Energy/Automotive News| WTI Crude $77.37/bbl, Brent $82.41/bbl, Opec $81.43/bbl
London, 13 February 2024, (Oilandgaspress): -Continued risks from the conflict in the Middle East on oil prices have been partially offset by ample global supplies, surge in electric-vehicle sales and uncertain demand outlook especially by China
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40 years ago, a Venetian explorer became the namesake of a new camper from Mercedes‑Benz: the first Mercedes-Benz Marco Polo celebrated its premiere in 1984, at that time based on the “Bremer Transporter”. Since then, the Marco Polo has given many travellers great travel memories – from Europe to Asia. And it has also evolved – in terms of functionality, comfort, and style. And its future? It will be electrifying.. Since last year (2023), the so-called Marco Polo Module has rounded off the Marco Polo family at the lower end. It transforms the small vans with the star, including the T-Class, into micro campers in no time at all. The module is located in the vehicle’s boot and secured using lashing eyes. The module consists of a standard bed unit for two people and an optional kitchen unit with sink and bottled gas cooker. If desired, a refrigerator box can also be added and is accommodated in the kitchen unit. Other optional features include an auxiliary battery, the Sleeping Package with blackout elements and ventilation grilles with insect screens for the glass panes, and window pockets that can be fitted between the C and D-pillars; also a table and camping chairs. The table comes with two different feet. This means that it can be set up outdoors or secured in the rear.
The future of camping with the star is called VAN.EA
One of the focus topics for the future of the Marco Polo is electromobility. Mercedes-Benz Vans has firmly anchored its claim to leadership in electromobility in its strategy. The central step into the electric future is the new, modular and scalable “electric-only” architecture VAN.EA, which will be introduced from 2026. Based on VAN.EA, the RV portfolio will also be electrified and expanded. On the basis of VAN.EA, Mercedes-Benz will offer both medium-sized and large all-electric RVs ex works in the future. Together with its international RV partners, the brand with the star plans to develop the new industry standard for electric RVs. Read full article
.Safety is a core component of Mercedes-Benz’s DNA. Mercedes-Benz is regarded as the inventor of modern vehicle safety – and remains a pioneer in the field to this day. The basis for the company’s commitment is its real-life safety strategy: For more than 50 years, the company’s in-house accident research centre has been investigating accidents involving Mercedes-Benz vehicles. The aim is to understand how accidents happen and which advanced safety systems could have prevented them. What’s more, findings from real-life accidents can be used to define requirements for crash tests. The Mercedes-Benz Technology Centre for Vehicle Safety in Sindelfingen conducts up to 900 crash tests and 1,700 sled tests every year. The tests involve 120 dummies in 21 different versions – from toddlers, children of all ages and fifth percentile female dummies to 50th percentile male dummies and large, heavy male dummies[2]. The results of the crash tests and accident research are used to help develop new safety technologies and improve existing systems.
The topic of female dummies is currently the subject of much public debate. Hanna Paul, Head of Dummy Testing at Mercedes-Benz, fact-checks six of the most common myths. Read full article
IONNA’s charging network will be accessible to all electric vehicles with NACS or CCS connectors and aims to provide a seamless, vehicle-integrated, best-in-class charging experience. This will be realized by providing various amenities, such as restrooms, food service, and retail operations nearby or within the same complex, digital integration and appealing locations. Customers can expect convenient locations that will come with canopies wherever possible to even further focus on unprecedented customer comfort and charging ease. The network’s functions and services will facilitate seamless integration with participating automakers’ in-vehicle and in-app experiences, encompassing reservations, intelligent route planning and navigation, payment applications, transparent energy management, and additional features. IONNA’s charging stations are intended to be powered by renewable energy, and backed by the combined quality, reliability, and resources of the world’s leading automakers. IONNA targets to establish a minimum of 30,000 high-powered charging stations strategically positioned throughout North America. The joint venture anticipates opening its first charging stations in the United States in 2024, with plans for expansion into Canada at a later stage. Each site will feature multiple high-powered chargers to facilitate long-distance journeys, aligning with the sustainability strategies of all seven automakers. Read full article
Abarth is turning 75 soon, an important milestone and yet another record for the Scorpion brand, which is still fueling the dreams of fans worldwide. This anniversary is an opportunity to embark on a journey through the Scorpion’s history made of records and victories; and discover a symbol of the brand’s glorious past and its bright future: a fresh, sporty, and stylish vehicle which perfectly represents the brand’s racing spirit and its ongoing commitment to innovation.
