Energy/Automotive News Dec. 22, 2023| WTI Crude $74.56/bbl, Brent $79.94/bbl, Opec $80.84/bbl
London, 22 December, 2023, (Oilandgaspress): – Crude oil prices up again following BP’s announcement it will temporarily reroute its tankers away from the Red Sea amid intensifying attacks by the Yemeni Houthis on vessels in the area.
Hyundai Motor Group (HMG) announced that Brian Latouf has been promoted to Hyundai Motor Group President and Global Chief Safety and Quality Officer (GCSQO), effective Jan. 1, 2024. Latouf will report jointly to Jay Chang, Hyundai Motor Company CEO and Ho Sung Song, Kia Corporation CEO.
In this new role, Latouf will be responsible for leading global safety and quality for Hyundai, Genesis and Kia. He will have full authority to modify and enhance existing safety and quality systems and processes to drive a path to common global standards and best practices. His scope of leadership includes field issues, safety recalls, safety-based field actions for service campaigns, extended warranties, and other responsibilities. He will also oversee the entire Quality Division, including the processes within R&D and quality gates in preparation for vehicle launches.
“As Hyundai continues its transformation into a smart mobility solutions provider, safety and quality remain the critical foundation for our current products and future mobility innovations,” said Jay Chang, President and CEO of Hyundai Motor Company. “Brian has been instrumental in leading Hyundai’s ‘safety-driven’ culture forward. In this new position, he will help further drive our mission in keeping customer safety at the forefront of everything we do.”
Latouf was previously the Global Chief Safety Officer for Hyundai Motor Company, a position he held since July 2022. Latouf successfully helped integrate the engineering resources of Hyundai Motor Company and streamlined the company’s safety operation into a cohesive global technical function. He also led the recent opening of Hyundai’s world-class safety test and investigation laboratory in Michigan. Latouf first joined Hyundai in November 2019 as Chief Safety Officer for Hyundai Motor North America.
Latouf is one of the industry’s most respected leaders with more than 30 years of experience in the areas of safety, regulation and certification. He has held a number of executive positions where he has transformed the safety offices for automakers. Latouf holds a Master of Science in mechanical engineering from Wayne State University in Detroit and a Bachelor of Science in mechanical engineering from the University of Windsor. He is a regular contributor to a variety of technical publications and presentations.
Latouf will remain based in California with offices at Hyundai Motor Group global headquarters in Seoul and at the Hyundai Safety Test and Investigation Laboratory in Michigan. Read full article
The Toyota Automobile Museum has over 400 historic vehicles in its storehouse, not counting the 140 vehicles permanently displayed at the Automobile Gallery. In the upcoming exhibition titled the “Okuradashi-Ten” (Storehouse Exhibition), 13 rare vehicles will be displayed out of the 400 or so that are not on permanent view despite their unique significance.
The exhibits are grouped into five sections by theme, including Japanese and European cars for the public from six decades ago; legendary sports cars from Japan, Europe, and the U.S. in the 1960s–1970s; a commuter bus used to transport athletes in the 1964 Tokyo Olympics; and Japanese cars built exclusively for overseas markets. Some of these vehicles attract a large crowd whenever they are put on show, while a few others have never been presented to visitors before. We hope you will enjoy seeing these special vehicles, representing different times and places.
Date 26 January 2024 – 30 June 2024
Venue Special Exhibition Room (on the second floor of the Cultural Gallery), Toyota Automobile Museum Read full article
SolarDuck announced that it has secured additional funding for the development and deployment of Offshore Floating Solar power technology. This funding sets the company on a path of continued growth, able to further build on its leading position in the Offshore Floating Solar Energy industry, deliver its first commercial projects and increase its impact as the company works towards its goal of deploying over 1 GW of offshore generated solar electricity by 2030. Read full article
Future Alpine A290: three tailor-made Michelin tyres with exclusive marking
After several successful collaborations with the A110, Alpine and Michelin are partnering once again to supply the future electric models of the Alpine Dream Garage, starting with the A290.
