Top Energy/Automotive News As Reported; Rig Count: U.S. -11 to 720 Canada -9 to 85
London, 20 May, 2023, (Oilandgaspress) : Ongoing pressure in oil prices neglects an accelerating demand outlook and looming supply tightness, International Energy Agency warned. China, will account for nearly 60% of global demand growth in 2023
Petrobras informs that it has identified the presence of hydrocarbons in the Santos Basin pre-salt, in an appraisal well in the Aram block.
Well 3-BRSA-1387D-SPS is located 260 km from the city of Santos-SP, at a water depth of 1,979 meters.
The well is in progress and the oil-bearing interval was verified through wireline logging and fluid samples, which will be further characterized through laboratory analyses. These data will allow evaluating the potential and directing the next exploratory activities in the area. The consortium will continue operations to complete the project to drill the well to the expected depth and verify the extent of the new discovery, in addition to characterizing the conditions of the reservoirs found.
The Aram block constitutes an important asset for exploring the remaining pre-salt potential, particularly in the Santos basin. In addition, the well presented a fluid of excellent quality, confirming the low levels of contaminants. This discovery augments the possibilities of expanding the accumulation discovered by the wildcat well 1-BRSA-1381-SPS, in this block. Read More
KBR Receives Coveted AAA Sustainability Rating
STRYDE, has been awarded a contract worth over $1 million for the supply of 10,000 seismic receiver nodes and its ‘Nimble’ node receiver system in Nigeria.
STRYDE’s seismic sensor technology will be utilised on an upcoming 3D seismic survey conducted by Nigerian geoscience solutions provider, ATO Geophysical as part of an onshore oil and gas exploration project in the region. The seismic survey is due to begin in Q2 2023 and will be the first commercial deployment of STRYDE’s Nimble System™ in the country as it continues to dominate the nodal sensor market with its international expansion within the energy sector. STRYDE, who are the creators of the world’s smallest and lightest seismic node, will enable ATO to deliver high-density seismic data for the exploration of new reservoir locations in the grasslands and marshlands of Nigeria, for a local oil and gas operator. Read More
The latest EV Recharge Report has found that flat rate slow charging costs have increased by 5p/kWh in April 2023. The April 2023 AA EV Recharge Report shows a 5p/kWh increase in flat rate slow charging, as well as a 1p/kWh increase in flat rate fast charging.
An increase in slow charging costs by one of the suppliers to EV charging at supermarkets has pumped up the average price by 5p/kWh. However, it remains half the average cost of ultra-rapid charging when priced at a flat rate (as opposed to peak/off-peak pricing schemes). Charging at supermarkets has become a favourite option for many electric car owners as the slower and cheaper rate of charging can be combined with a shopping trip. Regardless, compared to petrol costs, which have fallen in the past month, slow charging at a supermarket is on average 5p a mile cheaper.market analysis of used-EV values show that they average half the price of a brand new one**. A view of the AA Cars website shows that it is possible to pick up an EV with less than 10,000 miles on the clock for half the cost of a brand new model.
A Vauxhall e-Corsa, which starts at £33,930 brand new, could be bought for less than £17,000 with less than 7,000 on the clock and manufactured in 2021. Likewise, a Hyundai IONIQ Premium, which starts at £43,445 brand new, could be bought for around £17,500 for a model only one year old. Read More
24-hour Eifel classic
Seven Porsche 911 GT3 R fielded by six customer teams will fight for overall victory at this year’s 24-hour race on the Nürburgring-Nordschleife (20/21 May). The GT3 cars from Weissach go up against 27 vehicles from six rival manufacturers in the top SP9 class. A total of 44 racing vehicles from Zuffenhausen will compete in twelve different categories. With its professional customer squads, Porsche has its sights set on clinching its 14th overall victory at the storied 24-hour race in Germany’s Eifel region. The results and insights from the Qualifiers event and previous races of the Nürburgring Endurance Series (NLS) were encouraging. Nevertheless, uncertainties remain: The Porsche 911 GT3 R, which was launched for the 2023 season and is based on the 992-generation nine-eleven, will line up on the grid of the 24-hour classic for the first time. In preparation for this year’s highlight on the famous Nordschleife, the Falken Motorsports team finished three of the NLS races in the top ten. Read More
European countries setting new wind and solar records
Solar and wind produced more than half of Portugal’s electricity for the first time last month, according to new data from clean energy think tank Ember. April saw the renewables reach 51 per cent of electricity production – beating the previous monthly record of 49 per cent in December 2021. Strong solar deployment, electricity imports from Spain and lower demand kept energy generated by fossil fuels to just 24 per cent – despite a drought-driven dip in hydropower.Last year, the country installed 0.9 GW of solar photovoltaics, increasing its solar capacity by more than 50 per cent to 2.5 GW – enough to power around 1 million homes. This helped push solar generation to an all-time high of 360 GWh in April, a significant gain on the previous record of 300 GWh in July and August of 2022. Read More
Can G7 countries deliver their climate funding
Group of Seven (G7) countries owe low and middle-income nations $13.3 trillion (€12.3 trillion) in unpaid aid and funding for climate action, according to new analysis from Oxfam. The figure was released ahead of the G7 summit due to begin in Hiroshima, Japan tomorrow.
