Energy / Automotive News Roundup; WTI futures contract above US$ 87.50 bbl . Brent contract @ US$ 90 bbl
London, 08 September, 2023, (Oilandgaspress) : WTI for October delivery rose 85 cents to settle at $87.54 a barrel in New York. Brent for November settlement rose 56 cents to settle at $90.60 a barrel.
U.S. Department of Energy (DOE) announced more than $13 million for seven research and development projects focused on advancing hydropower as a critical source of clean energy. The funding, provided by the President’s Bipartisan Infrastructure Law, will advance technologies to generate power at dams that currently do not and accelerate the expansion of pumped storage hydropower (PSH). Water power, with existing infrastructure across the United States and thousands of years of history around the world, is an essential component in helping achieve the Biden-Harris Administration’s ambitious climate goals. Read More
DNO ASA, announced that Christopher Spencer has been appointed Managing Director of the Company as Bjørn Dale steps down as part of a planned management transition initiated last year.
Mr. Spencer has been DNO’s Chief Operating Officer since 2021. Before joining DNO six years ago, he served as chief executive of Rocksource ASA and in various commercial and technical roles at Royal Dutch Shell and BP. He is a Chartered Engineer with the Institution of Chemical Engineers in the United Kingdom. Mr. Dale joined DNO in 2011 as a corporate lawyer prior to his appointments as General Counsel and Managing Director. He will continue to advise the Company on legal and commercial matters for a period of six months following Mr. Spencer’s appointment effective 8 September 2023.
“Chris will provide strong leadership as DNO builds up its position in the North Sea even as he continues to be fully engaged in driving our operations in the Kurdistan Region of Iraq and Côte d’Ivoire,” said Executive Chairman Bijan Mossavar-Rahmani. “He is not just hands-on, he is hands-in.” Read More
Eni announces it has successfully placed an offering (the “Offering”) of EUR 1 billion aggregate principal amount of a sustainability-linked senior unsecured convertible bond (the “Bonds”). The Bonds will be convertible into Eni existing ordinary shares bought under the share buyback programme approved by the Shareholders’ Meeting held on 10 May 2023. The Bonds will have a maturity of 7 years, will be issued at 100% of par and will pay an annual coupon of 2.95%. The conversion price will be EUR 17.5513, representing a premium of 20% above the reference price of EUR 14.6261, which has been determined as the volume weighted average price of Eni ordinary shares on the regulated market of Borsa Italiana between today’s opening of trading and the pricing of the Offering. The Bonds will be linked to the achievement of sustainability targets related to Net Carbon Footprint Upstream (Scope 1 and 2) and renewable energy installed capacity, as detailed in the relevant terms and conditions. The Bonds were placed with qualified investors and received total orders of about EUR 2.8 billion mainly from United Kingdom, France and Switzerland. The settlement of the Bonds will occur on 14 September 2023. Read More
Woven by Toyota, Inc., a mobility technology subsidiary of Toyota Motor Corporation (“TMC”), decided on a new executive structure at its shareholders’ meeting. These changes will take effect on October 1, 2023. Toyota’s software platform, Arene and a test course for mobility, Toyota Woven City, will evolve from a preliminary development phase to an execution phase. These changes will ensure efficient decision making closer to the genba and delivery of Woven by Toyota’s technology towards mass production. Woven by Toyota will strengthen cooperation with Toyota and Toyota Group to lead the evolution of advanced intelligent software that contributes to the transformation of Toyota into a mobility company. Read More
Toyota Motor Corporation (TMC) announced that it intends to implement changes to its organizational structure, executive structure, and senior professional/senior management employees as described below effective October 1, 2023. TMC aims to realize a mobility society in which all people can move freely, happily, and comfortably by evolving the car to be more useful to society based on the essential values of the car that have been cultivated over the years, including safety, security, and being fun to drive. To this end, TMC is transforming itself into a mobility company based on the Toyota Mobility Concept.
