Latest Energy / Automotive News As Reported, OPEC basket price at US$75.24/bl

London, 23 May, 2023, (Oilandgaspress) :OPEC Secretary General, HE Haitham Al Ghais, stressed that technological innovation will play a critical role in reducing emissions. The Secretary General stated this at the opening of the 30th Annual Middle East Petroleum and Gas Conference (MPGC 2023), which is taking place on 22-23 May 2023 in Dubai, United Arab Emirates (UAE). In his opening remarks, the Secretary General expressed OPEC’s appreciation to the UAE for its climate leadership in the run-up to hosting COP28. “The President of the UAE, HH Sheikh Mohamed bin Zayed Al Nahyan, announced at the beginning of the year that 2023 will be the ‘Year of Sustainability’. This reflects this country’s longstanding commitment to sustainable practices and international cooperation to address the challenges of our times,” the Secretary General said, adding, “The culmination of the ‘Year of Sustainability’ will be Dubai’s hosting of the COP28, which represents a moment of tremendous pride for OPEC.” The Secretary General emphasized that energy security for all and decarbonization must go hand-in-hand, which require major investments in all energies.

Additionally, the Secretary General highlighted the consequences of divestment or under investment in the oil industry: causing market volatility, endangering energy security, imperilling economic growth and jeopardizing sustainable development. Read More

Energy transition must be fair and inclusive
OPEC Secretary General, HE Haitham Al Ghais, highlighted that the energy transition must be fair and inclusive, where no one would be left behind. The Secretary General made these remarks in his address to OPEC’s 23rd Coordination Meeting on Climate Change held via videoconference in preparation for the upcoming meeting of COP28. The Secretary General stressed, in a pre-recorded video message, that “we are particularly proud to have an OPEC Member Country at the helm of the highly important COP meeting. Just recently, COP28 President-Designate, HE Dr. Sultan Al Jaber, UAE’s Minister of Industry and Advanced Technology and Special Envoy for Climate Change, presented his larger ambitions for the COP.” The Secretary General also noted the importance of the meeting, adding that climate change is a great global challenge that affects all countries and peoples. The Coordination Meetings on Climate Change serve as a dynamic forum facilitating the exchange of knowledge and expertise on various key topics related to climate change and sustainable development. In its 23rd iteration, the event focused on the latest developments related to UN climate change discussions, climate finance and the diversification of energy systems. Read More

Abarth and Alfa Romeo, ambassadors of the elegance and sportiness of historic motoring at the prestigious “FuoriConcorso” and “Villa d’Este” events.Great public acclaim for two of the most prestigious historical motoring events in Italy and worldwide, “FuoriConcorso” and the “Concorso d’Eleganza di Villa d’Este”, which have enlivened the weekend in the towns on the banks of Lake Como. “FuoriConcorso”, launched in 2019 and already established as one of the most engaging automotive events in the world, aims to disseminate motoring culture while offering a taste of the renowned Italian lifestyle. Hosted in the elegant gardens of Villa del Grumello and Villa Sucota and this year themed “Aero”, one of the participants was the Abarth 1000 Monoposto Record Pininfarina (1960), one of the most precious gems in the Stellantis historical collection. A true manifesto of aerodynamics, fully in line with the theme of the event, this powerful and tapered prototype originated from the continuous and prolific collaboration between Fiat, Abarth and coachbuilder Pinin Farina. Read More

FIAT celebrates the 100th anniversary of the iconic Lingotto: a century has gone by since the fundamental production facility was officially opened on May 22nd, 1923, immediately establishing the location as a major Italian industrial centre. The famous building now has a new life and purpose but continues to be an engine of new ideas and inspiration. For FIAT, Lingotto is a place where heritage meets the future. In its early days, its iconic structure and features were a manifesto that truly launched FIAT into the 20th century. Today it is again a manifesto of the brand’s renewed vision in the 21st.

In the celebration video “Shaping the Future” Olivier Francois, FIAT CEO and Stellantis Global CMO, takes the opportunity to anticipate some details of the cars that will begin to appear on the market from 2024. The “Lingotto inspired” theme also makes FIAT’s goal explicit: to inspire change and make a sustainable future accessible to all. Olivier Francois said: “At FIAT we think that the Lingotto and the track are such a landmark that they deserve to become ‘design markers’. Their characteristics have inspired FIAT designers to trace the lines of the future FIAT models, from the incredible roof track, to the ramp – a revolution in the 1920s – which is like a manifesto of our traditional lightness: less material, more space, that’s our vision of interior design moving forward. The oval shape of “La Pista 500” inspires several new interior product marker, while the façade, with the lightness of its windows, will also become a distinctive signature of the future models. I look forward to launching those ‘Lingotto inspired’ models a year from now.” Read More

