Latest Energy News As Reported | OPEC daily basket price at US$87.77/bl
London, 14 April, 2023, (Oilandgaspress): China’s oil demand is now expected to average 15.61 million bpd this year, up by 760,000 bpd year-over-year, OPEC said in its Monthly Oil Market Report (MOMR). The latest growth estimate is higher than the 710,000 bpd growth expected in last month’s report.
Shikoku Electric Power Company, Taiyo Oil Company, Taiyo Nippon Sanso Company, Mazda Motor Corporation, Mitsubishi Corporation, Nam ikata Term inal Company, and Mitsubishi Corporation Clean Energy have agreed to establish the “Council for utilizing Nam ikata Terminal as a Hub for introducing Fuel Ammonia” (hereinafter referred to as the “Council”). The Council, which Mitsubishi Corporation and Shikoku Electric Power Company serve as joint secretariats, shall study the possibility of turning the Namikata Terminal(1) located in Imabari City, Ehime Prefecture, into a hub for clean energies. Ehime Prefecture, Imabari City, Saijo City, Niihama City, and Shikokuch uo City will also participate in the Council as observers.The Council’s agenda will include scheduling, legal and regulatory issues, efficient use of the terminal, measures to grow demand for fuel ammonia in the area and other issues, based on the assumption that the existing LPG tanks owned by Mitsubishi Corporation at the terminal will be converted to ammonia tanks and that the terminal will become a hub handling approximately 1 million tonnes of ammonia per year by 2030. Read More
Mazda’s domestic production volume in February 2023 increased 19.8% year on year due to increased production of passenger vehicles.
[Domestic production of key models in February 2023]
CX-5: 28,211 units (down 6.2% year on year)
MAZDA3: 10,524 units (up 29.3%)
CX-30: 8,386 units (up 87.4%)
- Overseas Production
Mazda’s overseas production volume in February 2023 increased 21.4% year on year due to increased production of passenger vehicles.
[Overseas production of key models in February 2023]
CX-30: 12,575 units (up 12.9% year on year)
MAZDA3: 6,170 units (up 2.8%)
CX-3: 4,210 units (up 547.7%)
Mazda’s domestic sales volume in February 2023 decreased 6.9% year on year due to decreased sales of passenger vehicles.
Mazda’s registered vehicle market share was 5.2% (down 2.4 points year on year), with a 2.0% share of the micro-mini segment (up 0.4 points) and a 4.0% total market share (down 1.2 points).Mazda’s export volume in February 2023 increased 8.9% year on year due to increased shipments to North America, Europe and other regions. Read More
On April 3, Toyota Motor Corporation welcomed its new employees in a ceremony at the company’s headquarters in Toyota City, Aichi Prefecture. Attended by 1,440 incoming employees, it was the first such event under the new management team led by President Koji Sato, following Akio Toyoda’s move to chairman. Read More
U.S. Environmental Protection Agency (EPA) released its 30th annual Inventory of U.S. Greenhouse Gas Emissions and Sinks (GHG Inventory), which presents a national-level overview of annual greenhouse gas emissions from 1990 to 2021. Net U.S. greenhouse gas emissions were 5,586 million metric tons of carbon dioxide equivalent in 2021, a 6% increase in emissions from 2020. The increase is largely due to a rebound in economic activity following the height of the coronavirus (COVID-19) pandemic. However, emissions have declined overall since 2005 (17%), which reflects the combined impacts of several factors, including energy market trends, technological changes including energy efficiency improvements, and the carbon intensity of energy fuel choices.
“For 30 years EPA has worked with researchers, federal partners, and stakeholders to produce a detailed and complete inventory of U.S. greenhouse gas emissions and sinks,” said Joseph Goffman, Principal Deputy Assistant Administrator for the Office of Air and Radiation. “This work reflects our commitment to transparency, data quality, and timeliness as we meet our inventory obligations under the United Nations Framework Conventions on Climate Change.”
