Energy/Automotive News 04 October 2023, 2023|WTI Crude stands at $86.41/bbl, Brent at $88.06/bbl
London, 4 October, 2023, (Oilandgaspress): – The global shortage of diesel and the attendant rise in prices, has been made worse after Russia announced a temporary ban on diesel exports to all countries except Belarus, Kazakhstan, Armenia, and Kyrgyzstan, while aiming to stabilise its domestic market. According to Reuters, Russia’s fuel market has faced recent challenges, including scheduled maintenance at oil refineries, transportation bottlenecks, and the depreciation of the ruble, incentivising fuel exports.
As hydrogen gains prominence amid the global pursuit of decarbonization and energy security, many major infrastructure projects are considering transportation in the form of ammonia, a safer and more cost-effective method for exporting hydrogen supplies in large volumes. Rystad Energy’s projections indicate that 174 export terminals will primarily focus on converting hydrogen into ammonia by 2035, accounting for 62% of total exported volumes, or about 13.5 million tonnes per annum (tpa).
In support of the broader energy transition, a substantial upsurge in clean ammonia transportation and trade is anticipated, with traded volumes of ammonia projected to reach 76 million tonnes by 2035, four times the volume transported and traded in 2020. This surge, primarily originating from Africa and North America, will lead to a five-fold increase in ammonia exports by 2050 to 121 million tonnes.
Nations such as Japan and Germany have already adapted their respective national hydrogen strategies in anticipation of a greater role for the fuel, highlighting the pivotal role that hydrogen will play in helping reach net-zero emission targets. Despite the substantial scale of export projects and uncertainties surrounding future trade dynamics, some project developers may decide to partially convert hydrogen to ammonia or explore alternative transportation methods. In the meantime, investors are increasingly raising their confidence in the ammonia market and making significant near-term investments.
Green hydrogen, produced using renewable energy, is the cleanest but most expensive form. Blue hydrogen, produced using natural gas, is more cost-efficient and widely seen as a transition fuel that can help reduce emissions until affordable and reliable alternatives are scaled up. Liquefied natural gas (LNG) is already widely used as transportation and power-generation fuel, and its facilities could be adapted to transport hydrogen as well. Read More
Bentley Motors has today announced a record number of trainee positions for the 2024 intake, 164 roles. Career opportunities across the company for Graduates and Industrial Placements are available on www.bentleycareers.com now, with Apprentice applications opening in February next year. More than a third of the positions are focused on Bentley’s R&D department as the luxury brand looks for the industry’s brightest talents to support its Beyond100 strategy, seeking sustainable luxury mobility leadership. This includes a Five-in-Five plan, introducing five new fully electric cars in just five years and carbon neutrality across operations by 2030.
Commenting on the new roles, Dr. Karen Lange, Member of the Board for Human Resources at Bentley Motors, said: “Our trainee programmes were first established over 40 years ago and to continue to set record recruitment levels is a testament to our commitment to supporting future talent, and the importance that they play in moulding the future of our company. “We are seeking talented individuals from various backgrounds to realise our ambitions, as we remain committed to enhancing diversity and offering upskilling opportunities across numerous areas.” Of the 164 2024 roles, 34 are for three or four-year Apprenticeship positions, 29 are two-year Graduate roles, and 101 are for 12-month Industrial Placements. Additional departments include Manufacturing, Sales and Marketing, Finance and Human Resources.
In parallel to the vacancies opening, Bentley has welcomed its 117-strong 2023 cohort to join the 4,000 colleague workforce in Crewe, including a record high 50/50 gender split of the new starters.” Read More
During the period from September 25 to September 29, 2023, Eni acquired on the Euronext Milan no. 4,655,159 shares (equal to 0.14% of the share capital), at a weighted average price per share equal to 15.2601 euro, for a total consideration of 71,037,984.43 euro within the second tranche of the treasury shares program 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, here below a synthesis of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read More
Petrofac has been awarded an Engineering, Procurement and Construction (EPC) contract by ADNOC Gas for its Habshan Carbon Capture, Utilisation and Storage (CCUS) project, one of the largest carbon capture projects in the Middle East and North Africa region. The contract is valued at more than US$600 million and involves the delivery of carbon capture units, associated pipeline infrastructure and a network of wells for carbon dioxide (CO2) recovery and injection. Located at the Habshan gas processing plant, 150 kilometres southwest of Abu Dhabi, the project is part of ADNOC’s accelerated decarbonisation plan.
