Energy/Automotive News Nov. 24, 2023| WTI Crude @ $76.56/bbl, Brent @ $81.51/bbl
London,24 November, 2023, (Oilandgaspress): – OPEC+ announced on Wednesday the postponement of ministerial meeting by four days to Nov. 30 after struggling to reach a consensus on production levels.
Classic car enthusiasts are already looking forward to the start of the next season in spring 2024. The “Classics & Coffee” meeting – hosted once more by the Mercedes-Benz Museum in 2024 and open to all brands – will be a popular event again. Several hundred vehicles roll onto the museum hill on these days. See and be seen, chat about the vehicles and the hobby, plus a coffee or something else to drink: this relaxed mix has made the open-air event a great success over the years. Many vehicles at “Classics & Coffee” have an H registration plate, with the H standing for historic. With that, several Mercedes-Benz vehicle models that were newly launched on the market in 1994 can be registered in the coming year for the first time.
The extensive supply of genuine Mercedes-Benz replacement parts plays a key role in ensuring that these classic vehicles and many others from throughout the brand’s history can be driven in optimum technical condition. The main focus is on driving- and safety-relevant replacement parts. In 2024, important models from model series 124, 140 and 202 can be registered with a historic licence plate for the first time. For each of these model series, there are several thousand replacement parts available directly from the manufacturer.
Mercedes-Benz S-Class from model series 140 – Saloons and Coupés
The early S-Class Saloons have had classic status for some years now. From next year, the first facelifted S-Class vehicles will also be able to obtain the H licence plate: they were presented at the Geneva Motor Show in March 1994. Detail modifications convey a visually lighter, more well-proportioned and more dynamic appearance. The S 420 Coupé, a new entry-level model in the brand’s luxury coupé range, was also at Geneva 30 years ago. Read full article
Vestas has received a 270 MW order to power an undisclosed wind project owned by a subsidiary of ENGIE North America in the USA. The order consists of 60 V163-4.5 MW wind turbines. The order includes supply, delivery, and commissioning of the turbines, as well as a twenty-year Active Output Management 5000 (AOM 5000) service agreement, designed to ensure optimised performance of the asset.
“We look forward to working with ENGIE as it expands its wind energy portfolio across the United States and continues to advance the clean energy transition. The V163-4.5 MW is our newest high-capacity factor turbine and is optimised for low to medium wind speeds making it ideally suited for the U.S. market,” said Laura Beane, President of Vestas North America. “We are excited to collaborate with Vestas as we both focus on the acceleration of the energy transition in North America,” said Dave Carroll, Chief Renewables Officer and Country Head, ENGIE North America. Turbine delivery is expected to begin in the third quarter of 2024 with commissioning scheduled for the first quarter of 2025. Read full article
Automobili Lamborghini continues along its path of sustainability under the banner of the Direzione Cor Tauri plan. This time, it was the Lamborghini World Finals 2023, held November 16-19 at the Vallelunga circuit on the outskirts of Rome, that earned a laudable recognition in terms of being ‘green’. Composed of two deciding races for awarding the world champion title, the event received ISO 20121 certification, which attests that the organization of an event was carried out according to best practices in environmental, social and economic sustainability, from TÜV Italia, the certifying body for environment, quality, energy and safety. Read full article
Volkswagen of America announced an 11 percent pay raise for our Chattanooga assembly plant’s production team members. The increase is effective starting in December and a compressed wage progression timeline begins in February. Volkswagen of America annually evaluates compensation for our production team members at the end of the year to ensure we continue to offer a competitive and robust compensation package designed to attract and motivate employees who make our daily operations possible at the plant. All our production team members also already enjoy a quarterly attendance bonus and an attractive benefits package. The company provides matching contributions to employees’ 401(k)s; a defined contribution retirement plan; multiple options for medical coverage plans to serve the varying needs of our workforce, including prescription, dental, and vision benefits; paid parental leave; a tuition reimbursement program; and an employee vehicle leasing benefit for themselves and their family members. Read full article
New York State has achieved a historic milestone in its clean energy transition by installing the first turbine at its first offshore wind farm, South Fork Wind, on Monday.
