Energy/Automotive News Nov. 8, 2023| WTI Crude @ $76.68/bbl, Brent @ $80.95/bbl
London, 08 November, 2023, (Oilandgaspress): – Oil prices dropped significantly on Wednesday to their lowest in more than three months on concern over weaker demand in the United States and China. Year-to-date gains shrinking steadily.
Neste has acquired 29% of the shares of Neste Demeter B.V., increasing Neste’s ownership to 80% of the company. Neste has also agreed to acquire the remaining shares of Neste Demeter B.V. over the next few years as agreed with the minority shareholders. Neste announced 3 September 2018 the acquisition of 51% of the shares of IH Demeter B.V., making Neste the controlling shareholder. “The partnership between the minority owners of the company and Neste has been successful. I am pleased that we have now agreed to take full ownership of Neste Demeter while continuing the cooperation with the minority owners. Neste Demeter is an important part of our raw material supply and this is a step forward in our strategy of building a global waste and residue raw material platform to secure raw material availability and competitiveness,” says Carl Nyberg, Neste’s Executive Vice President of Renewables Supply Chain and Sustainability. Neste’s current capacity for renewable products in Rotterdam is the largest in Europe. Neste made the final investment decision to invest into new renewable products production capacity in Rotterdam in June 2022, with targeted start up during the first half of 2026. The Rotterdam refinery expansion investment of approximately EUR 1.9 billion will expand Neste’s overall renewable product capacity to a targeted 6.8 million tons globally by the end 2026. Read full article
In the third quarter of 2023, Vestas generated revenue of EUR 4,353m – an increase of 11.2 percent compared to the year-earlier period. EBIT before special items amounted to EUR 70m, resulting in an EBIT margin before special items of 1.6 percent, compared to (3.2) percent in the third quarter of 2022.
Free cash flow1) amounted to EUR (251)m compared to EUR (752)m in the third quarter of 2022.
The quarterly intake of firm and unconditional wind turbine orders amounted to 4,502 MW, a 138 percent increase from third quarter 2022. The value of the wind turbine order backlog was EUR 21.6bn as at 30 September 2023.
In addition to the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of EUR 32.4bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 54.0bn – an increase of EUR 6.0bn compared to the year-earlier period. Based on the results for the first nine months, we are narrowing our full-year guidance. We now expect revenue to range between EUR 14.5bn-15.5bn (previously EUR 14.0bn-15.5bn), including Service, which is still expected to grow around 10 percent. The outlook for EBIT margin before special items is narrowed to 0-2 percent (previously (2)-3 percent), with the Service EBIT margin now expected to be approx. 21 percent (previously approx. 22 percent). Total investments1) are expected to amount to approx. EUR 0.8bn (previously approx. EUR 1bn) in 2023. Read full article
EIA forecasts global oil supply to increase and per capita gasoline consumption to fall in 2024
The U.S. Energy Information Administration (EIA) expects global liquid fuels production to increase by 1.0 million barrels per day next year. We expect OPEC+ production cuts will remain in place through the end of 2024 and offset non-OPEC production growth. EIA expects a slight decline in global oil inventories in early 2024.
In its November Short-Term Energy Outlook (STEO), EIA forecasts Brent crude oil prices will average about $93 per barrel in 2024, up by over $9 per barrel from this year. Risks of supply disruptions and price volatility are heightened amid potential conflict spreading in the Middle East.
In addition, EIA forecasts that U.S. motorists will consume less gasoline per capita in 2024, resulting in the lowest gasoline consumption in two decades. “U.S. motorists are driving less because they aren’t commuting to work every day, newer gasoline-fueled vehicles are more efficient, and there are more electric vehicles on the road,” said EIA Administrator Joe DeCarolis. “Put those trends together with high gasoline prices and high inflation, and we find that U.S. motorists are using less gasoline.”
