Daily Energy/Automotive News; 28 March 202

London, 28 March 2024, (Oilandgaspress):- A refinery in southwestern Russia owned and operated by state oil giant Rosneft has been taken offline and all production stopped, due to damage following a drone attack from Ukraine last week, Reuters reported on Thursday, quoting sources in the industry.

A new emissions reduction plan published today (27 March) by the North Sea Transition Authority (NSTA) has highlighted the need for action across the board on production decarbonisation – including action on flaring and venting and the electrification of oil and gas installations – to ensure the future of the industry and hit net zero targets.

Production emissions reduction is one of the NSTA’s three priorities, alongside energy production and the transition to net zero. Oil and gas still meet around three quarters of UK energy need and, even as demand declines, the UK is likely to remain a net importer to 2050.

The Plan, produced after extensive public consultation and taking onboard feedback, covers four clear contributing factors to decarbonising the industry, and makes it clear that for production to continue in the North Sea, it must also continue to become cleaner.

Industry has done an impressive job in cutting production emissions in recent years, cutting production emissions by nearly a quarter since 2018 and flaring alone as almost halved from 2018 to 2022. However, they still account for around 3% of total UK greenhouse gas emissions and, as power generation was responsible for 79% of production emissions in 2022, electrification or clean power generation can play a significant role in reducing that volume. Read More

JAGUAR LAND ROVER AUTOMOTIVE PLC Will be hosting an investor day on wednesday 19 th of June 2024 at its SITE IN GAYDON, WARWICKSHIRE. Read More

KBR, Inc. announced today it has secured a five-year asset condition monitoring program contract from Rabigh Refining & Petrochemical Company (Petro Rabigh) to deploy predictive maintenance services at its plant in Rabigh, Saudi Arabia.

The program will optimize asset lifecycle, enhance machinery performance and improve overall reliability. This collaboration aims to boost energy and equipment efficiency while mitigating operational risks, aligning with Petro Rabigh’s commitment to safety and sustainability.

“We are pleased to build a longstanding partnership with Petro Rabigh and offer our innovative technology-led industrial solutions,” said Jay Ibrahim, President, KBR Sustainable Technology Solutions. “KBR’s predictive maintenance services improve operational efficiency and align with the clients’ ESG objectives by promoting sustainability and responsible resource management.” KBR delivers smart asset management solutions to help its customers optimize operations, maintenance and revamps to achieve sustainable world-class performance. Read More

McDermott today announced mechanical completion of a pioneering industrial-scale biosurfactant plant for Evonik. Less than two years from contract award, Evonik has achieved initial production of Rhamnolipids, a bacterial surfactant with the potential to fundamentally transform cleaning products and significantly reduce their environmental impact.

The project positions Evonik, a specialty chemicals company, as a pioneer of high-quality, sustainable biosurfactants on a commercial scale.

The scope of the contract included engineering, procurement, and construction management (EPCM) services for a new biosurfactant plant. The engineering and procurement services were executed from McDermott’s office in Brno, Czech Republic, and the construction management was performed at Evonik’s site in Slovakia.

“This is an incredible achievement, completed in a short space of time, thanks to the enduring commitment of our team and their seamless collaboration with Evonik,” said Rob Shaul, McDermott’s Senior Vice President, Low Carbon Solutions. “The high-performance Rhamnolipids significantly advance the growing biosurfactant market and are setting a precedent as part of a broader sustainable chemicals revolution, bringing sustainable cleaning and personal care products to market faster.”

McDermott was selected to partner with Evonik on the pioneering biosurfactants project in 2021. Read full article

Honda has announced the winners of this year’s Yūshū recognition scheme, which was launched to acknowledge and celebrate the top performing retailers in Customer Experience across Europe, based on real customer survey feedback.

Following its introduction to Europe in 2022, which focused on Aftersales departments, the scheme has been expanded to include Automobile Sales across all European regions. In the UK, Motorcycle Sales are also being acknowledged, with a total of 57 Winners and Highly Commended retailers recognised across the European region.

The Yūshū scheme recognises and celebrates retailer performance as measured by the Honda Customer Satisfaction Index (H-CSI), a programme to capture the Voice of the Customer so the company can continue to meet customer needs and exceed expectations. “Customers are at the heart of everything Honda does, so it is fantastic to see how our retailers across Europe have engaged with Yūshū in 2023,” said Hans De Jaeger, Senior Vice President, Honda Motor Europe. “The expanded recognition scheme is indicative of our commitment to providing outstanding levels of customer satisfaction, and how ‘the joy of selling’ resonates with every Honda Associate. We would like to congratulate all of the Winners and Highly Recommended retailers, and we look forward to this positive result continuing throughout 2024.”