The Abarth 695 75° Anniversario limited edition
To celebrate this special birthday and as a tribute to its history, the Scorpion is launching the new Abarth 695 75° Anniversario edition, available in only 1,368 units to pay homage to its well-known 1.4 T-Jet engine, with a symbolic reference to the engine’s capacity: 1.368cc. The engine is supercharged with a Garrett GT 1446 turbocharger, delivering 180 HP of power and a torque of 250 Nm at 3,000 rpm. The maximum speed is 225 km/h, and it accelerates from 0 to 100 km/h in just 6.7 seconds. The exhaust features the iconic Record Monza with an active valve. It is also equipped with Koni FSD shock absorbers on both axles.
The special series also features a unique and eye-catching livery which includes a special touch: a dedicated logo displayed both inside and outside to enhance the journeys of the brand’s enthusiasts.
The exterior immediately catches the eye. For the first time ever, a scorpion covers the entire roof and pops out against the total black livery thanks to the contrast with its golden body. The model has been enhanced by various elements to make it even more unique, such as privacy glass, gold Abarth logos on both sides, and the original 75° Anniversario decals in the shape of a piston head. Moreover, this special series is equipped with exclusive 17-inch gold alloy wheels, and a high-performing braking system with 305x28mm ventilated and perforated disks clamped by the black Brembo aluminum calipers. Read full article
Odfjell SE: Shares trade ex-dividend USD 0.63 today 13 February 2024
With reference to the Odfjell SE 4Q23 report of 8 February 2024 and our announcement about dividend information on 9 February 2024. The shares in Odfjell SE will trade ex-dividend of USD 0.63/NOK 6.67 per share as from today 13 February 2024. Read full article
Toyota would like to again offer our deepest apologies to our customers, suppliers, dealers, the communities in which our plants are located, and our many other stakeholders for the inconvenience and concern caused by the recent issue of certification irregularities. Although all plants of Daihatsu Motor Co., Ltd. (Daihatsu) in Japan suspended operations following our announcements made on December 20, we were able to resume production and shipments of some vehicles as of yesterday. We would like to express our sincere gratitude to our customers, suppliers, and others for their warm words of support and to those who have worked hard toward the resumption of operations.
Daihatsu has decided to make the following appointments to its Board of Directors, effective March 1, 2024. From now on, under the new structure, we will thoroughly implement measures to prevent recurrence and work toward Daihatsu’s future revitalization. Toyota Motor Corporation (Toyota) will also continue to support the new Daihatsu.
Objective
To reform and revitalize Daihatsu, we believe that Daihatsu must return to its roots as a “mobility company centered on compact vehicles” that closely responds to the needs of its customers and enriches their lives, as well as being fully determined to be reborn as a new company.. Read full article
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On March 1, Toyota Motor Corporation (TMC) intends to make the following personnel changes in senior management based on the structure revision of Daihatsu Motor Co., Ltd. Changes in areas of responsibility for senior professionals/senior management as of March 1, 2024 Read full article
Commercial Japan Partnership Technologies Corporation (CJPT) has announced today that it has accepted a request initiated by Daihatsu Motor Co., Ltd. (Daihatsu) for removal from CJPT in light of procedural irregularities in certification applications.
Since its establishment in April 2021, CJPT has been carrying out on-site efforts with its partners to accelerate the spread of CASE, thereby aiming to contribute to achieving a carbon neutral society and solving social issues such as the 2024 problem in the logistics industry. Daihatsu, one of the participating companies, requested removal from CJPT in light of a series of procedural irregularities in certification applications. CJPT has decided to accept Daihatsu’s request based on the belief that the continued inclusion of Daihatsu in activities will not gain the understanding of the public needed to progress its projects to build the future together.
Specifically, Daihatsu will be excluded from all agreements, including the joint planning agreement, and Daihatsu’s equity stake (10%) in CJPT will be transferred to Toyota Motor Corporation (Toyota). The same measures will also be taken for Commercial Japan Partnership Technologies Asia Co., Ltd., a new company that was established in Thailand last year. With respect to the previously announced project to introduce mini-commercial van electric vehicles that will contribute to last-mile electrification toward the achievement of carbon neutrality, Daihatsu will continue to fulfill its role in cooperation with Suzuki Motor Corporation and Toyota to avoid any inconvenience to customers. Read More
Woodside Energy announced today that the Léopold Sédar Senghor Floating Production Storage and Offloading (FPSO) facility has safely arrived offshore Senegal. This is a significant step toward achieving First Production from the Sangomar field which is targeted for mid-2024.
