Global Energy/Automotive News to 05/06/24

London, 05 June 2024, (Oilandgaspress): -OPEC+ agreed to extend both voluntary and group-wide production cuts until 2025

The rate Earth is warming hit an all-time high in 2023 with 92 per cent of last year’s record-shattering heat caused by humans, top scientists calculated.

The group of 57 scientists from around the world used UN-approved methods to examine what’s behind last year’s deadly burst of heat.

They said even with a faster warming rate they don’t see evidence of significant acceleration in human-caused climate change beyond increased fossil fuel burning. Read full article

A judge has ruled that Just Stop Oil supporters Callum Goode and Tez Burns will face no penalty or costs for allegedly breaching an injunction brought by National Highways Limited related to Just Stop Oil’s gantry actions in 2022. [1]
Justice Soole made this decision today at the Royal Courts of Justice, where Callum Goode appeared in person. He concluded that their testimony about not knowing the injunction order at the time of their actions was genuine and that their conduct and testimonies were truthful throughout the hearings. The judge believed that the counsel for NHL failed to prove they had knowingly breached the injunction. Read More

Oil and Gas BlendsUnitsOil Price US$/bblChange
Crude Oil (WTI)USD/bbl$74.10Up
Crude Oil (Brent)USD/bbl$78.40Up
Bonny LightUSD/bbl$76.54Down
Saharan BlendUSD/bbl$78.95Up
Natural GasUSD/MMBtu$2.75Up
Murban CrudeUSD/bbl$78.95Up
OPEC basket 04/06/24USD/bbl$78.17Down
At press time 05 June 2024 has been awarded the prestigious “Nieuwe Heldenprijs” (New Heroes Award) for the most promising scaleup of the Rotterdam metropolitan region. The award was presented during a ceremony celebrating outstanding entrepreneurial achievements in the region.. Read More

Ricardo has recently met with Shaanxi Fast Auto Drive Group Company Ltd (FAST), the world’s largest commercial vehicle transmission manufacturer to see how the two companies can further co-operate and develop innovation through their joint UK Innovation Centre.

Founded in Xi’an in China in 1968, FAST now produces over 1.2 million automotive transmissions, 50 million gears and 200,000 tons of automotive castings and forgings annually and exports its products to more than 50 countries and regions worldwide. FAST has ranked first in the world for 18 consecutive years for its annual production and sales volumes of heavy-duty vehicle transmissions which are widely used by more than 150 OEMs globally in heavy-duty vehicles, buses, medium- and light-duty trucks, engineering vehicles, mining vehicles and low-speed trucks.

Relying on independent innovation and scientific and technological progress, FAST has built a first-class scientific and technological research and development and independent innovation system supported by the National Enterprise Technology Centre, Academician Expert Workstation, National Postdoctoral Research Centre and the joint UK Innovation Centre, which the company set up with Ricardo in 2018.

Building on this existing joint platform between Ricardo and FAST for innovation, the two companies discussed co-operating in hybrid and transmission areas in relation to future product planning and development, following a tried and tested model of integrating production, education and research to gain benefit in domestic and foreign markets. Read More

Ricardo has joined a new partnership to help advance safety standards in carbon dioxide (CO2) pipeline operations.
Project Skylark has been launched in response to the increase in large-scale carbon capture, transportation and storage projects that are helping to facilitate green energy production around the world.
Although CO2 is already transported and safely stored, the growth of Carbon Capture and Storage (CCS) activity will see significant increases in the volume of CO2 carried through networks of onshore and offshore pipelines.
Given these networks can extend for long distances across a variety of terrains and topographies, undertaking detailed risk assessments throughout their entire length is a significant challenge for asset owners.
Working alongside DNV, the UK Government’s Health and Safety Executive, the National Centre for Atmospheric Science, and the University of Arkansas, our experts will provide empirical data on the behaviour of CO2 in high-volume pipeline release scenarios, which will be used to test, validate and improve modelling capabilities across industry and academia.
Both the dataset and the validated, updated and enhanced tools will provide industry and regulators with an array of options for assessing the risk of new and re-purposed CO2 pipelines. Read More

Luxfer Gas Cylinders, a division of Luxfer Holdings PLC (NYSE: LXFR), has cemented its position as a world leader in gas containment solutions with the introduction of the G-Stor® Hydrosphere, a cutting-edge collection of Multiple Element Gas Containers (MEGCs) set to revolutionise how businesses can harness the power of hydrogen.

Developed to support the safe and sustainable transportation of hydrogen via virtual gas pipelines, the high-capacity G-Stor® Hydrosphere range, which was launched during the World Hydrogen Summit in Rotterdam, will help extend access to the clean gas as the hydrogen economy continues to gather pace.