The all-new 2024 Toyota Tacoma made its world premiere last night in Pauko, Hawaii, introducing the world to the fourth generation of the best-selling mid-size pickup of the last 18 years. Toyota group vice president and general manager Dave Christ introduced the new truck alongside Tacoma chief engineer Sheldon Brown and CALTY president Kevin Hunter. The all-new Tacoma is built on Toyota’s TNGA-F global truck platform and features an available new multilink rear suspension. Customers have the choice of two new powerful and efficient four-cylinder powertrains and the i-FORCE MAX hybrid that produces 326 horsepower and 465 lb.-ft. of torque. Tacoma also introduces the world to the all-new Trailhunter grade that is a factory-developed overlander with integrated components from ARB, Old Man Emu, and RIGID. As part of Toyota’s diverse approach to working toward a carbon neutral future, Tacoma i-FORCE MAX is the latest hybrid offering in Toyota’s lineup to wear the Beyond Zero badge. Today, Toyota offers 15 electrified vehicles for customers to choose from. With eleven hybrid models, two plug-in hybrid models, the bZ4X battery electric vehicle, and the zero-emission hydrogen fuel cell Mirai, Toyota provides more choices than any other automaker for customers to reduce their carbon footprint. Read More

Oil and Gas BlendsUnitsOil Price $change
Crude Oil (WTI)USD/bbl$72.02Up
Crude Oil (Brent)USD/bbl$75.97Up
Bonny LightUSD/bbl$75.22Up
Saharan BlendUSD/bbl$75.71Up
Natural GasUSD/MMBtu$2.39Down
OPEC basket 22/05/23USD/bbl$75.24Down
At press time 23 May 2023

China National Offshore Oil Corporation announced that Wenchang Deep Sea Float The wind power demonstration application project was successfully connected to the grid for power generation. The project is located in the waters of Wenchang Oilfield Group in the west of the South China Sea, with an offshore distance of 136 kilometers and a water depth of 120 meters. It is the world’s first semi-submersible “double hundred” deep-sea floating wind power project with a water depth of more than 100 meters and an offshore distance of over 100 kilometers. . The main production facility of the project, “CNOOC Guanlan”, has an installed capacity of 7.25 MW. It is China’s first deep-sea floating wind power platform, and it is also a semi-submersible floating wind power supply platform for offshore oil and gas fields with the worst production sea environment in the world. The average annual power generation of the project can reach 22 million kWh, and it is expected to save nearly 10 million cubic meters of natural gas and reduce carbon dioxide emissions by about 22,000 tons per year. CNOOC owns 100% equity of Wenchang Deep Sea Floating Wind Power Demonstration Application Project. Read More

Nigeria commissioned Dangote Refinery on Monday amid hopes of transforming the country into a net exporter of petroleum products, but analysts said securing crude supplies could affect it achieving full production this year. The plant plans to export the surplus petrol, turning Africa’s biggest oil producer into an export hub for petroleum products. It also plans to export diesel. NNPC, with a 20% stake in the refinery, has production sharing agreements with oil majors like Exxon Mobil, Shell and Eni and is entitled to a portion of the crude, which it also swaps with traders for petrol and diesel.

The refinery has not signed an agreement to buy from oil majors in Nigeria. Read More

Enel SpA said on Monday it will invest more than $1 billion in a solar cell and panel factory in Oklahoma, seeking to capitalize on the U.S. push to build a homegrown clean energy manufacturing sector to compete with China. The facility will be among the largest to produce solar equipment in the United States, where most projects are built with imported panels. It is also one of the first U.S. factories to produce silicon-based solar cells on a large scale. The investment is one of the biggest in solar manufacturing since the passage of U.S. President Joe Biden’s landmark climate change law, the Inflation Reduction Act (IRA), last year. Facilities built with panels containing domestically made cells may receive a lucrative IRA bonus tax credit worth 10% of a project’s cost. Read More

Tullow Oil plc (Tullow) announces that Tullow Kenya B.V., as operator of its licences in Kenya, has been informed by its two minority partners of their intention to issue notices of withdrawal from Blocks 10BB, 13T and 10BA in the South Lokichar Basin (the ‘Project’) for differing internal strategic reasons. As a result, Tullow’s working interest in these blocks will increase from 50% to 100%. The Board considers that owning 100% of the Project creates more optionality, gives Tullow more flexibility in the ongoing process to secure strategic partners, creates a simpler Joint Venture Partnership and streamlines project delivery. This is a low-cost development project that has the potential to unlock material value for Kenya.

