Latest Energy News As Reported | U.S. Rig Count is down 7 from last week to 748
London, 07 May, 2023, (Oilandgaspress) : The number of hydrogen fuel cell electric vehicles (FCEVs) on the world’s roads increased by 40% in 2022, compared to 2021, totalling more than 72,000 vehicles, according to figures in the International Energy Agency’s (IEA) new Global EV Outlook 2023 report.
A new IEA report released examines the immediate steps the oil and gas industry needs to take to significantly reduce its emissions footprint and help move the world closer to meeting its international energy and climate goals.
The new report – Emissions from Oil and Gas Operations in Net Zero Transitions – aims to inform discussions in the run-up to the COP28 Climate Change Conference in Dubai in November. It is part of a broader World Energy Outlook special report being released this year examining the role of the oil and gas industry in net zero transitions.
The production, transport and processing of oil and gas emitted the equivalent of 5.1 billion tonnes of CO2 in 2022. In the International Energy Agency’s Net Zero Emissions by 2050 Scenario, the emissions intensity of these activities falls by 50% by the end of the decade. Combined with the reductions in oil and gas consumption in this scenario, this results in a 60% reduction in emissions from oil and gas operations to 2030.
The report identifies five key levers to achieve this reduction, including: tackling methane emissions; eliminating all non-emergency flaring; electrifying upstream facilities with low-emissions electricity; equipping oil and gas processes with carbon capture, utilisation and storage; and expanding the use of low-emissions hydrogen in refineries.
Around USD 600 billion spending is required this decade to achieve the cut in oil and gas emissions. This is only a fraction of the record windfall income that oil and gas producers accrued in 2022. Many of the measures also generate additional income streams by avoiding the use or waste of gas meaning they can quickly recoup the upfront spending required. Tackling methane emissions is the most important measure to limit emissions from the industry’s operations. It is also one of the most cost effective and impactful measures to cut emissions across the economy and limit near term global warming. Earlier this year, the IEA released the latest update to its Global Methane Tracker, which found that methane emissions remained stubbornly high in 2022 despite the headwinds of the global energy crisis.
Oil and gas companies accounting for just under half of global oil production today have announced plans to reduce emissions from their operations. A far broader coalition – with much more ambitious targets – is needed to achieve meaningful reductions across the oil and gas industry and beyond. Read More
Baker Hughes Rig Count
International Rig Count is up 17 rigs from last month to 947 with land rigs up 18 to 720, offshore rigs down 1 to 227
U.S. Rig Count is down 7 from last week to 748 with oil rigs down 3 to 588, gas rigs down 4 to 157 and miscellaneous rigs unchanged at 3.
Canada Rig Count Unchanged at 93, with oil rigs at 36, gas rigs at 57.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 05 May 2023 | 748 | -7 |
| Canada | 05 May 2023 | 93 | – |
| International | April 2023 | 947 | +17 |
Finland’s nuclear and renewable power
Finland has one of the world’s most ambitious carbon neutrality targets and is in a strong position to achieve them given its already low reliance on fossil fuels. But to fully reach its climate targets while ensuring energy security and promoting a sustainable economy, greater efforts are needed to speed up the deployment of solar and wind, and to wean transport and industry off their reliance on oil and gas, according the IEA’s latest policy review.
Since the Agency’s last policy review in 2018, Finland has updated its Climate Change Act to include a legal requirement to reach carbon neutrality by 2035, along with binding targets to reduce all greenhouse gas emissions by between 90% and 95% by 2050. Thanks to its fleet of nuclear plants and high shares of electricity generation from biomass, hydro and wind power, Finland already has a low reliance on fossil fuels. In 2021, fossil fuels covered 36% of its total energy supply, well below the IEA average of 70%. Among IEA member countries, only Sweden has a lower share of fossil fuels in its energy mix. Finland has no domestic fossil fuel production and imports all its crude oil, natural gas and coal.