Oxfam says these wealthy nations and their bankers are demanding that countries in the Global South pay $232 million (€215 million) in debt despite failing to pay what they owe themselves. Read More
Biden-Harris Administration Invests $51 Million in America’s Electric Vehicle Charging Network
DOE–DOT Joint Office of Energy and Transportation Launches New Funding Opportunity and Consortium to Improve Reliability and Accessibility of EV Chargers, Expand the Nation’s Clean Transportation Workforce
The Biden-Harris Administration today announced a $51 million Ride and Drive Electric funding opportunity through President Biden’s Bipartisan Infrastructure Law to accelerate the electrification of the nation’s transportation sector and spur private sector investments in clean transportation. The administration also today announced the launch of the National Charging Experience Consortium to advance rapid, on-the-ground solutions that ensure a convenient, reliable, equitable, and easy-to-use charging experience for all Americans with chargers that are made in America. The Joint Office of Energy and Transportation (Joint Office) will administer the Ride and Drive Electric program and has funded DOE’s Idaho National Laboratory to lead the National Charging Experience Consortium. Managed by the Departments of Energy (DOE) and Transportation (DOT), the Joint Office was created through the Bipartisan Infrastructure Law to build a national electric vehicle charging network that will spark public confidence in EV adoption and fill charging gaps in rural, disadvantaged, and hard-to-reach locations. Today’s announcements support President Biden’s Investing in America agenda to grow the American economy from the bottom up and middle out—rebuilding our nation’s infrastructure, creating good paying jobs, and building a clean energy economy that will combat climate change and make our communities more resilient.
Ride and Drive Electric Funding Opportunity Announcement
Electrifying America’s transportation sector will play a critical role in mitigating greenhouse gas pollution and climate change while benefiting all Americans through improved health outcomes, reduced fuel and maintenance costs, and strengthened energy security. With more than 3 million EVs on the road, federal investments to reach President Biden’s goal of building a national network of 500,000 public EV charging ports will allow even more Americans to make the switch to electric. The Ride and Drive Electric funding opportunity will advance this mission by:
• Enhancing EV charging resilience
• Providing equitable access and opportunity in electrification through community-driven models for EV charging deployment and workforce development
• Improving EV charging performance and reliability
This funding will help to increase reliability of chargers by providing funding for validating and testing charging equipment; advance new business models for electrified shared mobility and fleet-based services; and increase opportunities for underserved communities through new jobs and training resources, among others. Aligning with the President’s Justice40 Initiative, all applicants must outline the benefits that will be delivered to disadvantaged communities through the Ride and Drive Electric funding opportunity. Read the full Ride and Drive Electric funding opportunity announcement here.
The submission deadline for concept papers is June 16, 2023. Only applicants who have submitted an eligible concept paper will be eligible to submit a full application. The submission deadline for full applications is July 28, 2023. Read More
NNPC Ltd clears $3.8bn indebtedness to IOCs
The Nigerian National Petroleum Company Ltd had cleared the $3.8bn cash call indebtedness to its Joint Venture Partners.
