Energy / Automotive News As Reported to 21 Feb 2023

Brent Crude stood at $83.81/bl, OPEC basket price at US$82.02/bl.

10 Car Brands That Build The Most Reliable Engines. BMW – M50,Chevrolet – Small Block 350,Honda – K20A,Mazda – BP-Z3,Nissan – SR20DET,Porsche – M96,Saab – B235R,Toyota – 3RZ-FE,Volkswagen – 1200cc,Volvo – B20D. Some car brands have taken their engine-building skills to the next level, resulting in units that are so reliable, they’re practically bulletproof. Read More

An International Energy Forum report says oil and gas upstream capital expenditures increased to their highest level since 2014, but more is needed. A cumulative $4.9 trillion of investments in global upstream oil and gas are needed by 2030 to meet market needs and and prevent a supply shortfall, even if demand growth slows toward a plateau, according to a report by the International Energy Forum (IEF) and S&P Global Commodity Insights. The IEF said that 2022 upstream capex increased by 39% to $499 billion, the highest level since 2014 and the largest year-on-year gain in history.The IEF said that companies continue to favor small, modular, or phased projects over megaprojects, adding that there no new greenfield megaprojects planned in the next 5 years despite higher prices. Read More

Shanghai Electric’s EW8.X-230 Recognized One of the Top 10 Offshore Turbines of the Year 2022 by Wind Power Monthly. Developed by Shanghai Electric Wind Power Group Co., Ltd., EW8.5-230 is the company’s latest semi-direct drive wind turbine targeting China’s coastal areas with medium and low wind speeds. The generator is equipped with 100-meter carbon fiber blades and intelligent Sensor Roller technology, and adopts digitized design, production and O&M across its entire lifecycle. The newest LeapX control system reduces the operational load of the generator while establishing an intelligent interconnection with Shanghai Electric’s Fengyun (iWind) system. Read More

Risen Energy announced that its HJT series solar module Hyper-ion has achieved a maximum power of 741.456W and a module efficiency of 23.89%. The results were verified by TÜV SÜD, a global provider of testing, inspection and certification services. This is an improvement from Risen Energy’s previous record of 23.65% module efficiency achieved in December 2021, hence setting a new record for the highest power and highest module efficiency of HJT solar modules.

This improvement in efficiency is due to technological innovations like ultra-thin wafer, zero busbar technology, Hyper-link interconnection and encapsulation material. The module also features an extremely stable temperature coefficient and a high bifaciality of up to 85% ±10%, capable of maintaining its power output above 90% after 30 years of use. The module is backed by Risen Energy’s industry-leading 100μm ultra-thin cell technology and low-temperature process, resulting in a carbon footprint value (CFP) lower than 400kg eq CO2/kWc which is far below the market average. Read More

Volkswagen Middle East launches a campaign titled ‘Made for Life’ featuring the Volkswagen fleet through the lens of talented photographers in the region.

Building on Volkswagen’s Made for Families campaign, Made for Life is a celebration of different types of drivers from different communities and walks of life, expanding the brand’s support beyond the family and into the wider community. The campaign features content of the Volkswagen fleet from seasoned local photographers capturing a wide range of lifestyles in UAE and KSA, showcasing that the brand is ‘Made for Life’.

The objective of the campaign was to create relatable content for the regional audience while supporting inspirational and local talent. The photographs will be featured in Volkswagen Middle East channels’ marketing activities. Read More

With COP28 set to take place in the GCC this year, sustainability has been a key theme for regional economies, and this is especially evident in Saudi Arabia which aims to achieve Net Zero by 2060. Under this government vision, sustainability is at the heart of the Kingdom’s transformation projects such as Neom, the Red Sea, and Qiddiya. AESG, a specialist consultancy, engineering and advisory firm, intends to be a fundamental enabler of this ambition. The company today announced it has successfully achieved Certification under the Saudi National Center for Environmental Compliance (NCEC). With this, AESG’s qualified Environmental team will continue to actively preserve and protect the environment, by providing high-quality services that contribute to raising the level of compliance with environmental regulations and standards across the Kingdom’s giga projects.

“Saudi Arabia has demonstrated clear intention for its giga-projects to set new sustainability benchmarks aligned with its Vision 2030 agenda,” said Saeed Al Abbar, CEO of AESG. “In doing so, these projects are set to become showcases of innovative new construction and development paradigms and future-focused design concepts. Bringing this vision to life will call for the support of international engineering firms whose world-class expertise can ensure the incorporation of the highest industry standards.”

The company’s Global Director of Environment, Nivine Issa, added, “At AESG, we are proud to have achieved the NCEC Certification which enables our qualified team of environmental scientists, engineers and experts to guide developers in bringing the Kingdom’s impressive giga-projects to life, while actively preserving and protecting the environment.” The firm’s commitment to the Kingdom is further evidenced by the appointment of Tom Burkitt as AESG’s new Country Director. Burkitt is a scientist, business analyst, and environmental consultant with thirty years of professional experience and a technical background spanning environmental impact assessment, coastal planning, climate risk assessment, capacity building, infrastructure asset management, and the implementation of technologies for solving complex environmental and engineering challenges. In his new role, Burkitt will spearhead the company’s expansion across the Kingdom, while drawing on his extensive experience to advance the Kingdom’s journey towards Net Zero. Read More

International Petroleum Corporation announced that IPC repurchased a total of 1,027,700 IPC common shares (ISIN: CA46016U1084) during the period of February 13 to 17, 2023 under IPC’s normal course issuer bid / share repurchase program (NCIB).