Yūshū, meaning ‘Excellence’, is demonstrated by strong dealer engagement to achieve a high Overall Satisfaction score, ultimately encouraging commitment to Honda’s mission statement – supplying products of the highest quality and at a reasonable price for worldwide customer satisfaction. Read full article

Hyundai Motor Company continued its winning streak at the World Car Awards today with the IONIQ 5 N high-performance electric vehicle (EV) named the 2024 World Performance Car. This is Hyundai IONIQ 5 lineup’s fourth major World Car Awards win in the last three years. Today’s victory solidifies IONIQ 5 N’s position as a frontrunner in the market as it continues to outpace EV rivals with its outstanding high-performance technology.
“We are thrilled and honored to receive the prestigious World Performance Car award for our IONIQ 5 N,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “This recognition is a testament to Hyundai’s commitment to pushing the boundaries of electric performance and innovation. It is truly gratifying to see our efforts rewarded with a total of seven World Car Awards titles in the last three years. We are proud to continue our winning streak and solidify Hyundai’s position as a leader in the global EV industry.”
World Car Awards announced the winners of this year’s competition at a ceremony during the 2024 New York International Auto Show (NYIAS). Hyundai Motor’s many nominations reflect its growing stature on the global stage and build on its past success at the World Car Awards. The brand’s IONIQ 5 and IONIQ 6 took back-to-back triple victories in 2022 and 2023 in the World Car, World Electric Vehicle and World Car Design categories. Read More

VH Global Sustainable Energy Opportunities has agreed to acquire and build two solar and storage hybrid sites in Australia for £16.9m

VH Global Sustainable Energy Opportunities plc (the “Company” or “GSEO”) – the London-listed company managed by Victory Hill Capital Partners LLP https://victory-hill.com/news-media/news focused on the energy infrastructure that is essential for the global transition towards net zero – is pleased to announce that it has agreed to acquire and build two fully-permitted solar PV sites with co-located battery energy storage systems (“BESS”) in New South Wales (“NSW”), Australia for a total consideration of £16.9m. This investment is part of the Australian solar PV and storage investment programme (the “Australian Energy Transition Programme”) as announced on 2 August 2021. With this investment the aggregate commitment to the programme has increased from the initial commitment of £50m to £58.5m, tracking the progressive increase in cost of BESS procurement on the hybridised sites since initial investment was approved.

As previously announced, Phase I of the Australian Energy Transition Programme consisted of the acquisition of two operating solar PV sites in South Australia and Queensland with a combined peak capacity of 17MW (connected capacity of 12MW). Phase II involved the construction of co-located BESS to the South Australian asset, which was successfully completed in July 2023. The Company subsequently acquired and constructed three new solar PV sites of 4.95MW, located in NSW, which was completed in Q1 2024. Installation works for the co-located BESS to all three NSW sites has commenced and the sites are expected to be hybridised in Q4 2024.

Today’s announcement adds two 4.95MW solar PV sites in NSW to the programme, with co-located 2-hour BESS on each site, bringing the total capacity of the Australian Energy Transition Programme to 37MW/60MWh, across seven assets. The construction of these two hybrid sites is expected to begin in Q2 2024, with completion expected in early 2025. As with the South Australian hybrid project, which successfully captured more attractive power prices in the intraday market following the addition of the two-hour BESS, co-locating solar PV and BESS provides the system with additional renewable energy. It also supports grid stability with the storage solution, allowing the assets to better serve the needs of the Australian power market in its energy transition. Notably, GSEO expects to gain access to additional energy arbitrage as well as frequency stability services revenue streams from the co-located BESS. Once fully operational, the portfolio is expected to combine merchant sales, frequency stability services revenues, long-term offtake contracts and sales of large-scale generation (green) certificates. Read full article

TotalEnergies’ 100,000 employees in 120 countries worldwide are pleased and proud to celebrate the 100th anniversary of the Company’s creation. TotalEnergies’ 100-year history tells the story of the world and energy, from the 1920s to the present day.

A bold and visionary decision

On March 28, 1924, Compagnie Française des Pétroles was founded in France, a country without any oil. This bold and visionary move marked the start of a century-long saga. To secure France’s energy supply, our company would travel to the four corners of the globe, adapting and growing throughout the century and its many technological and geopolitical upheavals.

