Energy/Automotive News| WTI Crude $74.64/bbl, Brent $80.08/bbl, Opec $78.86/bbl
London, 08 February 2024, (Oilandgaspress): -One reason behind Saudi Arabia’s desire to limit oil production may be that domestic consumption has been rising smartly since the beginning of the millennium. While the kingdom relies almost exclusively on petroleum products for export revenues, it also has a growing population that might get restive if future oil supplies decline because of overtaxed and exhausted fields.It really should come as no surprise that despite the long running security and economic ties between the United States and Saudi Arabia, Saudi Arabia will be limiting its oil production in the years and perhaps decades ahead. . Read full article
Porsche Museum is once again offering a welcome break from the routine with its Easter holiday programme. From 23 March to 7 April, girls and boys between the ages of five and 13 can join exciting guided tours of the museum.The kids can also look forward to meeting popular Porsche mascots Tom Targa and Tina Turbo, as well as photo workshops in which a professional teaches them how to create an exceptional image.
Girls and boys get to experience many things at the Porsche Museum, but boredom isn’t one of them. “We can’t wait to take the kids on a trip to the world of Porsche with Tom Targa and Tina Turbo over the Easter holidays,” says Jenny Simchen, who is responsible for the Porsche 4Kids activities at the Porsche Museum. Every day, action-packed guided tours of the museum enable the children to learn a great deal about the sports car manufacturer from Zuffenhausen. In a photo workshop they learn how to focus – quite literally – on what’s really important. Over the long Easter weekend, the kids get to meet popular mascots Tom Targa and Tina Turbo, who have a little Easter surprise for them.. Read full article
.This Trading Statement sets out SSE’s financial outlook, outlines operational performance for the third quarter ending 31 December 2023, and updates on strategic delivery of the Net Zero Acceleration Programme (“NZAP”) Plus.
Trading update
SSE reaffirms FY24 adjusted earnings per share guidance of more than 150 pence, noting a narrower range of probable financial outcomes for the full-year following lower than planned renewables output over the quarter.
SSE Renewables output over the first three quarters was around 15% below plan, or 10% below plan relative to full year, having been impacted by a combination of mixed weather conditions, short-term plant outages and rephasing of flexible hydro output into the fourth quarter. January has seen continued mixed weather conditions for the renewables fleet.
In SSE Thermal, performance continues to reflect lower spark spreads and market volatility when compared to the same period last year. However, the business is still expected to deliver its guidance of more than £750m adjusted operating profit, including more than £75m from Gas Storage, for FY24.
The Group’s final full-year earnings outturn remains subject to factors such as plant availability, supportive market conditions and normal weather across the remainder of the fourth quarter. SSE will provide an update on performance for the final months of the year in its Notification of Closed Period statement.
The Group remains on course to deliver adjusted investment and capital expenditure of around £2.5bn in FY24.. Read full article
.Europe’s 2040 climate target and path to climate neutrality by 2050 The Commission has made its recommendation based on a thorough impact assessment that looked in detail at the socio-economic and environmental implications of a range of emissions reduction pathways. The legislative proposal to put a 2040 target into law will come under the next Commission, drawing the conclusions of a broad policy debate initiated today by this Communication. This proposal will be subject to the usual interinstitutional negotiations with both EU co-legislators and would lead to an amendment of the European Climate Law.
Once a legally binding target for 2040 is adopted, preparations will begin for a post-2030 policy framework. The current policy framework and the work done in the current decade will shape Europe’s path to 2040 and climate neutrality by 2050. The next European Commission will have the responsibility to make legislative proposals on this basis and to ensure a balanced and cost-effective contribution of all sectors to greenhouse gas emission reductions and carbon removals. As regards other sectors, industry will also undergo a deep transformation to meet the recommended 2040 target. This will be achieved with clean energy demand through electrification, switching to non-fossil fuels, and implementing new technological processes and circular economy actions. The transport sector will decarbonise through a combination of technological solutions and carbon pricing, as well as an efficient and interconnected multimodal transport system, for both passengers and freight. Transport emissions are projected to decrease by close to 80% by 2040. Agriculture can also play a vital role in the transition. The sector is key to ensure food security in Europe and with effective policies that reward good practices and the appropriate support, it can also help drive emissions down and provide other vital services such as enhancing the capacity of soils and forests to store more carbon.
