Energy / Automotive News As Reported to 22 Feb 2023
Brent Crude stood at $83.05/bl, OPEC basket price at US$81.94/bl.
Oil prices is predicted to rise because of undersupply and a demand rebound, despite the U.S. interest rate hikes. China’s oil imports is likely to hit a record high in 2023 and so is demand from India irrespective of the United States monetary policy.
Saudi Arabia’s non-oil exports fell by over 24% year-on-year (YoY) in December 2022 to reach SAR22.7 billion riyals ($6.05 billion), data released by the General Authority for Statistics on Tuesday showed. Total exports during the month increased 1.1% YoY to SAR108.2 billion. This was due to higher oil exports, which rose by 11%, or SAR8.5 billion.
Non-oil exports mainly comprised chemical and allied industries, accounting for 36% of the total non-oil merchandise exports. Read More
In 2022 alone, Aramco were granted 966 patents — 87% of which originated from new ideas. This was the highest number of granted U.S. patents achieved by any company in the energy industry, placing us in the top 50 list of all companies and universities granted U.S. patents that same year, according to Patent 300®. In 2022, we also made Clarivate’s Top 100 Global Innovators list — an annual list of companies recognized by Clarivate for having the best innovative ideas.Patents are an important indicator of innovation in competitive markets that aim to develop solutions — which require significant investments — to address customer needs. A strong IP portfolio helps recoup investment costs by generating additional revenue through licensing and commercialization. Ownership of valuable technologies and intellectual property attracts strong partners, who can contribute to expanding the reach of our solutions to support demand and a robust customer base. A strong technology portfolio also places a company in a competitive position in the market to deliver solutions, and attract and retain the best talent. Read More
EzFill Holdings, Inc. (“EzFill” or the “Company”) (NASDAQ: EZFL), a pioneer and emerging leader in the mobile fuel industry, announced that it has entered into an agreement with South Florida Motorsports (“SFM”), the organizers of the Formula 1 Crypto.com Miami Grand Prix 2023 to provide mobile fuel services for the build-out and operations leading up to the Miami Grand Prix, scheduled for May 5-7, 2023. The Formula 1 Crypto.com Miami Grand Prix 2023 debuted in May 2022, becoming the second US Grand Prix race on the calendar and the 11th American venue to host a round of the Formula 1 world championship. Set in the Hard Rock Stadium complex in Miami Gardens, the 2022 event drew more than 240,000 spectators over three days. The 2023 event will feature a newly paved, 3.36 mile, 19-turn street track spectacular with new and enhanced hospitality features. EzFill expects to service more than 300 Formula 1 assets dedicated to the build-out of the 2023 event as well as operations related to the track and grounds leading up to the race. Service has already commenced and is expected to run through June. We believe EzFill brings a more convenient, safer, worry-free way for these assets to be fueled, allowing SFM more time to focus on all the other aspects of this event. Read More
Aggreko, the world’s leading provider of mobile modular power, temperature control and energy solutions, announced today that they will be providing their industry-leading temporary power modules to Cirque du Soleil for several of the entertainment company’s North American Big Top shows in 2023. The agreement continues Aggreko’s long-standing partnership with Cirque du Soleil, which began in 2012. For Cirque du Soleil’s 2023 season, Aggreko will provide power generators for the following two North American runs of Kooza in Houston and Toronto:
Houston – KOOZA (1/25/2022 – 3/5/2023)
Toronto – KOOZA (4/7/2023 – 6/18/2023)
Aggreko will coordinate 2,500 kW of reliable, temporary power for each of the 134 performances across the two North American markets. The seamless mobility of Aggreko’s energy solutions guarantees that Cirque du Soleil can tour the continent without experiencing power outages while astonishing audiences with their world-renowned theatrics. Read More
Safe Bulkers, Inc. (the Company) (NYSE: SB), an international provider of marine drybulk transportation services, announced that it has entered into an agreement for the acquisition of a Japanese, 81,800 dwt, dry-bulk, Kamsarmax class vessel at an attractive price with a scheduled delivery date within the second quarter of 2025.
