Latest Energy / Automotive News : OPEC daily basket price at US$84.41/bl

London, 20 April, 2023, (Oilandgaspress): U.S. Environmental Protection Agency (EPA) released new details about the design of the $27 billion Greenhouse Gas Reduction Fund (GGRF), a first-of-its-kind, national-scale competitive grant program created by the President’s Inflation Reduction Act. Read More

CATL announced its plan to achieve carbon neutrality in its core operations by 2025 and across the battery value chain by 2035 at the 20th Shanghai International Automobile Industry Exhibition (Auto Shanghai). “For CATL, achieving carbon neutrality is our responsibility, demonstrates our capability, and opens up more opportunities,” said Jiang Li, CATL Board Secretary at the company’s carbon neutral strategy launch event, which is held on the first day of Auto Shanghai. The sales volume of CATL’s lithium-ion batteries soared to 289 GWh in 2022, and according to SNE Research, CATL held 37% and 43.4% in the global market share of global EV battery and energy storage battery shipment respectively. Therefore, CATL’s carbon neutrality plan is of the largest scale in the lithium-ion battery industry. To achieve the zero carbon goals, CATL will carry out carbon reduction in five key links, namely mining, bulk raw materials, battery materials, cell manufacturing, and battery systems with the support of its four innovation systems. Meanwhile, CATL extensively promotes the CREDIT program in its supply chain. CREDIT is a transparency audit program on sustainable value chain initiated by CATL, which consists of sustainable development management mechanism, business ethics code, environmental protection, labor practice, and responsible procurement. CATL hopes to leverage this program to improve the sustainable development awareness of its supply chain partners and to help them explore sustainable development potentials. Read More

Neste welcomes the Italian government’s decision to introduce a mandate for increasing the use of unblended, i.e. “neat”, biofuels to further accelerate greenhouse gas emissions (GHG) reductions in the transport sector. While the use of such renewable fuels is not new in Italy, their use as neat, i.e. without being blended with fossil fuels, comes as a welcomed solution to support an already ambitious decarbonization roadmap when it comes to the transport sector.

Such fuels produced 100% from renewable raw materials for use as such, such as Neste MY Renewable Diesel™, are a ready-to-go solution immediately available to decarbonize the existing fleet of both light-duty and heavy-duty vehicles in Europe and elsewhere, and are an essential piece of the sustainable mobility puzzle.

“The ambition shown by the Italian government in boosting the use and production of fuels produced 100% from renewable raw materials and used without being blended with fossil fuels is a great example of how environmental and industrial policy can be reconciled,” says Peter Zonneveld, Vice President Sales Europe and APAC at Neste. “This change in domestic legislation makes Italy a frontrunner in fighting emissions from the transport sector. In fact, Italy is one of the first countries to introduce such a mandate for these types of fuels, matching the strong pro-renewable fuels stance the Italian government has been taking over the last years in the main international arenas, including the European Union and the G7,” Peter Zonneveld continues. Read More

Councils should be stripped of the power to block onshore wind farms, the UK’s infrastructure advisers have said.

The National Infrastructure Commission said the de facto ban was preventing ministers from meeting the government’s ambitious Net Zero targets.

It also recommended that all new energy projects should give those in the development area economic benefits to reduce any local opposition.Approvals for onshore wind farms have fallen by 80 per cent since decision-making powers were handed to local authorities in 2016.

The report also says consenting times have increased by 65 per cent since 2012 – meaning projects now take over four years to be approved – while judicial reviews have increased from 10 per cent to 58 per cent in the same time period.

The Commission said designating wind farms as ‘nationally significant’ infrastructure would help wave more through by giving projects a presumption in favour of development. Read More

Toyota Motor North America (TMNA) and DTE Energy (DTE) announced Toyota’s enrollment in MIGreenPower, DTE’s voluntary renewable energy program.
Toyota’s participation puts all of TMNA’s Research and Development operations in Michigan on a path to attribute 100% of their electricity use to renewable energy projects starting in 2026.¹ This includes the company’s R&D Headquarters in Ann Arbor along with six other facilities across Washtenaw County. TMNA’s clean energy commitment covers a 20-year period and will have the environmental benefit equal to avoiding 29,000 metric tons of CO2 or the greenhouse gas emissions from more than 6,200 gasoline-powered passenger cars driven for a year.²