The 2040 pathway and these transformations at sectoral level will need to be underpinned by an appropriate policy framework. Read full article
The Board of Directors met on February 6, 2024, and recalled, subject to decisions by the Board of Directors and the Shareholders’ Meeting which will approve the 2024 financial statements, allocation of earnings and final dividend, the ex-dividend dates for 2024 and decided the payment dates related to the interim and the final dividends for 2024. The Board of Directors also decided, subject to decisions by the Board of Directors and the Shareholders’ Meeting which will approve the 2025 financial statements, allocation of earnings and final dividend, the ex-dividend dates and payment dates of the interim and the final dividends for 2025. Read full article
Renault has revealed the name of its new C-segment compact family SUV: Symbioz
Symbioz features the new brand design. This new SUV is the most compact hybrid in Renault’s C-segment range, at just 4.41m long.
The interior is designed to satisfy all the family, with generous space and loading capacity.
It delivers the best of Renault technology, including:
the new-generation Solarbay panoramic glass roof, based on PDLC technology and turning opaque without a blind,
the E-Tech full hybrid 145 hp engine in a vehicle of reduced weight (under 1,500 kg) for more driving pleasure and lower fuel consumption..Symbioz sounds like the French ‘symbiose’, derived from the ancient Greek ‘symbiosis’, meaning ‘living together’, a value deeply rooted in the DNA of Renault, with the slogan “cars for living”.
It is a word that is similar in many languages: ‘symbiosis’ in English, ‘simbiose’ in Spanish and ‘simbiosi’ in Italian, making the name Symbioz easy to understand by a wide audience. Read full article
Sixty-five percent of energy consumers know how to start making sustainable energy choices, but 70% say they will not spend more time or money doing so.
Consumers will ultimately determine the success or failure of our clean energy future, but they are growing tired of the journey to get there. Residential and business consumers have been left to shoulder the burden of a changing energy system, navigating new technologies and deciphering complex tariffs, all while absorbing rising bills. Now, according to new EY research, fatigue is setting in just as we enter a more difficult phase of the transition. The world must galvanize a generation of change within a decade to meet decarbonization targets. Unless energy providers can engage all consumers and activate a surge in consumer energy solution investment, we’ll miss our opportunity to build a more sustainable, efficient, cost-effective energy system. There is simply no energy transition if consumers don’t lead the way. Three actions can help energy providers build consumer-centric energy experiences that are more affordable, accessible and appealing. . Read full article
Heading Toward Carbon Zero, from Manufacture to Recycling
Battery electrodes contain a lot of valuable resources like cobalt, lithium, and nickel.
However, current recycling methods begin by throwing spent batteries into an incinerator and then collecting the rare metals left over after the burn.
That method, though, reduces the amount of materials recovered and releases an enormous amount of CO2, which has an extensive environmental impact.
Moving toward carbon neutrality is going to require making visible all the emissions of the whole lifecycle from manufacturing to decommissioning and recycling and reducing them.
As a major step toward that, Toyota has been performing verification testing on battery recycling without burning. This project is not well known even inside the company. We went on the scene in this essential but unknown base. Read full article
Saab has been recognised for leadership in corporate transparency and performance on climate change by the global environmental non-profit organisation CDP, securing a place on its annual ‘A list’.
Saab is taking part in the global efforts to reduce carbon emissions and ensure long-term competitiveness. As a result, Saab is one of only a few companies world-wide that received an A grade in the climate change category of CDP’s list.
