Latest Energy/Automotive News As Reported: WTI Crude(October Contract) stands at $87.08, -0.54%
London, 06 September, 2023, (Oilandgaspress) : Saudi Arabia and Russia will continue to implement their latest oil supply cutbacks for another three months the Saudi Press Agency said on Tuesday, quoting an official source from the Ministry of Energy. Russia will also cut its supply by 300,000 barrels a day during the same period, according to a separate statement. Saudi Arabia announced in June it would cut oil production by one million barrels a day in July
BYD Company,together with its subsidiaries announced that its controlled subsidiary BYD Electronic (International) Company Limited and JabilInc, one of the world’s largest electronics manufacturing service and solution providers(the”Seller”)signed an acquisition framework agreement,intending to acquire the Seller’s mobile electronics manufacturing business for approximately RMB15.8billion (equivalent to US$2.2billion) in cash,marking BYD Electronics’ expansion of the core supply chain for consumer electronics, and thus further increasing its market share and consolidating its leading position in the industry. The Target Business of this acquisition is the Seller’s product manufacturing business located in Chengdu and Wuxi ,including the manufacturing of components for existing customers. BYD Electronics is a global leading platform-based high-end manufacturing enterprise, engages in a wide variety of businesses ranging from smartphones, tabletPCs, new energy vehicles, smarthome, game hardware ,unmanned aerial vehicles, Internet of Things,robots,communication equipment,health devices toother diversified market areas. Mr.Wang Nianqiang, CEO ofBYD Electronics,said“ This Acquisition will expand the business of smartphone components and mark the beginning of a new cycle of rapid growth. The Acquisition will also ensure long-term sustainable development while creating value for customers and shareholders of the BYD Electronics.” Mr. Kenny Wilson, CEO of Jabil, said “Thistransformational deal would represent the largest transaction in the history of our company, and I am thrilled to be able to work with a reputable company like BYD Electronics to drive this business successfully forward.” Read More
Saab is introducing at DSEI 2023 an immersive, intuitive user platform concept for superior management of critical systems in all operational situations. The Future Operator Workspace is an innovative design with bespoke software that sets new standards in human-machine interaction and battle space management.
The operator combat console provides a clear and distinct presentation of the tactical and operational environment, and optimises the operators’ ability to process complex cognitive decisions in an instant. As a more focused environment, its characteristics combine to reduce operator mental load and fatigue, and enable increased reaction times, saving valuable seconds in critical situations. “Our Future Operator Workspace is a complete evolution of the naval operator combat console, seamlessly integrating human-centred design and ergonomics, with a sophisticated user-machine interface for an exciting view of the future,” says Johan Hägg, 9LV Product Manager for Saab’s business area Surveillance. “The innovation and technology employed in the platform enables an increased tactical advantage under even the most extreme conditions and, when combined with Saab’s combat management system, the platform significantly enhances operator effectiveness and survivability for naval operators,” Mr Hägg said. The Future Operator Workspace demonstrator is the culmination of extensive research and development drawing on Saab’s extensive experience and the demonstrator was conceptualised, developed and manufactured in only eight months – leveraging the expertise of Saab’s global hardware and software experts, leading industrial design academia and global naval operators. The platform is highly functional and customisable, it possesses a smaller footprint, without operational compromise, and employs Saab’s bespoke combat management software with advanced functionality and new ways of interaction. The Future Operator Workspace will be on display in London at DSEI, as part of Saab’s exhibition stand H7-210 where visitors will be able to experience the Future Operator Workspace for themselves. Read More
Lamborghini welcomed VIP guests and visitors to Salon Privé, Blenheim Palace, from 30 August for four days as the Italian super sports marque continues celebrations of its 60th anniversary year. Highlight of the Lamborghini stand was the new Revuelto[1], the first HPEV (High Performance Electrified Vehicle) V12 hybrid super sports car, alongside the recently launched V10 Huracán Sterrato[2] that goes ‘beyond the asphalt’ and took part in a tour past guests.
