Energy / Automotive News As Reported to 7 Feb 2023
OPEC daily basket price at US$78.20/bl, 06 Feb. 2023, WTI Crude stood at $75.42/bl, International Rig Count is up 1 rig from last month to 901
General Motors and Netflix Partner to Give EVs the Stage they Deserve
Netflix announced that it would be partnering with General Motors to get more of the Detroit automaker’s electric vehicles in movies and television shows that are featured on Netflix. Netflix said it will increase the presence of electric vehicles in its original programming “where relevant”. As a result of the partnership, Netflix is supporting and educating creators, helping them to better understand how EVs can complement and enhance their stories. Over the course of the next year, inspired by this partnership, GM EVs will be seen in select Netflix shows and films, including Love is Blind, Queer Eye and Unstable, which will feature the Chevrolet Bolt EUV, GMC HUMMER EV Pickup and Cadillac LYRIQ respectively. Read More
Iberdrola, and SODECO, Society for the Development of the Mining Regions of Asturias, have signed an alliance to promote a green promotion plan in the region. The company chaired by Ignacio Galán is doing so hand in hand with the electricity company’s start-up programme, Perseo, and its sustainability team. The immediate objective of the agreement is to identify business projects that are based in the region of Langreo, and to this end they will make their resources available through a challenge. The mission is to transform the area into a space for advanced experimentation that encourages entrepreneurs and startups considering setting up in the region with financing options for local business initiatives. The transformation designed by Iberdrola for Asturias includes renewable energy facilities with the development of new wind farms for 130 megawatts (MW) of power, projects related to the circular economy and more investment in the field of sustainable mobility, with the deployment of charging infrastructure for electric vehicles. The aim is for the region to become a magnet for industry and employment. Read More
Nigeria’s state energy company struck a $741 million deal with Daewoo Engineering & Construction Co. Ltd to rehabilitate an oil refinery in the northern city of Kaduna. Nigerian National Petroleum Co. Ltd signed the maintenance service contract with the South Korean engineering firm at a ceremony held on Thursday, the state-owned company said in a statement. Under the terms of the agreement, Daewoo will restore production at the inoperative 110,000 barrels-a-day facility to at least 60% of its capacity by the end of 2024, it said. Read More
Shell is still receiving cargoes of liquefied natural gas (LNG) from Russia under its long-term contract with Novatek, a Shell spokesperson said on Thursday.
The world’s largest LNG trader agreed a more than 20-year deal in 2015 for Novatek to supply around 900,000 tonnes per annum from the Yamal LNG plant in Siberia.
Shell said in 2022 it would exit all its Russian operations, including a major LNG plant in the Sakhalin peninsula in the eastern flank of the country after Russia invaded Ukraine.
The energy giant said it would write down as much as $5 billion following its decision to exit Russia.
Other companies that exited their operations in Russia included BP and Norway’s Equinor, while France’s Total said would continue to ship LNG from Russia as long as there were no European sanctions on the fuel. Read More
Enagás subsidiary Scale Gas and Norwegian shipowner Knutsen presented the first LNG bunkering vessel built in Spain at the Barcelona Regasification Terminal. The ‘Haugesund Knutsen’, chartered by Shell Spain and built by Astilleros Armón Gijón, will be based at the Port of Barcelona.
In the words of Arturo Gonzalo, CEO of Enagás, “the construction of the ship is a step forward in meeting European decarbonisation targets boosting LNG as a sustainable fuel in maritime transport”. Along this line, he stressed that “this initiative is framed within a European project that Enagás is coordinating as part of LNGhive2 strategy, led by Puertos del Estado, aimed at promoting the development of the LNG market as sustainable marine fuel and ensuring supply in ports, in line with European Directive 94/2014 on alternative fuels”. According to Knutsen’s Founder and Owner, Trygve Seglem, “the Haugesund Knutsen reaffirms Knutsen’s strategic line, which began 15 years ago with the Pioneer Knutsen, of betting on Small scale LNG as a tool to reinforce the use of LNG as a marine fuel and thus help in the target of decarbonisation and improvement of the environment in Europe and the Mediterranean”. During the presentation ceremony, the Shell Spain Country Chair, Óscar Fernández, pointed out that “The Haugesund Knutsen vessel, which today joins our global bunkering network, is a magnificent example of how collaboration between the different players in the sector, together with the support of public administrations, will make it possible to jointly achieve the decarbonisation targets”. Read More
Helping Italian agricultural companies participate in the new NRRP calls for tenders for the creation of agrisolar parks. This is the goal of the agreement signed by Enel X and Intesa Sanpaolo, which are pooling their expertise to facilitate SMEs in the agricultural sector in achieving the strategic objectives of the NRRP’s Green Revolution and Ecological Transition mission by supporting them in adopting circular economy models and for more environmentally friendly, cost-effective energy generation and supply.In particular, under the terms of the agreement, Enel X and Intesa Sanpaolo will support companies, each in its respective areas of expertise, supporting them in the construction of agrisolar parks on their farm buildings. Enel X will help companies equip themselves with photovoltaic systems, also to be installed as part of the call for tenders, by offering its technical and project consulting services. Thanks to the collaboration between its Banca dei Territori Division and the IMI Corporate & Investment Banking Division, Intesa Sanpaolo will be supporting companies with ad hoc solutions in the implementation of projects. The call for tenders for agrisolar parks – part of the NRRP mission dedicated to the Green Revolution and Ecological Transition – allocates specific grants to agricultural entrepreneurs, agro-industrial companies and agricultural cooperatives that carry out projects involving the purchase and installation of photovoltaic panels on the roofs of their industrial buildings and the installation of electricity storage systems and/or electric recharging devices for sustainable mobility. Read More
Cornish Lithium, the pioneering mineral exploration and development company that is headquartered at the Tremough Innovation Centre in Penryn, plans to undertake a new exploration project to assess the potential for producing lithium from geothermal waters in the vicinity of Blackwater. The proposed new project at Blackwater is part of Cornish Lithium’s strategy to demonstrate Cornwall’s potential to produce lithium from geothermal waters and would be in addition to the Company’s existing portfolio of projects at United Downs, Twelveheads and North Downs.
