Energy News As Reported |WTI Crude at $90.59/b, BRENT Crude at $93.71/b

London, 15 September, 2023, (Oilandgaspress)– Brent crude oil has reached a fresh ten-month high near $93 while WTI is approaching $90 as OPEC+ production cuts continue to tighten the market.The latest IEA’s Monthly Oil Statistics report including June 2023 data shows that for Total OECD: Total OECD production of crude oil, NGL and refinery feedstocks increased by 6.8% in June 2023 compared to June 2022.
Refinery gross output of total products decreased by 2.2% on a year-on-year basis.
Net deliveries of total products increased by 0.8% in June 2023 compared to June 2022.
Oil stock levels on national territory decreased by 4 723 kt in June 2023 compared to the closing stock levels in May 2023 and closed at 471 million metric tons.

EDF has set up a new carbon offset subsidiary called Oklima that plans to help companies reach emissions targets by planting trees where they no longer grow, recreating wetlands and other attempts at so-called rewilding.

Due to wildfires, industry and infestations, France has lost swathes of its natural spaces. With the reintroduction of biodiversity, these spaces can be regrown or planted anew to capture carbon from the atmosphere, a process known as carbon sequestration. Read More

The rush to electric cars will blow a £9billion black hole in the public purse by 2030, ministers were warned yesterday.

Experts said fuel duty receipts would fall by around this much because of the Government’s 2030 ban on the sale of new petrol and diesel cars.

Electric cars are also currently exempt from road tax, which is projected to cost the public finances hundreds of millions of pounds more.The warning from experts came at a hearing of the Lords’ environment and climate change committee, which has launched an inquiry into electric vehicles (EVs) and whether the Government’s 2030 ban is realistic. Read More

The world’s first piloted flight of an electric aircraft powered by liquid hydrogen has taken place.

H2FLY, the Stuttgart Germany-based developer of hydrogen-electric powertrain systems for aircraft announced it has successfully carried out four flights from Maribor, Slovenia, powered by liquid hydrogen as part of its flight test campaign, including one flight that lasted for over three hours.

They believe the flights lay the foundation for long-range, emissions-free flight, with liquid hydrogen doubling the range of the HY4 aircraft to 932 miles (1,500km), compared to using gaseous hydrogen which is much heavier. Read More

A high-tech garbage collection boat from Germany has spent the last few months removing tons of waste from Bangkok’s Chao Phraya River as part of a campaign by the Ferry Porsche Foundation, the Audi Environmental Foundation and the green start-up everwave. The project partners are aiming to establish in the medium term a stable infrastructure for waste processing in the region around the Thai capital, by working with the TerraCycle Thai Foundation, a local non-governmental organisation.

The CollectiX boat uses drones, cameras and AI to detect and collect large piles of trash and transport them to shore for sorting and processing by a team from the NGO. Since May, 20 to 30 tons of rubbish has been removed from the river each month. Read More

From January 1, 2024, Markus Wambach will take on the newly created role of COO (Chief Operating Officer) at the management and IT consultancy MHP. This expansion of the management board to three people marks an important milestone in MHP’s corporate history.Alongside MHP co-founder, shareholder and CEO Dr. Ralf Hofmann, and MHP CFO (Chief Financial Officer) Marc Zimmermann, Markus Wambach will be responsible for the operational business – and thereby for the consulting portfolio. With this new set-up and the restructuring of the core areas of consulting, operations and global delivery, the management and IT consultancy is aiming to grow more quickly, in order to achieve the ambitious goals of its Strategy 2030. Especially globally in all relevant industries and customer segments as well as in size, structure, and portfolio. Read More

ON THE MOVE – YOUR WAYS. YOUR DECISIONS. YOUR FUTURE. at the Mercedes-Benz Museum. It invites visitors to actively engage individually and intuitively with mobility and the changes it brings in many different respects. The examples extend all the way to concepts for urban areas with new relationships between living and working spaces. From 15 September 2023 to 17 November 2024, the interactive exhibition can be experienced free of charge on Level 0 of the Mercedes-Benz Museum. The exhibition tour consists of experience-specific and topic-specific stations, as well as the “Stuttgart Wall” with references to further events and exciting mobility locations in the city. For the content and questions, six companies have contributed their knowledge as partners of the exhibition: Robert Bosch GmbH (Bosch eBike Systems), German Aerospace Center (DLR), Mercedes-Benz AG, Stadtwerke Stuttgart GmbH, Stuttgarter Straßenbahnen AG and Stuttgarter Wohnungs- und Städtebaugesellschaft mbH. Read More

