Energy / Automotive News As Reported to 23 Feb 2023
U.S. Energy Information Administration’s (EIA) latest short term energy outlook, released earlier this month, projected that the WTI spot price would average $77.84 per barrel in 2023 and $71.57 per barrel in 2024. Brent spot price was anticipated to average $83.63 per barrel in 2023 and $77.57 per barrel in 2024 in the latest STEO..
Ecobat, the global leader in battery recycling, is building its third lithium-ion battery recycling facility and its first in North America. The new facility in Casa Grande, Arizona will initially produce 10,000 estimated tons of recycled material per year, with plans to expand capacity to satisfy the increasing need to recycle lithium-ion batteries.
“We are thrilled to grow our global lithium-ion battery recycling footprint with a new facility in Casa Grande, Arizona,” said Ecobat CEO Marcus Randolph. “This facility, like our lithium-ion battery recycling facilities in Germany and the United Kingdom, represents a significant milestone in Ecobat’s strategy to grow our lithium-ion battery recycling business to a scale, similar to our world-leading lead battery recycling business.”
Ecobat Casa Grande will repurpose lithium-ion batteries reaching end-of-life through diagnostics, sorting, shredding and material separation to produce a concentrated black mass containing the valuable materials in lithium-ion batteries. It will be located approximately one mile from the existing Ecobat Resources Arizona facility, which has been using state-of-the-art technology and a highly trained workforce for 15 years to manufacture anodes. Start-up is expected in the third quarter of this year. Read More
Subway®, one of the world’s largest restaurant brands, and GenZ EV Solutions, a leading provider of electric vehicle (EV) charging solutions, are partnering on an EV Charging Oasis of the future. Subway® and GenZ EV Solutions a leading provider of electric vehicle (EV) charging solutions, are partnering on an EV Charging Oasis of the future. (PRNewsfoto/Subway Restaurants) Subway® and GenZ EV Solutions, a leading provider of electric vehicle (EV) charging solutions, are partnering on an EV Charging Oasis of the future. (PRNewsfoto/Subway Restaurants) Through the partnership, the brands envision a more seamless experience for EV drivers with the installation of Subway Oasis charging parks at select locations—charging canopies with multiple ports, picnic tables, Wi-Fi, restrooms, green space and even playgrounds. As part of a multi-year plan to rollout the Subway Oasis, smaller-format, fast EV charging stations will be piloted at select, new or newly remodeled restaurants across the U.S., starting in 2023.
GenZ EV Solutions works with RED E Charging, a fast-growing EV charging network, to provide proprietary software, with immense uptime and reliability, as well as operating expertise for the EV charging stations and Subway Oasis. Both initiatives are designed to offer added convenience for on-the-go guests, while doing good for the planet and generating incremental revenue for franchisees. Guests may also benefit from dedicated Subway promotions, available only while utilizing an EV charging station. Read More
The Stellantis Board of Directors approved a share buyback program of up to €1.5 billion (total purchase price excluding ancillary costs), to be executed on the market with the intent to cancel the common shares acquired through the share buyback program. The shares will be purchased over a period ending December 31, 2023 on NYSE / Euronext Milan / Euronext Paris. The opportunity to initiate the buyback program stems from the company’s significant cash flow generation and strong balance sheet.
These factors enable the company to ensure adequate liquidity to manage a wide variety of economic and market backdrops, while simultaneously facilitating attractive capital returns to shareholders. The share buyback program will be carried out under the authority granted by the general meeting of shareholders held on April 13, 2022, which may be renewed or extended, up to a maximum of 10% of the Company’s capital. The purchase price per common share will be no higher than an amount equal to 110% of the market price of the shares on the NYSE, Euronext Milan or Euronext Paris. The market price will be calculated as the average of the highest price on each of the five days of trading prior to the date on which the acquisition is made, as shown in the official price list of the NYSE, Euronext Milan or Euronext Paris. Following the share buyback transaction for 69.1 million shares (2.2% of the Company’s capital) executed on September 15, 2022, the remaining authorization stands at 244 million shares, more than adequate to cover this share buyback program and the potential repurchase of 99.42 million shares currently owned by Chinese JV partner Dongfeng Corporation under the terms announced on July 15, 2022. Read More
DS E-TENSE PERFORMANCE prototype has been named ‘Concept Of The Year’ at the 2023 GQ Car Awards. The awards, which this year only feature electric or plug-in hybrid cars, are focussed on selecting vehicles that are inspiring, interesting, have automotive integrity and get the judge’s pulses racing.
