Energy / Automotive News Roundup; Rig Count: U.S. -1 to 621 Canada +39 to 125
London, 08 January 2024, (Oilandgaspress): – China, Japan, and South Korea all saw higher LNG imports in December, with Japanese purchases at the highest level since January 2023 and South Korean imports at their highest since February 2021, per Kpler’s estimates. Read More
Hyundai Motor, Kia Corporation (Kia) and W. L. Gore & Associates (Gore) have signed an agreement at the Mabuk Eco-Friendly R&D Center, Korea, to collaborate on the development of advanced polymer electrolyte membrane (PEM) for hydrogen fuel cell systems.
The joint effort between the parties will encompass key aspects of PEM development. The ultimate goal of this collaboration is to develop an advanced PEM for next-generation fuel cell electric commercial vehicles. A hydrogen fuel cell utilizes PEM to conduct protons between two electrodes. The PEM blocks the direct combination of incoming hydrogen and oxygen gases, facilitating the selective conduction of protons and, in turn, generating an electrical current to power a vehicle. The PEM technology plays a crucial role in determining the performance and durability of the fuel cell system. For over 15 years, Hyundai Motor, Kia and Gore have been collaborating in the field of fuel cells. Building on this more-than-decade-long relationship, the partnership will now focus on jointly developing an optimal fuel cell system for commercial vehicles, with a specific emphasis on enhancing performance and durability. Read full article
Tanker diversions have picked up in the span of the last two weeks, but these are not occurring en-masse as tankers and volumes continue to flow via the Red Sea. Instead, these diversions are at large constrained to US/EU/Israel-linked entities and also the companies that announced the decision to divert via the Cape of Good Hope. Tensions in the Red Sea are mounting at the start of 2024 as attacks from the Houthi rebels continue to occur. Several companies in the shipping world – at least 18 given recent comments from the IMO – have decided to steer clear from the Red Sea, with containerships feeling the greatest impact with freight rates tripling over the last month to hit 12-month highs. At the onset of the attacks on non-Israeli related vessels passing through the Bab el–Mandeb, Vortexa published a report studying the possible repercussions of the disruptions on the world of energy flows and freight. Fast-forward two weeks later, and we have a look at the extent of flows actually changing so far. Read full article
Saudi Arabia on Sunday cut the February price of its flagship Arab Light crude to Asian customers to the lowest level in 27 months, a company statement showed, amid competition from rival suppliers and concerns about supply overhang. Saudi Aramco slashed the official selling price (OSP) for February-loading Arab Light to Asia by $2 a barrel from January to $1.50 a barrel over Oman/Dubai quotes, a level last seen for November 2021. The price cut, the biggest in 13 months, is in line with market expectations, as refiners called for competitive prices from Saudi Arabia comparing to crude oil supplied from other Middle Eastern producers and the arbitrage cargoes from the Atlantic Basin. Read full article
Southwestern Energy and Chesapeake Energy are close to a merger that would create a roughly $17-billion company that would rank as one of the largest U.S. natural-gas producers, the Wall Street Journal reported on Friday. The deal could come together as soon as next week, the report said, citing people familiar with the matter, provided the talks do not hit a last-minute snag. Shares of Southwestern and Chesapeake climbed 6.6% and 3.2%, respectively, on the news.
Reuters reported in October that Chesapeake was exploring an acquisition of Southwestern. Read full article
Aquila European Renewables plc, the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH announces that it has entered into a EUR 50 million[1], five-year non-recourse debt facility (“Debt Facility”) with ING Bank N.V. Sucursal en España. The Debt Facility is secured by AER’s wholly owned Spanish solar PV portfolio, which consists of 180 MWp of unlevered operating assets supported by long-term contracted Power Purchase Agreements.
The Debt Facility implies a conservative gearing level of approximately 26% for the Spanish solar PV portfolio, based on fair values as at 30 September 2023. The Company has been able to secure the loan at attractive terms, with an all-in interest rate below the existing revolving credit facility (“RCF”). Pricing terms of the Debt Facility remain confidential. 90% of the Debt Facility is hedged via an interest rate swap over the life of the loan. The Debt Facility is also partially amortising, with a balloon repayment at maturity. The Debt Facility also benefits from an accordion option (EUR 18 million), as well as two twelve-month extension options, both of which are subject to lender consent.
