Energy / Automotive News As Reported

London, March 08, (Oilandgaspress) Brent Crude stood at $83.31/bl, WTI Crude stood at $77.45/bl

Project Greensand, led by partners INEOS and Wintershall Dea, is the world’s first cross-border offshore CO2 storage to mitigate climate change. Project Greensand, shows that Carbon Capture and Storage (CCS) can work after carbon dioxide (CO2) from Belgium is successfully captured, transported and stored under the Danish North Sea. The CO2 is captured from INEOS Oxide in Antwerp, transported by ship to Esbjerg, and finally stored in INEOS Energy’s Nini West oil field in the North Sea.The project, aims to safely capture and permanently store up to 8 million tonnes of carbon dioxide each year, 40% of Denmark’s total emission reduction target. Ursula von der Leyen, President of the European Commission said, “This is a big moment for Europe’s green transition, and for our cleantech industry.”

At the event in Esbjerg, the storage was officially initiated by HRH Crown Prince Frederik of Denmark. It was accompanied by a video address from the President of the European Commission, Ursula von der Leyen. Read More

1PointFive, a carbon capture, utilization and sequestration company, and the Houston Astros, announced today the team has agreed to purchase carbon dioxide (CO2) removal credits from 1PointFive’s Direct Air Capture (DAC) plant under construction in Ector County, Texas. This progressive agreement is a demonstration of the Astros commitment to continuous improvement of their fan experience via environmental investment.
DAC is a technology that captures and removes large volumes of CO2 directly from the atmosphere, which can be safely and securely stored deep underground in geologic formations. For this agreement with the Astros, CO2 captured by DAC will be sequestered in saline reservoirs not associated with oil and gas production. DAC provides a practical solution for hard-to-decarbonize activities, such as air travel, to help achieve climate goals. Over the next three years, the Astros will utilize the removal credits across a number of activities throughout the ballpark as they work towards a carbon neutral footprint. Read More

In a world first study of daily ambient fine particulate matter (PM2.5) across the globe, a Monash University study has found that only 0.18% of the global land area and 0.001% of the global population are exposed to levels of PM2.5 – the world’s leading environmental health risk factor – below levels of safety recommended by Word Health Organization (WHO). Importantly while daily levels have reduced in Europe and North America in the two decades to 2019, levels have increased Southern Asia, Australia, New Zealand, Latin America and the Caribbean, with more than 70% of days globally seeing levels above what is safe.

A lack of pollution monitoring stations globally for air pollution, has meant a lack of data on local, national, regional and global PM2.5 exposure. Now this study, led by Professor Yuming Guo, from the Monash University School of Public Health and Preventive Medicine in Melbourne, Australia, and published in the prestigious journal, Lancet Planetary Health, has provided a map of how PM2.5 has changed across the globe in the past decades Read More

Tata Motors launches Re.Wi.Re

Tata Motors, India’s leading automobile manufacturer announced attainment of the 5 million passenger vehicles production mark. The Company achieved this milestone today and amidst much fanfare, the employees celebrated this milestone in a unique way where the Tata Motors family and the much admired, New Forever range of Tata cars and SUVs came together to create the 50-lakh formation. This milestone is testimony of the popularity of its cars among the Indian customers.  Read More

Tata Motors signed a Memorandum of Understanding (MoU) with State Bank of India (SBI), country’s leading public sector bank to offer unique financing solutions for the purchase of the all-new Tata Ace EV – India’s most advanced, zero-emission, four-wheel commercial vehicle. Through this partnership, Tata Motors will leverage SBI’s strong network to make these solutions accessible to customers. Read More