DS E-TENSE PERFORMANCE has been developed by DS Performance, the motorsport division of DS Automobiles, as a high-performance laboratory in conjunction with the brand’s championship winning Formula E programme and uses the same electric motors that can be found in the electric race cars. With 815hp on tap and a massive 8,000Nm of torque at the wheels, the DS E-TENSE PERFORMANCE can accelerate from zero to 62mph in just two seconds. Using 350kW charging, a full charge can be completed in just five minutes. The prototype also points to the future of electrified vehicles by exploring whether regenerative braking alone is sufficient on future models, rather than using conventional brake discs and pads. Though regenerative braking is already available in most electric vehicles, the technology is currently used to complement conventional friction brakes – however the DS E-TENSE PERFORMANCE has allowed DS to explore whether regenerative braking alone could eventually be the sole method to slow cars down, helping to better recharge the battery in the process, and doing away with conventional technology. Read More
The BMW Group has set itself a very clear milestone: to reduce CO2 emissions throughout a vehicle’s entire value chain, from resources to recycling, by 40 percent from 2019 levels by 2030. This ambitious goal requires closely examining a vehicle’s entire lifecycle and identifying potential for lowering emissions. Logistics plays an important role in a vehicle’s value chain. It seamlessly and precisely connects all players involved in the supply and production process via a variety of transport routes. CO2 emissions are produced throughout this process: on plant grounds (intralogistics), as a result of supplying plants with parts and from shipping the finished vehicles for worldwide distribution (upstream and downstream transport logistics). Karl-Friedrich Koch is responsible for all logistics planning at the BMW Group: “Logistics is definitely a relevant lever for reducing the BMW Group’s environmental footprint, also when considering the entire vehicle lifecycle.” Technological innovations are needed for low-emission drive trains and resource-efficient packaging for global logistics. In recent years, the BMW Group has launched a variety of activities in these areas. Research and pilot projects, collaborations with service providers in its partner network and the principle of open technology are all part of these efforts. Read More
Occidental announced that Ken Robinson, who currently serves on the Boards of Directors for Abercrombie & Fitch, Paylocity and Morgan Stanley U.S. Banks, and formerly served as Senior Vice President of Audit and Controls at Exelon Corporation, has been elected to its Board of Directors, effective as of February 16, 2023.
“Ken’s impressive 40 plus-year career consists of senior leadership roles within global finance and accounting, enterprise risk, ethics, and compliance,” said Jack Moore, Independent Chairman of the Board. “His experience of providing strategic and financial oversight to many companies brings immediate value to Oxy’s shareholders.”
Regarding his appointment to the Board, Mr. Robinson stated, “I’m pleased to be joining Oxy’s Board of Directors at a time when the company is leading the industry on addressing climate and developing its people, while focusing on improving its balance sheet to accelerate its return to investment grade.”
Mr. Robinson served as the Senior Vice President of Audit and Controls at Exelon Corporation from 2016 to 2020. Before Exelon, Mr. Robinson held several senior leadership positions at The Procter & Gamble Company, including Vice President, Global Diversity & Inclusion; Global Risk and Compliance Leader; Chief Audit Executive; and Vice President, Finance. Mr. Robinson also serves as a Trustee of the International Financial Reporting Standards Foundation. Mr. Robinson has a Bachelor of Science from Mississippi State University and a Master of Business Administration from the University of Memphis. Read More
Hitachi Energy, a global technology leader advancing a sustainable energy future for all, launches today the next-generation TXpert Hub, a part of its ecosystem for transformers’ digitalization. The TXpert Hub enables monitoring by aggregating, storing, and analyzing the information received from the transformer’s digital sensors. It is built on the solid foundation of Hitachi Energy’s journey of pioneering innovation in this field for more than 30 years and is conceived to simplify digitalization for any transformer with enhanced connectivity and cybersecurity. “Electricity will be the backbone of the entire energy system driven by the energy transition, making the power grid a complex system of systems. Digitalization is the only way to manage that complexity to deliver the necessary visibility and agility to enable fast data-driven decision- making,” said Bruno Melles, Managing Director of the Transformers Business at Hitachi Energy. “Digitalization is becoming crucial to transformers due to their pivotal role in enabling efficient, reliable and safe electricity networks, managing power quality and flow control to fit the needs of today and tomorrow.” Next generation TXpert Hub: Digitalization for every transformer Read More