Alongside its new car display and Selezione pre-owned models were five classic Lamborghinis in a special concours class celebrating the super sports car company’s anniversary: a silver 1974 Urraco P250 S; a 1987 Countach 5000 QV; a rare 1969 Islero S; a 1970 Lamborghini Miura P400 S and the class-winning 1992 Diablo.
On Supercar Saturday Salon Privé welcomed more than 60 V12 Lamborghini models driven there for the day by clients and club members, displayed on the south lawn at the heart of Salon Privé. The arrivals included cars spanning six decades, from a 400 GT to Miura, a number of Countach, Diablo and Murciélago models, Aventador SVJs and an Ultimae. Two cars from the spectacular line-up were selected by Lamborghini and the club secretary to win the Manufacturer and Club Secretary Salon Prive Club Trophy awards presented by Lockton. The rare, red 1967 Lamborghini 400 GT 2+2, one of four right-hand drives produced, took the manufacturer’s cup and a black Murciélago SV caught the secretary’s eye for the club award.
The Lamborghini Revuelto was unveiled in March and already has orders covering more than two years’ production. Continuing the company’s V12 heritage into a new, electrified future with the first series production hybrid model, the Revuelto redefines super sports performance and driving dynamics through a new design and powertrain, new maximum-efficiency aerodynamics and a new carbon frame concept. Read More
Audi of America announced the creation of a brand marketing team, appointing Emilie Cotter to Head of Brand Marketing and Communications, Chief Marketing Officer. The integrated function will unify brand strategy, marketing and external communications to accelerate growth and transition consumers to an electric future.
“This restructure comes at a critical inflection point in the U.S. for Audi and the automotive industry,” said Daniel Weissland, president of Audi of America. “Emilie’s strong leadership will drive innovative brand strategies, enhance collaboration and put a laser focus on the customer as we continue our ambitious growth.”
Cotter brings over 25 years of experience leading brands through transformation across industries from media, entertainment, technology and retail. Cotter joined Audi of America in 2020, most recently serving as Chief Communications Officer overseeing brand, lifestyle, product and corporate communications. Prior to Audi, she served as the Chief Brand Officer for Marketplace, as well as SVP and Partner at FleishmanHillard. Additionally, she was head of Corporate and Brand Communication for Lucasfilm, Ltd. Cotter holds a Bachelor of Arts from the University of Southern California’s Annenberg School of Communication. Read More
Designed from the inside out: The interior of the new Audi Q6 e‑tron model series is tailored more closely than ever to the user’s needs and has been reimagined accordingly. For example, the three-dimensional, high-contrast design deliberately places elements in the foreground or background, creating a three-dimensional spatial architecture with aesthetics and ergonomics perfectly tuned to the occupants. The Audi Q6 e‑tron is the first model series based on the newly developed Premium Platform Electric (PPE) and the new E3 electronics architecture. Both serve as the basis for rethinking the interior’s design and range of functions. Technology, aesthetics, and sustainability are in perfect balance in the Audi Q6 e‑tron.
“All-encompassing digitalization, the central importance of sustainability and personal freedom, new definitions of time well spent and luxury – we unquestionably live in the most exciting times in the history of automotive design. So it is exactly the right moment for brave and creative minds to ask innovative questions and leave the well-trodden path to find intelligent answers elsewhere,” says Head of Audi Design Marc Lichte. “One of these questions forms the starting point of our new design process: What do our customers want to experience in and with their vehicle? Because their needs and desires uniquely shape the space, the architecture, and the functions. By understanding the interior as the center of our customers’ lives and experiences, we are rejecting the status quo and systematically designing the vehicle from the inside out. With the Q6 e‑tron, we are giving our vision concrete form in the present.” Interior: Design unified The interior features clear structures and emphasizes a cozy ambiance. The so-called Softwrap extends from the doors through the entire cockpit to the center console, creating a homogeneous and welcoming feeling of space. The colors and high-quality materials, some of which are made from recycled materials, are also used in the seats. Read More
First all-electric GTI concept debuts at the IAA in Munich
The Golf GTI, Scirocco GTi, Polo GTI, and up! GTI are all icons. Volkswagen is now catapulting the DNA of the GTI into the age of electric mobility with the new ID. GTI Concept. The world premiere of this electrifying concept vehicle will take place during this year’s IAA Mobility in Munich (September 5 to 9, 2023), exactly 48 years after the worldwide debut of the first Golf GTI at the IAA in Frankfurt.
