Top Energy/Automotive News As Reported; Solar power production, saw an increase of 14.5% (y-o-y), reaching a share of 5.0% in the electricity mix
London, 16 May, 2023, (Oilandgaspress) : World’s oil demand is set to rise by 2.2 million barrels per day (bpd) this year to a record 102 million bpd, the International Energy Agency (IEA) said on Tuesday, revising up its forecast by 200,000 bpd as China’s demand hit a record
Hyundai Motor America won at the manufacturer’s home event as Mark Wilkins and Mason Filippi took the checkered flag to win the 2023 WeatherTech Raceway Laguna Seca 120 in the IMSA Michelin Pilot Challenge (IMPC). Piloting the No. 98 Hyundai Elantra N TCR for Bryan Herta Autosport, Wilkins and Filippi battled for the lead of the two-hour event with BHA teammates Robert Wickens and Harry Gottsacker before the No. 98 held the lead of the field after halfway-point pitstops. With Saturday’s victory at WeatherTech Raceway Laguna Seca, Wilkins and Filippi now assume the lead of the IMPC Drivers’ Championship points standings after three rounds of competition. Read More
The clean-up of oil spills in Nigeria’s oil-producing Niger Delta could cost around $12 billion, and oil majors including Shell and Eni should be held responsible for most of the environmental pollution, a new report by a local commission showed on Tuesday.
The report by the Bayelsa State Oil & Environmental Commission said that decades of oil production has left the state of Bayelsa “in the grip of a human and environmental catastrophe of unimaginable proportions,” as carried by Bloomberg. “The report finds failures of strategy, prevention, response and remediation by oil companies,” the commission said in the report, as quoted by Reuters. Read More
Eni’s two fixed-rate bonds successfully launched
Eni today successfully launched two bond issues with a total nominal value of 2 billion euro as part of its Euro Medium Term Note programme.
The two issues were placed on the Eurobond market and received total orders for approximately 5 billion euro from institutional investors mainly from Germany, the United Kingdom, France and Italy.
The 4-year bond loan (maturity 19 May 2027) was placed for an amount of 750 million euro, at a re-offer price of 99.982%. This loan has been structured in the sustainability-linked format and will pay an annual coupon of 3.625% which will remain unchanged until maturity, subject to the achievement of the Net Carbon Footprint Upstream targets as at 31 December 2025 (Scope 1 and 2) equal to or less than 5 2 MtonCO 2 eq, and installed capacity for the production of electricity from renewable sources equal to or greater than 5 GW. In the event of failure to achieve one of the two objectives, the interest rate relating to the coupon payable on the maturity date will be increased by 0.50%, in line with the terms and conditions of the issue.
The 10-year bond loan (maturity 19 May 2033) was placed for an amount of 1.25 billion euro, a re-offer price of 99.505% and will pay an annual coupon of 4.250% which will remain unchanged until expiration.
The proceeds of the issue will be used for Eni’s ordinary needs.
The bonds will be traded on the Luxembourg Stock Exchange. Read More
The new Lancia network starts here: a further step in the process of internationalization of the brand, which has adopted some main criteria for selecting countries and their distribution network. The first is love and passion for the “Made in Italy”, with Spain, Belgium, France and Portugal taking the top spots. The second is the volume of online sales, with the Netherlands and Germany in pole position.
The process of revamping the distribution model began with the presentation of the new Corporate Identity at the Milan flagship store. This change will be completed throughout the Italian and foreign network by the first half of 2024, for the launch of the New Ypsilon.
