Energy/Automotive News: Inflation downward trend continues in the eurozone,fell from 2.8 to 2.6%
WTI Crude $79.48/bbl, Brent $83.15/bbl, Opec $82.89/bbl
London, 01 March 2024, (Oilandgaspress): -Weak demand has smoothed over the impact of Red Sea disruptions as goods demand is slow and inventories at manufacturers and retailers remain high. Oil prices rose on Friday as markets await OPEC+ decision on supply agreements for the second quarter.
TotalEnergies has signed a sale and purchase agreement (SPA) with Sembcorp Fuels, a wholly owned subsidiary of Singapore-based Sembcorp Industries. The deal entails the delivery of up to 0.8 million tons of liquefied natural gas (LNG) per annum (Mtpa) for a duration of sixteen years, commencing in 2027. The LNG will be sourced from TotalEnergies’ global portfolio. This new agreement adds to the companies’ current SPA, which runs until 2029.
By supplying this additional LNG supply to Singapore, TotalEnergies is contributing to the country’s energy security and to its decarbonization goals. This deal also reflects TotalEnergies’ commitment to supporting its customers in their transition to greater sustainability. Read full article
Golar LNG Limited has declared a total dividend of $0.25 per share to be paid on or around March 20, 2024. The record date will be March 12, 2024.
Due to the implementation of the Central Securities Depository Regulation (“CSDR”), please note the information below on the payment date for the small number of Golar shares registered in Norway’s central securities depository (“VPS”):
Dividend amount: $0.25 per share
Declared currency: USD. Dividends payable to shares registered in the VPS will be distributed in NOK
Last day including right: March 8, 2024
Ex-date: March 11, 2024
Record date: March 12, 2024
Payment date: On or about March 20, 2024. Due to the implementation of CSDR in Norway, dividends payable to shares registered in the VPS will be distributed on or about March 22, 2024. Read full article
Golar LNG Limited preliminary fourth quarter and financial year 2023 results
Highlights and subsequent events
Golar LNG reports full year 2023 total operating revenues of $298 million, a net loss attributable to Golar of $47 million inclusive of $331 million of non-cash items1, and Adjusted EBITDA1 of $356 million.
Q4 2023 total operating revenues of $80 million, a net loss attributable to Golar of $33 million inclusive of $117 million of non-cash items1, and Adjusted EBITDA1 of $114 million.
Total Golar Cash1 of $753 million.
FLNG Hilli maintained market leading operational track record and exceeded 2023 production target.
FLNG Gimi arrived and moored at the GTA hub offshore Mauritania and Senegal.
Maturing commercial prospects for FLNG Hilli redeployment and potential new FLNG opportunities, including contract proposals for 12-20 year employment.
2.9 million shares repurchased during 2023 at an average price of $21.27 per share inclusive of 1.3 million shares repurchased during Q4 at an average price of $21.48 per share.
Re-sold $61 million notional value of senior unsecured bonds previously held in treasury.
Declared dividend of $0.25 per share for the quarter. Read full article
Heat Geek, the sustainable energy start-up, has announced a £3.7million Seed funding round, bringing the total raised in 2023 to £4.2million to power its mission to decarbonise homes via heat pump technology on a national scale.
Nearly half the gas consumed in the UK each year goes on heating. Electric heat pumps use electricity rather than burning gas or oil. They are also highly efficient and consume around a fifth of the energy of a gas boiler for the same heat output.
Just 25,000 heat pumps were fitted in private homes last year, but with a government ambition of 250,000 a year by 2025 the issue of insufficient qualified installers needs to be addressed. Currently, there are 120,000 qualified gas engineers in the UK, yet only 3,000 qualified heat pump installers and experts calculate the country will need 27,000 by 2028 to hit current government targets.
Founded by Adam Chapman (Heat Geek’s original founder and Chief Geek), Aadil Qureshi (ex Apple and IBM) and Matthew Gunn (ex JP Morgan), Heat Geek’s new digital platform provides heating engineers with a “business-in-a-box”, empowering them with award-winning training, innovative technology and a pipeline of paying customers that have been pre-qualified using Heat Geek’s proprietary property intelligence algorithms.
