Energy/Automotive News Nov. 29, 2023| WTI $77.74/bbl, Brent $82.92/bbl, Opec $83.40/bbl
London, 29 November, 2023, (Oilandgaspress): – Crude oil inventories in the United States fell this week by 817,000 barrels for week ending November 24, according to The American Petroleum Institute (API), after a 9.05-million-barrel rise in crude inventories in the week prior, API data showed. Analysts had expected a 2 million barrel draw.
As part of its EVs2Scale2030™ initiative, EPRI – with support from truck and car manufacturers, fleet operators, the U.S. Department of Energy (DOE), the DOE National Labs, RMI, and others – released today eRoadMAP™, an interactive online resource intended to help electric power companies and industry stakeholders effectively plan for the power and infrastructure needed to serve light-, medium-, and heavy-duty electric vehicles (EVs). This free and public tool allows users to explore how quickly EVs are expected in different regions, and identifies energy needs across the U.S. at the individual feeder level—where critical utility planning occurs. To highlight both near-term and future energy needs, eRoadMAP incorporates the electrification plans of critical industry stakeholders as well as the future energy needs to support full electrification of the on-road transportation sector. This tool is a work in progress and will continue to be updated and improved with additional data. Future plans for the mapping tool include integrating important demographic data and other planning resources to help identify and prioritize areas where transportation electrification-related investments can be made to address specific market needs, including major freight hubs, corridors and disadvantaged communities. Read full article
Brigg Vind, the offshore wind consortium of Vårgrønn, Å Energi and Corio Generation, has worked extensively on our pre-qualification application, and completed a detailed economic analysis, for the first phase of Sørlige Nordsjø II. After careful consideration of the prevailing cost structure, market conditions, timeline, Contract for Difference (CfD) terms and other regulatory factors, we have concluded that the commercial requirements to participate in the planned auction in February 2024 are not met. We interpret the commitments associated with the pre-qualification to imply that consortia applying for pre-qualification should have a clear intention to submit a bid in the upcoming auction in February. As Brigg Vind will not submit a bid under current market conditions and frameworks, we believe it would be wrong to participate in the pre-qualification process. Consequently, we are not submitting our pre-qualification application on 15 November.
In the event that the framework conditions are substantially changed, or the auction is significantly delayed, we would expect a new pre-qualification process to be organized. If so, Brigg Vind will evaluate if conditions for prequalifying are met. Read full article
Flotation Energy and Vårgrønn, a joint venture between Plenitude (Eni) and HitecVision, have signed exclusivity agreements for two floating offshore wind developments with up to a total of 1.9 gigawatt (GW) capacity under Crown Estate Scotland’s Innovation and Targeted Oil and Gas (INTOG) leasing round.
When completed, the windfarms will provide renewable electricity to oil and gas platforms, aiming to significantly reduce carbon emissions from the assets they supply. Green Volt and Cenos will also provide electricity to the UK grid. The windfarms are among the most advanced offshore wind projects in Europe for the electrification and decarbonisation of oil and gas platforms. Read full article
Saab has signed a contract with South Korea’s Defense Acquisition Program Administration regarding support and supply of spare parts for its Arthur weapon locating systems. The order value is approximately SEK 795 million and the contract period is 2023-2028. Saab will carry out the work with its local support team in South Korea, in cooperation with a team in Gothenburg, Sweden for spare parts supply and back-office support. “The Republic of Korea Armed Forces is the largest operator of our Arthur weapon locating system and we are proud to contribute to its capability by ensuring the systems remain in operation with excellent availability,” says Carl-Johan Bergholm, head of Saab’s business area Surveillance. Read full article
Moody’s analysis indicates that the EU’s record high gas storage, reaching around 97.5% by the end of November, positions it well for the upcoming winter with minimal energy shortage risks. The EU is well-positioned for the upcoming winter and beyond, with record-high gas storage reaching approximately 97.5% by the end of November. This storage level minimises the risks of energy shortages, placing the EU in a stronger position than anticipated for refilling gas storage in the next winter, according to Moody’s Investors Service analysis. Read full article
During the period from November 21 to November 24, 2023, Eni acquired on the Euronext Milan no. 4,199,456 shares (equal to 0.12% of the share capital), at a weighted average price per share equal to 14.9140 euro, for a total consideration of 62,630,664.71 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 10 May 2023, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999.