The ID. GTI Concept is based on the ID. 2all concept that was presented in March—a future electric compact car that costs around 25,000 euros that has generated worldwide attention. Its front-wheel-drive layout, clear design and powerful proportions make it the perfect starting point for a new GTI. Volkswagen Head of Design Andreas Mindt already also had the sporty derivative in mind when he produced the first sketches for the ID. 2all. Just like the ID. 2all, the ID. GTI Concept is more than just a show car—it is the first glimpse of the exciting GTI future because the decision has been taken that it will go into production.
The way the first electric GTI unleashes its dynamic capabilities is new and exciting. The worlds of the electric ID. GTI Concept and turbocharged Golf GTI meet up when it comes to transmitting the power to the front wheels. A front-axle differential lock—electronically controlled by a Vehicle Dynamics Manager—is used, just like the current generation of the GTI. The Golf GTI and Golf GTI Clubsport were the first Volkswagen models with this traction-control system. With the ID. GTI Concept, an electric Volkswagen now has this intelligent system on board for the first time. The letter “I” for injection in the GTI name now also stands for intelligence—in the form of the high-performance drivetrain and chassis. With the ID. GTI Concept, Volkswagen is presenting a new evolutionary stage of these electronically networked driving dynamics systems. Here, the Vehicle Dynamics Manager of the ID. GTI Concept integrates the powertrain into the control system to an even greater degree than on the gasoline models. This is possible because the set-up of the electric drive motor and its system can be varied almost infinitely. This permits realization of a wide range of different GTI profiles. Using a newly developed GTI Experience Control on the center console, the driver can choose which characteristics the ID. GTI Concept’s powertrain should have. For the first time, it is possible to adjust the drive system, running gear, steering, sound, and even the simulated shift points in the style of one of the historic GTI models—such as the original 1976 Golf GTI, the first 16-valve Golf GTI Mark 2 from 1986 or the 2001 Golf GTI Mark 4 ‘25 years of GTI’. This makes the ID. GTI Concept a highly dynamic time machine. Read More
Hyundai Motor America presents the first North American public appearance of its class leading Sonata and Elantra during the 2023 Miami International Auto Show. Further capitalizing on the consumer transition to electric vehicles, the IONIQ 6 is named the Official Show Car for the 52nd annual event, and recognized as Car of the Year by Miami Motor Media. As part of its leadership in design-forward vehicles, technology advancements and advocacy, Hyundai introduces its Performance Institute Technical Student Program welcoming nearly 100 technical college and high school students from South Florida during press day. The new Sonata boasts a dynamic, progressive design with low-slung, elegant proportions and more aggressive coupe-like styling along with an array of advanced safety, driver assistance and convenience features. The 2024 Hyundai Elantra includes exterior and interior enhancements, advanced safety features, and a variety of purposeful technologies, for a refined driving experience. Read More
The Federal Chancellor of Germany, Olaf Scholz visited the Opel booth during the traditional opening tour of the IAA Mobility . He was welcomed personally by Opel CEO, Florian Huettl, who presented one of the highlights of the IAA, the visionary Opel Experimental. The battery-electric concept car impresses with high aerodynamic efficiency. Huettl said: “We already have 15 electrified models in our offer today. In the coming year we will offer without exception a purely battery-electric model of every carline. From 2025, every newly launched Opel will be purely electrically driven only.”
