Energy / Automotive News Roundup; Rig Count: U.S. -7 to 622 Canada -6 to 225
London, 11 March 2024, (Oilandgaspress): Stopping exploration activity on the Norwegian shelf will accelerate the scale-down of the oil and gas industry.
The Climate Change Committee’s report was broadly covered when it was published last autumn. The deadline for comments regarding the report has now expired, and the Norwegian Offshore Directorate has submitted a comprehensive consultation response in which we point out significant deficiencies in this report. In light of this, Torgeir Stordal, Director General of the Norwegian Offshore Directorate, wrote this article, which was first published on altinget.no on 11 March.
This will be very harmful for the Norwegian economy and will complicate Europe’s situation. Is that truly what we want?
Among other things, the Committee has proposed the development of a strategy for the tail-end phase of Norwegian petroleum activities. Until this strategy is in place, the Committee recommends not awarding new licences for exploration, production or installation and operation. The Norwegian Offshore Directorate just submitted its input on the report. We believe that the Committee’s proposals will have a substantial socio-economic impact if they are adopted. The purpose of a tail-end phase strategy is to discontinue profitable activity faster than what would otherwise have been the case. The Committee has not addressed the major consequences this will have for value creation, employment around the country and state revenues. It could also weaken the EU’s security of supply. A temporary hiatus will immediately result in reduced exploration activity on the Norwegian shelf, and will weaken the basis for new discoveries that can be developed. Time-critical and profitable oil and gas resources could be lost and existing infrastructure will be shut down earlier than planned.. Read More
Eni, Plenitude and Energy Infrastructure Partners (EIP) have closed their investment agreement, with EIP entering Plenitude’s share capital through a capital increase of €588 million. This amount corresponds to approximately 7.6% of Plenitude on the basis of a post-money equity value of around €8 billion and an enterprise value of over €10 billion.
The partners previously announced the agreement in December 2023.
The transaction represents a milestone in Eni’s satellite model development and enhances the high potential of its businesses by creating the conditions to support future growth.
Francesco Gattei, Eni’s CFO, commented: “We are pleased to have closed this important deal for the valuation of Plenitude, which represents a key milestone of our strategy of highlighting value of the business related to the transition.” Tim Marahrens, EIP partner and co-head of investments, commented: “With the closing of EIP’s investment in Plenitude, we are more convinced than ever of the company’s unique business model, the value it will create for our clients and the foundation it lays for future growth. We are looking forward to working closely with our new partner and opportunities to deepen our relationship further.”
Plenitude is a company with a highly distinctive business model that integrates power generation from renewables, the sale of energy and energy solutions, and an extensive network of charging points for electric vehicles.
The transaction has been approved by the competent industry authorities. Read More
Vestas has received a firm order from Thyborøn-Harboøre Vindmøllelaug I/S af 2002 for a V236-15.0 MW wind turbine to be installed directly on the waterfront in the Port of Thyborøn in the northwestern part of Denmark. The order consists of one V236-15.0 MW wind turbine and includes supply, delivery, and commissioning of the turbine. The order also includes a 20-year AOM4000 service agreement as well as an agreement for Vestas to do test and verification activities on the turbine.
“We are very pleased to install the new V236-15.0 MW turbine at a site in Thyborøn that offers great wind conditions for optimal energy production. Nearly 2,800 local shareholders have financed the turbine, and we look forward to showcase it to locals and tourists as we expect it to become an attraction,” says Jens Jørgen Birch, spokesperson at Thyborøn-Harboøre Vindmøllelaug I/S af 2002.
“We are very pleased with the effective collaboration with Thyborøn-Harboøre Vindmøllelaug for this turbine that will help us in our final verification campaign before we begin serial production and installation of the first offshore projects featuring the V236-15.0 MW turbine. The 264 days approval process from the municipality has been extremely quick while the local support from the citizens in Thyborøn have been overwhelmingly positive. Therefore, this is a great international example of how a combination of quick permitting and local engagement can support the green transition,” says Nils de Baar, President of Vestas Northern and Central Europe.
Vestas has already installed the prototype at the Østerild National test centre in Denmark and received firm orders for the V236-15.0 MW wind turbine for offshore projects in Germany, Poland, and the Netherlands, and will start installing the first turbines offshore from 2025.
The Nissum Bredning site is located in Thyborøn in Lemvig Municipality in northern Denmark. Turbine delivery is planned to begin in the first quarter of 2024 with commissioning scheduled for completion in the second quarter of 2024. . Read full article
West Grand School District is finding that in the frigid winter temps of -30°F, their electric buses outperformed their diesel-powered ones, both in running costs and reliability. EV skeptics and critics are quick to mention the reduced range of a battery pack when exposed to such brutal temperatures, but no Minnesotan or Coloradoan needs reminding about those especially cold mornings when the car won’t start.Kremmling Colorado is one of the coldest towns in the country, and the school district that encompasses this hamlet of 1,500 people was able to begin using an electric bus in their fleet starting in 2020 thanks to grants from the EPA, along with the Colorado Department of Public Health and Environment (CDPHE). Read full article
The 531 MW Mendubim solar plant in Brazil has come into operation. This marks a 30% increase in Equinor’s equity power production in Brazil.