The new, efficient and innovative distribution model involves a selected number of retailers and is based on a key concept of the Lancia Renaissance: uncompromising quality. The new showrooms will provide customers with a totally immersive experience, both online and offline, recreating a “homelike feeling” using materials, colors and attention to detail inspired by Italian architecture and design. Read More
Orrön Energy Report for the three months ended 31 March 2023
Highlights
• All main components have been delivered and turbine installation work has commenced at the Karskruv project, which is set to increase the annual power generation from 800 GWh to 1,100 GWh from 2024 onwards
• Successfully established an organic growth platform across the Nordics and Europe, laying the foundation for growth in onshore wind, solar and battery storage solutions
• Further expanded the business in Finland with an experienced partner, adding a strong network and access to several exclusive brownfield and greenfield project opportunities
• Progressing several standalone and co-located projects in Sweden, with certain land rights already secured and ongoing work to secure grid connections and permits
• Expanded the European footprint to include the UK, Germany and France, and secured grid connections for solar and battery storage projects in the UK, enabling large-scale greenfield development
Consolidated financials
• Cash flow from operating activities amounted to MEUR 16.6 for the quarter, which represents an increase from MEUR 13.4 in the previous quarter
Proportionate financials
• Power generation of 214 GWh for the quarter, ahead of expectation, representing an increase of 27 percent from the previous quarter
• Achieved electricity price for the quarter amounted to EUR 66 per MWh, resulting in proportionate EBITDA of MEUR 6.7
• Low proportionate net debt of MEUR 19.5 at period end, with debt capacity of over MEUR 250 to fund further growth Read More
Porsche Coanda wrapped up the spring season third in the team classification.
Three of the four Porsche Coanda Esports works drivers will take part in the Spring Major finals of the ESL R1 sim racing championship in Munich. At the eighth and final regular round of the season at the Hockenheimring, ninth place was enough to put Mitchell deJong among the top 24 sim racers in the newly created esports racing series. Earning four points for eighth place in his last quarter-final race, Mack Bakkum from the Netherlands also received a ticket for the trip to the Bavarian capital. The Spring Major is held as part of “Rennsport Summit” on 3 and 4 June as an online event witnessed by spectators. Participants can win prize money totalling 225,000 euros. In the four quarter-final races last Friday, only Rogers and deJong made it through to the semi-finals. In addition to the two works cars from Porsche Coanda Esports Racing, two other Porsche 911 GT3 competed: Heroic’s driver Tommy Östgard from Norway and Tuomas Tähtelä from Finland made the cut. Tähtelä, however, only qualified on eighth place in the first semi-final on Monday evening. A scuffle at the end of the first lap threw him out of contention. DeJong started the ten-lap race from position five on the grid, which he defended to the flag against points’ leader Luke Bennett from the UK. This earned the American a place in the finals. Read More
Porsche European Open
The 40th staging of the long-standing tournament will present top international golf and a spectacular fan experience. To mark the brand’s 75th anniversary, a special Porsche World will be awaiting visitors. Porsche is the title sponsor for the eight time this year.Porsche European Open from 1 to 4 June 2023 will offer an unforgettable live experience right on cue for the anniversary staging of the time-honoured DP World Tour tournament – on the Porsche Nord Course’s fairways and in the grounds where the Porsche World will also provide the festive setting for the brand’s 75 anniversary.
Taycan Turbo S Cross Turismo as hole-in-one car
In addition to the famous trophy that has been presented since 1978, a dream car will be on offer on the 17th hole for a dream shot over the water hazard. Anyone acing the Par 3 can look forward to a Porsche Taycan Turbo S Cross Turismo in Mamba Green Metallic. Chances of achieving the feat this time around are perhaps greater than ever before as the spectacular almost 140-metre 17th will be playing a little shorter this year. The last ace on the penultimate hole was struck in 2017 by Marcel Siem. It earned the German a Panamera Turbo Sport Turismo.
