Top Energy/Automotive News As Reported; OPEC basket of thirteen crudes stood at $77.09 a barrel
London, 06 June, 2023, (Oilandgaspress) : Nigerian National Petroleum Company Limited has announced that it has initiated the process of terminating crude oil swap contracts. Reuters reported that NNPCL said it will now pay cash to private companies for petrol imports. Mele Kyari, NNPCL’s Group Chief Executive Officer (GCEO) added that less petrol will be imported by NNPC while private companies will import the bulk. Kyari reportedly stated; “In the last four months, we practically terminated all direct sale direct purchase (DSDP) contracts. And we now have an arm’s-length process where we can pay cash for the imports.”
Organisational changes in Horisont Energi
Horisont Energi present a new management team to better support the organisation in reaching the company’s goals and realising projects together with our partners.
Horisont Energi’s goal is to accelerate the transition to a carbon neutral future, building on our substantial knowledge base. Horisont Energi has carried out considerable and valuable work over the last years within carbon capture and storage, and clean ammonia (energy).
The new management team will consist of the following:
Bjørgulf Haukelidsæter Eidesen, Chief Executive Officer
Ståle Brattebø, Chief Operational Officer/Chief Technology Officer (new role)
Leiv Kallestad, Chief Financial Officer (new)
Frode A. Berntsen, Chief Legal Officer
These changes will be effective from 5 June 2023. Read More
Porsche Penske Motorsport used the so-called pre-test at the 24 Hours of Le Mans for intensive work on the set-up of the three Porsche 963. On the 13.626-kilometre Circuit des 24 Heures in France, the hybrid prototypes in special livery completed many consistent laps. The LMDh customer squad Hertz Team Jota also impressed during the total six hours of driving at Le Mans. In the GTE Am class, the eight Porsche 911 RSR cars from five customer teams reeled off an extensive programme.At the official test day in Le Mans, the Porsche Penske Motorsport factory team intensively adapted to the special features of the 13.626-kilometer Circuit des 24 Heures. In the two three-hour sessions, the three Porsche 963 completed a total of 142 laps (1,934.9 kilometres) in bright sunshine and temperatures of up to 27 degrees Celsius. In addition to set-up work, tyre testing was the focus of the only testing opportunity at La Sarthe. The #75 car was in the pits for around two hours in the afternoon because a component of the braking system had to be replaced. Meanwhile, Belgian Laurens Vanthoor at the wheel of the No. 6 Porsche 963 set the second fastest lap time of the entire test day in 3:29.648 minutes. The identical over 500 kW (680 PS) strong hybrid prototype of the customer squad Hertz Team Jota circled the legendary circuit in western France 55 times. In the GTE Am category, the eight Porsche 911 RSRs fielded by five privateer teams covered a total distance of 6,213 kilometres. Read More
Innovations from the world of space technology and space research enrich everyday life
The Velcro fastener, individual varifocals, the daily weather report, live broadcasts on TV and navigation systems: these and many other innovations would not be possible without space technology or space research. The interactive special exhibition “ALL.TÄGLICH!” at the Mercedes-Benz Museum makes the wide-ranging transfer of technology from space to earth tangible. It can be experienced free of charge from 7 June to 15 October 2023 in the Fascination of Technology area on Level 0.Research in the field of space flight, along with research undertaken in space, is key to innovations that also have many direct uses for life on Earth. These developments are already having a significant impact on our lives today. The special exhibition shows this by means of these thematic fields: Read More
Gastech unveils 2023 strategic conference programme
Global energy experts convening in Singapore for Gastech 2023 will include CEOs, company presidents, and executive chairs of high-level international energy businesses and organisations, including Baker Hughes, Shell, ExxonMobil, and the International Energy Forum.
This year’s edition of Gastech is supported by Enterprise Singapore and Singapore Tourism Board, and co-hosted by ExxonMobil, Chevron, Shell, and Venture Global LNG. It will take place at Singapore EXPO, on 5-8 September 2023. The 2023 programme, which includes high-level ministerial sessions, eight leadership roundtables and technical and commercial conferences, will focus on the major themes of energy supply security, low-carbon energy for sustainable global growth, energy transition alliances, and the development of the energy industry workforce globally. This year’s Gastech Executive Committee, which oversees the strategic leadership agenda, is chaired by Alan Heng, Group Chief Executive Officer, Pavilion Energy Pte Ltd. Taking place in the build-up to COP 28, Gastech 2023 will elaborate on the ideas, solutions and innovations that will enable the energy industry to manage and deliver the transition to low-carbon energy, whilst continuing to supply the world with its energy needs. Through high-level panel discussions focused on the importance of low-carbon solutions and climate technologies industries, global business leaders will elaborate on the investment and regulation strategies required to ensure global energy security, affordability, and sustainability.