Having completed the required site surveys, the next phase of the process is to submit a General Permitted Development Order (GPDO) to Cornwall Council for the relevant permissions to drill an initial research borehole to a depth of 2,000m (6,560 feet) at the Blackwater site and test the lithium potential of the geothermal waters that flow through its underlying permeable geological structures. If the results of the first borehole are successful, Cornish Lithium may plan to drill a second borehole at this location to further evaluate the potential for lithium production. Read More
Recharge Industries™ welcomes the announcement made by the Hon. Ed Husic MP, Minister for Industry and Science, regarding the Federal Government’s commitment to develop an Australian battery manufacturing industry. Australia boasts renewable energy generation from solar, wind, pumped hydro and more, while energy storage – that would allow grid firming, electrification of vehicles and development of a green hydrogen sector – remains the missing link in our journey to net zero. “With domestic demand forecast to grow from currently less than 1GWh deployed, to over 380 GWh by 2030, Australia needs to act decisively if we are to build a domestic value chain that provides globally resilient supply chains, supports sustainable economic growth and creates jobs,” according to Rob Fitzpatrick, CEO of Recharge Industries™ As an active participant in Australia’s renewable energy future, Recharge Industries™, along with our parent company Scale Facilitation®, will actively participate in this consultation process with the Australian Federal Government, to help Australia act fast, at scale, as we collectively build an industrial capability to be proud of for generations. Read More
An emerging Australian company outbidded rivals to take over collapsed battery maker Britishvolt.
Recharge Industries put together an aggressive package that also revives plans to build a £3.8bn (A$6.7bn) “gigafactory” in the north of England to supply the next generation of UK-built electric vehicles, free from Chinese materials. The Australian company, which sits under New York-based investment firm Scale Facilitation, beat three other offers to become the preferred bidder to take Britishvolt out of the hands of administrator EY. The deal still needs to be finalised, which would trigger a process of paying back creditors. Read More
Australia’s Recharge Industries was selected as the preferred bidder to buy Britishvolt, the collapsed UK startup that had struggled to fund a major electric-vehicle battery factory in northern England. The deal comes just three weeks after Britishvolt fell into administration and it could help revive Britain’s ambitions of building a home-grown EV battery industry that can support domestic car production. Privately owned Recharge, a division of New York-based portfolio company Scale Facilitation, is building a large-scale lithium ion cell factory in Australia that is expected to begin production next year. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $75.42 | Up |
| Crude Oil (Brent) | USD/bbl | $82.26 | Up |
| Bonny Light | USD/bbl | $80.20 | Down |
| Saharan Blend | USD/bbl | $80.60 | Down |
| Natural Gas | USD/MMBtu | $2.46 | Down |
| OPEC basket 06/02/23 | USD/bbl | $78.20 | Down |
Golar LNG Limited has agreed to acquire the New Fortress Energy Inc. (“NFE”) ownership stake in FLNG Hilli in exchange for Golar’s remaining 4.1 million shares in NFE and $100 million in cash. Golar will also take over approximately $323 million in debt obligations linked to Hilli.
Pursuant to the transaction, Golar will acquire the 50% interest in Trains 1 and 2 of FLNG Hilli, currently owned by a subsidiary of NFE. Following closing of the transaction, Golar’s effective interest in currently contracted FLNG Hilli earnings will be as follows:
94.55% of Common Units that receive tolling related fees relating to trains 1 and 2, and 5% of Dutch Title Transfer Facility (“TTF”) related fees,
89.1% of Series A units that receive Brent oil related fees,
89.1% of Series B units that receive 95% of TTF related fees.