On the basis of the information provided by the intermediary appointed to make the purchases, here below a synthesis of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read full article
Toyota Motor Corporation (Toyota) has today decided to sell a portion of its shareholdings in DENSO CORPORATION (DENSO).
Toyota has been restructuring its groupwide business with a “home & away” perspective since 2016. This is part of its transformation into a mobility company, stimulating mutual improvement through greater collaboration with highly specialized group companies. Amid these efforts, the core group companies of Toyota, DENSO, Toyota Industries Corporation, and Aisin Corporation have held extensive discussions and have come to an agreement that, to start, Toyota will sell a portion of its shares in DENSO. By effectively leveraging funds obtained through the sale, Toyota can boost capital efficiency and achieve further growth for the Group, while maintaining the capital ties that have sustained a strong relationship. DENSO will continue to strengthen the Toyota Group’s competitiveness as a leader in software. Toyota plans to use the generated capital to make growth investments focused on electrification, intelligence, and diversification initiatives.
Toyota also intends to carefully review its capital ties with other group companies on an individual basis, examining elements such as human resources, operations, culture, and business relationships while exploring the potential for strengthening competitiveness. The Group will continue working as one to drive Toyota’s transformation into a mobility company. Read full article
Hydro is shifting gear to capture opportunities created by increased demand for low-carbon aluminium. Towards 2030, Hydro will step up growth in aluminium recycling and extrusions, and in its ambitions within renewable power generation. Hydro will execute on its decarbonization roadmap, and contribute to nature positive and a just transition, while shaping the market for greener aluminium. These are key topics for Hydro’s Capital Markets Day 2023.Key highlights
Expecting up to NOK 2 billion greener earnings uplift by 2030
Stepping up growth in Extrusions to NOK 10-12 billion EBITDA in 2030
Stepping up growth in Recycling to NOK 5-8 billion EBITDA in 2030, partially driven by increasing post-consumer scrap to 850-1,200 kt by 2030
Increasing CO2 reduction target until 2030, maintaining 30% target despite portfolio changes, and stepping up nature positive efforts through initiatives on biodiversity, waste handling and land use . Increasing improvement program to NOK 14 billion in 2030, including additional potential from digitalization, and increasing commercial ambitions to NOK 6.1 billion in 2030, including the full potential for greener premium earnings uplift Read More
The Toyota Mobility Foundation (TMF) is announcing the launch of METS Micro, an on-demand, app-based public transit pilot service in partnership with micro-transit provider Via, the Evansville Metropolitan Planning Organization (Evansville MPO), and Energy Systems Network (ESN). This is the fourth of four projects within TMF’s Together in Motion initiative.
METS Micro will officially launch on November 28 with the goal of using innovative software to expand access to transportation in Evansville. METS Micro will allow anyone within a designated service zone in southeast Evansville to book an on-demand ride through the METS Micro app (available in Google Play and App Store or by calling 812-562-5011).
Upon booking a ride, Via’s intelligent algorithms match riders headed in the same direction into one shared vehicle to create quick, efficient shared trips. This model provides a flexible transit option designed to extend the reach of METS’ existing offerings by providing coverage in areas where fixed-route buses cannot efficiently reach.
METS Micro will be available Monday to Saturday from 6:15 a.m. to 12 a.m. and on Sundays from 6:15 a.m. to 6 p.m. Rides will cost $2. There are four Toyota Sienna minivans included in the fleet, with two of the four outfitted as wheelchair accessible.