IPC’s NCIB, announced on December 1, 2022, is being implemented in accordance with the Market Abuse
Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.
During the period of February 13 to 17, 2023, IPC repurchased a total of 857,000 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC. Read More

New Standards for the Made-In-America EV Network
Michael D. Farkas, Chairman and Chief Executive Officer of Blink Charging Co., makes a statement on the Biden-⁠Harris Administration Announcement of the New Standards and Major Progress for a Made-in-America National Network of Electric Vehicle Chargers.

“Blink Charging, a global leading manufacturer, owner, operator and provider of electric vehicle (EV) charging equipment and networked services, applauds the Administration’s new standards for a Made-In-America National Network for Electric Vehicle Chargers.”

Mr. Farkas added that, “we appreciate the Administration recognizing our efforts to expand our manufacturing capabilities here in the U.S. and being highlighted in the White House announcement today. We will continue to work with the Administration, the Federal Highway Administration, and our state and local government partners to assist with building out the much-needed EV infrastructure in support of advancing EVs around the country.” Read More

Blink Charging Co. , a leading manufacturer, owner, operator, and provider of electric vehicle (EV) charging equipment and services, announced that Brendan Jones, President, will present at Citi’s 2023 Global Industrial Tech and Mobility Conference at 10:30 a.m. ET on Thursday, February 23, 2023. The Company will also be available throughout the day for one-on-one meetings. Read More

IMPERIAL PETROLEUM INC., a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced its unaudited financial and operating results for the fourth quarter ended December 31, 2022. In November 2021, StealthGas Inc. contributed to the Company four subsidiaries comprising a fleet of four tanker vessels. The Company was spun-off from StealthGas Inc. in December 2021. Historical comparative period also reflects the results of the carve-out operations of the four subsidiaries that were contributed to the Company.

Fleet operational utilization of 79.4% in Q4 22’ mainly due to the drydocking of two vessels and the repositioning of one of our Suezmax vessel.
42% of our fleet days dedicated to spot activity in Q4 22’capturing high spot charter rates.
Revenues of $37.9 million in Q4 22’ – up $33.9 million or 847.5% from Q4 21’.
Net income of $13.8 million in Q4 22’ compared to a $1.5 million loss in Q4 21’.
EBITDA[1] of $17.8 million in Q4 22’ up $17.0 million or 2,125% from Q4 21’
Cash and time deposits of $118.9 million as of December 31, 2022 – 1.7 times higher than our current market cap.
For 12M 22’ we generated a Net Income of $29.5 million which is equivalent to 43% of our current market cap.
Under our $50 million ATM program which commenced on December 16, 2022 and was paused on February 7, 2023 we sold 35,344,898 Read More

Positek has expanded its range of rotary sensors with a new cost-competitive model aimed at demanding industrial and scientific applications. Based on the leading UK designer and manufacturer’s own inductive technology, the P530 offers an effectively infinite resolution and linearity of +/- 0.1 % FSO. Application flexibility is ensured with a wide choice of industry standard outputs calibrated to a customer specified angle up to 360°. Positek’s non-contacting technology, a major advance in displacement sensor design, is based on simple inductive coils and micro-electronic circuitry that provides an exceptionally long MTBF life of up to 350,000 hrs at 40°C as well as excellent durability against shock, vibration, and temperature extremes. The new P530 rotary sensor’s 35 mm diameter housing is IP67 sealed and together with its flange mounting and shaft drive is finished in 316 stainless-steel. A machined registration mark identifies the mid-point of rotary travel. The comprehensive selection of supply and instrument-level signal outputs extends to input voltages of +/- 5V DC or +/- 24V DC with ratiometric and buffered voltage outputs as well as 4…20 mA current outputs. EMC performance conforms to EN 61000-6-2 and 6-3. A choice of M12 connector or cable gland connection is available with cable length specified by the customer. Read More

Oil and Gas BlendsUnitsOil Price $change
Crude Oil (WTI)USD/bbl$77.00Down
Crude Oil (Brent)USD/bbl$83.79Down
Bonny LightUSD/bbl$83.72Up
Saharan BlendUSD/bbl$83.61Up
Natural GasUSD/MMBtu$2.24Up
OPEC basket 20/02/23USD/bbl$82.02Up
At press time 21 February 2023

Canada Rig Count is down 2 from last week to 248, with oil rigs up 2 to 163, gas rigs down 4 to 85.
U.S. Rig Count is down 1 from last week to 760 with oil rigs down 2 to 607, gas rigs up 1 to 151 and miscellaneous rigs unchanged at 2.

RegionPeriodRig CountChange from Prior
U.S.A17 February 2023760-1
Canada17 February 2023248-2
InternationalJanuary 2023901+1
Rig Count Overview & Summary Count

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

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