The result of two years of research, testing and development, Alpine offers three specific 19-inch tyres for its future A290: two summer and one winter.
The A290’s tyres will feature exclusive marking created for the future Alpine electric range.
Both French brands share the same taste for competition and pursuit of performance for over ten years. Initiated in 2012, the collaboration between Alpine and Michelin began with the development of the new Alpine A110. The Dieppe-based brand has again partnered with the world leader in tyres. The A290, the future compact electric sports car, will benefit from innovative solutions to offer Alpine’s emblematic agility and driving pleasure in all conditions. Whether sporty driving or daily use, precision and traction are married with ease of use and comfort. Read full article
Nigeria is reducing the costs for oil companies willing to sign new production contracts as OPEC’s largest African producer looks to attract firms in its oil and gas industry again, the head of the oil regulator told Bloomberg in an interview published on Wednesday.
Nigeria plans to replace the so-called signature bonuses that companies owe to the government at the signing of contracts with lump sums for production, Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said.
Lower costs and tackling delays in licensing would be a “paradigm shift” in the Nigerian oil and gas industry, Komolafe told Bloomberg. Read full article
Hyundai Motor Group’s Advanced Air Mobility company – is returning to the show to reveal its eVTOL (electric vertical takeoff and landing vehicle) product concept and much more. Supernal is building a “vertiport” exhibition in front of the West Hall entrance to the Las Vegas Convention Center where attendees can step inside the future of transportation to:
• See the company’s vehicle product concept,
• Take a flight simulation through the city of LA,
• Learn about potential flight networks,
• and understand how future “mobility hubs” will create quicker and easier travel journeys.
WHAT: Supernal will host the following programs for members of the media:
Press conference – Tuesday, January 9 at 11:00 a.m. PST
• Limited capacity; RSVP recommended
Media and influencer open house – Tuesday, January 9 at 5:00 p.m. PST
• Limited capacity; RSVP recommended Read full article
Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, has won the “The Energy Conservation Center, Japan Chairman’s Award” in the “Best Practice Category” at the 2023 Energy Conservation Grand Prize sponsored by the Energy Conservation Center, Japan (ECCJ), with support from the Ministry of Economy, Trade and Industry (METI). The award was presented for measures taken by MHI Thermal Systems to eliminate boiler usage in a company plant through conversion to industrial heat pumps. This is the second time MHI Thermal Systems has received an award in the ECCJ’s Best Practices Category (first in 2021). An awards presentation ceremony will take place at TOC Ariake Convention Hall in Tokyo on January 31, 2024.
The award-winning measures taken by MHI Thermal Systems consisted of converting the heat sources used in the compressor plant at its Biwajima Works (Kiyosu, Aichi Prefecture) from steam boilers to industrial heat pumps. The conversion eliminated reliance on steam boilers and resulted in significant energy savings. In selecting MHI Thermal Systems for its award, ECCJ gave high marks to the energy conservation and environmental performance benefits reaped by replacing the existing boilers with industrial heat pumps as production process heat sources, and to the company’s achievement of technology to optimize its plant’s production process heating system, from the planning stage through to actual implementation.
MHI Thermal Systems has a diverse lineup of heat pumps developed to contribute to the achievement of carbon neutrality. Under its award-winning measures, heat pumps were used to optimize operating efficiency by measuring the old equipment’s heat usage volume. The temperature upper limit, which frequently constrains adoption of heat pumps, was expanded in range by changing the processing temperature conditions, enabling the adoption of heat pumps in all processes (Note). Conversion to heat pumps has reduced energy usage by the production plant’s heat sources by a 20% oil equivalent, and cut CO2 emissions by roughly 40%. These initiatives are also expected to be applied in other plants undertaking parts cleaning, surface treatment, etc. Read More
Mitsubishi Heavy Industries, Ltd. (MHI) has been selected for inclusion in the “World Index” of the Dow Jones Sustainability Index (DJSI), one of the world’s leading investment indices for ESG (environmental, social and governance) performance. The Company scored an overall ranking in the 98th percentile within its industry (Note), in reflection of its strong initiatives in all ESG areas and the high quality of its disclosure reports.