METS Micro is part of Toyota Mobility Foundation’s Together in Motion initiative, a program established in collaboration with Energy Systems Network (ESN) and the Indiana Economic Development Corporation (IEDC). TMF played important roles in the planning behind METS Micro―from hosting community workshops to define local mobility needs, to providing matching funds with the City, to coordinating stakeholder engagement. Read More
Hydro and PADNOS announced the formation of a joint venture to enable more upcycling of post-consumer aluminium scrap. The joint venture will industrialize Hydro’s proprietary sorting technology, HySort, bringing this advanced aluminium sorting technology to the U.S. The 50/50 joint venture Alusort LLC is established between Hydro and PADNOS, a Michigan-based leader in recycling and scrap management.
Together, the companies plan to install a Hysort sorting machine at PADNOS’ existing sorting hub in Granville, Michigan. Production is expected to start in 2024. The capital investment for Hydro is estimated at around USD 4 million. Read More
In the latest podcast from Lamborghini’s ‘Beyond’ series, the three-Michelin-starred chef behind Modena’s Osteria Francescana and Motor Valley Ambassador meets the Director of Communications from his ‘neighbor’ Lamborghini. This fifth episode continues the series of dialogues between Lamborghini and inspirational individuals, sharing experiences from worlds that seem so different yet with so many parallels.
Chef Massimo Bottura discusses stealing inspiration from art; being shaped by international experiences; the importance of teamwork; and sustainability and responsibility. At the core of the dialogue is the shared passion for the Emilia Romagna region and its two-fold reputation for culinary tradition and motoring heritage, thriving with an eye always on the future. Read More
Smartphones have shorter development and update cycles for their software than vehicles do. To ensure that both ecosystems nevertheless work together for new vehicle-related app functions, Porsche Engineering uses the agile software development method. This ensures that a wide variety of smartphones are compatible with the vehicle in all sorts of conditions. The networking of smartphones and vehicle electronics enables new functions that further enhance the driving experience. One example is features that use a smartphone camera to record videos from the windshield and link them to live vehicle information. “One of the major challenges in implementing app functions based on the interaction between the two ecosystems, smartphone and vehicle, is the many strands that come together during development,” explains Thomas Pretsch, Director Infotainment, Connect & E/E at Porsche Engineering. To achieve the desired range of functions, the apps often access and read ECU information such as vehicle position, speed, engine speed, braking force, steering angle, as well as longitudinal and lateral acceleration via the in-vehicle WiFi connection of the vehicle infotainment system. The software link between the app and vehicle electronics required for this is complicated by the different product lifecycles of the two ecosystems: The development team has to integrate fast-moving smartphone technology into vehicles with much longer development intervals. At the same time, it must ensure that the app runs reliably under all conditions on the different smartphones and is also compatible with older vehicle systems. Read More
A 911 Turbo Sonderwunsch and the new Panamera were among the highlights of Dubai’s annual Icons of Porsche festival. Fans of classic cars, arts and culture were on-hand to commemorate 75 years of Porsche sports cars, as well as 60 years of the 911. The gathering at the Dubai Design District was treated to the first public display of the new Panamera as well as witnessing the unveiling of a special Sonderwunsch car that has been created to pay homage to the first ever 911 Turbo.
Manfred Bräunl, CEO of Porsche Middle East and Africa FZE, said it wasn’t just a show of cars, art and culture, but a display of “the passion and strength of the region’s Porsche community”. “Our third edition of this event was our biggest yet,” he said. “We would like to thank every single event attendee for joining our celebration. In particular, I want to thank every Porsche owner that exhibited their car on-site. We truly appreciate their support and commitment in sharing their ‘dream’ sportscar with our festival audience.” Read More
Olabisi Boyle, vice president of product planning and mobility strategy for Hyundai Motor North America, was named a 2023 Automotive News All-Star in the operations executive category. The esteemed awards program includes an annual selection of thirty-eight outstanding individuals who are leaders in the highly competitive automotive industry. In addition to Boyle’s recognition, Euisun Chung, executive chair of the Hyundai Motor Group received the Industry Leader honor.