Finland plans to achieve carbon neutrality by maintaining a high share of nuclear energy, increasing the role of renewables in power generation and heat production, improving energy efficiency, and electrifying sectors such as industry and transport. Bioenergy also plays a key role in Finland’s climate and energy policies: forestry biomass is currently a key source of electricity and heat, and biofuels are set to play a central role in supporting the transport sector’s clean energy transition. Read More
Hyundai Motor America and its African American marketing agency of record, Culture Brands, launched their new multicultural campaign featuring the all-electric vehicle models, IONIQ 5 and IONIQ 6. The latest addition to the popular OKAY Hyundai series, the new campaign, titled “Choose Yours”, spotlights the vehicles’ emotional design, versatility and individualized electrified experiences.
Designed to strengthen the connection between Hyundai and the African American community through the embedding of cultural references and nuances in the creative messaging, the OKAY Hyundai marketing theme was first launched in Fall 2021. Bringing the same approach, “Choose Yours”, which cleverly references the viral “pick the paper” TikTok challenge, taps a real couple to experience the convenience, accessibility and joy of electrification. Read More
Hyundai Motor Wins Six iF Design Awards
Hyundai Motor earned several of the prestigious iF Design Awards in the Communication and User Experience (UX) categories for its work promoting the company’s acclaimed IONIQ 6 all-electric vehicle, which itself earned a ‘Gold’ award in the Product category.
“These awards are proud badges of honor for Hyundai that represents not only our product excellence but also our unique brand values and efforts dedicated to providing a leading-edge mobility experience to our customers,” said Sungwon Jee, Senior Vice President and Global Chief Marketing Officer of Hyundai Motor Company. “Hyundai will further strengthen its marketing activities to provide experiences aligning with our brand vision of ‘Progress for Humanity’ to sincerely communicate with our customers.”
iF Design Award’s international jury recognized the world premiere video of IONIQ 6 in the Communication category. The engaging narrative video is based on the concept of ‘Awaken Your World,’ telling a story about IONIQ 6’s flexible interior and personalized customer experience as a space optimized for a variety of lifestyles.
The video focuses on the IONIQ 6 as a dedicated eco-friendly electric vehicle that offers customers a new mobility experience by advancing the electrification experience. This is in line with Hyundai’s brand vision of ‘Progress for Humanity,’ which aims to contribute to a better everyday life for customers. Read More
Tianqi reportedly mulling stake in Mercedes-Geely JV Smart
Chinese lithium giant Tianqi Lithium is considering buying a minority stake in Smart Automobile, a joint venture between Mercedes-Benz and Geely Holding Group, as part of the latter’s latest round of private funding, Bloomberg said today, citing people familiar with the matter.
Tianqi is in advanced talks to invest $100 million to $200 million in Smart in a deal that could value Smart at several billion dollars, people familiar with the matter said, adding that an agreement could be reached as soon as the next few weeks. Read More
Shareholders are invited to participate at the Ordinary and Extraordinary Shareholders’ Meeting of TotalEnergies which will be held on Friday May 26, 2023, at 10:00 a.m. at the salle Pleyel, 252 rue du Faubourg Saint-Honoré, 75008 Paris. Read More
EPA announces initial steps to invest new Inflation Reduction Act resources for zero-emission trucks and port upgrades to reduce pollution and advance environmental justice U.S. Environmental Protection Agency (EPA) announced the initial steps in the development of programs that will invest $4 billion from the Inflation Reduction Act in our nation’s port infrastructure while reducing air pollution and advancing President Biden’s commitment to environmental justice. The actions are part of the Biden Administration’s broader efforts to rebuild our nation’s infrastructure, a key pillar of President Biden’s Investing in America agenda.
EPA is now seeking public input to inform the development of two new programs. The Clean Ports Program will invest $3 billion in technologies to reduce harmful air and climate pollutants at U.S. ports and create a zero-emission shipping future. The Clean Heavy-Duty Vehicle Program will invest an additional $1 billion to reduce vehicle emissions and better protect the health of the people living and working near ports, schools, and other truck routes. Read More
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter |
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