A key factor in Heat Geek’s proposition and success to date is the creation and growth of the community of installers, which has 80,000 social media subscribers and 1,000 trained installers across the UK. Read full article
Eni inaugurates LNG production in the Republic of the Congo with the departure of the first cargo. On 27th February 2024, the President of the Republic of the Congo, Denis Sassou-N’Guesso, the Chairman of Eni’s Board of Directors Giuseppe Zafarana and Eni’s CEO Claudio Descalzi, celebrated the start of Liquefied Natural Gas (LNG) production in the African country, which becomes part of the group of LNG exporting countries, opening up new opportunities for economic growth. The first cargo will sail to Piombino’s regasification terminal in the coming days.
This departure is a testament to the success of the Congo LNG project, which reached production in record time. Eni confirms its strong commitment, together with the continued support of the Congolese government, the collaboration with local partners, sharing with them skills and technologies, thus, ensuring additional revenue for the country while contributing to Europe’s energy security. . Read full article
The Managing Director of Eni Rovuma Basin, Marica Calabrese – on behalf of its Area 4 Partners ExxonMobil, China National Petroleum Corporation (CNPC), Kogas, Galp and Empresa Nacional de Hidrocarbonetos (ENH) – signed with the Permanent Secretary of the Ministry of Land and Environment of Mozambique Emilia Fumo, a Cooperation Agreement to support institutional capacity-building and improve research and innovation capabilities at national level.
Under the agreement, ERB and the Ministry will cooperate, also with the involvement of academic institutions and research bodies, to promote training activities in the environmental area, with a view to training trainees in the preparation and analysis of scientific studies that impact the sustainable management of resources. These activities will be carried out to benefit the technical staff of the National Environmental Quality Agency, generating a positive impact at country level.
Also, the agreement provides for initiatives to improve and enhance the operating capacity of environmental laboratory facilities, also through the provision and installation of equipment, furniture, and computers. Read full article
New York State Energy Research and Development Authority (NYSERDA) announced Equinor’s Empire Wind 1 project one of the conditional winners in its fourth offshore wind solicitation round. The award is an important milestone for the advancement of the project, which can deliver 810 megawatts (MW) of renewable energy to New York. An already highly mature offshore wind project, Empire Wind 1 targets to deliver first power to New York in 2026.
Equinor and NYSERDA will now negotiate an Offshore Wind Renewable Energy Certificate (OREC) Purchase and Sale Agreement, with contract execution expected within Q2 2024. Read full article
TotalEnergies is joining forces with the French sugar group Cristal Union, which will supply it with beet pulp for 15 years to supply BioNorrois, the Company’s next biomethane production unit currently under construction in Fontaine-le-Dun, in the Seine-Maritime department, and scheduled to start at the end of 2024.
These organic residues, resulting from the processing of sugar beets by Cristal Union, will constitute more than half of the material processed by the methanizer when it starts up – the remainder being made up of organic agri-food waste sourced by TotalEnergies in the direct environment of the methanizer. ‘unit. In the first phase of operation of the methanizer, the expected production of biomethane will amount to nearly 100 GWh per year and will ultimately reach its maximum capacity of 153 GWh per year.
In the spirit of cooperation, sharing of value and sustainability of the local fabric which has driven the partners since the start of the project, the agreement provides for Cristal Union to become a 10% shareholder in the BioNorrois methanizer . This is a first for a sugar group in the biogas industry in France and Europe, and a key tool in its decarbonization strategy. This project is also an example of the circular economy and the short circuit, the methanizer being located just opposite the sugar factory. In addition, the organic fertilizer obtained in addition to the biogas during the methanization process – the digestate – will be entirely valorized by Cristal Union and the NatUp group, who will distribute it to their cooperators located nearby in order to support them in their transition to fertilization. more local and sustainable. Read More
Nel ASA has today resolved to grant 1 650 000 options under its share option plan. The strike price is NOK 5.318, a premium of 8% over the highest of the closing share price on February 29, 2024 and the volume-weighted average price over the past 5 preceding trading days. The vesting time is 3 years and the options expire after 5 years.
