Latest Energy / Automotive News and Press Releases As Reported
London, March 13, (Oilandgaspress) Brent Crude stood at $81.00/bl, WTI Crude stood at $75.01/bl
Saudi Aramco reported a net profit of $161.1 billion for 2022
Biden approves Willow oil project in Alaska
The Biden administration said Monday it is approving the major Willow oil project on Alaska’s petroleum-rich North Slope
Biden’s Willow plan would allow three drill sites initially, which project developer ConocoPhillips has said would include about 219 total wells. A fourth drill site proposed for the project would be denied. The project, located in the federally designated National Petroleum Reserve-Alaska. The area where the project is planned holds up to 600 million barrels of oil.
Dana Incorporated (NYSE: DAN) announced today that it has been recognized as one of the 2023 World’s Most Ethical Companies® by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.The World’s Most Ethical Companies assessment includes a rigorous evaluation process encompassing compressive documentation review; research into ethical landscape; and more than 200 questions on culture, environmental and social practices, ethics and compliance activities, governance, diversity, and initiatives that support a strong value chain. This serves as an operating framework to capture and codify the leading practices of organizations across industries and around the globe. Read More
A French literature student, Sabsabi dropped out of university when hyperinflation made it impossible for him to continue paying the fees. He used YouTube videos, books, and scientific articles to build the turbine that is working and producing electricity. He’s hoping for a north-Lebanon wind industry to crop up in the wake of his invention, which he says he wants to share with his neighbors. Read More
Baker Hughes (NASDAQ: BKR) will hold a webcast on Wednesday, April 19, 2023, to discuss the results for the first quarter ending March 31, 2023. The webcast is scheduled to begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time). A press release announcing the results will be issued at 7 a.m. Eastern Time (6 a.m. Central Time). Read More
Montavista Energy Technologies Corporation (Montavista), an explorer of innovative lithium metal battery (LMB) technologies, has unveiled a new product line featuring both high power and high specific energy. In recent flight tests conducted by several drone developers, the commercial drones equipped with Montavista’s new METARY® P series product have demonstrated 60 ~ 80 % longer flight time in comparison with that using a commercial lithium ion battery (LIB).
Extending flight time is critical for many practical applications of commercial drones. METARY® P Series has provided a unique solution for such application scenarios. By adopting a lithium metal anode and an optimized non-flammable liquid electrolyte, the METARY® P Series cells provide not only a high specific energy over 400 Wh/kg that can sustain an ultralong in-air time for a commercial drone, but also a high specific power that can lift and maneuver it safely at high speed. Read More
Lithium proved to be an essential mineral for the electrification of vehicles as LiOH, a white hygroscopic crystalline material and an inorganic compound, is mostly used by lithium-ion battery manufacturers. In addition, lithium-ion batteries are heavily adopted due to their compact size, rechargeability, recyclability and high-density energy output. Nowadays, many car manufacturers are venturing into battery manufacturing, like BMW Group for example, which has signed an agreement with Ganfeng Lithium, a lithium extracting company in China, for supplying LiOH for battery cells owing to the rising penetration of EVs. And, according to data provided by Allied Market Research, the global electric vehicle market was valued at USD 162.34 Billion in 2019, and is projected to reach USD 802.81 Billion by 2027 while registering a CAGR of 22.6%. Geographically, the Asia-Pacific region has been the highest revenue contributor, accounting for USD 84.84 Billion in 2019, and is estimated to reach USD 357.81 Billion by 2027, with a CAGR of 20.1%. Nevertheless, the North America region is expected to grow faster, as it is estimated to reach USD 194.20 Billion by 2027 at a significant CAGR of 27.5%. Vital Battery Metals Inc. (OTC: VBAMF) (CSE: VBAM), Patriot Battery Metals Inc. (OTC: PMETF) (TSX-V: PMET), Lithium Chile Inc. (OTC: LTMCF) (TSX-V: LITH), FE Battery Metals Corp. (OTC: FEMFF) (CSE: FE), Brunswick Exploration Inc. (OTC: BRWXF) (TSX-V: BRW) Read More
Expion360, Inc. (NASDAQ:XPON), an industry leader in lithium-ion battery power storage solutions, has been chosen as the exclusive supplier of high-energy lithium-ion batteries and power system components for all Little Guy lightweight camper trailers manufactured by Xtreme Outdoors.Expion360 state-of-the-art e360™ 120Ah e360 Li-ion batteries will provide high-capacity, energy-dense storage for Little Guy trailer models, Max, Mini Max and Micro Max, as well as a new Xtreme model, Shadow.
