Energy News to 15 June 2022. OPEC daily basket price stood at $123.73/bl, 14 June 2022
Lundin Energy to present guidance for its renewables business on 20 June 2022
Lundin Energy AB (“Lundin Energy”) will be hosting a webcast presentation for analysts and investors to present guidance and give a corporate update for the renewables focused business, Orrön Energy AB, on 20 June 2022. The renewables growth business will be separated as a standalone business, following completion of the combination of Lundin Energy’s E&P assets with Aker BP, which is set to occur on 30 June 2022. In light of the new business focus, the Company has also proposed to change its name to Orrön Energy AB, which is subject to shareholder approval at the Extraordinary General Meeting on 16 June 2022. Read More
Technip Energies (PARIS: TE) has been awarded a Bankable Feasibility Study (BFS) contract by Viridian Lithium for the construction of the first lithium refining and conversion plant in Europe. Located in Lauterbourg, France, the plant will produce up to 100,000 tons of Battery Grade lithium chemicals per year – which is the equivalent capacity to power 2 million electric vehicles – to enable a secure and sustainable battery supply chain for the transition to electric mobility. The contract consists in a Bankable Feasibility Study (BFS), and a preferential right on the construction of the plant and its three foreseen extensions. Purified lithium chemicals are non-substitutable materials for lithium-ion batteries and are strategic materials for the European automotive industry. The Project will increase the supply chain autonomy of our electric vehicle industry. Lithium is one of the four key metals of the energy transition. Read More–>
Olympus Corporation (“Olympus” – Director, Representative Executive Officer, President and CEO: Yasuo Takeuchi) announces that from April 2022, the company has begun to exclusively source 100% of the electricity used at its major R&D and manufacturing sites in Japan from renewable sources. As a result, CO2 emissions from Olympus Group facilities in Japan will be reduced by approximately 40,000 tons per year. The percentage of the Olympus Group’s total electricity use* in fiscal 2023 (ending March 2023) from renewable energy sources is expected to substantially increase from approximately 14% in the previous fiscal year to approximately 70%. Read More
Volkswagen’s transformation into a tech company will be accompanied by a TikTok channel called “newauto” – the name of the Group’s strategy. This is the Volkswagen Group’s first appearance on the trendy video platform. Creative and entertaining videos on the channel explain the historic transformation towards the mobility world of the future, which Volkswagen pushes forward with its NEW AUTO strategy.
Infotainment on topics such as decarbonization, circular economy, battery & charging, car software or autonomous driving show the young target group Volkswagen’s path to the future – towards a mobility that will be emission-free, autonomous and more individual than ever.
“We are experiencing the biggest transformation in the history of the car. That means new business areas and disruption. To promote trust in NEW AUTO, we also want to reach the digital, environmentally-conscious Generation Z. Instead of saying: strategy is too complex for a platform like TikTok, we are simply going ahead and trying it out – with infotainment,” explains Michael Manske, Head of CEO & Digital Communications at the Volkswagen Group. By appearing on TikTok, the Group is increasingly becoming a provider of owned content. The main focus for Volkswagen is authenticity: the videos will focus on employees as TikTok creators. The Group is continuously expanding its presence on international online platforms and is increasing direct interaction with its target groups. The strategic goal is to reach the most important target groups in the markets of Europe, the USA and China. To this end, interaction on Twitter, LinkedIn, Reddit, and TikTok in Europe and the United States has been established and expanded within the past 12 months, as well as on Weibo for the Chinese market.
The TikTok community is tech-savvy and interested in sustainability Read More
Volkswagen ID.5 has been bestowed with an additional trim level, available across all three of its powertrain variants. The ID.5 Style serves as the new entry-level derivative for the Pro, Pro Performance and GTX, starting at £49,735 for the 174 PS ID.5 Style Pro, and offers a comprehensive equipment list alongside a boost in value for the elegantly-styled, all-electric SUV-coupé.
