Energy/Automotive News| WTI Crude $72.75/bbl, Brent $78.21/bbl, Opec $78.88/bbl
London, 12 January 2024, (Oilandgaspress): – Brent Crude oil prices are expected to average $74 per barrel this year, Citi said in a note, revising down its previous forecast by $1 a barrel, due to expectations of excess supply. The researchers at the bank also slashed their Brent forecast for 2025 by $10 per barrel, and now see the international benchmark averaging $60 a barrel next year.
1PointFive, a carbon capture, utilization, and sequestration (CCUS) company, and Boston Consulting Group (BCG), today announced that BCG agreed to purchase 21,000 metric tons of carbon dioxide removal (CDR) credits over three years from 1PointFive. BCG is collaborating with 1PointFive through consulting services, including to develop business processes that support Direct Air Capture (DAC) CDR credits.
The CDR credits for BCG will be enabled by STRATOS, 1PointFive’s first industrial-scale DAC facility currently under construction. Under the agreement with BCG, the captured CO2 underlying the CDR credits will be stored through durable geologic sequestration. STRATOS is designed to capture up to 500,000 metric tons of CO2 annually when fully operational, making it the largest facility of its kind in the world.
According to the Intergovernmental Panel on Climate Change (IPCC), the world needs to remove 100 – 1000 gigatons of CO2 from the atmosphere over the course of this century to keep global warming below the 1.5 degrees Celsius limit set by the Paris Climate Agreement.
“We are pleased to enter into this strategic agreement with BCG. It builds on our existing partnership and reflects our shared commitment to the climate and the importance of DAC as an industrial-scale, durable, and verifiable carbon removal solution,” said Michael Avery, President and General Manager of 1PointFive. “As one of the global leaders in consulting, this agreement reinforces DAC’s potential and demonstrates how non-industrial companies can meet their net zero goals and sustainability initiatives.”
“We’re excited to work with 1PointFive to support Direct Air Capture. With this strategic agreement, BCG reaffirms its commitment to be an early adopter and to support the most promising CDR technologies to capture and store carbon durably. Over the past year, BCG has already supported 1PointFive in designing the required IT architecture needed for the Measurement Reporting and Verification (MRV) of STRATOS. 1PointFive has become one of the leaders in the durable removals ecosystem and is a great fit for our DAC portfolio,” said David Webb, BCG’s Chief Sustainability Officer. Read full article
The Sao Bernardo Plant, Toyota’s first overseas plant, concluded its production on November 11, 2023, ending its 60-year history in Sao Paulo, Brazil.At the closing ceremony, Masahiro Inoue, Chief Executive Officer of Latin America & Caribbean Region, expressed his determination: “While the history of production at the Sao Bernardo Plant may be coming to a close, it allows us to take flight into the future. Together with the employees and their families who have relocated (due to the production transfer), Toyota will produce ever-better cars and expand exports to Latin America. We are committed to contributing to the further development of Brazil’s automotive industry.” The Sao Bernardo Plant is distinguished by its numerous stories from Toyota’s founding period.
With the plant’s closure, its press machine will come home to Japan after 60 years of service. It was originally acquired in 1934, predating the establishment of Toyota Motor Corporation, by the Toyoda Automatic Loom Works Automobile Department based in Kariya, Aichi Prefecture. Read full article
The Spanish government has awarded around $6m to the Spanish electric mobility company toward the development and roll out of its air and ground solutions.Crisalion Mobility is to receive investment of nearly $6 million from CDTI Innovación (Centre for Technology Development and Innovation), under its Innvierte programme, and from Cuyam (Grupo Valdemira). CDTI Innovación is a Spanish public organisation that falls under Spain’s Ministry of Science, Innovation and Universities and supports innovative projects in these areas, offering advice and public funding through subsidies and partially repayable financial support. Read full article
BYD DOLPHIN is the Most Awarded Electric Car in Brazil in 2023. In just 6 months since its launch in Brazil, it has received 10 major recognitions. The most awaited and speculated car of the year has become the darling of the specialized press and public opinion, breaking paradigms and changing the history of the national market.Sales recordist in 2023 with over 5,000 units sold, the model makes history by bringing electric cars to the Brazilian’s radar, who finally started to consider the real possibility of buying a non-polluting car. In the overall ranking of electric cars, the BYD compact is far ahead in the lead and shows that it is possible to combine design, cutting-edge technology, comfort, autonomy, and agility with a more affordable price than the market has ever offered. Read full article
