Latest Energy / Automotive News As Reported, OPEC basket price at US80.05/bl
London, 18 July, 2023, (Oilandgaspress) : BP and Azerbaijan’s national oil firm SOCAR have participated for the first time in Israel’s recent licensing round, jointly bidding for two offshore blocks alongside NewMed Energy
Ford is taking Mustang where it never has gone before – where the tarmac ends and the dirt road begins – with the rally-inspired electric Ford Mustang Mach-E® Rally. 1 At the Goodwood Festival of Speed, enthusiasts and onlookers will get a look at the first rally-inspired electric SUV from Ford as it charges up the hill driven by Ott Tänak, current driver of the M-Sport Ford Puma Hybrid Rally1 entry and former World Rally champion. “Mustang Mach-E took the freedom and fun of Mustang and made it free from emissions. Now with Mustang Mach-E Rally, we’re providing our customers the freedom to venture off the asphalt and beyond the beaten path,” said Darren Palmer, Vice President, Electric Vehicle Programs, Ford Model e. Mustang Mach-E Rally – the first-ever, rally-inspired, five-passenger Ford Mustang – will be available in the U.S. and Europe. Read More
SLB has been awarded a five-year contract by Petrobras for an enterprise-wide deployment of its Delfi™ digital platform. The contract scope covers Petrobras’ digital transformation from exploration, development, and production operations, including moving subsurface workflows to the cloud to significantly accelerate decision making. The award represents one of Petrobras’ largest investments in cloud-based technologies and sets the foundation for it to achieve its decarbonization and net zero targets.The Delfi platform will empower all Petrobras’ geoscientists and engineers with seamless and scalable digital technology and computing power, helping improve focus on business operations. Read More
Ford Motor Co. is slashing prices on the electric version of its best-selling F-150 pickup by as much as 17%, as it moves to fend off new competition coming from Tesla Inc. and General Motors Co.The F-150 Lightning Pro, the cheapest version of the electric truck aimed at commercial buyers, now starts at $49,995. That’s down about $10,000 but still above the original starting price of $39,974 when it went on sale in April 2022. The lowest priced model aimed at consumers, the XLT, was also cut about $10,000 and now starts at $54,995.
The cuts announced on Monday, reverse roughly half the price hikes Ford had implemented on its battery-powered truck over the last year.Ford also added incentives on the F-150 Lightning for the first time, offering $1,000 off if shoppers configure their truck online and providing cut-rate financing of 1.9% for 36 months to buyers who qualify. Read More
Capricorn notes Woodside Petroleum’s announcement today regarding its Sangomar Field Development in Senegal where the targeted first oil has moved from late 2023 to mid-2024. Capricorn remains exposed to a contingent payment of between US$25m and US$50m if first oil is achieved in the first half of 2024 and the average Brent oil price during the first six months of production exceeds the $55/bbl or $60/bbl thresholds contained in the sale and purchase agreement. There is no payment if first oil is achieved later than H1/2024. Read More
Dubai Electricity and Water Authority (DEWA) has received submissions from numerous experts and researchers comprising 95 global universities and research centres from 36 countries around the world to participate in the first Middle East and North Africa (MENA) Solar Conference 2023, and showcase their latest research and scientific discoveries at the first scientific and technical conference of its kind in the region, specialising in solar energy. DEWA is organising the event from 15 to 18 November 2023 at the Dubai World Trade Centre. Read More
ACWA Power along with Haji Abdullah Alireza & Co (HAACO) and Al Moayyed Contracting Group (AMCG) announced the signing of an engineering, procurement, and construction (EPC) contract with a consortium of Power China, SEPCOIII, and WETICO for the 600,000 m3/day Rabigh 4 Independent Water Plant (IWP) project. Located in the Kingdom’s Western Province on the Red Sea coast, the total Rabigh 4 IWP project cost is valued at SR 2.54 billion (US$ 677 million) and will mainly serve the Makkah and Madinah regions. Financial close for the project is expected during the third quarter of 2023. ACWA Power currently operates the Rabigh 3 IWP in the same area, the first desalination plant of its size in the private sector. With the addition of the Rabigh 4 IWP, ACWA Power will double its desalination capacity in the area to 1.2 million m3/day and to 6.8 million m3/day across its portfolio, making it the largest private producer of desalinated water globally. Read More
