Energy / Automotive News Roundup; U.S. Rig Count 616, Canada 199. Oil prices are under pressure
London, 13 November, 2023, (Oilandgaspress): – Moody’s has upgraded to ‘Ba3’ from ‘B1’ their Corporate Family Rating (CFR) and Probability of Default Rating (PDR) to Ba3-PD from B1-PD, on Jaguar Land Rover Automotive plc and the group’s debt. Concurrently, Moody’s has upgraded JLR’s backed senior unsecured global notes to Ba3 from B1.
Following a peace deal brokered on Sunday by the Nigerian National Petroleum Company Limited, NNPCL, between the Management of Total Energies, operator of the NNPC/Total JV, the Petroleum and Natural Gas Senior Staff Association, (PENGASSAN) and the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), the unions have agreed to suspend ongoing industrial action leading to immediate restoration of 275, 000 barrels of oil per day production.
In a communique issued at the end of a marathon negotiation session chaired by Mrs. Oritsemeyiwa Eyesan, Executive Vice President, Upstream, NNPCL, all parties committed to resolving all the issues within an agreed framework. The communique was signed by Total Energies MD/CEO Mr. Matthieu Bouyer, PENGASSAN President, Comrade Festus Osifo and NUPENG President, Comrade Williams Akporeha. It was witnessed by NNPC Ltd, EVP Upstream, Mrs. Oritsemeyiwa Eyesan, and Mr. Bala Wunti, Chief Upstream Investment Officer, NNPC Upstream Investment Managenent Services, (NUIMS). Also in attendance was Mr. Victor Bandele, Deputy Managing Director, Total Energies. Read full article
Lorentz’s Solar Hydrogen Vision
Lorentz is excited to announce the upcoming launch of a new solar-powered hydrogen gas production facility in southern Spain. This initiative, a collaboration with Nexergy and expected to be operational by Q1 2024, is not just an advancement but a transformative achievement that will set a new benchmark for renewable energy production.
Harnessing the power of the sun, Lorentz’s innovative approach to producing hydrogen gas ensures zero carbon emissions, reflecting a deep commitment to clean energy and environmental responsibility. This project marks a significant milestone in the journey towards a sustainable energy future. Read full article
Hyundai Motor America has been recognized as a Military Friendly® Employer from MilitaryFriendly.com and made the 2023 Military Times Best for Vets employer list. These accolades demonstrate Hyundai’s support for military service members and their families and the company’s commitment to hiring military veterans.
“As a veteran, I’m proud to work at a company that has a deep respect and gratitude for the military community,” said Fred DePerez, SVP, Global Product Line Management, Hyundai Motor North America. “It is a privilege to work alongside so many veterans and their families across the organization. Hyundai is honored to be selected for these recognitions.” Hyundai currently employs approximately 1,000 veterans in the U.S. across its corporate headquarters, dealerships, and manufacturing plant in Alabama. The company allows veterans free access to its factory training centers in-person and via online courses throughout the United States where they can jump-start their automotive career even before their separation from the military. Read full article
After launching its own hybrid range in 2024, Renault Korea Motors (RKM) announces the next step in enlarging its role as hub for exports while reaching an agreement with Polestar. Polestar 4, a pure electric vehicle, is planned to be manufactured in Busan plant by second half of 2025. The agreement has been reached between Polestar, Geely Group and Renault Korea Motors (RKM) for the production of Polestar 4 vehicles, at RKM’s plant in Busan for the North American and domestic South Korean markets. Located with direct access to exporting ports, the Busan plant has approximately 2,000 employees with renowned for 23 years of excellence in vehicle manufacturing. The Busan plant, which holds the esteemed position of ranked #1 in vehicle quality for the domestic market. Read full article
The NNPC Ltd recently joined Ministries, Departments and Agencies (MDAs) to participate in a National Workshop on Legislative Compliance, organised by the Senate Committee on Legislative Compliance. The theme of the workshop was “The Imperative of Legislative Compliance in Deepening Democracy and Good Governance.” The GCEO NNPC Ltd. Mr. Mele Kyari, who was represented by the Chief Compliance Officer, NNPC Ltd., Mr. Nasiru Usman, reiterated the Company’s unwavering commitment to legislative compliance. Read full article
TotalEnergies has signed an agreement with TexGen, a U.S.-based company to acquire for $635 million three gas-fired power plants with a total capacity of 1.5 GW in Texas. The three plants, which are connected to ERCOT (Electric Reliability Council of Texas), the second largest power market in the United States, consist of the following: The Wolf Hollow I plant with a 745 MW combined-cycle gas turbine (CCGT) plant on the outskirts of Dallas.
