Energy/Automotive News |OPEC basket of thirteen crudes stood at $79.69/bbl
London, 05 December, 2023, (Oilandgaspress): – OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first quarter of 2024. 1.3 million bpd of those cuts, however, were an extension of voluntary curbs that Saudi Arabia and Russia already had in place.
Ayrton Senna complex in Brazil: a 25-year legacy and the start of a new era
On 12 March 1996, Renault Group chose Paraná as the site for its new plant, marking the start of a new chapter in automotive history for Brazil. On 4 December 1998, the Ayrton Senna industrial complex opened its doors in Curitiba, becoming one of Renault Group’s main sites in South America. Over the past 25 years, the plant has achieved industrial success, building iconic vehicles and becoming part of the local socio-economic fabric. Today, the Ayrton Senna complex is beginning a new phase in its existence. Organised into two production units dedicated to passenger cars and light commercial vehicles, the complex employs a workforce of over 5,300. This year marks a turning point with the integration of a powertrain plant and foundry by HORSE, a Renault Group company dedicated to the development, production and supply of the next generation of low-emission hybrid and internal combustion powertrains. Over the past twenty-five years, the complex has produced over 3.5 million vehicles and 5 million engines, achieving success on both local and international markets. Read full article
Honorary Chairman Shoichiro Toyoda, who passed away this year at the age of 97, was inducted into the Japan Automotive Hall of Fame at a ceremony held in Tokyo on November 14. The Japan Automotive Hall of Fame works to honor and preserve the achievements of those who helped develop the country’s automotive industry, scholarship, and culture and contributed to creating a thriving automobile society.
This year, the Honorary Chairman was one of four inductees. The Hall of Fame also added four Historic Cars and presented four annual awards (Car of the Year, Import Car of the Year, Design of the Year, and Technology of the Year).
Shoichiro Toyoda was lauded for “overcoming numerous managerial challenges to build Toyota Motor Corporation into a global company and helping turn Japan into the world’s foremost automotive superpower. He was also devoted to nurturing talent, believing that monozukuri is about developing people.” Read full article
Saab has signed a contract with the Swedish Defence Materiel Administration, FMV, to conduct concept development studies for future underwater capabilities.
The studies are preparatory in nature and will focus on the further development of key technology areas, as well as new technologies for submarines and submarine-related capabilities for Sweden.
Sweden has a long history of evolutionary submarine design and technology development by refining and adding new technologies to already existing solutions through an iterative development process.
“Underwater capabilities are of vital interest for Sweden. Saab’s submarines are among the most modern conventional submarines in the world and a key capability for Sweden. These studies will help ensure that we stay in the forefront of innovation and technological development for years to come”, says Mats Wicksell, Senior Vice President and Head of Saab’s Business Area Kockums. Read full article
Honda has launched its 12th annual European Environmental Report, which documents the steps it is taking towards achieving global carbon neutrality across all products, operations, and corporate activities by 2050.
Measured across the fiscal year from April 2022 to March 2023, one particular highlight has been the achievement of the commitment to electrify its mainstream automobile range. The 11th generation Civic e:HEV arrived in late 2022, while 2023 has seen a further three electrified models: the ZR-V full hybrid, the CR-V, boasting the option of full hybrid and plug-in hybrid technology, and the brand’s first EV SUV for the region, the e:Ny1. The brand will continue to build on Its electrified line up, towards its aim of releasing 30 new EV models globally by 2030.
This commitment to more sustainable operations extends beyond automobiles and is shaping the technology being developed across Honda’s motorcycle and power product divisions – as demonstrated by the arrival of the EM1 e:, the brand’s first fully electric two-wheel model in the region. It is also influencing all environmental policies, practices, and initiatives at the brand’s facilities across the region, as Honda makes investments in more sustainable materials and renewable energy, while significantly reducing CO2 emissions and energy usage. One example being the fact it purchases 97% of its electricity from renewable sources. Read full article
Egypt’s green ambitions took a major leap forward with the signing of three key partnerships. Minister of International Cooperation Rania A. Al-Mashat oversaw the agreements, which will see the government collaborate with the Norwegian company SCATEC, the African Development Bank (AfDB), and the British International Investment (BII) on transformative projects. Green Methanol for Ships: The first project targets the Suez Canal Economic Zone, where a facility will produce up to 200,000 tons of green methanol annually. This clean fuel will power ships, reducing emissions and contributing to Egypt’s maritime sustainability goals. Damietta’s Green Ammonia: The second project focuses on green ammonia production in Damietta. This will not only enhance carbon capture but also accelerate Egypt’s transition to a green economy. 1GW Solar with BESS: A Regional First: The crown jewel is a 1GW solar energy project utilizing BESS (battery energy storage) technology. This first-of-its-kind project in Egypt and the largest in the region will be a testament to the nation’s commitment to renewable energy. Read full article
Hydro wins changemaker recognition at COP28 as zero-emission HalZero project reaches new milestone
At the 2023 Climate Change Conference in Dubai on December 5, Hydro received recognition from the COP28 UAE Presidency as an Energy Transition Changemaker for pioneering the green aluminium transition. The acclaim comes as Hydro makes the push to construct a test facility for the zero-emission HalZero technology with the aim to produce first metal by 2025. HalZero is part of Hydro’s technology roadmap to reduce the emissions associated with aluminium production. Existing electrolysis technology emits CO2 as an inevitable part of the process, but the technology under development is designed to emit oxygen instead of CO2. If successful, HalZero could be implemented in new aluminium smelter capacity around the globe, removing emissions from one of the world’s hard-to-abate sectors. Read full article
A pipeline to pump green hydrogen more than 5,000 kilometers from West Africa to Morocco and eventually Europe. The world’s biggest copper mine switching to 100% renewable energy three years ahead of schedule. Investment banks pouring billions into battery recycling. Even a Californian collaboration between a fuel cell company and a carmaker that will turn biogas and sludge into clean electricity,hydrogen and water.