The prospective strategic partners have been informed. They remain engaged and detailed farm-out discussions continue with a number of companies. Whilst the process has taken longer than expected, Tullow remains focused on securing a strategic partnership this year. Project progress continues and the updated Field Development Plan (FDP) was submitted to the Kenyan regulator, Energy and Petroleum Regulatory Authority (EPRA), in March 2023 and is now under review by EPRA. Tullow will continue to work collaboratively with Government of Kenya and EPRA to get the FDP approved. Following the withdrawal of the minority partners, Tullow’s net Project 2C contingent resources are expected to increase from 231 mmboe to 461 mmboe, taking the Group’s total contingent resources from 605 mmboe to 836 mmboe. Net capex guidance for 2023 in Kenya will increase from c.$10 million to c.$15 million, less than 5% of Group capex. Read More

Africa Oil Corp. announces that it has submitted withdrawal notices to its joint venture partners on Blocks 10BB, 13T and 10BA in Kenya, to unconditionally and irrevocably, withdraw from the entirety of the joint operating agreements (“JOAs”) and Production Sharing Contracts (“PSCs”) for these concessions. The Company has concurrently submitted notices to Ministry of Energy and Petroleum, requesting the government’s consent to transfer all of its rights and obligations under the PSCs to its remaining joint venture partner.The carrying value of the Kenya intangible exploration assets was written down to $58.6 million at December 31, 2022, and the Company intends to further impair this value to zero. Read More

Background music can impact driving speed, safety and climate-friendliness

Neste studied what kind of music Finns listen to while driving, and what they think is the best driving music. As high-tempo music has been shown to affect driving behavior, Neste created playlists for various routes in Finland that have a calming impact on the heart rate and promote road safety and a more climate-friendly driving style. Playlists were also created for a few driving routes abroad that are known by the Finns.

In the survey* carried out by Neste in April 2023, 82% of the women and 76% of the men who responded felt that listening to music while driving reduced stress caused by congestion and other traffic-related factors. Overall, the respondents (58%) felt that listening to music could help the driver relax. Listening to the right type of music in the car was said to help the driver relax, enjoy the experience, stay awake and avoid boredom. 74% of the respondents felt that listening to music was pleasant during longer trips in particular. “According to our study, congestion and traffic jams cause irritation and increase the heart rate in 55% of drivers. We created customized playlists for drivers for frequently used and congested commuting routes to avoid speeding, maintain a relaxed atmosphere in the car and minimize emissions. The tempo of the songs in the playlists is below 90 beats per minute, which is ideal for keeping the heart rate appropriately calm behind the wheel. We hope that our playlists will also bring joy to the drivers, and we wish for safe travels during the summer driving season,” says Mika Hyötyläinen, Vice President, Marketing Communications at Neste.

For example in Finland, highways 4, 5 and 6 between Helsinki and Lahti, Kuopio and Jyväskylä and Kouvola and Lappeenranta now have their own curated playlists that aim to reduce the heart rate. For vacationers, playlists were created also for the Baltic countries, for the Via Baltica, and a few playlists for the United States, for example for the Brooklyn Bridge in New York.

The radio is on in the car – pop music is the most popular genre

In the survey, 61% of the respondents (regardless of age, place of residence, life situation and gender) said that listening to the radio on the road was the most popular way to consume music. Around a third of the respondents used streaming services at least occasionally while driving.

Of the respondents, 43% felt that pop music was the best kind of music for driving, while 41% favored rock. Pop music was the most popular genre among people aged 45–54 and women, and rock was the chosen genre for more than 50% of people aged 18–24 and 35–54. Rock was the least popular genre among people over 65. Read More

BW Energy

BW Energy: Annual General Meeting 2023 

The Annual General Meeting 2023 of BW Energy Limited was held today. Please see the attached document for the minutes of the meeting.

With reference to AGM 2023 minutes, BW Energy is pleased to announce a new board member, Ms. Ana Zambelli.
Ms. Zambelli joins us from her previous role as Managing Director of Brookfield Private Equity Inc, responsible for business operations in Brazil. She has more than 23 years of international experience in the oil and gas industry.
Ms. Zambelli is currently a board member at Seadrill and the head of the Diversity Committee of the Brazilian Petroleum Institute (IBP). She also has been a board member of a wide range of companies within the energy sector including Petrobras and Braskem and in other industries. Her previous experience also includes senior executive roles within Maersk Drilling, Transocean and Schlumberger. Ms. Zambelli holds a Master of Science Degree from Heriot-Watt University in Scotland, a Bachelor of Science degree from the Federal University of Rio de Janeiro and post graduate certifications from Columbia University and MIT. Read More

Toyota’s Strategy for the Electrification Era

Toyota’s financial results for the fiscal year ended March 2023, announced on May 10, showed an increase in sales revenues but a decrease in profit. However, with signs of the semiconductor shortage beginning to resolve, Toyota projects increased sales revenues and profit for the fiscal year ending March 2024, including an operating income of 3 trillion yen. An immediate report on the financial results was delivered by Toyota Times. President Koji Sato, reflecting on the results, stated, “In order to transition to the mobility industry, we will continue to increase our current R&D and capital investment of about 3 trillion yen, raise the proportion of future investments, and achieve sustainable growth.” Read More


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