EIA expects first-quarter 2023 natural gas consumption to be lower than any first quarter since 2018
The U.S. Energy Information Administration (EIA) estimates an average of about 99 billion cubic feet per day of natural gas will be consumed in the United States during the first quarter of this year—the least for any first quarter since 2018. This year, January and February are likely to be among the warmest on record, which led to significantly lower heating demand and, therefore, lower natural gas consumption.
Low natural gas consumption will lead to lower natural gas prices and more natural gas in storage, according to EIA’s March Short-Term Energy Outlook (STEO). EIA expects average 2023 wholesale natural gas prices to be half of the 2022 average, and it expects natural gas inventories at the end of the first quarter to be 23% more than the five-year average. “A lot less natural gas was consumed in the U.S. residential and commercial sectors than we generally expect in January and February,” said EIA Administrator Joe DeCarolis. “The warmer weather in most of the country means homes and business haven’t been running their heating systems as much as they normally do during those months.” Natural gas consumption in California has not been following the same trend as the rest of the country. There, colder-than-normal weather has led to more natural gas consumption. EIA expects the Pacific region’s natural gas prices will come down after this cold snap. Read More

Gravita India Limited, a Jaipur, India-based leading global recycling company, is planning to establish a battery recycling plant in Oman with an initial capacity of 6,000 metric tonnes per annum (MTPA). ‘Gravita India Limited is delighted to announce that step down subsidiary of the company Gravita Netherlands has executed a memorandum of understanding (MoU) to establish a recycling plant in Oman. This will be Gravita’s first recycling facility in the Middle Eastern market,’ Gravita said in a disclosure submitted to the Indian stock exchanges. Gravita Netherlands will be holding 50 per cent of equity with management control in the recycling project and remaining equity will be held by other partners based in Oman, the disclosure added. ‘In the first phase, the battery recycling plant in Oman will be established with a capacity of 6,000 MTPA,’ the company noted. Read More

Oman Oil Marketing Company (OOMCO), Shell Oman Marketing Company and Al Maha Petroleum Products Marketing Company have been awarded contracts to supply aviation fuel to the sultanate’s national carrier Oman Air. The three oil marketing firms will supply Oman Air with aviation fuel at Muscat International Airport and Sohar International Airport with a volume share of 33 per cent each, commencing on March 1, 2023 for a period of two years. Read More

On February 26, 2022, Toyota supplier Kojima Industries suffered a cyberattack following unauthorized access to its systems. Given that even a single missing component prevents a car from being assembled, Toyota was forced to halt operations at all 14 of its Japanese plants.

Kojima employees worked hard to minimize the damage, seeking to avoid any disruption to production and deliveries. Thanks to these efforts, Toyota’s shutdown lasted only one day, with systems almost fully restored within a month.

One year on, President Eiji Kojima and his staff spoke about those initial recovery efforts, and the insights they can share now that the crisis has passed. Read More

Tullow Oil plc announced its Full Year Results for the year ended 31 December 2022. Significant growth in revenue to $1,783 million (including hedge costs of $319 million), representing a c.40% increase versus 2021.
• Gross profit of $1,086 million (2021: $647 million); profit after tax of $49 million (2021: loss after tax of $81 million).
• Increase in underlying operating cash flow1 to $972 million (2021: $711 million) and free cash flow1 to $267 million (2021: $245 million), despite increased capital expenditure of $354 million (2021: $263 million), decommissioning expenditure of $72 million (2021: $69 million) and $126 million consideration for the pre-emption transaction in Ghana.
• Net debt1 at year-end reduced to $1,864 million (2021: $2,131 million); cash gearing of net debt to EBITDAX1 of 1.3 times (2021: 2.2 times) three years ahead of original target; liquidity headroom of $1,055 million (2021: $876 million).
• Industry leading safety performance, with zero lost time injuries and zero Tier 1 process safety incidents across Tullow’s global operations in 2022.
• Group working interest production averaged 61.1 kboepd (2021:59.2 kboepd).
• Strong operating, drilling and completion performance in Ghana, with facilities uptime of c.97% and four Jubilee wells and two Enyenra wells brought online. Two Ntomme riser base area wells were also drilled but did not encounter economically developable resources.
• The transition of operatorship of the Jubilee FPSO took place in July 2022 and FPSO uptime averaged c.99% in the second half of 2022,compared to c.95% in the first half.
• Interim Gas Sales Agreement for 19 bcf of Jubilee gas executed, representing the first commercialisation of Jubilee gas.
• A significant milestone was reached in Ghana with a Letter of Intent (LoI) signed with the Ghana Forestry Commission for a naturebased carbon offset project. Final Investment Decision (FID) is expected in 2023.
• New exploration licence secured in Côte d’Ivoire (CI-803), building a strategic position adjacent to the Group’s producing fields in Ghana.
• Phuthuma Nhleko appointed as Chair from January 2022. Read More