“Mendubim represents an important contribution to Equinor’s diversified energy offering in Brazil that includes a robust oil and gas portfolio and an attractive renewables position,” says Veronica Coelho, Equinor’s country manager in Brazil.
Mendubim will annually produce 1.2 TWh of power.
Around 60% of the power will be sold on a 20-year USD-denominated power purchase agreement (PPA) with Alunorte, one of the world’s leading suppliers of alumina for the aluminium industry.
The remaining production will be sold in the power market in Brazil.
The asset is expected to deliver real base project returns in the middle of Equinor’s guided range for renewables of 4-8%. The project is developed and operated as a joint venture between Scatec, Hydro Rein and Equinor. All three partners have an equal economic interest of 30% in the project. In conjunction with the start of commercial operations, Alunorte has exercised its call option and now holds the remaining 10%. Read full article
Hydro Rein, Equinor and Scatec are starting operations at the Mendubim solar project in the state of Rio Grande do Norte in Brazil. The 531 megawatt (MW) solar plant has been developed in a partnership between renewable energy solutions providers Scatec, Equinor and Hydro Rein. With this milestone achievement, the solar plant has begun delivering electricity to Hydro’s alumina refinery Alunorte.
“We are thrilled to complete the first of Hydro Rein’s renewable energy projects in Brazil. Our mission is to develop renewable energy solutions for more sustainable industries and Mendubim does just that. Most of the power output will go to Hydro’s alumina refinery Alunorte in Para, supporting one of the largest decarbonization projects in the world. We are very proud to take part in this development together with Equinor and Scatec,” says Head of Hydro Rein, Olivier Girardot.
Alunorte will purchase approximately 60 percent of the expected power produced through a 20 year USD denominated power purchase agreement (PPA). The remaining volumes will be sold in the Brazilian power market.. Read full article
Tanker freight rates across all segments remain at stubbornly healthy levels. This can be mostly attributed to the weather and geopolitical climate which has fostered two distinct characteristics on the global vessel supply-side: lack of tonnage fluidity and longer voyage mileage.Based on recent sanction activity led by the US and the UK it increasingly seems that the relevant authorities are aiming to force Russia to make use of Western operators under the cap mechanism whilst simultaneously sanctioning “dark” fleet entities (with Sovcomflot as the latest example). In this case, Russian crude would be carried by Western operators below the price cap, benefitting employment of Western-linked fleets and financially weakening Russia by severely constraining alternatives for seaborne transportation. It would also provide for much better insurance coverage and reduced environmental risks. Such a scenario would ultimately tighten the mainstream fleet further, providing support for freight rates. Read full article
Eni Foundation – Eni’s organization dedicated to health and education initiatives – is spearheading a project to support health facilities in remote areas in the Haut-Plateau region and southern region of Algeria. In a ceremony held in Algiers, Eni Foundation delivered two mobile clinics. The handover took place in the presence of the Minister of Health, Population and Hospital Reform of the People’s Democratic Republic of Algeria Abdehak Sayhi, the Health Advisor to the President of the Republic Kamel Sanhadji, the Managing Director of Eni Algeria Giorgio Vicini and the President of Eni Foundation Domenico Giani. Eni Foundation, together with the Algerian Ministry of Health, Population and Hospital Reform, collaborate to strengthen health services in the remote areas of the country. The initiative is part of Eni’s distinctive and comprehensive approach to the countries where it operates, and it will contribute to the improvement of local health conditions, including maternal and infant health, by introducing mobile clinics in support of existing facilities, training health personnel and setting up community outreach activities. The two mobile clinics are suitable for providing numerous health services, such as pregnancy monitoring, prevention for at-risk maternity cases, breast cancer diagnosis, noncommunicable disease prevention and childhood vaccination. One mobile clinic consists of two operating areas and is hosted in a multipurpose truck, fully equipped to house different clinical areas. The clinic can be used as a multi-health access point for counselling, diagnosis, and first intervention. The other mobile clinic is able to offer comprehensive mammography screening services, with the ability to perform complete diagnostic imaging services. The facility is designed to achieve considerable operational autonomy and be ready for use during both the relocation and operational phases. Both vehicles guarantee an operational autonomy of at least three days.. Read full article
BW Energy announce that production has safely started from the DHBSM-1H well in the Hibiscus South field on the Dussafu Licence offshore Gabon five months after the initial discovery was made in November 2023. Production performance from the well has been in line with expectations and is currently stabilised at approximately 5,000-6,000 barrels of oil per day.