Opel is represented at this year’s IAA Mobility in Munich both at the summit on the exhibition grounds and in the open space in the city centre at Odeonsplatz. The event runs until September 10. In addition to the Opel Experimental, the German manufacturer is showing the new Opel Corsa and one of the first electric station wagons on the market, the Opel Astra Sports Tourer Electric. The models with the Blitz are not only on display at the Opel booths in the city and on the exhibition grounds, the German brand is also taking a prominent position at the two ADAC areas in Munich. Opel’s motorsport partner is exhibiting the “Opel Corsa Rally Electric designed by Elisa Klinkenberg” there. In addition to the activities at the IAA Mobility, Opel is also represented at the Motorworld Mobility Days in Munich until September 6 with two additional models: the award-winning Opel Manta GSe and the Opel Astra GSe. Read More
The all-electric Fiat 500e has once again scooped What Car?’s award for Best Electric Small Car at its 2023 Electric Car Awards, making it the category winner for the third year in a row. The What Car? judges continued to be impressed by the electric 500e’s distinctive and retro styling – both inside and out – and seamless integration of the latest technology. In addition, it recognized the New 500e’s entertaining driving dynamics while still retaining “the original’s tight, city-friendly turning circle and nimble feel”. Olivier Francois, FIAT CEO and Stellantis Global CMO: “We cannot get used to the awards New 500e is collecting, and we are always proud to receive new ones, each and everytime. The 500e is the most awarded FIAT ever, now getting its 41st. The fact that a prestigious magazine like What Car? recognizes the 500e as the Best Electric Small Car, for the third time in a row, demonstrates the appreciation for our icon, its timeless design, its brand value, and the technology leadership in the segment, in a single word, the greatness of the project. Last but not the least, this prize is an even bigger reason of proudness for us because is coming from the UK, a country with a wide car culture and a significant passion for cars.” Read More
The second day of Gastech 2023 has drawn to a close, with high-level participation from policymakers and business leaders from over 100 countries, enabling significant progress on the path to net zero. Discussions focused on how the global energy industry can help tackle crucial challenges, such as identifying the best means of unlocking investment in energy projects and advancing hydrogen production. From sessions on LNG as a driver of energy security in Asia, to industry action on methane emissions reduction, participants explored both policy and technical considerations for natural gas, LNG, and hydrogen as accelerators of a just energy transition, where both demand and climate goals are met. Speaking to CNBC Asia, Martin Houston, Chairman, Tellurian, said: “Whichever forecast you look at, demand will exceed supply many times over. When you start to put gas inside the mix as the true partner for the energy transition and realise just how much gas is going to be required, the macro for gas is incredibly strong. LNG represents how you get that gas to market – fungible, transportable. There is always going to be an opportunity for LNG projects in this space.” Read More
China is set to launch a new state-backed investment fund that aims to raise about $40 billion for its semiconductor sector, two people familiar with the matter said, as the country ramps up efforts to catch up with the U.S. and other rivals. Read More
The initial public offering (IPO) of Renault’s (RENA.PA) Ampere electric vehicle division could get a valuation of up to 10 billion euros ($10.8 billion), CEO Luca de Meo said. Speaking to the Financial Times at the IAA car show in Munich, De Meo said Ampere could be worth “eight, nine, 10 billion” euros when it lists on the stock market next year. On Monday, De Meo confirmed to Reuters that the window for the IPO of Ampere, intended to become a “pure player” in EVs and software, was still set for next spring, market conditions permitting. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $87.24 | Down |
| Crude Oil (Brent) | USD/bbl | $90.32 | Down |
| Bonny Light | USD/bbl | $88.35 | — |
| Saharan Blend | USD/bbl | $86.52 | — |
| Natural Gas | USD/MMBtu | $2.50 | Down |
| OPEC basket 06/09/23 | USD/bbl | $92.30 | Up |
| Region | Period | Rig Count | Change |