The Colorado Bend I plant with a 530 MW CCGT and a 74 MW open-cycle gas turbine (OCGT), south of Houston, provides additional flexibility to meet exceptionally high demand, especially in the summer.
The La Porte site with a 150 MW OCGT, southeast of Houston.
These flexible assets, located close to Dallas and Houston, will serve the fast-growing energy demand of these cities and will allow to offset the intermittency of renewable power production. Their importance was recently highlighted during weather events that impacted power generation from renewable assets in Texas or led to high seasonal peak demand.
The 1.5 GW additional flexible production capacity acquired by TotalEnergies will complement its renewable capacity in Texas – currently 2 GW gross installed, 2 GW under construction and more than 3 GW under development – and will strengthen its trading capabilities in the gas and power markets.
This latest acquisition reinforces TotalEnergies’ commitment to delivering energy that is more available, affordable, and sustainable for the 26 million ERCOT customers across Texas. Read full article
Toyota Presidents Reflect on Their Careers in Interviews with Automotive analyst Shinya Yamamoto who posed slightly offbeat questions. He proposed interviews with each of the three newly appointed presidents, focusing on the personalities within the new team.
Although snippets from these interviews have already appeared in magazines and online articles, we asked Yamamoto to write up a special series for Toyota Times.
This first article shines the spotlight on President Sato, to be followed by features on BEV Factory President Takero Kato and Hydrogen Factory President Mitsumasa Yamagata. Having covered Toyota for many years, Yamamoto shares his unique insights while delving into the three men’s personalities and love of cars, leaving no stone unturned. Read More
Ymir-1, a satellite equipped with technology from Saab, was launched into space on 11 November onboard SpaceX Falcon 9. This marks a new era within maritime communication. Ymir-1 is a test satellite and part of the development of the next generation of the Automatic Identification System (AIS), a system used by ships to communicate position, speed, course, and other data. AIS is a requirement for all larger ships and boats in civilian traffic. Saab TransponderTech is a leading manufacturer of AIS transponders and has built the advanced transponder onboard the satellite.
“Saab’s focus is innovation and to be at the forefront of technology. By using the space domain, we can strengthen and improve already existing products in our portfolio. The satellite launch is an important step in our investment in space and demonstrates our ability to utilise available Saab technology to, together with our partners, create new, unique space applications,” says Christian Hedelin, Chief Strategy Officer at Saab.
Due to the increasing number of ships at sea, AIS will be upgraded to a new technology known as VDES (VHF Data Exchange System). With VDES, capacity will significantly increase, and there will be the possibility of secure two-way communication via satellites, providing global coverage compared to today’s systems which are limited to coastal communication. In the long run, the new navigation and communication system, VDES, will link land, sea, air, and space by combining advanced transponders with modern software and satellites. The Swedish-built satellite Ymir-1 is a tool for research and development, developed in collaboration between Saab, AAC Clyde Space, and ORBCOMM within the AOS consortium. The project will continue throughout 2024. Read More
Lexus announced a new collaboration with acclaimed Dutch solar designer Marjan van Aubel to create a vibrant, sun-powered installation within the Institute of Contemporary Art, Miami (ICA Miami) sculpture garden. Inspired by the new and advanced LF-ZC Lexus Battery Electric Vehicle (BEV) Concept car and jointly realized with spatial experience design studio Random Studio, the interactive installation will elevate Lexus and van Aubel’s investment in pushing the boundaries of design and technology toward a carbon-neutral future. It will be unveiled in early December, and on view throughout Miami Art & Design Week 2023.