“Renewable energy programs like DTE’s MIGreenPower program are crucial to helping companies seeking a reduced carbon footprint to achieve their goals,” said Kevin Butt, director of Environmental Sustainability for TMNA. “From our R&D facilities in Michigan to our production and corporate facilities across the nation, Toyota aims to achieve carbon neutrality throughout our operations by 2035.” MIGreenPower is among the largest voluntary renewable energy programs in the United States. The program enables DTE Electric’s residential and business customers to attribute an even greater percentage of their electricity use to Michigan-made wind and solar projects beyond the 15% DTE already provides. To date, the company has more than 800 businesses enrolled in the program along with more than 85,000 residential customers. On an annual basis, MIGreenPower customers have enrolled four million megawatt hours of clean energy in the program, which has the environmental benefit equivalent to avoiding more than three million tons of carbon dioxide emissions annually or the greenhouse gas emissions from more than 630,000 gasoline-powered passenger cars.³ Program participation is accelerating the development of new wind and solar projects in Michigan. By 2026, DTE will add more than 2,000 MW of new clean energy projects to meet program demand. Read More

Toyota opens the road of Chinese style “inheritance and evolution”
Toyota joined hands with FAW Toyota, GAC Toyota and Lexus to participate in the 20th Shanghai International Automobile Industry Exhibition (hereinafter referred to as “Shanghai Auto Show”), which kicked off on April 18, 2023. With the theme of “Inheritance and Evolution”, Hand over the answer sheet of “embracing the new era of automobiles”.

● Inheritance and evolution, a sure Toyota in an uncertain era

As a global enterprise, Toyota inherits the concept of “management centered on products and regions” and evolves towards a mobile travel company centered on the research and development of pure electric vehicles. s answer.

China Toyota will also inherit the brand genes of “peace of mind” and “reliability”, and evolve a Chinese-style road of “manufacturing better cars” at Chinese speed. Continue to uphold the concept of “China is the most important”, adhere to the product-centered, unshakable determination to protect consumers’ smiles, and actively adapt to the new development and new requirements of China’s auto industry in the new era to “be transformed into a mobility company”.

In the future, Toyota will conduct independent research and development in China based on the needs of Chinese consumers, and popularize the products planned and developed in China to the world. Read More

Alfa Romeo – the epitome of noble Italian sportiness since 1910 – is featuring with one of its most precious gems: the 1968 Alfa Romeo Carabo, a style prototype by Bertone and one of the brand’s greatest expressions of style. The exclusive event that brought Alfa Romeo into Milan Design Week was the opening of the new LARUSMIANI boutique, a historic brand and big name for over a century in Milanese elegance and the “Made in Italy” quality of the MonteNapoleone District. The new LARUSMIANI Boutique was designed in collaboration with the renowned architect Benedetto Camerana, who headed the 2015 renovations of the Alfa Romeo Museum in Arese, where the Carabo is usually on display. As well as embellishing the opening of the distinctive new boutique, the Alfa Romeo concept car is the first vehicle to be included in “The Automotive Gallery” project: a permanent exhibition area within the store, focused on the automotive world. The only car that could head up this Milanese project is an Alfa Romeo.

Alfa Romeo and LARUSMIANI are also two ambassadors for Made in Italy around the world, united – among other factors – by their strong bond with Milan, the hometown of both of them. The two brands have managed to bring about products that have become part of the collective unconscious, as icons of style, quality, elegance and craftsmanship.