The other components of the custom Xtreme Outdoors power system include a Cotek 2500W Inverter and a Victron Smart Shunt for battery monitoring using the VictronConnect mobile app. Wellspring Components assisted in the design process for the system in partnership with Expion360. The design features a custom fabricated, preassembled component board that simplifies the installation process and helps sustain assembly line efficiency. Xtreme Outdoors has already begun receiving orders for the power system from its network of more than 130 dealers across the U.S. and Canada. Read More
Baker Hughes Rig Count
U.S. Rig Count is down 3 from last week to 746 with oil rigs down 2 to 590, gas rigs down 1 to 153 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 23 from last week to 223, with oil rigs down 19 to 139, gas rigs down 4 to 84.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 10 March 2023 | 746 | -3 |
| Canada | 10 March 2023 | 223 | -23 |
| International | February 2023 | 915 | +14 |
Vital Battery Metals Inc. announced it has increased its presence in the lithium market by acquiring, for the cost of staking, the Dickson Lake Lithium Project (“Dickson” or the “Project”). The Project consists of 464 single-cell mining claims covering approximately 9,780 hectares and is near Imagine Lithium and Georgia Lake Lithium Deposits. With the recent acquisitions of Dickson and the Schofield Lithium Project, the Company now owns over 18,000 hectares of prospective lithium properties in Northern Ontario.
Chief Executive Officer of Vital, Adrian Lamoureux, comments “We are very proud to add the Dickson Lake Lithium Project to our portfolio. We believe that the Project ticks a lot of boxes in terms of cost, location, mapped pegmatites, road access, geological environment, and geochemical signatures. We are especially proud that in the past two weeks we have been able to acquire over 18,000 hectares of prospective lithium properties near companies such as Brunswick Exploration, Imagine Lithium and Rock Tech Lithium without added dilution. We intend to continue to build a strong battery metals portfolio with low-risk opportunities that positively impact the Company and its shareholders. We look forward to providing shareholders with a detailed initial work plan in the coming weeks.” Read More
Vital Battery Metals Inc. announced it has entered the Lithium market by acquiring, for the cost of staking, the Schofield Lithium Project (“Schofield” or the “Project”). The Project consists of 416 single-cell mining claims covering approximately 8,824 hectares and is located approximately 60km south of Hearst, Ontario. The Project is easily accessible by logging road networks and is directly south of the Brunswick Exploration’s Hurst Lithium project. The Project was staked based on preferred geological environments and historical mapping of pegmatite outcrops. Read More
Hans Energy Company Limited pursuant to Rule 13.09(2)(a) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The board (the “Board”) of directors (the “Directors”) of the Company wishes to inform the shareholders of the Company and potential investors that, based on the information available to the Board, the Group is expected to record a net profit of not less than HK$1,000,000 for the year ended 31 December 2022 as compared to the net loss of HK$13,518,000 recorded for the year ended 31 December 2021; and the Company is expected to record a profit attributable to the equity shareholders of the Company of not less than HK$100,000 for the year ended 31 December 2022 as compared to the loss of HK$16,047,000 recorded for the year ended 31 December 2021. Read More
NEO Battery Materials Ltd., a low-cost silicon anode materials developer that enables longer-running, rapid-charging lithium-ion batteries announce the launch of NEO Battery Materials America LLC (“NBM America”) for U.S. business expansion. The Company will also participate in South Korea’s leading annual battery exhibition – InterBattery 2023.
