Latest Energy / Automotive News : Nigeria empowers states, companies, and individuals to generate, transmit and distribute electricity
London, 09 June, 2023, (Oilandgaspress) : Nigeria’s President Bola Ahmed Tinubu has assented to the Electricity Act 2023, which was initially passed by lawmakers in July 2022. The Electricity Act will replace the Electric Power Sector Reform Act (EPSRA), 2005.
The new Electricity Act will enable the de-monopolization of Nigeria’s electricity generation, transmission, and distribution of electricity at the National level and empower states, companies, and individuals to generate, transmit and distribute electricity. This means anyone may construct, own, or operate an undertaking for generating electricity not exceeding one megawatt in aggregate at a site, or an undertaking for distribution of electricity with a capacity not exceeding 100 kilowatts in aggregate at a site, or such other capacity as the Commission may determine from time to time, without a licence.
The act empowers states, companies, and individuals to generate, transmit and distribute electricity. It also gives states power to regulate their electricity markets by issuing licences to private investors who can operate mini-grids and power plants within the state according to local media reports.
Celebrating ’75 Years of Porsche Sports Cars’
On 8 June 1948, the Porsche 356 ‘No. 1’ received its general operating permit. For Ferry Porsche, this was a dream come true. The dream of a sports car that had never existed before. This is the entrepreneurial spirit that has characterised the sports car manufacturer to this day. For 75 years, Porsche has been ‘Driven by Dreams’. Yesterday, the sports car manufacturer celebrated its exemplary success story in five acts together with trailblazers and co-travellers from the past decades. Oliver Blume, host and Chairman of the Executive Board of Porsche AG, opened a spectacular live show at 10.00 pm (CET) at Porscheplatz in Zuffenhausen, in the very heart of the brand. “Pioneering spirit and passion – this is what Porsche is all about. We combine tradition and innovation. We’re always looking forward with courage – but we never forget who we are and where we come from. For 75 years we have been continuously reinventing ourselves. While remaining true to ourselves and our values. Only by constantly changing has Porsche remained Porsche,” Blume concluded. Read More
Porsche Mission X: yet another dream takes place
At Porsche, innovative concept cars have always laid the groundwork for the future. The sports car manufacturer is continuing this tradition with this latest concept study. Mission X is a spectacular reinterpretation of a hypercar, with Le Mans-style doors that open upwards to the front and a high-performance, efficient electric powertrain. dramatic-looking two-seater celebrated its premiere on 8 June 2023 – the eve of the ‘75 Years of Porsche Sports Cars’ exhibition opening at the Porsche Museum in Stuttgart-Zuffenhausen. “The Porsche Mission X is a technology beacon for the sports car of the future. It picks up the torch of iconic sports cars of decades past: like the 959, the Carrera GT and the 918 Spyder before it, the Mission X provides critical impetus for the evolutionary development of future vehicle concepts,” says Oliver Blume, Chairman of the Executive Board of Porsche AG. “Daring to dream and dream cars are two sides of the same coin for us: Porsche has only remained Porsche by constantly changing.” Michael Mauer, Head of Style Porsche, says: “The Mission X is a clear commitment to the core of the brand. The continuing, enhanced expression of our brand and product identity is an important compass for us to navigate the development of our series-production models. The concept study symbolises a symbiosis of unmistakable motorsport DNA with a luxurious overall impression.” Read More
Free2move’s monthly car subscription service experiences 200 % growth in Spain
Free2move has seen a significant increase in demand for its monthly car subscription service in Spain since its launch in May 2021. The service builds on the success of Free2move’s free-floating car-sharing service which has been available since 2016. Expanding on the company’s mission to simplify mobility for everyone, the Car On Demand service provides total flexibility for customers who can choose the model, duration, and mileage and subscribe to an all-inclusive car with maintenance, assistance and insurance.
Demand three times higher than last year . With more than 100,000 requests in 2022, Free2move’s subscription demand has grown by over 200 percent, offering flexible rental to both individuals and companies for periods of 3 to 24 months. The service is popular among expats, temporary car buyers, and customers who need a vehicle for a specific purpose without any long-term commitment. Read More
Bentley Motors to work alongside Dezeen to launch a new edition of its awards programme
Bentley Motors is excited to announce a three-year sponsorship of a new regional edition of Dezeen Awards designed to celebrate the very best of architecture, interiors and design from studios based in China. Launching in June, Dezeen Awards China is open to studios large and small. Bentley will work alongside Dezeen to inspire, support and champion design excellence in China and the pursuit of sustainable solutions. Now in its sixth year, Dezeen Awards is one of the most-entered awards programmes in its sector internationally, attracting more than 5,000 entries from 90 countries in 2022 across architecture, interiors, design and sustainability.