Offering maximum capacity and energy delivery, the G-Stor® Hydrosphere range draws on Luxfer’s trusted Type 4 (G-Stor® Go H2) cylinder technology. Available in 20-ft and 40-ft units, the MEGCs overcome infrastructure barriers currently facing the hydrogen supply chain by effectively allowing over 1 tonne of hydrogen to be stored and transported. By maximising payload, it provides the best price per kilogramme of hydrogen.
Read More

Subsea 7 S.A. announced, after a competitive tender process, the award by Petrobras of four long-term day-rate contracts for pipelay support vessels (PLSVs) commencing in 2025. The contracts have a combined value of over $1.25 billion and will be recorded in the backlog in the second quarter.
The contracts for Seven Rio, Seven Cruzeiro and Seven Sun comprise a firm three-year period while the award for Seven Waves comprises a firm four-year period.
Yann Cottart, Vice-President Brazil, said: “Subsea7 is pleased to extend its successful, long-term relationship with Petrobras that has covered both day rate PLSV activities and major greenfield projects since 1998. We look forward to continuing to work together to deliver complex and challenging deepwater developments with high standards of safety and reliability.” Read More

Eni: report on the purchase of treasury shares during the period from 27 to 31 May 2024
During the period from 27 to 31 May 2024, Eni acquired on the Euronext Milan no. 3,442,000 shares (equal to 0.10% of the share capital), at a weighted average price per share equal to € 14.4772, for a total consideration of € 49,830,476.85 within the first tranche of the treasury shares program approved by the Shareholders’ Meeting on 15 May 2024, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999, for the purpose of building up the stock to serve the implementation of the Employees Stock Ownership Plan 2024-2026. Read More

Vintage extraction oil elements set with pipeline tanker drilling rig barrels truck petrochemical factory isolated vector illustration

The recognition of electrification’s business value by small and medium enterprises (SMEs) has the potential to accelerate EV adoption and significantly benefit business productivity and the European economy. However, charging remains a concern.

These are the key findings from a report commissioned by Ford Pro: The Economics of Commercial Van Usage Across Europe 2024, published by the Centre for Economics and Business Research (Cebr). 1

The report estimates that van-related businesses contributed around €1 trillion across the EU and UK in 2023 – an increase of 6.5 per cent since 2021 and 27.4 per cent since 2017. On this basis, if van-powered businesses were an EU member state, they would be the sixth largest by GDP. In the EU, an estimated €14.1 billion (1.6 per cent) of that activity was supported by electric vans.

Ford Pro – the #1 CV brand in Europe 2 – commissioned the report to better understand the broader European commercial van landscape, comprised of 23 million SMEs, including owner operators, which account for 99 per cent of businesses in Europe. 3

Initially, commercial electric vehicle adoption was believed to be led by larger businesses with fleet managers and corporate sustainability goals. Now, SMEs are increasingly adopting EVs as they recognise the significant business benefits. A survey of more than 1,000 commercial van drivers found that these businesses are already realising significant energy cost savings as well as improving their productivity and operations with supporting technology. Even non-EV adopters are looking at switching within 5 years, although charging remains a concern. Read full article

Performance is central to the all-new Mustang GTD’s mission, but its artistry and craftsmanship are also on display with a cabin that serves as a showcase for its state-of-the-art, race-ready suspension.

“The rear suspension is designed for purpose, but it’s also just a beautiful thing to look at,” said Jim Owens, Mustang GTD marketing manager. “It would have been a shame for us to hide it away never to be seen. With the suspension window, owners can admire the blue and gold accents on the dampers without removing the tech panel, and the passenger can literally watch the suspension in action.”

Measuring roughly 24 inches wide by 10 inches tall and made of polycarbonate with a scratch-resistant coating added to both sides, the suspension window puts the hard work of the engineering teams on display like a finely crafted precision timepiece.

“With a car as capable as Mustang GTD, we had to do something that’s just plain cool and owners will appreciate,” said Owens.

Race-Proven Technology

From active aerodynamics to a carbon-fiber body, magnesium wheels, and a rear transaxle, the 2025 Ford Mustang GTD is a showcase for race-proven technology driving the development of road-going vehicles. The centerpiece of that race-to-road path is the semi-active suspension that underpins the most track-capable production Mustang ever. Read full article

The all-new Ford Mustang took to the track at the Bahrain International Circuit, with Ford Middle East media invitees invited to put the performance-engineered muscle car through its paces at the Grand Prix facility.