Designed by Marcello Gandini and built by the Bertone bodyshop, the Carabo was a concept car based on the mechanics of the iconic Alfa Romeo 33 Stradale, an emblematic car for the Milan brand. The collective unconscious still identifies it as one of the most beautiful cars in the world, the epitome of functional design and beauty devoted to performance. The futuristic Carabo style prototype’s height remained the same, at less than one meter, but the rounded lines had disappeared completely. Everything in the Carabo is clear-cut, from the wedge design to its “scissor” doors. Only one model of the prototype was ever built and became a source of inspiration for many other successful cars. Read More

Alfa Romeo is introducing the new Giulia and Stelvio Quadrifoglio with the exclusive commemorative “Quadrifoglio 100th Anniversario” edition. Limited to just 100 units both for the Giulia and Stelvio, the Anniversary Edition is the result of one hundred years of research into technical excellence which has been applied to racing and production vehicles. Its iconic nature, technical purity and technology have been combined to place it at the top of its respective segments, with best-in-class handling and power-to-weight ratio, creating a direct and immersive one-of-a-kind Alfa Romeo driving experience. Lots of new features: celebratory badges, exclusive characterization, and lots of technology thanks to the new adaptive full-LED matrix headlamps and the new fully digital instrument cluster embellished with the historic ‘telescope’ design.
To celebrate one century of pure sportiness, the Quadrifoglio is heading back to its native land of Sicily, as Alfa Romeo has chosen the island to be the backdrop for a commemorative photo shoot which, in addition to recounting tradition, highlights Italian “Great Beauty” and “Made in Italy”. After one hundred years, the Quadrifoglio journey has not ended, as it continues to be reinvented and projected into a bright future which pays homage to the successes of the past. Read More

Subsea 7 S.A. refers to the stock exchange release dated 2 March 2023 where Subsea 7 S.A. (the “Offeror” or “Subsea7”) announced that it had entered into an agreement to acquire 21.52% of the shares in Seaway 7 ASA and that it would initiate a voluntary exchange offer (the “Offer”) to acquire the remaining outstanding shares in Seaway 7 ASA (“Seaway7”) in accordance with a 1 to 22 exchange ratio, i.e. 1 new Subsea7 share for every 22 Seaway7 shares, rounded down to the nearest whole Subsea7 share.
The offer period for the Offer has expired and Subsea7 has received acceptances under the Offer for a total of 31,591,473 Seaway7 shares, equivalent to approximately 3.62% of the issued share capital and votes in Seaway7.
The Offeror will following completion of the Offer own approximately 97.56% of the issued share capital and votes in Seaway7.
To settle the Offer, Subsea7 will issue 1,435,806 shares in Subsea7. Following completion of the Offer, the new share capital of Subsea7 will be USD 608,588,544, divided in 304,294,272 shares with a nominal value of USD 2.00 each.
Fearnley Securities AS is acting as receiving agent and Advokatfirmaet Wiersholm AS is acting as legal advisor to Subsea7. Wikborg Rein Advokatfirma AS is acting as legal advisor to Seaway7. Read More

More than 400 companies across the US solar value chain have sent a letter to Congress expressing their concern that a repeal of President Biden’s solar tariff moratorium would have a negative impact on their businesses and workers. US companies ask Congress to reject $1 billion in retroactive solar tariffs
President Biden issued an executive action last June to pause new solar tariffs for two-years in response to a near-complete shutdown of solar module supply in the United States caused by the meritless Auxin Solar tariff investigation. A group of lawmakers are attempting to overturn this action and force American companies to pay more than $1 billion in retroactive duties. “Congress just passed historic clean energy legislation that is sparking a wave of project deployment and manufacturing investments, but passing this CRA bill will undo much of this progress and have a devastating economic impact in communities across the country” said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA). “The tariff pause provided business certainty that kept solar projects moving forward while providing a bridge for domestic manufacturing to grow. This deeply flawed use of the Congressional Review Act (CRA) rips the rug out from underneath American businesses and will cause thousands of workers to lose their livelihoods.” Read More

Hyundai 2023 IONIQ 5 has been named the Best Electric Crossover Vehicle for Good Housekeeping’s 2023 Best New Family Cars. The list featured selections across multiple categories including sedans, minivans, crossover SUVs, trucks and more. The winners were selected based on extensive testing and input from industry experts at Car and Driver and real-world families. More electric vehicles were included on the 2023 list than ever before. Evaluations of the IONIQ 5 noted its distinctive interior and exterior design features and fast charging capabilities. Read More

Norway’s oil production in March higher than the NPD’s forecast
Preliminary production figures for March 2023 show an average daily production of 2 049 000 barrels of oil, NGL and condensate.

