Oilandgaspress June- 30. Headlines; India gets $1.5B from World Bank
London, 30 June, 2023, (Oilandgaspress) : U.S. crude oil imports averaged 6.580 million barrels per day (b/d) last week, up by 418,000 b/d from the previous week, while crude oil exports averaged 5.338 million b/d, up by 795,000 million b/d from the previous week, according to the Weekly Petroleum Status Report. WTI for August delivery gained 1.86 U.S. dollars, to settle at 69.56 dollars a barrel on the New York Mercantile Exchange. Brent crude for August delivery up 1.77 dollars, to settle at 74.03 dollars a barrel on the London ICE Futures Exchange.
The World Bank’s Board of Executive Directors today approved $1.5 billion in financing to accelerate India’s development of low-carbon energy. The financing will help India promote low-carbon energy by scaling up renewable energy, developing green hydrogen, and stimulating climate finance for low-carbon energy investments.
India is one of the fastest-growing large economies in the world. While the country’s energy consumption per capita is only one-third of the global average, India’s energy demand is expected to grow rapidly as the economy expands. This calls for a phasing down of fossil-based energy sources in line with India’s goal of achieving net-zero by 2070. The industrial sector is the main driver for future growth of energy demand and emissions, and green hydrogen can play a critical role in initially decarbonizing the hard-to-abate industrial sectors, such as fertilizer and refinery industries, and later heavy industries, including iron and steel. India has achieved impressive progress in renewable energy installed capacity and a decline in costs. Scaling up the production of renewable energy will accelerate the transition to low-carbon electricity and support the emergence and expansion of the green hydrogen sector. The program aims to scale up renewable energy supply thereby reducing costs and improving grid integration. This will help India reach its committed 500 GW of renewable energy capacity by 2030. The government plans to issue bids for 50 GW of renewable energy each year from FY23-24 to FY27-28, which will avoid carbon emissions of 40 million tons per annum by 2026. Read More
Climate nears point of no return as land, sea temperatures break records, experts say.
Parts of North America were some 10C above the seasonal average this month, and smoke from forest fires blanketed Canada and the U.S. East Coast in hazardous haze, with carbon emissions estimated at a record 160 million metric tons. Read More
CME Group, announced that trading in Micro WTI Crude Oil futures surpassed 50 million contracts on June 28, 2023 making it the fifth most actively traded energy futures contract at CME Group, behind only the benchmark WTI, Henry Hub, RBOB and NY Harbor contracts.
“WTI’s position as the premier global crude oil benchmark has never been stronger, and we are pleased that all of our WTI contracts continue to generate significant interest globally,” said Peter Keavey, Global Head of Energy and Environmental Products at CME Group. “Global investors of all sizes are increasingly looking for exposure to U.S. oil, with one third of all Micro WTI trades occurring during non-U.S. trading hours and nearly half of volume in May coming from outside of the U.S.”
“We continue to see growing demand for Micro WTI Crude Oil futures and options,” said Steve Sanders, EVP of Marketing and Product Development at Interactive Brokers. “Our clients appreciate the flexibility of CME Group’s smaller-sized contracts, which provide more access to the transparency and liquidity of the global WTI benchmark with less upfront margin.”
CME Group first launched Micro WTI futures in 2021, which became the most successful commodities product launch in the company’s history. CME Group introduced options on Micro WTI futures last year, which continue to grow alongside futures.
• Average daily volume (ADV) year-to-date for Micro WTI futures is over 95,000 contracts, while average daily open interest (ADOI) is approximately 31,000 contracts, up 99% from last year.
• Over 250 firms and approximately 109,000 unique individual traders have traded Micro WTI futures since launch, with participation from 165 unique countries and regions.
• ADV for options on Micro WTI futures is over 1,200 contracts, while current open interest is approximately 7,400 contracts, up 39% from the start of 2023. 30% of options volume is traded during non-U.S. hours.