Kuwait intends to boost its crude oil production capacity to 3.15 million barrels per day (bpd) within four years, from 2.7 million bpd now, the government reportedly stated on Monday. Kuwait also intends to raise its natural gas production by 79% over the next four years, according to the government plans reported by The National. Kuwait holds about 8 per cent of the world’s oil reserves and produced 2.7 million bpd in 2022, up from 2.42 million bpd a year earlier, according to Opec data. The country, which is committed to cuts decided by the Opec+ alliance, will produce three million bpd in 2025, the Kuwait Times reported last month, quoting Ahmad Al-Aidan, chief executive of the Kuwait Oil Company. Mr Aidan said the company intended to spend about $2.42 billion on oil-related projects over the next five years. Read More
Ofgem has shortlisted four potential operators for its next OFTO (Offshore Transmission Owner) bidding round for three offshore transmission links worth an estimated £2billion. A new bidder has joined three others in a competition to own and operate up to three offshore wind farm transmission assets, in the most valuable OFTO tender round ever run by Ofgem. A consortium led by newcomers Gravis Capital Partners joins previous OFTO bidders EKITD Consortium, Diamond Transmission Partners and Transmission Capital Partners. The four would-be OFTOs have all successfully passed through the ‘Enhanced Pre-Qualification’ (EPQ) stage. This is the first hurdle for aspiring OFTOs, whereby they must demonstrate that they are capable of both paying for and operating the OFTO assets which form part of the tenth tender round. All four bidders will be able to bid for the three offshore transmission assets of Dogger Bank A Offshore Wind Farm, Neart na Gaiothe Offshore Wind Farm and Moray Offshore Wind Farm (West), estimated to be worth a combined total of around £2bn. They will now go through to the final Invitation to Tender (ITT) stage for each of the assets. The ITT stage for the Dogger Bank A project is due to begin imminently and will be staggered thereafter for the remaining two projects, with Ofgem appointing a preferred bidder for each link after its respective ITT stage. The OFTO for each project will receive a guaranteed revenue stream for up to 25 years under the terms of their licence, subject to the availability of their assets. The OFTO regime has successfully operated for 11 years, having so far brought in investment for 24 assets, with several more currently going through the process. The next two years will see a surge in OFTOs coming to market, reflective of the UK Government’s ambitious target of increasing offshore wind generation capacity fivefold to 50GW* by 2030. Read More
Nel ASA has today granted 500,000 options under its long-term incentive (LTI) program for the CEO, Håkon Volldal. Reference made to the announcement January 5, 2022, where the strike price is 13.849, a premium of 10% over the closing share price on June 30, 2023, representing the one-year anniversary for his commencement date. The vesting period is 3 years and the options expired after 5 years. Reference made to the press release dated January 5, 2022, where a total of 500,000 share options has now been granted to Håkon Volldal in accordance with the company’s LTI program for the CEO. Each option, upon vesting, entitles Volldal to acquire one share in the Company. These options are granted without any considerations. As per the vesting schedule, 100% of the options will vest after three years, which corresponds to Volldal’s four-year employment anniversary. The vesting of options is contingent upon Håkon Volldal’s continued employment with the Company. Options that have not been exercised will expire five years after the grant date. According to the LTI program, Håkon Volldal will receive 500,000 options on each of the first, second, and third anniversaries of his commencement date. The total accumulated profit for all options is capped at NOK 25 million, with a limit of NOK 30 per option.
Following the grant, Håkon Volldal holds 0 shares and 500 000 options. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $74.28 | Down |
| Crude Oil (Brent) | USD/bbl | $78.53 | Down |
| Bonny Light | USD/bbl | $80.34 | Down |
| Saharan Blend | USD/bbl | $79.26 | Down |
| Natural Gas | USD/MMBtu | $2.55 | — |
| OPEC basket 17/07/23 | USD/bbl | $80.05 | Down |
The new OPEC Reference Basket (ORB) is currently made up of: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
U.S. Rig Count is down 5 from last week to 675 with oil rigs down 3 to 537, gas rigs down 2 to 133 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 12 from last week to 187, with oil rigs up 3 to 114, gas rigs up 9 to 73.
| Region | Period | Rig Count | Change |
| U.S.A | 14 July 2023 | 675 | -5 |
| Canada | 14 July 2023 | 187 | +12 |
| 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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