The Company intends to use the net proceeds from the Debt Facility to repay the RCF, resulting in available capacity under the RCF of approximately EUR 70 million (current facility limit: EUR 100 million). As a result, the Company’s overall gearing level remains unchanged at approximately 34% of its Gross Asset Value, as at 30 September 2023. The undrawn RCF capacity provides significant flexibility for the Company going forward when considering future capital allocation decisions, which may include the continuation of the share buyback programme. As announced in May 2023, this debt financing is one of a number of initiatives identified by the Board to assist in securing recognition of the value inherent in the portfolio. Further, the Board will continue to consult with shareholders and, as announced on 22 December 2023, is considering broader options for the future of the Company. Read full article
Researchers led by Genki Kobayashi at the RIKEN Cluster for Pioneering Research in Japan have developed a solid electrolyte for transporting hydride ions (H−) at room temperature. Its a breakthrough that means the advantages of hydrogen-based solid-state batteries and fuel cells are within practical reach, including improved safety, efficiency, and energy density, which are essential for advancing towards a practical hydrogen-based energy economy.
The study paper was published in the scientific journal Advanced Energy Materials. For hydrogen-based energy storage and fuel to become more widespread, it needs to be safe, very efficient, and as simple as possible. Current hydrogen-based fuel cells used in electric cars work by allowing hydrogen protons to pass from one end of the fuel cell to the other through a polymer membrane when generating energy. Read full article
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the signing of Memorandum of Understanding (MoU) between the Ministry of Petroleum & Natural Gas, Government of India and the Ministry of Natural Resources, Republic of Guyana on cooperation in the hydrocarbon sector.
Details of the MoU:
The proposed MoU covers the complete value chain of hydrocarbon sector including sourcing of crude oil from Guyana, participation of Indian companies in Exploration and Production (E&P) sector of Guyana, cooperation in the areas of crude Oil refining, capacity building, Strengthening bilateral trade, collaboration in natural gas sector, collaboration in developing regulatory policy framework in oil & gas sector in Guyana; Cooperation in the area of clean energy including biofuels as well as renewables sector including solar energy etc. Impact: The MoU on cooperation in hydrocarbon sector with Guyana will strengthen bilateral trade, foster investment in each other countries and help diversifying source of crude oil, thus augmenting the energy & supply security of the country. It will also provide opportunity to Indian company to participate in E&P sector of Guyana, gaining experience by working with global oil & gas companies in upstream projects, thus fostering the vision of “Aatmanirbhar Bharat”.
Implementation strategy and targets: This MoU shall enter into force on the date of its signature and will remain in force for a period of five years and shall be automatically renewed thereafter on a quinquennium basis unless either Party gives the other Party a written notice three months in advance of its intention to terminate this Understanding. Read More
PC Ketapang II Ltd. (PCK2L), a subsidiary of PETRONAS, has secured the 20-year extension of the Production Sharing Contract (PSC) for the Ketapang Working Area, located in the Java Sea. Due to expire in 2028, the Ketapang PSC extension was officially granted by the Government of Indonesia through the Ministry of Energy and Mineral Resources on 22 December 2023 with the same composition of participating interests.
Executive Vice President and Chief Executive Officer of Upstream PETRONAS, Datuk Adif Zulkifli said, “We are grateful to the Government of Indonesia for the PSC extension, which will allow PETRONAS to continue leveraging our strong portfolio in Indonesia, through our key strategic projects that we have planned for the Ketapang Working Area.”
“Since its first oil production in 2015, PCK2L has emerged as one of the key upstream players in East Java, delivering resources to effectively meet the region’s energy demand, and we will continue to foster robust collaborations with the Government of Indonesia and our partners to contribute towards reaching the national production targets,” he added.
Presently, PETRONAS is the operator for the Ketapang, North Madura II, and North Ketapang PSC, located offshore East Java, and is a joint venture partner in seven PSCs located both onshore and offshore Sumatra, Natuna Sea, East Java, as well as East Indonesia. Read More
PETRONAS Carigali Sdn Bhd (PETRONAS Carigali), a wholly-owned subsidiary of PETRONAS, has signed a Memorandum of Understanding (MoU) and two Technical Assistance Agreements (TAAs) with PTT Exploration and Production (PTTEP) in relation to the development of PTTEP-operated Blocks SK405B and SK410B located off the coast of Sarawak, offshore Malaysia.
The MoU covers the scope of potential evacuation of production from Block SK405B through D35/D21/J4 Production Sharing Contract (PSC) facilities, Post 1976 Balingian PSC facilities and Bintulu Crude Oil Terminal operated by PETRONAS Carigali.
Meanwhile, the first TAA covers the study and design works for Block SK405B fields into the same PETRONAS Carigali-operated facilities. The second TAA is for the assistance of engineering design for the potential construction, tie-in works, pipeline and cable crossings of Block SK410B for Lang Lebah’s gas evacuation to the Bintulu Additional Gas Supply Facilities 2, as well as for the potential production and handling of Lang Lebah’s condensate at the Bintulu Integrated Facilities.