Titled “8 Minutes and 20 Seconds,” in reference to the time it takes light from the sun to reach the earth, this installation will brilliantly showcase the incredible potential of harnessing carbon-neutral energy. It represents a sculptural interpretation of Lexus’s groundbreaking new model of electrification, intricately constructed around van Aubel’s unique use of organic photovoltaic (OPV) cells commonly employed in solar power applications. Through the lens of van Aubel’s solar design expertise, this installation not only pays homage to the sun’s journey but also amplifies the ingenuity of Lexus’s environmentally-conscious and technologically-pioneering electrified vehicle.
Lexus’s unwavering commitment to social responsibility in mobility design and broader societal contexts guides the brand, propelling it to challenge convention and transcend limitations while maintaining a wide-reaching vision for sustainability. The LF-ZC (Lexus Future Zero-emission Catalyst) concept is part of the forthcoming next-generation Lexus BEV lineup. As the name suggests, the model forms the catalyst for new experiences in the electric age, including elevated driving dynamics, uncompromised design, and new exclusive services―the epitome of the Lexus brand promise to craft cars that enrich the lives of discerning customers.
The installation marks van Aubel’s first-ever public project in Miami. Lexus has brought installations to Miami Art & Design week since 2018, and this project marks the second year of their partnership with ICA Miami. Together, Lexus and ICA Miami are committed to building experiences that inspire visitors to consider the positive impact of creative design. Read More
Toyota Motor Corporation (Toyota) announced that it will enter the ENEOS Super Taikyu Series 2023 Supported by Bridgestone Round 7 Super Taikyu Final Fuji 4 Hours Race with Fuji Niq Festival, to be held from November 11 to 12, with the #32 ORC ROOKIE GR Corolla H2 Concept, which runs on liquid hydrogen, and the #28 ORC ROOKIE GR86 CNF Concept running on carbon-neutral fuel. The liquid hydrogen-powered Corolla, which first competed in the 24 Hours Race in May, has evolved even further in the three months since the Round 4 Super Taikyu Race at Autopolis in July. We will continue to make improvements and strive for further evolution in the 2024 season by agilely refining vehicles and people through making ever-better motorsports-bred cars. Read More
Global certification leader SGS has certified the first oil & gas technology that can be implemented immediately to reduce the carbon intensity of production while increasing extraction. The novel biosurfactant-based enhanced oil recovery treatments, developed by Locus Bio-Energy, are already being used successfully in wells across top oil basins. They’re now certified to:
• Reduce carbon intensity of oil production by 7-20%
• Sustainably boost oil production by 10-45% with a single treatment
• Plus reduce cost, water and diesel usage
This is big news for the oil & gas industry as it desperately searches for tools to meet aggressive decarbonization goals AND production targets with no path to accomplish both. Locus Bio-Energy’s AssurEOR STIM® biosurfactant technology has been certified to reduce the carbon intensity and boost production of crude oil and natural gas operations. The EOR technology will allow oil and gas companies, as well as their clients—such as airlines, cruise lines, utilities, companies that produce or use plastic, and any entity relying on trucking and shipping to get products to market—to accelerate the achievement of their decarbonization goals and produce more with less resources. AssurEOR STIM’s certification has been issued by SGS, which provides inspection, verification and testing certification services to thought leaders in over a dozen global industries. The ISO-14064 certification was developed to comply with both ISO 14064:2-2019 (greenhouse gas reporting) and the EU Commission’s Innovation Fund Methodology for GHG Emission Avoidance. It allows for easy incorporation into scope and carbon intensity accounting.