The arrival of the FPSO from Singapore at its final destination approximately 100 kilometres offshore Dakar, Senegal, marks the commencement of the next phase of the project: commissioning the FPSO and hooking up the 23 production, gas and water injection wells that make up the Sangomar Field Development Phase 1.Woodside CEO Meg O’Neill said the milestone marked an important step on the road to first production. Read More
The FCDO invites tenders by 15 March 2024 to conduct a systematic review of the effects of climate change and environmental degradation on children’s learning in low- and middle-income countries. his systematic review will identify the effects of climate change and environmental degradation on children’s learning in low- and middle-income countries. It will also outline what is known about the nature and scale of these effects. Educating girls is a top and long-standing development priority for the UK Read More
Hornsea 3 Community Fund has launched, with £700,000 per year available to support local groups and organisations in the North Norfolk and East Anglia region.At the end of last year, Ørsted gave the go ahead on the world’s single largest offshore wind farm, Hornsea 3, which will be located in the North Sea, approximately 121 km off the Norfolk coast and 160 km off the Yorkshire coast. The wind farm will be capable of generating 2.9 GW of green electricity, enough to meet the average daily needs of 3.3 million homes. As part of the project, Ørsted have launched Hornsea 3 Community Fund which will award a total of £7 million over a targeted ten-year period.
The fund will be separated into three pots: the main fund of £500,000, a Skills Fund of £100,000 and a new pot called the Legacy Fund of £100,000 which will go to one capital green project per year, to encourage long term positive influence in the region.Hornsea 3 Community Funds will be administered by independent grant-making charity GrantScape, with decision-making supported by local Advisory Groups made up of community specialists who benefit from a strong and deep understanding of the local community and environment. Read More
Aramco suspended its capacity expansion plans because of the green transition, Energy Minister Abdulaziz bin Salman said Monday, stressing that the future of energy security lies with renewables. “I think we postponed this [Aramco capacity] investment simply because … we’re transitioning. And transitioning means that even our oil company, which used to be an oil company, became a hydrocarbon company. Now it’s becoming an energy company,” the Saudi prince said during a question and answer panel at the International Petroleum Technology Conference in Dhahran, noting that Aramco has investments in oil, gas, petrochemicals and renewables. The Saudi energy minister on Monday qualified the decision was not made hastily and was the product of a continuous review of market conditions. Read More
Ørsted took a blade to its project pipeline, reducing its ambition to 35-38 GW of installed capacity by 2030 from the previous 50 GW. The Danish renewables developer described the revamp as part of an effort to apply “learnings” from its November cancellation of two Ocean Wind projects offshore New Jersey, one of which cost it DKK 29.5 billion ($4.2 billion) in 2023 impairments and cancellation fees.
Project cancellations and the revised phasing of capex across the portfolio will result in Ørsted spending DKK 130 billion in capex during 2024-2026, a DKK 35 billion reduction. The overall capex plan through 2030 was cut by a third to DKK 270 billion.
The moves resulted from a comprehensive portfolio review in the wake of the Ocean Wind fiasco. CEO Mads Nipper detailed the many lessons from the project during Ørsted’s Feb. 7 earnings call. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.37 | Up |
| Crude Oil (Brent) | USD/bbl | $82.41 | Up |
| Bonny Light | USD/bbl | $83.50 | Up |
| Saharan Blend | USD/bbl | $83.85 | Up |
| Natural Gas | USD/MMBtu | $1.78 | Down |
| OPEC basket 12/02/24 | USD/bbl | $81.43 | Up |
Vår Energi ASA (OSE: VAR) releases the Company’s Annual Statement of Reserves for 2023 with proved plus probable (2P) reserves plus contingent resources (2C) for the combined Vår Energi ASA and Neptune Energy Norge AS (renamed to Vår Energi Norge AS) portfolio of approximately 2 billion barrels¹ of oil equivalent (boe).2023 was characterised by solid production within the guided range, with several projects coming on-stream, portfolio optimisation, and continuous initiatives to increase recovery from producing fields by drilling additional infill wells. Total 2P reserves as of 31 December 2023 are 1,241 million boe (mmboe)¹.
In addition, a significant volume of 2C resources represents a major part of Vår Energi’s future strategy to sustain production and create value. As of 31 December 2023, total 2C resources are approximately 745 mmboe¹. The Company is actively de-risking and progressing these resources into new development projects.