BYD is now using purpose-built EV cargo ships to send its cars to Europe, BYD Co.’s first chartered cargo ship has set sail as the automaker ramps up exports of electric vehicles. The BYD Explorer No. 1, capable of carrying 7,000 cars, is bound for Europe after making a stop in the Chinese port of Yantai and soon Shenzhen. The ship is managed by Zodiac Maritime Ltd. and is being rented to BYD, according to a WeChat post by China International Marine Containers Group Co., which built the vessel.CIMC said BYD Explorer No. 1 is the first cargo ship made by a Chinese shipbuilder for the purpose of exporting Chinese cars. It’s equipped with two tanks to store liquefied natural gas, which will be used as the main fuel in order to reduce emissions. Read full article
Pertamina International Shipping (PIS) has strengthened its fleet by adding two Very Large Gas Carriers (VLGC), giant gas tankers optimized for transporting LPG both domestically and internationally. Named the VLGC Pertamina Gas Tulip and the VLGC Pertamina Gas Bergenia, they are among the world’s largest gas tankers, environmentally friendly and using the latest technology. The twin tankers, each spanning twice the length of a football field, were constructed at Hyundai Samho shipyard in South Korea and officially launched on Tuesday, January 9th. The ownership of these tankers is a result of the collaboration between PIS and BGN, the global energy and commodities trading company, which commenced in December 2022 and accelerated with the signing of an agreement in October 2023.The launch of these new vessels was officiated by the President Director of PT Pertamina (Persero) Nicke Widyawati, Group CEO of BGN Ruya Bayegan, President and CEO of Hyundai Samho Heavy Industries Shin Hyeon Dae, CEO of Pertamina International Shipping (PIS) Yoki Firnandi, and witnessed by Pertamina Commissioner Iggi Haruman Achsien and PIS Commissioner Lina Santi. Read full article
TOYOTA GAZOO Racing (TGR) and Lexus are exhibiting at the three-day Tokyo Auto Salon 2024*1 being held at Makuhari Messe (in Chiba, Japan) from January 12 to 14, 2024. The main theme of this year’s TGR and Lexus exhibit is “MORIZO Garage”, based on the desire of Akio Toyoda, a.k.a. Morizo, to “as a car lover, become more passionate about cars together with all car lovers and create the future together with them”. In addition to featuring Morizo’s beloved car, the exhibit includes vehicles and parts shown under “New Models and Customization” and “Motorsports”, resulting in a total of three exhibit concepts. The ongoings will also include talk sessions featuring drivers and development engineers, demo runs, and other activities to convey the appeal of cars and the fun of motorsports. Read More
Evolved GR Yaris Makes World Premiere
Newly Developed 8-speed GAZOO Racing Direct Automatic Transmission Joins Lineup to Expand Motorsports Base
TOYOTA GAZOO Racing (TGR) held the world premiere today of its evolved GR Yaris at Tokyo Auto Salon 2024*1. Sales in Japan of the new GR Yaris are scheduled to start this spring through Toyota vehicle dealers nationwide. Read More
India and the United Arab Emirates (UAE) have signed a deal to explore establishing grid connectivity between the two countries, India’s Foreign Secretary Vinay Kwatra said. The deal is part of four MoUs signed between New Delhi and Abu Dhabi at the Vibrant Gujarat Global Summit, state-run Press Trust of India reported, citing Kwatra.
One of the pacts is on renewable energy, which includes green hydrogen and solar energy, he added.
“There is an inherent thought of possible grid connectivity between India and the UAE in that space,” he added without giving further details. Read More
The Volvo Group report for the fourth quarter and full year 2023 will be published on January 26, 2024 at 7.20 a.m. CET.A press conference will be held at Tändstickspalatset, Västra Trädgårdsgatan 15 in Stockholm at 9.00 a.m. CET. The Volvo Group will be represented by President and CEO Martin Lundstedt and CFO Mats Backman. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $72.82 | Up |
| Crude Oil (Brent) | USD/bbl | $78.34 | Up |
| Bonny Light | USD/bbl | $79.71 | Up |
| Saharan Blend | USD/bbl | $80.80 | Up |
| Natural Gas | USD/MMBtu | $3.29 | Up |
| OPEC basket 11/01/24 | USD/bbl | $78.88 | Down |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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