Energy/Automotive News| WTI Crude $77.86/bbl, Brent $82.03/bbl, Opec $83.38/bbl
London, 05 March 2024, (Oilandgaspress): -According to the IEA, the post-pandemic demand growth phase has largely run its course, falling supply is expected to counter slowing demand growth with non-OPEC supply by the U.S., Brazil, Guyana, and Canada expected to come in at 1.6 mb/d this year compared to 2.4 mb/d in 2023. Escalating geopolitical tensions in the Middle East added further upward momentum, as oil tankers circumventing the Red Sea disrupted supply flows to global markets. Read More
MethaneSAT team finished assembling our groundbreaking methane satellite in Colorado and shipped it to California’s Vandenberg Space Force, where it will be launched in a matter of weeks. Soon we’ll be able to measure widespread methane emissions other satellites can’t, spot problems where other satellites aren’t looking, and calculate total emissions, where they come from, and how they change over time.
This massive undertaking – and the six years and a million plus hours it required – were focused on one goal: to speed oil and gas methane reduction efforts by countries and companies worldwide. MethaneSAT’s unprecedented precision in monitoring methane will produce the data needed to slow down warming, and a new partnership with Google will help turn this data into action. Key to MethaneSAT’s mission is putting data into the hands of stakeholders around the world so anybody anywhere can see and use it. A long-time EDF collaborator, Google is now partnering with MethaneSAT to provide key cloud and mapping services that will make processing, accessing and visualizing MethaneSAT faster and more actionable. First, Google Cloud will provide the MethaneSAT team the computing capabilities required to process MethaneSAT’s massive data stream quickly and securely. Our goal is to measure, process and post emissions data as quickly as possible, and Google’s cloud resources will be an invaluable asset. The company will also help us improve our database of global oil and gas infrastructure so emission data for specific regions can be accurately attributed to verified facilities. We’re also working to integrate MethaneSAT data into Google Earth Engine, the company’s own geospatial data platform, which will provide even broader access to potential users. Read full article
Dana Incorporated announced that it has been recognized as one of the 2024 World’s Most Ethical Companies® by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.
In 2024, a total of 136 companies spanning 20 countries and 44 industries were recognized. Dana is one of only eight honorees across the mobility industry.
“It is an honor to have Dana named as one of the World’s Most Ethical Companies for the second consecutive year,” said James Kamsickas, Dana chairman and chief executive officer. At Dana, our commitment to excellence begins with doing business the right way. This prestigious honor celebrates the “One Dana” mindset and our collective efforts to ensure that everyone is valued and treated with respect and that business is always conducted responsibly and ethically.
“It’s always inspiring to recognize the World’s Most Ethical Companies®. Through the rigorous review process, we see the dedication of these organizations to continually improving their ethics, compliance, and governance practices to the benefit of all stakeholders,” said Erica Salmon Byrne, Ethisphere’s chief strategy officer and executive chair. “Companies that elevate best-in-class cultures of ethics and integrity set a standard for corporate citizenship for their peers and competitors to follow. Congratulations to Dana for achieving this honor and demonstrating that strong ethics is good business.”
The World’s Most Ethical Companies assessment is grounded in Ethisphere’s proprietary Ethics Quotient®, an extensive questionnaire that requires companies to provide over 240 different proof points on their culture of ethics; environmental, social, and governance (ESG) practices; ethics and compliance program; diversity, equity, & inclusion; and initiatives that support a strong value chain. That data undergoes further qualitative analysis by our panel of experts who spend thousands of hours vetting and evaluating each year’s group of applicants. This process serves as an operating framework to capture and codify truly best-in-class ethics and compliance practices from organizations across industries and from around the world. Read full article
Bunge (NYSE:BG) and Chevron (NYSE: CVX) announced approval of a final investment decision for their joint venture Bunge Chevron Ag Renewables LLC to build a new oilseed processing plant adjacent to its existing processing facility located on the Gulf Coast in Destrehan, LA. The announcement was celebrated with a groundbreaking event at the site. The plant features a flexible design, intended to allow it to process soybeans as well as softseeds, including novel winter oilseed crops, such as winter canola and CoverCress, among others. Expected to be operational in 2026, the processing facility aims to add scale and efficiencies to Bunge Chevron Ag Renewables, that will allow the company to better meet the increased market demand for renewable fuel feedstocks. The plant is also intended to support the growing feed and protein markets through the production of meal products.