The DHBSM-1H well was drilled as a horizontal well from the BW MaBoMo production facility to a total depth of 5,960 metres into Gamba sandstone reservoir. The well is located approximately 5 kilometres southwest of the MaBoMo in a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field. Following completion, the Borr Norve jackup has commenced drilling operations on the Ruche sidetrack well (DRM-3H ST1).
“We are very pleased with the safe and efficient execution of Hibiscus South fast-track development within a few months after making the initial discovery,” said Carl K. Arnet CEO of BW Energy. “This represents a material, low-cost and low-risk expansion of the Dussafu production and reserve base, demonstrating how our phased development strategy provides the flexibility to rapidly unlock significant value.”
The DHBSM-1H well is expected to recover 6.6 mmbbls from approximately 22 mmbbls oil in place, based on third party 2P estimates. Read full article
.Lexus returns to Milan Design Week this spring, exhibiting “Time”, a pair of interactive installations featuring new and original work by two leading global designers―both aimed at illuminating the future of human-centred design from the canvas of the world’s largest design event.
Since its founding 35 years ago, Lexus has continuously challenged the status quo in the luxury automotive space, pushing boundaries in both products and services to create new experiences that respect every moment of a customer’s time.
Building on this mindset, “Time” explores how the era of software-defined hardware will infinitely expand the possibilities for personally tailored experiences, allowing future design to seamlessly anticipate and evolve with each individual.
The exhibition is divided between two installations within the same site. The indoor exhibit “BEYOND THE HORIZON” by Hideki Yoshimoto / Tangent expresses a world of next-generation mobility that continues to evolve in limitless ways through software, complemented by the music of Keiichiro Shibuya that further invites visitors into an immersive space.
“8 Minutes 20 Seconds” by Marjan van Aubel will be exhibited outside, expressing the investment she shares with Lexus in pioneering new approaches to design and technology toward a carbon-neutral future.
Both exhibitions incorporate the next-generation Lexus electric vehicle LF-ZC, a concept that represents how the synergy of hardware and software can redefine the automotive experience. Lexus has been a regular exhibitor at Milan Design Week for almost 20 years, collaborating with many leading designers and artists to create immersive experiences for visitors. The roll call of talent includes such internationally respected names as Philippe Nigro, Sou Fujimoto, Rhizomatiks, Germane Barnes and Suchi Reddy. Read full article
The President of the Republic of Côte d’Ivoire Alassane Ouattara and the Chief Executive Officer of Eni Claudio Descalzi met in Abidjan today to discuss the company’s activities in the country, including the successful results of the exploration well Murene 1X on the discovery named Calao. The Prime Minister Robert Beugré Mambé and the Minister of Mines, Petroleum, and Energy, Mamadou Sangafowa-Coulibaly, also participated in the meeting.
The Calao discovery was greeted as a significant one. Drilling operations took place approximately 45 kilometers off the coast in block CI-205, reaching a depth of 5,000 meters in water depths of around 2,200 meters. The well encountered light oil, gas, and condensates in various intervals of Cenomanian age characterized by good to excellent permeability values. Preliminary assessments indicate potential resources ranging between 1 and 1.5 billion barrels of oil equivalent. Eni operates the block in partnership with Petroci Holding.
President Ouattara and Mr. Descalzi discussed the appraisal and development plans for the discovery, including Eni’s commitment to meet the country’s domestic needs.
Eni operates in Côte d’Ivoire since 2015. In addition to block CI-205, Eni holds participating interests in five other blocks in Ivorian deep waters: CI-101, CI-401, CI-501, CI-801, and CI-802, all in partnership with Petroci Holding. Presently, Eni has an equity production of hydrocarbons totaling approximately 22,000 barrels of oil equivalent per day from the Baleine field, which started production in August 2023. Read More
Toyota Mobility Foundation (TMF) and MaRS Discovery District are proud to announce the launch of the Mobility Unlimited Hub. This initiative aims to bridge the gaps in the ecosystem and accelerate the development and adoption of early-stage personal mobility technologies. When people are free to move, they can broaden their horizons and fully realize their potential. The Mobility Unlimited Hub will work to foster innovation by offering a path to successful commercialization. It will bridge early-stage achievements and the capacity to succeed in the mass market. The range of resources provided to participants includes marketing and public relations support, funding opportunities, and avenues for collaboration. The initiative is underpinned by a commitment to community engagement and the creation of a supportive environment for startups and innovators in the active mobility sector.
“The Mobility Unlimited Hub is a beacon of innovation and inclusivity and seeks to shine a light on the growing prevalence of disability, position the mobility market as one worth investing in, and help more people lead active, healthy lives,” stated Ryan Klem, Director of Programs at TMF.