The ID.5 Style expands the model’s trim line-up to five, and sits beneath the ID.5 Tech and ID.5 Max, while the ID.5 GTX Style slots in before the ID.5 GTX Max, as the entry-level model fitted with the GTX powertrain.
The Style follows the rest of the ID.5 range in offering a compelling equipment package, and as the entry-level model, leaves only a few items to be optionally specified. These include the energy efficient heat pump (£1,050); 3-pin mains charging cable (£190); Trailer Hitch (£890); and, over the other ID.5 models, the Infotainment Package Plus (£1,350), which adds the acclaimed augmented reality head-up display, as well as a Dynaudio digital sound package and subwoofer. A number of alternative alloy wheel designs and a vibrant array of paint colours can also be specified optionally, over the model’s standard Moonstone Grey paint and attractive 19-inch ‘Hamar’ wheels.
It is not just the ID.5’s equipment list, battery and motor that set it apart, either – the innate qualities of Volkswagen’s ID. family provide benefits beyond luxury and technology. These include the dedicated MEB electric vehicle platform that enables a compact footprint for the eye-catching ID.5 relative to its expansive interior space; the capability to receive software updates, ensuring the user benefits from the latest improvements; a network of customer-focused retailers with product experts on hand for any query; and dependability assured by the Volkswagen roundels front and rear.
Another positive aspect of choosing an ID. model is that UK market cars are manufactured net carbon-neutral in Zwickau, Germany – a factory powered by renewable energy. Volkswagen has worked closely with suppliers, in particular battery-cell manufacturers, to ensure that they too use renewable energy. Unavoidable emissions are compensated through internationally recognised climate protection projects. As a result, the ID.5 E SUV-coupé is delivered to customers as a net carbon-neutral product according to the independent auditing body TÜV NORD, which examines the entire supply chain, manufacturing process and all logistics. Read More
Volkswagen Commercial Vehicles’ premium pick-up will soon be celebrating its premiere. And its interior presents a further highlight. The display unit in the new Amarok is in future vertically aligned and offers a better overview and extensive control options. A short video clip shows the screen, which has a diameter of up to 12 inches.
A better overview and easier access to controls in Volkswagen Commercial Vehicles’ new premium pick-up: with the new digital cockpit and a display unit (with 10 to 12-inch screen) that is almost vertically ‘levitating’ above the central console many new possibilities in the segment open up. Volkswagen Commercial Vehicles is using a mix of digital functions and ergonomically optimally configured buttons and/or push/rotary switches in the Amarok that are intuitive to use.
Additionally entering the pick-up world of the Amarok are over 30 driver assist systems, which can be configured via the display. More than 20 of them are to be found in the Amarok range for the first time. These include lane-keeping and lane-changing assistants, lighting and speed assistants, and also surrounding area view and road sign recognition. The scope of interaction between vehicle users and pick-up, for example via mobile online services such as ‘We Connect Navigation’ and the operation of air conditioning, infotainment, navigation, parking assistants and the exclusive premium sound system (dependent on specification), can be easily managed via the central control panel. There is also a row of switches arranged underneath the display. They provide quick and direct access to some of the numerous functions. Read More
Volkswagen Group announced today its intentions to extend its partnership with the Anti-Defamation League (ADL) for three more years. The alliance is one of several initiatives the Group is taking to build and advance its culture of remembrance.
After three years of prosperous and meaningful collaboration and considering the undiminished relevance of their joint initiatives, Volkswagen decided to extend the cooperation with the ADL. The partnership began in 2019, enabling the ADL to open an office in Berlin and intensify activities in Europe. Together, they provide a training programme for Volkswagen employees, building a bridge between past experiences and today’s corporate activities and giving advice about how to identify and meet unconscious bias at the workplace. More
Neste raises its second quarter 2022 outlook. While the oil markets have been very volatile, impacted by the war in Ukraine, the Northwest European gasoline and diesel margins have increased to exceptionally high levels. In addition, Neste’s successful mitigation actions to replace Russian crude oil and natural gas have enabled the company to retain high utilization rates at its Porvoo refinery. Oil Products’ second-quarter total refining margin is expected to more than double from the level seen in the first quarter of 2022. Previously, the company estimated Oil Products’ second-quarter total refining margin to be at a roughly similar level as in the first quarter of 2022 (USD 10.3/bbl). The increase in the total refining margin is expected to improve the Group’s and Oil Products’ second-quarter comparable EBITDA significantly compared to the first quarter.
