiator in Europe marked a major return for the brand in the pickup segment. The Gladiator put the Brand back on the pickup map and perfectly fit into a Jeep tradition which goes way back to 1947, when Willys Overland introduced a one-ton truck with four-wheel drive based on the CJ-2A. Jeep’s first pickup was followed over almost half a century by different models – all of which were made to be robust, versatile and reliable. This well-established tradition was brought back to life by the Gladiator, a highly versatile pickup featuring a distinct lifestyle appeal that shares the Jeep Wrangler’s DNA in terms of unparalleled all-terrain capability and open-air freedom. At the same time, with a blend of advanced technology, a powerful and reliable engine, convenience, functionality and flexibility in transporting cargo, it is a model specifically designed and engineered to be a 100% pickup with “go anywhere, do anything” features.The powerful V6 diesel engine features a 2.987cc displacement, offering up to 194kW at 3.600 rpm and an impressive maximum torque value of 600 Nm at 1.400 rpm. It is paired with an the TorqueFlite 8HP75 eight-speed automatic transmission, enabling the vehicle to optimize engine output while driving off-road or provide smooth, efficient power delivery at highway speeds. The Jeep Gladiator is also equipped with a 3.73 axle ratio and the Selec-Trac two-speed transfer case with a 2.72:1 low-range gear ratio, a shift-on-the-fly system that provides full-time capability and security. Read More
Porsche views direct air capture (DAC) as an important new technology, which is on the threshold of mass production: by extracting large quantities of carbon dioxide (CO2) from the atmosphere in an environmentally friendly manner, this technology can play a significant role in combating climate change. Together with Volkswagen Group Innovation, the eFuels company HIF Global and MAN Energy Solutions, the sports car manufacturer is looking into integrating a DAC facility into the eFuels pilot plant in Chile. The facility could be used to extract, from the air, the CO2 required for eFuels production at the Haru Oni pilot plant. At the IAA summit in the Munich Trade Fair Centre (Hall B2, Volkswagen Group stand), project planners will show how DAC fits with Porsche’s strategy and will set out in detail how the facility could work. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $87.37 | Up |
| Crude Oil (Brent) | USD/bbl | $90.51 | Up |
| Bonny Light | USD/bbl | $88.35 | — |
| Saharan Blend | USD/bbl | $86.52 | — |
| Natural Gas | USD/MMBtu | $2.59 | Down |
| OPEC basket 04/09/23 | USD/bbl | $91.27 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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