The year-end 2023 pro-forma 2P reserves and 2C resources represent an approximate measure of the performance of the combined Vår Energi ASA and Vår Energi Norge AS. The evaluation of Vår Energi’s developed and undeveloped reserves comply with the Petroleum Resources Management System (PRMS). International petroleum consultants DeGolyer and MacNaughton carried out the PRMS assessment as of 31 December 2023 for Vår Energi’s assets. The Vår Energi Norge AS PRMS assessment was performed by ERC Equipoise Limited. Read full article
.Vår Energi ASA (OSE: VAR) is on track for growth and value creation and delivers strong financial results in a quarter with good operational performance and high realised prices..
Strong financial results
Total income in the quarter was USD 1 699 million, an increase of 5% from the third quarter
Achieved realised price of USD 84 per boe in the quarter with gas price realisation USD 13 per boe above spot market
Continued strong financial position with USD 3.7 billion in available liquidity and a leverage ratio of 0.5x
Cash flow from operations (CFFO) was USD 857 million
Attractive and predictable shareholder distribution
Dividend of USD 270 million (NOK 1.136 per share) for the fourth quarter will be distributed on 27 February
Dividend guidance of USD 270 million for the first quarter of 2024, aiming for a dividend distribution of approximately 30% of CFFO after tax for the full year
Good operational performance
Production of 225 kboepd in the quarter, up 7% from the third quarter
Full year production of 213 kboepd and December exit rate of 233 kboepd within guidance
Unit production cost below guidance with USD 14.1 per boe for the full year and USD 13.9 per boe in the quarter Read more
The Board of Vår Energi ASA (OSE: VAR) has resolved to pay a dividend payment of NOK 1.136 per share, NOK 2 835 917 495 in total, equal to USD 270 million relating to Q4 2023.
Dividend amount: 1.136
Announced currency: NOK
Last day including right: 16.02.2024
Ex-date: 19.02.2024
Record date: 20.02.2024
Payment date: 27.02.2024
Date of approval: 12.02.2024
The dividend will be paid in NOK and the NOK dividend amount is based on the daily exchange rate published by Norges Bank 12 February 2024 approximately at 1600hrs CET.. Read full article
Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), has received an order for one system of core equipment for a high-efficiency power generation facility, including a state-of-the-art M701JAC (J-series Air-Cooled) gas turbine, for the third facility planned to be built at the Navoi Power Plant (Navoi 3) by JSC Thermal Power Plants, the state electric power corporation of the Republic of Uzbekistan. The planned system will comprise a gas turbine combined cycle (GTCC) to generate 600 megawatts (MW) of electric power and 200 Gcal/h of heat. Commercial operation is scheduled to start in 2026. This is the third order received by Mitsubishi Power for GTCC equipment for the Navoi Power Plant.
The Navoi Power Plant is located approximately 360 km southwest of the capital of Tashkent. Mitsubishi Power had previously supplied GTCC power generation equipment for the nearby power plants Navoi 1 and Navoi 2, which started operations in 2013 and 2019, respectively. Navoi 3 will also utilize gas-fired GTCC power generation to supply electricity to the surrounding area, as well as industrial steam and district heating to the Navoi Free Economic Zone (Navoi FEZ).
In addition to supplying the gas and steam turbines, Mitsubishi Power will handle the design, procurement, manufacture, and commissioning of the core components of the power generation facilities and major auxiliary equipment, such as air-cooled condensers and gas compressors. The generator will be manufactured by Mitsubishi Electric Corporation.
Mitsubishi Power has received many orders for large-scale gas turbines in Uzbekistan, including state-of-the-art JAC and F series. This latest project is the 13th such order and the fifth for a JAC series gas turbine, giving Mitsubishi Power a market share of about 90% large-scale gas turbines in the country. In addition, the company supports the country’s diverse power and heating needs. This has included fulfilling a series of orders for H-25 small- and medium-sized gas turbines for a city-based distributed natural gas-fired cogeneration facility being constructed in Tashkent. Through its projects, Mitsubishi Power has contributed to the stable supply of electricity in Uzbekistan by maintaining high reliability through efficient maintenance services. Read full article
MHI Group, in response to the growing need to address the global challenge of climate change, in 2020, identified five material issues, including “Provide energy solutions to enable a carbon neutral world,” as priority measures to contribute to solving societal issues and ensuring continued growth over the medium to long term.
