October 25, 2024 Latest Energy / Automotive News
London, (Oilandgaspress) –– Denmark will seek a common EU approach for how to tackle increased Chinese competition in the European wind market, the country’s climate and energy minister said ahead of a meeting on Thursday with the EU Commission and industry leaders.
The European wind turbine market is dominated by local turbine makers Vestas (VWS.CO), opens new tab and Siemens Gamesa (ENR1n.DE), opens new tab, but Chinese turbine makers have built momentum in the region recently, adding to concern in the EU industry that it faces an existential threat. Read More
Siemens and ServiceNow today announced a new collaboration, that debuted at the ServiceNow World Forum in Munich. The companies intend to enhance industrial cybersecurity and drive the integration of generative AI into shopfloor operations. This mutual cooperation leverages Siemens’ Sinec Security Guard for industrial vulnerability management and the Siemens Industrial Copilot for generative AI-powered automation – with ServiceNow providing the workflow automation needed to streamline and enhance factory operations. Read More
The new Alfa Romeo 136hp Junior Ibrida will be available at European dealers for a road test. This exclusive version combines sportiness, technology and comfort. Also available with a 156-hp electric motor, the global Italian brand is alighting on the new Ibrida version to confirm its aptitude for satisfying its customers, by giving them full freedom of choice on the configuration that best meets their mobility needs and personal tastes, without sacrificing the values of sportiness and efficiency inherent in Alfa Romeo’s DNA.
In particular, the new Junior Speciale Ibrida offers a 136-hp 48-V Hybrid VGT (Variable-Geometry Turbo) architecture. The electrical component consists of a 48-volt lithium-ion battery and a 21-kW electric motor built into the innovative 6-speed dual-clutch gearbox, which works together with the inverter and transmission control unit to ensure maximum efficiency. Junior Ibrida therefore offers an extremely smooth driving experience to move around the city in electric mode more than 50% of the time; electric driving is guaranteed not only during parking maneuvers or at low speeds in urban areas, but also out of town with a limited load at up to 150 km/h.. Read More
Octopus Energy Group launched ‘Project Mercury’, a new alliance to set global standards for the integration of clean tech with smart energy systems. First announced at the WIRED x Octopus Energy Tech Summit in Berlin last Thursday, Octopus aims to establish a global consortium of hardware manufacturers to simplify the integration of the 200 million clean tech devices that are predicted to be in use by 2030.
Known as ‘Mercury Enabled’, the new technical guidelines will certify device interoperability and functionality to support energy grids by balancing supply and demand.
The new standard will simplify the switch to clean tech devices like heat pumps, batteries, solar panels and EV chargers for millions of customers – and most importantly, give them the confidence that their clean tech will work with other established brands.
‘Project Mercury’ will also foster collaboration across the industry to drive broad adoption, promoting consumer participation in global demand flexibility schemes, such as Octopus Energy’s ‘Saving Sessions’, and the uptake of smart energy tariffs. Read More
Octopus Energy launched a pioneering donation trial that allows solar customers to share the value of their excess energy with those facing fuel poverty. In a world-first scheme, Octopus Solar Sharing lets households with surplus solar energy donate the value of their excess energy to the fuel poverty charity National Energy Action (NEA) or to Octopus’ Octo Assist fund – a £30 million pot dedicated to helping its customers in need. Many homes with solar panels generate more electricity than they use. While energy suppliers typically allow customers to sell this surplus back to the grid, Octopus Solar Sharing takes it one step further.
Instead of keeping the earnings from the excess energy exported back to the grid, Octopus’ solar customers can now donate them to support meaningful causes.
For every kilowatt-hour donated, Octopus will contribute 15p directly to the chosen organisation. The scheme launches with NEA and Octo Assist, with additional charities to join in the future.
Solar power is increasingly important for reducing energy costs and providing sustainable solutions. With over 1.4 million homes in the UK already equipped with solar panels, this number continues to grow each year*.
To further boost the rollout of home solar and help those facing fuel poverty, Octopus is also offering eligible customers free solar and battery installations. The initiative is part of an extension to the Warm Home Discount (WHD) scheme, available to customers who meet specific criteria**.
So far, Octopus has reached out to 10,000 WHD recipients who qualify for this offer, potentially saving them over 90% on their energy bills with the right tariff. Read More
Uber riders in London will have the chance to ride in a ultra-luxurious Lotus Eletre hyper-SUV this November – one of the most expensive and high-performance electric cars in the world.
