Energy/Automotive News| WTI Crude $71.90/bbl, Brent $77.13/bbl, Opec $78.61/bbl
London, 05 February 2024, (Oilandgaspress): -As EV demand drops 4,500 US auto dealers signed on to a letter petitioning the Biden administration to “tap the breaks” on its aggressive EV push, on account of EVs stacking up on dealer lots. according to media reports. Ford has cut their F150 Lightening Truck series production in half and Hertz will be selling off about one third of its EVs
On February 5, 2024, CNOOC Limited announced that Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project has commenced production.
The project is located in Liaodong Bay of Bohai Sea, with an average water depth of approximately 30 meters. The main production facilities include 2 new central processing platforms and 2 new wellhead platforms. 118 development wells are planned, including 81 production wells and 37 water-injection wells. The project is expected to achieve a peak production of approximately 30,300 barrels of crude oil per day in 2025.
It is the largest secondary development and adjustment project in offshore China. Guided by the concept of region-wide development, the project has set a good example for the sustainable development of offshore producing oil and gas fields. Besides, it is developed relying on onshore power supply, which enables the project to consume green electricity generated onshore, thus steadily promoting the green and low-carbon development of offshore oil and gas resources. CNOOC Limited holds 100% interest in this project and acts as the operator. Read full article
Golar LNG’s 4th Quarter 2023 results will be released before the NASDAQ opens on Thursday, February 29, 2024. In connection with this a webcast presentation will be held at 1:00 P.M (London Time) on Thursday February 29, 2024. The presentation will be available to download from the Investor Relations section at Read full article
Saab has received an order for the anti-armour weapon AT4 from the NATO Support and Procurement Agency (NSPA). The order value is approximately EUR 63 million (approximately SEK 700 million) and deliveries will take place 2026-2027. The order was booked in Q4 2023. “Our AT4 stands out on the market as a highly sought-after and effective support weapon. We are honoured that the NSPA has trusted our products once again, and they can feel confident that they have a leading single-shot weapon that is robust and reliable,” says Görgen Johansson, head of Saab’s business area Dynamics. The AT4 series comprises a selection of easily manoeuvrable, lightweight, and disposable weapons designed for straightforward operation by a single soldier. Capable of countering tanks, heavy combat vehicles, and threats within structures and fortifications, the AT4 also serves to safeguard fixed installations, supply points, and other critical assets. Read full article
Toyota announced its vision for the Group’s future direction: “Inventing our path forward, together.” As the person responsible for guiding the Group, here is the message delivered by Chairman Akio Toyoda, along with questions from the press. Read full article
Mercedes-Benz, the world’s oldest car manufacturer, has been reinventing the car over and over since 1886. As it does so, the brand continually sets new standards, while also keeping pace with social change. The history of the company is correspondingly rich in events and stories. Here a brief summary of some of the important anniversaries and milestones from its history. Read full article
The Opel Rocks Electric finished 2023 as the best-selling light motor vehicle in the Netherlands. According to official data, the German brand sold around 1,200 units of its quadricycle last year and achieved a market share of over 40% in the microcar segment. Just 2.41 metres long, 1.39 metres wide (excluding exterior mirrors) and weighing only 471 kilograms (including traction battery), the Opel Rocks Electric is the entry-ticket to electric mobility, especially for beginners. As it is officially classified as a light motor vehicle or quadricycle, teenagers as young as 16 years are allowed to drive the Rocks Electric with a moped certificate or a driving license B in the Netherlands.
The Rocks Electric offers a range of up to 75 kilometres (WLTP1), which can be covered at up to 45 km/h. This makes it ideal for everyday city traffic, and with a turning circle of only 7.2 m, the quadricycle can also master tight corners and fit into small parking spaces. The 5.5 kWh battery of the Opel Rocks Electric can be fully recharged in around four hours via a household socket. The accompanying three-metre-long charging cable is permanently housed in the vehicle and simply pulled out of the passenger door when needed. Opel offers an adapter for charging at a public charging station. Read full article
FIAT is launching the new special limited-edition series “Collezione 1957” a collectors’ edition in only 1957 units. This limited-edition model is available for order starting today in selected European countries and Japan. The Fiat 500 Collezione 1957 stands out with its exquisite cabrio design and exclusive features. The exterior of this limited-edition model features a two-tone White Gelato and Rugiada Green bodywork with Beige capote, accentuated by the new Silver Beauty Line and 16″ White Diamond alloy wheels. The chrome mirror caps, and 1957 serigraphy 3rd light pay homage to the car’s heritage, bridging the gap from 1957 to 2024. The interior is equally captivating, featuring ivory-wrapped seats with Frau Leather inserts and a distinctive “ONE OF 1957″ embossed logo, a wooden dashboard, and a dedicated numbered plate on the central tunnel. This exclusive limited-edition is not just about aesthetics, but also incorporates chrome details, LED DRL, fog lights, and a 7” TFT digital display as standard features. The connectivity options are elevated with MOPAR CONNECT, a feature which ensures safety, monitoring, and convenience for the customers. Equipped with a 1.0 Hybrid engine delivering 70 horsepower, coupled with a manual transmission for the European market, a 1.2-liter engine with 69 horsepower, and an MTA system for the Japanese one, the Fiat 500 Collezione 1957 is a timeless celebration of automotive craftsmanship and innovation. Read full article
Volkswagen of America, Inc. today announced that the 2024 Atlas Cross Sport has been named SUV of the Year in the 2024 Latin Flavor Car of the Year awards by Auto News Wire in conjunction with Puros Autos, a leading automobile source for the Hispanic population in the U.S.