Dezeen Awards is judged by the biggest names in the business, with former Chinese judges including Min Wang, Zhang Ke, Lyndon Neri and Rossana Hu. Dezeen Awards China judging panel will feature design luminaries from China as well as international names who have experience of working in the country culminating in a Dezeen Awards China winners’ event in December. The awards align with Bentley’s passion for design and innovation, expressed in its luxury cars but also through its Bentley Home and Bentley Residences creations, which are also expanding globally.
The core criteria of Dezeen Awards China connects closely to core principles of the Bentley brand. As Kim Airey, Managing Director of Bentley Motors Chinese Mainland, Hong Kong and Macao, comments, “It is my pleasure to serve as a judge alongside the panel of distinguished design luminaries in China, looking for designs that push boundaries with beautiful, innovative and beneficial ideas. These objectives align naturally with Bentley and challenge convention, and boldly drive towards a sustainable future. Our Beyond100 strategy also targets sustainable luxury mobility leadership by reinventing every aspect of the business, designing a future driven by new technologies, materials and skills, in the pursuit of a progressive new world.”
There are 17 project categories to enter. In addition, the ‘China Designer of the Year’ awards will reward six emerging and established designers or studios with names put forward by Dezeen Awards China judges. Sustainability is a core focus for the new Dezeen Awards 2023 globally, and all entrants will be asked to provide information about the impact of their project on the environment. The awards will be promoted in China on WeChat as well as on Dezeen with both platforms used to provide updates on launches, key judges, core milestones and events. Entries for the Dezeen Awards China 2023 open on 8 June 2023 at dezeen.com/awards/china. Read More
Lamborghini Revuelto Premieres in Japan
Automobili Lamborghini Japan hosted the Lamborghini Revuelto Japan premiere on Tuesday 6 June at Ariake Arena. In the marque’s 60th anniversary year, Lamborghini premiered its first V12 super sports hybrid plug-in HPEV (High Performance Electrified Vehicle) in front of over 500 guests in Japan. The location, Ariake Arena, served as one of the Tokyo 2020 Olympic and Paralympic Games venues and is slated to become Tokyo’s new sports and cultural hub: Lamborghini is the first automobile manufacturer to host an event there. Attending the premiere from Automobili Lamborghini were Mitja Borkert, Head of Design and Matteo Ortenzi, Revuelto Product Line Director, together with Japan representative Davide Sfrecola, Head of Japan.
With unprecedented new architecture, innovative design, maximum-efficiency aerodynamics, and a new carbon frame concept, Lamborghini Revuelto defines a new paradigm in terms of performance, sportiness and driving pleasure. An output of 1,015 hp is delivered from the combined power of an entirely new combustion engine together with three electric motors, alongside a double-clutch transmission (DCT) that makes its debut on a 12-cylinder Lamborghini for the first time. Making its global debut in the 60th anniversary year, the first electrified model delivers impact, excitement and innovation for Lamborghini owners and enthusiasts. Read More
Lamborghini and 3T present two exclusive new bicycles
The collaboration between Automobili Lamborghini and 3T, the world-renowned manufacturer of luxury bicycles, continues with two new high-end models that embody the Italian excellence of super sports cars.
After the success of the Exploro Racemax x Huracán Sterrato in 2022, which combined 3T’s experience in gravel bicycle design with Lamborghini’s style and high performance, two new bike models are now born: the Racemax x Automobili Lamborghini gravel version in Verde Selvans and Oro Elios, and the Strada x Automobili Lamborghini variant in Arancio Apodis and Viola Pasifae. The new Racemax x AutomobiliLamborghini gravel bike is assembled with 3T carbon components that make it fast and light, all Made in Italy. The Strada x Automobili Lamborghini bike, the first in this category launched in collaboration, has been created with the aim of achieving high levels of aerodynamics and comfort. It is characterized by two distinct zones: the “speed zone” in the front half of the bike, and the “comfort zone”, which features the curved seat tube integrated within the frame and equipped with the best set of 3T carbon wheels.
The bikes’ design was developed in collaboration with Lamborghini Centro Stile, with the designers drawing inspiration from iconic Lamborghini super sports cars for the choice of colors. The bikes are made with the highest quality materials and incorporate high-end components, such as carbon fiber wheels and electronic shifting.