NBM America Formation & U.S. Site Visitation
In the past week, NEO has successfully incorporated NEO Battery Materials America, LLC under the provisions and requirements of the State of Delaware. As a wholly-owned and operated subsidiary, NBM America will now allow active and aggressive business development and relationship-building initiatives to market NEO’s core silicon anode materials in the U.S.
With Ohio being discussed as the top headquarter location, the management team is expected to visit Ohio and Kentucky in late March and early April to select the site for operation. The agenda involves building and strengthening business relationships with EV battery industry players and governmental organizations that include the Ohio Economic Development Association, JobsOhio, and REDI Cincinnati.
As discussed, to target the large pool of venture capital funding, the management team and key advisors will visit New York City and plans to hold meetings with prominent cleantech VC and investment banking firms. NBM America intends to secure strategic private capital and funding to enable U.S. commercial plant construction and create financial capacity for silicon waste recycling and other battery-related value-added projects.
InterBattery 2023
Inaugurated in 2013, InterBattery is South Korea’s leading annual battery trade show that attracts over 900 domestic and international exhibitors with 1,500 showcasing booths. With the participation of global battery manufacturers and EV automakers, NEO Battery Materials intends to establish new business relationships for further strategic initiatives and expansion.
InterBattery 2023 will run for a 3-day period from March 15 to March 17, and the Company will be running a booth for the exhibition, featuring its unique cost-effective, and high-performance silicon anode materials to exhibiting industry players. Samsung SDI, LG Energy Solution, SK On, Dow Chemical Company, and Korea Zinc will also be participating in the trade show this year. Read More
Arrow Exploration Corp., the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, is pleased to provide an update on the drilling activity at Rio Cravo Este (RCE) on the Tapir Block in the Llanos Basin of Colombia.
RCE-4 Update
The RCE-4 well was spud on March 1, 2023, and reached total depth on March 8, 2023. RCE-4 is located within the RCE oil field on the Tapir Block in the Llanos Basin of Colombia. The well was drilled to a total measured depth of 8,546 feet (8,053 feet true vertical depth) and encountered six hydrocarbon bearing intervals totaling 45 net feet of oil pay (measured depth).
The following hydrocarbon bearing intervals have been identified:
• Carbonera C7: 25 feet net oil pay over two intervals
• Lower Gacheta: 20 feet net oil pay over four intervals
Interval thicknesses are not necessarily indicative of long-term performance or ultimate recovery.
It is expected that the RCE-4 well will begin production in late March 2023. The rig will then be moved to the RCE-5 location with the intention that RCE-5 will spud within a few days of RCE-4 being brought on production.
RCE-3 Update
RCE-3 continues to flow naturally at 650 BOPD gross with no pressure drop and zero water cut. We anticipate activating the submersible pump to increase production on a measured conservative basis to achieve balance between maximum production and ultimate recoverable reserves. The same incremental approach will be applied to RCE-4 and RCE-5
Capella Field Update
Meetings have progressed between the government, protesters and operator regarding the Capella field in the Ombu block. The government has agreed to some of the demands of the protesters and is reviewing other requests. Protesters have been leaving the area. The Capella field continues to be shut in and is currently protected by the Colombia military. Arrow hopes for a safe and quick resolution and return to operations. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $72.89 | Down |
| Crude Oil (Brent) | USD/bbl | $79.04 | Down |
| Bonny Light | USD/bbl | $82.88 | Down |
| Saharan Blend | USD/bbl | $83.60 | Up |
| Natural Gas | USD/MMBtu | $2.46 | Down |
| OPEC basket 10/03/23 | USD/bbl | $80.72 | Down |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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