The NNPC Ltd Chief Upstream Investment Officer, Bala Wunti, said this while speaking as a discussant at the ongoing fourth Nigerian Oil and Gas Opportunity Fair holding in Yenagoa, Bayelsa State.According to him, the enactment of the Petroleum Industry Act (PIA) 2021 and its implementation effectively ended the fiscal uncertainties and empowered the newly established institutions to discharge their mandates effectively. A major talking point in the industry has been the remarkable achievement by NNPC Ltd. through NUIMS to clear huge backlogs of Cash Call debt, over $3.8bn owed to Joint Venture (JV) partners. Read More
Alaska oil industry campaigns against proposed tax increase
Alaska’s oil and gas trade association has launched a campaign against a Senate bill that would increase taxes on the industry as a way to help fill the state’s structural deficit. Senate Bill 114 would reduce tax credits available to oil companies, thereby increasing their overall tax burden. Privately held oil companies such as Hilcorp — the operator of Prudhoe Bay — would also be required to pay corporate income taxes. When combined with the tax credit reduction, both proposals are projected to raise $1.3 billion in their first year, dropping to $783 million by the end of the decade.
There may be enough votes in the Senate to advance the five-page bill — likely during next year’s regular legislative session. But the measure faces longer odds of passing through the Republican-led House of Representatives, with key members of leadership expressing concerns about the potential impacts a tax increase could have on industry investment. Read More
Accelerated Electrification of America’s Transportation Sector
The U.S. Department of Energy (DOE) today announced a new $99.5 million funding opportunity in addition to the selection of 45 projects totaling $87 million to advance production of next-generation electric vehicle (EV) technologies, train the future electrified transportation workforce, and ensure the equitable deployment of clean mobility options in disadvantaged communities. Spanning 18 states and Washington, D.C., the selected projects will accelerate the electrification of domestic transportation, advance more sustainable EV technologies, and educate consumers on the benefits of EV ownership and potential cost savings. The newly announced funding opportunity will support projects that improve EV charging infrastructure for underserved communities, develop EV batteries that use abundant materials, and support additional EV and charging education consumers. Both announcements support the President’s Investing in America agenda by onshoring and re-shoring domestic manufacturing of key technologies and infrastructure that are critical to reaching the nation’s clean transportation future. Read More
Solar power in Alaska
Households and businesses in Alaska are increasingly producing their own solar power and selling the excess electricity to utilities.
The four major Railbelt utilities from Homer to Fairbanks reported in February that almost 2,000 solar installations are tied into their systems, primarily for small, residential projects.
The numbers have grown rapidly in recent years. That includes in Anchorage, where growth is outpacing several Lower 48 cities, a new study shows.
Solar panel installers, meanwhile, report strong demand for their services. They say homeowners are increasingly signing up after hearing positive reviews from neighbors with their own rooftop arrays. Read More
ChatGPT now an app on iPhones
As more companies ban their staff from accessing increasingly intelligent artificial intelligence, Apple is latest to join the fold as it works on developing rival platform. In the same week that OpenAI has launched a ChatGPT app on iPhones, Apple has restricted employee access to the large language model (LLM) and other external artificial intelligence (AI) products. A report by the Wall Street Journal states that the tech giant has issued an internal document to its employees which outlines a ban across using generative AI tools over fears its company data could be compromised while it develops its own similar software. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $71.55 | Down |
| Crude Oil (Brent) | USD/bbl | $75.58 | Down |
| Bonny Light | USD/bbl | $74.90 | Down |
| Saharan Blend | USD/bbl | $75.61 | Down |
| Natural Gas | USD/MMBtu | $2.58 | Down |
| OPEC basket 18/05/23 | USD/bbl | $76.06 | Up |
85 percent support ban on E-scooters
A new Express.co.uk poll has shown widespread support in favour of electric scooters being banned from Britain’s roads with one reader claiming that they “just don’t fit in” with other transportation.Over the past three years, the Department for Transport (DfT) has run a series of trial schemes across the UK to help inform the regulation of e-scooters. Some schemes have been extended until May 2024 to further insight into the integration of the environmentally-friendly mode of transportation. Read More
Baker Hughes Rig Count:
U.S. Rig Count is down 11 from last week to 720 with oil rigs down 11 to 575, gas rigs unchanged at 141 and miscellaneous rigs unchanged at 4.
Canada Rig Count is down 9 from last week to 85, with oil rigs up 2 to 39, gas rigs down 11 to 46.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 19 May 2023 | 720 | -11 |
| Canada | 19 May 2023 | 85 | -9 |
| International | April 2023 | 947 | +17 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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