Daily Energy/Automotive News; OPEC+ is expected to extend its voluntary production cuts in the second half of the year.
London, 30 May 2024, (Oilandgaspress): – U.S. crude oil refinery inputs averaged 17.1 million barrels per day during the week ending May 24, 2024, which was 601 thousand barrels per day more than the previous week’s average.Refineries operated at 94.3% of their operable capacity last week. Gasoline production decreased last week, averaging 10.0 million barrels per day. Distillate fuel production decreased last week, averaging 5.0 million barrels per day.according to eia reports.
Classic Lamborghini models participated in the 2024 Concorso d’Eleganza Villa d’Este. This year’s competition, which has run since 1929 and is now one of the oldest and most celebrated in the world, welcomed a cohort of four cars produced in Sant’Agata Bolognese, confirming the growing attention commanded by Lamborghini’s classic cars. A 1967 Miura P400 was on show in Cernobbio in Class D, titled “Faster! The Arms Race On The Road”, and Class H, called “The Need For Speed: Supercar Stars of The Video Generation”, included a 1976 Countach LP 400, a Countach 25th Anniversary, and a 1999 Diablo GT. The selection encompassed a period of more than thirty years, involving all the most iconic V12-engined models produced in that period. It is also the first time the youngtimer Diablo has been shown at Villa d’Este, confirming the increasing appreciation of this model as a classic car and sought-after by collectors. Read More
Since 2016, the Bugatti Chiron has remained an incomparable icon of hyper sports car performance. Limited to just 500 units, the final Chiron has now been hand-assembled by the craftspeople in Molsheim; a vibrant piece of bespoke art known as ‘L’Ultime’. This final farewell to Chiron marks the closing of an extraordinary era of performance that saw it become the first 1,500 PS roadgoing car as well as the first production car to surpass 300 mph. And just as it entered the world with spectacular elegance and power, so too does its production end, on the cusp of an all-new Bugatti era. This final Chiron¹ masterpiece – a Super Sport – beautifully reinterprets the car that took center stage in Geneva some eight years ago, exquisitely reminiscent in style and visual identity. When it first wowed the world back in 2016, the color split of ‘Atlantic Blue’ with ‘French Racing Blue’, intersected by a sweeping C-line milled from hand-polished aluminum alloy, was unlike anything seen in the automotive world before. For this 500th and final Chiron, the Bugatti Sur Mesure team reimagined the original design with a mesmerizing interplay of fading colors and a tribute to all the places where the car has spread its magic since 2016. Read More
Pepita pattern
Pepita has been a regular Porsche feature ever since it was originally introduced as a special request in the early 1960s and adorned the seats of the Porsche 356. These checks arranged in diagonal stripes also grace the seat centers of the oldest 911 derivative in the Porsche Museum, the sports car with chassis number 57, built as a 901 at that time.
The name of the pattern was inspired by the stage name of the Spanish dancer Josefa Durán y Ortega from the 19th century: Pepita de Oliva. It was French fashion designer Christian Dior who made the pattern famous when he presented his designs in 1947, which would later become known as the “New Look” style, with Pepita appearing in his women’s collection. It was a bold decision, as it had previously only been used in men’s fashion. But Dior set a trend, and from then on Pepita was mentioned in the same breath as prosperity, elegance, and chic.
Signature Porsche feature
Recognizing the significance, Porsche officially offered the pattern for the first time in the equipment catalog for the original 911. In addition to the traditional design in black and white, as of 1966, customers could choose from the color combinations black, red, and white as well as black, brown, and white. The distinctive textile pattern adorned door panels and trunks and lined glove boxes and fabric seat centers, quickly becoming a signature Porsche feature. In fact, it still represents iconic interior design to this day. Read More
Porsche has set its sights on clinching its 14th outright win at the Eifel marathon on 1/2 June. Six Porsche 911 GT3 R cars will race for overall victory in the top class at this year’s 24-hour race at the Nürburgring. Of the 130-strong field, 45 are Porsche models. This makes the Stuttgart sports car manufacturer the most strongly represented brand at the 52nd running of the endurance race on the Nürburgring-Nordschleife. Porsche’s customer teams and the 911 GT3 R have already given a demonstration of their force in the so-called “Qualifiers” in mid-April. Falken Motorsports celebrated two victories, while Manthey EMA finished both races on the podium. Moreover, Dinamic GT, Lionspeed GP and Herberth Motorsport will each field one GT3 racer from Weissach. Read More
Detroit, Varanasi and Venice have been selected to host innovation challenges as part of the Toyota Mobility Foundation’s Sustainable Cities Challenge. The goal of the $9 million global initiative is to help cities accelerate toward sustainable mobility, fostering healthier and safer urban environments while enhancing people’s ability to commute, work, study, and access services. The cities, located in the United States, India and Italy, were chosen from a shortlist of 10 cities announced in November 2023. Over 150 cities from 46 countries entered the Challenge after the call to cities was first launched in June 2023 and over the last months, the list was narrowed to 10 and now 3 cities. The City Challenges will be launched for innovator entry over the next two months, inviting global innovators to access a share of $3 million in funding per city to demonstrate their solutions.