A total number of 1 650 000 share options were granted in the long-term incentive (LTI) program. Each option, when exercised, will give the right to acquire one share in the Company. The options are granted without consideration. Pursuant to the vesting schedule, 100% of the options will vest three years after the day of grant. Vesting requires the option holder still to be an employee in the Company. The options that have not been exercised will lapse 5 years after the date of grant. The gain per instrument is capped at NOK 10 maximum per share option.
Primary insiders in Nel ASA have received the following grants of options, according to the terms described above: Read More
Chevron New Energies, a division of Chevron U.S.A. Inc., announced it is developing a 5-megawatt hydrogen production project in California’s Central Valley.
The project aims to create lower carbon energy by utilizing solar power, land, and non-potable produced water from Chevron’s existing assets at the Lost Hills Oil Field in Kern County. This low carbon intensity (LCI) electrolytic hydrogen will be produced through electrolysis, which is the process of using electricity to split water into hydrogen and oxygen.
Chevron’s strategy is to leverage our strengths to safely deliver lower carbon energy to a growing world. Chevron believes in the value of delivering large-scale hydrogen solutions that support a lower carbon world. The facility is designed to produce two tons of LCI hydrogen per day, with the goal of supporting an expanding hydrogen refueling network.
“Hydrogen can play a vital role in our journey toward a lower carbon future,” said Austin Knight, vice president for hydrogen at Chevron New Energies. “Chevron already offers lower carbon fuels like sustainable aviation fuel, renewable diesel and others, and this project is expected to expand the portfolio of solutions Chevron could supply to the region.
“I’m excited about the scalability of this solution,” Knight continued. “However, our ability to meet growing hydrogen demand and help build hydrogen fueling infrastructure in California to a commercial scale with more widespread adoption will be strongly led by state and federal energy policies that promote new lower carbon energy solutions.”
The development of the project is expected to span multiple years, and the start of commercial operations will depend on several factors including flexible and supportive legislative and regulatory energy policies, final engineering design, timely permitting, and obtaining the necessary materials. Read More
Africa Oil Corp. reports the following share capital and voting rights update in accordance with the Swedish Financial Instruments Trading Act.
As a result of the cancellation of shares repurchased by Africa Oil under the Company’s previously announced share repurchase program, Africa Oil now has 459,893,024 common shares issued and outstanding with voting rights as at February 28, 2024. Read More
Neste Annual Report 2023 has been published on the company’s website neste.com/vuosikertomus in Finnish and on neste.com/annualreport in English. The Annual Report 2023 includes the Strategy and Business Review, the Sustainability Report, the Corporate Governance Statement, the Remuneration Report 2023, the Review by the Board of Directors and the Financial Statements 2023. The Sustainability Report is published only in English.
The Annual Report is published in accordance with the European Single Electronic Format (ESEF) reporting requirements. The format is Extensible Hypertext Markup Language (XHTML), and the primary statements and the notes to the consolidated financial statements have been labelled with XBRL tags. Authorised Public Accountants KPMG Oy Ab has assured the XHTML file and the XBRL tags included in it.
The Annual Report, the Corporate Governance Statement and the Remuneration Read More
Nexergy Holdings PLC are thrilled to announce a landmark initiative that promises to transform the UK’s waste management and energy production landscape. We are embracing the innovative ‘green oil’ technology to turn high carbon waste into a renewable energy source, signaling a major leap towards a sustainable future.