The DJSI was developed in 1999 by the U.S. firm S&P Dow Jones Indices and the Swiss investment advisory company RobecoSAM. Based on long-term shareholder value, listed companies around the world are assessed in terms of their overall economic, environmental and social criteria, with those determined to have exceptional sustainability selected for inclusion in the index. MHI was one of 321 companies selected for the DJSI’s 2023 World Index (of which 39 were Japanese companies), from a total of around 3,500 major companies monitored worldwide.
MHI Group proactively implements a diverse portfolio of ESG measures toward realizing a sustainable society. These include measures to reduce environmental loads from its own and its customers’ operations, active promotion of diversity, and strengthening of the Company’s corporate governance and disclosures.
Going forward, MHI will continue robust pursuit of its dual aims of realizing a sustainable society and building up its enterprise value over the long term. Read More
DNO ASA, the Norwegian oil and gas operator, announced that gross production from its operated Tawke license in the Kurdistan region of Iraq continues to climb, with the December to date average approaching 90,000 barrels of oil per day (bopd).
That lifts the projected fourth quarter 2023 figure to 65,000 bopd, up from 26,000 bopd in the third quarter and zero production in the second quarter, following closure of the Iraq-Türkiye Pipeline in March 2023.
Of the total Tawke license production, close to 40 percent represents the Company’s current entitlement share, which is sold to local buyers at prices in the low to mid-USD 30s per barrel. All such sales are conditional on advance payment in US dollars to DNO to eliminate any risk of arrears build up.
In addition to stepping up local sales, DNO has reduced costs materially since the pipeline closure, with operational spend in the Tawke license averaging some 65 percent below the pre-export shutdown level. The Tawke license holds the legacy Tawke field in production since 2007 and the Peshkabir field in production since 2017. Both fields were developed and put in production less than two years following discovery. Read More
International ratings agency S&P Global Ratings has upgraded the long-term issuer credit rating for the OPEC Fund for International Development (OPEC Fund), citing that the fund has “extremely strong” financial risk profile.
The agency raised the rating on the fund to “AA+” from “AA”, as well as affirmed its “A-1+” short-term issuer rating and assigned a stable outlook, it said in a statement on Wednesday.
The rating was issued after the OPEC Fund signed off on more than $600 million in new development financing, which will support projects in the transportation, health, education and energy sectors, and will promote climate action and food security, as well as boost international trade.
S&P said the OPEC Fund has a “very strong” liquidity position. It said the fund has also now established capital market access via benchmark and commercial issuances, and significant capacity to support more lending activity. Read More
The Biden administration in the United States is discussing raising tariffs on some Chinese goods, including electric vehicles (EVs), the Wall Street Journal said on Wednesday, citing people familiar with the matter.
China’s vehicle exports have grown in recent years, fuelled by overcapacity and slowing domestic demand in the world’s biggest auto market, and are expected to rise 25% next year to 5.3 million units, China Merchants Bank International says.
The Journal report follows a request to the administration by a bipartisan group of U.S. lawmakers last month to hike tariffs on Chinese-made vehicles and investigate ways to prevent Chinese firms from exporting to the United States from Mexico.
Chinese automobiles currently face a 25% levy introduced during the administration of former President Donald Trump and extended by his successor. Read More
Boris Johnson has slammed Sadiq Khan after the London mayor was accused of laying waste to Boris Bikes by hiking prices scrapping day passes.
The former Prime Minister told MailOnline that Khan was penalising road users to balance the books after the Mayor’s ‘grotesque financial mismanagement’.
Boris Bike usage is down a third since price hikes that scrapped a £2 day pass in favour of cyclists paying £1.65 for every 30 minutes of use and increased annual subscriptions from £90 to £120.
Mr Johnson said: ‘This is yet another example of Khan’s grotesque financial mismanagement.