“This new facility is another step in our long-term strategy to improve our capabilities at scale for the renewable fuels market and to reduce the carbon intensity of our own and our customers’ value chains,” said Luciano Salvatierra, Bunge’s Senior Vice-President, Renewable Fuels.
The expansion is expected to create more than 150 construction jobs and add 30 new jobs when the plant is operational.
“Having greater ability to process softseeds, including novel winter oilseed crops, will help advance our innovation in the feedstock space and meet the growing demand for renewable fuels,” said Stacey Orlandi, director, Manufacturing, Chevron Renewable Energy Group. “Investments like this one help support farmers and consumers while reducing the lifecycle carbon intensity for transportation fuels.” Bunge Chevron Ag Renewables is focused on developing renewable fuel feedstocks leveraging Bunge’s expertise in oilseed processing and farmer relationships and Chevron’s expertise in renewable fuels production and marketing. Under the joint venture agreement, Bunge operates the JV’s processing plants in Destrehan and Cairo, Ill.; Chevron has purchase rights for the oil to use as feedstock to manufacture transportation fuels with lower lifecycle carbon intensity. Read full article
Hydro Rein, Hydro’s venture into renewable growth, has entered into an agreement with the Swedish renewable energy developer IOWN Energy (IOWN), to acquire 80 percent stake in a 2.4 GW portfolio of wind power projects under development in Sweden and Norway. The portfolio consists of 23 projects in Sweden and two in Norway, spread across electricity price areas SE2, SE3, SE4 and NO2. Under the terms of the agreement, Hydro Rein and IOWN will commence a long-term partnership to co-develop these projects, with ownership split 80 percent to Hydro Rein and 20 percent to IOWN.
The projects are in the early phase of the development cycle, with a significant number of land lease agreements already signed. Hydro Rein and IOWN will work together to advance the development of the projects, in close dialogue with host municipalities, landowners, and local communities. The two partners have an ambition to make the first investments before 2030. Read full article
Tata Motors, India’s leading automobile manufacturer, standing true to its commitment of New Forever, unveiled India’s #1 selling SUV brand – the Nexon in the iconic #DARK avatar for both its ICE and EV offerings. Adding to this successful range, the Company also launched their premium SUVs – The new Safari and the new Harrier in their #DARK versions. Available at a starting price of ₹ 11.45 Lakh for the new Nexon, the #DARK range has been a trend setter in the industry, exuding opulence and luxury since its launch.Nexon.ev: India’s no 1 EV, the Nexon.ev in its bold #DARK avatar boasts of a plethora of ground-breaking features that redefine the automotive experience. Its striking appearance characterized by a bold digital design language, accentuated by sharper lines, exude an unmistakable SUV persona. The exterior showcases a more muscular stance, with a robust body, elevating its exclusivity with the signature #DARK mascot and a distinctive dark exterior treatment.
The interiors of the SUV is clad in sophistication, featuring all-black leatherette bolstered seats meticulously designed for ultra-comfort. Safety takes center stage with innovative features such as SOS Calling function, Embedded Maps view in the Digital Cockpit, and a blind spot view monitor ensuring peace of mind on every journey. The Nexon.ev #DARK pushes the boundaries of technology with its game-changing features. Vehicle to Vehicle Charging and Vehicle to Load Technology redefine capability, while the inclusion of Aracade.ev, an inbuilt app suite with 15+ apps and a 31.24cm Cinematic touchscreen system by Harman cater to your entertainment needs. Read full article
Drifting an experimental 800 kW (1,088 hp) all-electric race car between the pine trees of a remote Finnish forest is not everyone’s idea of market research. But then not everyone thinks like Oliver Schwab and Björn Förster. In late December 2023, about 170 kilometre north of the Arctic Circle in Levi, Finland, these two key figures behind the Porsche GT4 e-Performance development programme oversaw an unusual and unforgettable media event that would form another vital fact-finding mission for Porsche’s future vision of customer racing.