Three Selected Host Cities: Detroit, Michigan, USA, Varanasi, Uttar Pradesh, India, Venice, Veneto, Italy
The three City Challenges will focus on different areas of sustainable mobility relevant to their specific context, spanning the expansion of access to safe, affordable, and inclusive modes of transportation. Potential solutions could harness the power of data to create connected and resilient mobility or ecosystems or reduce environmental impact through low-carbon and renewable solutions.
The three cities have been working with Toyota Mobility Foundation alongside Challenge Works and World Resources Institute (WRI) to finalize their Challenges. They are focusing on areas of their respective mobility barriers that could be best addressed through open innovation. They have been consulting with local organizations and wider stakeholders to inform the design of their respective Challenges. Read More
196 countries adhering to the Convention on Biological Diversity (CBD) have adopted the Biodiversity Plan (Kunming-Montreal Global Biodiversity Framework). The Plan establishes targets for 2030 and goals for 2050, aimed at protecting and restoring nature. Biodiversity plays a fundamental and widely recognised role in human well-being, for a healthy planet and for the economic wealth of all people. We depend on Nature for food, medicines, energy, clean air and water, protection from natural disasters, cultural and recreational values. Read More
A subsidiary of Cavendish Hydrogen ASA, itself a subsidiary of Nel ASA (Nel, OSE: NEL) has received a purchase order from Alperia Greenpower SRL for hydrogen fueling equipment for one site to be used for light- and heavy-duty fuel cell electric vehicles in Bruneck, South Tyrol, Italy.
“We are pleased to be chosen by Alperia to be the supplier of their first hydrogen fueling station. It will also be Nel’s first H2Station™ installation in Italy, and we are looking forward to deliver and demonstrate our performance and capabilities in this lighthouse project”, says Robert Borin, future CEO of Cavendish Hydrogen.
The hydrogen fueling station will primarily be built for the 2026 Winter Olympics to fuel vehicles for the transfer between the Olympic sports facilities. The contract has a total value of around EUR 3.8 million and includes a 2-year service and maintenance contract. The station is scheduled to be operational in the second half of 2025.
Nel is preparing for a potential spin-off of its Hydrogen Fueling activities under the name Cavendish Hydrogen. Subject to Nel’s decision to complete the spin-off and pursue the separate listing of Cavendish Hydrogen, the shares in Cavendish Hydrogen are intended to be distributed to the shareholders of Nel as dividend in kind. The decision to spin off and separately list Cavendish Hydrogen has not yet been concluded, and no assurances can be given that it will be completed. However, if such a decision is made, the company plans to conduct the spin-off by the end of the second quarter of 2024. If completed, the shares of Nel (comprising its Electrolyser division) will remain listed on the OSE under the ticker “NEL”. Read More
Hyundai has been named the official automotive partner of Liga MX in the U.S., the most-watched soccer league in the country, announced by TelevisaUnivision, the world’s leading Spanish-language media company, during its 2024-25 Upfront in New York. Hyundai joins a growing roster of official Liga MX sponsors, following TelevisaUnivision’s landmark partnership that brought the Mexican soccer league’s commercial rights to the U.S. in 2022, furthering its commitment to U.S. soccer fans.
“Partnering with Liga MX and TelevisaUnivision is an exciting opportunity for Hyundai to deepen our engagement with soccer enthusiasts across the U.S.,” said Angela Zepeda, chief marketing officer, Hyundai Motor America. “This collaboration not only aligns with our global sports initiatives but also allows us to celebrate and support the rich culture and passion that Liga MX fans bring to the sport. We look forward to this journey of driving new experiences and connecting with this vibrant community of futbol fans.”