Pioneers for 100 years

Unlike our rivals of the day, we did not have access to local resources. That is why we built our competitive advantage on international expansion and technical prowess. These two factors have shaped our pioneer spirit and our journey to this day. Over the years, we have continuously pushed back the boundaries – both technical and geographical – while also adapting to changing needs and customer expectations. This is how we accompanied the remarkable progress and development that took place in modern society during the 20th century. We also acquired additional expertise and experience by teaming up with Petrofina and Elf-Aquitaine, and more recently with Maersk Oil, Saft or Direct Energie.

Becoming a multi-energy company

While oil was the energy of the 20th century, natural gas and decarbonized power are central to the energy system of tomorrow. Natural gas is necessary to the energy transition, as a support for the rise of intermittent renewables and as a substitute for coal, which emits twice as much CO2 in power generation. TotalEnergies is currently the world’s third-largest player in liquefied natural gas (LNG). And in electricity, we are one of the most dynamic solar and wind power developers in the world. Electricity is the energy at the heart of decarbonization and the 21st century will clearly be electric.

Driving the energy transition

Since 2020, we have been resolutely implementing a transition strategy anchored around two pillars: hydrocarbons (including LNG) and electricity. We have the ambition to successfully achieve our transition and support our customers with theirs. Our challenge is to supply the world with the affordable energy required for its development while also reducing emissions. That is the “just, orderly and equitable” transition called for by COP28. Drawing on the pioneer spirit that guides us, we will continue to adjust and adapt as needed to be part of the story of energy for another 100 years! Read full article

Nissan announced today its commitment to the ABB FIA Formula E World Championship until at least 2030, reinforcing its Ambition 2030 electrification plans. Running from Season 13 (2026/27) to Season 16 (2029/30), Formula E’s GEN4 technology will be the most advanced yet, and is set to continue the series’ status as the world’s most innovative laboratory for electric mobility solutions.

During a press conference held in Tokyo ahead of the first ever Formula E race in Japan, Nissan Formula E Team managing director and team principal Tommaso Volpe signed the official registration document for car manufacturers in the FIA Formula E World Championship for Seasons 13 (2026/27) to 16 (2029/30), together with FIA Senior Circuit Sport Director Marek Nawarecki and in the presence of Formula E Chief Executive Officer Jeff Dodds. The agreement ratifies Nissan’s commitment as a manufacturer to GEN4 of the sport, becoming the first constructor confirmed to take part in the ABB FIA Formula E World Championship until 2030.

This decision will see Nissan’s involvement in Formula E stretch to at least 12 years, making it the company’s longest ever motorsport commitment to an FIA World Championship.

With Formula E providing the perfect environment for Nissan to develop its electric vehicle technology and test itself against the toughest competition, this agreement marks yet another milestone towards Nissan’s Ambition 2030 – a long-term plan to become a truly electrified car manufacturer. The program places electrification at the core of the company’s long-term strategy and will see Nissan introduce 34 electrified models between fiscal year 2024 and 2030 to cover all segments, with the model mix of electrified vehicles expected to account for 40% globally by fiscal year 2026 and rise to 60% by the end of the decade.

Nissan’s involvement in the next generation of Formula E reaffirms its commitment to pioneering sustainable racing, aligning with its broader environmental goals. GEN4 technology will include cutting-edge features, such as enhanced energy efficiency with a regeneration capacity up to 700kW, an increased power output up to 600kW, and safety innovations, representing a significant step forward in electric vehicle racing technology. Nissan, the FIA and Formula E share the same vision regarding electrification, making this agreement a significant milestone and a natural next step for the future of electric motorsport. Read full article