Krista Jones, Interim CEO of MaRS, echoed this sentiment, stating, “This collaboration between MaRS and Toyota Mobility Foundation represents a commitment to leveraging technology and creativity to break down barriers to mobility. It’s about creating not just new pathways for movement, but also catalyzing the development and adoption of early-stage personal mobility technologies while accelerating commercialization in this crucial field.”
Canada has an estimated 8.0 million people who have at least one disability, representing 27% of Canadians aged 15 and older (or 20.9% of total population).* 72% of Canadians with disability reported having encountered some form of barrier to accessibility within the last year, and among those with physical disabilities, 44.9% required at least one type of aid or assistive device or an accessibility feature within their home**. However, over 30% of people with disabilities in Canada report unmet needs for assistive devices, highlighting the critical role of initiatives like the Mobility Unlimited Hub. . Read More
Nexergy Announces Its Game-Changing Acquisition of Cassandra!
We’re thrilled to announce the achievement of Nexergy’s strategic acquisition of Cassandra, a vital moment in our journey towards revolutionizing sustainable resource production throughout Europe.
Our passion at Nexergy has always been to champion the cause of self-sustainability and to elevate resource production within Europe. Welcoming Cassandra into our family turbocharges our mission, to the sustainable resource production with a sharp focus on the advancement of green energy. This acquisition transcends growth tactics—it’s a transformative surge towards hands-on production and amplifying our impact on Europe’s sustainable energy landscape. We’re pleased to welcome Cassandra’s shareholders to the Nexergy fold and are eager to embark on this unified path towards a brighter, greener future. Looking ahead, Nexergy is set to dramatically broaden its production horizons across the UK and Europe. At the forefront of our strategic agenda is the deployment of advanced production facilities, specifically engineered to enhance the production of ‘green oil.’ This initiative is essential in our commitment to spearheading the sustainable energy transition across Europe. By leveraging innovative technologies and sustainable practices, our goal is to significantly increase the availability of green oil. We’re excited about the possibilities this acquisition unlocks and are wholeheartedly committed to our shared vision of a sustainable, resource-rich Europe. Please remain informed of our forthcoming advancements as we persist in pioneering innovative solutions, transforming the energy landscape, and delivering substantial contributions to environmental sustainability. Our commitment is to continuously explore and implement groundbreaking strategies that redefine the energy sector, ensuring our pivotal role in fostering a more sustainable and ecologically responsible future. Read More
Electric car owners could be paying “three times more tax than petrol or diesel cars” when new Vehicle Excise Duty (VED) fees are introduced, according to an expert.
Matthew Walters, Head of Consultancy Services and Customer Value at ALD Automotive | LeasePlan UK, warned rules changes would add over £1,000 to motorists’ bills.With upfront costs still high for electric models, not changing the threshold means almost all EV motorists will be affected and slapped with extra charges.
Speaking after the Spring Budget, Matthew opined: “Although it was inevitable that electric cars would pay vehicle excise duty (‘road tax’) eventually, the blanket approach announced in the 2022 Autumn Statement introduces unnecessary penalties compared to some petrol and diesel models.
“From April 2025, VED rates will be equalised across all cars, while new registrations priced over £40,000 will also qualify for the expensive car supplement – a £410 charge, applied to the first five annual renewals. Read More
UK households still facing hardship due to energy price crisis
A new way to define and measure which households in the UK are vulnerable to the prolonged energy price hikes has been published by researchers, including economic experts from the University of Sheffield
• The measure will help policymakers target interventions and support for those struggling to keep their homes warm and in debt to their energy suppliers
• Households with low levels of resilience to the ongoing energy price crisis are more likely to have worse outcomes in health, disability, and wellbeing
• Nearly one third of households who are unable to manage high energy prices, an increase from one quarter prior to the energy price crisis
A new way to define and measure which households are most vulnerable to the energy price crisis has been published to help policy makers better identify those who will struggle to withstand the ongoing challenges in the UK energy market.
The study, from the University of Sheffield, the UK Energy Research Centre, and Universities of Nottingham, East Anglia and Macedonia in Greece, found that employment status, housing tenure, inability to save, energy prepayment methods, and household composition are indicators of households that may struggle to withstand high energy prices and heat their homes effectively whilst maintaining their financial solvency.
Low energy price resilience (LENRES) is also associated with worse health, disability, and wellbeing outcomes for adults. This is mainly driven by the stresses of falling behind on energy bills.
The recent energy price crisis initiated “epidemic levels” of hardship in the UK, according to the recent Marmot Review and the most recent UK Government estimates show that about 37 per cent of households now spend more than 10 per cent of their residual income on energy, after deducting housing costs, a threefold increase compared to pre-pandemic levels. Millions of households therefore face energy-related deprivation for the first time, while millions more have become vulnerable to the escalating debt crisis – with energy-related debt rising to record levels (£3.1 billion).