As part of the new partnership, Hyundai will have exclusive vehicle rights on linear TV, digital and streaming, social, and U.S. grassroots activations of Liga MX (Men’s First Division), Liga MX Femenil (Women’s First Division), e-Liga MX (Gaming Competition), Festival de Campeones, and Liga MX Fiestones.
“Hyundai has a long history of supporting futbol in the U.S. and globally,” said Erik Thomas, director, experiential and multicultural marketing, Hyundai Motor America. “Through our partnership with TelevisaUnivision and Liga MX as the official automotive partner in the U.S., we will be able to reach enthusiastic and loyal fans of the Mexican soccer league. This is a key step for us as we universally reach diverse audiences that embrace these matches regardless of language spoken.”
Hyundai’s involvement with soccer dates to 1999, fostering numerous partnerships with football clubs, players, and associations worldwide, including men’s and women’s World Cup games. In 2021, Hyundai became the presenting sponsor of Sábado Futbolero (Saturday Soccer) with the #BecauseFútbol campaign that featured three Spanish-language TV spots and highlighted the fan rivalry between Chivas de Guadalajara and Cruz Azul of Liga MX. . Read full article
Here’s a look at the top 5 best-selling electric scooters in April 2024.
Ampere Greaves Electric
In fifth place is Ampere, a company that is now owned by Greaves Electric, which registered sales of 2,511 units in April 2024 while the company registered sales of 551 units in April 2023, registering a YoY growth of 355 percent.
Ather Energy
Bengaluru-based startup Ather slid down the ladder in April 2024, after registering sales of 4,062 units in April 2024, as compared to 7,802 units sold in April 2023, registering a YoY sales decline of 47.9 percent last month.
Bajaj
In third is Bajaj, having sold 7,529 units of its only electric offering, the Chetak EV. Bajaj registered sales of 7,529 units in April 2024, as compared to 4,093 units in April 2023, witnessing an 83.9 percent growth last month.
TVS
The TVS iQube has been a silent seller for the company in the EV segment and in April 2024, the Hosur-based two-wheeler maker sold 7,675 electric vehicles, registering a YoY decline of 12.3 percent. In April 2023, TVS sold 8,758 units.
Ola
Ola takes the lead again in the electric scooter segment in April 2024, after registering sales of 33,963 units and witnessing a YoY growth of 53.9 percent compared to April 2023, when the Bengaluru-based startup sold 22,068 units. Read full article
(Reuters) – British oil major BP and Trinidad and Tobago’s state energy firm NGC have received a two-year license from the U.S. Treasury Department to negotiate and develop the Cocuina-Manakin gas fields with Venezuela, Trinidad’s energy minister said on Wednesday.
Washington last month did not renew a broad license that had allowed Venezuela to freely export its oil and receive investment, but it has since issued individual authorizations to companies trying to do business in the sanctioned South American country.
BP and NGC are now allowed to plan a project involving an offshore reservoir with about 1 trillion cubic feet (tcf) of gas reserves that extends from Venezuela to Trinidad, Minister Stuart Young said in a Port of Spain media briefing. Read full article
.Chevron Corporation provided an overview of the company’s business performance and plans at its 2024 Annual Meeting of Stockholders.
“Chevron continues to deliver strong operational performance, maintain cost and capital discipline and consistently return cash to shareholders,” said Michael Wirth, Chevron’s chairman and CEO. “We’ve strengthened our portfolio to grow both traditional and new energy supplies by advancing major capital projects and completing strategic acquisitions.”
Chevron delivered the highest production in company history with annual production of 3.1 million barrels of oil equivalent per day in 2023, underscoring the company’s track record of strong leadership and worldwide demand for affordable and reliable energy. This year’s first quarter performance marked the company’s ninth consecutive quarter with adjusted earnings over $5 billion and adjusted ROCE above 12 percent.
In the Gulf of Mexico, Chevron reached first oil at the Mad Dog 2 project and completed installation of the floating production unit for the Anchor field, an important milestone toward achieving first production this year. In downstream, Chevron continues to evolve its refining system to produce lower carbon intensity fuels and products, by converting the diesel hydroheater at its El Segundo refinery to process either 100 percent renewable or traditional feedstocks.