Following the transaction Golar will have no remaining shareholding in NFE.
Commenting on the transaction, Golar CEO Karl Fredrik Staubo said “Today’s announced transaction increases Golar’s portion of cash flow generation from Hilli’s existing contract ending in July 2026. Improved market fundamentals for liquefaction capacity and Hilli’s market leading operational track record supports increased utilization and earnings potential of Hilli upon re-contracting. The transaction continues our company simplification, reducing our investments in listed securities whilst unifying the ownership of the FLNG Hilli. We have enjoyed the collaborative relationship with NFE and look forward to observing their continued contribution to expanding the global LNG market through technical solutions complementary to Golar’s business.” Read More
Automobili Lamborghini showcased its new design aesthetic with two redesigned U.S. dealerships in January. Exclusive grand re-opening events took place at Lamborghini Westlake and Lamborghini Broward, with Westlake servicing the north Los Angeles, Malibu and Santa Barbara communities, while Broward supports the southern Florida market. Their presence is unmistakable, breaking the mold of the typical storefront with their pure, modern, and state-of-the-art design consistent with the brand’s core values. The Westlake and Broward showrooms assert the brand’s commitment to its customers and new design direction for the future. In addition to the unveil of the new corporate design, the brand has announced another record-setting year in terms of sales. The United States remains the largest single market globally with a total of 2,721 vehicles delivered in 2022, which is an increase of 10% over 2021. The best performing market in the United States is California, which represents 25% of total U.S. sales, followed by Florida at 19%. The new Super SUV Urus Performante[1] and Urus S[2], along with the V10 Huracán STO[3], Huracán Tecnica[4] and all-terrain Huracán Sterrato[5] will help catapult a new sales dimension in 2023. Read More
Bentley Motors launched the 2023 Apprenticeship Programme, announcing 37 new apprenticeship vacancies to coincide with the launch of National Apprenticeship Week. Opportunities are now available for future talent to join the world’s most sought-after luxury car brand, based at Bentley’s carbon neutral ‘Dream Factory’ in Crewe.
The recruitment drive intends to accelerate the brand’s forward thinking Beyond100 strategy, the boldest plan of its kind in the automotive sector, to deliver a brand new fully electric model range by 2030. The delivery of Bentley’s ambitious Five-in-Five plan, which commits to five new electric models by 2030, will redefine the luxury marque’s credentials as the benchmark manufacturer in sustainable luxury mobility.
With a strong emphasis on electrical systems competence, digital software technology knowledge and project management skills, the new cohort will help drive Bentley’s ambitious future. Roles will be based at Bentley’s headquarters in Crewe with the option of a blend of onsite and remote hybrid working. Read More
Baker Hughes Rig Count
International Rig Count is up 1 rig from last month to 901 with land rigs down 9 to 675, offshore rigs up 10 to 226.
U.S. Rig Count is down 12 from last week to 759 with oil rigs down 10 to 599, gas rigs down 2 to 158 and miscellaneous rigs unchanged at 2.
Canada Rig Count is up 2 from last week to 249, with oil rigs up 2 to 159, gas rigs unchanged at 90.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 03 February 2023 | 759 | -12 |
| Canada | 03 February 2023 | 249 | +2 |
| International | January 2023 | 901 | +1 |
BP reports 2022 EBITDA $60.7 billion; full year operating cash flow $40.9 billion; net debt $21.4 billion, lowest for almost a decade; ROACE 30.5%; full year tax $15.1 billion; strongest upstream plant reliability on record; lowest production costs in 16 years
• Transforming: investment in transition growth engines c. 30% of 2022 total investment, up from c. 3% in 2019
Leaning further into bp’s strategy:
• Investing more in the energy transition and bp’s transition, investing more in supporting energy security and energy affordability today
• Up to $8 billion more into transition growth engines by 2030 – growing in higher-return bioenergy, and convenience & EV charging; focusing hydrogen and renewables & power where bp can leverage integration
• Up to $8 billion more into oil and gas by 2030 – targeting short-cycle fast-payback opportunities with lower additional operational emissions
• Aim to materially increase earnings through 2030 – aiming for $51-56 billion group EBITDA in 2030
•
Delivering for shareholders:
• Growing dividends: 10% increase in dividend per ordinary share for fourth quarter, representing 21% growth from 4Q 2021
• Growing buybacks: further $2.75 billion buybacks announced today; total of $11.25 billion buybacks announced from 2022 surplus cash flow
• Increasing targets: over 12% annual EBIDA per share growth to 2025; over 18% ROACE in 2025 and 2030 Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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