For the past 18 months, the all-electric racing car concept has been on a world tour, project managed by Schwab, starting at the Goodwood Festival of Speed in the summer of 2022 before travelling around Europe, the US and Asia. And prior to its arrival in Australia this coming March, in time for an exhibition at the third round of the latest Formula One Grand Prix season, the car diverted to the frozen wilds of northern Finland for some extreme cold weather testing..This took place at the home of the Porsche Ice Experience. The Porsche Driving Area covers a total area of 422,000 square metres and offers optimal training opportunities in two training areas with a variety of 32 different handling tracks. A fleet of 123 different Porsche models are waiting for 1,350 participants travelling from all over the world to take part in a total of 36 events – starting every January. Read full article
Mercedes-Benz will pursue a differentiated strategic approach with its vans in the future. As presented last year (2023), the company is aiming for a premium strategy for its commercial vans. In the future, a focused luxury strategy will apply to all newly developed, privately positioned vans, as is the case for all Mercedes‑Benz passenger cars. The aim is to fully implement this strategic change with the introduction of the upcoming modular and scalable Van Electric Architecture – VAN.EA for short – from 2026. The new private midsize vans EQV and V-Class are an important milestone on this path. Both are further elevated with new exterior and interior designs. There is also an increase in comfort and safety, especially thanks to more intelligent, digital networking. The models have been available to order from Mercedes‑Benz sales partners and online since January 2024. The standard equipment has been comprehensively upgraded and thereby tailored more precisely to customer requirements. The new V-Class starts at a list price of 59,470.25 euros[1], the new EQV from 75,281.78 euros1. The new V-Class also forms the basis for the V-Class Marco Polo camper van, which is offered ex factory. It starts at 80,004.89 euros1 and adopts the model’s attractiveness almost completely. Read full article
Hyundai Motor America reported record-breaking total February sales of 60,341 units, a 6% increase compared with February 2023. Hyundai set total sales records in February for Tucson (+8%), Tucson PHEV (+280%), Tucson HEV (+29%), Palisade (+16%), and Kona EV (+15%). Hyundai’s eco-friendly vehicle sales grew 7%, while fleet volume was 8.3%. Hyundai also achieved record-breaking retail sales of 55,341, a 5% increase year-over-year. “Hyundai’s sales of electric vehicles and plug-in hybrids are steadily rising, with significant year-over-year growth,” said Randy Parker, CEO, Hyundai Motor America. “We take pride in the recognition our EV and plug-in hybrid models have received and remain committed to providing our customers with a diverse range of products.”. Read full article
Hyundai announces its return to the legendary Pikes Peak International Hill Climb (PPIHC), also known as “The Race to the Clouds,” on June 23, 2024. This year’s race to the summit on America’s Mountain will mark another milestone in Hyundai’s long history with the Colorado event, an effort that began in 1992. Hyundai will enter the 2024 Pikes Peak International Hill Climb with a four-car effort and this stellar driver lineup:
Paul Dallenbach – Eleven-time Pikes Peak International Hill Climb winner; set the overall record in 1993
Robin Shute – Four-time overall winner and King of the Mountain title holder at Pikes Peak
Daniel “Dani” Sordo Castillo – Spanish World Rally Championship driver for Hyundai Motorsport
The fourth driver will be announced at a later date.