Neste will publish its Half-Year Financial Report for January–June 2022 on 28 July 2022 at approximately 9.00 a.m. EET. Read More
Nigeria Electricity System Operator, an arm of the Federal Government’s power transmission company, showed that the national electricity grid actually crashed from a peak of 3,703 megawatts to as low as 9MW on Sunday. Nigeria witnessed widespread blackout on Sunday after the national grid collapsed around 6.49pm, before engineers from the Transmission Company of Nigeria strived to ensure the recovery of the grid. The PUNCH had reported on Monday that Sunday’s grid collapse was the fifth in 2022, a development that made many power distribution companies to shut down their various outgoing electricity feeders. Data sourced from the NESO on Monday in Abuja, which showed the performance of the national grid on Sunday, indicated that the peak generation on Sunday of 3,703MW was recorded at 5am. Read More
Port of Toulon, which handles over 1.6 million ferry and cruise passengers annually, has committed to ABB Shore Connection technology at a key stage in its sustainability drive. With around 1,300 yearly calls from ferries and cruise vessels right in the heart of the city, the port of Toulon plays an important role in developing the attractiveness of the region for business and tourists. The port is also central to the “Zero-smoke stopovers” plan by the region of Provence-Alpes-Côte d’Azur (Région Sud PACA), which aims to electrify the docks of Toulon, Marseille and Nice to enable emission-free stays for vessels1.
Shore-to-ship power connections allow ships to turn off diesel generators during port calls. For shipowners, this means savings on fuel and maintenance costs while switching to cleaner and more sustainable energy. Cruise and ferry passengers, as well as local residents benefit not only from cleaner air, but also from less noise and vibrations generated when ships are docked. Sustainable transportation, including marine and inland vessels, will play an important role in the goal set by France to achieve carbon neutrality by 2050 in accordance with the climate plan announced in 2017. Read More
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Wison Offshore & Marine (WOM) and ABB Engineering (Shanghai) LTD. (ABB) signed the MOU on cooperation in the development and implementation of FLNG projects worldwide. Mr. Wei Huaqing, Assistant President of WOM and Mr. Li Feng, Vice President of ABB group and head of ABB Energy Industry China business signed on behalf of both parties respectively. WOM has rich experience in design and construction of floating LNG facilities and standardized LNG plant modules. ABB has extensive experience in design, manufacturing and systems integration in advanced electrical and automation. The collaboration will create synergy in the commercial promotion of standardized solutions such as E-house, ICSS, digitalization and network security for FLNG topside. Read More
Why Technology is Critical to Inform ESG Strategy and How GCX’s Move to Hyperautomation Can Help You
Technology is not just critical – technology is the answer. GCX Global Business Development Director Andre Muzerie highlights why it is imperative that companies embrace ESG reporting technologies to future-proof their business.
With the right technology in place, companies can support ESG investment decisions with accurate reporting, drive sustainable IT, provide carbon neutral technologies, and give investors opportunities to create a path to net zero with fully transparent outcomes.
Climate tech is part of a larger movement that, driven by the rise of ESG, is being accompanied by reporting technologies that enforce robust regulations and support long-term interest. ESG is now centre stage, and businesses, investors and governments are using it to link their decisions to measurable outcomes. Those companies who fail to embrace ESG reporting technologies that enable social and environmental change risk losing the fundamental trust of their investors. Taking ESG data seriously means leveraging the latest developments in Artificial Intelligence, Natural Language Processing and Blockchain and utilising these to create real-time reports through hyperautomation. Investment managers can then utilise these reports to analyse how policies are impacting their ESG rating from the outset, making it easier to optimise the outcomes.
