Energy News to 10/01/23 . OPEC daily basket price at $77.57/bl, 09 Jan. 2023
Baker Hughes announced Ganesh Ramaswamy as executive vice president (EVP) of the Industrial & Energy Technology (IET) business segment effective Jan. 16. Ramaswamy’s appointment is another step in the Company’s strategic transformation – announced in September 2022 – to simplify its operations, enhance profitability, and drive growth in the rapidly evolving energy and industrial markets. Ramaswamy brings more than 25 years of diversified experience across industrial sectors. He most recently served as president of Global Services for Johnson Controls, where he led the multinational conglomerate’s transformation in digital services and drove significant year-over-year growth in services and sustainability solutions. Ramaswamy previously held multiple business leadership roles in Danaher, a diversified manufacturer of industrial products and services, as well as holding product and general management roles for multiple international companies. “Ganesh is a proven business leader, and his appointment is another deliberate action to accelerate our strategy to ensure Baker Hughes is further strengthened for future growth,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “I am looking forward to his unique perspectives as we continue to strengthen IET to capitalize on new growth within energy and industrial markets. Ganesh’s global and diversified experience will be critical as we position our entire portfolio to deliver differentiated solutions to address the energy trilemma – balancing energy security, sustainability and affordability.” With Ramaswamy’s appointment, Rod Christie, EVP of IET, will be moving to a strategic adviser role before departing the Company in the second quarter of 2023. Read More
Ford and LG Energy Solution plan to sign a memorandum of understanding within the coming weeks, probably in late January or early February, according to two people with knowledge of the matter who asked not to be named because the change in partners is not public. Ford will continue to work with SK Innovation’s battery unit, SK On, on other projects, including building two factories in the U.S. and increasing capacity at a plant in Hungary, part of a push to make 2 million electric vehicles annually by the end of 2026. The facility in Turkey is slated to start operation as soon as 2025 with an annual capacity of 30 to 45 gigawatt hours, according to an initial accord from March last year between Ford, SK On and Turkish conglomerate Koc Holding. Read More
GM celebrated the official launch of its Dealer Community Charging Program with the installation of the first community charging stations in Wisconsin and Michigan. Since the program was announced in late 2021, nearly 1,000 GM dealers have enrolled — representing almost a quarter of all GM dealers in North America. The program initially opened to Chevrolet dealers earlier this year and will expand to Buick, GMC and Cadillac dealers in January 2023.
Through the Dealer Community Charging Program, GM and its dealers are working together to expand charging access in communities, including underserved rural and urban areas where EV charging is often limited or non-existent. Participating dealers are eligible to receive up to 10 19.2-kilowatt Level 2 charging stations. GM then connects dealers with installation providers as needed to place the charging stations at key community locations. Ultimately, GM aims to install up to 40,000 Level 2 charging stations across the U.S. and Canada through the program, nearly doubling the current number of public Level 2 charging stations. These charging stations will be available to all EV drivers — not just GM EV customers — and will deliver the most power available to a Level 2 charger. Read More
The Organization of the Petroleum Exporting Countries (OPEC) slightly increased its oil production in December to 29 million barrels per day due to higher output from Nigeria, Commerzbank said in a Monday note, citing surveys conducted by Bloomberg and Reuters. Nigeria’s production rose by 150,000 to 170,000 barrels per day (bpd) to roughly 1.4 million bpd, its highest level since April 2022, according to the oil group production record. Despite OPEC+’s agreement to cut output, Nigeria was allowed to ramp up because it had previously been producing less than agreed, the bank noted. Overall, output by the OPEC countries bound by the production quotas was 655,000 to 780,000 barrels per day below the agreed production cut. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $74.35 | Down |
| Crude Oil (Brent) | USD/bbl | $79.32 | Down |
| Bonny Light | USD/bbl | $79.81 | Up |
| Saharan Blend | USD/bbl | $79.38 | Up |
| Natural Gas | USD/MMBtu | $3.72 | Down |
| OPEC basket 09/01/23 | USD/bbl | $77.57 | Up |
In the fourth quarter, Tesla produced over 439,000 vehicles and delivered over 405,000 vehicles. In 2022, vehicle deliveries grew 40% YoY to 1.31 million while production grew 47% YoY to 1.37 million. Read More
Baker Hughes Rig Count
International Rig Count is down 10 rigs from last month to 900 with land rigs down 4 to 684, offshore rigs down 6 to 216.The Worldwide Rig Count for December was 1,834, down 56 from the 1,890 counted in November 2022,and up 271, from the 1,563 counted in December 2021.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 6 January 2023 | 772 | -7 |
| Canada | 6 January 2023 | 189 | +105 |
| International | December 2022 | 900 | -10 |
Petrobras carried out on Saturday (12/31), the first bunker filling with renewable content in the country. At the Rio Grande Terminal (Terig), in Rio Grande do Sul, Transpetro’s Darcy Ribeiro vessel was fueled with the new, lower carbon footprint fuel, a mixture of 90% bunker volume of mineral origin and 10% of biodiesel. The purpose of the test is to evaluate the use of the bunker with renewable content for two months and the logistical challenges associated with the use of the product.
The renewable fraction of the new fuel has the potential to reduce greenhouse gas emissions in relation to the bunker when considered over the full life cycle. The estimated percentage reduction of CO2 equivalent emissions from this mixture is around 7%. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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