The newbuild vessel is designed to meet the Phase 3 requirements of Energy Efficiency Design Index related to the reduction of greenhouse gas emissions (”GHG -EEDI Phase 3”) as adopted by the International Maritime Organization, (“IMO”) and also comply with the latest NOx emissions regulation, NOx-Tier III (IMO, MARPOL Annex VI, reg. 13) (”NOx-Tier III”). This newbuild vessel is a sister vessel to a number of newbuilds in our orderbook with advanced energy efficiency characteristics and lower fuel consumption.
Including this agreement and following the delivery of MV Climate Ethics, our third newbuild in January 2023, the Company has an outstanding orderbook of nine newbuild vessels, with scheduled deliveries four in 2023, three in 2024 and two in 2025, of which one is Post-Panamax class and eight are Kamsarmax class vessels. Read More
Solar Integrated Roofing Corp. an integrated, single-source solutions provider of solar power, roofing and EV charging systems, announced that it has signed a binding Letter of Intent (LOI) to acquire AVCO Roofing (“AVCO”), a provider of roofing and solar solutions to residential and commercial properties.
Founded in 2007, AVCO specializes in roof and solar repair and replacement services for residential and commercial buildings in North and East Texas, Oklahoma, and Louisiana. The Company expects the acquisition to be immediately accretive.
AVCO Roofing generated approximately $21 million in revenue in fiscal year 2022 and approximately $140 million in revenue since owner Heath Hicks purchased the company in 2016. AVCO currently has three locations with a team of more than 150 team members. AVCO is the recipient of numerous service awards and is listed on Inc.’s Top 100 Fastest Growing Companies in Texas & Top 1,000 Fastest Growing Companies in the USA. Read More
Everfuel announced that the company has received a follow-up order from WSW mobil GmbH for increased capacity and scope for the planned heavy-duty hydrogen fuelling station in Wuppertal, Germany. In April 2022, after a European-wide tendering procedure, WSW mobil GmbH awarded Everfuel GmbH the contract for a hydrogen fueling station to serve a fleet of fuel cell buses for public transportation. The follow-up order announced today consists of an increase in hardware and associated services.
It is the third contract in Germany for Everfuel GmbH for a hydrogen fuelling station for fuel cell buses since the company was founded at the beginning of 2021 as a wholly owned subsidiary of Everfuel A/S from Denmark.
“We are happy to extend the hydrogen infrastructure at our bus depot according to our needs and in alignment with our ambitious plans to operate more and more hydrogen fuel cell buses. In Everfuel we found the right partner to support our goals of a zero emission bus fleet. The Everfuel team has done a tremendous job so far living up to our expectations. It was only logical to increase the collaboration working together for a sustainable public transport here in Wuppertal.” Says Andreas Meyer, Head of Vehicle Technology, Wuppertaler Stadtwerke. “The follow-up order express the ongoing and good collaboration between WSW and Everfuel. It’s a pleasure to work with a partner who is among the frontrunners within the hydrogen and fuel cell bus segment not only in Germany but on a European level. It’s a stamp of approval for efforts done by the ambitious team of Everfuellers working on the project in every department, and we are happy and proud to expand the relationship with WSW.” says Lars Jakobsen, Managing Director Everfuel GmbH. The planned station has a daily capacity for refuelling at least 20 fuel cell buses. With the follow-up order the capacity increases, effectively providing system redundancy while also enabling WSW the potential to implement additional buses if desired. WSW mobil GmbH is planning a ramp-up to an estimated 150 fuel cell buses by 2030. To meet these ambitious expansion plans, Everfuel is now building WSW’s second hydrogen filling station at the WSW depot Hölker Feld. Read More
Electric car drivers are set to receive a major boost at busy motorway service stations with seven locations receiving huge shipping containers filled with battery packs to shorten charging times during longer journeys. National Highways has confirmed it has splashed out £8million to upgrade a selection of major motorway service areas in England where the electricity grid supply is not enough to support high-powered charging devices.