Signing the MOU and the TAAs on behalf of PETRONAS Carigali was Senior General Manager of Sarawak Asset, Anuar Ismail while PTTEP was represented by its Country Manager, Kanok Intharawijitr. Anuar said, “This collaboration would enable both parties to drive progress by leveraging on PETRONAS Carigali’s expertise and technology through continued focus on cost optimisation and operational excellence to ensure supply security, particularly in Sarawak.” Read More
VinFast Auto Ltd., Vietnam’s leading electric automotive manufacturer, announce changes to its leadership as it enters the next phase of its development, effective as of today. Mr. Pham Nhat Vuong, founder and Chairman of Vingroup Joint Stock Company (“Vingroup”) – VinFast’s parent company – will transition from his current role as the Chairman of the Board of Directors of VinFast to assume the executive position of Chief Executive Officer (“CEO”) of VinFast. He will continue to serve as a Director of the Company and now assumes the position of Managing Director. Concurrently, Madame Le Thi Thu Thuy will transition from her current role as CEO to assume the position of Chairwoman of the Board of Directors. The Company also announced the appointment of Ms. Nguyen Thi Lan Anh as its new Chief Financial Officer, replacing Mr. David Mansfield. Read More
Vietnamese electric vehicle (EV) maker VinFast signed an agreement on Saturday to set up its first manufacturing facilities in India, as the ambitious company seeks to penetrate the world’s third-largest vehicle market. VinFast and the southern state of Tamil Nadu agreed to work toward an investment of up to $2 billion, with an intended commitment of $500 million for the first five years of the project, according to a joint statement. Read More
Brazil’s sales of electrified light vehicles beat all forecasts and ended 2023 with 93,927 registrations – an increase of 91% over sales in 2022 (49,245). In December alone, sales reached 16,279, almost triple the 5,587 in December 2022 (+191%), surpassing all monthly records in ABVE Data’s historical series.
The 2023 numbers consolidate a shift in the electrified market in Brazil, towards plug-in electric vehicles (PHEV and BEV).
Plug-ins (which have external battery recharge) represented 56% of light electrified vehicle sales in the year, with 52,359 units, surpassing conventional HEV gasoline and HEV flex hybrids (41,568), which until 2022 still dominated this segment.
In December, plug-ins reached no less than 70% of total electrified sales (11,371, out of a total of 16,279), driven by the excellent performance of BYD and GWM, which launched new models with these technologies. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $72.73 | Down |
| Crude Oil (Brent) | USD/bbl | $77.86 | Down |
| Bonny Light | USD/bbl | $79.78 | Up |
| Saharan Blend | USD/bbl | $79.85 | Up |
| Natural Gas | USD/MMBtu | $2.83 | Up |
| OPEC basket 05/01/24 | USD/bbl | $78.94 | Up |
Two important documents signed by the President of the Republic and released this Saturday (30/12) by the Federal Government will allow Brazil to advance in electromobility and achieve the goals of decarbonizing the economy – assessed the president of ABVE, Ricardo Bastos. “We ended 2023 with two great measures from the Brazilian government to attract investments in the automotive industry and decarbonization” – said Ricardo Bastos. One of the documents is Provisional Measure 1205, which establishes Mover – Green Mobility and Innovation Program, the long-awaited new automotive policy that will replace Rota 2030. Another initiative is the text of a Bill that creates a program for “accelerated depreciation” of the Brazilian industrial park, aiming to encourage its technological renewal. “The Mover Provisional Measure, long awaited by companies that are investing in electric mobility, and the Accelerated Depreciation Bill will put Brazil on the path to new technologies” – celebrated the president of ABVE. “The year 2024 will also be a year of a lot of work for electromobility, and now with the support of these important public policies.” Read full article
Global coal demand is expected to decline to 2026, according to the latest edition of the International Energy Agency’s (IEA) annual coal market report – the first time that the report has predicted a drop in global coal consumption over its forecast period.
Coal 2023 sees global demand for coal rising by 1.4% in 2023, surpassing 8.5 billion tonnes for the first time. The global increase masks stark differences among regions. Consumption is on course to decline sharply in most advanced economies in 2023, including record drops in the European Union and United States of around 20% each. Demand in emerging and developing economies, meanwhile, remains very strong, increasing by 8% in India and by 5% in China in 2023 due to rising demand for electricity and weak hydropower output. However, the report expects global coal demand to fall by 2.3% by 2026 compared with 2023 levels, even in the absence of governments announcing and implementing stronger clean energy and climate policies. This decline is set to be driven by the major expansion of renewable energy capacity coming online in the three years to 2026. Read full article
Wondrwall Group , a pioneer in intelligent technology for net-zero energy homes[1], announces that InfraRed Capital Partners (“InfraRed”), an international infrastructure investment manager with a portfolio of around $14bn equity under management, have agreed to partner with Wondrwall to supercharge the company’s growth within the new build housing market. The partnership supports Wondrwall’s ambition to unlock an initial investment programme of over £100m.