Total gas sales were 10.6 billion Sm3 (GSm3), which is 0.7 (GSm3) more than the previous month.
Average daily liquids production in March was: 1 826 000 barrels of oil, 201 000 barrels of NGL and 23 000 barrels of condensate. Oil production in March is 0.1 percent higher than the NPD’s forecast and 1.7 percent lower than the forecast so far this year.The total petroleum production so far in 2023 is about 60,4 million Sm3 oil equivalents (MSm3 o.e.), broken down as follows: about 25.6 MSm3 o.e. of oil, about 3.3 MSm3 o.e. of NGL and condensate and about 31.5 MSm3 o.e. of gas for sale. The total volume is 1.3 MSm3 o.e. higher than in 2022. Read More

Oil and Gas BlendsUnitsOil Price $change
Crude Oil (WTI)USD/bbl$78.26Down
Crude Oil (Brent)USD/bbl$82.21Down
Bonny LightUSD/bbl$83.33Down
Saharan BlendUSD/bbl$83.83Down
Natural GasUSD/MMBtu$2.21Down
OPEC basket 19/04/23USD/bbl$84.41Down
At press time 20 April 2023

OPEC Reference Basket (ORB) 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).

Fervo Energy (“Fervo”), the next-generation leader in geothermal technology, announced a $10 million strategic investment from Devon Energy Corporation (NYSE: DVN). The investment initiates a partnership between two technical leaders and applies Devon’s 50-plus years of innovation in oil and gas to Fervo’s advanced geothermal capabilities. Fervo is the first geothermal company to successfully drill and complete a horizontal well pair for commercial geothermal production – leveraging technologies, skills and processes pioneered by Devon for oil and gas production. Read More

Sintana Energy Inc. reports that ExxonMobil sent Patriot Energy Oil and Gas Inc. (“Patriot”), a subsidiary of the Company, a notice stating that, based on the terms of the Joint Operating Agreement between ExxonMobil and Patriot (the “JOA”), it had decided to withdraw from the JOA as of May 31, 2023. The notice also states that ExxonMobil will withdraw from the Contract with the Agencia Nacional de Hidrocarbons (the “Contract”), effective after obtaining required Government approvals. Both the JOA and Contract pertain to the 43,158 acres property known as the VMM-37 block which is in Colombia’s Middle Magdalena Valley Basin (“VMM-37”). Read More

RWE and TotalEnergies have inaugurated the new Coupru onshore wind farm as part of a wider project aiming to accelerate the energy transition in the French department of Aisne. With its five wind turbines and a total capacity of 12 megawatts (MW), the Coupru wind farm represents an investment of 20 million euros and is expected to produce 31 gigawatt hours of green electricity on average per year, corresponding to the equivalent of the annual electricity consumption of 9,500 households. The electricity produced by the turbines will be fed into the national power distribution network while supplying electricity to the entire community of Charly-sur-Marne in the Aisne department. Read More

U.S. Rig Count is down 3 from last week to 748 with oil rigs down 2 to 588, gas rigs down 1 to 157 and miscellaneous rigs unchanged at 3.

The U.S. Offshore Rig Count is up 3 to 20, up 8 year-over-year.

Canada is down 16 to 111 rigs.
Canada Rig Count is down 16 from last week to 111, with oil rigs down 7 to 45, gas rigs down 9 to 66.

RegionPeriodRig CountChange from Prior
U.S.A14 April 2023748-3
Canada14 April 2023111-16
InternationalMarch 2023930+15
Rig Count Overview & Summary Count

RWE shuts down last nuclear power plant
As the shift crew on duty disconnected the generator from the power grid on Saturday, 15 April 2023, at 22:37 pm, the Emsland nuclear power plant in Lingen in Lower Saxony – one of three remaining nuclear power plants in Germany – was officially shut down, marking the end of 35 successful years of safe and reliable operation.

The decommissioning of the Emsland nuclear power plant represents the end of an era. Throughout the past 60 years approximately, RWE has operated its nuclear power plants safely and reliably in Biblis, Kahl, Mühlheim-Kärlich, Gundremmingen and Lingen. Read More

Fugro has been awarded a contract for site characterisation services in support of one of the largest long-term field development programmes in the United Arab Emirates. Commencing April 2023, Fugro will perform a series of offshore surveys including geophysical, geotechnical and remotely operated vehicle (ROV) inspections supported by advanced engineering and geoconsulting studies to help inform the Front End Engineering Design (FEED). The project consists of approximately 600 km pipeline route assessment with 800 crossings, 49 jacket surveys and island offshore surveys.

