Energy/Automotive News; Oil Prices Fall, Brent crude now below $76
London, 09 January 2024, (Oilandgaspress): – Oil slides as Saudi price cuts counter Middle East worries. US oil production reached 20mn barrels per day boosting overall oil supply in the market. There is also record production in Brazil, Iran and Guyana lifted world output by 1.8mn barrels per day last year, with non-Opec oil also expected to drive global supply gains in 2024, according to the IEA.
Petrofac has begun a multi-million-dollar front-end-engineering design (FEED) for the Netherlands’ flagship carbon transport and storage (CCS) system, Aramis. The development marks a significant step towards achieving the European Union’s decarbonisation targets announced in the European Green Deal and the Dutch Climate Agreement. Aramis, a joint development by TotalEnergies, Shell, Energie Beheer Nederland (EBN) and Gasunie, offers a route to decarbonisation for hard-to-abate industries across the Netherlands, Belgium, and France. It seeks to capture carbon dioxide (CO2) from industrial clusters, transporting it for permanent storage in depleted offshore gas fields under the North Sea. The captured CO2 will be carried via onshore pipeline or ship to a collection hub in the Port of Rotterdam. Following temporary storage and compression, the CO2 will be carried by pipeline, designed to transport up to 22 million tonnes of CO2 annually, to several offshore facilities. Here it will be injected, via wells, into depleted gas reservoirs some three to four kilometres under the seabed. Read full article
Worley Rosenberg, Aker Solutions and Aker BP marked the first steel cut for the utility module for the new platform at the Valhall field centre, PWP. The contract secures work at the yard in Stavanger for more than 1000 people and more than 50 apprentices.
“We couldn’t get a better start for 2024. This contract secures activity in Norway and in the Stavanger region. We made a very deliberate choice in picking a solid Norwegian yard to deliver the utility module, to secure jobs and expertise in the industry in Norway for the period before the foreseen wave of projects within renewables,” says Knut Sandvik, Aker BP’s SVP Projects.In total, the Valhall PWP (production and wellhead platform) comprises three large topside modules with a total weight of more than 15,000 tonnes. Rosenberg Worley will deliver the utility module weighing 4800 tonnes. The platform topside will be assembled at Aker Solutions Stord. Read full article
Equinor and bp announced an agreement with the New York State Energy Research and Development Authority (NYSERDA) to terminate the Offshore Wind Renewable Energy Certificate (OREC) Agreement for the Empire Wind 2 project, an offshore wind project in the US with potential generative capacity of 1,260 MW. This agreement reflects changed economic circumstances on an industry-wide scale and repositions an already mature project to continue development in anticipation of new offtakeopportunities. The decision recognizes commercial conditions driven by inflation, interest rates and supply chain disruptions that prevented Empire Wind 2’s existing OREC agreement from being viable. Equinor and bp believe offshore wind can be an important part of the energy mix and are committed to maintaining substantial contributions to the state and local economy. Read full article
Nordex Group received an order from Capital Energy for 106 MW in Spain. In spring 2025 the Nordex Group will be delivering and installing 18 N163/5.X turbines for the “Mareas I & II” wind farm near Mequinenza in the province of Zaragossa. The turbines from the Delta4000 series will be installed on tubular steel towers with hub heights of 108 metres. Commissioning is scheduled for June 2025. The order also includes a Premium Service for the turbines covering a period of 20 years. This guarantees that the turbines will be serviced by Nordex in accordance with the highest standards during their entire lifetime. Juan José Sánchez, CEO of Capital Energy, says: “It is a satisfaction for us to be able to seal such an important contract with one of the most important suppliers of wind turbines in the world. This agreement with Nordex Group represents a new milestone in the fulfillment of our business plan, with which we continue to promote a green and fair energy transition. It also represents a new step in our firm commitment to the generation of wealth and employment in the regions where we operate and to the supply chain and technology of EU countries and, specifically, Spain. A commitment aligned with the objective of the recently announced Wind Charter, which is committed to a supply chain that is strongly established in the EU and that is resilient, sustainable and competitive”. Read full article