‘He has been forced to penalise bike users and car drivers to make up for his budgetary incompetence. Read More
Vestas has received a firm order from UAB Vejoteka, owned by Enefit Green, for the Kelme II wind farm project in Lithuania.
The order consists of 14 V162-6.2 MW wind turbines and includes supply, delivery, and commissioning of the turbines. Upon completion, Vestas will service the turbines under a 35-years Active Output Management 5000 (AOM 5000) service agreement designed to ensure optimised performance of the assets.
“I am pleased that our collaboration with Enefit Green across the Baltic states continues and is now spanning from Estonia to Lithuania,” states Jens Pinderup, Vice President Sales East at Vestas NCE. “The entire area offers huge potential for wind energy projects, and we are proud that our EnVentus wind turbines offers a competitive solution for our customers while helping to decarbonise the energy system in the Baltic region.”
“Enefit Green is delighted to be working together with Vestas in Lithuania to deliver the Kelme II wind farm project, after our successful collaboration with Vestas in the delivery of the 21 MW Purtse wind farm in Estonia earlier this year,” says Enefit Green Board Member, Andres Maasing. “Vestas’ EnVentus wind turbine provides a very good solution for our Kelme II wind farm and we hope that we can continue to use this and other Vestas technologies on our other development projects across the Baltics and Poland in the future. This is just a second step in what looks to become a long-term fruitful relationship for both Vestas and Enefit Green.”
Turbine delivery is expected to begin in the first quarter of 2025 with commissioning scheduled for completion in the third quarter of 2025. Read full article
Vestas has received a firm order from BayWa r.e. for the Dollenkamp project in Brakel, North Rhine-Westphalia, Germany.
The order consists of eight V162-5.6 MW wind turbines and includes supply, delivery, and commissioning of the turbines. Upon completion, Vestas will service the turbines under a 20-year Active Output Management 4000 (AOM 4000) service agreement designed to ensure optimised performance of the assets.
“We are delighted to engage in this new project with BayWa r.e., underlying the strong collaboration we have and our shared vision for a sustainable future.”, says Sulai Fahimi, Vestas Vice President Sales Central Europe. “We are very pleased to have been selected to supply our onshore turbines for the Dollenkamp project as it highlights the importance of onshore wind in the German energy transition.” “BayWa r.e. has been working with Vestas for a long time and we are very much looking forward to continuing our partnership and working together successfully on this exciting project, which will provide clean electricity for more than 30,000 homes once operational”, confirms Dr. Marie-Luise Pörtner, Managing Director of BayWa r.e. Wind GmbH. Turbine delivery is expected to begin in the second quarter of 2025 with commissioning scheduled for completion in the fourth quarter of 2025. Read full article
Vestas has received a 143 MW order to power an undisclosed wind project in the USA employing Vestas V150 turbines of the 4 MW platform. The orders include supply, delivery, and commissioning of the turbines, as well as a multi-year Active Output Management 5000 (AOM 5000) service agreement, designed to ensure optimised performance of the asset. Turbine delivery begins in the third quarter of 2025 with commissioning scheduled for the fourth quarter of 2025. Read full article
Vestas has received a 401 MW nameplate capacity order to power the West Camp wind project in Navajo County, Arizona owned by The AES Corporation. The order consists of 89 V150-4.5 MW turbines. The order includes supply, delivery, and commissioning of the turbines, as well as a multi-year Active Output Management 5000 (AOM 5000) service agreement, designed to ensure optimised performance of the asset.
“This is a significant order that represents a key milestone for the state of Arizona, and we look forward to partnering with AES to continue the state’s growing acceleration of clean energy, particularly with one of the industry’s highest producing low wind turbines,” said Laura Beane, President of Vestas North America.