The collaboration between Lamborghini and 3T is guided by the sharing of the same values, reflected in the craftsmanship and excellence of Made in Italy, where meticulous attention to detail, tradition and innovation translates into products sought after across the world. Read More
TOYOTA GAZOO Racing Unveils “GR H2 Racing Concept”
Toyota has been competing using a hydrogen-engine Corolla in the Super Taikyu Series since Round 3 of the 2021 season and raced the same car in the IDEMITSU 1500 SUPER ENDURANCE 2022 at Thailand’s Chang International Circuit in December 2022. By doing so, it has been honing its technologies in the harsh environment of motorsports and, with like-minded partners in and outside the automotive industry, accelerating its efforts for producing, transporting, and using hydrogen toward the realization of a carbon-neutral society. Toyota intends to further advance such efforts for making ever-better motorsports-bred cars and realizing a carbon-neutral society and it looks forward to taking on the challenge of a new generation of Le Mans 24 races. The “GR H2 Racing Concept” will be on display at ACO’s “H2 Village” at the venue of Le Mans during the race. (Exhibition period: Friday, June 9, from 9:30 a.m. local time to Sunday, June 11) Read More
Nissan Yokohama Lab: Where AI and cars meet
Nissan has strived to be a leader in automotive technology since its founding 90 years ago, and artificial intelligence is no exception. As customer and societal needs continue to change rapidly, the Yokohama Lab is at the forefront of Nissan’s AI research and development, where AI and cars meet. Yokohama Lab is a research center in Kanagawa Prefecture, Japan that studies how to utilize AI in automotive manufacturing. Modern AI, based on big data, excels at analyzing and expressing information in cyberspace. However, our products — vehicles — exist in the real world. The Yokohama Lab’s mission is to ensure that the results obtained through AI can be applied and utilized in actuality, rather than being limited to cyberspace. Read More
1.5-degree ambition is becoming increasingly difficult to achieve
The U.S. Environmental Protection Agency (EPA) announced another action to protect public health under the Toxic Substances Control Act (TSCA), proposing a ban on most uses of perchloroethylene (PCE), a chemical known to cause serious health risks such as neurotoxicity and cancer. Today’s proposal would protect people from these risks by banning all consumer uses while allowing for many industrial/commercial uses to continue only where strict workplace controls could be implemented, including uses related to national security, aviation and other critical infrastructure, and the Agency’s efforts to combat the climate crisis.
PCE is a solvent that is widely used for consumer uses such as brake cleaners and adhesives, commercial applications such as dry cleaning, and in many industrial settings. For example, PCE is used as a chemical intermediate in the production of two chemical substances regulated under the American Innovation and Manufacturing Act. This rule proposes to allow for continued processing of PCE to manufacture hydrofluorocarbons (HFC)-125 and HFC-134a in tandem with strict workplace controls, as the two can be mixed with other substances to make more climate-friendly refrigerants. Additionally, the rule proposes to continue to allow the industrial and commercial use of PCE in petrochemical manufacturing, the manufacture of coatings for aircraft skins, and vapor degreasing with PCE to make aerospace parts and engines, as examples of other uses not proposed for prohibition. EPA determined that PCE presents unreasonable risk to health, driven by risks associated with exposure to the chemical by workers, occupational non-users (workers nearby but not in direct contact with this chemical), consumers, and those in close proximity to a consumer use. EPA identified risks for adverse human health effects, including neurotoxicity from inhalation and dermal exposures as well as cancer effects from chronic inhalation exposure. While EPA identified potential risks to fenceline communities in a small number of instances, the prohibitions and other requirements in EPA’s proposed rule are expected to mitigate to a great extent the potential risks to the neighboring communities. Read More
UK Considers Lifting Windfall Tax
The UK’s government may lift the controversial 35% windfall tax it imposed on the energy industry last year in response to the supply crunch that sent energy prices soaring. The decision comes amid a consistent decline in energy prices and would come into effect once these prices fall below a certain level, Bloomberg reported, citing an unnamed source in the know. The energy price level, at which the tax would potentially cease to apply is yet to be determined. Reports about the possibility of lifting the additional tax burden that the industry resented loudly first emerged in March, when City A.M. reported that the government was considering putting a floor on the tax for fear that Norway’s Equinor might decide to pull out of the Rosebank offshore gas project because of the additional levy. Read More
Deep Sea Mining
Norway’s government plans to submit to Parliament in the coming weeks plans to open a large area to deep sea mining as it seeks to access and extract critical minerals from the seabed. The government has prepared an impact assessment which was open for comments until the end of January this year. The Petroleum and Energy Ministry now plans to submit a report and a plan to open a Germany-size area to deep sea mining to Parliament, which is expected to vote on the proposal this autumn.
The plan has drawn opposition from environmental groups and the fishermen’s association. Read More
Vestas wins 221 MW order in Scotland
Vestas has received a firm order from North Kyle Wind Farm Limited, part of Brockwell Energy Limited, for the North Kyle wind park in East Ayrshire, Scotland. The order consists of 49 V136-4.5 MW wind turbines and includes supply, delivery, and commissioning of the turbines. Upon completion, Vestas will service the turbines under a 30-year Active Output Management 5000 (AOM 5000) service agreement designed to ensure optimised performance of the assets.