Locus Bio-Energy’s AssurEOR STIM enhanced oil recovery (EOR) technology has already been deployed successfully on hundreds of wells across key basins to address declining oil and gas extraction. The crux of the novel well stimulation treatments is that they can be easily deployed around the world to reduce the negative environmental impact of oil and gas production, while cutting costs and increasing revenue. Read More
“Lancia is now back in Belgium and Luxembourg with the European tour of Lancia Pu+Ra HPE, the brand manifesto for the next 10 years in terms of design, interior home feeling, sustainability, electrification and effortless technology. Belgium and Luxembourg are countries that mean a lot to the brand, because of their love for the “Made-in-Italy” style and design and because of the importance of the B segment in these markets. We want to make Belgium and Luxembourg two of the main European markets for our brand, making of Lancia a desirable, respected and credible brand in the European premium market ” said Luca Napolitano, Lancia Brand CEO.
Belgium and Luxembourg are two of the European countries, out of Italy, where Lancia will return in 2024, with the arrival of the new Ypsilon. The decision of entering in Belgium and Luxembourg is due to two major reasons: the first is the importance of the “Made-in-Italy” design to these countries and the second is the potential of the B segment. Lancia has always been very popular in Belgium and Luxembourg, and many iconic models of the brand seduced over time actors, lovers of Italian fashion and elegance, and fans of motorsport. And still today, Lancia remains the brand that won more World Rally Championship titles than any other, with 11 victories, out of which six in a row, with Lancia Stratos, 037 and Delta that dominated in rallies for over 20 years. Read More
Hyundai Motor Company held a groundbreaking ceremony for a new electric vehicle (EV) plant at its complex in Ulsan, the heart of Korea’s automotive industry. The new EV-dedicated plant will lay the foundation for future growth in the era of electrification while building on the dream first established by Hyundai Motor’s Founding Chairman more than half a century ago. The new EV-dedicated plant will be a human-centered facility with an innovative manufacturing platform that delivers an optimal working environment for employees. The new plant will also be the hub for Hyundai Motor’s mobility production in the era of electrification. With the new plant, Hyundai Motor’s Ulsan Plant complex will become a base of future mobility production. At the new plant, Hyundai Motor will actively advance its 56-year brand heritage, automotive business know-how and technological capabilities, and will continue to innovate for the benefit of humanity in the era of vehicle electrification based on people-centered humanism. Read More
Oil prices wavered on Monday, as renewed concerns over waning demand in the United States and China, coupled with mixed signals from the U.S. Federal Reserve, kept markets uncertain.
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.29 | Up |
| Crude Oil (Brent) | USD/bbl | $81.46 | Down |
| Bonny Light | USD/bbl | $81.84 | Up |
| Saharan Blend | USD/bbl | $83.00 | Up |
| Natural Gas | USD/MMBtu | $3.18 | Up |
| OPEC basket 10/11/23 | USD/bbl | $83.71 | Down |
Electric vehicles, gigafactories, data centres and the buildup of the renewable hydrogen sector will lead to a total demand growth of 30% in Europe between 2024 and 2035 according to LSEG Power Research.
The most significant sector will be electromobility where we expect the power consumption from electric vehicles to grow to around 170 TeraWatt hours (TWh) in 2030, and close to 300 TWh in 2035. 300 TWh compares to the forecasted power consumption of Spain in the 2030s. Projected electrolyser power consumption for renewable hydrogen production, based on national targets, will reach 200/380 TWh of power consumption in 2030/2035. That would deliver about 4.2 / 7.7 mt of hydrogen in 2030/2035. Nathalie Gerl, Lead Power Analyst at LSEG Power Research, comments: “Our forecast is a fascinating look into the future of the European Power sector. It shows unprecedented and near-irreversible change as the region comes to terms with new technologies and the need for decarbonisation.
