Energy / Automotive News As Reported to 8 Feb 2023
OPEC daily basket price at US$80.50/bl, 07 Feb. 2023, WTI Crude stood at $78.04/bl
EIA lowers U.S. natural gas price forecast after a warmer-than-average start to 2023
The U.S. Energy Information Administration (EIA) expects natural gas prices at the Henry Hub to average around $3.40 per million British thermal units in 2023, 47% lower than in 2022. According to EIA’s February Short-Term Energy Outlook (STEO), a warmer-than-normal start to the year has reduced natural gas consumption to below average.
“U.S. natural gas inventories fell by less than our expectations in January because of the warmer-than-average weather. With more natural gas in inventory, we reduced our forecast for natural gas prices over the coming year,” said EIA Administrator Joe DeCarolis. “There is still a lot of uncertainty, including the possibility of extreme weather later this winter that could increase demand and temporarily slow down production, but those possibilities decrease as we approach spring.”
Increased natural gas production and less demand has allowed U.S. natural gas inventories to rise after a period of below-average levels. EIA expects natural gas inventories to remain above average through the summer. Read More
Hydrogen-electric cars are powered by hydrogen fuel cells which allow for a chemical reaction to take place between hydrogen and oxygen atoms, resulting in the production of both electricity and water vapor. The electricity produced powers a motor, similar to those used in battery-electric cars, though the only byproduct is harmless water vapor. While battery-electric cars can be recharged at owner’s homes or at public charging stations, hydrogen-electric cars, also known as fuel cell electric vehicles, must be refueled at special service stations that carry pressurized tanks of hydrogen gas. Read More
Chevron Corporation will hold its annual investor day on Tuesday, February 28, 2023, at 8:30 a.m. ET (5:30 a.m. PT). The meeting will include presentations and Q&A hosted by several members of our Executive Leadership Team including our Chairman and Chief Executive Officer, Mike Wirth, to allow you to gain further insight into our business.
Speakers:
Mike Wirth – Chairman of the Board and Chief Executive Officer
Pierre Breber – Vice President and Chief Financial Officer
Nigel Hearne – Executive Vice President, Oil, Products & Gas
Eimear Bonner – Vice President and Chief Technology Officer
Jeff Gustavson – President, Chevron New Energies
Mark Nelson – Vice Chairman and Executive Vice President, Strategy, Policy & Development
Roderick Green – General Manager, Investor Relations Read More
Carbon dioxide emissions from the latest plug-in hybrid vehicles are up three times higher than advertised when their batteries have been fully charged, a green transport think tank has warned today.
Transport & Environment said that while plug-in hybrids, known as PHEVs, are being presented as a climate solution and a stepping-stone to full electrification, tests conducted in partnership with Graz University in Austria show that the newest models ‘pollute significantly more than claimed on commuter routes’.
Additional pollution measurements taken from three of the latest PHEVs found that they can emit up to seven times their advertised carbon dioxide outputs on a typical journey through city centres when their batteries are flat.
The environmental group has called for the UK Government to stop providing green tax breaks for PHEVs and ban new models from sale at the same time conventional petrol and diesel cars are removed from showrooms in 2030. Read More
Government has given Uganda National Oil Company (UNOC) a green light to start oil exploration in the Kasurubani Contract Area stretching over 1,285 kilometres across the districts of Masindi, Hoima and Buliisa.
This follows the issuing of a petroleum exploration licence and the signing of a production sharing agreement between government and the oil company. A production sharing agreement manages the relationship between a licensee, or the Exploration Company and government. It spells out how oil benefits such as royalties, cost and profit oil will be shared in percentage terms once a discovery is made.
UNOC’s principal shareholders; the Ministry of Finance, and Ministry of Energy witnessed the signing of the agreement yesterday at the Ministry of Energy headquarters led by Energy minister, Ruth Nankabirwa.
Nankabirwa noted that UNOC are the new entrants to contribute in establishment of additional petroleum reserves to the current resource of 6.0 billion barrels of oil and recoverable reserve of 1.4 billion barrels of oil in the country. Read More
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 |
The EU can end its reliance on China for lithium-ion battery cells by 2027, Transport & Environment (T&E) has forecast. Europe is on track to produce enough Li-ion cells by then to fully meet domestic demand for electric vehicles and energy storage, according to the new analysis of battery-makers’ announcements. However, the green group said the EU needs a policy to counter US subsidies or risk losing investments in the EV supply chain. China’s dominance of battery components can also be cut. Two-thirds of Europe’s demand for cathodes – which contain critical raw materials – can be produced domestically by 2027, the report also finds. Existing and planned cathode production projects include Umicore in Poland, Northvolt in Sweden, and BASF in Germany. But companies could still move projects planned for Europe to the US, tempted by the tax benefits and other subsidies provided by the Inflation Reduction Act for localising battery supply chains in America. Read More
TotalEnergies reported on Wednesday $36.2 billion in adjusted net income for 2022, double from a year earlier, thanks to higher oil and gas production, higher prices, a jump in LNG sales, and what it described as a “historic” performance in the downstream segment. For the fourth quarter of 2022, TotalEnergies reported cash flow of $9.1 billion, and an adjusted net income of $7.6 billion, up by 11% from Q4 2021. For the full year 2022, the company generated $45.7 billion in cash flow.TotalEnergies announced an increase in dividends and share repurchases after reporting the best annual results for the company. Read More
Five Just Stop Oil supporters have been found guilty in relation to disrupting a major art institution, to demand that the government halt any new fossil fuels projects in the UK, and to call on art institutions to join in peaceful civil resistance against a genocidal government. [1]
Lucy Porter, Tristan Strange, Jessica Agar, Caspar Hughes and Simon Bramwell appeared before District Judge Nelson, at the City of London Magistrates Court. The Just Stop Oil supporters stood accused of using glue to attach themselves to the frame of ‘The Last Supper’ at the Royal Academy in London, on July 5th 2022. They were also accused of using spray paint to write the demand ‘No New Oil’ below the painting. [2]
The Last Supper (c. 1520), attributed to Giampietrino, is a full-scale copy of Leonardo Da Vinci’s famous work. Giampietrino is thought to have been a pupil of Leonardo. It depicts the biblical scene when Jesus announces that one of his Twelve Apostles will betray him. Read More
Octopus Energy, the UK’s third largest energy supplier, calls on Ofgem to end payment penalties sooner for standard credit customers, after it confirmed that it wouldn’t make changes until 2024/25.
