27/9, Energy/Automotive News As Reported: Oil Prices Rise Again
London, 27 September, 2023, (Oilandgaspress): – Oil prices fell on Tuesday as a stronger U.S. dollar compounded concerns that demand for fuel will be held back by major central banks keeping interest rates higher for longer than expected. American Petroleum Institute (API) has reported a build of 1.586 million barrels in U.S. crude inventories, compared to last week’s large 5.25-million-barrel draw.
Celtic Sea floating offshore windfarm, White Cross, submits onshore planning application
White Cross Offshore Windfarm Limited, which is a joint venture between Cobra and Flotation Energy, has taken a significant step in the project’s development by submitting its onshore planning application to North Devon Council.
The proposed 100 MW White Cross floating offshore windfarm, located 52km off the North Devon coast will consist of 6 to 8 state-of-the-art floating wind turbines and when operational, generate enough clean electricity to power around 135,000 local homes.
The associated cable route has been selected based on extensive consultation and feedback. It’s proposed to make landfall at Saunton Sands, connecting to the electricity grid at East Yelland substation. Ensuring the efficient transfer of energy to the grid, a new onshore substation unit is also being proposed, close to the existing East Yelland substation. The opportunity presented by the commercial scaling of floating offshore wind for the UK and specifically the Southwest is extensive and well documented. White Cross forms part of the Crown Estate’s Test and Demonstration leasing opportunity, which aims to develop and commercialise innovative, floating energy technologies within the Celtic Sea. The project will play a key role in supporting the growth of a regional supply chain in the Southwest of England, whilst also developing new jobs and skills for local communities. Acting as a key steppingstone, the White Cross floating wind project will also support the scale-up of subsequent offshore wind developments in the Celtic Sea region and beyond. Read More
Surging oil prices have become the new concern for central banks, aggravating the current trilemma: how to balance slowing economies, still too-high inflation and the delayed impact of unprecedented rate hikes. Interestingly, the answer to this conundrum differs between major central banks.
Looking ahead, the recent surge in oil prices will make things even more complicated as it will both worsen the economic slowdown but also push up inflation (or at least reduce the disinflationary trend). Balancing growth and inflation will become even harder and future interest rate decisions will not only be determined by these two variables but also by central banks’ credibility.
In this regard, central banks most concerned about their credibility and the longer-term impact on inflation expectations could end up continuing to hike interest rates. In the following article, we will mainly focus on the eurozone and the ECB.
Oil price rally likely to continue, but it’s not sustainable in the longer run
Oil prices are currently up by more than 25% this quarter and briefly reached 95 USD/b last week. Our commodities analyst Warren Patterson expects oil prices to break above 100 USD/b in the near term as supply cuts by OPEC+ countries more than offset weaker demand due to the global economy’s slowdown. However, he doesn’t see oil prices remaining above 100 USD/b for long as weaker demand and political pressure to increase supply should help to bring oil prices back to levels slightly above 90 USD/b. Read More
Mercedes-Benz, the world’s oldest car manufacturer, has been reinventing the car over and over since 1886. As it does so, the brand continually sets new standards, while also keeping pace with social change. The history of the company is correspondingly rich in events and stories. Here is a brief summary of some of the important anniversaries and milestones from its history.
30 September 1913 – 110 years ago
Daimler-Motoren-Gesellschaft opened the “Mercedes Palace” in Unter den Linden
Car manufacturers increasingly had their own retail outlets
These companies had a particularly strong presence in the capital Berlin
High-class showroom with space for 15 Mercedes vehicles
Around the turn of the 20th century, automobile manufacturers established representative branch outlets. At the same time, the economic upswing in the German Empire reinforced the trend to have a presence in Berlin. Daimler-Motoren-Gesellschaft (DMG) opened the luxuriously appointed “Mercedes Palace” on the boulevard Unter den Linden on 30 September 1913. It had space for 15 Mercedes vehicles, showroom windows faced the boulevard. With a restaurant and cultural events, the retail outlet anticipated the marketing concept of the customer experience. The “Mercedes Palace” became a meeting point for Berlin’s highest society. Benz & Cie. opened its first agency in Berlin as early as 1897, and a sales office in 1901. Read More
Lamborghini has received the Sustainability Champion 2023-2024 award, an evolution of the Green Star Award the company has received for two years in a row.
