Energy/Automotive News| WTI Crude $75.97/bbl, Brent $80.94/bbl, Opec $82.52/bbl
London, 15 February 2024, (Oilandgaspress): -Worldwide shipping is undergoing some profound changes in the wake of continuous attacks by Yemen’s Houthi rebels in the Red Sea. A.P. Moller-Maersk , just warned customers of a deteriorating situation in the vital waterway responsible for a sixth of world trade. This latest announcement shows growing uncertainty across the region and poses fresh questions for the global supply chain.
Has Offshore Wind Finally Hit Rock Bottom?
It has been a catastrophic 12 months for offshore wind in the United States. Several large projects have been canceled along the Mid-Atlantic, and Orsted, the world’s largest offshore wind developer, has laid off hundreds of employees and canceled its dividend. Is the industry dying?
Maybe it’s actually about to turn a corner. In this episode, Jesse Jenkins, an energy systems expert and professor at Princeton University, and I discuss the future of the sector, and Jesse tries to convince me that the industry is about to bounce back. Read full article
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Puma Hoops and LaMelo Ball together with Porsche proudly unveil the Puma x Porsche Collection, a dynamic collaboration that seamlessly merges the worlds of basketball and automotive excellence.From the racetrack to the hardwood, the Puma x Porsche Collection embodies speed, style, and innovation. Drawing inspiration from one of the most iconic sports cars – the Porsche 911 Turbo – and Indiana’s storied automotive history, this collaboration introduces a striking blend of racing-inspired graphics in bold yellow and black color-blocking. Anchoring the collection are two high-performance Puma Hoops shoes: LaMelo Ball’s signature MB.03 and the groundbreaking All-Pro Nitro™..Puma x Porsche All-Pro Nitro™ – where an iconic carmaker meets an innovative basketball shoe. Featuring bold yellow and black accents, this shoe is more than just a colorway; it’s packed with high-performance Puma Hoops innovations like Nitrofoam™ for cushioning and stability. Read full article
The Politecnico di Torino and Iveco Group (EXM: IVG) have signed a collaboration agreement aimed at developing shared research programmes in the mobility sector. Over the next three years, they will conduct studies and research in the cutting-edge field of commercial vehicle design, with a focus on sustainable innovation.
The signing ceremony took place today at the Rectorate of the Politecnico di Torino. In attendance were Guido Saracco, Rector, Politecnico di Torino; Giuliana Mattiazzo, Vice-Rector for Technology Transfer, Politecnico di Torino; Francesco Tutino, Chief Human Resources & Information Technology Officer, Iveco Group; and Marco Liccardo, Chief Technology & Digital Officer, Iveco Group. The studies will focus on the contribution of digitalisation, aided by Artificial Intelligence algorithms, in the design of new, innovative propulsion systems to support the transition towards a more sustainable future. The partners have established goals for the collaboration in areas related to energy management and reducing environmental impact, which are achievable in joint research like this through the adoption of Life Cycle Assessment (LCA) criteria and eco-design methodologies. A fundamental tool in support of the European Green Deal and environmental sustainability, LCA is a multi-criteria evaluation methodology capable of covering a wide variety of impacts associated with human health, ecosystem health and resource availability. Read full article
Woodside announced that the Trion oil and gas project has received approval for its Social Impact Assessment from the Mexican Ministry for Energy. The Social Impact Assessment was submitted in May 2023. It provides a comprehensive assessment of the project and outlines the ways in which Woodside will manage social impacts. “This approval marks an important milestone on the pathway to developing this nationally significant resource project,” said Woodside Executive Vice President Projects Matthew Ridolfi. “We appreciate the ongoing support we have received from the Mexican government for Trion. “The approval also validates Woodside’s approach to how we engage with communities wherever we work and recognises our high operating standards. It reflects the excellent work of our technical team, our consultants, and the strong professional relationships we have established with Mexico’s regulatory authorities.”