Across industries and governments, and in our own homes,both big and small changes are together driving a global energy revolution. Electric vehicles (EVs) fill more driveways. Boards are focused on performance against sustainability metrics. Nanogrids are bringing power to villages for the first time. Our energy system has transformed before, but not like this, and not this fast. Previous transitions have been driven by new technologies and achieved through market forces. These play a part in this change too, as well as a changing consumer, but our primary aim this time is far more ambitious. We’re trying to rewire the global economy
to meet an urgent environmental imperative. The bad news is that we’re simply not moving fast enough. The target to limit global warming to 1.5 degrees Celsius is unlikely to be met. The good news is that progress is accelerating. The new EY Energy and Resources Transition Acceleration model, combined with deep industry knowledge and experience, confirms that the energy transition has reached critical momentum and is accelerating. Read full article
The Norwegian Petroleum Directorate (NPD) has conducted a mapping of gas resources that, for various reasons, have yet to be developed. Several of these discoveries could be produced in a manner that is profitable from a socio-economic perspective.
About 65 per cent of the overall gas resources on the Norwegian shelf have not yet been produced. Some of the remaining gas resources face a variety of challenges that could complicate production. The NPD has mapped the gas resources which lack concrete development plans, and has also explored which measures could potentially be implemented to facilitate their development. Read More
First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and strongest financial institutions, is the first MENA bank to publish a Task Force for Climate-Related Financial Disclosures (TCFD) aligned climate report.
The TCFD standard, promoted by the Financial Stability Board since 2015, urges entities to specify the resilience of their strategies to climate-related risks (physical and transitional) and opportunities. The report delivers on FAB’s 2019 commitment to agree to adopt TCFD recommendations into its reporting and disclosure processes.
FAB’s TCFD Aligned Climate Report outlines the bank’s progress on its four key themes: governance model, strategy, ability to manage risks, and reports on key metrics and targets related to climate change.
The framework should help FAB’s investors and other key stakeholders understand how the bank considers and assesses climate-related risks and opportunities.
FAB has made significant advances across the four thematic areas:
Governance: Climate risk is governed across the organisation including at the Board level and throughout active committees.
Strategy: Climate is embedded across the bank’s strategy through transition finance for net zero and sustainable finance targets for 2030. FAB’s scenario analysis informs the bank’s potential climate risk exposure.
Risk Management: ESG risk identification and assessment is covered under FAB’s group-wide ESG Risk Framework and reviewed annually. Read More
Group Chief Executive Officer (GCEO), NNPC Ltd., Mr. Mele Kyari has said the African Continent need “a just, differentiated transition” to enable it to harness its resources for today for the benefit of its future generations.
The GCEO made this known while speaking at a Regional CEO Panel organised by McKinsey & Company, on the sidelines of the ongoing United Nations Conference on Climate Change (UNCCC), also known as COP 28 Conference in Dubai, UAE, on Monday.
The GCEO, who joined other global energy leaders from the United States, Holland, and Oman to highlight energy perspectives and insights on the evolving energy market, said the world must understand Africa’s peculiarities in addressing the effects of climate change on energy businesses.
“I have always advocated for a differentiated and just energy transition. In Africa, we have different circumstances compared to other places in the world.
In Africa today, 75% of our population don’t have access to electricity, leaving us with biomass as a key energy source. The world needs to recognize that the most practicable thing to do today is to substitute what we have in the short term to close the energy gap for our rising population,” he stated.