For this latest release, EPA has made several important improvements, including updates to estimates for oil and gas and for flooded lands such as hydroelectric and agricultural reservoirs. The GHG Inventory covers seven key greenhouse gases: carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons, sulfur hexafluoride, and nitrogen trifluoride. In addition to tracking U.S. greenhouse gas emissions, the Inventory also calculates carbon dioxide that is removed from the atmosphere through the uptake of carbon in forests and other vegetation. Read More
Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) (the Company) announced that on 13 April 2023 it transferred 9,913 common shares held in treasury to satisfy employee share awards under the Company’s Long-term Incentive Plan. Following the above transfer, the number of common shares held in treasury is 4,102,387 representing 1.35% of the Company’s issued common shares. The number of issued common shares including treasury shares is unchanged at 302,858,466. Read More
- EST-Floattech, a global leader in energy storage solutions, is pleased to announce the official launch of the Octopus Series battery system. The new production line is in place, and the first modules of the new battery system have been delivered to clients. On Wednesday, April 12thEuroparlementarian Caroline Nagtegaal-van Doorn officially opened the production line, simultaneously launching the Octopus Series.
The Octopus platform is an advanced, modularbattery management system developed to configurea variety of batteries. This battery management system (BMS) provides a user-friendly interface that connects the battery. As it can integrate a range of battery configurations and chemistries, it is highly versatile and adaptable to diverse applications, while maintaining a consistent interface for the customer. The BMS is an integral part of the safety management of the batteries and offers remote monitoring, diagnostics, and service.
High Energy, High Power and more
The Octopus Series currently offers two main types of battery modules: High Energy and High Power. The High Energy batteries are designed for long-duration and large-scale battery installations, making them ideal for medium- and large-sized ships that sail electrically and charge during the night, for example. The High Power modules deliver a lot of power (kW), combined with limited energy storage (kWh), which, in practical terms, means a short (dis-)charging time. This can be used in fast-charging ferries, that make short trips and need to charge during stops.In addition, the company is at an advanced stage with the development of a lite and lite xl version of the Octopus batteries. Secondly, modules based on LFP are also under development.
In addition to a fixed configuration – placing the system in a dedicated battery room – the Octopus Series battery system is available as a containerized solution, that can be placed on different types of vessels and offers a lot of flexibility . The Octopus Containerized Solution is available in a 10- and 20-foot container.
“The market is growing, to improve sustainability and due to goals set by regulations,” said Walter van der Pennen, CCO at EST-Floattech. “The energy transition in the maritime market has really started, and in the past few years there has been an increase in electrically powered vessels. As a result, you see more and more differentiation in the applications needed by shipowners and shipbuilders, not only for direct propulsion but also for various equipment, machinery, peak performance and hotel loads. In addition, new types of applications are being thought of as we speak.”
Safe design: Marine type approval
The Octopus Series battery-system is the second system of EST-Floattech that has received DNV type approval. The company has a safe by designphilosophy when creating products. The Octopus Series has been designed with multiple safety layers in the hardware and software. These safety systems prevent the battery cells from reaching critical limits, based on more than ten years of experience with maritime battery systems.This battery system represents the next generation of certified battery management systems for maritime markets.
“EST started developing battery systems to be used on board of ships already some 14 years ago, as soon as it became apparent that energy storage systems would play an important role in the reduction of CO2 emitted by shipping,”says Mark Witjens, CEO at EST-Floattech. “Our innovative Octopus system can be applied at such a scale, that it will pass the so-called positive tipping point and we have sized our new production facilities and methods to accommodate this expected increase in demand. The associated increase in production volume will enable a further reduction in cost, making the Octopus Series another big step towards a zero-emission maritime industry.”
Meanwhile, the first modules have rolled off the production line, and the first systems are being installed in our customers’ vessels. Maritime type approvals of Bureau Veritas and Lloyds Register are to follow shortly. The launch of the Octopus Energy Storage System is a big moment for this Dutch energy storage supplier. Read More
Saab has signed a contract with the Swedish Defence Materiel Administration (FMV) concerning support and maintenance services for the JAS 39 Gripen C/D fighter aircraft. The order ensures continued operation and a cost-effective solution regarding maintenance and availability of the system. The order is valued at SEK 308 million.
The order includes development, studies, and testing regarding rear maintenance of JAS 39 Gripen C/D, development of a packaging concept, and studies on how, from a maintenance perspective, Gripen C/D and Gripen E can effectively coexist in the fleets. The order also includes avionics computers.
The order is a call-off of an option within the framework of a previous agreement with FMV relating to ensuring the continued operation of and capability-enhancing measures for JAS 39 Gripen C/D, an agreement that was communicated on 16 December 2022.