• Over 4,800 unique traders from 36 different firms have traded Micro WTI options since launch. Read More
Reference made to the press release issued on December 20, 2022, regarding a Capacity Reservation Agreement (CRA). Nel Hydrogen Inc., a subsidiary of Nel ASA, has now received a firm purchase order from the undisclosed US energy company for delivery of 16 hydrogen fueling stations to be deployed in California, US.
The total value of the purchase order is about USD 24 million, including the previously announced Capacity Reservation Agreement fee of about USD 7 million. The increase in total contract value from the CRA announcement in December relates to the inclusion of installation assistance and commissioning services, as well as service and maintenance agreements.
“We look forward to providing our hydrogen fueling equipment to this important client and contributing to the deployment of hydrogen fueling infrastructure in the US”, says Robert Borin, Senior Vice President, Nel Fueling Division.
“This contract reflects a significant commitment to hydrogen in general, and to Nel in particular,” says Håkon Volldal, CEO. “This record-size contract is a game changer for our Fueling division, amplifying the positive momentum throughout the entire Nel organization as we continue to execute our bigger-better-focused strategy”.
Expected delivery of the first fueling equipment is scheduled in Q4 2023. In addition, Nel has entered into a framework agreement with the customer covering potential future purchase orders for fueling equipment. Read More
A new trilogy of fragrances by Mercedes-Benz in cooperation with INCC Parfums revisits this idea of the three basic elements: created by French master perfumer Anne Flipo, the eaux de parfum Land, Sea and Air can be worn separately, in harmonious balance or as a personally preferred combination. The fragrances are available both as individual eaux de parfum and as a complete trilogy, the latter in special packaging where the three flasks meet in the shape of a Mercedes-Benz star.
The stylish bottles are also a homage to Mercedes-Benz: on the one hand in terms of the design, because the three flacons together form the shape of the Mercedes star when viewed from above. And on the other because the choice of materials shows a responsible approach to the elements earth, water and air. In the selection of the raw materials for the perfume, transparency with respect to origin, quality and sustainability was given just as much attention as in the production of the bottles. These are made from recycled aluminium and glass, with a removable threaded pump to allow refilling. The outer packaging is made of recyclable and biodegradable paper that contains up to 10 per cent seaweed and is produced using 100 percent renewable energy. In addition the three fragrances are available in the 30 ml size as a set, which comes in a high-quality pouch in white or brown leather according to choice. In the spirit of upcycling, waste leather from production of the Mercedes-Benz S-Class interior was used for the leather pouch. Read More
Ofgem, has launched a formal statutory consultation on proposals to introduce a new licence condition to prevent electricity generators from making excessive profits through the Balancing Mechanism.
The Balancing Mechanism is the electricity system operator’s (ESO’s) primary tool used for balancing supply and demand on Britain’s electricity transmission network. The ESO uses the Balancing Mechanism to ensure it buys the right amount of electricity from generators to balance the system.
Following an Ofgem ‘deep dive’ into the issue, which began last year amid concerns that some generators might be taking advantage of the existing rules, Ofgem signalled earlier this year that it would be cracking down on various behaviours it had identified among some generators, who have been attempting to gain excessive financial benefit at a cost to consumers. This has involved some thermal generators scheduling themselves to cease output early in the afternoon – and because these generators take up to six hours to cool down before they can run again, switching off in the afternoon then makes them unavailable for the evening peak period. The generators in question have then been using the Balancing Mechanism to offer a price to the ESO to keep operating throughout the afternoon and therefore be available for the evening peak. On the costliest days these generators have been charging very high prices (up to £6k/MWh) for long durations (5-6hrs) to be kept on by the ESO. This has led to high balancing costs that are ultimately paid for by consumers.