Mr Ridolfi noted that the Social Impact Assessment will be a critical tool in helping manage the project during the construction phase. “The development of this comprehensive plan will help us to engage more effectively with local communities and better support their needs as we progress this project from construction to first oil. It also brings forward opportunities for jobs and economic development,” he said. Trion is a greenfield development that would represent the first oil production from Mexico’s deepwater. It is located in the Gulf of Mexico at a water depth of 2,500m, approximately 180km off the Mexican coastline. Trion is being developed by Woodside Energy in a joint venture with PEMEX. First oil is targeted for 2028. Read full article
Mercedes-AMG is launching an attractive special model: the “Limited Edition”.-AMG A 45 S 4MATIC+ It can be ordered now. The price for the extensive additional equipment is €14,280.00[2]. The market launch will take place in April 2024. The offer is available until the end of 2024. The exclusive paintwork in “AMG green hell magno” is particularly striking. This colour was previously not available for the compact class. There is also the foiling with the AMG logo and a large “A 45 S” lettering on the doors and the AMG crest on the bonnet. The “Limited Edition” rolls on matt black 19-inch AMG forged wheels in a seven-twin-spoke design, which are reserved for the Edition. Yellow as a contrasting colour accentuates the rim spokes. To match the colour of the wheels, the brake calipers of the AMG high-performance brake system are coloured glossy black and have white AMG logos. Refined details include the exclusive fuel cap with the AMG logo and the light projector: it shines the AMG coat of arms onto the road when you get in and out of the vehicle.
Three equipment packages further enhance the “Limited Edition”:.With an output of 310 kW (421 hp), the A 45 S 4MATIC+ is powerfully motorised. The compact sports car sprints from a standstill to 100 km/h in 3.9 seconds. The top speed is limited to 270 km/h. In addition to the pure performance figures, the AMG 2.0-litre four-cylinder turbo engine impresses with its spontaneous response.
The fully variable AMG Performance 4MATIC+ all-wheel drive with AMG TORQUE CONTROL makes a significant contribution to the dynamic driving experience: The rear axle drive contains two electronically controlled multi-plate clutches. They are each connected to a drive shaft on the rear axle. This means not only can the driving force be distributed variably between the front and rear axles, but also selectively between the left and right rear wheels. Read full article
For the third consecutive year, Neste has been ranked as the 2nd most valuable Finnish brand by Brand Finance, the world’s leading independent brand valuation and strategy consultancy. According to the Brand Finance Finland 25 2024 ranking published in February, Neste’s brand value has increased by 13% to reach EUR 3.2 billion. The previous assessment was published in April 2023. Brand Finance has calculated the brand value of the Neste brand seven times between 2018 and 2024. Brand Finance evaluates 5,000 of the world’s biggest brands annually. In the Brand Finance Finland 25 2024 report, Finnish brands were evaluated with the Royalty Relief methodology focusing on the areas of Brand Strength, Royalty Range and Forecast Revenues. Read full article
Neste accelerates the electrification of heavy-duty vehicles (HDVs) by opening its first high-power charging stations for its business customers with heavy-duty vehicles (HDVs) in Finland. The service will be available in the second half of 2024 at the Neste Janakkala Linnatuuli service station, located along the main highway 3.
HDVs produce more than one third of road traffic emissions in Finland. The high-power charging service for HDVs that is located outside company premises and depot areas complements Neste’s portfolio of solutions offered in Finland to support the transition to lower-emission transport. .. Read full article
During the period from 5 to 9 February 2024, Eni acquired on the Euronext Milan no. 2,070,154 shares (equal to 0.06% of the share capital), at a weighted average price per share equal to 14.4379 euro, for a total consideration of 29,888,746.10 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 full article
.BBC TV presenter and respected naturalist, Chris Packham, is testifying today at the crown court trial of Just Stop Oil supporter, Cressie Gethin. He has released a statement offering support for Cressie’s actions.
Today, Wednesday 14th February, marks the eighth day of Cressie’s trial for Public Nuisance. She is appearing at Isleworth Crown Court, appearing before Judge Duncan. Cressie, 22, a music student from Hereford, faces up to ten years custodial sentence if found guilty.