In 2023, two additional services were ordered with a total value of approximately SEK 220 million. These services include the integration of the target designator pod LDP15 (Laser Guided Pod) on JAS 39 Gripen C/D as well as the procurement of related support systems and maintenance equipment.
The work, which is already underway, is being carried out at Saab in Linköping and Arboga. Read More
C-Kore Systems recently completed a deployment with DeepOcean AS for Equinor. The C-Kore testing tools were used to quickly and simply confirm the status of subsea electrical jumpers on the Tordis field in the Norwegian waters of the North Sea. The C-Kore team provided easy to follow training prior to the mobilisation to give the ROV operators a clear understanding how to use the units.
C-Kore’s self-contained and automated subsea testing units are used on both asset integrity and installation operations to verify the health of subsea electrical systems. The Cable Monitor unit tests the insulation resistance and continuity of the electrical line while the Subsea TDR unit localises faults with an accuracy of around 20cm.
The ROV engineer for DeepOcean commented, “The C-Kore units worked very well. The ROV crew were happy with the training instructions they received from C-Kore prior to the mobilisations, and the units themselves were easy to use”.
Cynthia Pikaar, Sales & Marketing Director for C-Kore Systems commented further, “We are pleased to be working with both Equinor and DeepOcean in Norway. Our C-Kore tools are really proving their value to North Sea operators with their ease of operation. Being automated, they also don’t require extra offshore personnel, an added bonus in times where POB is kept to a minimum”. Read More
Odfjell SE: Notice of Annual General Meeting 2023
Shareholders in Odfjell SE are invited to attend the Annual General Meeting to be held online at 16:00 CET on Wednesday May 3, 2023.
Shareholders must log in and cast their votes electronically. If a shareholder wishes to participate, but not vote in the meeting, a proxy or advance vote may be given.
The deadline for electronic registration of advance votes, proxy of and instructions is April 25, 2023, at 16:00 CET. See registration form for guidance.
The notice and guidance for digital attendance are enclosed. The following documents are available on Odfjell.com
• Notice of Annual General Meeting 2023, including registration form
• The Nomination Committee’s proposal for new board members
• Revised guidelines concerning the stipulation of pay and other remuneration of executive personnel
• Report on salary and other remuneration to leading personnel for 2022
• Odfjell SE Annual Report 2022, including the proposed annual accounts and Board of Director’s Report for the Parent Company and the Group, including Audit Report and Corporate Governance report
• Independent auditor’s assurance report on report of salary and other remuneration to leading personnel for the financial year 2022 Read More
Woven Planet Holdings, has partnered with Toyota to implement Toyota Mobility Concept. Woven by Toyota, Inc. (“Woven by Toyota” or “the Company”), a mobility technology subsidiary of Toyota Motor Corporation (“Toyota”), will play a key role in Toyota’s next generation products and technology as announced by Koji Sato, President and CEO of Toyota, at a recent press event held in Tokyo on April 7, 2023. Toyota’s vision for a mobility society and the “Toyota Mobility Concept” focuses on extending the value of the car, expanding mobility into new realms and integrating mobility with social systems. In line with this framework, the Company will help Toyota to develop next-generation cars, including advanced BEVs, and to realize a mobility society in which everyone can move freely, happily and comfortably.
“This is a pivotal moment for the industry when software can accelerate our progress toward an advanced mobility society,” said James Kuffner, CEO and Representative Director of Woven by Toyota. “Woven by Toyota plays a critical role and our unique software platform will enable Toyota not only to build next generation BEVs, but also, expand the value of mobility across every aspect of our lives.”
The Arene Software Platform
Woven by Toyota’s role is to accelerate Toyota Mobility Concept by developing software to expand vehicle intelligence and by building and operating Woven City―a test course for mobility that will serve as a living laboratory for trialing ways of connecting people, cars and society.