According to Auto News Wire and Puros Autos, the Hispanic market in the U.S. continues to be a significant force in the automotive sector, representing more than 30 percent of the population in major markets. Its Latin Flavor Car of the Year awards highlight the growing purchasing power and preference of Hispanics for certain car models and brands by honoring the brands that have recognized this influence and adapted their marketing and product development strategies to better serve this demographic.
The Atlas was the first modern Volkswagen designed, engineered and produced specifically for American buyers, and since its debut, it has become a major player in the U.S. market. The 2024 Atlas Cross Sport builds on that success, with an elegant new interior and a sophisticated turbocharged engine that improves both performance and the driving experience. It is offered in five trim levels and is powered solely by a four-cylinder turbocharged and direct-injection TSI® engine with 269 horsepower and 273 lb-ft of torque. An eight-speed automatic transmission and front-wheel drive are standard; Volkswagen’s 4Motion® all-wheel-drive system is also available. MSRP starts at $36,715. Read full article
Chiyoda Corporation and Toyota Motor Corporation have agreed to jointly develop a large-scale electrolysis system and construct a strategic partnership and have signed a basic agreement on cooperation. The goal is to contribute to achieving the government targets*1 for the introduction of electrolysis equipment both in Japan and overseas as part of the Basic Strategy on Hydrogen formulated by the government. The production and mass production technologies for electrolysis cell stacks using the fuel cell technology held by Toyota and the processing plant design technologies and large-scale plant construction technologies held by Chiyoda will be brought together to develop a large-scale electrolysis system that can be competitive. This will allow adaptation to the rapidly expanding hydrogen production markets both inside and outside Japan.To be able to respond to the various needs of customers, such as the amount of hydrogen used or limitations on plant floor area, 5 MW-class equipment will be used as the basic unit (floor area: 2.5 m x 6 m, hydrogen production capacity: approx. 100 kg/hr) for development, and will be combined to create a standard package, allowing the construction of large-scale electrolysis systems. Read More
JLR delivered another strong performance in Q3 FY24, increasing wholesales to fulfil more client orders in the quarter. Revenue for the quarter was £7.4 billion, up 22% versus Q3 FY23 and up 8% versus Q2 FY24. Revenues for the nine months to 31 December 2023 were £21.1 billion – JLR’s highest ever revenue generation in the first nine months of a financial year and up 35% compared to the prior year.
Profit before tax and exceptional items (PBT) in the quarter was £627 million, up from £265 million a year ago. EBIT margin was positive at 8.8%, more than doubling from 3.7% a year ago. The higher profitability year-on-year reflects favourable volumes and reduced chip costs, offset partially by unfavourable fixed marketing, administration and FX revaluation compared to a year ago. Profit after tax in the quarter was £592 million, compared to a profit of £261 million in the same quarter a year ago. PBT YTD was £1.5 billion and PAT YTD was £1.2 billion.
Free cash flow for the period was £626 million. At the end of the quarter, total cash was £4.3 billion and net debt was £1.6 billion, with gross debt of £5.8 billion. Total liquidity was £5.8 billion, including the £1.52 billion undrawn revolving credit facility maturing April 1, 2026.