GlobalLogic Inc., a Hitachi Group Company and Digital Engineering Leader, confirmed it is establishing a new automotive-centric software facility in Poland as part of its continued efforts to enable car manufacturers worldwide to develop software-defined vehicles (SDVs). The initiative was prompted by its ongoing collaboration with Stellantis as the global automaker and mobility provider advances its platform for SDVs. The companies’ new partnership phase enables Stellantis to maximize its ability to evolve and deliver customizable open automotive platforms. According to a recent report from Goldman Sachs*, “We are entering a new era where SDVs (software-centric automotive development) will determine who has the competitive edge in the auto industry.” Next generation vehicles rely on software to decrease hardware dependencies in ways that better the whole consumer experience, from driving to maintenance. Read More
In accordance with ASX Listing Rule 3.17A, Woodside advises that it has received a notice seeking to requisition resolutions for consideration at its upcoming 2023 Annual General Meeting (AGM). The proposed resolutions are attached. The proposed resolutions have been requisitioned by shareholders of Woodside representing
approximately 0.002% of the shares on issue. Woodside is assessing the validity of the requisitioned resolutions. The Notice of Meeting to be published in March 2023 will include any requisitions that will be considered at the AGM, together with the response and voting recommendations of the Woodside Board. Read More
Tanzania’s government gave its approval on Tuesday for the construction of a $3.5 billion crude oil pipeline, part of a controversial mega-project that has raised concerns over human rights and the environment. The 1,443-kilometre (900-mile) pipeline will transport crude from vast oilfields being developed in Lake Albert in northwestern Uganda to a Tanzanian port on the Indian Ocean.The $10 billion oilfields and pipeline project has run into strong opposition from rights campaigners and environmental groups that say it threatens the region’s fragile ecosystem and the livelihoods of tens of thousands of people. It is being jointly developed by the China National Offshore Oil Corporation (CNOOC) and France’s TotalEnergies, along with the state-owned Uganda National Oil Company. Read More
The new boss of Rolls-Royce has launched a sweeping review of the aircraft engine maker pledging there was “much more” to come after last year beat expectations, sending shares up nearly 20%. Tufan Erginbilgic, who joined as chief executive 1 January, said the FTSE 100 manufacturer had been “underperforming financially for years” and outlined key areas for reform that he said would deliver “materially higher profit, cashflows and returns”. It followed his warning to employees last month that Rolls-Royce is a “burning platform” that must transform to survive. Erginbilgic pledged to do better even as the company reported a 57% increase in underlying profits to £652m, £505m generated in cash, and revenues up 16% to £12.7bn in 2022 – well above analysts’ expectations. Read More
Rolls-Royce — which does not make the eponymous cars — said the company’s operating profit reached £837m last year, up from £513m the year before.
The business reported that the number of hours that its large engines flew during the year grew by 35%. It also reported that pre-tax loss hit £1.5bn up from a loss of £294m the year before. On an underlying basis the business made a pre-tax profit of £206m, up from £36m a year earlier.
The new boss of Rolls-Royce has promised “materially higher profit, cash flow and returns” as he announced a strategic review into the engineering giant. Read More
European manufacturers are considering investing hundreds of millions of dollars in Vietnam to build wind turbines plants, sources familiar with the situation said, as the country gears up to exploit its large untapped potential in offshore wind.
The Southeast Asian country is seen as a potential major player in the sector because of its strong winds in shallow waters near coastal, densely populated areas, according to the World Bank Group. Three industry sources, who declined to be named because the matter was confidential, named Danish turbine maker Vestas, which produces blades, generators and nacelles in China, as one of the potential investors. Vestas declined to comment. The companies were looking for sites near ports but talks with local authorities and industrial parks were still preliminary, as investors were waiting for the country to approve clear rules on offshore wind farms, the sources said. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $74.46 | Down |
| Crude Oil (Brent) | USD/bbl | $81.07 | Down |
| Bonny Light | USD/bbl | $81.68 | Down |
| Saharan Blend | USD/bbl | $81.54 | Down |
| Natural Gas | USD/MMBtu | $2.16 | Up |
| OPEC basket 22/02/23 | USD/bbl | $80.52 | Down |
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 17 February 2023 | 760 | -1 |
| Canada | 17 February 2023 | 248 | -2 |
| International | January 2023 | 901 | +1 |
Rising jet fuel costs have also sent airline tickets soaring. In the US alone, airfares went up by as much as 25% last year, outpacing inflation, according to a CNBC report. Consumers had to fork out more on their travel bills, with airlines and travel agencies hiking costs by 60% year on year, the Bank of America also said in its report last year. The rising costs are among the factors that could weigh on the recovery of the air travel market, aside from the slowdown in major economies, according to Airports Council International (ACI World) in a new report on Wednesday.
2023 outlook
The trade association of the world’s airports has forecast that around 8.4 billion people will travel this year, representing 92% of the global passenger traffic in 2019. That is an improvement from last year, when global passenger traffic reached 72% of 2019 levels, or a total of 6.5 billion passengers. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter |
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas, energy monitors,