“The level of change across the region can be put down to significant policy interventions – at a national and supranational level through the European Union.”
By 2035, we project more nuclear closures in Europe than new starts. Nuclear power capacity will likely start picking up in the second half of the 30s, given the ambitions in France, Sweden, Netherlands, Poland and Czech Republic to build new reactors.
The only new nuclear commissioning we expect before 2035 are Flamanville 3 in 2024 and Hinkley Point in GBR in 2028.
Our generation forecast declines over time, from 575 TWh in 2024 to 402 TWh in 2035.
Nathalie Gerl, Lead Power Analyst at LSEG Power Research, comments: “Even though several European countries – most prominently France – have the concrete intention to expand their nuclear fleet (Sweden, Netherlands, Czech Republic) or enter it anew, like in the case of Poland, we do not expect that these plans will come to fruition within our forecast horizon.
“New EPR reactors take more than ten years to complete, and the market-readiness of small modular reactors (SMR) is highly uncertain. There could be SMR commissioning in Europe before 2035, but we don’t expect that in our base case until the ripeness of this technology becomes more evident. It is likely that nuclear power capacity will start picking up in the second half of the 30s.”
Coal and lignite firing will drop drastically, primarily due to the coal phaseout plans which will make Western and Northern Europe coal-free by 2030. For Europe we expect an 87% drop in coal and lignite firing 2024-2035.
The reliance on gas for power generation remains high: rising power consumption and coal & nuclear decommissioning will be largely replaced by renewable power, but also require for more gas for power generation: we expect gas-fired power to peak in 2030 above 500 TWh, which is 18% higher than the estimated 2023 gas generation. Only in the 30s will gas-to-power start falling gradually.
Despite this, we will still see a threefold increase of solar and wind power in Europe in 2035 compared to today. The share of renewables on total power generation increases steadily: we expect 73% renewable power in 2035, and 84% emission-free power (includes nuclear).
Power sector CO2 emissions are expected to drop by 83% in 2035, compared to 2005 emission levels.
In the UK we expect stronger CO2 emission reductions than in the European average: the 2035 emissions fall by 93% compared to 2005 levels. The introduction of power generation from low-emission hydrogen could come before 2035 but is not part of our base case scenario yet, as we need to learn more details on the concrete strategy for hydrogen-to-power. That could contribute to abate the remaining the remaining natural gas-fuelled power before 2035. Read full article
There’s a natural, powerful connection between John Oates and Porsche. The musician was born in April 1948, the same year the brand’s first sports car, the 356 “No. 1” Roadster, was released. Porsche is celebrating 75 years of sports cars, and John Oates is turning 75. Two peas in a pod. The US American achieved global fame in the 1970s as part of the pop duo Hall & Oates. He has helped shape the world of music and still performs on stage to this day. It’s his passion, his artistic expression, and the dream that inspires him. Now a member of the Rock & Roll Hall of Fame, he has reinvented himself time and time again – just like Porsche.
Oates remembers seeing a Porsche 356 for the first time when he was just five years old, which marked the beginning of a lifelong relationship. It wasn’t until he achieved a certain level of success in his career that he was able to indulge in his passion. “I had just made money for the first time in the music business and was driving past Beverly Hills Porsche when I saw a 911 Turbo in the window,” he recalls. “It was red and had gold BBS wheels. I ended up driving it across the country twice.” Read full article
Baker Hughes Rig Count: U.S. -2 to 616 Canada 199
U.S. Rig Count is down 2 from last week to 616 with oil rigs down 2 to 494, gas rigs unchanged at 118 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 3 from last week to 199, with oil rigs up 3 to 125, and gas rigs unchanged at 74.