Capricorn Announce Results for the year ended 31 December 2023
Strategic Highlights
Delivery on our shareholder return commitment set out in the strategic review, with ~$568m paid to shareholders in 2023 and a further planned dividend payment of $50m in Q2 2024, accompanied by a share consolidation, subject to shareholder approval
Ongoing $25m share buyback programme – ~$21m repurchased to date, with progress limited by reduced trading volumes
Corporate focus on maximising value from the Egypt portfolio
Full exit of non-core exploration positions in Mauritania, Mexico and Suriname
Appointment of Randy Neely as Chief Executive Officer and Director
Right sized the organisation with 80% UK headcount reduction
Revised agreement with Waldorf relating to the Company’s disposal of its Catcher and Kraken interests, with Capricorn now to receive $72.5m over the 12 months following the settlement date and Waldorf’s 25% WI in the Columbus gas field in the UK North Sea, subject to completion. *
Operational Highlights
WI Egypt oil and gas production 30,044 boepd, comprising 47% liquids; net entitlement sales volumes 12,161 boepd
23 additional wells were put on production adding ~6300 bopd and ~16 mmscfd
Of the 29 development wells drilled, 25 targeted liquids production, reflecting the execution of a liquids focused strategy
In total nine near field exploitation (NFE) wells were drilled, seven of which were successful, adding developed producing reserves of ~1 mmboe
Exploration drilling in the first half of 2023 was unsuccessful with three wells drilled
Operating costs per boe of $5.4 on a WI basis
Making progress with opportunistic investments to decarbonise and reduce operating costs.
Financial Highlights
Revenues of $201m with average oil price of $81.2/bbl and gas price of $2.9/mmscf; production costs of $60m
$49m exploration capex and general exploration costs; $15m in Egypt and $34m across legacy international portfolio
$91m capex on Egypt producing assets
Net cash inflow of $32m from Egypt operations
Group net cash of $76m; comprising $190m cash and $114m debt
Receivables of $169m, after expected credit loss adjustments
Gross G&A of $75m inclusive of restructuring costs
$48m contingent payment received in December related to the disposition of the Company’s legacy UK North Sea assets with a further $24.5m to be received over the next 10 months
Group cash expenditure on oil and gas assets $88m; $43m exploration, including general costs, and $44m producing assets
Operating loss of $87m from continuing operations
Combined impairment charge of $44m on Egypt producing assets and related goodwill
Loss after tax of $144m. Read full article

Wintermar Offshore Marine (WINS:JK) has announced results for FY2023. Wintermar’s net attributable profit jumped by 501.1%YOY to US$ 6.7 million for FY2023 backed by higher charter rates.
Higher utilization and rising charter rates towards the 4th quarter lifted gross margins and led to a strong operational performance in FY2023 with EBITDA up 24.4% to US$21.8million on total revenue of US$72.6 million (+19.0%YOY).
Owned Vessel Division
The Owned Vessel Division’s revenue saw a 33.3% YOY increase to US$ 48.2 million, outpacing the owned vessel direct cost growth of 22.4%. Maintenance costs increased by 70.9% in 2023, with 3 additional mid tier vessels starting operations in 2023 and the full year effect of 1 additional high tier vessel which commenced work in late 2022. These costs will stay high in line with our growing fleet of high tier vessels. Operations costs rose by 64.4%, as result of increased operational cost due to a larger number of vessels working outside Indonesia where agency and other costs are higher. Additionally, fuel costs were up by 30.5%, as result of mobilization and demobilization costs of vessels working outside Indonesia. Owned Vessel gross margins increased to 22.6%, up from 15.7% in FY2022, primarily due to increased charter rates. These improvements more than compensated for the higher direct expenses.
Full year utilization rate stood at 68% compared to 73% in 2022, impacted by low utilization in 2Q2023. This was due to a number of our high-tier vessels needing maintenance following the conclusion of long-term contracts. Read full article

Neste has started supplying sustainable aviation fuel (SAF) to Emirates at Amsterdam Airport Schiphol, expanding the partnership the two companies announced in October last year. Over 6,000 tons (2 million gallons) of blended SAF will be supplied into the fueling system at Amsterdam Airport Schiphol over the course of 2024.

Emirates’ partnership with Neste represents one of the largest volumes of SAF that the airline has purchased to date. Once fully supplied into Schiphol Airport’s fueling system, over 2,000 tons (700,000 gallons) of neat SAF will have been supplied as part of the blended SAF supply. Neste is working with the airline to supply SAF also to Singapore Changi Airport in the next few months.

“Collaborating with committed partners like Neste is one of the practical steps we are taking to reduce our emissions, and it’s an all-important milestone in our own sustainability journey as an airline. Strong partnerships like this, especially at major air transport hubs such as Amsterdam, lay the foundation for how we can work with partners and airports to increase access to and availability of SAF across our network,” said Adel Al Redha, Deputy President and Chief Operating Officer at Emirates.

“We are proud to support Emirates on their sustainability journey. SAF is an available solution for reducing greenhouse gas emissions from air travel, and it is exciting that Emirates have started using our Neste MY Sustainable Aviation Fuel at Amsterdam Airport Schiphol. It is a great example of how we are working together with partners to accelerate SAF usage. We are looking forward to the next steps of our cooperation,” said Alexander Kueper, Vice President Renewable Aviation at Neste. . Read More

EACOP Ltd has achieved another key milestone on the construction stage of the East African Crude Oil Pipeline Project (EACOP Project) by officiating the inauguration of Thermal Insulation Plant (TIS Plant) constructed and operated by one of EACOP Ltd Level One Contractors, WASCO ISOAF which is a joint venture of local and foreign companies. The TIS Plant receives all line pipes to be used in Tanzania and Uganda. The TIS Plant will apply thermal insulation to all 86,000-line pipe joints prior to their dispatch and installation along the route from Uganda to Tanzania. The purpose of the insulation is similar to a thermos flask – it retains the warmth of the fluid inside the pipe whilst simultaneously keeping the external environment cool.