| U.S.A | 25 August 2023 | 632 | -10 |
| Canada | 25 August 2023 | 190 | +1 |
| International | August 2023 | 952 | -9 |
Touchstone Exploration Inc. announces that the Cascadura natural gas and liquids facility has safely delivered first production. Touchstone has an 80 percent operating working interest in the Cascadura field, which is located on the Ortoire block onshore in the Republic of Trinidad and Tobago. Heritage Petroleum Company Limited (“Heritage”) holds the remaining 20 percent working interest. Natural gas and associated liquids production commenced on September 6, 2023 and the Company intends to increase gross aggregate natural gas production from the Cascadura-1ST1 and Cascadura Deep-1 wells to 60 MMcf/d (10,000 boe/d) plus associated natural gas liquids over the coming weeks. Natural gas and associated liquids production from the Company’s Cascadura wells is separated at the Cascadura facility on the Cascadura A surface location. The facility operates as a self-contained system, capturing all natural gas from the separators and liquids storage tanks and recycling it back into the system to increase sales volumes. Additionally, the facility sustains its own power requirements through onsite solar systems and natural gas generators and is entirely independent of the Trinidad power grid. The facility has a designed gross production capacity of 200 MMcf/d and 5,000 bbls/d of associated liquids, with a current gross production capacity of 90 MMcf/d and 2,250 bbls/d of associated liquids (17,250 boe/d).
The facility was constructed over the past year and represented approximately 110,000 work hours of local employment using Trinidadian contractors and fabrication facilities. Throughout construction and commissioning, the project recorded no lost time injuries. Natural gas volumes are transported through a 20-inch pipeline constructed and operated by The National Gas Company of Trinidad and Tobago Limited (“NGC”) and sold to NGC pursuant to an Ortoire natural gas sales agreement executed in December 2020. Condensate volumes will be transported via tanker trucks to the Company’s Barrackpore liquids sales facility and sold to Heritage pursuant to a Cascadura field liquids sales agreement executed on September 1, 2023. Read More
Eni announces the start of the placement (the ” Placement “) of senior unsecured convertible bonds (the ” Bonds “) with a duration of 7 years, the first in the sector to be characterized by a sustainability-linked structure .
The Bonds, which are expected to be rated A- by Standard & Poor’s, Baa1 by Moody’s and A- by Fitch and have a total nominal amount of approximately Euro 1 billion, will be convertible into ordinary Eni shares listed on Euronext Milan (Italian Stock Exchange) , purchased as part of the share buyback program approved by the Shareholders’ Meeting on 10 May 2023.
The conversion price will be established at the end of the Placement and is expected to be between 20% and 25% above the reference price, which will be determined as the weighted average price (Volume Weighted Average Price or VWAP) of Eni ordinary shares recorded on the regulated market of the Italian Stock Exchange today between the start of trading and the setting of the economic terms of the Placement.
The Notes are expected to pay a fixed rate annual coupon of between 2.625% and 3.125%. Read More
Woodside has signed a non-binding Memorandum of Understanding (MOU) with Kansai Electric Power Co. (KEPCO), to enable studies of a potential carbon, capture and storage (CCS) value chain between Japan and Australia. Under the MOU, KEPCO plans to research the capture of carbon dioxide (CO2) emitted from its thermal power plants and its transport to Australia. Woodside is progressing CCS projects in Australia and will conduct the study of injection and storage of CO2 delivered from Japan as well as the potential production of Synthetic Methane (e-methane). The MOU outlines a generic value chain study, that will consider the end to end technical and commercial factors with the aim of progressing a future CCS value chain between Japan and Australia. The studies include an evaluation of storage opportunities in some of Australia’s offshore basins. Woodside Executive Vice President Shaun Gregory said the MOU reflected the increasing demand for large-scale decarbonisation solutions from Woodside’s industry partners in the Asia-Pacific region. Read More
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