Ofgem is therefore now in the process of consulting on introducing a new licence condition to curb this practice and protect consumers. The regulator’s latest proposals for the new licence condition have been revised following industry feedback from an earlier consultation in February. Read More
Porsche presents the 911 Carrera GTS Le Mans Centenaire Edition, a special edition of the legendary 911. This exclusive car pays homage to the centenary of the 24 Hours of Le Mans and celebrates Porsche’s history at the storied Circuit de la Sarthe. The 911 Carrera GTS Le Mans Centenaire Edition is inspired by two winning cars: the Porsche 356 SL and the 911 GT1 ’98. By reinterpreting their design elements, the result is a modern sports car for the “gentleman driver”. The edition model is available exclusively on the French market. The special edition is based on the 911 Carrera GTS. The 353 kW (480 PS, 911 Carrera GTS: Fuel consumption* combined (WLTP) 11.4 – 10.4 l/100 km, CO₂ emissions* combined (WLTP) 258 – 236 g/km) turbocharged six-cylinder boxer engine in combination with the standard performance chassis offers typical Porsche performance. Customers can choose between a 7-speed manual transmission and an 8-speed PDK transmission. Read More
Wood is working with Centrica Storage to evaluate the feasibility of transforming its Easington gas processing terminal to a low-carbon production hub. Centrica Storage has partnered with Equinor on this project to deliver hydrogen to the Humber region.
Based in East Yorkshire, the hub will be integrated with Centrica’s Rough field redevelopment, as well as the Easington Terminal’s hydrogen fuel switching project, both of which Wood is executing parallel studies for.
The development of the Easington low-carbon hub over the next ten years supports Centrica’s goal to achieve net zero by 2045. Hydrogen is a crucial element in achieving this target, as well as contributing to the UK’s net zero ambitions.
Wood will leverage its extensive experience in the hydrogen sector to evaluate development scenarios including both green and blue hydrogen production facilities and their associated offsites and utilities. Read More
Wood has won an award valued around $50M from GSK for a U.S. capital project to sustain the global biopharma’s production of critical specialty medicines. As the capital project delivery partner, Wood will provide engineering, procurement, construction management and validation (EPCMV) enhancement services for GSK’s global production facility in Rockville, Maryland.
Wood’s three-year contract will support GSK’s production of innovative specialty medicines for the U.S. and globally as part of GSK’s plan to develop the site with the latest state-of-the-art scientific research technology and equipment.
Wood’s track record executing design and capital project solutions for GSK facilities in the U.K. over the last decade led to the award. Under the partnership, Wood’s growing Life Sciences U.S. team will lead project delivery, applying proven global capital programme management processes and expertise to deliver an advanced facility of the highest quality and safety standards. The contract is effective immediately through to 2025 Read More
Electric vehicles can be used to tow trailers and caravans, but experts are warning drivers that they should take precautions before starting towing.
The main issue is that towing can limit a vehicle’s performance because of the load, and only a handful of electric cars are legally allowed to tow.
Electric vehicles are heavier given the weight of the battery and often have a smaller towing capacity as a result of the power of the car.
Another potential concern can be brake pressure with a lot of EVs using regenerative braking which puts energy back into the battery.
This can have an impact on any trailer that’s being towed, with an excess of kinetic energy created by the car and trailer potentially damaging the powertrain. Read More
Drax Group (Drax), the renewable energy business, today welcomes the Climate Change Committee’s (CCC) report, Progress in Reducing UK Emissions – 2023, and its recommendation that if Government wants to deliver on its climate targets it must deliver specific policy which supports the development of carbon removals projects in this country.
In 2022, Drax provided around 11% of the UK’s renewable energy and it plays a vital role in maintaining the country’s energy security.
Drax’s ambition is to invest billions in carbon removal projects in the UK and the US through game-changing technology – bioenergy with carbon capture and storage (BECCS). Read More
Stellantis will require union employees to work mandatory overtime at its Warren Truck assembly and Jefferson North factory in Michigan, to boost Jeep SUV production ahead of a potential strike deadline in September, according to a document shared with Reuters.
Stellantis told workers at both facilites the plants will be in “critical status” from July 5 through October 2. Under the current United Auto Workers (UAW) contract, a plant in critical status can run up to 7 days a week for a period of 90 days and require union employees to work more than 9 hours of overtime, according to a notice sent to employees and reviewed by Reuters. Read More
From 29 June to 2 July, Maserati will be taking part in the 11th Le Mans Classic, an unmissable event for lovers of classic cars, vintage atmospheres and competitions at the wheel of cars with an eternal appeal.