International Rig Count is up 22 rigs from last month to 962 with land rigs up 27 to 743, offshore rigs down 5 to 219.
| Region | Period | Rig Count | Change |
| U.S.A | 10 November 2023 | 616 | -2 |
| Canada | 10 November 2023 | 199 | +3 |
| International | October 2023 | 962 | +22 |
Bentley Motors and Contest Yachts have created a bespoke Bentley yacht interior for a mutual private client in the newly modelled 20-metre Contest 67CS – a celebration of craft, excellence, quiet luxury, and heritage. Bentley was commissioned to create the bespoke interior following a visit to Bentley’s Crewe Factory. The Bentley design team who specialise in crafting interiors for the Continental GT and Bentayga accepted the challenging brief and created a totally bespoke interior offering based on the materials and techniques used in Bentley cars. The Contest 67CS now opens the way to a fully matched Bentley auto yacht interior providing exciting new bespoke opportunities for owners to enjoy the shared values and heritage in luxury performance and lifestyle of both brands. Read More
(Reuters) – Volkswagen (VOWG_p.DE) aims to bring an under $35,000 electric vehicle to the U.S. market in 3-4 years, while Chinese automaker Nio said it is still “debating” a 2025 entry into North America, senior executives said on Thursday at a Reuters conference. “We are not scaling back” plans for EVs in the U.S. market,” said Reinhard Fischer, senior vice president and head of strategy at VW Group of America. Read More
Volvo Cars launches new Energy Solutions business, embracing wider climate potential of electric cars. To capitalise on that potential and help support the transition to a smarter, more sustainable and more efficient energy grid, we’re now launching Volvo Cars Energy Solutions. It’s a completely new business unit that will offer energy storage and charging-related technologies and services which form the connective tissue between our cars, our customers’ lives, the efficient use of energy and society at large.
For example, bi-directional charging is a technology that allows an electric car to give back extra battery power to a compatible grid, helping to balance the grid during peak hours and reduce the need for fossil-generated electricity. Our new flagship, the fully electric EX90 SUV, will be the first Volvo car equipped with all the necessary hardware and (over time) software to enable bi-directional charging and direct energy storage from solar. Read More
Volvo Car USA announced today complete pricing for the company’s 2024 lineup of luxury cars and SUVs.
Highlighted by the introduction of two new Volvo-developed fully electric powertrain options on the C40 Recharge and XC40 Recharge, the entire lineup of Volvo cars consists exclusively of mild hybrid, plug-in hybrid and fully electric vehicles, meaning customers can find an electrified Volvo to fit their individual lifestyles.
The return of rear-wheel drive
For the first time in 25 years, Volvo Car USA will offer rear-wheel drive cars. Single Motor Extended Range variants of the C40 Recharge and XC40 Recharge provide improved range while maintaining the secure driving dynamics typical of Volvo cars.
Black Edition
For 2024 Volvo Car USA has added an exciting new Black Edition styling option to one of its best-selling luxury SUVs, the Volvo XC60. Offered only on the top-spec Ultimate equipment level, the XC60 Black Edition features numerous exclusive black details including a glossy black Volvo iron mark logo on the grille, Volvo spread word mark, and unique 21-inch 5-Double Spoke High Gloss Black Alloy wheels. Read More
Volvo Car USA announced today complete pricing for the company’s 2024 lineup of luxury cars and SUVs.
Highlighted by the introduction of two new Volvo-developed fully electric powertrain options on the C40 Recharge and XC40 Recharge, the entire lineup of Volvo cars consists exclusively of mild hybrid, plug-in hybrid and fully electric vehicles, meaning customers can find an electrified Volvo to fit their individual lifestyles.
The return of rear-wheel drive
For the first time in 25 years, Volvo Car USA will offer rear-wheel drive cars. Single Motor Extended Range variants of the C40 Recharge and XC40 Recharge provide improved range while maintaining the secure driving dynamics typical of Volvo cars.
Black Edition
For 2024 Volvo Car USA has added an exciting new Black Edition styling option to one of its best-selling luxury SUVs, the Volvo XC60. Offered only on the top-spec Ultimate equipment level, the XC60 Black Edition features numerous exclusive black details including a glossy black Volvo iron mark logo on the grille, Volvo spread word mark, and unique 21-inch 5-Double Spoke High Gloss Black Alloy wheels.