The energy supplies needed in the years ahead, and the need for energy systems to be on track for net zero emissions by 2050, is already heightening the pressure on the investment community. During the Gastech 2023 Strategic Conference, global energy leaders will share insights on the investment landscape required to stimulate adequate funding on both new and existing energy production as well as next generation energy solutions and climate technologies. Shifts in financing strategies, a changing appetite for risk and a demand for greater flexibility are transforming partnership models. As the gas industry both expands and fragments, introducing greater liquidity and optionality, Gastech will examine how new opportunities for partnerships are being established in the global LNG market and demonstrate the resilience and agility of natural gas. Read More
OPEC+ meeting in Vienna
The UAE will extend its voluntary cut of 144,000 bpd until end 2024. In the OPEC meeting, the UAE was allowed to increase output targets by around 200,000 bpd to 3.22 million. Iraq will extend its voluntary cut of 211,000 bpd until the end of 2024. The Oman energy ministry stated that it will extend voluntary oil production cut by 40,000 bpd until the end of next year. Reuters reported that the oil cartel has lowered its oil output target for next year by 1.4 million bpd versus current output targets.
The next OPEC and non-OPEC Ministerial Meeting will be held on Sunday 26 November 2023, in Vienna, the oil cartel said in a statement. Read More
New Fracking Technology
ExxonMobil Corp. (NYSE:XOM) is betting that shale producers can double crude output from their existing wells by employing novel fracking technologies.
“There’s just a lot of oil being left in the ground. Fracking’s been around for a really long time, but the science of fracking is not well understood,” Exxon Chief Executive Officer Darren Woods said Thursday at the Bernstein Strategic Decisions conference. Woods has revealed that Exxon is currently working on two specific areas to improve fracking. First off, the company is trying to frack more precisely along the well so that more oil-soaked rock gets drained. It’s also looking for ways to keep the fracked cracks open longer so as to boost the flow of oil. Read More
Qilin Battery from CATL
Kirin batteries pushed the cruising range of pure electric new energy vehicles to 1,000 kilometers for the first time .
On June 1, the Jikrypton 001 thousand-mile endurance kit (CLTC comprehensive operating range of 1,032 kilometers) equipped with Ningde Times CTP3.0 Kirin battery was delivered at Ningde Times headquarters. Zeng Yuqun, chairman of Ningde Times, and An Conghui, CEO of Jikrypton Intelligent Technology, attended the delivery ceremony. Read More
solar hydrogen system that co-generates heat and oxygen
Ecole Polytechnique Fédérale de Lausanne (EPFL) researchers have built a pilot-scale solar reactor that produces usable heat and oxygen, in addition to generating hydrogen with unprecedented efficiency for its size. A parabolic dish on the EPFL campus is easily overlooked, resembling a satellite dish or other telecommunications infrastructure. But this dish is special, because it works like an artificial tree. After concentrating solar radiation nearly 1,000 times, a reactor above the dish uses that sunlight to convert water into valuable and renewable hydrogen, oxygen, and heat. Read More
Swiss energy system could be independent and carbon-neutral by 2050
A carbon-neutral and independent Swiss energy system in 2050 is theoretically achievable using the currently untapped local renewable energy resources. This system would even be cheaper than the country’s 2020 energy system modeled with the same assumptions, with up to 30-32% cost reductions. Such are the findings of an extensive study led at EPFL and HES-SO Valais, that have the potential to pave the way for a reinforced plan towards more domestic investment in clean energy. Though theoretically possible, the total independence of the Swiss energy system is not a goal per se. The carbon-neutral constraint by 2050, however, is aligned with the text of the Federal Act on Climate Protection Objectives (submitted to the Swiss vote in June 2023). The scientists decided nevertheless to use their model, the multi-energy and multi-sector modeling framework EnergyScope, to push Switzerland into a fully energy-independent state in order to theoretically guarantee the security of supply and later calculate the impacts of the imports and exports. Read More
IATA and UNEP to Address Key Environmental Challenges in Aviation
The International Air Transport Association (IATA) and the United Nations Environment Programme (UNEP) have signed a Memorandum of Understanding (MoU) aligned with the UN 2030 Agenda for Sustainable Development to address sustainability challenges in the aviation industry.