The company releases evidence showing that three quarters of customers (75%) who pay by cash, cheque or card for their energy don’t realise they are being charged much more than customers who pay by direct debit*.
The research also shows that this charge disproportionately affects older people. Almost a third (28%) of people – the largest cohort – who pay via cheque or cash are over 65.
Non-direct debit payment methods do incur additional costs to energy suppliers. When the energy regulator Ofgem introduced the energy price cap in 2019, it calculated that this extra cost was £81. This premium has ballooned in line with soaring energy costs – energy suppliers are now allowed to charge a typical customer £254 a year for not paying by direct debit.
This means that customers who pay by cash, cheque or card are paying more than £20 a month extra for their energy, compared to those who pay by direct debit.
With around 5 million electricity customers** affected, this means British households could be paying around £1.3 billion a year more than they need to***.
The scale of the issue is huge – the surcharge is almost double the social and environmental levies which the government announced they would remove from bills to help tackle the cost of energy. Read More
Octopus announced its results for the financial year 2021-22, which ended on 30 April 2022.
The Group continued its relentless focus on customer service, finding innovative and meaningful ways to support its customers, and was named Which? Recommended Provider for the fifth year in a row in 2022 (and now sixth at time of writing, in 2023), remaining the most awarded energy company in the UK, and maintaining best-in-class Trustpilot ratings despite the energy crisis. FY 2020/2021 Financial Highlights:
Octopus Energy Group:
In FY21-22, OEG doubled revenue from £2bn to £4.2bn (+110%)
Net assets more than doubled (+130%) from £204m to £473m due to equity investment from Generation Investment Management and CPPIB
Net loss of £141m due to decision to absorb part of the wholesale cost increase on behalf of energy retail customers
Most awarded energy company in the UK with 50 industry awards achieved (incl. Which? Recommended for the fifth year running)
Best in class Trustpilot rating maintained despite the energy crisis
Octopus Energy Limited:
Increased customers by 54% from 2m to 3.2m and doubled revenue from £1.9bn to £3.9bn (+106%)
£161m net loss due to the decision to absorb £150m of wholesale cost increased on behalf of customers by charging below the price cap, establishing the Assistance Fund which has seen £5m in payments to customers (increased to £15m at time of writing), and running other support schemes to help customers with their bills
40k customers supported by Octo Assist (increasing to 55k at time of writing), our specialist fund to support vulnerable customers
Doubled number of customer support specialists from 498 to 998 (+100%)
Kraken Technologies:
Grew revenue from £69m to £115m (+66%)
Operating profit of £49m (+10% compared to the FY21)
Migrated 7.4m energy accounts onto platform (up 26% vs. number migrated in prior year) including from licences such as EON, serving over 16m accounts at the end of the FY22
370,000 customers migrated per week at peak times during E.ON migration
Expanded to 9 countries and incorporated subsidiaries in Turkey and Japan
Increased number of UK employees by 73% from 111 to 192 Read More
StandardAero announced today that it has acquired Western Jet Aviation, an independently owned business jet maintenance company that specializes in Gulfstream aircraft, located at the Van Nuys, California airport – one of the busiest business aviation airports in the world, with an additional facility located at the Miami-Opa Locka, Florida Executive Airport.
Western Jet Aviation represents StandardAero’s 12th acquisition since 2015 and the company comprises a footprint of over 120,000 square feet of hangar, shop and office space on ten acres along with a team of nearly 100 aviation professionals. This marks the first acquisition by StandardAero that focuses on airframe/non-engine work in recent history. Western Jet Aviation is a certified repair station offering tip-to-tail maintenance and interior services for GIV and G200 through G650, plus heavy avionics support on many other popular business aviation aircraft.
Western Jet Aviation offers business jet customers a myriad of AOG and scheduled maintenance services including airframe inspections, engine and APU trouble shooting, diagnostics and repair, part sales, interior soft good modifications and wood repair, and major structural repairs. The avionics install shop serves most major business jet platforms ranging from comprehensive cockpit and cabin management system upgrades, in-flight connectivity installations, annual certifications, troubleshooting, field support and OEM extended warranty programs. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $78.04 | Up |
| Crude Oil (Brent) | USD/bbl | $84.52 | Up |
| Bonny Light | USD/bbl | $83.10 | Up |
| Saharan Blend | USD/bbl | $83.24 | Up |
| Natural Gas | USD/MMBtu | $2.52 | Up |
| OPEC basket 07/02/23 | USD/bbl | $80.50 | Up |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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