This new indicator is intended to provide the Government with data to identify which households are most likely to struggle with energy affordability and financial solvency, while helping to plan support and interventions for those struggling to keep a warm home.
Dr Andrew Burlinson, from the University of Sheffield’s Department of Economics and UK Energy Research Centre, said: “Our study puts forward a definition and a quantifiable measure of low energy price resilience that can be used to inform policy making aimed at preventing the worst economic, health and wellbeing consequences of high and prolonged energy price events on households in the UK.”
Drawing on a representative sample of households in the UK between 2016 and 2022, LENRES was developed to provide a way for policymakers to look at the channels underpinning low energy price resilience and how LENRES affects key health and wellbeing outcomes for both adults and children who are living in cold homes.
Dr Davillas from the University of Macedonia, said: “Households with adults that are unemployed, retired, struggling to save, or currently on energy prepayment methods are systematically correlated with low energy resilience, and the numbers of these households are increasing over time.”
However, the research found that for children, household low energy resilience was mainly associated with poor life satisfaction. The researchers believe this was because adults try to shield children in the household from the problem, compounding associated wellbeing and mental health issues in the process.
The team say the research will not only help policymakers introduce more targeted energy interventions for those most in need, but help the Government introduce benefits for society as a whole. Read More
As well as its more traditional social and economic statistics, the Office for National Statistics has been further improving its measurement of what the natural world provides to us through ‘ecosystem services’. This work is part of the wider ‘Wellbeing and Beyond GDP’ agenda to provide a complementary and more holistic view of national prosperity and well-being. In this post Ellen Clowser looks at how we’ve been extending our measurement of natural capital to estimate for the first time how these resources are being depleted.
Depletion happens when we reduce the stock of a natural resource. For non-renewable resources – finite resources that do not replace themselves or do so very slowly – depletion is simple: if we extract the resource, we are reducing the amount available. Extraction of oil and gas, for example, reduces our reserves of these resources. For renewable resources this is more complicated, as the resource stock can regenerate. The population of fish changes as they are born and die. Depletion only occurs when we take fish faster than they are replenished. Read More
Reports indicate a troubling escalation in Houthi attacks on vessels in the Red Sea, with sources revealing the active participation of commanders from Iran’s Islamic Revolutionary Guards Corps (IRGC) and Lebanon’s Hezbollah group.
These foreign entities are allegedly on the ground in Yemen, overseeing and directing Houthi attacks on shipping. The Houthis, who have been armed, trained, and funded by Iran, have intensified their assaults on commercial vessels since the Gaza conflict in October 2023.
In the wake of the Gaza war, Iran has increased its weapons supplies to the Houthis, providing advanced drones, anti-ship cruise missiles, precision-strike ballistic missiles, and medium-range missiles. The Houthi attacks, initially seen as expressions of solidarity with Palestinians in Gaza, have evolved into a significant threat to maritime security in the Red Sea.
IRGC commanders and advisers are reportedly offering expertise, data, and intelligence support to identify vessels destined for Israel, marking them as Houthi targets. The strategic aim appears to be disrupting maritime trade and projecting Iran’s influence by mobilizing regional Shia militias. The attacks have already impacted global shipping through the Bab al-Mandab strait, triggering U.S. and British airstrikes on Houthi targets in Yemen.
Despite denials from Iran and Houthi spokespersons, evidence suggests a coordinated effort involving Iranian guidance on shipping routes and targets. The attacks align with Iran’s broader regional strategy, showcasing its ability to threaten maritime security. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.70 | Down |
| Crude Oil (Brent) | USD/bbl | $81.82 | Down |
| Bonny Light | USD/bbl | $85.13 | Down |
| Saharan Blend | USD/bbl | $83.88 | Down |
| Natural Gas | USD/MMBtu | $1.78 | Down |
| Murban Crude | USD/bbl | $82.46 | Up |
| OPEC basket 08/03/24 | USD/bbl | $83.08 | Down |
TotalEnergies has signed, together with its partner QatarEnergy, an agreement to acquire participating interests in Block 3B/4B, offshore South Africa, from Africa Oil South Africa, Azinam (a wholly owned subsidiary of Eco Atlantic Oil and Gas) and Ricocure.
Following completion of the transaction, TotalEnergies will hold a 33% participating interest in Block 3B/4B and assume operatorship, while QatarEnergy will hold a 24% interest.
The remaining interests will be held by existing license holders, Africa Oil SA (17%), Ricocure (19.75%) and Azinam (6.25%). The transaction is subject to final approvals from relevant authorities.
Located within the prolific Orange basin, 200 km off the western coast of South Africa, Block 3B/4B covers an area of 17,581 km2. Block 3B/4B is adjacent to the DWOB license operated by TotalEnergies (50%) alongside QatarEnergy (30%) and Sezigyn (20%).