Commitment to Environmental Excellence
In this critical era, where sustainability is paramount, we are at the forefront, championing the transition to renewable energy solutions. The core of this initiative is our strategic acquisition of sites, each selected for their capacity to house cutting-edge ‘green oil’ production facilities. Designed for seamless integration into the UK’s current waste management system, these facilities are equipped with the latest technology to convert waste into clean energy efficiently. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $79.49 | Up |
| Crude Oil (Brent) | USD/bbl | $83.16 | Down |
| Bonny Light | USD/bbl | $85.33 | Up |
| Saharan Blend | USD/bbl | $84.95 | Up |
| Natural Gas | USD/MMBtu | $1.86 | — |
| OPEC basket 29/02/24 | USD/bbl | $82.01 | Down |
Nexergy is thrilled to share our ambitious plans to advance green energy production across Europe. These plans include entering into negotiations for the acquisition of an existing facility in Denmark and developing what we envision as the coming UK plan. This strategic direction highlights Nexergy’s dedication to environmental sustainability and our goal to enhance Europe’s energy independence.
The potential acquisition in Denmark represents a significant step in Nexergy’s efforts to increase our capacity for converting not only plastic waste but also high-carbon materials into environmentally friendly green oil. This initiative is expected to be a key milestone in our pursuit of a cleaner, more sustainable future. The expertise and capabilities we aim to acquire from the Danish facility are anticipated to be vital as we proceed with similar expansion plans, including our prospective projects in the UK.
Patric Urban, Director of Nexergy, expresses his enthusiasm: “The ongoing discussions to acquire the Danish facility, together with our preliminary plans for the UK, underscore our commitment to leading the sustainable energy market. These initiatives are essential for enhancing our green oil production and for advancing toward greater energy autonomy.”
With plans to upgrade the Danish facility with cutting-edge technology, Nexergy aims to achieve significant operational enhancements by the end of 2024. This ambitious upgrade is expected to greatly increase the availability of green oil within the European market. Nexergy remains committed to spearheading sustainable energy innovation and will continue to share updates on our progress. Read full article
Equinor secures 15 new helicopters for passenger traffic on the Norwegian continental shelf (NCS) through contracts with helicopter manufacturers Bell and Leonardo.
After an extensive process, Equinor has qualified new helicopter types for passenger transport on the NCS. Under these contracts, Equinor will receive ten new Bell 525 helicopters and five AW189 helicopters.
“These helicopter types will supplement the current Sikorsky S-92. All three helicopter models meet stringent safety requirements. By increasing from one to three helicopter models on the NCS we get more flexibility and regularity,” says Kjetil Hove, executive vice president, Exploration & Production Norway.
The first two helicopters will be delivered from Leonardo in the first quarter of 2025. In 2026, Leonardo will deliver three, and Bell four helicopters. The additional six helicopters from Bell will be delivered in line with the agreed production plan for the period 2027-2030. Read more
SolarDuck, Green Arrow Capital and New Developments have agreed to collaborate on the development of a landmark 120MWp OFPV farm integrated with 420MW Floating Offshore Wind (FOW).
The project will install SolarDuck’s unique elevated platform technology that allows PV panels to be deployed in significant wave heights whilst maintaining a safe working environment for access and maintenance and minimizing environmental impact. In addition, the collaboration will also allow the harnessing of the complementarity of wind and solar energy resources.
“With the current momentum, we believe this is a unique opportunity for the offshore renewable energy industry to help shape a favorable regulatory framework and facilitate the scaling of OFPV. This is not just important for Italy, but also for other countries in the Mediterranean. Our collaboration with New Developments and Green Arrow Capital can also serve as a catalyst for OFPV in Italy”, says SolarDuck CEO, Koen Burgers.
The project is part of Green Arrow Capital’s Infrastructure of the Future Fund (“GAIF”), which invests in renewable energy and digital infrastructure in high-potential markets in Europe.SolarDuck, Green Arrow Capital and New Developments. The Corigliano offshore hybrid wind-solar farm will be located in the gulf of Taranto off the coast of Corigliano-Rossano in Calabria. The farm is planned to feature 28 floating wind turbines for a wind capacity of 420 MWp in addition to a 120 MWp OFPV farm for a combined 540MW of capacity. The OFPV farm alone will generate more than 160GWh of solar energy per year. Read full article
NIO Inc., a pioneer and a leading company in the premium smart electric vehicle market, today announced its February 2024 delivery results.