Looking ahead, the Company is on track to achieve its profitability and cashflow targets. The EBIT margin for FY24 is expected to be over 8% and we continue to expect operating cashflow to support net debt of less than £1 billion by the end of FY24 and positive net cash in FY25. Read More
Castrol India reported a 25% rise in fourth-quarter profit on Thursday, aided by higher demand for its automobile lubrication products..Castrol India’s profit after tax came in at 2.42 billion rupees ($29.2 million), up from 1.93 billion rupees a year ago, it said in an exchange filing. Read More
Tata Power Renewable Energy Ltd (TPREL) said it has commissioned a 1,000-kilowatt bifacial solar system project in West Bengal. Bifacial solar system comprises solar panel which captures sunlight from both surfaces and produces power from two sides. This marks the first-ever installation of on-ground bifacial modules in eastern India, Read More
India government in a strategic push towards enhancing its renewable energy footprint , has announced the invitation of bids for setting up 4 GW of offshore wind energy projects off the coast of Tamil Nadu. Managed by the Solar Energy Corporation of India (SECI), under the ministry of new and renewable energy, this initiative aims to allocate four blocks, each with a 1 GW capacity, on an open access basis. The announcement follows the completion of necessary environmental clearances, ensuring the projects align with ecological standards. Read More
Alpine Motorsports prepares for its 2024 Season Launch on Wednesday 7th of February with the unveiling of the A524 Formula 1 car and the A424 World Endurance Hypercar alongside its fleet of drivers. To coincide with the Launch Event on Wednesday, Alpine Motorsports will provide the following rights free assets. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $71.90 | Down |
| Crude Oil (Brent) | USD/bbl | $77.13 | Down |
| Bonny Light | USD/bbl | $78.93 | Down |
| Saharan Blend | USD/bbl | $83.02 | Down |
| Natural Gas | USD/MMBtu | $2.05 | Up |
| OPEC basket 02/02/24 | USD/bbl | $78.61 | Down |
Tata Power Solar Systems Limited (TPSSL), a leading integrated solar company in India and a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL), has facilitated over ₹ 3,500 crore of customer financing for solar projects during the last 4.5 years. This has led The Tata Power Company Limited (Tata Power) to emerge as the nation’s most preferred and trusted green energy partner which is mainstreaming the adoption of Solar Energy in the country. This momentum built over the years will help support the wide scaled adoption of solar energy in the country. TPSSL has achieved this feat through collaborations with more than 20 active financing partners, including PSUs, Private Banks, and NBFCs. The extensive network consists of State Bank of India (SBI), Small Industries Development Bank of India (SIDBI), Union Bank of India (UBI), HDFC, Bank of Baroda, Tata Capital, Greenlance Energy, Ecofy, Credit Fair, and Paytm as the primary lending partners. TPSSL has designed financing models to cater to diverse customer profiles, accommodating both Residential comprising individual houses and housing societies and Commercial & Industrial clients including MSMEs, Mid and Large sized Corporates, Hospitals, Institutions etc. TPSSL has successfully facilitated financial solutions to over 2,200 Commercial & Industrial customers. These projects are valued at approximately ₹ 3,400 crore. Read full article
Enilive, Eni’s company dedicated to mobility products and services, will be the Title sponsor of Serie A starting from the 2024/25 championship and covering three seasons. Through the partnership, Enilive will contribute to the world of football by introducing increasingly sustainable mobility solutions. Enilive is enthusiastic about the partnership with Lega Serie A, which will make the company and its new brand closer to all Italians, showing the transformation it represents for the millions of customers who regularly visit our extensive network of service stations. Enilive, Eni’s company dedicated to sustainable mobility, has a network of over 5,000 service stations across Europe, of which around 4,000 are located in Italy. Every day, they welcome more than 1.5 million people on the move, not only to refuel but also to enjoy a wide range of services. These include Eni Cafés, the largest chain of bars in Italy, ALT Stazione del Gusto, a new restaurant format developed in collaboration with Accademia Niko Romito, as well as facilities for paying postal slips and Emporium shops for convenience shopping.
Through its Enilive Stations, Enilive aims to gradually provide decarbonized services and products for the energy transition. A wide range of products is already available, including the HVOlution biofuel (diesel produced from renewable raw materials), bio-LPG, biomethane, electric charging, and the Enjoy car sharing service, which is available in Milan, Rome, Turin, Florence, Bologna, and Padua. In addition, Enilive manages the production of biofuels for road, air, rail, and marine mobility from the bio-refineries in Venice, Gela, and the SBR bio-refinery in Louisiana, USA. Further development projects are in the pipeline, including the confirmed conversion of the Livorno refinery into a bio-refinery, as well as in Malaysia and South Korea, where new projects are being assessed. Read more
Hyundai Motor Company and the Whitney Museum of American Art today announced a new 10-year partnership that enables artists to test their aspirations and incubate their creativity. Hyundai Motor will support an annual commission located on the museum’s expansive fifth-floor terrace in addition to supporting the Whitney Biennial. The newly imagined outdoor exhibition project, the Hyundai Terrace Commission, offers an innovative platform for artists to experiment, respond to the space and the neighborhood, and showcase their work to the world. Envisioned by Renzo Piano, the architect of the Whitney building in New York City’s Meatpacking District, and originally coined the ‘Test Platform,’ the museum’s largest outdoor gallery is a flexible and dynamic space that enables artists to realize large-scale and monumental installations. “Hyundai Motor will join the Whitney, a museum dedicated to supporting artistic experimentation, in embracing the complexities of our present by inviting visionary artists to share perspectives from their communities,” said Euisun Chung, Executive Chair of Hyundai Motor Group. “We look forward to how this multiyear partnership for the Whitney Biennial and the Hyundai Terrace Commission will amplify diverse voices, shaping our collective future through boundless explorations.”