Near real-time insights into the ground conditions will be available using Fugro’s remote data management solutions. Delivered via Fugro’s digital platform, these insights will allow the client to reduce uncertainties related to ground conditions, make timely and well-informed design decisions and realise significant capital expenditure savings across the field development programme. Read More

Einride, a freight mobility company that provides digital, electric and autonomous technology, announces the expansion of its operations into the United Kingdom. This marks a pivotal moment for the UK, where around 1.4 billion tonnes of goods are transported around the country by road each year, and where road haulage is responsible for over 20% of domestic carbon emissions. The UK Department for Transport is currently looking to build a sustainable future of freight, where goods are moved through cost-efficient, reliable, resilient, seamless and net zero means – a vision that Einride shares.Putting the UK on the fast track towards net zero goal

Through an ecosystem of products including the intelligent platform Einride Saga, electric and autonomous fleets, charging infrastructure and connectivity networks, Einride will provide the UK with a new and sustainable end-to-end road freight solution. With these technologies, Einride will establish a regional freight mobility grid along the M1, M5 and M6 between the major metropolitan cities of London, Sheffield, Manchester, Birmingham and Bristol. The starting point will be the Midlands’ ‘golden logistics triangle,’ which lies within four hours’ drive of 90% of the British population and contains a significant share of the country’s logistics and warehousing facilities. Read More

Lowe’s announced details of rooftop solar panel installations at 174 store and distribution center locations nationwide, including 20 sites currently in operation. Once each site is completed, the solar panels will provide approximately 90% of the energy usage at each location.Through partnerships with DSD Renewables (DSD), Greenskies Clean Focus and Infiniti Energy, Lowe’s rooftop solar panel installations span locations throughout California, Illinois and New Jersey. These investments will help Lowe’s reduce its operational emissions and reach its goal of having its operations powered with 50% renewable energy by 2030. The rooftop solar portfolio of 174 locations includes:

20 stores in New Jersey that are currently operational through Infiniti Energy. Panel installations at six additional Lowe’s stores in the state are in development and scheduled to be operational later this year. 55 stores in California as well as 36 stores and three distribution centers in Illinois planned in partnership with DSD. Construction is expected to begin at all sites by the end of 2023. 52 stores and two distribution centers in California, in partnership with Greenskies Clean Focus, scheduled to begin construction later this year. Read More

Subsea 7 S.A. today announced that on 19 April 2023, the Board of Directors authorised a 24-month extension to the Group’s $200 million share repurchase programme, originally announced on 25 July 2019, and extended on 15 April 2021. The repurchased shares will be held in treasury and will be used to fulfil obligations under Subsea7’s employee share-based payment schemes or to meet obligations arising from debt financial instruments that are exchangeable into equity instruments (which the Company may issue in the future) or cancelled. The additional extension will expire on 18 April 2025. The terms of the share repurchase programme have been updated in accordance with the authority granted to the Board of Directors at the Extraordinary General Meeting of shareholders held on 18 April 2023 (the EGM) to repurchase shares on or before 18 April 2025 and to cancel shares repurchased on or before 18 October 2025.
The share repurchase program was originally authorised on 25 July 2019 in accordance with the authority granted to the Board of Directors at the Extraordinary General Meeting of the Company on 17 April 2019 and subsequently extended in accordance with the authority granted to the Board of Directors at the Extraordinary General Meeting of the Company on 14 April 2021 to repurchase shares on or before 14 April 2023 and to cancel shares repurchased on or before 14 October 2023 (the 2021 Authorisation). At the EGM shareholders approved a resolution granting authority to the Board of Directors to repurchase Company shares and to cancel shares repurchased under such authorisation (the 2023 Authorisation). Accordingly, the authorisation to repurchase shares under the 2021 Authorisation has been replaced by the 2023 Authorisation without prejudice to the authorisation to cancel shares granted under the 2021 Authorisation which shall remain in full force and effect. Read More

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

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