Reduction of problematic single use plastics products (SUPP) and improving the circularity in the use of plastics by the industry is the initial focus of the partnership as UNEP leads global efforts to develop an international legally binding instrument on plastic pollution, including in the marine environment, by the end of 2024.
Making aircraft cabins more sustainable is a priority for airlines and their passengers. The complex and asymmetrical regulatory environment, however, often poses an obstacle by preventing circular economy best practices. In the absence of a global approach, differing regulations at both ends of a journey severely limit the actions that airlines can take. IATA advocates for a simplified and harmonized regulatory environment that would enable a reduction in plastic utilization and greater reuse, and recycling of cabin waste, including plastics, where they are needed. To this end, the partnership will step-up IATA’s engagement with UNEP to ensure that aviation’s unique challenges and opportunities are represented in the upcoming international legally binding agreement to end plastic pollution. Read More
Tata Group signs $1.6 billion EV battery plant deal
Tata Group signed an outline deal on Friday on building a lithium-ion cell factory, based on investment of about 130 billion rupees ($1.58 billion), as part of the nation’s efforts to create its own electric vehicle supply chain.
Compared to the size of its population, India’s car market is tiny. Tata Motors dominates its electric vehicle (EV) sales, which made up just 1% of India’s total car sales of about 3.8 million last year.A joint statement on the memorandum of understanding, between Tata’s unit Agratas Energy Storage Solutions and the government of the western state of Gujarat, said work on the plant, to be based in Sanand, northern Gujarat, was expected to start in less than three years. Reuters
TOYOTA GAZOO Racing (TGR) unveiled today the “Prius 24h Le Mans Centennial GR Edition” concept vehicle at the “Japan. Endless Discovery.” joint exhibit being held by the Japan National Tourism Organization (JNTO), Mazda Motor Corporation (Mazda), and TGR at the Manufacturers’ Village of the centenary of the Le Mans 24 Hours (Le Mans) in France. The new concept vehicle pays tribute to the fabled Le Mans race.”Japan. Endless Discovery.” is a JNTO initiative carried out with Mazda, which, in 1991, fielded the first Japanese car to take the overall title at Le Mans, and TGR, which represents the only Japanese automaker currently competing in Le Mans and which is now on a five-year winning streak. The exhibit, while looking back at the technologies that Japanese automakers have cultivated in motorsports, including Le Mans, introduces the challenge of expanding options toward achieving a carbon-neutral society, such as vehicle electrification, hydrogen energy, and the use of carbon-neutral fuels.
To convey the scenery and culture of Japan, as well as the history of Mazda and Toyota at Le Mans, through Japanese manga, which are highly popular symbols of modern Japanese culture, the exhibit’s walls have been decorated by manga artist Masahito Soda*1, who is known for his motorsports-themed capeta manga series.
It was at this exhibition that TGR unveiled for the first time in the world the “Prius 24h Le Mans Centennial GR Edition” concept vehicle, which is based on the latest-generation Toyota Prius and expresses gratitude to Le Mans and France’s Automobile Club de l’Ouest, which is the organizer of the race. The concept vehicle achieves excellent driving performance due in part to its exclusive wheels and performance aerodynamic parts inspired by TGR’s WEC-competing GR010 HYBRID, and it is due to be displayed at the WEC’s Round 6, which is the 6 Hours of Fuji endurance race, and other events. Read More
Scatec closes transaction to divest Upington solar plants in South Africa
Scatec will continue to provide operations & maintenance (O&M) and asset management services to the plants. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $71.00 | Down |
| Crude Oil (Brent) | USD/bbl | $75.60 | Down |
| Bonny Light | USD/bbl | $76.56 | Up |
| Saharan Blend | USD/bbl | $77.01 | Up |
| Natural Gas | USD/MMBtu | $2.23 | Down |
| OPEC basket 05/06/23 | USD/bbl | $77.09 | Up |
Baker Hughes Rig Count:
The Worldwide Rig Count for May was 1,783, down 25 from the 1,808 counted in April 2023, and up 155, from the 1,628 counted in May 2022.
U.S. Rig Count is down 15 from last week to 696 with oil rigs down 15 to 555, gas rigs unchanged at 137 and miscellaneous rigs unchanged at 4
Canada Rig Count is up 10 from last week to 97, with oil rigs up 9 to 51, gas rigs up 1 to 46.
International Rig Count is up 18 rigs from last month to 965 with land rigs up 9 to 729, offshore rigs up 9 to 236.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 02 June 2023 | 696 | -15 |
| Canada | 02 June 2023 | 97 | +10 |
| International | May 2023 | 965 | +18 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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