The new Opel Astra Sports Tourer Electric celebrated its world premiere at the IAA Mobility in Munich a few days ago. With its bold and pure design, modern technologies and a high level of practicality, it offers a lot of driving fun coupled with responsibility – and thus seamlessly takes the successful recipe of almost nine decades of the Opel compact class into the future. Before the Astra, the Kadett gave its name to the model series that was popular with customers for generations. One is now celebrating an anniversary: exactly 50 years ago, the third post-war generation of the compact bestseller from the brand with the Blitz, the Opel Kadett C, was launched for the first time – and it was more diverse than almost any other model before. Read More

Saab has entered into a strategic partnership with Helsing, a defence company specialising in AI-based software technologies. The partnership is built on a cooperation agreement, combining Helsing’s highly advanced AI capabilities with Saab’s wide range of solutions, and an investment by Saab of EUR 75 million in cash for a 5 percent stake in Helsing GmbH.
Helsing, founded in 2021, develops AI-based capabilities with a software-only approach, which has led to rapid market adoption across Europe. The company has offices in Germany, the United Kingdom and France and has a total of approximately 220 employees.
In line with Saab’s growth strategy and focus on future capabilities, Saab is seeking to enhance its capabilities through acquisitions and strategic partnerships with companies specialising in new technologies. Through this partnership and investment, Saab will be uniquely positioned with Helsing.
Saab will benefit as strategic investor in Helsing, thereby enhancing a close cooperation between the two companies and unlocking further capabilities across its portfolio. The cooperation will start with electronic warfare and surveillance capabilities for fighter aircraft as well as other sensors and command and control applications in all domains.
“The investment in Helsing marks another milestone in Saab’s commitment to further bolster our capabilities and continuously improve our portfolio to meet the evolving needs of our customers. Together with the recent acquisitions of BlueBear in the United Kingdom and CrowdAI in the U.S., it also supports our international growth strategy as we seek to ensure Saab is well positioned in strategic markets,” says Micael Johansson, President and CEO of Saab.
“We founded Helsing because we believe that AI will be essential for democracies to continue to defend their values. To serve that mission, we are committed to deep partnerships with established defence companies, combining their exquisite platforms with our cutting-edge software and AI. Saab as a renowned European all-domain defence company is an ideal partner for our advanced software and AI solutions. In today’s challenging threat landscape, it’s ambitious partnerships like these that lead the way,” says Dr Gundbert Scherf, co-CEO and co-founder of Helsing.

Saab’s investment is part of Helsing’s recent funding round, led by venture capital firm General Catalyst. Read More

Worley has been awarded the front-end engineering and design (FEED) work for the Central Queensland Hydrogen (CQ-H2) Project.

The project, led by Stanwell Corporation Limited and its consortium members; Iwatani Corporation, Kansai Electric Power Company, Marubeni and Keppel Infrastructure, is the largest investment in an Australian renewable hydrogen project to date. It also ranks in the global top 10 hydrogen projects at the pre-FID stage.

The project initially plans to install up to 640 MW of electrolyzers and produce up to 200 tonnes of gaseous renewable hydrogen per day with offtakers purchasing the gas to convert to renewable ammonia or liquified hydrogen. The project also aims to deliver renewable hydrogen via its different carriers, to Japan and Singapore, as well as supplying large domestic customers in Central Queensland.

We previously worked on the project as a technical advisor during the initial feasibility study phase. Now, our scope is to supply the FEED study for the Hydrogen Production Facility (HPF) and Hydrogen Transfer Facility (HTF). Along with the pre-FEED study for the Hydrogen Liquefaction Facility (HLF). Read More

India’s rooftop solar market is forecast to add a record 4 GW of capacity in 2024, according to a new joint report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research and Analytics. The report finds that the capacity addition between April and July 2023 was nearly 2 GW, slightly less than the amount added in the full year 2023. Falling solar module costs will likely help sustain the growth momentum in the near-to-medium term Read More