InfraRed’s investment demonstrates the potential of Wondrwall’s technology to support the UK’s journey to net zero by 2050 by providing the funds to unlock Wondrwall’s potential to expand its footprint to over 100,000 net-zero energy homes, both in the UK and on the global stage.
Launched in 2018, Wondrwall’s technology represents a leap forward from conventional smart homes. Wondrwall offers a fully-integrated, artificial intelligence-powered, home energy management system (“HEMS”), capable of adapting to homeowners’ living habits, energy consumption, the thermal performance of the home, and external factors like weather forecasts, geo-location and time-of-use tariffs. This innovative approach combines sensory technology with gas-free heating, hot water, solar energy generation, battery storage, EV charging and cloud-based, machine learning. As well as actioning energy-saving measures around the clock, Wondrwall’s HEMS also identifies the optimum time to buy energy from, and sell energy back, to the grid for an overall net-zero energy home aim and the potential to deliver negative energy bills[2]. Notably, Wondrwall enables UK housebuilders to exceed current Future Homes Standard requirements[3] at a comparable build cost to gas-heated homes.
Currently being trialled by many of the UK’s leading national housebuilders, the technology is reshaping the landscape of sustainable home construction.
Daniel Burton, CEO and founder of the Wondrwall Group, comments: “This is a landmark moment for Wondrwall and will help us to accelerate towards our ambition of making intelligent net zero living accessible to all. InfraRed is an exceptional partner for Wondrwall and the investment underlines the importance of our technology in helping to reduce energy consumption of homes and help the UK in transition to net-zero.
“Put simply, Wondrwall creates the most intelligent homes in Britain. By harmonising energy generation, storage, and demand, our solution reduces carbon to protect the climate and reduces energy bills to protect the consumer.
“With pledges being made to deliver 1.5 million new homes in the UK over the next 5 years, if just half were installed with Wondrwall technology, the carbon saving would be the equivalent of more than 14 million trees with the potential to absorb 321 million kilograms of CO2 per year[4].
“This investment marks a significant milestone for Wondrwall, facilitating rapid upscaling to meet the evolving needs of housebuilders on their ESG journey and homeowners grappling with escalating energy costs. Wondrwall is uniquely positioned to manage energy consumption, supporting grid decarbonisation, reducing energy bills, and maintaining current build costs.” Stephane Kofman, Partner, Head of Capital Gain Funds at InfraRed, says: “Wondrwall is a company that stands at the forefront of the energy transition. This partnership demonstrates our ongoing commitment to invest in infrastructure solutions that both support sustainable futures and address the current cost of living crisis.” Read full article
Onyx Capital Group, the world’s leading liquidity provider in oil derivatives, has assembled a C-suite of the brightest minds in the industry to support its mission of accelerating growth and levelling up the energy and commodity futures market. The newly created roles coincide with a major milestone for Onyx Capital as year-end revenues exceed £200m, representing 30 per cent year-on-year growth, despite global economic uncertainty and high interest rates. Joining co-founders Greg Newman (CEO) and Omar Kayaam (Chief Investment Officer) are Ishaan Hemnani, newly recruited Chief Technology Officer; Chief of People, John Beckwith; Chief Financial Officer, Andrew Chen and newly promoted Chief Revenue Officer, Miles Hempsall. “Following such a phenomenal year of growth for the business, continuing this trajectory is our top priority, not to mention hard evidence that our strategic positioning for greater transparency is working,” said Newman. “That is why we are making this significant investment in assembling the strongest possible team to carry us forward. The new leadership team underpins our ambition to accelerate our growth and challenge the status quo,” he added. Read full article
U.S. Rig Count is down 1 from last week to 621 with oil rigs up 1 to 501, gas rigs down 2 to 118 and miscellaneous rigs unchanged at 2.
Canada Rig Count is up 39 from last week to 125, with oil rigs up 31 to 58, and gas rigs up 8 to 67.
International Rig Count is down 23 rigs from last month to 955 with land rigs down 23 to 735, offshore rigs unchanged at 220.
The Worldwide Rig Count for December was 1,739, down 55 from the 1,794 counted in November 2023, and down 95, from the 1,834 counted in December 2022.
| Region | Period | Rig Count | Change |
| U.S.A | 05 January 2024 | 621 | -1 |
| Canada | 05 January 2024 | 125 | +39 |
| International | December 2023 | 955 | -25 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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