In addition, in the 2021 Medium-Term Business Plan announced that same year, MHI Group specified as growth areas “Energy Transition,” aiming to achieve decarbonization in the energy supply side, and “Smart Infrastructure,” supporting decarbonization, energy efficiency, and labor savings in the energy demand side. By decarbonizing both the generation and use of energy, MHI Group is contributing to achieving Net Zero carbon emissions by 2040 and realizing a carbon neutral world. In concluding this agreement, the following Core Impacts were selected from the MHI Group’s materiality issues and other topics as activities that contribute to achieving the UN SDGs (Sustainable Development Goals). The qualitative and quantitative evaluation is conducted by Nippon Life, with a second opinion provided by Rating and Investment Information Inc. (R&I) (Note2) regarding compliance with the Principles for Positive Impact Finance, and the rationality of the evaluation indicators used. Read full article
Rig Count: U.S. +4 to 623 Canada unchanged at 232
U.S. Rig Count is up 4 from last week to 623 with oil rigs unchanged at 499, gas rigs up 4 to 121 and miscellaneous rigs unchanged at 3.
Canada Rig Count is unchanged from last week at 232, with oil rigs unchanged at 141, and gas rigs unchanged at 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 | 09 February 2024 | 623 | + 4 |
| Canada | 09 February 2024 | 232 | – |
| International | January 2024 | 965 | +10 |
Mitsubishi Heavy Industries, Ltd. (MHI) made significant technological contributions to the first imagery acquisition conducted by the X-ray Imaging and Spectroscopy Mission (XRISM) Satellite announced by the Japan Aerospace Exploration Agency (JAXA) on January 5 (Note1). MHI technology supported the data acquisition of the distribution and chemical composition of high-temperature plasma weaving through the galaxies by the XRISM satellite’s onboard soft X-ray imager (Xtend) and soft X-ray spectrometer (Resolve). XRISM has been developed by JAXA.
XRISM’s mission is to document, in unprecedented detail, the formation of stars, galaxies and galaxy clusters. MHI, which serves as manufacturer of the mission instruments, is responsible for designing and manufacturing Xtend’s X-ray charge coupled devices (CCD) (Note2) detector and the data processors for Xtend and Resolve. XRISM, together with JAXA’s “Smart Lander for Investigating Moon” (SLIM), was launched from the Tanegashima Space Center in Kagoshima Prefecture on MHI’s H-IIA Launch Vehicle No. 47 (H-IIA F47) on September 7, 2023 (Note3).
Thanks to high-precision placement and assembly of the detector’s four CCDs, Xtend’s X-ray CCD camera array captured a wide viewing coverage in just a single observation. Previously, this would have required multiple X-ray observations. The mission data processors employed on both Xtend and Resolve are “SOI-SOC2” satellite-mounted microprocessor units (MPUs) jointly developed by JAXA and MHI. They provide outstanding reliability under space-unique environments through high radiation resistance capability while ensuring high-speed data processing. Read More
Porsche is further extending its global golf commitment in professional sport and will become involved for the first time in women’s professional golf as the automotive and mobility partner of The Amundi Evian Championship. As a top global event, the Major in France from 11 to 14 July generates additional contact points in a golfing environment for an emotional brand experience for customers and fans.High-performance sports cars meet the world’s crème de la crème in women’s golf – as the automotive and mobility partner of The Amundi Evian Championship, Porsche and its wide range of vehicles will give players and visitors a more intense sports car feeling from this year onwards. Europe’s only women’s Major on the LPGA Tour and the Ladies European Tour will be held at the spectacular Evian Resort Golf Club in France on the south shore of Lake Geneva in 2024 from 11 to 14 July. In addition to the title partnership of the Porsche Singapore Classic, the sports car manufacturer is boosting the internationalisation of its activities in professional golf as one of The Amundi Evian Championship sponsors. Porsche has been involved in the various men’s professional tours since 2015. As for the amateur game, the company has already been committed to men’s and women’s golf for over three decades through the Porsche Golf Cup. Read More
Ryder Cup star Shane Lowry will make his Porsche Singapore Classic debut when the event returns to Laguna National Golf Resort Club from March 21-24, 2024.The 2019 Open Champion made his first appearance on Singaporean soil the same year he made history as the first amateur winner of the Irish Open and he is excited to return to the country after such a long absence. “I love being able to play all over the world, so I am thrilled to have the opportunity to return to Singapore for the Porsche Singapore Classic,” said the two-time Ryder Cup player. Read More
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