Tareq Kawash, Petrofac’s Group Chief Executive, said: “By accelerating plans to make energy cleaner, the UAE is investing in its future. We look forward to combining our CCUS expertise and UAE project delivery experience to support ADNOC Gas in delivering on their decarbonisation plans, maximising energy output while minimising emissions, and helping to support the UAE’s energy transition.”
Elie Lahoud, Chief Operating Officer, Petrofac Engineering & Construction, commented: “Petrofac is committed to supporting ADNOC Gas in delivering lower-carbon growth. We have over 30 years’ experience of successful delivery here in the UAE and continue to put In-Country Value at the centre of our operations, utilising the local supply chain, developing capabilities and creating new opportunities for UAE Nationals.” Petrofac has been deploying its expertise in gas processing, transport, and storage, to support the early development and definition of large-scale CCUS projects since 2015. The company first established a presence in the UAE in 1991 and has developed a large workforce to support both regional and international energy projects. With a commitment to deliver In-Country Value, Emiratisation is a key business priority and Petrofac is actively promoting current career opportunities. Read More
BGN made an agreement with PT Pertamina International Shipping (PIS) to collaborate on gas vessel transportation, reinforcing BGN’s position as an emerging maritime asset owner and a significant LPG trader. In the agreement, the two companies outlined prospective collaborations that span joint ownership of Very Large Gas Carrier (VLGC) vessels, LPG cargo transportation and vessel leasing, establishing the foundation for an enduring partnership. The first two vessels may be delivered as early as the first quarter of 2024. The collaborative agreement was signed by CEO of PIS Yoki Firnandi, and CEO of BGN Rüya Bayegan. It was witnessed by the Head of SKK Migas Dwi Soetjipto, Independent Commissioner of PT Pertamina (Persero) Iggi H. Achsien, Technical Advisor at Ministry of Energy and Mineral Resources Nanang Untung, Special Advisor to Minister for Acceleration of Infrastructure Development and Investment at Ministry of Energy and Mineral Resources Triharyo Susilo, Vice President SKK Migas Erwin Suryadi, and other distinguished guests, along with BGN’s head of shipping Ozan Turgut and other senior executives.
CEO BGN, Rüya Bayegan, said: “BGN excels at strong business partnerships, and we are pleased to move forward with this new arrangement with Pertamina International Shipping. BGN’s collaboration with Pertamina International Shipping will further enhance our maritime fleet to facilitate our growing energy trading business, cementing our position as a significant LPG trader, as well as supporting the Indonesian energy system.” Read More
BGN was delighted to see the latest addition to its fleet enter service in September 2023. North Gas, a 230-metre-long VLGC (Very Large Gas Carrier) with 84,000 CBM (cubic meters) of cargo capacity, was celebrated at the end of August at a naming ceremony hosted by Hyundai Heavy Industries in South Korea.
BGN executives were joined by a senior delegation from joint venture partner Al Seer Marine, as well as representatives from our technical and ship management partners. BGN is investing in newbuild ships to support its growing core business of energy trading and to help raise the emissions performance of the vessels it uses to move commodities. BGN also uses time charters and the spot market to move fuels such as LPG to wherever they are needed.
North Gas is the second VLGC to be delivered from a joint venture initiative between BGN and the UAE’s Al Seer.