NIO delivered 8,132 vehicles in February 2024. The deliveries consisted of 4,765 premium smart electric SUVs, and 3,367 premium smart electric sedans. Cumulative deliveries of NIO vehicles reached 467,781 as of February 29, 2024. Read full article
Equinor, in consultation with the Civil Aviation Authority, has decided to resume flights with the Sikorsky S-92 helicopters to the installations on the Norwegian continental shelf (NCS).
After the tragic helicopter accident on Wednesday evening, the major operators on the NCS chose to suspend all flights to and from installations offshore in order to ensure complete understanding of the situation.
Equinor has used the time to take care of relatives, review the situation, and make the necessary clarifications with the authorities and flight safety specialists to ensure that the flights can be resumed safely. The search and rescue service (SAR) has been operational throughout the period. Read full article
Baker Hughes Rig Count: U.S. +5 to 626 Canada -3 to 231
U.S. Rig Count is up 5 from last week to 626 with oil rigs up 6 to 503, gas rigs down 1 to 120 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 3 from last week to 231, with oil rigs down 3 to 141, and gas rigs unchanged at 90.
International Rig Count is down 7 rigs from last month to 958 with land rigs down 5 to 735, offshore rigs down 2 to 223.
The Worldwide Rig Count for February was 1,813, up 30 from the 1,784 counted in January 2024, and down 108, from the 1,921 counted in February 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 23 February 2024 | 626 | +5 |
| Canada | 23 February 2024 | 231 | -3 |
| International | February 2024 | 958. | – 7 |
Bekaert and Toshiba Energy Systems and Solutions Corporation (“Toshiba”), have entered into a global partnership which includes a strategic cooperation agreement, and a manufacturing technology license for Membrane Electrode Assemblies (MEA), a key component for Proton Exchange Membrane (PEM) electrolyzers, that will help to accelerate the advance towards green hydrogen production. The agreement formalizes recent collaboration to leverage both companies’ technological, manufacturing and commercial strengths since signing an MoU in September 2023*.
PEM electrolyzers use electricity to split water into its component elements of oxygen and hydrogen. When the electricity is from a renewable energy source, the hydrogen is produced without any greenhouse gas emissions. The catalyst in PEM anode electrodes uses iridium, one of the scarcest traded metals. Consequently, solutions that reduce iridium content present a significant break-through towards the scale adoption of these technologies.
Under the agreement, Bekaert’s leading expertise in Porous Transport Layers (PTL), a key component in the MEA of water electrolyzers, will be coupled with Toshiba’s innovative iridium-saving technology for MEA, which will enable a 90% reduction in iridium usage in the production of PEM electrolyzers. This reduction in iridium will enable a more stable supply of MEA and support the scale expansion of green hydrogen production.
Bekaert will undertake commercialization of MEA production, leveraging its global network and established manufacturing base in Belgium, to serve its hydrogen customers. Toshiba will license its iridium-saving MEA technology to Bekaert, granting them the ability to manufacture and distribute MEAs. Meanwhile, Toshiba will focus on further enhancing its technical performance of the technology. The agreement is global, with the exception of Japan-related projects, which will be subject to a separate agreement. Read More
It is now confirmed that the person who died in a helicopter accident outside Bergen, Norway on Wednesday night was an Equinor employee. The accident occurred while the helicopter was on a training assignment for Equinor and was connected to the SAR (search and rescue) service for the Oseberg area in the North Sea.
“This is a deeply tragic incident. Today is a difficult day for many. Our thoughts are with the families, close ones and others affected,” says Anders Opedal, Equinor’s chief executive officer.
“We have now received the difficult message that we have lost an accomplished and dear colleague. It is also important for me to emphasise that everyone on board the helicopter was on assignment for Equinor. Our key task now is to help take care of those involved. We express our heartfelt thanks to the Joint Rescue Coordination Centre and everyone involved in the rescue operation and the ongoing work.”
Equinor is cooperating closely with the helicopter operator Bristow Norway and relevant authorities in the handling and follow-up of the incident.
The cause of the accident is not yet known. After the accident, Equinor decided to halt all of its regular flights on the Norwegian continental shelf out of consideration for those affected and to get an overview of the situation.