The services to benefit from the investment includes: Beaconsfield on the M4; Corley on the M6 Northbound; Clacket Lane on the M25, both Eastbound and Westbound; Maidstone on the M20; Taunton on the M5 Northbound; and Tebay on the M6 Northbound. Read More
Electric car owners across various areas of England will benefit from thousands of new charging points, the Department for Transport has announced.
The Government has faced criticism for failing to boost public charging infrastructure for electric vehicles. There are just 37,055 devices available across the UK, and monthly installations need to increase by 288 per cent if ministers are to deliver on their promise of having 300,000 chargers by 2030.
A total of 2,400 new chargers will be installed in locations such as Cumbria, Norfolk, Oxfordshire and West Sussex as part of a fresh £56million in public and industry funding, it was confirmed today. Sixteen more local authority areas will receive money as part of the Local Electric Vehicle Infrastructure pilot scheme. Read More
Lightyear announced that it will continue its mission by setting up a new company fully focused on Lightyear 2, the affordable solar electric vehicle available for a wider audience. Lightyear founder, Lex Hoefsloot: ´This is great news. All involved worked relentlessly to secure the continuation of our mission. We kept the interests of all stakeholders at heart during this process. We realize that the impact on our employees, investors, clients and suppliers is significant, but we tried to find the best way forward for everyone.´ Through continuous support and efforts from our loyal investor community, Lightyear was able to raise enough money to create a solid capital base for our new company. We want to thank the Individual Investors Group (IIG) for their commitment and trust in our mission. This foundation gives us the opportunity to further work on the concept and raise the additional capital required to start producing the Lightyear 2.Furthermore, Lightyear can announce that the Intellectual Property (IP) will be brought in the new company as collateral for all stakeholders. Invest-NL, leading the consortium of former IP pledge holders, agreed to accommodate this for the new company. Read More
Denmark will issue public tenders for offshore wind projects this year and may resume reviewing applications that had been suspended over worries of breaching European Union state aid law, the country’s energy minister said on Tuesday. The Nordic country, home to industry leaders Vestas and Orsted, will issue public tenders for 9 gigawatt (GW) of offshore wind this year, as part of its goal to increase capacity fivefold by 2030, Minister of Climate, Energy and Utilities Lars Aagaard said on Tuesday.
In addition to issuing public tenders, Denmark also allows energy companies to submit unsolicited applications to install renewable energy projects under a so-called “open door scheme”. Read More
Major League Soccer and Audi of America announced today a multi-year extension of their partnership. As part of the new agreement, Audi will remain the League’s Official Automotive Partner, Title Sponsor of the Audi MLS Cup Playoffs, and Presenting Sponsor of the MLS Golden Boot Award honoring the League’s leading scorer each season. Audi will also be the first Presenting Sponsor of the MLS Cup.
This announcement comes during a period of momentum for the sport of soccer in North America, as MLS enters its 28th season this month and excitement continues to build leading up to the 2026 World Cup hosted by the U.S., Canada, and Mexico.
“We’re thrilled to extend our relationship with Major League Soccer as we do our part to keep raising the profile of the game and support youth players stateside,” said Tara Rush, chief marketing officer, Audi of America. “We value this sponsorship as it drives participation for the sport, strengthens the soccer community across the U.S., and reaches new fans.”
As the official automotive partner of MLS since 2015, Audi of America’s commitment has helped expand educational resources for more than 1,600 youth players, increased housing options for more than 130 youth players and has provided $4 million in support to MLS academies.
Audi and its nationwide dealer network further supports MLS on a local level including five club partnerships (D.C. United, Orlando City SC, San Jose Earthquakes, Sporting Kansas City, and New York Red Bulls) and as official Naming Rights sponsor of Audi Field in Washington, D.C. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $75.63 | Down |
| Crude Oil (Brent) | USD/bbl | $82.39 | Down |
| Bonny Light | USD/bbl | $83.72 | — |
| Saharan Blend | USD/bbl | $83.61 | — |
| Natural Gas | USD/MMBtu | $1.98 | Down |
| OPEC basket 21/02/23 | USD/bbl | $81.94 | Down |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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