TMC has long promoted development in the field of connected services and technologies to connect people, vehicles, and society and create new value for cars. It established its in-house Connected Company in 2016 and has since built an infrastructure for connected services and technologies by expanding its business to include ITS implementation and the global rollout of connected cars. Read More
UK’s first electric vehicle-only factory started production this week, as its initial battery-powered vans rolled off the assembly line in the North West.
The Ellesmere Port plant, which first opened in 1963 and for over 40 years and had been the production home for Vauxhall’s Astra, has become the country’s first EV-exclusive manufacturing site following a £100million investment from parent company, Stellantis.
The factory, which will make the Vauxhall – and Opel for mainland Europe – Combo-e commercial vehicle as well as the Citroen e-Berlingo van and Peugeot e-Partner sister models, was hailed by the business secretary as a ‘visible demonstration that the Government has got the right plan for the UK’s automotive sector’.
And Stellantis has shown what the new plant looks like inside as it begins churning out zero-emission vans and MPVs. Read More
The Jeep® brand announced the sale of the five millionth Jeep Wrangler, which was bought by a customer in Camden, New Jersey. The owner will receive $5,000 worth of Jeep Performance Parts (JPP) by Mopar and lifetime Jeep Wave customer care benefits which includes the scheduled maintenance, access to exclusive Jeep events and dedicated customer care.
“The Jeep Wrangler is the natural heir of the legendary Willys, the vehicle that has inspired the Brand spirit and soul; since its arrival in 1987 it has been a mainstay of the SUV world and we’re very proud to celebrate the five millionth Jeep Wrangler” said Eric Laforge, Head of Jeep Brand in Europe.
FOUR GENERATIONS OF A GLOBAL ICON
The very first Jeep Wrangler, with the model code YJ, entered into production line 37 years ago at the American Motors Corporation factory. The YJ went on to sell 630,000 units between 1987 and 1995. It was followed by the TJ in 1996, the JK in 2006 and the JL in 2017; each new generation building on a legendary history through an unmatched combination of off-road capability and legitimate Jeep design. Read More
Porsche is creating further added value for its customers. The sports car manufacturer is enabling Porsche drivers to improve their personal digital experience using new services from third-party providers – including the use of personalised car data. The customer has the option to turn their Porsche into a platform for innovative data-based services that make day-to-day driving easier, for example with a digital logbook or an insurance tariff based on the kilometres actually driven. Smart charging applications are also available for electric cars.
Selected partners: Porsche Connect Partner Services focusses on carefully selected partner services from the fields of insurance, smart charging, and on-demand services. Porsche is continually working on expanding these services in order to offer Porsche drivers bespoke data-based digital services. The following services can be used by Porsche customers right now: The term smart charging applies to charging innovations enabled by the exchange of data between the car, the grid operator and the service provider. This includes, for example, adjusting the charging capacity to the current grid usage in order to avoid load peaks. It is already possible to control the charging process based on electricity tariffs that vary depending on the time. Providers make adjustments hourly based on the rates on the electricity exchanges. This means that the electric car is always charging at the best price. Read More
The Porsche Cayenne has been driving through urban canyons of Shanghai for several hours now. The drive seems directionless, yet the driver is following a well-thought-out plan. He stops several times to recharge the battery of the plug-in hybrid—for example in supermarket parking lots or in parking garages where there are public charging stations. At the different stops, he tests different payment methods such as credit cards and apps. The frequent recharging processes have a special purpose: The new vehicle is on the road as part of its international validation before the start of series production, with a local test driver at the wheel. This process is used to ensure that the Porsche satisfies the high expectations of customers and delivers on the brand’s promise of quality later on.Validation in two shifts