An essential part of the Volvo Cars lineup for the last 15 years, the Volvo XC60 was named 2018 World Car of the Year and has become a favorite of those who appreciate the Swedish car manufacturer’s Scandanavian design principles. The Black Edition styling option first appeared in the US in 2022 on the S60 sedan, which is made in the US at the Volvo Cars Ridgeville plant outside Charleston, South Carolina. Read More
(Reuters) – BP (BP.L), Edison (EDNn.MI) and Shell (SHEL.L) pressed a U.S.-EU energy group to intervene in a dispute with liquefied natural gas exporter Venture Global LNG over the U.S. firm’s failure to deliver contract supplies of the fuel.
The companies appealed to the U.S.-EU Task Force on Energy Security last month, and a Shell executive urged them to require Venture Global LNG to “immediately begin to perform” under their signed contracts. Read More
Horisont Energi (EURONEXT: HRGI) has signed a letter of intent (LoI) with VNG Handel & Vertrieb GmbH (VNG), a wholly owned subsidiary of the German energy company VNG AG, regarding the offtake of clean ammonia from the Barents Blue project in Hammerfest in Northern Norway – Europe´s largest clean ammonia plant project. As a major German gas importer and wholesaler, VNG H&V intends to purchase clean ammonia from Horisont Energi as part of the LoI. The aim is to make the ammonia available to VNG H&V’s customers, particularly in the industrial sector, either directly or in the form of hydrogen. The agreement sets out a long-term partnership for clean ammonia supply targeting a quantity of 100,000-300,000 tons per year starting from 2028, corresponding to 10%-30% of the capacity at the planned Barents Blue plant. “The agreement with VNG marks another leap forward in the development of Barents Blue as Europe’s largest clean ammonia plant to meet the surging demand for clean ammonia and hydrogen. We are also adding another strong new German partner as we continue to build a clean ammonia value chain and are delighted to have joined forces with a highly competent organization and dedicated team”, says Bjørgulf Haukelidsæter Eidesen, CEO Horisont Energi.
Conventional ammonia production today accounts for approximately one percent of global CO2 emissions, and the transition to clean ammonia plays a critical role in the European Commission’s ambition to reduce the EU’s dependency on fossil imports. Clean ammonia is also a crucial element in the ‘Fit for 55’ ambition to reduce emissions by 55 percent in 2030 compared to 1990 levels.
VNG has held reliable relationships with Norwegian energy companies for over 30 years and will continue to work closely with them in the future. “With this agreement, we are strengthening the German-Norwegian partnership in the energy sector. At the same time, we are taking another important step towards driving forward the decarbonisation of Germany. The demand for blue ammonia will multiply in the coming decades, both as a hydrogen carrier and to decarbonise fertilisers, shipping, and other industries,” added Ulf Heitmüller, CEO of VNG AG.
Combined with the Polaris CCS project, Barents Blue will offer clean ammonia with a 99% CO2 capture rate and a correspondingly low carbon footprint compared to conventional production. Horisont Energi targets a final investment decision for the 1 million tonnes plant in 2024/2025, with estimated production start in 2028.
The agreement with VNG comes after Horisont Energi and Fertiberia recently signed a joint development agreement for the Barents Blue project, and the announcement in September that PIGNiG Upstream Norway intends to join Horisont Energi as an operating partner in the Polaris CCS storage license. The plan is for Polaris to offer the Barents Blue CO2 storage for its captured carbon. Horisont Energi has already secured sufficient power supply for the first stage of the Barents Blue project, which has secured NOK 482 million of funding as a grant from Enova, the Norwegian government’s enterprise to promote a faster transition to low-emission society. The funding is part of the IPCEI hydrogen program, Hy2Use. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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