“Having Hyundai Motor Group Executive Chair, Euisun Chung, and Hyundai Motor North America’s Olabisi Boyle, recognized on the distinguished list of awardees for the 2023 Automotive News All-Star awards is an exceptional recognition for the company,” said José Muñoz, president and global COO, Hyundai Motor Company and president and CEO, Hyundai and Genesis Motor North America. “Olabisi is helping lead the company’s evolution into an electrified era. Hyundai remains committed to offering a diverse product line-up including multiple propulsion systems on both sedans and SUVs, to remain a leader in the U.S. market.”
Boyle has made several significant achievements in her role at Hyundai including leading the expansion of Hyundai vehicles into the Tesla Charging network by 2024, through integration of the North American Charging Standard (NACS), as well as pioneering the Hyundai Home initiative, launching the Evolve+ EV subscription program and introducing in-vehicle payments. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.74 | Up |
| Crude Oil (Brent) | USD/bbl | $82.92 | Up |
| Bonny Light | USD/bbl | $81.66 | Up |
| Saharan Blend | USD/bbl | $82.47 | Up |
| Natural Gas | USD/MMBtu | $2.82 | Up |
| OPEC basket 28/11/23 | USD/bbl | $83.40 | Up |
Hyundai’s IONIQ 5 N electric hyper hatch has made a storming start to life by being crowned Car of the Year at the 2023 TopGear.com Awards.
The IONIQ 5 N was revealed earlier this year at July’s Goodwood Festival of Speed, where it received universal acclaim as a thrilling new option for driving enthusiasts looking to electrify their passion on both road and track, and as a pioneering technological blueprint for the Hyundai N division’s EV future.
The high-performance model combines the Electrified-Global Modular Platform (E-GMP) of the standard IONIQ 5 – the 2022 World Car of the Year – with N’s motorsport-bred technologies and expertise to take driving fun to a new level. And it’s this unswerving focus on delivering maximum enjoyment and excitement behind the wheel that persuaded TopGear’s expert team of judges to name the car the best of the past 12 months. Read full article
NASA’s X-59 quiet supersonic aircraft continues to make progress, most recently moving to the paint barn at Lockheed Martin Skunk Works’ facility in Palmdale, California. The X-59’s paint scheme will include a mainly white body, a NASA “sonic blue” underside, and red accents on the wings. The paint doesn’t just add cosmetic value. It also serves a purpose – the paint helps to protect the aircraft from moisture and corrosion and includes key safety markings to assist with ground and flight operations. The aircraft made the move to the paint barn on Nov. 14, 2023. Once it is painted, the team will take final measurements of its weight and exact shape to improve computer modeling. “We are incredibly excited to reach this step in the mission. When the X-59 emerges from the paint barn with fresh paint and livery, I expect the moment to take my breath away because I’ll see our vision coming to life,” said Cathy Bahm, the low boom flight demonstrator project manager. “The year ahead will be a big one for the X-59, and it will be thrilling for the outside of the aircraft to finally match the spectacular mission ahead.” The X-59 is an experimental aircraft designed to fly faster than the speed of sound while reducing the sound of the typical sonic boom to a sonic thump. The aircraft is the centerpiece of NASA’s Quesst mission. Through Quesst, NASA will fly the X-59 over several to-be-selected U.S. communities and gather data about people’s perceptions about the sound it makes. NASA will provide that data to regulators which could potentially adjust current rules that prohibit commercial supersonic flight over land. Read full article
Nova Innovation has won EU funding for a 4 MW tidal energy farm that will be home to the largest number of tidal turbines anywhere in the world. Nova will lead a pan-European consortium that will kick-start mass manufacturing of tidal turbines in the tidal industry at Nova’s headquarters in Edinburgh. The trailblazing project, unveiled at COP28, marks a crucial step in unlocking a new global source of renewable energy in the battle against climate change. The SEASTAR project builds on the achievements of Nova’s Shetland Tidal Array (the world’s first offshore tidal array) which has been powering homes, businesses, and the Shetland grid since 2016. During this time, Nova enhanced its technology and slashed the cost of tidal energy by an impressive 40%. SEASTAR opens the next exciting chapter of Nova’s success story – paving the way for a new source of renewable energy across the globe. The flagship project is funded by the EU’s Horizon Europe programme Read full article
Hughes Subsea, an OEG Group company, secured a contract to deliver daughter-craft diving services for the Anasuria FPSO, positioned 175km east of Aberdeen. Throughout the month-long campaign, the Hughes team provided support for mooring chain change out, executed the installation and removal of sea-chest blanks, and successfully completed a comprehensive inspection program. Complementing these efforts, a dedicated rigging team was also mobilised in support of topside operations. The operational phase also saw Hughes Subsea mobilising the dive intervention craft, Hughes Hunter, and tender vessel, Cardhu, onto the Normand Frontier accompanied by a 45-member project team. The vessel owners contributed WROV and survey support, while two independent telemetry systems facilitated real-time camera feeds from both the diver and topside team which were distributed around the vessel. As part of a comprehensive communications plan, OEG sister company Fern provided radios to all project vessels and, and a dedicated Starlink feed was installed for optimised information distribution. Read full article
Baker Hughes Rig Count: U.S. +2 to 618 Canada -3 to 196
U.S. Rig Count is up 4 from last week to 622 with oil rigs unchanged at 500, gas rigs up 3 to 117 and miscellaneous rigs up 1 to 5.