It is important for the validation drives to be conducted at many different locations in order to obtain as complete a picture as possible. Market-specific circumstances such as local traffic conditions or specific infrastructure for online services can only be validated in that particular location. This is why Porsche Engineering has development engineers as well as testing and quality staff working all around the world. Local validation drivers work with them in two shifts a day, with each driver spending a third of the driving time in the city, on country roads and motorways, respectively, in order to get as realistic a picture as possible. Read More
Bentley Motors is releasing details of the extraordinary new sound system available to customers of the Bentley Batur by Mulliner. The most exquisite in-car audio system ever created, the new ‘Naim for Mulliner’ option is the result of 10,000 hours of development work, exceptional new hardware and a complete system recalibration. The ‘Naim for Mulliner’ audio system will be a £25,000* option for the 18 customer Baturs to be handcrafted by Mulliner at Bentley’s Dream Factory in Crewe, England. When it comes to in-car audio systems, ‘Naim for Bentley’ is considered one of the most impressive sound systems available today. However, when a new bespoke coachbuilt model came to light, the engineers at Crewe started planning the next benchmark for in-car audio. Read More
Lamborghini welcomed VIP guests and visitors to Salon Privé, Blenheim Palace, from 30 August for four days as the Italian super sports marque continues celebrations of its 60th anniversary year. Highlight of the Lamborghini stand was the new Revuelto[1], the first HPEV (High Performance Electrified Vehicle) V12 hybrid super sports car, alongside the recently launched V10 Huracán Sterrato[2] that goes ‘beyond the asphalt’ and took part in a tour past guests.
Alongside its new car display and Selezione pre-owned models were five classic Lamborghinis in a special concours class celebrating the super sports car company’s anniversary: a silver 1974 Urraco P250 S; a 1987 Countach 5000 QV; a rare 1969 Islero S; a 1970 Lamborghini Miura P400 S and the class-winning 1992 Diablo.
On Supercar Saturday Salon Privé welcomed more than 60 V12 Lamborghini models driven there for the day by clients and club members, displayed on the south lawn at the heart of Salon Privé. The arrivals included cars spanning six decades, from a 400 GT to Miura, a number of Countach, Diablo and Murciélago models, Aventador SVJs and an Ultimae. Read More
Audi of America and Navistar demonstrate the role direct communication via Cellular Vehicle to Everything (C-V2X) technology can play to provide potentially life-saving safety technology for the 26 million children riding school buses every day in the United States. C-V2X technology offers the potential to unlock the next substantial improvements to road safety and create a safer environment for children to travel to and from school.
With C-V2X direct communications technology, the driver receives a direct message alert in the cockpit of the Audi vehicle providing an early notification of an approaching school bus stop situation. The alert is provided even when the school bus is not visible to the driver such as around a corner, over a hill or if the driver’s view is blocked by other vehicles. Conversely, the school bus driver receives an alert of the approaching vehicle during a school bus stop as well as a warning if a vehicle is potentially approaching too quickly to be able to stop in time. This allows the school bus driver to take actions such as to not open the door or to alert the children to remain on the curb. The end result is that it enables drivers to have additional time to prepare or react and contributes to safer transportation for school children.