At the heart of this is Arene, a comprehensive software platform and vehicle operating system that enhances car intelligence and improves both the development and application of mobility software. Arene is targeted for deployment on vehicles beginning in 2025 followed by Toyota’s next generation of BEV in 2026. Arene builds on Toyota’s history of hardware excellence to apply the principles of the Toyota Production System to automotive software development, targeting similar gains in quality, reliability and performance. Arene also enables greater software reusability across models and automates key aspects of the development pipeline for greater efficiency. When paired with Toyota’s hardware platforms, Arene will help enable Toyota to speed up the development of new vehicles, drive down costs and deliver both improved safety and personalized experiences to customers around the world. Beyond Arene, Woven by Toyota is also driving software innovation across a range of important areas, including leading Toyota’s development of automated driving technologies. This includes next generation Automated Driving and Advanced Driver Assistance Systems, as well as the underlying geospatial intelligence technology that enables safe and reliable decision-making by vehicle systems. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $82.44 | Up |
| Crude Oil (Brent) | USD/bbl | $86.37 | Up |
| Bonny Light | USD/bbl | $86.62 | Up |
| Saharan Blend | USD/bbl | $87.16 | Up |
| Natural Gas | USD/MMBtu | $2.00 | Down |
| OPEC basket 13/04/23 | USD/bbl | $87.77 | — |
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).
The surprise OPEC+ cuts could push the oil market into an even higher supply deficit later this year and weigh on consumers and global economic recovery and growth, the International Energy Agency (IEA) said on Friday. “Our oil market balances were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge,” the agency said in its Oil Market Report for April today. “The latest cuts risk exacerbating those strains, pushing both crude and product prices higher. Consumers currently under siege from inflation will suffer even more from higher prices, especially in emerging and developing economies,” the agency noted. Read More
Occidental (NYSE: OXY) will announce its first quarter 2023 financial results after close of market on Tuesday, May 9, 2023, and will hold a conference call to discuss results on Wednesday, May 10, 2023, at 1 p.m. Eastern/12 p.m. Central.
The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast at oxy.com/investors. Participants may pre-register for the conference call .
First quarter 2023 financial results will be available through the Investor Relations section of the company’s website. A recording of the webcast will be posted on the website within several hours after the call is completed. Read More
The U.S. Environmental Protection Agency (EPA) announced a settlement with Valero Refining-California to resolve violations of the Clean Air Act’s Chemical Accident Prevention regulations at their Benicia Refinery. The company will pay a $1,224,550 penalty and make changes to improve process safety at the refinery.
“This settlement sends a clear message that EPA will prosecute companies that fail to expend the resources needed to have a compliant, well-functioning Risk Management Plan to the fullest extent of the law,” said Acting Assistant Administrator Larry Starfield for EPA’s Office of Enforcement and Compliance Assurance.
“Failure to properly manage hazardous materials can pose serious risks to our California communities,” said Martha Guzman, Regional Administrator of EPA Region 9. “This settlement will help protect Valero workers, the Benicia community, and the environment more broadly.”
After significant chemical incidents at the Benicia Refinery in 2017 and 2019, a 2019 EPA inspection at the facility identified several areas of noncompliance, including that Valero failed to immediately report releases of hazardous substances, update certain process safety information, adequately analyze certain process hazards, and develop and implement certain written operating procedures.
Under the terms of the settlement, Valero has agreed to make significant chemical safety improvements at the Benicia Refinery. The company has already made several of these changes, related to chemical safety, in response to EPA’s inspection. These improvements include updating and modifying process hazard analyses, modifying operating procedures, modifying reporting policies, and improving employee training. The settlement also requires Valero to modify several pressure-relief valves and update process hazard analyses to consider hazards of power loss at the facility. As part of the settlement, Valero will continue to implement safety improvements through June 2025.
The Benicia Refinery is one of thousands of facilities nationwide that make, use, and store extremely hazardous substances. Reducing the risk of accidental releases at industrial and chemical facilities like the Benicia Refinery is one of EPA’s National Enforcement and Compliance Initiatives. Catastrophic accidents at these facilities can result in death or serious injuries; impacts to the community, including orders to evacuate or shelter-in-place; and other harm to human health and the environment. The Clean Air Act requires that industrial and chemical facilities that store large amounts of hazardous substances develop and implement a Risk Management Plan to reduce the risk of accidental releases. Read More
Five individuals were sentenced this week to prison for their roles in a $1 billion biofuel tax conspiracy: Lev Aslan Dermen, aka Levon Termendzhyan, 56, was sentenced to 40 years; Jacob Kingston, 46, was sentenced to 18 years; Isaiah Kingston, 42, was sentenced to 12 years; Rachel Kingston, 67, was sentenced to seven years; and Sally Kingston, 45, was sentenced to six years.