Sports car maker Lotus has teamed up with Uber to promote the ride hailing app’s green option and encourage zero-emission transport in the capital.
As a bonus, the rider who racks up the most ‘green’ miles before the end of November will win free Uber Green rides for a decade. Depending on which Eletre you hail there will either be three seats in the rear or two with a centre console and reclining seats – seats are made from Re-Fibre materials woven from fashion industry cutoffs which makes your ride even more sustainable.
Front passengers can enjoy 20-way adjustable seats with both heated and massage functions Riders will have until 30 November to add to their electric miles and all Uber riders can track the emissions they’ve saved by using the in-app Emissions Savings tool, which launched earlier this year. Read full article
At its ‘N Day 2024’ event, Hyundai Motor Company’s high-performance N division unveiled RN24, a next-generation ‘Rolling Lab’ demonstrating the future possibilities of high-performance electric vehicles (EVs).
The annual ‘N Day’ event highlights Hyundai N’s relentless innovation and commitment to excel in high-performance, motorsport-proven technologies, especially for EVs. The event highlights Hyundai N’s three pillars: Corner Rascal, Racetrack Capability, and Everyday Sportscar. These pillars reflect the brand’s commitment to creating fun and engaging driving experiences that are uniquely possible with EV technology.
“Hyundai N is not just a brand but a representation of our commitment to innovation and high performance,” said Manfred Harrer, Executive Vice President and Head of the Genesis and Performance Development Tech Unit. “RN24 is a testament to our bold ambitions for the future.”
As Hyundai N’s next-generation Rolling Lab, RN24 is the latest evolution in an innovative series of test vehicles that bridge the gap between motorsport technology and N production models. Originating with the RM (Racing Midship) series in 2012 and including EVs such as RN22e and N Vision 74, Rolling Labs serve as testbeds for high-performance technologies.
RN24 continues this legacy, pushing the limits of motorsports technology and shaping the future of the N brand’s electrified vehicles.
High power in compact lightweight chassis
RN24’s global debut showcases N’s vision for the near future. Inspired by the desire to fit the most powerful EV powertrain into the smallest possible package, Hyundai N applied IONIQ 5 N’s motorsport-capable 650 PS[1] dual-motor power electronics (PE) system. This was installed into a compact World Rally Championship-inspired EV chassis, resulting in a compact, lightweight and agile EV designed for N-thusiasts.
This Rolling Lab is not just a test vehicle; it’s a platform for initiating new conversations about next-generation high-performance EVs. It reflects Hyundai N’s daring spirit to continue to explore new ways to improve the electric driving experience — not just by increasing power and speed, but through a meticulous focus on drivability and precision. Read More
Prospex Energy plc (AIM:PXEN), the investment company focused on European gas and power projects, is pleased to announce that the Viura-1B development well which is being drilled by HEYCO Energy Iberia S.L. (“HEI”) has successfully reached its revised targeted Total Depth (“TD”). TD of 4,500 metres which is ≈4,100 meters True Vertical Depth (“TVD”), was reached on 21 October 2024 in the 6-inch hole section of the bottom 450 metres of the well. Drilling the Viura-1B well deeper to evaluate the Utrillas-B formation appears to have been a highly successful commercial decision, with good gas shows and several potential reservoir formations encountered in this previously undrilled section and with valuable new data acquired.
The Viura gas field is currently back on production with gas being flowed from the existing producing well Viura-1 ST3. Production revenues from the Viura-1B well expected in November 2024.
Prospex owns 7.2365% of the Viura field through its ownership of 7.5% of HEI. Prospex will receive 14.473% of the production income from the Viura gas field until payback of its initial capital investment from the acquisition in August 2024.
Overview
• Drilling of the Viura-1B well commenced on 22 June 2024. The revised TD was successfully reached on 21 October 2024 after the decision to deepen the well.
• The well encountered the main Utrillas-A reservoir unit 50 metres high to prognosis and encountered the top reservoir with good quality reservoir rock with significant gas shows throughout the drilling of the main reservoir target and with gas-bearing formations extending some 30 metres deeper than nearby wells in the formation.
• Deepening the well to appraise the Utrillas-B formation has resulted in the discovery of a new gas-bearing section beneath the proven and producing Utrillas-A formation in the Viura gas field.
• Logging, flow testing and further detailed analysis of the large amount of data acquired from the well will be required before there can be a revision to the gas in place and recoverable reserves in Viura, although a material upgrade is anticipated.