Direct communication allows vehicles and school buses to communicate 10 times per second at a distance of up to 400 yards, virtually eliminating the latency inherent to communicating via cell tower networks. Each vehicle shares its location, speed and direction with others, thereby providing more safety for all, especially when every second counts. Audi has already demonstrated the benefits of direct communication within school and construction zones as well as for cyclists, and construction workers. The same technology implementation can be utilized for motorcyclists as well as emergency vehicles and at some point in the relatively near future, pedestrians. Direct communications technology has the potential to help save lives and provide an incredibly valuable step toward automated driving. Read More
FuelCell Energy, Inc. and Toyota Motor North America, Inc. (Toyota) have announced the completion of the first-of-its-kind “Tri-gen system” at Toyota’s Port of Long Beach operations. The Tri-gen system, owned and operated by FuelCell Energy, produces renewable electricity, renewable hydrogen, and water from directed biogas. FuelCell Energy has contracted with Toyota to supply the products of Tri-gen under a 20-year purchase agreement. Tri-gen is an example of FuelCell Energy’s ability to scale hydrogen-powered fuel cell technology, an increasingly important energy solution in the global effort to reduce carbon emissions. Tri-gen will enable Toyota Logistic Services (TLS) Long Beach to be the company’s first port vehicle processing facility in the world powered by onsite-generated, 100 percent renewable energy and represents the types of innovative and bold investments the company is making as part of its environmental sustainability strategy. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $86.41 | Down |
| Crude Oil (Brent) | USD/bbl | $89.59 | Down |
| Bonny Light | USD/bbl | $88.35 | — |
| Saharan Blend | USD/bbl | $86.52 | — |
| Natural Gas | USD/MMBtu | $2.61 | Up |
| OPEC basket 07/09/23 | USD/bbl | $92.97 | Up |
VinFast, a Vietnamese EV manufacturer that recently began selling its VF 8 electric SUV in California, and The Harris Poll, a global market research firm, today announced the results of a new survey* examining U.S. drivers’ beliefs, experiences, and behaviors surrounding electric vehicles. The nationally representative study, commissioned by VinFast and conducted online in July 2023 amongst more than 1,800 American drivers ages 18 and over, found that while about 1 in 10 American drivers (9%) currently drive an electric vehicle today, a staggering 54% of gas-powered vehicle drivers would be interested in making an EV their next purchase or lease.
These findings indicate that U.S. consumer interest in EV vehicles has doubled year-over-year; A survey conducted by AAA in July 2022 reported that 25% of Americans said they would be likely to buy an electric vehicle for their next auto purchase. Read More
Greenworks® introduces battery-powered transportation with extreme power, range, and style that the entire family can enjoy — including an electric Go-Kart, Minibike, three E-Bikes, Scooter, and a UTV. It’s the first and most extensive electric transportation portfolio that runs on popular, nationwide lithium-ion battery platforms, which also power a wide range of outdoor power equipment, lifestyle products, and even power tools. The latest battery-powered innovation from industry leader Greenworks, the products further the company’s vision of building a more powerful future with clean energy and illustrate the tagline “Life. Powered. By Greenworks™.”With these sporty battery-powered products, users can look forward to low transportation costs, no gas, no noise, more convenience, and more fun. They’re a cost-effective, eco-friendly, easier way to travel, whether going to work, going to class, or tackling tough terrain on outdoor adventures. All Greenworks e-transportation products include batteries and a charger and are covered under a one-year limited product warranty and a four-year battery warranty. Read More
Elkem, a leading silicone solutions provider, announced its participation in The Battery Show North America 2023, taking place September 12-14, in Novi, Mich. The company will showcase its extensive range of thermal protection and battery assembly solutions at Booth #2445. The Battery Show is North America’s largest advanced battery event. Stop by Booth #2445 to explore how our materials boost thermal efficiency leading to extended battery lifespan. Partner with us to elevate your electric vehicle technology with our proprietary solution. At Elkem, we are developing next generation materials for hybrid and electric vehicles market. Our technical team will be showcasing cell to pack solutions for battery protection and pack assembly.
Discover our Bluesil™ RT Foam product line for thermal insulation & lightweight vehicle applications, Bluesil™ ESA product line for thermal management & electronic protection and our CAF™ product line for sealing & bonding applications in harsh environment.
Elkem Silicones won in the Mechanical Materials category of the 2022 R&D 100 Awards
Attendees will experience hands-on displays and literature covering a wide range of Elkem’s innovative silicones solutions. Read More
Baker Hughes
International Rig Count is down 9 rigs from last month to 952 with land rigs down 13 to 717, offshore rigs up 4 to 235.