“Following the Venus success in Namibia, TotalEnergies is continuing to progress its Exploration effort in the Orange Basin, by entering this promising exploration license in South Africa”, said Kevin McLachlan, Senior Vice-President Exploration of TotalEnergies. Read full article
Africa Oil Corp. announce its wholly-owned subsidiary, Africa Oil SA Corp. (“AOSAC”) has signed a strategic farm down agreement (“Agreement”) with TotalEnergies EP South Africa B.V. (“TotalEnergies”) and QatarEnergy International E&P LLC (“QatarEnergy”) for the Orange Basin Block 3B/4B, offshore South Africa. Through AOSAC, the Company currently has an operated 26.25% interest in Block 3B/4B and has entered the Agreement jointly with its partners Eco (Atlantic) Oil & Gas Limited (“Eco”) and Ricocure (Proprietary) Ltd (“Ricocure”), through their respective subsidiaries. On completion of the transaction, Africa Oil will retain a 17.00% interest and the operatorship of Block 3B/4B will transfer to TotalEnergies.
Transaction Highlights:
• Maximum transaction value of up to $46.8 million to Africa Oil.
• Africa Oil will receive, subject to achieving certain milestones defined in the Agreement, staged payments for a total cash amount of $10.0 million, of which $3.3 million is payable at Completion, as defined below, and the remaining balance in two successive payments conditional upon achievement of key operational and regulatory milestones.
• Africa Oil will also receive a full carry of its 17.00% retained share of all JV costs, up to a cap, that is repayable to TotalEnergies and QatarEnergy from production, and which is expected to be adequate to fund the Company’s share of drilling for up to two wells on the licence. Completion of the Agreement (“Completion”) is subject to the satisfaction of customary conditions precedent, including approvals from the government of South Africa. Read more
Hydro and Nordic power cable provider, NKT, have entered into a strategic partnership to develop a best in class, low-carbon aluminium power cable value chain for the development of Europe’s renewable energy grid.Towards 2030, Hydro and NKT will collaborate on R&D and product development to explore aluminium wire rod applications that allow for even lower-carbon footprint while maintaining quality. Projects will be conducted within both primary and recycled aluminium. Despite the rapid growth of renewable energy, outdated and inadequate power grids could prove to be a significant stumbling block to the green transition. To achieve the goal of limiting global warming to 1.8 degrees Celsius, an estimated USD 3.1 trillion investment in grid infrastructure is needed before 2030, according to research from independent research and business intelligence company Rystad Energy. Read full article
After Equinor’s successful rebid into New York’s fourth offshore wind solicitation (NY4) and with a current conditional order in place for the 810 MW Empire Wind 1 project, Vestas is pleased to see the project moving one step closer to realisation and looks forward to providing its industry-leading, type-certified V236-15.0 MW offshore wind turbines.
Vestas’ flagship offshore wind turbine, the V236-15.0 MW is built on proven, world-class technology and received its type certification late last year ensuring safety and quality. The V236-15 MW prototype turbine was installed in December 2022 and is currently undergoing the final verification campaign before we begin serial production and installation of the first offshore projects.
“Ensuring the long-term viability and sustainability of the U.S. offshore market relies heavily on the safe, timely and successful execution of the first wave of projects and this landmark project is a crucial step towards putting turbines in the water,” said Josh Irwin, Senior Vice President Offshore Sales, Vestas North America. “We look forward to delivering an existing, reliable product and partnering with Equinor to help New York achieve its ambitious offshore wind energy goals and provide resilient wind energy to its communities”.
Vestas has a long history of establishing sustainable, local partnerships and supply chains to serve regional markets. With over 1,000 suppliers in the U.S. currently supporting the onshore business, Vestas is well poised to establish a sustainable supply chain to meet the unique needs of the U.S. offshore market and efficiently deliver existing and reliable technology. If and when the agreement with Empire Wind 1 materialises in a firm and unconditional order for Vestas, the company will send out a new press release to this effect. The project was part of a larger Preferred Supplier Agreement for the combined Empire Wind 1 and 2 projects which was announced by Vestas in October 2021. Read full article
Hyundai Motor America has opened applications for its fifth annual Hyundai Women in STEM Scholarship. In September, five female STEM students will receive a scholarship in the amount of $10,000 each.
Since launching the scholarship in 2020, Hyundai has provided $250,000 to the next generation of women leaders, helping to close the gender gap in STEM fields such as engineering, mobility and autonomous driving.
“Hyundai is dedicated to making a richer journey possible for all,” said Angela Zepeda, chief marketing officer, Hyundai Motor America. “Emphasizing and investing in women in STEM is crucial for shaping the future. With this scholarship, we look to help drive positive change and empower women as they continue their education.”