Exclusive Leader’s Car: 911 Carrera 4S
A second Porsche enjoying great popularity amongst the contestants is also not up for sale. It – the Leader’s Car – only comes with good play. Year in, year out, the stars are lured by the prospect of sitting behind the steering wheel. Only the player topping the leaderboard at the end of each day’s play earns the right to drive the Porsche 911 Carrera 4S. This year, the Porsche that is made available for the leader to travel to and from the venue on each respective day has been inspired by the huge challenge the Porsche Nord Course poses the pros. Based on the course’s unofficial byname “The Green Monster”, the coveted Leader’s Car will shimmer in green in 2023. The pleasure of sitting in a Porsche can however be enjoyed by the pros in Hamburg as Porsche will provide a 30-vehicle shuttle service for all the players. The whole fleet is electric and consists of models of the fully electric , Taycan, and the Porsche Panamera Hybrid. Read More
Wood and SGN accelerate UK hydrogen plans Wood is working with gas distribution company, SGN, to accelerate plans for key hydrogen transmission infrastructure in Scotland and southern England that supports the UK’s commitment to Net Zero by 2050.
Over the next 12 months, Wood is delivering three pre-FEED studies to determine the route and design of new dedicated hydrogen pipelines and associated transmission infrastructure.
The proposed concept also repurposes existing natural gas infrastructure, which will link hydrogen producers with energy users seeking to use hydrogen to lower their carbon emissions.
The H2 Caledonia project combines two pre-FEED projects in Scotland’s Central Belt and Fife’s East Coast. These projects will explore the development of low carbon hydrogen production across Scotland, and will integrate with the ongoing Aberdeen Vision study, where Wood is also completing the pre-FEED.
In central southern England, the H2 Connect project will develop an optimal design to connect a hydrogen network in the area. The project will focus on the development of hydrogen infrastructure and imports in the Southampton / Solent region, and future expansion plans for hydrogen production and storage. Read More
Wood Response to Apollo no intention to bid statement
On 4 April 2023, Apollo Management Holdings, L.P. (“Apollo”), on behalf of certain investment funds managed by it, announced that it had submitted to the Board of Wood a fifth proposal to acquire the entire issued and to be issued ordinary share capital of Wood at a final price of 240p per share in cash (the “Final Proposal”). The Board remains confident in Wood’s strategic direction and long term prospects; however, having weighed all relevant factors, particularly feedback received from Wood shareholders, the Board announced on 17 April 2023 that it had decided to engage with Apollo to see if a firm offer could be made on the same financial terms as the Final Proposal and, accordingly, granted Apollo access to due diligence materials.
Following an extended period of detailed engagement, the Board notes the announcement by Apollo today that it does not intend to make an offer for Wood. As a result, Apollo is bound by the restrictions set out in Rule 2.8 of the City Code on Takeovers and Mergers (the “Code”).
The Board remains confident in Wood’s strategic direction and long-term prospects and believes that, following a transformative year in 2022, including new executive leadership and a new strategy, Wood is well placed to deliver substantial value for shareholders.
Our medium-term targets set out in November 2022 are to deliver adjusted EBITDA growth at mid to high single digit CAGR, with momentum building over time, and to return to positive free cash flow in 2024.
Furthermore, as set out in the Q1 trading update on 11 May 2023, there is good momentum across all business units which has continued since the end of Q1, with expectations for the full year unchanged.
The Board is grateful for the substantial engagement of its shareholders and the support of its customers and employees throughout this process. The management team looks forward to continuing to deliver against the strategy set out in November 2022. Read More
Ørsted awarded contract
Danish Energy Agency (DEA) has awarded Ørsted a 20-year contract for its carbon capture and storage (CCS) project ‘Ørsted Kalundborg Hub’. The project entails that Ørsted will establish carbon capture at its wood chip-fired Asnæs Power Station in Kalundborg in western Zealand and at the Avedøre Power Station’s straw-fired boiler in the Greater Copenhagen area.Ørsted has teamed up with Aker Carbon Capture, the Norwegian frontrunner in carbon capture technology and developer of a field-proven and proprietary carbon capture technology. As carbon capture provider, Aker Carbon Capture will deliver five Just Catch™ units to the CHP plants. The Just Catch™ standardised concept is a modular and configurable offering, which enables efficient production and deployment of carbon capture units.
