Energy News today WTI Crude stood at $115.60/bl
Bahrain’s king orders cabinet reshuffle amid debt crisis, names new oil minister.As part of the reshuffle, Mohammed bin Mubarak bin Dainah, the country’s envoy for climate affairs, will be the new minister of oil and environment, replacing Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa. Read More
During the period from June 6 to June 10, 2022, Eni acquired n. 3,103,847 shares, at a weighted average price per share equal to 14.1794 euro, for a total consideration of 44,010,579.56 euro within the authorization to purchase treasury shares approved at Eni’s Shareholders’ Meeting on 11 May 2022, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999.
On the basis of the information provided by the intermediary appointed to make the purchases, the following are details of transactions for the purchase of treasury shares on the Electronic Stock Market on a daily basis: Read More
An Extraordinary General Meeting of Shareholders (the “EGM”) of Lundin Energy AB (“Lundin Energy” or the “Company”) was held today, Thursday 16 June 2022.
The EGM, which was held as a virtual (online) meeting combined with an option to vote by post in advance in accordance with the Swedish Act on Temporary Exemptions to Facilitate the Execution of General Meetings in Companies and Associations, resolved on the following matters related to the Company’s renewable energy business, which will remain listed on Nasdaq Stockholm following the combination of the Company’s E&P business with Aker BP (the “Combination”).
All of the resolutions set out below are conditional upon, and will take legal effect in connection with, the completion of the Combination, which is scheduled for 30 June 2022. More detailed information on the timetable for completion and payment of the merger consideration was published yesterday on 15 June 2022, see the press release on www.lundin-energy.com.
Amendment of Articles of Association, including a change of the Company’s name to Orrön Energy AB
The EGM resolved to amend the Articles of Association of the Company, entailing, among other things, a change of the Company’s name to Orrön Energy AB, and a possibility for the Board of Directors to (i) resolve to allow shareholders to vote by post and (ii) collect powers of attorneys, prior to future general meetings of the Company. In addition, it was resolved to align the object of the Company set out in the Articles of Association with the changes to the business of the Company. Read More
Frost & Sullivan recently evaluated the North American pipeline inspection technology industry and, based on its analysis, recognizes Ingu Solutions (INGU) with the 2022 North American Technology Innovation Leadership Award. INGU is well-positioned to capitalize on new growth opportunities, cementing its leadership in the pipeline inspection technology space. Backed by world-class pipeline inspection experts, the company developed its technology over the last eight years to optimize data insights and deliver operational and cost efficiency. INGU works continuously to refine its holistic approach to pipeline inspection by building its technology to specifically bridge industry gaps. INGU’s device, Pipers®, tracks pressure changes and maps the profile of flow rates, hazards, and leak detection within a user’s pipeline. The primary device measures 2.8 inches in diameter to fit most pipelines, but the company also offers 1.5-inch and 2.2-inch versions all of which can be deployed in various fluids, including crude oil, freshwater, and gas. The time-efficient pipeline inspection and maintenance tracking technology: Read More–>
Digital twins (DTs) have accelerated innovation and unlocked new business models in the mobility sector, according to Frost & Sullivan´s latest analysis on digital twins in global mobility. DTs assist original equipment manufacturers (OEMs) in designing and validating new products and features in the virtual environment before creating a physical prototype. Additionally, the COVID-19 pandemic and increasing digitalization have highlighted the importance of DTs as they enable remote monitoring and control (RMC) in manufacturing.
For further information on this analysis, Growth Opportunities for Digital Twins in Global Mobility, please click here.
“Cutting-edge technologies, such as artificial intelligence, machine learning, augmented reality, and virtual reality, make digital twinning possible,” said Sandhya Jesu, Mobility Industry Analyst at Frost & Sullivan. “Additionally, with technology integration, DTs have enabled the simulation of entire production facilities, supply chains, and product offerings, avoiding expensive errors and opening the arena to new entrants.”