The VLGCs are equipped with the latest technologies to minimize drag and achieve optimal efficiency performance. They are dual-fuel capable, meaning that in addition to traditional marine fuel they can be propelled by alternative fuels that should enable a better CO2 emissions intensity performance. Read More
The 50th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Wednesday, 04 October 2023. The JMMC reviewed the crude oil production data for the months of July and August 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC). The committee urged all participating countries to achieve full conformity and adhere to the compensation mechanism.
The committee reaffirmed the commitment of its member countries to the DoC which extends to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 4th of June 2023. It also noted the adjustment for the frequency of the monthly meetings to become every two months for the JMMC and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting as agreed on in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022.
The committee will continue to closely assess market conditions noting the willingness of the DoC countries to address market developments and stand ready to take additional measures at any time, building on the strong cohesion of OPEC and participating non-OPEC oil-producing countries. The committee also expressed its full recognition and support for the efforts of the Kingdom of Saudi Arabia aimed at supporting the stability of the oil market and reiterated its appreciation for the Kingdom’s additional voluntary cut of 1 million barrels per day and for extending it till end of December 2023. The committee also acknowledged the Russian Federation for extending its additional voluntary reduction of exports by 300 kbd till the end of December 2023.
The next meeting of the JMMC (51st) is scheduled for 26 November 2023. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $86.41 | Down |
| Crude Oil (Brent) | USD/bbl | $88.06 | Down |
| Bonny Light | USD/bbl | $94.49 | Up |
| Saharan Blend | USD/bbl | $94.69 | Up |
| Natural Gas | USD/MMBtu | $3.01 | Up |
| OPEC basket 03/10/23 | USD/bbl | $93.56 | Down |
Porsche AG and its subsidiary Porsche China have joined forces with the Culture, Creativity, Convention & Exhibition Bureau of the Sichuan Tianfu New Area to establish a Sino-German competence and transfer centre.
Training in the fields of occupational safety, health and environmental protection
Through targeted training, the centre is designed to help the respective target groups overcome the challenges in the areas of occupational safety, health and environmental protection in the digital world of tomorrow. The basis is a declaration of intent that has now been signed. The declaration of intent details how Chinese society should profit in the long term through international cooperation with industry and local government partners.
“Porsche sees itself as a partner of society. ‘Join the Porsche Ride’ is an expression of this holistic understanding – which extends across borders,’ says Daniela Rathe, Head of Politics and Society at Porsche AG. “China is of central importance to Porsche. We therefore want to contribute to and support the sustainable development of Chinese society. We believe that education will play a crucial role in this. We look forward to working with local governments, educational institutions and businesses to pool the strengths of all stakeholders.” Read More
PortXL announce its partnership with GTT, the French technology and engineering group specialising in containment systems with cryogenic membranes for transporting and storing liquefied gases. The Rotterdam-based maritime start-up accelerator and GTT believe this collaboration sets the stage for an entrepreneurial journey towards transforming the maritime industry through innovation. PortXL (est. 2015) has established itself as a maritime industry innovator, who bridges the gap between start-ups and scale-ups and established industry players. This year, eight sustainable maritime start-ups and scale-ups have started their development programme since September, already diving deep into the maritime ecosystem. With its expertise in liquefied gases containment systems, GTT has been at the forefront of advancements in the global shipping industry. Their commitment to sustainability and safety has earned them a reputation as a trusted partner for leading shipping companies worldwide.