A 130-megawatt project The 130-megawatt (MW) project, located 35 miles off Montauk, will be the first utility-scale wind farm in the federal waters of the US when completed. It will generate enough renewable energy to power 70,000 homes in Long Island, and reduce carbon emissions by up to 6 million tons over 25 years – equivalent to taking 60,000 cars off the road annually. Read full article
The new BMW R 12 nineT and R 12: a classic roadster for dynamic riding on country roads and a classic cruiser for cool, relaxed biking.
With the R nineT, BMW Motorrad presented more than just a classic-style roadster in 2013. From the very beginning it combined classic motorcycle design and modern technology with high craftsmanship and diverse customization options. Shortly afterwards, the R nineT was enriched with attractive derivatives, giving rise to a whole model family for the BMW Motorrad Heritage world. The new BMW R 12 nineT and R 12 are classic roadsters and cruisers that combine the authentic and beefy character of the boxer engine and the design language of traditional motorcycle eras with innovative technology and a modular concept that offers the rider maximum customization options. Reduction to the essentials and attention to detail were key priorities in the development of the design, resulting in a strong emotional appeal. Read full article
Dubai continues to rev up demand for battery electric vehicles (BEVs) even as Europe goes off-track, with leading carmakers sounding the alarm over a slowdown in sales due to high interest rates, spiralling costs and lack of infrastructure.
Findings of a new Bloomberg Intelligence Survey reveal that about one in five, or 19%, of respondents in Dubai who plan to buy a car in the next 12 months will opt for a BEV, from a base market share of 2%. This compares to 16% of consumers in Europe, from a 15% base, indicating slower growth.
The findings also revealed that the majority of Middle East consumers, at 54%, continue to favour internal combustion engines (ICEs) when buying new passenger vehicles. BI’s survey also found that hybrids were the popular choice of electric vehicles (34%). Read More
Unveiled a year ago, at the Paris Motor Show, the new Jeep Avenger, combines modernity and legacy, thanks to technologies that ensure superior capability without compromising environmental sustainability, and a compact yet spacious design that embodies the brand’s essence in an ambitious vehicle, developed based on the brand’s blueprint values: Freedom, Adventure, Authenticity and Passion.
To showcase these attributes, the Jeep brand is currently distributing a new web series made up of four one-minute video episodes posted on YouTube. Each episode will revolve around one of the brand’s four core values and will feature authentic and personal anecdotes from four Italian protagonists who take viewers on a journey to discover what the Jeep brand communicates through its vehicles, in line with the aspirations and ambitions of those who choose to trust their Jeep SUV.Equipped with a 400-volt electric motor and a 54kWh battery, the new 100% electric Avenger blends high performance with zero carbon emissions. To provide the freedom that drivers desire, the Jeep brand has equipped its first 100% electric SUV with a 100kW fast charger, allowing for a minimum distance of 30 km after just three minutes of charging, and a battery recharge of 20% to 80% in just 24 minutes. Read More
(Reuters) – African members of OPEC+ producer group Angola and Nigeria are aiming for higher oil output, officials told Reuters on Thursday, a day after the group was forced to postpone talks on next year’s production policy. The Organization of the Petroleum Exporting Countries and allies such as Russia, known as OPEC+, on Wednesday delayed a ministerial meeting expected to discuss output cuts, a surprise move which sent oil prices sliding. Read More
Origin Energy Limited (Origin) provides the following update on the proposed acquisition of Origin involving a Brookfield-led consortium of investors and EIG, by way of Scheme of Arrangement (Scheme).
Implied cash consideration
As indicated in the Scheme Booklet, Origin is providing shareholders with an updated calculation of the approximate amount of the total cash payment ahead of the Scheme Meeting on Thursday 23 November 2023.
If the Scheme is implemented, the implied total cash payment to shareholders is approximately A$9.43 per share based on the AUD/USD exchange rate at 5:00pm on 20 November 2023 of 0.655.
This total cash payment is at the top end of the Independent Expert’s valuation range of $8.45 to $9.48 per share as of 30 June 2023.
The total cash payment comprises:
AUD scheme consideration of $6.201 per Origin share held on the scheme record date;
USD scheme consideration of US$1.86 per Origin share held on the scheme record date, which will be converted to Australian dollars and paid in Australian dollars (unless a valid Currency Election is made to receive US dollars), with a current Australian dollar implied value of $2.84; and
a fully franked special dividend of 39 cents per Origin share held on the special dividend record date of 15 January 2024.