Nordex Group received orders for four wind farms in Sweden totaling 553 MW from the investment company for renewable energy – Renewable Power Capital – which operates across Europe. The orders also include a Premium Plus Service for the turbines covering a period of 35 years. In spring 2025 the Nordex Group will start delivering and installing 80 turbines, of which 74 are N163/6.X and six N149/5.X turbines, for the “High Coast” wind farm cluster. “High Coast ” comprises four wind farms: Knäsjöberget (98 MW), Sörlidberget (140 MW) Vitberget (161 MW) and Storhöjden (154 MW), all to be built in the province of Västerorrlands Län. The turbines from the Delta4000 series will be installed on tubular steel towers with a hub height of 105, 118, 138 and 148 metres, depending on the height limitations. The Nordex Group will be providing all the turbines in the cold-climate version as well as fitting the 74 N163/6.X turbines with the Nordex Advanced Icing System in order to reduce ice formation on the rotor blades and continue producing energy even under icing conditions. Kevin Devlin, CEO of Renewable Power Capital, says: “We’ve been really impressed by the performance and reliability of the Nordex turbines. The Nordex team’s focus, underpinned by strong environmental targets and circularity, is key for us. As an investor driving the European energy transition, we’re pleased to have such a significant turbine contract fulfilling some of the most exciting wind farm projects across Europe.” “We are proud to be involved in this important wind cluster with our turbines and to once again be able to demonstrate the effectiveness of our anti-icing technology in such a demanding climatological setting,” says Patxi Landa, CSO of the Nordex Group. “High Coast will broaden our experience with large-scale projects in Sweden and help us to consolidate our position as a leading provider of wind turbines in Scandinavia. We are very pleased to be working with Renewable Power Capital for the first time.” The turbines in the four wind farms will go into operation in 2025. Nordex will be working closely together with the local authorities and municipalities in order to ensure that each project is implemented in line with local regulations and requirements. Read full article
Toyota Motor will restart this year’s domestic vehicle production on schedule from Monday, despite some suppliers suffering disruption caused by a recent powerful earthquake that struck the country’s Noto Peninsula, the automaker said Sunday.
Toyota said that due to many suppliers and affiliates suffering damage in the quake, it will use parts held in stock outside affected areas.
The company said it will assess the status of its suppliers for the period after Jan. 15 before determining its ongoing production activities.
The automaker earlier said it will not be able to start production on the planned date due to damage sustained by suppliers in the magnitude-7.6 quake that occurred in central Japan on New Year’s Day. Read More
Toyota would like to express our deepest condolences and sympathies to all those affected by the devastating Noto Peninsula Earthquake on January 1, 2024. In regards to Toyota Motor Corporation’s plant operation schedule for January 8 onwards, after much consideration, we have made the decision to operate our vehicle plants in Japan. Many of our local suppliers and their affiliates were affected by the earthquake. Therefore, we will utilize parts in stock outside the affected areas. As aftershocks are still continuing in the Noto region, we would like to determine separately concerning operations after January 15. This will be done while carefully assessing the situation and continuing to place the highest priority on the safety of those involved and the restoration of the region. Read More
Fisker Inc., driven by a mission to create the world’s most emotional and sustainable electric vehicles, announced that the company is developing an innovative Dealer Partnership model in North America. In Europe, Fisker intends to pursue a hybrid of direct sales and dealer arrangements.The Dealer Partnership model combines the goal of offering our customers no-haggle pricing on Fisker vehicles (where permitted) while also providing our dealer partners with larger market territories, so they can maintain pricing without concern for local competition. The company has been in discussions with numerous potential dealers since late November 2023. The company is implementing this approach to expedite the expansion of its sales, delivery, and test drive network. Fisker expects that its first dealers will start receiving vehicles by the end of Q1 2024, and that it will have all its initial dealer partners in place when higher-volume vehicle models arrive in the marketplace in the future. Read More
Fisker Inc. announced that Angel Salinas has been named Chief Accounting Officer, effective immediately. Salinas will report to CFO Dr. Geeta Gupta-Fisker. “I’m excited to join Fisker at such an exciting point in its history and looking forward to working with executive leadership and the accounting team to help manage the continued rapid growth the company expects to experience in 2024 and beyond,”Salinas said. Salinas comes to Fisker after more than two decades at PricewaterhouseCoopers, most recently as an Assurance Partner, where he served as audit signing partner on numerous clients and oversaw audit teams in the United States, Canada, India, Mexico, and Argentina. Throughout his career at PwC, Salinas has focused on complicated audit, compliance, and regulatory matters, leading large teams of accounting professionals. Salinas currently holds a CPA in Texas and Colorado and is a graduate of the University of Houston. In connection with his new appointment at Fisker, Salinas has relocated from Texas to California. Read More