Over the past decade, Hyundai Motor has deepened its partnerships with museums and organizations by supporting visionary initiatives around the world. Since its inception, the Whitney has been introducing emerging or relatively unknown artists to a larger audience and continues to be a powerful force in modern and contemporary art. This new partnership between Hyundai Motor and the Whitney expands a shared commitment to presenting the most relevant art and ideas of our time and opening up discussions for audiences worldwide. This is one of the longest and most expansive global corporate partnerships to date for the museum.
“It is an honor to partner with Hyundai Motor, an organization with a dedicated track record of supporting innovation in the arts,” said Scott Rothkopf, the Alice Pratt Brown Director of the Whitney Museum. “Our outdoor terraces are a signature design element of Renzo Piano’s vision for the Whitney — an interface between the museum, the New York community and the neighboring Hudson River and High Line. With Hyundai’s generous support for both the Whitney Biennial and the Hyundai Terrace Commission, we can now realize the true potential of our grandest ‘outdoor gallery,’ allowing our curators and artists to dream big and test the bounds of creativity.”
With support from Hyundai Motor, the Whitney’s Hyundai Terrace Commission gives artists and curators the opportunity to push boundaries, innovate their practices, and execute their visions. The museum will present a rotation of annual site-specific commissions, which include outdoor installations, sculpture, performances and multimedia projects. In addition to supporting the Hyundai Terrace Commission, the company will also be the presenting partner for the Whitney Biennial, aligning the brand with the Whitney’s most groundbreaking and signature presentation of the leading contemporary American art of our day.
Whitney Biennial 2024: Even Better Than the Real Thing opens March 20, 2024, and is the eighty-first edition of the museum’s landmark exhibition series, the longest-running survey of American art. During the years of the Biennial (every two years), the fifth-floor terrace space will feature the commissioned work of an artist for the Hyundai Terrace Commission in conjunction with the larger Biennial exhibition. The inaugural Hyundai Terrace Commission will launch in the spring of 2024 in line with the Whitney Biennial 2024. Read full article
Hyundai Motor Company and Iveco Group (EXM: IVG) today announced signing a supply agreement of an IVECO-badged all-electric light commercial vehicle for Europe, based on Hyundai’s Global eLCV platform. The new vehicle will join Iveco Group’s electric light commercial vehicle lineup, enhancing the Group’s LCV portfolio alongside the iconic IVECO Daily.
The supply agreement signing ceremony, which took place at Hyundai Motor Company’s headquarters in Seoul, South Korea, was attended by Jaehoon Chang, President and CEO of Hyundai Motor Company, Ken Ramírez, Executive Vice President and Head of Global Commercial Vehicle & Hydrogen Business at Hyundai Motor Company, Gerrit Marx, CEO of Iveco Group, and Luca Sra, President, Truck Business Unit, Iveco Group.
Hyundai Motor and Iveco Group initiated their partnership in March 2022 and have since generated concrete results related to hydrogen-powered commercial vehicles, including the co-development of the eDAILY FCEV and the launch of the E-WAY FCEV city bus. The new agreement not only signifies an extension of their partnership to encompass a broader array of eco-friendly lineups, but also underscores the shared commitment of both companies to accelerate the transition toward carbon-neutral mobility and transport. Read full article
Hertz said it will sell about 20,000 electric vehicles from its U.S. fleet. The offloading of those EVs will cut the company’s global EV fleet by roughly one-third, Hertz said in a filing with the Securities and Exchange Commission.The rental car giant said it would allocate funds it gets from selling the vehicles toward purchasing more internal combustion engine vehicles “to meet customer demand.” Read full article
Rig Count: U.S. -2 to 619 Canada +2 to 232
U.S. Rig Count is down 2 from last week to 619 with oil rigs unchanged at 499, gas rigs down 2 to 117 and miscellaneous rigs unchanged at 3.
Canada Rig Count is up 2 from last week to 232, with oil rigs down 3 to 141, and gas rigs up 5 to 91.
International Rig Count is up 10 rigs from last month to 965 with land rigs up 5 to 740, offshore rigs up 5 to 225. International Rig Count is up 64 rigs from last year’s count of 901, with land rigs up 65, offshore rigs down 1.
The Worldwide Rig Count for January was 1,784, up 45 from the 1,739 counted in December 2023, and down 115, from the 1,899 counted in January 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 02 February 2024 | 619 | -2 |
| Canada | 02 February 2024 | 232 | +2 |
| International | January 2024 | 965 | +10 |
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