The completed acquisition of PDC Energy, Inc. boosts Chevron’s U.S. presence in the DJ and Permian Basins by a total of 300,000 net acres, while the completed acquisition of a majority stake in ACES Delta, LLC accelerates the development of a green hydrogen production and storage hub in Utah.
“Our financial priorities remain unchanged – grow the dividend, invest capital efficiently, maintain a strong balance sheet and return excess cash to stockholders,” Wirth said. “It’s also important to recognize that we’ve maintained our financial strength with a single-digit net debt ratio and continue to achieve our objective of safely delivering higher returns, lower carbon and superior shareholder value in any business environment.” Read More
A new type of drone is taking to the skies on an important mission: inspecting oil and gas pipelines. Working together, Chevron and American Aerospace Technologies, Inc. (AATI) recently made history as the first companies permitted by the Federal Aviation Administration (FAA) to use uncrewed aircraft systems (UASs) in airspace shared by crewed aircraft. Chevron will use UASs to remotely monitor its vast network of pipelines.
The new aircraft from AATI, called an AiRanger, can cover more ground than crewed aircraft and detect potential problems more safely and efficiently. Read More
Petrobras signed contracts with Seatrium O&G Americas Limited to acquire the P-84 and P-85 vessel platforms. Both units will be self-owned and installed in the Atapu and Sépia fields, respectively, in ultra-deep waters of the pre-salt of the Santos Basin, with first oil date between 2029
and 2030. The model of these two new platforms is FPSO (Floating, Production, Storage and Offloading unit) and they will be installed in water depths exceeding 2,000 meters. The P-84 (Atapu) and P-85 (Sépia) platforms will have a daily production capacity of 225,000 barrels of oil/day and a processing capacity of 10 million cubic meters of gas/day, each. The P-84 and P-85 platforms will be constructed in shipyards in Brazil, China and Singapore, with local content reaching 20% in P-84 and 25% in P-85.
Currently, the Atapu and Sépia fields are producing with two platforms, being the P-70 in the Atapu Field and the FPSO Carioca in the Sépia field. The new P-84 and P-85 platforms will be the second units in their respective fields. The P-84 and P-85 projects are expected to reduce the intensity of greenhouse gas emissions by 30% per barrel of oil equivalent produced, being among the most efficient FPSOs to operate in Brazil. This reduction is due to the benefits of theAll Electric configuration, optimizations in the processing plant to increase energy efficiency, and the use of several technologies, such as: zero routine ventilation (recovery of ventilated gases from cargo tanks and the processing plant), capturing of deep seawater, use of speed variators in pumps and compressors, cogeneration (Waste Heat Recovery Unit), zero routine flaring (torch gas recovery – closed flare), valves with requirements for low fugitive emissions and capture, use and geological storage of CO2 from gas produced. . Read More
Petrobras informs that today it signed a contract for the assignment of its entire 30% (thirty percent) stake in Brentech Energia S.A. (Brentech) to Enegen Participações Ltda (Enegen), Petrobras’ partner in Brentech and holder of a 70% (seventy percent) stake in the company. The transaction closed with the signing of the share purchase agreement, with no precedent conditions to be met, for the sum of R$10.6 million, paid in full on the same date. The transaction is in line with Petrobras’ strategy of decarbonizing its operations, optimizing its thermoelectric portfolio and prioritizing investments in highly efficient natural gas thermoelectric plants. As Goiânia II UTE is powered by diesel oil and has no synergies with our activities, the company does not adhere to Petrobras’ strategy, which seeks integration and migration to a portfolio with a lower carbon footprint. As it is a minority shareholder, Brentech does not have any Petrobras employees in the operation of the thermal plant. This disclosure is in accordance with Petrobras’ internal rules and applicable legislation. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $78.12 | Down |
| Crude Oil (Brent) | USD/bbl | $82.39 | Down |
| Bonny Light | USD/bbl | $82.89 | Down |
| Saharan Blend | USD/bbl | $82.67 | Down |
| Natural Gas | USD/MMBtu | $2.61 | Up |
| Murban Crude | USD/bbl | $83.69 | Down |
| OPEC basket 28/05/24 | USD/bbl | $84.00 | — |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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