The Australian dollar value of the scheme consideration may increase or decrease based on the AUD/USD exchange rate at the time of conversion prior to implementation of the Scheme. Refer to the Supplementary Scheme Booklet released to the ASX on 6 November 2023 for further detail. Read More
Origin Energy Limited (Origin) provides the following update on the proposed acquisition of Origin involving a Brookfield-led consortium of investors (Brookfield) and EIG, by way of Scheme of Arrangement (Scheme).
Origin advises that yesterday evening it received a non-binding and indicative proposal from the Consortium to amend the current Scheme (Revised Proposal), which is outlined in more detail below. To allow time to consider the Revised Proposal and other relevant matters, Origin has determined to adjourn today’s Scheme Meeting to Monday 4 December 2023. Origin also advises that based on the proxy votes received to date, had the Scheme Meeting proceeded today, it is unlikely that the Scheme would have achieved the required 75 per cent approval by shareholders.
Revised Proposal
The key components of the Revised Proposal are:
under the existing Scheme, the addition of a potential opportunity for institutional shareholders to re-invest into the Brookfield owned Energy Markets business after completion of the Scheme, with the Scheme otherwise on the same terms as currently proposed to Origin shareholders (including a total cash payment of approximately $9.431 per share as outlined by Origin in its 21 November announcement); and
in the event that the Scheme is not approved by the requisite majorities, an alternative transaction option (Alternative Transaction), consisting of a sale of Energy Markets (including Origin’s share of Octopus Energy) to Brookfield for $12.3 billion, conditional on approval by Origin shareholders through an ordinary resolution (Energy Markets Sale), with a subsequent off market takeover offer by EIG for Origin, subject to a 50.1 per cent minimum acceptance condition (Takeover).
The Revised Proposal is conditional on a deferral of the existing Scheme Meeting.
In the event the Alternative Transaction proceeds, it is proposed that shareholders would receive total cash consideration of up to approximately $9.082 per Origin share comprising: Read More
Vortexa preliminary data for the first half of November (days 1-15) show Saudi exports have crossed the 6.5mbd mark for the first time since June this year. This recovery in Saudi crude exports may be surprising given that Saudi Arabia’s voluntary production cut of 1mbd is still intact and may even be extended next year – depending on the upcoming (but recently delayed) OPEC+ meeting. But it is important to note that the recent rise in crude exports can be at least partly explained by two key factors:
Lower product exports, especially clean petroleum products, suggest lower domestic refinery run rates, thereby freeing up more crude for the export market, without lifting crude production. The end of the seasonal peak in power generation frees up crude oil from direct burn, i.e. for exports rather than domestic use. OPEC+ exports (excluding Iran and Venezuela) have almost hit 20mbd so far in November, putting them well above the August low of 18.6mbd and at the upper range for levels seen during this year Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $76.56 | Down |
| Crude Oil (Brent) | USD/bbl | $81.51 | Down |
| Bonny Light | USD/bbl | $80.43 | Down |
| Saharan Blend | USD/bbl | $82.43 | Up |
| Natural Gas | USD/MMBtu | $2.88 | Up |
| OPEC basket 23/11/23 | USD/bbl | $83.78 | Down |
A pioneering global initiative to improve occupational safety and health (OSH) and health protection access for small farmers in agro-industries has been launched by the International Labour Organization (ILO) and the global integrated energy company Eni.The initiative aims to increase social protection coverage for farmers in the agribusiness sector in Kenya and Côte d’Ivoire, where Eni is developing agri-feedstock projects to produce vegetable oil not in competition with the food value chain to supply the biorefineries. In this regard, ILO will carry out an assessment that will identify potential areas of improvement and recommendations to further promote occupational safety and health (OSH) along the agricultural value chain, respectively for castor farmers in Kenya and rubber farmers in Côte d’Ivoire.
Through the partnership, farm owners, farm workers and their representatives will be helped to raise awareness and improve OSH practices through training activities and the implementation of risk prevention and mitigation measures. ILO and Eni also aim to increase small farmers’ social protection coverage through a combination of awareness-raising and working with unions, cooperatives, employers, and national governments. Initially, 50,000 farmers in Kenya and 100,000 in Côte d’Ivoire will benefit from the initiative, which might be extended also to other countries in the future. Read More
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