According to court documents and testimony from Dermen’s 2020 trial, from 2010 to 2018, Dermen conspired with Jacob and Isaiah Kingston, their mother, Rachel Kingston, Jacob Kingston’s wife, Sally Kingston, and others, to fraudulently claim more than $1 billion in refundable renewable fuel tax credits. The IRS ultimately paid out more than $511 million in credits to Washakie Renewable Energy (“Washakie”), a Utah biodiesel company owned by Jacob and Isaiah Kingston. The Kingstons distributed the fraud proceeds among themselves and Dermen.
The Renewable Fuel Standard (RFS) program is a national policy that requires a certain volume of renewable fuel to replace or reduce the quantity of petroleum-based transportation fuel, heating oil or jet fuel. The RFS program requires producers or importers of renewable fuel to generate fuel credits, known as Renewable Identification Numbers (RINs), in proportion to the amount and type of renewable fuel they produced or imported. Congress adopted the RFS program to reduce the nation’s dependence on foreign oil, help grow the nation’s renewable energy industry and achieve significant greenhouse gas emissions reductions. Congress also later mandated the availability of refundable tax credits for the production of renewable fuel in the United States.
In one of the schemes perpetrated by the Washakie conspirators, they purchased biodiesel, (which had been produced by others who had already claimed the tax credit and RINs). The conspirators exported the biofuel to foreign countries. The conspirators then doctored transport documents to disguise and import the biodiesel as “feedstock.” Washakie used this false paperwork to claim it produced biodiesel from the feedstock to support its filing of fraudulent claims for EPA RINs and IRS biofuel tax credits. Throughout the fraud Washakie, with other co-conspirators, fraudulently generated millions of EPA RINs that were then sold for approximately $65 million.
Later, Dermen and the Kingstons conspired to purchase millions of gallons of biodiesel and rotate it though the U.S. shipping system to create the appearance that qualifying fuel was being produced and sold by Washakie. Washakie applied for and was paid by the IRS over $300 million for its claimed 2013 production and over $164 million for its claimed 2014 production. Evidence at Dermen’s trial showed that, to further create the appearance of legitimate business transactions, Dermen and the Kingstons schemed to cycle their and other co-conspirators’ fraud proceeds in more than $3 billion in financial transactions through multiple bank accounts.
Throughout the scheme, Dermen falsely assured Jacob Kingston that Kingston and his family would be protected by Dermen’s “umbrella” of corrupt law enforcement and immune from criminal prosecution. In exchange, Jacob and Isaiah Kingston transferred over $134 million in fraudulent proceeds to companies in Turkey and Luxembourg that were subsequently laundered internationally and through the U.S. financial system. Read More
Baker Hughes Rig Count: International Rig Count is up 15 rigs from last month to 930 with land rigs up 9 to 702, offshore rigs up 6 to 228.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 06 April 2023 | 751 | -4 |
| Canada | 06 April 2023 | 127 | -12 |
| International | March 2023 | 930 | +15 |
The Ocean Cleanup , the only organization currently tackling the Great Pacific Garbage Patch (GPGP), has just reached a milestone of 200,000 kilograms, or 220 tons of plastic removed from the ocean. In recent years, the Dutch non-profit completed the test run of their new system 002/B which can capture multiple tons of garbage in one sequence with its large booms measuring a mile and a half in length The GPGP is not so much an island as it is an area where major currents and winds have brought together trillions of pieces of plastic. By using the data of the currents and the winds to estimate volumes of plastic and to guide the capture vessels, Bojan Slat, the CEO and Founder of Ocean Cleanup, believes he can clean the whole patch in just a decade. Read More
U.S. officials said Tuesday they will await the findings of three independent European investigations into the September blasts that damaged the Nord Stream gas pipelines in the Baltic Sea. White House National Security Council spokesperson John Kirby told reporters President Joe Biden is confident the probes will be as thorough as possible, and that they should provide a better sense of what happened. Kirby said last week the United States believes the blasts were an act of sabotage and that the U.S. was not involved in any way. A Russian resolution at the U.N. Security Council calling for an international investigation into the blasts failed to win support, earning three votes in favor, short of the nine needed for approval. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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