Other highlights from the November STEO include:
Coal markets. Record coal demand from Europe and Asia is driving U.S. coal exports to return to pre-pandemic levels. EIA expects U.S. coal production to fall in 2024 as the domestic electric power sector generates more power from renewable resources, such as solar and wind, rather than coal. Electricity consumption. U.S. electricity consumption will increase next year, and the largest increase will be in the residential sector. Winter conditions in 2024 will be colder and summer temperatures will be warmer than in 2023, which contributes to higher consumption. Electricity consumption will also increase in the commercial and industrial sectors. Read full article
Renault Master is preparing to move up a gear with a brand new generation which will be presented in the next few days at Solutrans motor show in Lyon, France. New Renault Master will launch the next-gen vans that are more efficient, 100% connected and innovative. This new model has been designed for optimum use, enabling it to go further and further, while spending less and adapting to today’s needs.
Thanks to an “aerovan” shaped body and a new braking system, new Renault Master provides consumption savings of 21 % for the electric version and 1.5 l/100 km for the internal combustion version. Like previous generations, it will be produced at the Batilly plant in France, where the facilities have also been redesigned to produce in a new and innovative way. Read full article
Orrön Energy Report for nine months ended 30 September 2023 Highlights
• Final commissioning work is progressing well on the Karskruv project, with handover expected at the end of November 2023. The project, in the SE4 price region, is set to add 290 GWh to the Company’s yearly power generation.
• On track to deliver 800 GWh of power generation for the full year, with proportionate power generation of 539 GWh in the reporting period.
• Over 30 GW of grid connections secured in the UK, enabling initiation of solar and battery projects with estimated first grid energisation dates between 2030 and 2039.
• Continued to mature a broad portfolio of projects in the Nordics with access to grid and land, with permits submitted for 29 MW of battery and solar projects, out of which 14 MW have been granted.
• One acquisition signed during the quarter, comprising of ownership in six wind farms in Sweden, adding 5 MW installed capacity in the SE4 price region.
Consolidated financials – 9 months
• Cash flows from operating activities amounted to MEUR 15.1.
Proportionate financials – 9 months
• Achieved electricity price amounted to EUR 49 per MWh, resulting in proportionate EBITDA of MEUR 4.0.
• Proportionate net debt of MEUR 66, with significant liquidity headroom available through the MEUR 150 revolving credit facility entered into in early July 2023.
Financial Summary Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results. Read full article
During the period from October 30 to November 3, 2023, Eni acquired on the Euronext Milan no. 5,155,269 shares (equal to 0.15% of the share capital), at a weighted average price per share equal to 15.5002 euro, for a total consideration of 79,907,905.47 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 More
BW Energy is pleased to announce that the DHBSM-1 appraisal well has encountered commercial volumes of oil in the Hibiscus South satellite prospect. The Company plans to return to the well to complete it as a production well in early 2024.
The DHBSM-1 well was drilled from the MaBoMo production platform to a total depth of 6,002 meters. The target area is located approximately 5 kilometres southwest of the MaBoMo and was drilled by the Borr Norve jack-up rig. Evaluation of logging data, sample examination and formation pressure measurements confirm approximately 20 meters of pay in an overall hydrocarbon column of 26.5 meters in the Gamba formation.
The well data confirms that the Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field. This will enable the Company to book additional reserves not currently included in its annual statement of reserves and provide the opportunity to drill one or more additional production wells from the MaBoMo facility.
“The successful appraisal of the Hibiscus South satellite structure represents a low-cost and low-risk expansion of the Dussafu production and reserve base. We look forward to rapidly bringing these high-value barrels into production,” said Carl K. Arnet CEO of BW Energy. “The result also confirms the significant potential of the Dussafu licence where we have multiple additional future prospects.”
Preliminary evaluation indicates gross recoverable reserves of 6 to 7 million barrels of oil and approximately 16 million barrels of oil in place, in line with the mid-case pre-drill expectations reported prior to the commencement of drilling operations. Read More
Plastic-chomping bacteria could transform plastic bottles into make-up, drugs, and perfumes, according to a new study.
University of Edinburgh scientists engineered a simple E. coli bacteria to eat our litter and regurgitate it into something else. Writing in ACS Central Science, the researchers announced it was the first “one-pot” solution for making plastic waste useful, or valorizing it, using microbes.