Vortexa has successfully completed its $34 million Series C funding round, led by investment funds managed by Morgan Stanley Expansion Capital. This achievement marks a significant milestone in our journey, and we are grateful for the continued support from our existing investors, including Notion Capital, Monashees, Metaplanet, FJ Labs, and Communitas Capital. Since our inception, Vortexa has raised over $60 million, a testament to our commitment to revolutionizing the global energy and freight markets. Despite challenging times for tech companies seeking venture capital funding, Vortexa experienced a remarkably oversubscribed round, doubling its valuation since the Series B funding round in 2021. Growing three times faster than the median SaaS business over the past year, we are now nearing profitability and see immense untapped opportunities on the horizon. In the ever-evolving landscape of multitrillion-dollar energy and multibillion-dollar freight markets, Vortexa stands as the leading real-time global analytics platform. Our platform empowers energy traders, market analysts, charterers, and data scientists to make high-stake real-time decisions. The precision, scale, and speed of our information and analytics contribute to greater efficiency in the global energy flow, helping society balance security, affordability, and sustainability objectives. The Series C funding will play a crucial role in accelerating Vortexa’s international expansion, enhancing our state-of-the-art technology, and maintaining a first-class quality of service for our valued clients and partners. We are committed to delivering unparalleled value and impact globally, and this investment will propel us further toward achieving that goal. Read More
Renault Group brand is inventing the mobility of tomorrow, with its car-sharing system, no-obligation vehicle rental and subscription solutions. The overall aim is to move towards a model of soft mobility. “We’re trying to develop the use of a vehicle, not necessarily ownership,” explains Sophie Blanc, Mobilize’s Senior Marketing Manager. “We’re talking more about lightweight vehicles like the two-seater electric quadricycle Duo or its utility version Bento (soon available), always with a view to reducing carbon footprint and footprint.”
Another major challenge in making this type of offer both more environmentally friendly and profitable: optimizing what is known as the vehicle occupancy rate, the number of people on board. Today, more than half of all journeys of less than 20 km (about 12.43 mi) are made by a single person in a car.
Starting with urban mobility, most often identified with the use of individual cars and public transport. The mobility of the future will be mostly electric, but above all with “just the right amount” (and nothing more). “Most people drive at low speeds on congested roads,” points out Thomas Ehrmann, Mobilize’s Chief Design Strategy. So, in the city for example, there’s no need to rely on large vehicles capable of reaching 120 kilometers (about 74.56 mi) per hour in a matter of seconds: a lightweight model is more than sufficient for daily journeys. Read More
U.S. Rig Count is down 1 from last week to 621 with oil rigs up 1 to 501, gas rigs down 2 to 118 and miscellaneous rigs unchanged at 2.
Canada Rig Count is up 39 from last week to 125, with oil rigs up 31 to 58, and gas rigs up 8 to 67.
International Rig Count is down 23 rigs from last month to 955 with land rigs down 23 to 735, offshore rigs unchanged at 220.
The Worldwide Rig Count for December was 1,739, down 55 from the 1,794 counted in November 2023, and down 95, from the 1,834 counted in December 2022.
| Region | Period | Rig Count | Change |
| U.S.A | 05 January 2024 | 621 | -1 |
| Canada | 05 January 2024 | 125 | +39 |
| International | December 2023 | 955 | -25 |
China’s Ministry of Industry and Information Technology issued guidelines for setting car chip standards, aiming to set over 30 standards by 2025 and over 70 by 2030 to support forward-looking and integrated R&D of automotive chips. Read full article
Tethys Oil is increasing its operational activities on Block 56 onshore Oman. The drilling of the exploration well Menna-1 has been completed. The well logs indicate hydrocarbons in three separate zones and preparations for the testing operations are ongoing. Testing operations will also resume on the previously drilled Sarha-3 well, on which a workover has been completed. Both operations are an important part in the continued data compilation and preparation of a field development plan for Block 56.
The Menna-1 well was drilled vertically to a total depth of approximately 1,600 meters. The well logs indicate hydrocarbons in the Al Khlata, Karim and Birba formations. Further evaluation and testing of the well will be carried out in the coming weeks. The Menna prospect is located some 30 kilometres south-west of the Al Jumd discovery, with which it shares similar characteristics. The prospect is one of several identified prospects on the Eastern Flank trend, stretching alongside the border of Block 6’s productive Karim Small Fields. Read full article
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