Turbine delivery is planned to begin in the fourth quarter of 2024 with commissioning scheduled in 2025. Read full article
The Dutch wind farm developer Ecowende, a joint venture between Shell and Eneco, has placed an order for 52 V236-15.0 MW wind turbines for the Ecowende wind farm at Hollandse Kust (west) site VI. Once installed, Vestas will service the wind farm under a 15-year service contract designed to ensure optimised performance of the assets. “We are happy to announce yet another project with Shell and with Eneco, to work on Europe’s energy security and to deliver for the energy transition in the Netherlands,” said Nils de Baar, President of Vestas Northern & Central Europe. “This project has a strong emphasis on the integration of the wind farm into the local ecology, which is essential to underline the societal value of wind energy.” Ecowende adheres to the high qualitative criteria set out in the non-price focused tender from the Dutch government. This includes the creation of a bird corridor within the wind farm layout, increasing the hub height to create more vertical space for birds as well as integrating bird and bat detection and deterrence systems into the turbine design.
Folkert Visser, CEO and Project Director at Ecowende: “We are pleased to announce this agreement with Vestas to supply and service the wind turbines for Hollandse Kust West. With Vestas’ extensive experience in offshore wind, we are confident we will be able to develop and operate the Ecowende wind farm safely, on time and meeting the energy production targets. In addition, we look forward to working together with Vestas to implement the ecology measures that make Ecowende stand out.” The project has a grid connection capacity of 760 MW and an excess capacity of 20 MW to use the connection capacity as efficiently as possible, even when production is lower. The wind farm will be constructed about 53 kilometres off the Dutch coast, near IJmuiden.
Turbine installation at sea is expected to begin in the second quarter of 2026. The plan is to commission the wind farm by the end of 2026. With its renewable electricity output of 760 MW, Ecowende can make about 3 percent of the current Dutch electricity demand greener. Read full article
Vestas is pleased to announce that we will partner with RWE, one of the leading renewable energy companies worldwide, in bringing the Norfolk Wind Zone in the UK forward, following yesterday’s agreement between RWE and Vattenfall for RWE to take over the three Norfolk projects. The announcement follows our previous announcement that Vestas and Vattenfall had signed a preferred supplier agreement (PSA) of 1,380 MW for the Norfolk Vanguard West project and exclusivity agreements of 2,760 MW for the Norfolk Vanguard East and Norfolk Boreas projects.
Nils de Baar, President of Vestas Northern & Central Europe, says: “Wind energy and offshore wind continue to attract investments, and we’re excited to partner with RWE on the Norfolk Wind Zone projects. Partnering with RWE on Norfolk Wind Zone follows their agreement with Vattenfall, and we are pleased to add these projects to our existing partnership with RWE, including Nordseecluster, which we announced earlier this year. Leading players in renewable energy in Europe collaborating in this way to bring forward projects that will make a huge difference for both offshore wind and UK’s energy supply is very positive for both the energy industry and the energy transition. Sven Utermöhlen, CEO RWE Offshore Wind, says: “With the acquisition of the Norfolk Offshore Wind Zone portfolio, we are taking over three well-advanced offshore wind projects. I am very happy that we will continue and further build upon the existing arrangements with Vestas on these projects, and by that extend our partnership with Vestas in offshore wind. We are looking forward to jointly contribute to the buildout of offshore wind in the UK with these fantastic projects.“ If and when the agreements between RWE and Vestas materialise into one or more orders for Vestas, these will be disclosed in accordance with the company’s disclosure policy. Read full article
U.S. -3 to 620 Canada -39 to 146
U.S. Rig Count is down 3 from last week to 620 with oil rigs down 3 to 498, gas rigs up 1 to 120 and miscellaneous rigs down 1 to 2.
Canada Rig Count is down 39 from last week to 146, with oil rigs down 37 to 81, and gas rigs down 2 to 65.
International Rig Count is up 16 rigs from last month to 978 with land rigs up 15 to 758, offshore rigs up 1 to 220.
| Region | Period | Rig Count | Change |
| U.S.A | 21 December 2023 | 620 | -3 |
| Canada | 21 December 2023 | 146 | -39 |
| International | November 2023 | 978 | +16 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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