As the first major defence company to have its science-based targets approved in December 2022, Saab is now delivering on them.
“Combatting climate change is one of the most important issues of our time. We are proud that the extensive work by our environment team is now being recognised by such an important organisation as CDP. This is a clear signal that Saab is on the right track with our sustainability strategy and our ambition to be a sustainability leader in the defence sector,” says Viktor Wallström, Senior Vice President and Head of Group Communication and Sustainability at Saab.
As a result of the improved management of both climate change and water security, Saab has leveled up the company’s scoring in both areas. Read full article
Neste Corporation’s (the “Company”) shareholders are hereby invited to the Annual General Meeting of Shareholders (the “AGM”) to be held on Wednesday, 27 March 2024, beginning at 10 am EET, in the Conference Centre of Helsinki Expo and Convention Centre, entrance at Rautatieläisenkatu 3, 00520 Helsinki. Registration and the distribution of voting papers will begin at the AGM venue at 9 am EET. Shareholders can also exercise their right to vote by voting in advance. Instructions for advance voting are presented in this AGM notice under section C. . Read More
DNO ASA, the Norwegian oil and gas operator, today announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, the Board of Directors has approved a dividend payment of NOK 0.25 per share to be made on or about 26 February 2024 to all shareholders of record as of 16 February 2024. DNO shares will be traded ex-dividend as of 15 February 2024.
Dividend amount: NOK 0.25 per share
Declared currency: NOK
Last day including right: 14 February 2024
Ex-date: 15 February 2024
Record date: 16 February 2024
Payment date: 26 February 2024 (on or about)
Date of approval: 7 February 2024, based on authorization granted 25 May 2023 Read More
Nel ASA has today been made aware that Iwatani Corporation of America has filed a lawsuit with claims for damages in an unspecified amount towards Nel and certain of its subsidiaries in connection with certain agreements for delivery of fueling equipment and services between Nel Hydrogen Inc. and Iwatani Corporation of America.
Nel and its subsidiaries strongly reject the allegations made in the lawsuit by Iwatani Corporation of America, and will vigorously oppose the allegations and the lawsuit.
The lawsuit was filed with the United States District Court in the Central District of California.Read More
Mobilize PowerBox, the smart, connected, secure and bidirectional charging station, starts production at LACROIX’s Symbiose electronics plant located in Beaupréau-en-Mauges On February 8, 2024, partners from Software République’s innovation ecosystem (Orange, Renault Group, STMicroelectronics and Thales) will meet for the industrial launch of the Mobilize PowerBox charging station at the site of the new production line at the Symbiose electronics plant in Beaupréau-en-Mauges (Maine-et-Loire, France). The initial production capacity is 65,000 units/year. The Mobilize PowerBox charging station will soon be marketed in the Renault network for all electric vehicles of Renault Group brands.
Mobilize PowerBox: a charging station made in France by LACROIX
LACROIX, an expert in the design and manufacture of connected equipment and solutions, is equipping its Symbiose plant with a new production line for the manufacture of the Mobilize PowerBox terminal. LACROIX has the capacity to produce, initially, 65,000 units/year thanks to its automated and digitalized Industry 4.0 strategy. In the event of larger volumes, the production line can be adapted or even duplicated to meet the growing expectations of the market. Symbiose is the group’s 4.0 plant, inaugurated in September 2022, located in Beaupréau-en-Mauges in Maine-et-Loire. It is part of the group’s desire to contribute to the relocation of the electronics sector in France. In addition, the plant benefits from a network of local suppliers to reduce the carbon impact of the supply chain. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $74.64 | Up |
| Crude Oil (Brent) | USD/bbl | $80.08 | Up |
| Bonny Light | USD/bbl | $80.77 | Up |
| Saharan Blend | USD/bbl | $81.04 | Up |
| Natural Gas | USD/MMBtu | $1.99 | Down |
| OPEC basket 07/02/24 | USD/bbl | $78.86 | Up |
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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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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