Jesu added: “Several innovative business models are emerging based on the large amounts of data that DTs generate. OEMs can use that information to create a continuous flow of revenue. Further, DT-based data-driven techniques help optimize decision-making, ensuring a smooth supply chain and manufacturing.” Read More
Stellantis, together with its project partners, demonstrated in Chiari, Italy, the capability of Dynamic Wireless Power transfer (DWPT) technology to wirelessly recharge electric vehicles (EVs) as they travel over specially equipped, dedicated road lanes.
DWPT is a system of coils positioned under the asphalt that transfers energy directly to cars, trucks and buses without the need to stop at charging stations to refill the battery. The technology can be adapted for all vehicles equipped with a special “receiver” that transfers the energy incoming from the road infrastructure directly to the electric motor, extending the range, while conserving the vehicle battery charge.
The pilot project of Stellantis and all partners involved is coordinated by A35 Brebemi, a company owned by the global transportation infrastructure operator Aleatica that focuses on sustainable and innovative mobility solutions.
“Our long-term strategic plan, Dare Forward 2030, is based on the premise of bringing ‘cutting-edge freedom of mobility’ to all and this project is the very essence of where we’re headed as a company,” said Anne-Lise Richard, Head of Global e-Mobility Business Unit, Stellantis. “Working with this incredible group of partners, we have proven that inductive recharging technology can power our electrified future. These joint projects are exciting steps as we work to achieve longer battery lifespan, lower range anxiety, greater energy efficiency, smaller battery size, outstanding performance and lower weight and cost.”
Work at “Arena del Futuro” shows that a BEV, like the Fiat New 500 outfitted to test the system, can travel at typical highway speeds without consuming the energy stored in its battery. Tests are showing that the efficiency of the energy flow from the asphalt to the car is comparable to the typical efficiency of fast charging stations, so the driver does not need to stop to recharge. Furthermore, measurements on magnetic field intensity prove that there is no impact on the driver and passengers. Read More
Stellantis N.V. announced the “Freedom of Mobility Forum”, a yearly open meeting of passionate problem-solvers committed to fact-based decision making that identifies how to bring clean, safe, and affordable freedom of mobility for society in the face of global warming implications. The “Freedom of Mobility Forum”, initially planned for early 2023, will bring together a diverse pool of experts working toward a common purpose, able to move fast, and capture solutions, embracing a 360-degree analysis of the different problems.
“The environmental challenges ahead of us coupled with a rapidly evolving business environment require an efficient, global and inclusive 360-degree approach involving all those who wish to contribute to building sustainable mobility,” said Carlos Tavares, Stellantis CEO. “We intend to create a public forum in which contributors can come together to address the key questions surrounding the debate on decarbonized mobility and provide actionable next steps for us to take together. Access to clean, safe and affordable mobility for the citizens across the world is at stake.” The “Freedom of Mobility Forum” will be planned and coordinated by an advisory board of experts representing various stakeholders in the industry, including mobility and technology providers, academics, politicians, scientists, among others. The forum will host debates on a select number of topics for each edition within the following engagement principles: Read More
Stellantis honored 12 of its global suppliers across nine categories for their outstanding quality, commitment, and operational excellence in 2021.
Maxime Picat, Chief Purchasing and Supply Chain Officer, and other members of Stellantis’ top executive team announced the award winners during a virtual event with more than 100 suppliers in attendance.
“Congratulations to all 12 winners for their exceptional contribution to Stellantis,” said Maxime Picat. “They are the proof that whatever the environment, great teams can make the difference. Being able to properly plan and execute in that context is a real competitive advantage, creating value for all stakeholders. Both Stellantis’ ambition and the current environment will lead us to strengthen our partnerships and to find new solutions, new business models and new opportunities together with our business partners.”