The Board of Woodside announces the retirement of Dr Sarah Ryan and Dr Christopher Haynes as Directors of Woodside. Dr Ryan and Dr Haynes will be standing down from their respective offices with effect from the conclusion of Woodside’s 2023 Annual General Meeting, scheduled to be held on 28 April 2023 (2023 AGM). Dr Haynes has served on Woodside’s Board since 2011 and is a member of the Audit & Risk Committee, the Sustainability Committee and the Nominations & Governance Committee. Read More

Iraq’s economy has long been heavily reliant on the oil industry, and this trend appears to continue into 2022, the financial statement of the Iraqi state showed.

Oil revenues, according to the 2022 financial statement, accounted for a staggering 95% of the federal budget, with non-oil revenues comprising just 5%. Despite this heavy reliance on oil, the country saw a budget surplus of 41,891,890,000,000 IQD (about $28.6 billion USD) in 2022, equivalent to 31.9% of the total budget.The oil industry is a vital contributor to Iraq’s economy, providing a significant portion of the country’s total revenues. In December 2022, the total revenues reached 161,697,436,746,338 IQD (about $110 billion USD), while the total expenditures, including advances, were 119,805,546,000,000 IQD (about $81.6 billion USD). This surplus can be attributed to the increase in oil revenues, which reached 154,038,649,122,000 IQD (about $105 billion USD) in 2022, reflecting the global increase in oil prices.

However, despite the surplus, Iraq still faces economic challenges, including high inflation, unemployment, and limited diversification outside of the oil industry. Read More

Vestas partners with Pampa Energía to build a 95 MW wind park in Argentina. Vestas has secured a 95 MW order with Pampa Energía for the Pepe VI project in the Province of Buenos Aires, in Bahía Blanca, in Argentina. The project will feature 21 V150-4.5 MW wind turbines which Vestas will supply and install. Upon completion, Vestas will also deliver a 20-year Active Output Management 5000 (AOM 5000) service agreement. This agreement will optimise energy production while also providing long-term business case certainty. “Thanks to our valued relationship with Pampa Energía, Vestas is proud to be the sustainable energy solutions provider of choice and long-term service supplier for PE Pampa Energía VI Wind Farm in Bahía Blanca, Argentina, a prolific area for wind energy production in the country,” says Andrés Gismondi, Sales Vice President of Vestas LATAM Southern Cone. Turbine delivery is planned for the fourth quarter of 2023, whilst commissioning is expected for the second quarter of 2024. Read More

Oil and Gas BlendsUnitsOil Price $change
Crude Oil (WTI)USD/bbl$77.54Down
Crude Oil (Brent)USD/bbl$83.39Down
Bonny LightUSD/bbl$84.48Down
Saharan BlendUSD/bbl$84.96Down
Natural GasUSD/MMBtu$2.66Up
OPEC basket 07/03/23USD/bbl$84.37Down
At press time 08 March 2023

German daily newspaper Die Zeit and public broadcasters ARD and SWR reported Tuesday that investigators were able to largely reconstruct how the pipelines from Russia to Germany were sabotaged on the night of Sept. 26, 2022.