For 2024, applicants are to write an essay on how EV technology can help create a more sustainable future and discuss whether the shift towards EVs is the best path for improving global mobility and environmental health. Recipients must be high school seniors or undergraduate students who identify as female, reside in the United States and plan to pursue or are pursuing a STEM-related field of education. Read full article
Baker Hughes Rig Count: U.S. -7 to 622 Canada -6 to 225
U.S. Rig Count is down 7 from last week to 622 with oil rigs down 2 to 504, gas rigs down 4 to 115 and miscellaneous rigs down 1 to 3.
Canada Rig Count is down 6 from last week to 225, with oil rigs down 3 to 141, and gas rigs down 3 to 84.
International Rig Count is down 7 rigs from last month to 958 with land rigs down 5 to 735, offshore rigs down 2 to 223.
The Worldwide Rig Count for February was 1,813, up 30 from the 1,784 counted in January 2024, and down 108, from the 1,921 counted in February 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 08 March 2024 | 622 | -7 |
| Canada | 08 March 2024 | 225 | -6 |
| International | February 2024 | 958. | – 7 |
Alpine: international expansion includes Türkiye
After opening several sales outlets in Japan, Israel, Morocco and Singapore, Alpine will enter the Turkish market in March 2024. The brand continues to expand beyond European borders with its current A110 range while pursuing its ambition to launch a 100% electric range of 7 new vehicles by 2030. Alpine’s first electric vehicle, the A290 city sportscar, will be unveiled in June 2024. Alpine arrives in Türkiye with the support of OYAK, Renault Group’s local long-standing partner since 1969. In March 2024, the brand will inaugurate its first Alpine Centre in Istanbul in the Sarıyer, a beautiful 300sqm venue. Alpine will market three versions of its A110 range: the original A110, the A110 GT, Grand Tourisme, and the sporty A110 S.The Alpine A110 arrives in Türkiye with the A110, A110 GT and A110 S
These versions of the A110 range are the fruit of the expertise and excellence of its historic Dieppe factory and the engineering prowess of the Alpine Racing and Alpine Cars teams. Each with its own identity, they offer three authentically Alpine driving experiences. In keeping with the brand’s principles of lightweight and agility, they are powered by a 4-cylinder 1.8 turbo coupled to a Getrag 7-speed automatic gearbox with a double wet clutch. Read More
SolarEdge Technologies, Inc. announced that it has signed an agreement to invest in and partner with AMPEERS ENERGY (“AMPEERS”), a German based software start-up that designs and operates solutions for decarbonizing entire portfolios of multi-dwelling buildings and serves a broad spectrum of real estate companies across Germany and Austria.
By pairing SolarEdge’s proven solar and smart energy portfolio with the AMPEERS platform, this partnership is designed to combine technology, software and services to create a new all-inclusive photovoltaic tenant electricity solution. The offering is expected to provide real estate companies with a holistic solution for a climate-neutral building portfolio, which includes the planning, implementation and financing options for solar and storage generation, tenant electricity billing solutions, EV charging infrastructure and new heating technologies. The solution is designed to provide landlords and tenants with the economic benefits of optimized on-site solar generation and enable a faster and simpler installation of photovoltaic and tenant electricity solutions in real estate portfolios.
The inherent benefits of SolarEdge’s advanced solar technology such as built-in safety features, maximized energy yield, design flexibility and reduced operational and maintenance costs play a key role for multi-dwelling buildings that typically have limited roof space and access.
SolarEdge’s investment and partnering with AMPEERS is a strategic step that aims to capitalize on legislative changes1 in tenant electricity models in Germany, and can provide a new avenue to address the multi-dwelling market across Europe.
Zvi Lando, CEO, SolarEdge Technologies, said: “More than half2 of the population in Germany live in multi-dwelling apartment buildings, most of them under a leasing contract. Until recently this meant they had less access to clean solar energy in comparison with those who own a private home. By providing holistic and smart energy solutions to real estate companies together with AMPEERS, we hope to help increase the accessibility of decarbonization and economic benefits provided by solar to more people across the country.” Read More
Hyundai Hope, the corporate social responsibility initiative of Hyundai Motor America, recently presented Nicklaus Children’s Hospital with a $15,000 donation to the Car Seat Safety Program. The donation will allow the hospital to expand its efforts in providing child passenger safety education and free onsite safety seat checks and installations to the communities it serves. A ceremonial check was presented to Nicklaus Children’s Hospital.