Cressie climbed a motorway gantry above the M25 on the 20th July 2022, two days after the governments’ net zero strategy was declared unlawful, and one day after the UK recorded it’s highest ever temperature of 40.3 degrees celsius, a milestone that scientists previously thought was impossible Read More
OCI Global (Euronext: OCI) reported total FY 2023 revenues of $5,022 million, a decrease of 48% YoY, and total FY 2023 adjusted EBITDA of $1,214 million, a decrease of 69% YoY. Q4 2023 revenues of $1,209 million and Q4 2023 adjusted EBITDA of $310 million represented a 45% and a 54% decline YoY respectively. The YoY declines were driven primarily by materially lower nitrogen pricing globally, partially offset by a reduction in natural gas prices in Europe and the US. Quarter-on-quarter, adjusted EBITDA increased 28% as a result of a recovery in global ammonia prices.
Adjusted net loss from total operations in Q4 2023 was $46 million, versus adjusted net profit of $205 million in Q4 2022.
Total operating free cash flow was $16 million in Q4 2023.
Net debt from total operations was $3,740 million at 31 December 2023, with total net leverage of 3.1x on a consolidated basis.
In December 2023, OCI entered into a binding equity purchase agreement for the sale of 100% of its equity interests in Iowa Fertilizer Company LLC (“IFCo”) to Koch Ag & Energy Solutions (“KAES”) for a purchase price consideration of $3.60 billion on a cash free debt free basis, following a competitive process. OCI also announced the sale of its 50% stake in Fertiglobe (ADX: FERTIGLB) to Abu Dhabi National Oil Company P.J.S.C. (“ADNOC”) in December for a total consideration of $3.62 billion, fully exiting and monetizing its entire equity stake. OCI and ADNOC have further entered into an agreement to explore global strategic collaboration on future joint investments in decarbonization and product distribution across North America and Europe. Read More
The Dutch economy expanded in the fourth quarter of 2023, and the technical recession in the Netherlands has now come to an end. GDP grew 0.3% quarter-on-quarter, in line with forecasts. The expansion was driven by private consumption, while public consumption and exports also saw improvements Household consumption expanded significantly (+1.8% QoQ seasonally adjusted) after three quarters of decline, on the back of a high contractual wage increase of 6.9% year-on-year. It provided by far the largest contribution of 0.8ppt to GDP growth in the fourth quarter. Dutch households purchased more domestically and abroad, contributing to the increase in imports. There were more purchases of durable goods and especially of services within the Netherlands, while growth in domestic consumption of food and beverages stagnated. Government consumption rose as well, albeit at a slower pace (0.4%) than in previous quarters. Employment also increased, especially in public administration and education. Read More
To celebrate football’s biggest game, Hyundai went offline to conquer the weekend in the all-new Santa Fe SUV and handed its Instagram account over to 22 other brands including, Weber Grills, the Los Angeles Rams, the Houston Texans, Mint Mobile and more.
As part of its marketing campaign for the 2024 Santa Fe, Hyundai partnered with brands to create over 100 pieces of content showcasing the importance of conquering the weekend in ways that were relevant to the brand and included highlights of the Santa Fe’s key features.
“When looking for ways to make a splash during football’s biggest game, we wanted to take a unique approach to reaching our customers where they are during the big game, outside just another advertisement in a very crowded field – and this Instagram takeover was the perfect opportunity,” said Angela Zepeda, chief marketing officer, Hyundai Motor America. “Thanks to all the brands who partnered with us to celebrate the joy of conquering the weekend in the Santa Fe.” Over the two-day period, the campaign resulted in: Read More
The all-electric Hyundai IONIQ 6[i] has been named the 2023 CleanTechnica Car of the Year, solidifying its position as a leader in today’s EV landscape. This award, given out by the clean-energy website’s editorial team with direct voting input from its readership recognizes the IONIQ 6’s outstanding performance, innovative features, and strong sales. CleanTechnica presented two awards this year, one for the U.S. market and one for Europe. The CleanTechnica Car of the Year winners for 2023 were determined through a comprehensive process involving both the organization’s editorial team and its readership community. U.S. finalists were determined by the CleanTechnica editorial team and presented to their audience in an article along with a survey poll urging readers to choose the winning vehicle. CleanTechnica’s guiding criteria to its readership was to select the vehicle that “…will have the largest net positive impact on the world.” Other finalists included the Mercedes-Benz EQE SUV, Nissan Ariya, and Toyota BZ4X. The voting process was open to CleanTechnica’s entire readership, providing an inclusive and engaging opportunity for clean-transportation enthusiasts to participate. The winner was ultimately chosen based on the collective input of the community, reflecting the diverse perspectives within the audience. The Hyundai IONIQ 6 emerged as the clear winner, securing an impressive 81 percent of the vote. . Read More