What is hyperautomation?
Hyperautomation has been recognised by leading technological research and consulting firm Gartner as one of this year’s Top 10 Strategic Technology Trends. It combines disruptive technologies, including intelligent process automation, robotic process automation (RPA), process intelligence, artificial intelligence (AI), and machine learning (ML), to create an end-to-end automated solution for business users in real-time. Read More
The ‘first’ hydrogen refuelling station has been opened in Mestre, Venice, Italy, marking a milestone in the steps towards a hydrogen refuelling network in Italy.
With capacity of over 100kg of hydrogen per day, the San Giuliano Enistation is equipped with two dispensing points, which are said to refuel vehicles in approximately five minutes, including buses.
Built by the Italian multinational oil and gas company, Eni, the station also supplies traditional fuels, as well as facilitating electric vehicle charging services. Read More
JP Morgan Chase Bank has won a $1.7 billion court battle with the Nigerian government over the transfer of proceeds from the sale of OPL 245 in 2011. The Federal government had sued JP Morgan on the ground of “Quincecare duty”, alleging that the bank “ought to have known” that there was corruption and fraud in the transaction which saw Malabu sell its 100 percent in OPL 245 to Shell and Eni for $1.1 billion.
However, the bank rejected the Nigerian government’s claim, maintaining that all due processes were followed and money laundering checks were done, arguing that allegations of fraud only came up after a new government took over in Nigeria. Related News.. Read More
U.S. Rig Count is up 6 from last week to 733 with oil rigs up 6 to 580, gas rigs unchanged at 151 and miscellaneous rigs unchanged at 2.
Canada Rig Count is up 24 from last week to 141, with oil rigs up 22 to 94, gas rigs up 2 to 47.
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Plymouth is to become home to a state-of-the-art GRIDSERVE Electric Forecourt® that aims to make charging an Electric Vehicle (EV) more convenient, more enjoyable and much more affordable than using a traditional petrol forecourt. The development will put the city at the forefront of the UK’s low carbon transport revolution Plans for the Plymouth Electric Forecourt® on the A386 / Outland Road have now been approved by Plymouth City Council following a detailed consultation. This landmark facility will feature 32 EV charging bays providing a maximum 350kW capacity, allowing the latest electric models to add 100 miles of range in less than 10 minutes. This allocation more than doubles the number of public chargers currently available in the region which, according to Zap-Map, only provide a maximum 50kW charging capacity. Read More
Lundin Energy AB announced the fulfilment of all conditions for completion of the combination between Lundin Energy’s E&P business and Aker BP (the “Combination”). The Board of Directors of Lundin Energy has today resolved to determine the record date for the Lex Asea distribution of all shares in Lundin Energy MergerCo AB (publ) based on the authorisation granted by the Annual General Meeting on 31 March 2022 as well as agreed with Aker BP on a timetable for completion of the Combination and the delivery of the merger consideration. Completion of the Combination is set to take place on 30 June 2022 following the Lex Asea distribution and the final registration of the combination with the Norwegian Register of Business Enterprises.
On 21 December 2021, Lundin Energy announced that it had entered into an agreement with Aker BP regarding a combination between Lundin Energy’s E&P business and Aker BP. The Combination will be carried out as a statutory cross-border merger in accordance with Norwegian and Swedish law, through which Aker BP will absorb Lundin Energy MergerCo AB (publ), which at the time of the completion will contain Lundin Energy’s E&P business. In order to facilitate an efficient distribution of the merger consideration directly from Aker BP to the shareholders of Lundin Energy, Lundin Energy will shortly before the completion of the Combination distribute all shares in Lundin Energy MergerCo AB (publ) to the shareholders through a so-called Lex Asea dividend, Read More
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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