Canada Rig Count is up 1 from last week to 197, with oil rigs up 1 to 124, and gas rigs unchanged at 73.
International Rig Count is up 22 rigs from last month to 962 with land rigs up 27 to 743, offshore rigs down 5 to 219.
| Region | Period | Rig Count | Change |
| U.S.A | 21 November 2023 | 622 | +4 |
| Canada | 21 November 2023 | 197 | +1 |
| International | October 2023 | 962 | +22 |
Fiat 500e gets a spotlight role to help the planet on December 7 during Art Basel Miami Beach 2023, when three bespoke vehicles designed in collaboration with iconic Italian brands Armani, Bvlgari and Kartell will be auctioned at an undisclosed location. Proceeds will benefit a nonprofit to be named following the auction.
“It is rare for an automaker to combine efforts with the most iconic Italian brands of three different sectors, fashion design, furniture design and luxury, to create something truly unique that combines art with an earth-friendly message, making the cars available through auction is even more unusual,” said Olivier Francois, CEO of FIAT and Global Chief Marketing Officer of Stellantis. “These three special builds set the stage for FIAT’s sustainable mission and create momentum as we approach the arrival of the all-electric Fiat 500e in North America.”
This cadence of events contributes to the momentum created as FIAT prepares to launch the all-electric Fiat 500e. The new Fiat 500e is Stellantis’ first EV offering in North America. Unlike any available electric city car, the Fiat 500e democratizes not only electric mobility, but also how to buy them, all while playing a significant role in the Stellantis Dare Forward 2030 strategic plan that targets 50% passenger car and light-duty truck BEV sales mix in the United States and 100% passenger car BEV sales mix in Europe by 2030. Stellantis is on track to become a carbon net zero corporation by 2038, all scopes included, with single-digit percentage compensation of remaining emissions. Simon de Pury will conduct the auction. On November 28, an online catalogue was published on his innovative de PURY platform. This provides an exclusive chance for those unable to attend the event to register for pre and absentee bidding, granting them access to registration, online and telephonic bidding ahead of the auction. Read More
At the heart of the Bugatti corporate identity that was first implemented in new partner showrooms and introduced to the public in July 2022, is a commitment to ‘Create the Incomparable’. Bugatti’s devotion to producing bespoke works of art and delivering an entirely unique experience to each of its customers remains, but the corporate design has evolved. Integrating new design elements and a progressive brand feel across all touchpoints, both physical and digital, the outcome is a design that is bolder, more modern, and more progressive. It is a design that better represents where Bugatti stands today, and in the direction it will head in the future. The Red Dot Award is one of the world’s longest-standing design competitions. First presented in 1955 as Design Innovations, the Red Dot Award has been titled as such since 2000. Each year, a jury of circa 50 internationally renowned experts select the best designs across three categories: Product Design, Brands & Communication Design, and Design Concept. Renowned globally, the Red Dot Award represent the most prestigious accolade in the realm of design and innovation. Organized by founder and CEO Professor Dr. Peter Zec, the Red Dot Award don’t just acknowledge aesthetic appeal, but a standard of excellence in design. Designated via a rigorous selection process, Bugatti’s win is synonymous with industry recognition – underlining the marque’s innovation, creativity and desire to push the boundaries of design. Read More
Oil and gas producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products, according to a major new special report from the IEA that shows how the industry can take a more responsible approach and contribute positively to the new energy economy. The Oil and Gas Industry in Net Zero Transitions analyses the implications and opportunities for the industry that would arise from stronger international efforts to reach energy and climate targets. Released ahead of the COP28 climate summit in Dubai, the special report sets out what the global oil and gas sector would need to do to align its operations with the goals of the Paris Agreement.