Concurrent with the inauguration event was the official signing of land lease agreements between the East African Crude Oil Pipeline (EACOP) and Tanzania Petroleum Development Corporation (TPDC). This follows the completion of the land acquisition and compensation process. The land leases and the production of thermally insulated pipe are two key precursors for construction activities starting along the right of way.

The inauguration was graced by esteemed dignitaries, including Hon. Dr. Doto Mashaka Biteko (MP), Deputy Prime Minister and Minister for Energy, United Republic of Tanzania who officiated the event together with Ruth Nankabirwa, Minister of Energy & Mineral Development, Uganda, EACOP Management, Contractors alongside other distinguished guests such as Ministers, Members of Parliament, High Commissioners, Permanent Secretaries, and other government officials from Uganda and Tanzania.

Following a ramp-up period, the workshop will boast an impressive production capacity of 110-117 kilometers of insulated line pipe per month. Production is slated to commence immediately and continue into 2025.

The establishment of this Plant not only signifies technological advancement but also creates numerous employment opportunities within the region. During the construction phase, a total of 500 personnel on site were employed. During the production phase, 270 workers will be involved in front line site activities, including running the thermal insulation production lines, pipe handling, logistics, maintenance and inspection. The remaining personnel are involved in supporting activities spanning various fields such as catering, camp operation, security and administration.

Hon. Dr. Doto Mashaka Biteko (MP), Deputy Prime Minister and Minister for Energy, Ministry of Energy, United Republic of Tanzania: “We are proud to inaugurate the Thermal Insulation Workshop, a testament to our dedication to advancing infrastructure capabilities. This workshop will not only facilitate efficient crude oil transportation but also foster economic growth and development within the region.” Ruth Nankabirwa, Minister of Energy & Mineral Development, Uganda commended that “the inauguration of the Thermal Insulation Workshop signifies a significant milestone in our collective efforts to strengthen energy infrastructure. This initiative underscores our commitment to enhancing energy security and promoting regional cooperation.” Read More

Satellite image of the Key Bridge with the DALI container ship Image credit Maxar

Satellite imaging company Maxar has released images of the Singaporean container ship DALI wedged between the Francis Scott Key Bridge sections in Baltimore. The 1.6-mile (2.57 km) long bridge collapsed completely moments after DALI collided with it at 1:30 am ET on Tuesday, March 26.

In March of 1977, the Baltimore Bridge was opened to the public. Named in honor of the Maryland poet who wrote the words for the US national anthem, the bridge spanned the Baltimore harbor and Patapsco River. The bridge’s main span extended 1,200 feet and was the third longest in the world. The collapsed bridge will likely impact traffic movement at the Baltimore port and Interstate 695. US President Biden has vowed to rebuild the bridge Read More

The Black Sea has become a perilous minefield over nearly two years of conflict, posing a grave threat to Ukrainian civilian shipping and the export of Ukrainian grain, as well as endangering the maritime routes of neighbouring states.

In response, Turkey, Bulgaria, and Romania have initiated a joint effort to clear these hazardous waters, recognising the critical importance of maritime logistics to their economies. Russian aggression has seeded Ukrainian waters with explosive objects, with 14,000 square kilometers contaminated by bombs dropped both recently and since the annexation of Crimea in 2014. Such actions not only provoke instability but also endanger civilian vessels traversing the Black Sea. International law prohibits targeting civilian objects in warfare, yet Russia continues to violate these principles, posing a significant challenge to accountability.

To address the escalating threat, the MCM Black Sea memorandum was signed, establishing a joint mine countermeasure group comprising NATO member states Turkey, Bulgaria, and Romania. These nations will collaborate to detect and destroy dangerous objects in the western Black Sea, safeguarding vital maritime routes. This initiative not only enhances regional security but also demonstrates unified opposition to Russian aggression. Read More

Oil and Gas BlendsUnitsOil Price US$/bblChange
Crude Oil (WTI)USD/bbl$82.32Up
Crude Oil (Brent)USD/bbl$87.25Up
Bonny LightUSD/bbl$87.76Down
Saharan BlendUSD/bbl$86.10Down
Natural GasUSD/MMBtu$1.738Down
Murban CrudeUSD/bbl$85.88Up
OPEC basket 27/03/24USD/bbl$84.98Down
At press time 28 March 2024


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