Latest Energy / Automotive News: Crude oil inventories in the US fell by 6.083 million barrels -API

London, 26 April, 2023, (Oilandgaspress) : Oil prices dropped after another banking sector scare by First Republic, when it said on Tuesday that its deposits fell 40% to $104.5 billion in the first quarter of this year. U.S. consumer confidence is low.

Pakistan’s choice to import Russian crude oil Islamabad’s ‘sovereign decision’

The United States on Tuesday described Pakistan’s decision to procure Russian crude oil as a “sovereign” choice made by the administration in Islamabad, though it reiterated President Vladimir Putin’s government had acted as an aggressor in Ukraine and must not be allowed to strengthen Moscow’s war machinery.

Pakistan placed its first order for discounted Russian oil earlier this month after successfully negotiating a deal with Russia for several months. The purchase hoped to offer some respite to Pakistan’s cash-strapped economy amid the country’s dwindling forex reserves and rapidly declining national currency. Read More

Turkiye’s gas production at new field

Turkiye has announced the beginning of natural gas production from the biggest field in the Black Sea from 8:23 p.m. on April 20, marking the centennial of the Turkish republic this year. The move is expected to reduce the country’s foreign dependence on energy and to cut household bills.The Sakarya offshore field, from where Turkiye will produce natural gas jointly with Turkish Petroleum, Schlumberger NV and Subsea 7 SA, will supply 10 million cubic meters per day in the beginning, with an expected rise to 40 million cubic meters by 2028 in the second stage. The field is believed to hold about 710 billion cubic meters of recoverable reserves. Read More

Sinopec Takes 1.25% Shares in Qatar’s North Field East LNG Expansion Project

China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) has signed an equity participation agreement with QatarEnergy on April 12 to take 1.25 percent shares in Qatar’s North Field East (NFE) expansion project, which is currently the largest Liquefied Natural Gas (LNG) project in the world. With a total investment of USD 28.75 billion, the NFE project is projected to increase Qatar’s annual LNG export volume from 77 million tons to 110 million tons. Sinopec and QatarEnergy’s partnerships will help to meet the demand for natural gas in the Chinese market and continue to advance green low-carbon, safe, and sustainable energy development. Read More

CME Group Inc. Reports First-Quarter 2023 Financial Results
CME Group Inc. (NASDAQ: CME) today reported financial results for the first quarter of 2023.
The company reported revenue of $1.4 billion and operating income of $914 million for the first quarter of 2023. Net income was $884 million and diluted earnings per common share were $2.43. On an adjusted basis, net income was $882 million and diluted earnings per common share were $2.42. Financial results presented on an adjusted basis for the first quarter of 2023 and 2022 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1
“As global market participants sought to manage risk across asset classes, we saw a flight to futures, resulting in our second-highest quarterly revenue, highest adjusted net income and highest adjusted earnings per share ever,” said Terry Duffy, CME Group Chairman and Chief Executive Officer. “During the quarter, our total daily volume surpassed 25 million contracts 28 times, including a new single-day volume record of 66.3 million contracts on March 13. Of particular note was our double-digit growth in options and interest rate products, including the growth in our SOFR derivatives complex, driven by ongoing Fed policy changes and regional bank stress. Looking ahead, we expect risk management will continue to be more important than ever, and we will remain focused on meeting our clients’ needs in this volatile environment.” Read More

UK has the busiest private jet route out of any European country, according to a new analysis

UK has been revealed as the top destination for private jet flights in Europe in a new analysis commissioned by Greenpeace. It showed that a private jet took off from this country every six minutes last year, and that the UK can claim the busiest route, the most polluting route and the most flights overall.

The analysis showed that the number of private jets taking off from the UK increased by a staggering 75% in 2022 to 90,256 flights that emitted half a million tonnes of CO2 – more than in any other European country.

The findings come as the government is expected to announce (30 March) a package of measures aimed at meeting its net zero commitments and competing with recent US and EU incentives for green investment.

The analysis also found that within Europe, the UK has:

Most private flights: At 90,256, a private jet took off from the UK every six minutes
Most emissions: Private jets in the UK caused half a million tonnes of CO2 in 2022 – the highest in Europe
Busiest route: Flights between London and Paris were the most popular route accounting for 3,357 flights. Six of the top 10 routes also included London.
Most polluting route: The journey of less than five miles between Farnborough and Blackbushe in Hampshire is the most carbon-intensive route
Private jet ban

The research conducted by Dutch environmental consultancy CE Delft found that private jet traffic across Europe has soared from 350,000 flights in 2021 to over 570,000 in 2022. The associated CO2 emissions more than doubled over the same period to over 3.3 million tonnes. Read More

Summary of 2023 Honda Business Briefing

Honda’s corporate transformation initiatives including electrification
Honda strives to realize the joy and freedom of mobility for people around the world with zero environmental impact and zero traffic collision fatalities involving Honda motorcycles and automobiles. In so doing, Honda wants to be a company that serves as a driving force for many people to realize their dreams and move our society forward. To achieve this challenging goal, Honda has been strengthening its business structure and will focus on the following areas, which Honda identifies as the five key factors for the advancement of mobility.