Even under today’s policy settings, global demand for both oil and gas is set to peak by 2030, according to the latest IEA projections. Stronger action to tackle climate change would mean clear declines in demand for both fuels. If governments deliver in full on their national energy and climate pledges, demand would fall 45% below today’s level by 2050. In a pathway to reaching net zero emissions by mid-century, which is necessary to keep the goal of limiting global warming to 1.5 °C within reach, oil and gas use would decline by more than 75% by 2050. Yet the oil and gas sector – which provides more than half of global energy supply and employs nearly 12 million workers worldwide – has been a marginal force at best in transitioning to a clean energy system, according to the report. Oil and gas companies currently account for just 1% of clean energy investment globally – and 60% of that comes from just four companies. Read More
The Toyota Tacoma has dominated the mid-size pickup truck segment for nearly two decades, and the all-new 2024 Tacoma aims to set a new standard for modern trucks. Completely redesigned and reimagined for model year 2024, the Tacoma is ready to help drivers tackle their ambitious adventure bucket lists. For this new generation of Tacoma, Toyota engineers focused on its rich history of quality, durability and reliability – while incorporating modern tech, rugged styling and go-anywhere capability. The all-new 2024 i-FORCE Tacomas are expected to arrive at Toyota dealerships in December of 2023, with i-FORCE MAX models expected to arrive in the spring of 2024. Tacoma offers superior performance at an incredible value with a starting Manufacturer’s Suggested Retail Price (MSRP) of just $31,500*. MSRP for i-FORCE MAX models will be announced closer to the on-sale date. Read More
Toyota revealed today a newly-designed NASCAR Cup Series (NCS) Toyota Camry XSE race car that will make its debut in the 2024 NCS season. The Camry XSE Next Gen follows the Toyota Camry TRD Next Gen, which produced 18 victories and 25 poles during the last two seasons of competition.
Toyota, TRD (Toyota Racing Development, U.S.A.) and Calty Design worked together to ensure body styling characteristics replicated the recently unveiled 2025 Toyota Camry XSE as closely as possible. New features of the Toyota Camry race car include a distinctive hammerhead styling on the front facia with an upper grille slot that is tied into the updated slim and wide headlights.
The outside of the larger lower grille area also features C-shaped corner vents, while the hood features new character lines and new hood duct exits. The back facia of the car includes revised quarter panel styling and chamfered bumper corners on the back of the corner panels that blend into the rear bumper. These features, along with updated thinner taillights, give the new Camry race car a more sculpted appearance. Read More
A new player is emerging as a formidable challenger to Tesla Inc.’s dominance. QuantumScape, a Silicon Valley-based startup, is revolutionizing the EV battery market with its cutting-edge solid-state batteries. The batteries are touted to have triple the energy density of Tesla’s lithium-ion cells, significantly faster charging times and a safer, more sustainable design. QuantumScape’s leap into the future is marked by its innovative use of solid-state technology, which replaces the traditional liquid electrolyte in batteries with a solid ceramic material. This transition increases energy density, allowing for longer driving ranges, and reduces the risks of fire hazards associated with conventional lithium-ion batteries. The company’s bold claims of recharging to 80% capacity in 15 minutes could transform the EV landscape, addressing one of the major concerns of EV consumers: charging time. Read More
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