Tesla has combined a series of innovations to make a technological breakthrough that could transform the way it makes electric vehicles and help Elon Musk achieve his aim of halving production costs, five people familiar with the move said. The company pioneered the use of huge presses with 6,000 to 9,000 tons of clamping pressure to mold the front and rear structures of its Model Y in a “gigacasting” process that slashed production costs and left rivals scrambling to catch up. Read More

Spurred by falling battery prices, electric vehicles could hit price parity with fossil-fuel models in Europe in 2024 and the U.S. market in 2026, and account for two thirds of global car sales by 2030, according to new research. A report by the Rocky Mountain Institute (RMI) on Thursday predicts battery costs should halve this decade, from $151 per kilowatt hour (kWh) in 2022 to between $60 and $90 per kWh, making EVs “for the first time as cheap to buy as petrol cars in every market by 2030 as well as cheaper to run.” Batteries are expensive and account for around 40% of an EV’s price tag, a cost that has so far made them unaffordable for many consumers. But those prices are steadily coming down as carmakers invest in new battery chemistries, materials and software to make more efficient EVs, RMI senior principal Kingsmill Bond told Reuters. According to RMI’s analysis, the rapid growth of electric models in Europe and China “implies that EV sales will increase at least six-fold by 2030, to enjoy a market share of 62% to 86% of sales.” Read More

Capricorn’s H1 2023 Operational and Strategic Highlights
Strategic: $450m special dividend paid in May with a further payment of approximately $100m expected to be paid on 20 October 2023
General Meeting to be held on 5 October to approve return of cash to shareholders
Targeting completion of the ~$25m share buyback by end of year, with ~$15m repurchased to date
Prioritisation of Egypt development and production operations
Full exit of Mauritania exploration position
Commencement of exiting all non-Egypt licenses
80% overall reduction in UK headcount by year end
Targeting $20m run-rate G&A expenses once organisational restructuring complete
Appointment of Hesham Mekawi as non-executive Deputy Chairman
Operational and Financial: Revenue in Egypt of $98m with realised oil price of $78.56 per boe and gas price of $2.95 per mmscf
Accounts receivable from EGPC have increased from $97m to $144m over the course of H1, with $113m overdue
Operating cost per boe of $4.82 on WI basis
Balance sheet: Group net cash of $176m
$77m Capex and general exploration costs during H1; $49m in Egypt and $28m across legacy international portfolio
Eight wells drilled this year in Egypt oil-rich BED area with one flowing at initial rates of up to 4,600 bopd following testing in May
Egypt H1 2023 WI production averaged 31,500 boepd
ESG: MSCI classification upgraded from AA to AAA status
Leading our peers in ESG related practices
Outlook: Full Year forecast net capital expenditure of $117-127m
Egypt Development & Production $75-85m
Egypt Exploration & Appraisal ~$12m
Full Year production expected to be at the low end of guidance 32,000 to 36,000 boepd, exiting at ~ 34,000 boepd
Non-core exits progressed: Mexico, Suriname & Mauritania
Ultimate G&A target of $1.50/boe (<$20m annually)
Transferring operatorship of Egypt exploration acreage to partner
Teen field onstream
Detailed Operational Update set for 30 November 2023 in London

On track with our Net Zero pathway and supporting JV partners with decarbonisation initiatives Read More

The European Commission launched an investigation on Wednesday into whether to impose punitive tariffs to protect European Union producers against cheaper Chinese electric vehicle (EV) imports it says are benefiting from state subsidies. “Global markets are now flooded with cheaper electric cars. And their price is kept artificially low by huge state subsidies,” European Commission President Ursula von der Leyen said in her annual address to the bloc’s parliament, seen by many in Brussels as a pitch for her re-appointment for a second term. Read More

Zion Oil & Gas, Inc.announce that the State of Israel has awarded Zion a new exploration license, named the Megiddo Valleys #434. This exploration license 434, similar to Zion’s previous exploration licenses, will be valid for three years until September 13, 2026, with the option of four 1-year extensions for a total of seven full years until September 13, 2030. This new license includes approximately 302 square kilometers or about 75,000 acres. Zion plans to start re-completion operations on the Megiddo-Jezreel #1 well (MJ-01) as soon as possible. Zion is deploying new technologies, focusing on new stimulation methods for MJ-01, and aiming to potentially unlock hydrocarbon flows in several identified key zones. Zion has already procured service contractors and ancillary items required for efficient operations and anticipates commencing operations Read More


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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.

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