In the incomparable setting of the temple of endurance, the home of the 24 Hours of Le Mans – one of the most spectacular and exciting races on the motorsport scene, the Trident will be there with some of its classic models and unique pieces with an unmistakable style and design. It will also present a selection of modern cars ready to speed through the most legendary curves of the Circuit de la Sarthe.
The Le Mans Classic is dedicated to the most beautiful vintage cars of all time; every two years, enthusiasts, gentleman drivers and collectors gather there from all over the world. The 2023 event, at which Maserati will also be the sponsor, will witness around 500 classic cars in the line-up – as usual, the models in the race will be the original ones that participated in the 24 Hours of Le Mans between 1923 and 1981 – and as many cars that have written unforgettable chapters in the history of one of the races most feared and loved by the public and drivers alike.
With over a century of history, Maserati boasts a collection of iconic cars that have become the stuff of dreams for entire generations of motorists; at the event in France, a gleaming, very fast and indomitable 1961 Maserati Tipo 63 will be on display – only 5 specimens were produced, with its characteristic “Birdcage” chassis and 12-cylinder V-shaped engine, as will be another memorable classic, a strong, powerful and distinctly sporty 1974 Maserati Bora, with its popular mid-rear engine. Read More
Maserati teases new short film directed by Ferzan Ozpetek
Maserati is thrilled to release the teaser of its upcoming short film titled ‘Companions on a journey’ directed by award-winning film director Ferzan Ozpetek, delving into an extraordinary story about family bonds, automotive passion, and the symphony of life.
Set in Italy’s most scenic landscapes, the captivating short film will follow three siblings as they embark on a journey across the peninsula with the intention of reuniting with their father, a renowned orchestra conductor, bearing an incredible gift.
The heartfelt narrative showcases the unique personalities of a family through an emotional journey powered by their individual cars: the MC20 Cielo spyder, the iconic GranTurismo and the ‘everyday exceptional’ SUV Grecale, three souls merging into the essence of an extraordinary heritage.
An enchanting adventure, celebrating the unique connection between humans, cars, hearts, and arts. Be prepared to be moved by the attractive power of the Trident, seen through the lens of Ferzan Ozpetek. Read More
The ABB FIA Formula E World Championship visited Portland International Raceway in the United States for the first time in its history on Saturday. On a track that is well-known for its Indycar races, the two DS Automobiles drivers put on a fantastic show to each make up nine places during the 12th round of the season. In doing so, Jean-Éric Vergne and Stoffel Vandoorne underlined how the French premium manufacturer and its partner PENSKE AUTOSPORT can instantly get to grips with brand-new circuits.
From the first free practice session, the DS PENSKE drivers placed their DS E-TENSE FE23 cars at the forefront of the action. JEV was an excellent second-fastest overall, while Stoffel was seventh. The Frenchman and the Belgian continued their run of form in qualifying, where they were classified sixth and 10th respectively.
These top 10 starts on the grid promised much for the E-Prix itself, but a penalty forced Vergne and Vandoorne to start from the pitlane. The reason was the unauthorised presence of a piece of team equipment in the pitlane, which was used only to identify the tyres. As a result, the penalty was in no way linked to the performance of the car or the power unit. Read More
This morning, in the barracks named after General Azolino Hazon – recipient of the Silver Medal for Military Valor – at the headquarters of the General Command of the Carabinieri, the new Alfa Romeo Tonale Hybrid was symbolically delivered. It forms part of an initial batch of 400 Tonales, due to become part of the force’s fleet of vehicles between this July and late 2024.
The event was attended by Commander-General Gen. C.A. Teo Luzi, Alfa Romeo CEO Jean-Philippe Imparato, Stellantis Country Manager, Italy Santo Ficili, as well as the heads of the General Staff of the General Command of the Carabinieri.