Moody’s revises outlook on Adani Group companies to ‘Stable’ from ‘Negative’
The companies experiencing a positive shift in their rating outlooks are Adani Green Energy Limited, Adani Green Energy Restricted Group, Adani Transmission Step-One Limited, and Adani Electricity Mumbai Limited. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $76.01 | Down |
| Crude Oil (Brent) | USD/bbl | $80.96 | Down |
| Bonny Light | USD/bbl | $84.77 | Up |
| Saharan Blend | USD/bbl | $84.17 | Up |
| Natural Gas | USD/MMBtu | $1.62 | Down |
| OPEC basket 14/02/24 | USD/bbl | $82.52 | Up |
Tailwinds from government grants in the form of viability gap funding (VGF) for battery storage systems and other favourable policy announcements should lead to ~4 gigawatt (GW) of battery storage capacity by fiscal 2028, said a report by CRISIL Ratings. Another driver of this, it added, will be improvement in return on capital (returns) profile of standalone storage projects by 300-400 basis points (bps) to 12-13 per cent, bumped up by grants and an on-year fall of ~20 per cent in battery prices. Read full article
SolarEdge Technologies, Inc., a global leader in smart energy technology, today announced that its new high-power DC-optimized SolarEdge 330kW Inverter system for community and ground mount solar has received UL1741-SB certification and is now deployed with its first customer in the U.S. The first commissioned DC-optimized SolarEdge 330kW Inverter system in the U.S. is a 1MW ground mount solar system that was recently installed in Northern California, on a site owned by the Karuk Tribe. Designed to manage and distribute electrical power efficiently over long distances and to reduce Balance of System (BoS) costs, the system was installed by Arizona-based EPC company, SunRenu. The project is expected to produce approximately 1,575,000 kWh of solar energy annually and, according to SunRenu, is anticipated to offset approximately 96% of the site’s annual electricity use, reducing carbon emissions by around 1,018 tons per year. Read more
Nigerians are facing a double whammy as scorching heatwave coincides with widespread power outages that have seen many areas experience total darkness for days on end. In major cities including Lagos, Abuja and Port Harcourt, residents are complaining about worsening power supply, which electricity distribution companies have attributed to low generation occasioned by gas shortages. The blackout, which has persisted for weeks in some parts of the country, has disrupted daily life, affecting businesses, healthcare facilities, and households reliant on electricity from the national grid for necessities. Read full article
The UK economy has officially entered recession, figures show.
A major measure of economic growth, gross domestic product (GDP) shrank 0.3% between October and December, the latest Office for National Statistics (ONS) data shows. It followed 0.1% of negative economic growth in the three months from July to September.
A recession is defined as two consecutive three-month periods where the economy contracts rather than grows. Read full article
Saudi Arabia’s annual inflation rate rose to 1.6% in January from 1.5% the previous month, with rising rents remaining the main driver, according to government statistics released on Thursday. Housing rents increased by 9.3% in January 2024, with prices for villas rising by 8.2%, the General Authority for Statistics reported, while the prices of housing, water, electricity, gas, and other fuels rose 7.8% compared to the previous year.. Read full article
Rig Count: U.S. +4 to 623 Canada unchanged at 232
U.S. Rig Count is up 4 from last week to 623 with oil rigs unchanged at 499, gas rigs up 4 to 121 and miscellaneous rigs unchanged at 3.
Canada Rig Count is unchanged from last week at 232, with oil rigs unchanged at 141, and gas rigs unchanged at 91.
International Rig Count is up 10 rigs from last month to 965 with land rigs up 5 to 740, offshore rigs up 5 to 225. International Rig Count is up 64 rigs from last year’s count of 901, with land rigs up 65, offshore rigs down 1.
The Worldwide Rig Count for January was 1,784, up 45 from the 1,739 counted in December 2023, and down 115, from the 1,899 counted in January 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 09 February 2024 | 623 | + 4 |
| Canada | 09 February 2024 | 232 | – |
| International | January 2024 | 965 | +10 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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