“We’re proud of our partnership with Ørsted and see this project as a milestone for our standardised Just Catch offering to the mid-scale emitter market. We look forward to working with Ørsted and to contributing to their decarbonisation journey and to Denmark’s CCUS ambitions,” said Valborg Lundegaard, CEO at Aker Carbon Capture.
The 430,000 tonnes of biogenic CO2 from the Asnæs and Avedøre combined heat and power stations will be shipped to the Northern Lights storage reservoir in the Norwegian part of the North Sea. Ørsted has entered a contract with Northern Lights, who is developing a CO2 transport and storage infrastructure. Phase one of the Northern Lights project will be completed in 2024 and is the most mature carbon storage site in the North Sea. Read More
SeaTwirl signs MoU with Kontiki Winds
SeaTwirl has, together with Kontiki Winds, entered a MoU (Memorandum of Understanding) to explore new opportunities in the market, to implement offshore wind into new and existing Oil and Gas assets and micro grid applications such as the powering of fish farms, desalination plants and/or other small-scale applications that currently are based on fossil fuel electricity generation.
Kontiki Winds, a Havfram company, is an early-stage offshore wind technology developer and electrification enabler, focused on decarbonizing the global energy mix and driving a greener economy. Kontiki Winds recognises the increasing demands for electrification over a wide range of industries, and has over the past year, entered into collaboration with a range of complementary technology and service companies to enhance their electrification capabilities. Read More
The latest IEA’s Monthly Electricity Statistics report including February 2023 data shows that for Total OECD:
In the OECD, total net electricity production was 852.1 TWh in February 2023, down by 4.0% compared to February 2022. This decrease was seen in all major fuel sources (-4.5% y-o-y for fossil fuels, -3.4% y-o-y for renewables and -3.6% y-o-y for nuclear).
The decrease in electricity production from fossil sources was driven by lower utilization of coal fired plants (-16.0% y-o-y), despite an increase of electricity generation from natural gas (+4.8% y-o-y).
Lower wind power generation drove the downward trend in the production from renewable sources, with OECD Europe reporting the highest drop. Conversely, solar power production, saw an increase of 14.5% (y-o-y), reaching a share of 5.0% in the electricity mix, the highest for the month of February.
Electricity production from nuclear power decreased by 3.6% (y-o-y), with lower production in all three OECD regions. Read More
Legal & General Capital (LGC) announces that Karen Bashford has been appointed to lead its operations from July 2023 as Chief Operating Officer.
Karen’s appointment comes as LGC continues to expand internationally and transition its business from an alternative asset origination platform, to a leading multi-boutique manager, deploying third-party capital across its investment specialisms of clean energy, housing, venture capital, specialist commercial real estate, digital infrastructure and GP investing. LGC has three fundamental objectives: 1) profit and value generation for Legal & General shareholders; 2) asset creation to back the Group’s annuity liabilities and to meet demand from like-minded investors; and 3) a focus on high-returning sustainability and impact investments, securing long lasting value for shareholders and society.
LGC is making good progress against its ambitions to build its diversified alternative AUM to £5bn by 2025 (2022: £4.2bn), with a blended portfolio return target of 10-12%. LGC expects to invest and manage over £30bn of alternative AUM by 2025. It is also making significant progress in internationalising its business model, announcing its first US projects with joint venture partner Ancora in 2022. Karen has been brought on board to help LGC meet these ambitious targets, and to support its aims of bolstering attractive risk-adjusted returns for shareholders and attracting significant further third-party capital. As a further key focus of her role, Karen will continue to support LGC in building inclusive and collaborative teams, whilst enabling a culture that promotes innovation Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $70.79 | Up |
| Crude Oil (Brent) | USD/bbl | $74.84 | Up |
| Bonny Light | USD/bbl | $74.34 | Up |
| Saharan Blend | USD/bbl | $75.02 | Up |
| Natural Gas | USD/MMBtu | $2.43 | Up |
| OPEC basket 15/05/23 | USD/bbl | $74.45 | Down |
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,