As outlined in the Dare Forward 2030strategic plan, Stellantis announced plans to reach 100% of passenger car BEV sales mix in Europe and 50% passenger car and light-duty truck BEV sales mix in North America while reducing complexity and lowering the cost by 40%. These targets are a key focus of the purchasing and supply chain team as Stellantis moves to provide clean, safe and affordable transportation for all.
“With your innovation and efficiency and our scale and great strategic plan, we can create together huge value and contribute to clean, safe and affordable mobility for our end customers,” Picat told suppliers. “But to do so, we need to reinforce our relationships. I strongly believe in the importance of supplier relations. More communication. More transparency. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $115.60 | Down |
| Crude Oil (Brent) | USD/bbl | $118.80 | Down |
| Bonny Light | USD/bbl | $126.04 | Up |
| Saharan Blend | USD/bbl | $125.83 | Down |
| Natural Gas | USD/MMBtu | $7.58 | Up |
| OPEC basket 14/06/22 | USD/bbl | $123.73 | Up |
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 10 June 2022 | 733 | +6 |
| Canada | 10 June 2022 | 141 | + 24 |
| International | May 2022 | 817 | +11 |
Equinor and Centrica have 16 June announced an agreement to deliver additional gas supplies to the UK. The supply agreement will provide further energy security for the UK over the coming three winters.
The new supply agreement adds around 1 billion cubic meters (bcm) per year to Equinor’s existing, bilateral contract with Centrica and brings the total volume under the contract above 10 bcm per year.
With Britain currently importing around a third of its gas requirements from Norway, the announcement underlines the strategic importance of the Norwegian relationship to UK energy security.
“In a period with a challenging geopolitical and macroeconomic environment with strong demand for natural gas, we at Equinor are doing what we can to export as much gas as possible to the market. Equinor is proud to be a long-term, reliable energy partner with both Centrica and the UK, and I am very happy that through this agreement we are able to contribute to the UK securing further energy supply for the coming winters”, says Equinor’s senior vice president Gas & Power, Helge Haugane.
“This agreement is good news for the country and for our customers. At a time where energy security is paramount, I’m delighted that we are able to do our bit to ease the pressure and provide some more certainty ahead of what may be a difficult winter. As Britain’s biggest energy supplier, through British Gas, we take our responsibility to securing supplies for over 8 million domestic and business customers very seriously. This important agreement with Equinor both underpins vital domestic supplies and strengthens the strategic relationship between the UK and Norway”, says Chris O’Shea, Centrica Group Chief Executive.
Equinor every year typically supplies 20-22 bcm of natural gas to the UK which covers over 25 % of UK gas demand. Read More
Legend Capital’s portfolio company Talent New Energy, a new Chinese powerhouse in the solid-state battery industry, recently announced the completion of its Series A++ financing round with several hundred million RMB. Legend Capital initially invested in Talent New Energy by joining the Pre-A financing round and continued to support the company’s development by following up this Series A++ financing round.
With the improved battery technology and continuous high oil prices, the penetration rate of new energy vehicles is rising. The penetration rate of new energy vehicles in China reached 25.3% in April, and according to the industry forecasts, it will increase to 35% by the end of the year. Under the global background of carbon peaking and carbon neutrality, the wind power, photovoltaic and energy storage industry are also ushering in a golden era, gradually replacing the traditional fossil energy. With the technical advantages of high safety and high specific energy, it is widely believed in the industry that solid-state batteries will become the next trillion-level super track and the ultimate solution for battery technology.
Technology innovation is the core path to support the realization of carbon neutrality. With the acceleration of vehicle electrification, applications such as energy storage have opened up a new trillion-level market. Legend Capital actively explores suitable investment opportunities in more advanced lithium battery technologies. As a brand-new technology solution, new energy solid-state batteries have been deeply explored by many giants and startups in China and around the world. With nearly 20 years of international and domestic solid-state battery R&D technology accumulation, the Talent New Energy team has determined the oxide technology route and the gradual development path from mixed solid-liquid to all-solid-state lithium battery since the establishment of the company in 2018. Read More
OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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