The all-new Ford Mustang Dark Horse took to the track in Manama, which in 2004 became the first city in the Middle East to host Formula 1 at the Bahrain International Circuit. Having recently celebrated its 60th anniversary, the Mustang is a well-established icon in the region – and the Dark Horse Edition is built track-ready with a Gen-4 5.0L Coyote engine – Ford’s most powerful naturally aspirated 5.0L V8 to date. The powerful performance is matched by distinctive badging, hood stripes, and race-ready components, while the interior features a futuristic jet fighter-inspired digital cockpit with a massive 13.2-inch touchscreen. “We wanted to showcase the unique performance attributes of the all-new Ford Mustang Dark Horse to our valued media partners – and where better to drive a track-ready muscle car than on one of the region’s most iconic, history-making Grand Prix circuits?” said Abdelrahman Alzarooni, Brand Marketing Specialist – Icons. Read full article

Hyundai Motor America (HMA) will look to take the top step on the podium at the O’Reilly Auto Parts Four Hours of Mid-Ohio at Mid-Ohio Sports Car Course building on a string of strong performances. The manufacturer has secured double-podium results in each of the three events it has entered in the 2024 IMSA Michelin Pilot Challenge (IMPC) season, but an outright win has remained elusive. The Hyundai Elantra N TCR has shown strong pace across a variety of tracks and will look to continue that trend in Lexington, Ohio. Hyundai will further its championship pursuit as the automaker looks to take the points lead in the fourth round of the season.
Drivers Mason Filippi and Mark Wilkins lead Hyundai’s effort, holding second place in the Drivers’ Championship, with Preston Brown and Denis Dupont close behind in third.
This fourth round of the IMPC schedule will take place Sunday, June 9, with the green flag set to fly at 12:35 p.m. EDT for the four-hour event.
• Mid-Ohio Sports Car Course: 2.258-mile, 13-turn road circuit
• Championship Standings: Second place for the No. 98 Elantra N TCR drivers Mason Filippi and Mark Wilkins

Previous Performance at Mid-Ohio Sports Car Course
Hyundai will take on the Mid-Ohio Sports Car Course for the first time since 2022 after a hiatus in the 2023 IMPC season. In its last visit to the racetrack, Hyundai achieved a 1-2 finish, notching the brand’s first win of the 2022 season. Read More

Baker Hughes Rig Count: : U.S. unchanged at 600 Canada +8 to 128
U.S. Rig Count is unchanged from last week at 600 with oil rigs down 1 to 496, gas rigs up 1 to 100 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 8 from last week to 128, with oil rigs up 10 to 74, and gas rigs down 2 to 54.

International Rig Count is up 7 rigs from last month to 978 with land rigs up 7 to 743, offshore rigs unchanged at 235

The Worldwide Rig Count for April was 1,726, down 67 from the 1,793 counted in March 2024, and down 82,from the 1,808 counted in April 2023.

RegionPeriodRig CountChange
U.S.A31 May 20246000
Canada31 May 2024128+8
InternationalApril 2024978.+7
Baker Hughes

Hyundai Motor America was named ‘OEM of the Year’ by WardsAuto at the AutoTech Detroit Conference in Novi, Mich. This is the second time Hyundai has been awarded the top honor by the organization. Hyundai also received the ‘Collaborative Partnership of the Year’ award with Parkopedia for combined work on the launch of the innovative Hyundai Pay service introduced in the 2024 Hyundai Kona. Through WardsAuto’s community, connections and event power, and the research expertise of Wards Intelligence, the brand provides expert direction into automotive and technology leadership. Read full article

Na Oh, the much-anticipated new restaurant by three-Michelin-star Chef Corey Lee, is set to open its doors to the public June 15, 2024. Located at Hyundai Motor Group Innovation Center Singapore (HMGICS), Na Oh promises a unique dining experience that blends authentic Korean cuisine with cutting-edge innovation.
Famed for his fine dining San Francisco restaurant Benu, where he received Three Michelin Stars, Chef Corey Lee will introduce a brand-new casual dining concept in Singapore. With the aim to provide an inclusive and accessible approach to quality Korean cuisine, Na Oh will offer a 4-course prix fixe menu, with guests having the option to choose the jinjitsang – a Korean meal setting served with a variety of accompaniments.
Na Oh – which means ‘moving from inside out’ in Korean – will be more than just a restaurant. It will be a destination in Singapore that stands as a cultural hub for Korean cuisine, craft and design, representing a collaboration of diverse Korean artisans.
Led by the culinary vision of Chef Corey Lee, Na Oh serves a seasonal menu that references traditional Korean cuisine but reinterpreted for the modern diner. Traditional preparations, such as fermentation and preservation, are integrated with modern techniques using a variety of seasonal ingredients full of natural energy.
The first summer menu, a reflection of Chef Lee’s innovative approach to tradition, features dishes such as Mulhwe (seafood in an icy kimchi broth), Naengmyun (cold beef noodles), and Samgyetang (ginseng-flavored stuffed chicken). The Samgyetang, a popular summer dish in Korea, will evoke the now hard-to-come-by flavor of homemade broth and slow cooking. The Naengmyun will include buckwheat noodles made-to-order, with a broth crafted from dongchimi and long-simmered beef stock, served with thinly shaved, sea-salt-cured beef strip loin – a refreshing reinterpretation of one of Korea’s beloved dishes. Read full article


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

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