The award is bestowed annually by the German Institute of Quality ITQF, which uses a complex and detailed online survey to establish which companies are most committed to virtuous ESG strategies. The anonymous survey is administered to around 10,000 employees from 1,750 companies that have at least 300 employees in Italy.
As of this year, the award has some content changes and replaces the Green Star Award, which primarily involved sustainability issues. The 2023 certification now focuses holistically and more generally on all ESG issues, assessing the environmental, social and governance impact of companies on their employees. For the third year in a row, Automobili Lamborghini joins this special ranking comprised of a total of 287 companies as a recipient of the Sustainability Champion 2023-2024 award. The ranking was determined by employees via a scoring model directly assessing their company on 17 different criteria of economic, social and environmental sustainability. In order to be recognized as Sustainability Champions, the companies had to achieve a final score above the average of the companies assessed. Read More
Toyota Corolla Cross is adding even more style to the lineup with a Nightshade Special Edition for 2024. Available exclusively on the Corolla Cross Hybrid, and based on the SE grade, the Nightshade Edition brings a distinctive look to the already feature-packed entry SUV. Featuring 18-inch gloss black sport alloy wheels, black and red fabric trimmed interior with red accent stitching, and black accented head and tail lamps, it’s a low-key cool Corolla Cross with unique style.
Built on the SE grade, additional details on the Corolla Cross Hybrid Nightshade include blacked-out badges, black outside door handles and mirrors, and an integrated rear lip spoiler. The finishing touch to the model’s exterior are three chic paint options, a stealthy Jet Black, Barcelona Red with Jet Black Roof, or Celestite Gray with Jet Black Roof. It is also equipped with standard accessories that are ready for life-on-the-go – like a roof rack for extra storage, wireless charging, frameless HomeLink Rearview Mirror, and standard carpet floormats.
The Corolla Cross Hybrid Nightshade joins the S, SE, and XSE grades for model year 2024. With three sport grades to choose from, drivers can find a Corolla Cross Hybrid that fits their budget and style. For model year 2024 the SE and XSE both receive an update to their wireless charger. The 2024 Corolla Cross Hybrid, along with the gas model that launched in 2021, is assembled in the U.S. at the new Mazda Toyota Manufacturing plant in Huntsville, Alabama.
The Corolla Cross Hybrid Nightshade Edition and the rest of the Corolla Cross Hybrid lineup is expected to arrive at Toyota Dealerships this winter. Read article
Toyota Motor North America announced Erik Skaggs has been promoted to president of Toyota Motor Manufacturing, Mississippi (TMMMS) effective October 23. Skaggs joined Toyota in 1993 as an engineer at its Georgetown, Kentucky site where he held leadership roles in quality control, body operations and production before becoming a general manager in 2015. In 2020, Skaggs transitioned to Toyota Mississippi as the vice president of manufacturing and most recently served as vice president of administration. Read full article
European Union ministers agreed on Monday to water down an initial European Commission proposal on new vehicle emissions after eight states including France and Italy said the changes could divert investment from the electric vehicle industry.
The European Union has been progressively tightening road vehicle emission limits since 1992, and the Commission’s latest proposed rules, called “Euro 7”, were to introduce new standards on particle emissions from brakes and tyres.
Italy, the Czech Republic, France and five other states pushed for weaker rules Read full article
Oil prices have averaged a healthy $81/bbl so far this year and remain supportive of offshore activity. Supported by reduced OPEC/Russian supply and demand-side resilience, oil markets, for now, remain tight but global macro-economic vulnerabilities, geopolitical uncertainty and risks surrounding the Chinese economy need to be watched carefully. Gas markets have continued to re-balance (following a very tight 2022), but again prices remain supportive.