U.S. Rig Count is down 10 from last week to 632 with oil rigs down 8 to 512, gas rigs down 2 to 115 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 1 from last week to 190, with oil rigs down 3 to 116 gas rigs up 4 to 74.
| Region | Period | Rig Count | Change |
| U.S.A | 25 August 2023 | 632 | -10 |
| Canada | 25 August 2023 | 190 | +1 |
| International | August 2023 | 952 | -9 |
Verkor should complete the first tranche of fundraising for its future battery gigafactory in Dunkirk, France, in the coming weeks, co-founder and chief customer officer Philippe Chain told Reuters. This first tranche will be a capital injection of around 800 million euros ($860 million), Chain added at the Munich car show, followed by a debt tranche of around 1.1 billion euros, as well as subsidies from the European Union that Verkor has already applied. Read More
Enbridge shares (ENB.TO) tumbled nearly 7% to an over four-year low on Wednesday, as investors fretted over the Canadian pipeline operator’s debt load from the surprise $14 billion bid for three natural gas distribution companies from Dominion Energy (D.N). The move to acquireEast Ohio Gas, Questar Gas, and Public Service Co of North Carolina would double Enbridge’s gas distribution business and make it the largest gas utility by volume in North America, with the unit accounting for a bit less than a fourth of the company’s overall business mix. Read More
Scania’s new digital dashboard Smart Dash is opening the way to smarter, safer and better truck driving experiences for all kinds of drivers. Its modular build and latest digital solutions ensure that Scania trucks offer a secure, connected and comforting atmosphere behind the wheel. Scania drivers will have excellent control over their truck and surroundings, receiving discreet nudges from their smart truck companion whenever a hazard is anticipated or an action is requested. Scania Smart Dash represents the latest advance in human and machine interface solutions for driver stations in heavy trucks. The driver chooses which information to display or omit and the whole set-up is made for being intuitive and user-friendly with a smart mix of physical and digital controls that offers overview and peace of mind, without cognitive overload. Read More
CME Group announced that trading in its suite of WTI weekly options reached record average daily volume in August of 12,291 contracts. All of the top five record months for Weekly WTI Crude Oil options have occurred this year.
“As global crude oil market participants continue to navigate a number of supply and demand factors, they are turning to our suite of weekly WTI options in record numbers,” said Peter Keavey, Global Head of Energy and Environmental Products at CME Group. “Year to date, average daily volume for Friday Weekly WTI options reached a record 9,285 contracts, up 74%, while total combined volume for Monday and Wednesday expirations has already surpassed 100,000 contracts since launching just over a month ago.” WTI is the only global crude oil benchmark with highly liquid short-term options. The company expanded its WTI Crude Oil options to include Monday and Wednesday expiries on July 31, which have already been widely utilized by the industry:
• Single day volume record of a combined 14,241 contracts traded on September 1, 2023.
• Over 930 unique trading users since launch, with participation from corporate, hedge fund and bank clients Read More
China’s electric vehicle industry leaders from policy adviser and ‘father of EVs’ Wan Gang to the heads of carmakers BYD and Nio and battery maker CATL called for stronger global cooperation and standardisation in policy to ease the technological transition.
Wan, a key figure in leading China’s development of electric vehicles, said efficient batteries, better EV architectures and intelligent driving systems were the three key technologies required to boost EV uptake.The executives were speaking at the World New Energy Vehicle Congress (WNEVC) in Munich, happening for the first time outside China in a symbol of Chinese EV makers’ ambitions for expansion. Read More
US to cancel Alaska oil, gas leases issued under Trump. Trump’s Republican administration had issued the Alaska Industrial Development and Export Authority (AIDEA) seven leases a day before Biden’s inauguration.
Environmentalists praised the decision but it was lambasted by a Republican Senator from Alaska, where officials have sought to open up drilling in the reserve to secure jobs and revenues for the state. The government also said it would forbid new leasing on more than 10 million acres in the National Petroleum Reserve in Alaska, a 23 million-acre area on the state’s North Slope that is the largest undisturbed public land in the United States. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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