With Nigeria forecasted to be among the global top 10 economies by 2035 and 3rd in terms of global population by the same year, the GCEO said it is critical that the energy poverty question is discussed as nations unite to achieve net-zero by 2050. According to the GCEO, with an abundant natural gas reserves of 206 trillion cubic feet (tcf) that has the potential to rise to 600tcf, Nigeria is currently utilizing gas to drive its journey towards energy transition. He said the NNPC Ltd. is creating a regional gas pipeline network that will supply natural gas across the African continent and boost its Liquified Natural Gas (LNG) supply to the foreign market. Explaining that the NNPC Ltd. is currently eliminating gas flares in almost all its gas projects, Kyari said the idea is to deploy such gas towards developing power plants nationwide, which will boost nationwide electricity supply, create employment opportunities, and trigger the nation’s industrial and economic development. Read More
Hyundai’s IONIQ 6 Limited Rear Wheel Drive (RWD) model is the fastest-charging electric vehicle on the market according to a new test from Edmunds. IONIQ 6 topped a field of 43 popular electric vehicles in the Edmunds EV Charging Test, a rigorous new trial designed to compare EV charging speeds. Developed in partnership with P3 Group, a leading automotive consulting firm and EV charging expert, Edmunds’ analysis employs real-world testing and empirical data to measure how quickly EVs can add range to their battery packs with a Level 3 DC fast charger.IONIQ 6 Limited RWD is the fastest-charging EV Edmunds has tested to date, enabling owners to reach their destination quicker and more easily. In Edmunds’ testing, the IONIQ 6 Limited RWD added 100 miles in an average time of 6 mins and 54 secs, the equivalent of 868 miles per charging hour [i]. No other EV tested was able to break the 7-minute barrier – not even models from brands like Tesla, Porsche, and Mercedes-Benz. The IONIQ 6 Limited RWD model and its 77.4-kWh battery pack outpaced the test’s second-place finisher by an impressive 99 miles per charging hour. The IONIQ 6 All Wheel Drive (AWD) model finished in third place with 764 miles per charging hour, adding 100 miles in an average time of 7 mins. and 51 secs. Read More
The Hyundai IONIQ 5 was awarded a coveted spot on Car and Driver’s 10Best list for the second year in a row. The publication’s 10Best list recognizes 2024’s best trucks, sport-utility vehicles (SUVs) and crossover vehicles annually. As a previous winner, IONIQ 5 was invited to defend its spot on the list. This new 10Best honor adds to a long list of awards and accolades for the IONIQ 5 including Car and Driver’s 2022 EV of the Year. Read More
Carlos Tavares, Stellantis Chief Executive Officer, and Natalie Knight, Stellantis Chief Financial Officer, will participate in a fireside chat on Wednesday, December 6, 2023 from 10:45 a.m. GMT to 11:20 a.m. GMT at Goldman Sachs 15th Annual Industrials & Autos Week. Read More
Toyota’s GR Corolla MORIZO Edition Pace Car will continue its celebrity tour this December with NASA at the Performance Racing Industry (PRI) Show in Indianapolis, Ind. Taking place December 7-9 at the Indiana Convention Center and Lucas Oil Stadium, the gathering is widely considered to be the world’s premier auto racing trade show. It’s a must-attend event for businesses and professionals from across the automotive racing spectrum.
“At Toyota, we have a passion for motorsports and it’s an honor to support racing enthusiasts and the motorsports industry,” said Mike Tripp, group vice president Toyota division Marketing. “Having the GR Corolla Pace Car at PRI reflects our ongoing commitment to engineer track-inspired and fun to drive vehicles for our customers, and we’re excited to be in the NASA booth this year.” Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $73.96 | Down |
| Crude Oil (Brent) | USD/bbl | $78.86 | Down |
| Bonny Light | USD/bbl | $78.61 | Down |
| Saharan Blend | USD/bbl | $78.75 | Down |
| Natural Gas | USD/MMBtu | $2.77 | Up |
| OPEC basket 04/12/23 | USD/bbl | $79.69 | Down |
Baker Hughes Rig Count: U.S. +3 to 625 Canada -5 to 192
U.S. Rig Count is up 3 from last week to 625 with oil rigs up 5 to 505, gas rigs down 1 to 116 and miscellaneous rigs down 1 to 4.
Canada Rig Count is down 5 from last week to 192, with oil rigs down 2 to 122, and gas rigs down 3 to 70.
International Rig Count is up 16 rigs from last month to 978 with land rigs up 15 to 758, offshore rigs up 1 to 220.
| Region | Period | Rig Count | Change |
| U.S.A | 28 November 2023 | 625 | +3 |
| Canada | 28 November 2023 | 192 | -5 |
| International | November 2023 | 978 | +16 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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