Citing multiple unnamed officials, the news outlets reported that five men and a woman used a yacht hired by a Ukrainian-owned company in Poland to carry out the attack. German federal prosecutors confirmed that a boat was searched in January.

The New York Times also reported Tuesday that U.S. officials reviewed intelligence that suggested a pro-Ukrainian group was behind the blasts. The Ukrainian government has denied involvement. Read More

Repsol has reached an agreement with the promoter and developer ABO Wind to add 250 MW of renewable assets in Spain through the purchase of three wind farms and two solar plants. With the acquisition of these projects, the multi-energy company’s renewable porfolio in Spain now totals 3,200 MW in operation, under construction and at an advanced stage of development. The three wind farms, totaling 150 MW, and the two photovoltaic plants (100 MW), are located in the province of Palencia and will share interconnection infrastructure with part of PI, Repsol’s first renewable project in Castilla y León, located between Palencia and Valladolid, which recently began operating the first wind turbines of the La Serna wind farm in the town of Ciguñuela, Valladolid.

All the assets acquired by Repsol in this transaction are at an advanced stage of development, already have a positive Environmental Impact Statement (EIS) and are expected to come into operation between 2024 and 2025.

When completed, the renewable generation from these five facilities will supply electricity to nearly 172,000 homes and avoid the emission of 266,000 tons of CO2 per year. The agreement includes that ABO Wind, a German company with more than 25 years of experience in the sector and a wide international presence, will be in charge of developing these projects for Repsol. Read More

GE announced a new order for its first High-Efficiency (HE) upgrade for the GT26 fleet to be selected in Australia. In 2024, GE will modernize EnergyAustralia’s Tallawarra A power plant, powered by a GT26 gas turbine installed nearly thirteen years ago, with the HE upgrade, a proven solution that was first introduced for the GT26 gas turbine in 2019. This solution aims to provide the Tallawarra A power plant, located in Yallah on the western shore of Lake Illawarra in the state of New South Wales (NSW), with a leap forward in efficiency and output, supporting the expected energy demand following the closure of the coal fired 1,680-megawatt Liddell plant in the Hunter Valley region.

NSW requires fast-start gas-fired generation to support renewables growth as coal plants phase out of operations. Before the Tallawarra gas-fired power station commenced operations in January 2009, the site was a 320MW coal-fired power station which operated between 1954 and 1989. Now, it is a combined cycle station with fast-start capability, which produces less carbon emissions than conventional coal-fired power stations. The gas-fired power station’s generation capacity is 440 MW – which is the equivalent power to supply up to 200,000 Australian homes. Read More

Baker Hughes Rig Count
U.S. Rig Count is 749 with oil rigs 592, gas rigs 154 and miscellaneous rigs 3.

Canada Rig Count is 246, with oil rigs 158, gas rigs 88.

RegionPeriodRig CountChange from Prior
U.S.A03 March 2023749-4
Canada03 March 2023246+2
InternationalFebruary 2023915+1
Rig Count Overview & Summary Count

GE announced that GE Vernova, the company’s portfolio of energy businesses, has appointed six new roles to its leadership team.

Rachel Gonzalez will join GE Vernova as General Counsel, effective April 1. Rachel most recently served as General Counsel of Starbucks Coffee Corporation, where she handled legal and regulatory affairs, global security and data privacy, and ethics and compliance. Amber Kagan will serve as the Chief Compliance Officer (CCO) and head of Labor and Employment (L&E) for GE Vernova post spin. Amber joined GE in 2010 and currently serves as the CCO and Global Head of L&E for GE. Steven Baert will join GE Vernova as Chief People Officer (CPO), effective April 1. Steven currently serves as managing partner and founder of Propuli llc, a firm based in Switzerland, specializing in human capital advisory services for clients including Carlyle Private Equity.Rob Duffy will serve as Vice President of Business Development, effective immediately. Rob currently serves as Vice President of Business Development in GE’s Corporate Business Development group Read More

OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.

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