• Offshore oil and gas is 16% of global energy supply (offshore wind is 0.4%) and we project offshore oil supply will grow 3.0% y-o-y in 2023 to 25.6m bpd (27% of global oil) and offshore gas will increase 3.1% to 130.0bn cfd (33% of global gas). In the coming years, we project that offshore oil & gas production will tick up, potentially to a 18% share of global energy by 2030 (the upturn in project investment and focus on energy security will help). Despite cost pressures, we are projecting $119bn of offshore oil and gas project CAPEX to reach FID this year (2022: $114bn, 2023 ytd: $70bn), the highest in a decade (2024(f): $123bn). We expect offshore wind project sanctioning to firm to $50bn in full year 2023 (1H 2023: $21bn), increasing to $58bn in 2024 and then escalating further. However, cost inflation is impacting and various high-profile projects have experienced setbacks in 2023. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $91.32 | Up |
| Crude Oil (Brent) | USD/bbl | $94.62 | Up |
| Bonny Light | USD/bbl | $95.18 | Up |
| Saharan Blend | USD/bbl | $94.31 | Up |
| Natural Gas | USD/MMBtu | $2.67 | Up |
| OPEC basket 25/09/23 | USD/bbl | $95.31 | Down |
Dana Gas PJSC announces the appointment of Mr. Richard Hall as Group CEO. He will join Dana Gas on 6 November 2023. Richard’s appointment follows an extensive executive search process after the announcement of the retirement of Patrick Allman-Ward, the current CEO, who will remain an advisor to the Board.
Richard possesses extensive international experience in the oil and gas sector, boasting a proven track record of leadership and accountability. His expertise lies in cultivating organizational and strategic capabilities, spearheading sustainable energy initiatives, and effectively overseeing daily business operations in various managerial, executive and board roles.
Richard joins from EnQuest, where he has spent the last three years as Chief Operating Officer, and as Managing Director in Malaysia. As Chief Operating Officer he has been responsible for creating and maximizing value in the company’s global production and development assets and instrumental in leading the company’s transition into the next phase of new energy. Previously, Richard held senior roles in the petroleum service sector across various geographies including the Middle East. He was also co-founder and CEO of Malaysia-focused Nio Petroleum; was formerly one of four founders and operations director of the service company UWG Ltd (now known as Acteon); and completed a stint in Dubai as Chairman and CEO of a private equity backed service company operating in the Kurdistan Region of Iraq and across the Middle East and Asia before joining EnQuest. Read More
Clean hydrogen deployment will be needed to decarbonise hard-to-abate sectors where hydrogen is being used as a feedstock to complete industrial processes (e.g., oil refining, fertilisers, and methanol production) and for nascent uses such as sustainable aviation fuels (SAF), maritime shipping, and greenfield steel.
To go from such targets to real-world deployment, there are many open questions to consider. In order to assess the suitability of different hydrogen transportation methods, CATF has conducted a first-of-a-kind analysis featured in the new report, Techno-Economic Realities of Long-Distance Hydrogen Transport, outlining the cost of importing hydrogen to Europe’s largest seaport, the Port of Rotterdam in the Netherlands, from potential future hydrogen exporters. The modelling, which was conducted by the major engineering firm KBR Inc., includes four different transportation pathways:
(1) Pipeline transport of gaseous hydrogen from Algeria and Norway
Maritime transport of either (2) liquid hydrogen, (3) cracked and uncracked ammonia1, or (4) liquid organic hydrogen carriers (LOHC) from Norway and the Arabian Gulf, as well as North and South America The study focused on hydrogen produced with natural gas and carbon capture, what’s more commonly known as ‘low-carbon’ or ‘blue’ hydrogen. Read More
A new report from Clean Air Task Force (CATF) analyses the costs of different methods for long-distance import of low-carbon hydrogen to Europe, finding that the hydrogen needed to meet demand will likely need to be produced near the point of use or imported by pipeline.
“Global decarbonization efforts are expected to substantially increase demand for low-carbon hydrogen and stimulate the development of transportation networks that can connect low-cost producers of the fuel with demand centers around the world,” said Magnolia Tovar, Global Director, Zero-Carbon Fuels at CATF. “But transporting low-carbon hydrogen in large quantities, over long distances poses significant cost and technology challenges — largely due to the hydrogen’s fundamental properties.”
The report, Techno-economic Realities of Long-Distance Hydrogen Transport, identifies potential least cost options and also outlines several policy recommendations for developing a cost-effective, low-carbon hydrogen economy in Europe. Read More
Hydrogen is gradually taking root in the lives of Fukushima residents. Governor Masao Uchibori met with Chairman Akio Toyoda to share the state of progress. The pair spoke of their commitment to achieving carbon neutrality for the benefit of the next generation. Similar initiatives have also come to Tokyo, with hydrogen trucks hitting the road in the name of carbon-free logistics. Working in tandem with local governments, Toyota is moving step by step toward a hydrogen society. Find out what’s happening at the forefront of these efforts. Read More
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