“Hyundai is committed to developing safe, industry-leading vehicles, and a top priority is protecting our passengers and other road users,” said Cole Stutz, chief safety officer, Hyundai Motor North America. “We are proud to support Nicklaus Children’s Hospital and provide more car seat safety education and outreach programs at the local level.” Many families experience obstacles to obtaining the appropriate safety seat for their child, and often resort to using expired, recalled, or otherwise unserviceable seats. Research shows that correctly using safety seats can prevent injuries in child passengers while on the road, and education is key to spreading awareness. The National Highway Traffic Safety Administration also recently enforced new federal standards that will make car seats easier to use and better at protecting their occupants. Therefore, programs like these will be critical in educating and administering the new standards to the community. “Nicklaus Children’s Hospital is the child safety and injury prevention authority in South Florida. Through the support of Hyundai Hope, our programs can provide more resources and education to our community. These donations are crucial to our safety programs’ success and allow us to expand outreach and educational opportunities for all the families we serve,” said, Malvina Duncan, Nicklaus Children’s community outreach injury prevention coordinator and SAFE KIDS Miami-Dade County coordinator. Read More
The Storting (Norwegian parliament) has given the go-ahead for opening parts of the Norwegian shelf for exploration and possible production of minerals.
In the years ahead, we need to acquire even more knowledge about these resources – and their surrounding environment.In simple terms, the Norwegian Offshore Directorate is responsible for maintaining an overview of the resources both above and below the seabed. We’ve made projections regarding oil and gas all the way back to the early 1970s, and mapping minerals has been included in recent years. So far, we’ve determined that there may be significant deposits of sulphides and manganese crusts on the Norwegian shelf. These are found in locations such as along older and current spreading ridges, as well as on ridges on abyssal plains several hundred nautical miles from shore. Water depths at these sites generally range from 3000-4000 metres. The reason for our focus on these deposits is because they contain interesting volumes of metallic elements. Demand for these metallic elements is growing, as they are essential to the energy transition.Mapping minerals in water depths of many thousands of metres is a painstaking endeavour. In recent years, we have conducted a number of expeditions with ships – both under our “own flag” and in cooperation with the academic community, first and foremost the University of Bergen and the University of Tromsø – the Arctic University of Norway. These expeditions can take weeks or even months. . Read More
PARENTS has named the Hyundai IONIQ 5 as the Best Electric 5 Passenger SUV for Families in their 2024 Best Family Cars Awards. This recognition highlights the IONIQ 5’s flexible interior, outstanding rear-seat roominess, fast-charging capability, and unique optional Vehicle-to-Loadiii adapter. Renowned for its trustworthiness among families, PARENTS engaged a distinguished panel of experts including automotive journalists, influencers, and industry analysts. The group conducted a thorough evaluation of over 140 cars and SUVs across 22 categories to determine the list of the Best Family Cars for 2024.
The IONIQ 5 is photographed in Franklin, Tenn., on Jul. 5, 2023.
“We’re extremely proud that the Hyundai IONIQ 5 has been recognized as PARENTS’ Best Electric 5 Passenger SUV for Families this year,” said Ricky Lao, director, product planning, Hyundai Motor North America. “Hyundai is dedicated to building the best family-friendly vehicles, offering models that not only prioritize safety and efficiency but also ease-of-use, all while elevating the driving experience. It’s part of our company’s core vision, Progress for Humanity.” The diverse panel of judges, including parents and automotive experts, brought rich expertise to the evaluation process. Their insights into family needs, market trends, safety features, and hands-on experiences ensured a thorough and informed selection process. Their evaluations included a focus on a variety of key features, including flexible seating, rear seat USB ports, and advanced climate control systems, ensuring a comprehensive understanding of each vehicle’s suitability for modern families. They also paid special attention to how easily vehicles accommodate children’s car seats, including the number of LATCH systems and installation convenience. Read More
In Renault Group has been committed for several years to “neutralizing” the gender pay gap in all countries where the Group is present, thanks to specific action plans implemented particularly during the annual salary review campaign. By measuring the Gender Pay Gap year after year, the teams ensure that the gap is narrowing and that employees have, on average, equal pay for similar positions, regardless the gender.
“Believing that our diversity stands as a source of strength and an asset, we have been implementing a proactive policy for several years aimed at providing a workplace free of discrimination, where everyone feels integrated, respected, and valued. Neutralizing the gender pay gap two years ahead of our ambition demonstrates the strong commitment of Renault Group teams to promote gender equality at work, one of the priorities of our Diversity and Inclusion strategy,” explains François Roger, Chief People, Workplace, Organization Officer, Renault Group.
In April 2021, Renault Group created a Diversity and Inclusion department within Human Resources. The challenge: to work for greater diversity of profiles to enhance our resources and performance while promoting inclusion within the teams. Among all the priorities set by the Diversity and Inclusion department, gender equality stands out with the ambition of becoming a reference employer for women.
By the end of 2023, Renault Group had 35% representation of women in its Governing bodies and 27% in managerial roles. The Group aims to reach 30% by 2030, with a goal of gender equality by 2050. Read More
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