• The Viura-1B well will be connected to the existing gas processing facilities on site during the planned flow testing programme, thus immediately generating revenues, with production income expected in November 2024.
• The Viura field recommenced production on 15 October 2024 from the existing well Viura 1 ST3 to test the facilities following recent maintenance and upgrades ahead of the planned testing programme. It has been flow tested at rates up to 17 MMcfd (0.48 MMscm/d). Read Press Release
Eni’s Board of Directors, chaired by Giuseppe Zafarana, today resolved to distribute to Shareholders the second of the four tranches of the provision in place of the 2024 dividend from Eni S.p.A. available reserves[1] of € 0.25 (compared to a total annual provision, in place of the dividend, equal to € 1.00) per share outstanding at the ex-dividend date as of 18 November 2024[2], payable on 20 November 2024[3], as resolved by the Shareholders’ Meeting of 15 May 2024.
Holders of ADRs, outstanding at the record date of 19 November 2024, will receive € 0.50 per ADR, payable on 6 December 2024[4], with each ADR listed on the New York Stock Exchange representing two Eni shares. Read more
Dana Incorporated (NYSE: DAN) announced that it has earned the Powertrain Product of the Year Award for its Spicer™ eSP502 e-Transmission with Power Take-off (PTO) at the Power Progress Summit 2024 held in Chicago on Oct. 1-2.
The award recognizes Dana’s commitment to zero emissions — offering OEMs an easily integrated, fully electric driveline system to enhance the sustainability of their applications.
“Being honored with the Powertrain Product of the Year Award is a special recognition showcasing a commitment to groundbreaking technology and Dana’s dedication to a sustainable future,” said Craig Price, Senior Vice President and President of Dana’s Off-Highway Drive and Motion Systems. “This is a truly flexible platform in a compact package — supporting the electrification of construction and material handling applications and merging both driveline and work functions into one powerful system.”
The Dana Spicer™ eSP502 e-Transmission with PTO features a dual motor, two-speed powershift transmission with an independently controllable power take-off. The addition of the PTO allows for vehicle-level optimization, lowering the total required installed power. PTO power is managed by controlled utilization of the electromotors, enabling independent operation of work functions and the wheels. If maximum tractive effort is required, the PTO can be disconnected to direct the full installed electromotor power to the drive function. Read More
Dana Incorporated announced today that its board of directors has declared a dividend on its common stock. The board declared a quarterly dividend of $0.10 per share, payable Nov. 29, 2024, to holders of Dana common stock as of Nov. 8.. Read Press Release
Nissan Formula E Team is excited to announce an agreement with Reflo, which will see the eco-friendly performancewear brand become the outfit’s Official Teamwear and Apparel Partner for the next two seasons of the ABB FIA Formula E World Championship.
Specializing in sustainable, premium and technical clothing across a wide variety of sports, Reflo will provide all Nissan Formula E Team members with performance-wear for training, travel, race days and official appearances. A replica range featuring the team’s unique Sakura design will also be available for fans to buy online ahead of the start of Season 11 in December, so supporters can represent Nissan Formula E Team from the grandstands or at home.
The squad will also be working with Reflo to reduce the wastage of its old team kit, using the company’s RELOOP program.
Reflo is on a mission to become the most sustainable sportswear brand in the world. The fast-growing brand has been quickly expanding its presence, both geographically and across the sporting landscape, making it the ideal Official Teamwear and Apparel Partner for Nissan Formula E Team. Read More
Crude oil prices were headed for a weekly jump this week fueled by geopolitical concerns as Chinese demand prospects took a back seat for a while. During the week, Israel continued its offense in Lebanon with calls intensifying for ceasefire talks, the latest coming from France, while the U.S. discussed an end of hostilities in Gaza with the Israeli government.
Oil traders are also awaiting Israel’s delayed response to the Iranian ballistic missile attack from earlier this month, even after Tel Aviv signaled it may not target oil infrastructure in Iran at the request of Washington. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.40 | Down |
| Crude Oil (Brent) | USD/bbl | $74.63 | Down |
| Bonny Light 24/10/24 , CBN | USD/bbl | $76.07 | Up |
| Dubai | USD/bbl | $75.27 | Down |
| Natural Gas | USD/MMBtu | $2.52 | Up |
| Murban Crude | USD/bbl | $74.01 | Down |
| OPEC basket 24/10/24 | USD/bbl | $74.70 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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