The first batch of Tonales is destined for mobile radio units throughout Italy and will support the 200-hp Alfa Romeo Giulia AT8 to raise the efficiency of the Carabinieri’s emergency response even further. The traditional speed and promptness of intervention made possible by these cars over the years has earned them the popular nickname of “Gazzelle”. Indeed, the insignia of these units feature a bolt of lightning and a jumping gazelle.
For the first time, a vehicle from the C-SUV segment is being introduced among the vehicles used by the mobile radio units. This diversification provides greater versatility in service performance, as well as a significant increase in the level of comfort for officers, especially useful for long shifts.
The Alfa Romeo Tonale model unveiled today is equipped with a 163-hp 1.5-liter hybrid engine (petrol/electric), with 7-speed TCT automatic transmission. Fitted out in the traditional mobile radio unit livery (red and blue with a white roof), it features partial armor to protect the officers, a single cell for the secure transport of prisoners, a two-tone electronic siren and flashing blue LED lights. The interior trim has been redesigned and modified to provide officers with maximum comfort, and to fit specific equipment (bulletproof vests, high-visibility torches, long firearms, etc.).
The decision to adopt latest-generation hybrid vehicles epitomizes the Carabinieri’s commitment to protecting their local area, where it is at the forefront as the largest locally based police force in Europe. Read More
74 MW EnVentus order in Italy
SIMIC has placed a 74 MW order for the Villacidro and Musei wind parks, to be located in Sardinia, Italy. The contract includes the supply and installation of 12 V162-6.2 MW wind turbines, as well as a 20-year Active Output Management 5000 (AOM 5000) service agreement.
“With Villacidro and Musei wind parks, SIMIC achieves an important milestone of more than 100 MW of solar and wind installed capacity and confirms its commitment to energy transition and sustainability”, says Giuseppe Ginola, Founder and Managing Director of SIMIC.
Back in 2021, SIMIC placed the first order for EnVentus wind turbines in Italy. “I would like to thank SIMIC for renewing their trust in Vestas’ latest technology. This order showcases the potential of the industry-leading EnVentus platform for the Italian market. Its wide range of customised solutions to suit the needs of each project and its ability to increase the annual energy production allow our customers to optimise their business and succeed in the Italian auction”, says Vestas General Manger Italy and Turkey, Francesco Amati. Turbine delivery is planned for the first half of 2024, whilst commissioning is expected for the second half of 2024. With this project, Vestas consolidates its strong leadership in the Italian market, where it has won over 2 GW of contracts derived from auctions and has installed over 5 GW since 1991. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $69.96 | Up |
| Crude Oil (Brent) | USD/bbl | $74.49 | Up |
| Bonny Light | USD/bbl | $73.45 | Down |
| Saharan Blend | USD/bbl | $74.23 | Up |
| Natural Gas | USD/MMBtu | $2.70 | Up |
| OPEC basket 29/06/23 | USD/bbl | $74.34 | Down |
Vestas has secured a 151 MW order for several wind parks in Spain. The contract includes the supply and installation of 26 V136-4.5 MW, three V163-4.5 MW wind tubines and another five V136-4.5 MW wind turbines delivered in 4.0 operating mode. The contract includes a 15-year Active Output Management 5000 (AOM 5000) service agreement.
The projects and customer are undisclosed.
Turbine delivery is expected to start in the second half of 2024 whilst commissioning is planned for the last quarter of 2024 and the first half of 2025
“We are glad to see how the versatility of our portfolio continues to suit our customers’ needs in Spain. Our full converter technology enables market-leading grid integration performance and we trust that our strong manufacturing footprint in Spain will continue to make a significant contribution to the country’s energy transition”, says Agustín Sánchez Tembleque, Vestas General Manager for Spain and Portugal.
Vestas currently manufactures V136 blades at its factory in Daimiel (Ciudad Real), where it will also manufacture V163 blades. Vestas has installed more than 5.1 GW of wind energy in over 130 wind parks in Spain since installing the first turbine in 1991. Read More
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