1) Carbon neutrality of power units
2) Energy management system that enables the use of power units as an energy source
3) Resource circulation
4) AD (automated driving)/ADAS (advanced driver-assistance system)
5) IoT (Internet of Things)/Connected

Honda plans to introduce 10 or more electric motorcycle models globally by 2025 and aims to increase annual sales of electric models to 3.5 million units, equivalent to approximately 15% of total unit sales, as of 2030.Honda has set a goal to increase the ratio of EV and FCEV sales to 100% globally by 2040. To this end, Honda is planning to launch 30 EV models globally by 2030 with production volume of more than 2 million units annually. Read More

Nigeria held an estimated 206.5 trillion cubic feet (Tcf) of proved natural gas reserves at the beginning of 2023
Nigeria held an estimated 37.1 billion barrels of proved crude oil reserves at the beginning of 2023.
The Nigerian government announced in December 2022 that it plans to open a mini-bid round for seven offshore exploration blocks in 2023. The previous bid round in Nigeria was in 2007, and the latest mini-bid round is the first under Nigeria’s new legal framework developed under the 2021 Petroleum Industry Act, a legislative act that provides more favorable fiscal terms to attract more international investors. According to Rystad Energy, awards are likely to be announced sometime in early 2024. Despite having a refinery nameplate capacity that can meet nearly all of its domestic demand, Nigeria is fully reliant on imported petroleum products to meet domestic demand because its four state-owned refineries have been shut in for long-term maintenance or rehabilitation since 2020, and it is unclear when or if these refineries will be brought back online.8 The Nigerian government planned to construct smaller modular refineries, but the lack of financing has caused delays and the current status of those refineries is unclear. The Dangote Group is building a 650,000 b/d refinery that was scheduled to be commissioned by the end of 2022, but the start date has reportedly been delayed until 4Q 2023. The refinery’s completion would allow Nigeria to reduce its petroleum product imports and potentially become a net petroleum product exporter. The Nigerian government is seeking to expand its pipeline capacity domestically and across borders to increase both destinations and volumes of its natural gas exports. The Ajaokuta-Kaduna-Kano (AKK) pipeline is currently under construction and, once built, could transport natural gas from Ajaokuta and Abuja in central Nigeria to Kano state in northern Nigeria and provide natural gas feedstock for thermal power stations along its route. The AKK pipeline is scheduled for completion sometime in early 2023; however, whether the pipeline will be completed on time remains unclear.27 The pipeline is also part of the larger Trans-Nigeria Gas Pipeline (TNGP) project, which includes both the AKK pipeline and a proposed pipeline that aims to connect the Qua Iboe Terminal on the coast of southern Nigeria to Ajaokuta. The TNGP project is also part of a proposed larger, intraregional natural gas pipeline project called the Trans-Saharan Gas Pipeline (TSGP) project. Read More

Maryland Public Fleet Buys Volvo CE Electric Equipment

The Maryland-National Capital Park and Planning Commission (M-NCPPC), which includes the Department of Parks and Recreation, Prince George’s County, is adding electric construction machines from Volvo CE to their fleet as part of their ambitious sustainability action plan.Prince George’s County, with a population of around 1 million people, borders D.C. on the east and has more than 28,000 acres of recreational areas and hundreds of miles of trails.

A major focus for the parks department this year is to improve ballparks, playgrounds and trails — and their new L25 Electric compact wheel loader and ECR25 Electric compact excavator are already on the job. Read More

32 vehicles contest opening round in Spa, ProSieben

Porsche Carrera Cup Deutschland returns from its winter break: the 34th season gets underway on the spectacular Ardennes rollercoaster of Spa-Francorchamps (Belgium) from 27 to 29 April. Thanks to its capacity grid of 32 drivers, the start of the season as part of the FIA World Endurance Championship WEC support programme promises some gripping race action. Fans can look forward to two thrilling events with the Porsche 911 GT3 Cup. The Carrera Cup welcomes ProSieben as a new TV partner. The German free-to-air network will broadcast the highlights of the one-make cup in the lead-up to the DTM races. Read More

‘Hard Way Home’ competition

After emerging triumphant from a tough selection process involving thousands of INEOS Grenadier customers, three winners headed to a remote valley in Morocco’s Atlas Mountains for the most extreme new vehicle handover. Including one of the world’s most dangerous roads, the Tizi n’ Test Pass, the adventurers were battered by fierce storms that amplified the expedition’s challenge.

The ‘Hard Way Home’ competition was open to customers that had followed the Grenadier from the earliest stages of its development and been among the first to place reservations. Entrants were invited to participate in an off-road selection event in the UK with videos of the candidates posted on INEOS Automotive’s social media channels. Fans and followers then voted for the finalists they believed deserved to take the ‘Hard Way Home’ from their vehicle handover in Morocco. Read More

HVDC Transmission Will Support Next Wave of Offshore Wind Off North Sea Coast

GE Grid Solutions will lead two consortiums that will help to design and build — on and off the Dutch and German coasts — a powerful new grid with the capacity to handle these rising flows. In the Netherlands, GE and Sembcorp Marine have secured a framework agreement to build three offshore HVDC projects, while in Germany, GE is partnering with McDermott on two additional projects. Together they plan to provide a modern, HVDC solution that will help cover some 10 GW of the North Sea project. The two agreements are worth approximately 10 billion euros. Read More

Oil and Gas BlendsUnitsOil Price $change
Crude Oil (WTI)USD/bbl$76.13Down
Crude Oil (Brent)USD/bbl$79.46Down
Bonny LightUSD/bbl$80.15Down
Saharan BlendUSD/bbl$80.53Down
Natural GasUSD/MMBtu$2.18Down
OPEC basket 25/04/23USD/bbl$82.95Up
At press time 26 April 2023

U.S. Rig Count is up to 753 with oil rigs up 3 to 591, gas rigs up 2 to 159 and miscellaneous rigs unchanged at 3.

Canada Rig Count is down to 105, with oil rigs down 3 to 42, gas rigs down 3 to 63.

RegionPeriodRig CountChange from Prior
U.S.A21 April 2023753+5
Canada21 April 2023105-6
InternationalMarch 2023930+15
Rig Count Overview & Summary Count

OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.

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