Energy News to 27/10/22. OPEC daily basket price stood at $93.32/bl, 26 Oct. 2022
World Energy Outlook 2022 shows the global energy crisis can be a historic turning point towards a cleaner and more secure future. The global energy crisis triggered by Russia’s invasion of Ukraine is causing profound and long-lasting changes that have the potential to hasten the transition to a more sustainable and secure energy system, according to the latest edition of the IEA’s World Energy Outlook.
Today’s energy crisis is delivering a shock of unprecedented breadth and complexity. The biggest tremors have been felt in the markets for natural gas, coal and electricity – with significant turmoil in oil markets as well, necessitating two oil stock releases of unparalleled scale by IEA member countries to avoid even more severe disruptions. With unrelenting geopolitical and economic concerns, energy markets remain extremely vulnerable, and the crisis is a reminder of the fragility and unsustainability of the current global energy system, the World Energy Outlook 2022 (WEO) warns. The WEO’s analysis finds scant evidence to support claims from some quarters that climate policies and net zero commitments contributed to the run-up in energy prices. In the most affected regions, higher shares of renewables were correlated with lower electricity prices – and more efficient homes and electrified heat have provided an important buffer for some consumers, albeit far from enough. The heaviest burden is falling on poorer households where a larger share of income is spent on energy. Read More
Centrica Business Solutions is set to start injecting hydrogen into its existing gas peaking plant at Brigg, Lincolnshire as part of a UK first trial with HiiROC aimed at better understanding the role of hydrogen in power production. The 12 month trial will be part funded by a grant from the Net Zero Technology Centre (NZTC), which has given 20 projects a total of £8m through its Open Innovation Programme. Each is aimed at developing technology which could reduce emissions offshore, accelerate clean energy production and enable the delivery of the UK’s net zero ambitions. Read More
British Gas acquired the customers of the natural gas business of AvantiGas ON for an undisclosed sum. AvantiGas ON currently supplies natural gas to around 13,000 business meter points on the gas grid in the UK. There will be no interruption to the supply of gas to AvantiGas ON customers, who will be contacted with more information over the coming days. Read More
UK councils are set to install more than 16,500 electric vehicle (EV) charging points over the next 12 months, which will double the number of public chargers currently installed by local authorities, according to new data released today.
The research, uncovered by British Gas under a Freedom of Information request to more than 400 UK councils, of which 195 responded to all questions asked, revealed that local authorities have installed 16,680 EV charging points to date, with a further 16,563 planned to be installed over the next 12 months.London reported the highest uplift in charger numbers (101% increase from 7,848 to 15,753) followed the East of England (131% increase from 974 to 2,254), the North West (450% increase from 375 to 2,064), the South West (172% increase from 533 to 1,455) and Wales (101% increase from 394 to 793). Read More
Rolls-Royce is taking an important step towards a more climate-friendly future in construction equipment, industrial applications, agriculture and mining with the approval of mtu Series 1000, 1100, 1300, 1500 and 4000 engines for sustainable fuels. The mtu Series 1000, 1100, 1300 and 1500 engines – and therefore the entire Rolls-Royce product portfolio for these applications – have already been approved for use with EN15940 paraffinic diesel fuels following successful bench testing. This year, many mtu engines for mining applications of the Series 4000 will also be released for the sustainable fuels. Engines for emissions regulations EU Stage V will follow.
Sustainable synthetic fuels include BtL (Biomass to Liquid), HVO (Hydrotreated Vegetable Oil) and PtL (Power to Liquid) such as e-diesel. To convert from conventional diesel fuel made from fossil petroleum to synthetic fuels of the EN15940 standard, no adaptation of existing engines is necessary. Read More
Biden-Harris Administration announced the Fiscal Year 2022 recipients of the U.S. Environmental Protection Agency’s (EPA) Clean School Bus Program rebate competition, awarding nearly $1 billion from President Biden’s Bipartisan Infrastructure Law to 389 school districts spanning 50 states, Washington, DC, and several Tribes and U.S. territories. The grants will help school districts purchase over 2,400 clean school buses that will accelerate the transition to zero emission vehicles and produce cleaner air in and around schools and communities.
Vice President Kamala Harris and EPA Administrator Michael S. Regan will join schoolchildren, district leaders and community members in Seattle, Washington, later today to make the announcement and highlight how it will reduce greenhouse gas emissions, save schools money, and better protect children’s health. The investment will also drive demand for American-made batteries and vehicles, boost domestic manufacturing, and create good-paying jobs. Read More
China is planning the world’s largest wind farm, a facility so huge it could power the whole of Norway.
Chaozhou – a city in China’s Guangdong province – has revealed ambitious plans for a 43.3 gigawatt facility in the Taiwan Strait.
Operating between 75 and 185 kilometres offshore, the 10km long farm will feature thousands of powerful turbines.Work on the project will start before 2025, the province says. Once completed, it will eclipse the world’s current largest wind farm. The title is currently held by the Jiuquan Wind Power base in China, a massive site with a 20 gigawatt capacity. Read More
Mercedes-Benz Group AG (ticker symbol: MBG) delivered solid financial results in the third quarter of 2022 as robust demand and healthy pricing for cars and vans, as well as cost discipline, helped to lift Earnings Before Interest and Taxes (EBIT) by 83% to €5.2 billion (Q3 2021: €2.8 billion). Group revenue increased by 19% to €37.7 billion (Q3 2021: €31.6 billion). The adjusted Return on Sales at Mercedes-Benz Cars reached 14.5% and 12.7% at Mercedes-Benz Vans.