Equinor has established a next-of-kin support line on +47 800 500 20 and has, in cooperation with the police, helped established a centre for next of kin at the Scandic Kokstad hotel in Bergen.. Read More
As of March 1st, 2024, Camille Cros will become VP, Renault Brand Communications. She will keep her position as VP, Content Factory of Renault Group, which she has held since her arrival in 2022.
Camille Cros began her career in 2005 with the communications agency Havas Paris, where she held various strategic and sales positions. In 2012, she co-founded the independent communications consultancy Babel, and for 10 years, as founding partner, was involved in the company’s governance and development. She advises the agency’s clients on their transformation support, branding and communications issues. She has joined Renault Group’s Communications Department in 2022 to head the Content Factory.
Camille, 43, holds a Master’s degree in political communication from the Pantheon Sorbonne Paris I University. She holds a degree in Philosophy from Sorbonne Paris IV University.. Read More
Daimler Truck AG (“Daimler Truck”), Mitsubishi Fuso Truck and Bus Corporation (“MFTBC”), Hino Motors Ltd. (“Hino”) and Toyota Motor Corporation (“Toyota”) today gave an update on the progress on the collaboration based on the MoU.
In May 2023, Daimler Truck, Toyota, MFTBC, and Hino concluded a Memorandum of Understanding (MoU) on accelerating the development of advanced technologies and merging MFTBC and Hino. The planned collaboration is aimed toward achieving carbon neutrality and creating a prosperous mobility society by developing CASE technologies (Connected / Autonomous & Automated / Shared / Electric) and strengthening the commercial vehicle business on a global scale.
According to the MoU, MFTBC and Hino plan to merge on an equal footing and collaborate in the areas of commercial vehicle development, procurement, and production. The plan is to build a globally competitive Japanese commercial vehicle manufacturer, with Daimler Truck and Toyota investing equally in the (listed) holding company of the merged MFTBC and Hino.
While the Definitive Agreement for merging MFTBC and Hino was targeted to be signed by the end of March 2024 and integration complete by the end of 2024, the process of obtaining necessary regulatory clearances and approvals under competition and other laws and regulations, as well as the pending investigations related to Hino’s engine certification issues, are still ongoing. As such, the original schedule has been extended.
The timing of the envisaged execution of the Definitive Agreement and the implementation of the business integration will be announced as soon as a reliable timeline for the pending investigations is available. Once all parties involved reach an agreement, they will move forward based on the approval of the relevant boards of directors, shareholders, and authorities.. . Read More
Toyota Motor Corporation (TMC) announced today that it intends to implement the following change to its executive structure, effective April 1, 2024.
Resigning post as of April 1, 2024 Name: Shigeki Terashi Current post: Executive Fellow Read More
In 2024,RENAULT Scenic E-Tech electric reinvents the codes of the family car to meet the challenges of its time: changing travel habits, evolving aspirations in terms of comfort and safety, increasing scarcity of resources, reducing the carbon footprint associated with transport. It retains its DNA and is still designed to be the main vehicle in the household, the one used for long weekend trips or holidays. But it does so with a 100% electric powertrain, boasting a WLTP range of up to 625 kilometres and quick charging of up to 150 kW to meet the needs of families who want to get away from it all.
Scenic E-Tech electric offers a cabin designed for the comfort and well-being of all its occupants. Starting with benchmark interior space despite a small footprint, thanks to its dedicated electric platform, wheels set back at all four corners, long wheelbase of 2.78 metres, flat floor and compact battery. The result is plenty of space for passengers, with a rear knee radius of 278 mm, and for luggage, with a boot volume of 545 litres. The innovative Solarbay opacifying sunroof and ‘ingenius’ rear armrest complete the cabin’s ‘all-comfort’ package. They help redefine the on-board experience, as do the OpenR Link multimedia system with Google built-in, entertainment and information applications and the vehicle’s unique sound signature, the result of an exceptional collaboration with the artist, composer and author Jean-Michel Jarre. EV Driving pleasure Read More
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