Mountains of disposable polyethylene terephthalate (PET) bottles are thrown out every day. The world produces millions of tons of PET a year, over 80% of which is for single-use products. Read More
BMW AG Corporate and Governmental Affairs is reorganizing its management team at departmental level with effect from November 1, 2023. The changes will affect the following functions specifically:
Alexandra Landers will take over as head of the “Product Communications BMW Automotive” department, where she will primarily be responsible for product, lifestyle and brand communications for the core BMW brand.
After holding several different positions as an HR manager, in Inhouse Consulting and as Regional Head of Communications in Europe, Landers has most recently worked as head of “PR Events”.
Nicole Geisel will take on the role of head of the “Corporate Communications Purchasing, Supplier Network and Sustainability” department.
After working in a range of positions in financial and IT communications and supporting the Supervisory Board of BMW AG, she most recently headed up the BMW Group’s Communications Strategy as well as Planning and Steering and Market Steering for Europe and China, along with the unit’s Business IT.
Markus Sagemann will take responsibility for the “PR Events” department.
In recent years, Sagemann has held numerous management positions in external and internal communications for the BMW Group. Most recently, he headed up the “Corporate Communications Purchasing, Supplier Network and Sustainability” department.
Ingo Wirth will take over the management of the “Strategy, Steering” department.
After heading up several roles in marketing communications and board management for the Board of Management, Wirth has in recent years been in charge of product communications for the MINI and BMW Motorrad brands and most recently also for the core BMW brand. Read More
Designworks, the innovation studio of the BMW Group, has been tapped by real estate developer Magnom Properties to partner in creating an emotionally engaging design for the façade of the new Forbes International Tower in Egypt. The tower is to become a milestone in sustainable urban development in the Middle East. The idea behind architects Adrian Smith + Gordon Gill’s concept for the 230-metre (755-foot)-tall building was to create a uniquely modern symbiosis between architecture and the environment. In keeping with this concept, the Designworks team will integrate such features as reflection, illumination, and digital interactivity into their design to create a harmonious sense of interrelatedness between the building, the environment, and the building’s occupants and visitors.
Designworks will also be taking on the design of a continuous user journey across all physical and digital touchpoints of the EV charging park. For this project, the team will draw on the BMW Group’s experience design process, which is focused on the needs of the customer. Magnom Properties CEO Maged Marie comments: “The collaboration with Designworks aligns perfectly with our vision of creating an absolutely exceptional experience – one that integrates innovative technologies to give visitors an entirely new sense of the building, from both the outside and the inside.”
The 55-story business tower, planned in partnership with Forbes, will be part of Cairo’s new administrative and financial district. With a total space of more than 100,000 m2 (328,000 sq. ft.), it will set a new benchmark for sustainable architecture. The overarching goal is to minimize the building’s carbon footprint and achieve the highest certifications for ecological construction. Read More
Bentley bears; furry and adorable characters who are looking for loving homes on shop.bentleymotors.com and in Bentley showrooms for when they’re not busy at the race track or on the production line. Each of the four teddies are beautifully soft to the touch and stylish in their attire.
The Special Edition Signature Bear, with flexible joints, is dressed for formal occasions with a double-ribbon necktie in grey and green and a Bentley-branded ear tag. Then there’s the Engineer teddy bear, primed for the pits with their white and green overalls and matching cap, just like Bentley’s own motorsport boffins. The suit features a working pocket which includes three sewn-in felt mechanical tools – a spanner, screwdriver and a wrench – just in case anyone needs a job doing.
Inspired by one of the courageous Bentley boys who dominated the Le Mans 24 Hours in the late 1920s and early ‘30s, the Heritage Racing Bear has borrowed his polka-dot scarf from Sir Henry ‘Tim’ Birkin, father of the famous supercharged ‘Blower’. This teddy’s dashing good looks are complimented by a rakish suedette helmet, racing goggles and a bomber jacket to defend from the headwind as he’s thundering along the Mulsanne Straight. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $76.68 | Down |
| Crude Oil (Brent) | USD/bbl | $80.95 | Down |
| Bonny Light | USD/bbl | $83.35 | Down |
| Saharan Blend | USD/bbl | $83.84 | Down |
| Natural Gas | USD/MMBtu | $3.08 | Down |
| OPEC basket 07/11/23 | USD/bbl | $86.50 | Down |
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