Mercedes-Benz saw robust demand especially for its Top-End and electric vehicles as customer orders exceed the constrained supply in large part due to the ongoing semiconductor shortages and bottlenecks in logistics. As the transformation towards an all-electric future continues, Mercedes-Benz Passenger Car BEV sales more than doubled in the first nine months of the year (+156%) and increased by 183% in the third quarter.
”Mercedes-Benz once again delivered solid results thanks to the robust demand for our desirable products. In combination with our ongoing financial discipline, we are making the company more resilient and setting the pace for the months ahead, as we continue accelerating our transformation,”said Harald Wilhelm,Chief Financial Officer of Mercedes-Benz Group AG.
As energy supply uncertainties in Europe and the ongoing COVID challenges in Asia continue to impact consumer sentiment, the company remains vigilant and is preparing to safeguard supply chains and to maximise the potential for reducing or substituting the use of natural gas in vehicle production. Mercedes-Benz continues to see a gas reduction potential of around 50% in Germany if regional pooling is possible. As part of the company’s strategic goal of switching from gas to renewable electricity and other energy sources, Mercedes-Benz unveiled plans to build a wind farm at its test track in Papenburg, northern Germany, with an output of over 100 MW – more than 15% of Mercedes-Benz Group AG’s electricity needs in Germany from the middle of the decade. Read More
Mercedes-Benz AG finalised a supply agreement with Canadian-German-start-up Rock Tech Lithium Inc. to secure high-quality lithium used in battery production as part of a direct sourcing approach. Starting in 2026, including a qualification period, this allows the Stuttgart-based luxury carmaker to get its battery partners supplied with raw material to rapidly scale up its production of fully electric vehicles.
Mercedes-Benz plans to go all electric by the end of the decade, wherever market conditions allow, requiring the brand with the three-pointed star to open new sources of raw materials with new partners. As part of the agreement, Rock Tech Lithium plans to supply battery-grade lithium hydroxide to Mercedes-Benz battery partners from a converter based in Guben, Brandenburg, Germany. Lithium hydroxide is needed for the production of lithium-ion batteries which are used in Mercedes-Benz electric vehicles. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $87.61 | Up |
| Crude Oil (Brent) | USD/bbl | $95.40 | Up |
| Bonny Light | USD/bbl | $94.95 | Up |
| Saharan Blend | USD/bbl | $95.73 | Up |
| Natural Gas | USD/MMBtu | $5.68 | Up |
| OPEC basket 26/10/22 | USD/bbl | $93.32 | Up |
In accordance with the shareholder return policy presented during the investor day on September 28, aiming for a shareholder return of 35% to 40% from 2022, the Board of Directors convened on October 26, 2022 under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer:
declared the distribution of the third 2022 interim dividend at €0.69/share, equal to the first and second 2022 interim dividends and an increase of 5% from the interim and the final dividends paid for the 2021 financial year,
set the ex-dividend and payment dates of the special 2022 interim dividend of €1/share.
These interim dividends will be paid in cash exclusively, according to the following timetable:
Ex-dividend date Payment dateSpecial interim dividend
Shareholders December 6, 2022 December 16, 2022
ADS holders December 2, 2022 December 28, 2022
Third 2022 interim dividend
Shareholders March 22, 2023 April 3, 2023
ADS holders March 20, 2023 April 14, 2023
Read More
Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced that, on 26 October 2022, Société Générale SA informed the Company that on 24 October 2022, the total number of voting rights in the Company (attached to shares or through financial instruments) held by Société Générale SA was 15,347,977 representing 5.11% of the voting rights in the Company, thereby crossing above the 5% threshold provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”).
The 15,347,977 voting rights in the Company held by Société Générale SA were attached to shares and financial instruments with similar economic effect according to Article 12 (1) (b) of the Transparency Law. Read More
U.S. Environmental Protection Agency (EPA) announced $3,169,239 in funding to eight small businesses to further develop and commercialize their environmental technologies, delivering economic and environmental benefits to the communities they serve. Awarded projects include an air purifier that reduces the risk of transmitting viruses and bacteria, a forecasting tool that reduces unwanted pesticide drift, software technologies for improved recycling, and a process for producing a sustainable low- carbon building material. Read More
Dana Incorporated (NYSE: DAN) announced today that it will be highlighting an array of field-ready electrified solutions for the off-highway market at Bauma 2022, Oct. 24-30.
Held in hall A3, booth 326, Dana’s exhibition will feature its complete electric systems capabilities for a broad range of applications and will include the latest innovations from the company’s portfolio of motors, inverters, controls, e-Hub drives, e-Transmissions, and e-Slew drives. Read More
Dana Incorporated announced today that its board of directors has declared a dividend on its common stock.
The board declared a quarterly dividend of $0.10 per share, payable Dec. 2, 2022, to holders of Dana common stock as of Nov. 11. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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