Hyundai will announce what racecars the drivers will be piloting and the records they intend to chase at a future event. Click here to view images and here to view videos from Hyundai’s history at Pikes Peak. Read More
Stellantis N.V. announced it has published the agenda and explanatory notes for the 2024 Annual General Meeting of Shareholders (AGM), which will take place on April 16, 2024, in Amsterdam. Stellantis’ AGM notice and explanatory notes, other AGM materials and instructions for voting, are available under the Investors section of the Stellantis corporate website at www.stellantis.com, where they can be viewed and downloaded. Shareholders may request a hard copy of these materials, which include Stellantis’ audited financial statements for the fiscal year ended December 31, 2023, free of charge, Read More
Opel is now offering hybrids with 48-volt technology for the first time. Both the small car bestseller Opel Corsa and the top-of-the-line Opel Grandland SUV are now available with this technology. The new drive alternative is perfect for customers who primarily travel in towns and sub-urban areas. In addition, the advanced technology is easy to use and will also appeal to drivers who want to enjoy electric driving pleasure for the first time without having to recharge electricity externally.
The system features a lithium-ion battery that is recharged automatically under certain driving conditions and new turbocharged 1.2-litre three-cylinder petrol engines with 100 kW/136 hp for Corsa and Grandland and 74 kW/100 hp as an additional option for the Corsa that have been developed especially for the hybrid application. The engines are coupled to a new electrified six-speed dual clutch transmission and a 21 kW/28 hp electric motor.
This enables hybrid drivers to enjoy particularly efficient and user-friendly electrified mobility combined with plenty of driving pleasure. For example, compared to the similarly motorised non-electrified Corsa 1.2 with eight-speed automatic transmission (fuel consumption according to WLTP1: 5.5-5.4 l/100 km, CO2 emissions 124-121 g/km; each combined) drivers of the new Corsa Hybrid with 74 kW/100 hp (fuel consumption according to WLTP1: 4.8-4.5 l/100 km, CO2 emissions 108-101 g/km; each combined ) can save around one litre of fuel per 100 kilometres (around 18 percent) and thus also reduce CO2 emissions. Read More
The 2024 Fiat 500 Tributo Trepiuno
Heritage team has decided to create the 500 Tributo Trepiuno collector’s edition which will be produced, certified, and sold by the department in charge of overseeing and preserving the historical heritage of Stellantis’ Italian brands.
The announcement of the project, an integral part of Heritage’s Reloaded by Creators project, will take place today in a clip featuring Roberto Giolito. In the video, the head of the FIAT Group’s Advanced Design Studio at the time and current Head of Stellantis Heritage (Alfa Romeo, FIAT, Lancia, Abarth), reveals the details of the new creation and takes a look back at its genesis—from the 1957 Fiat 500 to the 2004 Trepiuno concept, and the 2007 Fiat 500, one of the brand’s greatest success stories (thanks to its 2020 100% electric version as well).
“The 500 Tributo Trepiuno is our homage to a concept car which played a key role in the evolution of FIAT’s contemporary history. To celebrate this incredibly important anniversary, the Heritage team is releasing a limited number of collector’s models featuring the intuitive design—on board a modern 500 Hybrid—which would lead to the contemporary 500—a cornerstone in FIAT’s more than hundred-years of history and a symbol of Italian creativity and ingenuity which has entered into the collective imagination,” Roberto Giolito stated. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.86 | Down |
| Crude Oil (Brent) | USD/bbl | $82.03 | Down |
| Bonny Light | USD/bbl | $86.22 | Down |
| Saharan Blend | USD/bbl | $86.17 | Down |
| Natural Gas | USD/MMBtu | $189 | Down |
| Murban Crude | USD/bbl | $81.80 | Down |
| OPEC basket 04/03/24 | USD/bbl | $83.38 | Up |
Baker Hughes Rig Count: U.S. +3 to 629 Canada +0 to 231
U.S. Rig Count is up 3 from last week to 629 with oil rigs up 3 to 506, gas rigs down 1 to 119 and miscellaneous rigs up 1 to 4.
Canada Rig Count is unchanged from last week at 231, with oil rigs up 3 to 144, and gas rigs down 3 to 87.
International Rig Count is down 7 rigs from last month to 958 with land rigs down 5 to 735, offshore rigs down 2 to 223.
The Worldwide Rig Count for February was 1,813, up 30 from the 1,784 counted in January 2024, and down 108, from the 1,921 counted in February 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 01 March 2024 | 629 | +3 |
| Canada | 01 March 2024 | 231 | – |
| International | February 2024 | 958. | – 7 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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