Combining strengths: The strategic partnership between PortXL and GTT combines their respective strengths and resources to scout the right start-ups and scale-ups to implement innovative solutions to support diversification. By having PortXL’s extensive network and GTT’s industry knowledge, the collaboration aims to unlock new opportunities, drive innovation, and shape the sustainable future of maritime operations. PortXL and GTT will collaborate on various initiatives through this partnership, including the start-up acceleration program and industry-wide events. “We are delighted to add GTT to our partner base. Their advanced technological knowledge and innovative vision create great opportunities for start-ups and scale-ups. Also working together with the other partners in our maritime accelerator will contribute to the development of the whole maritime and port ecosystem as a whole”, says Christel Pullens, Managing Director at PortXL. “Collaborating with PortXL will give us access to a dynamic ecosystem made up of committed start-ups.”, says Jean-Baptiste Boutillier, Innovation VP at GTT. “We are convinced that the decarbonisation of the maritime industry will undeniably involve technological innovations. This collaboration illustrates our commitment to fostering a spirit of innovation and embracing disruptive ideas, propelling us towards a more sustainable and technologically advanced future for the entire industry.” The partnership between PortXL and GTT signifies a major milestone in their shared commitment to driving innovation, sustainability, and operational excellence in the maritime industry. Both organizations are ready to make significant achievements in driving climate-positive change across the sector by combining their expertise and resources. Read More
Repsol held its annual ESG Day (Environment, Social, and Governance) in London to update investors and financial analysts on the advances in its sustainability roadmap towards becoming a net zero emissions company by 2050.
This event, now in its 8th year, aims to set the bar for transparent and fruitful cooperation between relevant stakeholders for the energy transition. At present, an industry leading 37.1% of the company’s institutional shareholder base is managed exclusively under ESG Criteria, an almost fourfold increase in the number of ESG investors since 2016.
This event, now in its 8th year, aims to set the bar for transparent and fruitful cooperation between relevant stakeholders for the energy transition. At present, an industry leading 37.1% of the company’s institutional shareholder base is managed exclusively under ESG Criteria, an almost fourfold increase in the number of ESG investors since 2016. “We must rethink the energy transition in Europe. We are rejecting investing in certain energy sources for ideological reasons, not technological or scientific ones. As a result, consumers end up paying more for the energy they require, and industries with high energy consumption struggle to compete in the global markets and must close or relocate to other regions,” he said, calling for a transition that is not based on prohibitions or bans, but on letting all technological solutions compete or complement each other and prove themselves without ideological biases and without restrictions. “The energy transition must be part of a regulatory framework able to provide certainty and stability. Stable regulation fosters profitability. The current EU rules are too complex, they put a brake on investments,” said Josu Jon Imaz.
During the ESG Day, the company leadership presented investors with details on the company’s progress in the production of renewable fuels and circular products as well as the development of other low-carbon opportunities. A key milestone on the road to the objective of producing 1.3 MT of renewable fuels in 2025 and 2 MT in 2030 is the start of production, at the end of this year, at the first plant in the Iberian Peninsula dedicated exclusively to the production of advanced biofuels and sustainable aviation fuel (SAF) at the company’s industrial complex in Cartagena (Spain). The plant will have a capacity to produce 250.000 tons every year, which will allow emissions savings of 900.000 tons of CO2 per year – equivalent to that achieved by more than 400,000 electric vehicles. Read More
Lancia Renaissance is progressing rapidly and showing increasingly concrete signs, even outside of Italy. In each of the 6 European markets where Lancia is returning, various actions have been put in place. We have created dedicated teams who are working on making Lancia a desirable, respected and credible brand in the European premium market. 100% of the letters of intent have already been signed, to result in more than 70 dealers in 70 major cities, ready for the arrival of the new Ypsilon. Everything is ready for the launch!” said Luca Napolitano, Lancia Brand CEO.
The Lancia roadmap The European tour of Lancia Pu+Ra HPE Concept is another step in the brand’s Renaissance journey towards internationalization and is part of a solid and ambitious roadmap that is progressing rapidly, in line with Stellantis’ strategic plan ‘Dare Forward.’
By the first half of 2024, the brand will be present in Europe with a network of more than 70 new dealerships in as many major European cities where future Lancia customers reside. Three criteria guided the selection of countries. The first is the love and passion for ‘Made in Italy’ products, with Spain, Portugal, Belgium, and France at the top of the list. The second criteria is the relevance of online sales, with the Netherlands and Germany leading the way. The third criteria is the size of the premium B-segment, where Germany, Spain, France, the Netherlands, and Belgium occupy the top five positions. Six countries that represent the first step in the brand’s internationalization process, coming to more than 70 major cities in Europe with a network of 70 dealerships.” Read More
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