“We are excited to partner up for the first time with Brockwell Energy Limited to deliver one of the largest onshore projects in the UK as the market scales to achieve net zero,” says Anna Schlasberg Wachtmeister, Vice President Sales for Northern and Central Europe at Vestas. “North Kyle is yet another order for the V136-4.5 MW turbine and takes Vestas beyond 4 GW under full scope service in the UK and Ireland”. Paul Newman, Commercial Director at Brockwell Energy Limited commented: “We are delighted to be partnering with Vestas on Brockwell’s flagship North Kyle project. We look forward to continuing our positive collaboration with Vestas during the construction and long-term operational phase of the project. Once constructed the project is expected to generate sufficient green energy to power 163,000 homes and will make a significant contribution to the UK’s net zero target”.
Turbine delivery will begin in the second quarter of 2024 with commissioning scheduled for completion in the third quarter of 2025. Read More
Flame detection made even easier with latest Spyglass™ series
Teledyne Gas and Flame Detection is unveiling its SpyglassTM SG50-F series of flame detectors to make the safeguarding of people and assets easier than ever before. With updated optics and algorithms, and on-board video in either colour or near-infrared options, the SG50-F series offers superior performance and security.For any facility to protect its most valuable resources such as human lives and capital assets, reliable flame detection systems are a necessity. SpyglassTM SG50-F series open-path flame detectors elevate the level of reliability and functionality available in comparison with existing flame detection products on the market. Notably, these innovative flame detectors come equipped with HD video capabilities, allowing for the detection of fires that may not be visible to the naked eye. Colour video is effective in detecting fuel fires like gasoline and jet fuel, while the near-infrared video option can detect fires caused by other fuels such as hydrogen and methanol. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $71.07 | Down |
| Crude Oil (Brent) | USD/bbl | $75.79 | Down |
| Bonny Light | USD/bbl | $75.68 | Down |
| Saharan Blend | USD/bbl | $75.77 | Down |
| Natural Gas | USD/MMBtu | $2.27 | Down |
| OPEC basket 07/06/23 | USD/bbl | $76.55 | Up |
Frequently fire personnel and first responders are called to natural gas emergencies using equipment that puts them close to potentially dangerous structures. The Gas Laser supports remote detection allowing the operator to work at a safer distance from the hazard location. When access to a property cannot be established, the Gas Laser can operate through glass, giving the user an audible and visual indication to the presence of methane. Gas LaserThis quick scan permits fire personnel and first responders to make rapid decisions and establish control of the gas and ignition sources should a gas escape be detected. Read More
The removal of fuel subsidy and President Bola Tinubu’s commitment to implement a unified exchange rate are positive developments for Nigeria’s credit profile, Fitch Ratings said in a new report. Nonetheless, the reform agenda continues to face execution risks and lacks specific detail, mainly measures to address other challenges to the country’s credit profile, such as structurally “very low” non-oil budget revenue. Fitch anticipates the new government will display a “somewhat more reformist and market-friendly” approach compared to the previous administration under President Muhammadu Buhari. The progress on subsidy and exchange-rate reform was critical in Fitch’s decision to affirm Nigeria’s rating at ‘B-’ with a stable outlook in May 2023. The petroleum subsidy withdrawal, which cost more than 2% of GDP last year, has been swift, providing assurance over the government’s commitment to reform. Read More
A California jury has returned a $63 million verdict against Chevron after finding the oil giant covered up a toxic chemical pit on land purchased by a man who built a house on it and was later diagnosed with a blood cancer. Kevin Wright, who has multiple myeloma, unknowingly built his home directly over the chemical pit near Santa Barbara in 1985, according to his lawsuit. Starting in 1974, Chevron subsidiary Union Oil Company of California had operated a sump pit for oil and gas production, a process that left the carcinogenic chemical benzene on the property, court papers said. Wright bought the land and built the house in 1985. Nearly three decades later, he was diagnosed with the cancer that attacks plasma cells in the blood and can be caused by benzene exposure, court documents said.
The jurors in Santa Barbara on Wednesday returned the $63 million verdict, said Jakob Norman, an attorney for Wright. Norman called the case a “blatant example of environmental pollution and corporate malfeasance.” Read More
Baker Hughes Rig Count:
The Worldwide Rig Count for May was 1,783, down 25 from the 1,808 counted in April 2023, and up 155, from the 1,628 counted in May 2022.
U.S. Rig Count is down 15 from last week to 696 with oil rigs down 15 to 555, gas rigs unchanged at 137 and miscellaneous rigs unchanged at 4
Canada Rig Count is up 10 from last week to 97, with oil rigs up 9 to 51, gas rigs up 1 to 46.
International Rig Count is up 18 rigs from last month to 965 with land rigs up 9 to 729, offshore rigs up 9 to 236.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 02 June 2023 | 696 | -15 |
| Canada | 02 June 2023 | 97 | +10 |
| International | May 2023 | 965 | +18 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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