Latest Energy / Automotive News As Reported: Drop in US inflation growth boosted oil prices
London, 14 July, 2023, (Oilandgaspress) : Organization of the Petroleum Exporting Countries (OPEC) on Thursday forecast the global oil demand to increase by 2.25 million barrels per day (bpd) in 2024, an annual growth of 2.2 percent, as the expected “solid global economic growth amid continued improvements in China” will boost oil consumption. WTI for August delivery settled at US$75.75 a barrel on the New York Mercantile Exchange. Brent crude for September delivery settled at US$79.40 a barrel on the London ICE Futures Exchange.
China’s crude oil imports in June jumped 45.3% on the year to the second-highest monthly figure on record, customs data showed on Thursday, with refiners building up inventories despite tepid domestic demand. Crude imports in June totalled 52.06 million metric tons, or 12.67 million barrels per day (bpd), the data from the General Administration of Customs showed. It was a substantial increase on the 8.72 million bpd imported in June last year, when the economy was battered by widespread COVID-19 lockdowns (Reuters) . Read More
Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA, has signed a contract for 20 MW of alkaline electrolyser equipment for about EUR 9 million with Hyd’Occ for its project in Port-La-Nouvelle, France. Nel has already performed and delivered the front-end engineering and design (FEED) study on the project.
The 20 MW electrolyser will supply renewable hydrogen to local industry and transportation in southern France. Port-La-Nouvelle, where the electrolyser will be located, is expected to be a significant hub for hydrogen flows in the Mediterranean.
Hyd’Occ is backed by Qair, a leading French renewable energy and hydrogen producer, as the primary shareholder and developer, and AREC Occitanie the regional agency for energy transition (held by the Occitanie administrative region), as minority shareholder.
“We are thrilled to announce our collaboration with Hyd’Occ on this pivotal project in France, where our business footprint has been relatively modest so far. The project holds great potential for Nel being in one of the Mediterranean’s future hydrogen hubs”, says Hans Hide, Chief Project Officer at Nel.
“We are pleased to count on Nel’s support in the development of the first high-capacity hydrogen production unit in France. This collaboration takes us a step further in making concrete the hydrogen ecosystem of the future” says Guirec Dufour, Chief Executive Officer at Qair France.
This is a firm purchase order for alkaline stacks and balance of stacks. The stacks are planned to be delivered to the client around year-end 2023. Nel will assist the client in the project’s installation, commissioning, and start-up. Read More
Equinor’s long-term positive safety trend continues. The number of serious incidents per million hours worked has never been lower than it was at the end of the second quarter, measured over the past twelve months.At the end of the second quarter of 2023 the serious incident frequency per million hours worked (SIF) was 0.3, down from 0.4 in the first quarter. Serious injuries are also included in the serious incident frequency.
The total recordable injury frequency (the number of injuries requiring medical treatment per million hours worked, TRIF) was 2.5 for the last twelve months per the second quarter, down from 2.7 in the first quarter.Eleven oil and gas leaks have been recorded during the past twelve months. Oil and gas leaks are classified by the severity of the leak rate. There have been no incidents with major accident potential or serious well control incidents in the second quarter. Read More
China’s BYD Co has submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company, three people with direct knowledge of the plan told Reuters.
BYD and privately held Hyderabad-based Megha Engineering and Infrastructures have submitted a proposal to Indian regulators to form an EV joint venture, the people said, asking not to be named because the application is private.(Reuters) Read More
Nissan Formula E Team will be looking to capitalize on their recent qualifying speed as the ABB FIA Formula E World Championship travels to Rome for the penultimate race weekend of the 2022/23 season. Both Sacha Fenestraz and Norman Nato have shown strong one-lap pace in recent events, with the duo lining up second and third on the grid respectively last time out in Portland. Now, the team is aiming to convert that qualifying pace into points as it takes on the double-header in the Italian capital, with Formula E set to visit the city for the fifth time. Debuting on the calendar in 2018, the Circuito Cittadino dell’EUR is a driver and fans’ favorite thanks to its challenging layout. The 3.38-kilometre track features 19 corners and winds past several Roman landmarks, including the Marconi Obelisk and Palazzo dei Congressi. Read More
Production at Libya’s El Feel, Sharara and 108 oilfields was shut on Thursday in a protest against the abduction of a former finance minister, a tribal leader told Reuters on Thursday. The shutdown was confirmed by oil engineers and a protester.
It is a protest by the Al-Zawi tribe against the kidnapping of Faraj Bumatari, a former finance minister, according to the tribal leader.(Reuters) Read More
California has put a near halt on issuing permits for new drilling this year, according to state data.
The state’s Geologic Energy Management Division, known as CalGEM, has approved seven new active well permits in 2023. That compares with the more than 200 it had issued by this time last year.
The stalled approvals represent the latest tension between California’s bold environmental ambitions and its role as a major oil and gas producer and consumer. New drilling permits have steadily declined since Gavin Newsom became governor in 2019, but the current rate of approval represents a sudden and dramatic drop. It is the seventh-biggest U.S. crude oil producer,(Reuters) Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $76.41 | Up |
| Crude Oil (Brent) | USD/bbl | $80.74 | Up |
| Bonny Light | USD/bbl | $81.88 | Up |
| Saharan Blend | USD/bbl | $80.94 | Up |
| Natural Gas | USD/MMBtu | $2.55 | Down |
| OPEC basket 13/07/23 | USD/bbl | $81.53 | Up |
| Region | Period | Rig Count | Change |
| U.S.A | 07 July 2023 | 680 | +6 |
| Canada | 07 July 2023 | 175 | +8 |
| International | June 2023 | 967 | +2 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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