Top Energy/Automotive News As Reported, to 03 May 2023
London, 03 May, 2023, (Oilandgaspress) : Eco Wave Power Global AB announced it (through its EWP-EDF One subsidiary) entered into an official Power Purchase Agreement with the Israeli National Electric Company (“IEC”), based on the official Feed-in Tariff (“FIT”) which was set for the Company’s newly-installed wave energy project (“EWP-EDF One Project”) at the Port of Jaffa in Tel Aviv, Israel, by Israel’s Electric Authority (IEA).EWP-EDF One Project will represent the first time in the country’s history that electricity produced by the power of waves will be transmitted to Israel’s national electric grid. Read More
Africa Oil in a USD 95.0 million Open Offer by Impact Oil & Gas
Africa Oil Corp. announce that it has participated in a USD 95.0 million Open Offer by Impact Oil & Gas Limited (“Impact”), the privately–owned, African–focused exploration company. The capital raised shall be used towards funding Impact’s participating share of the multi-well drilling and testing programme in Namibia to further evaluate and appraise the Venus discovery; a world class, light-oil and associated gas field announced in February 20221. View PDF version.
Africa Oil is the only publicly-listed Independent E&P company with exposure to the Venus discovery through its strategic 31.1% shareholding in Impact which in turn holds a 20.0% participating interest share in Block 2913B (PEL 56) and an 18.9% participating interest share in the adjacent Block 2912 (PEL 91).
The Company has made an investment of approximately USD 31.4 million and following this placement, Africa Oil’s shareholding in Impact has increased to 31.1% from 30.9%. The Company’s closing cash balance as at December 31, 2022, was USD 199.7 million.
The proceeds from the Open Offer is intended to be used by Impact to fund its activities in 2023 including:
• The appraisal and development programme on Block 2913B, in Namibia, following the Venus discovery, including the appraisal well (Venus-1A) which spud on March 4, 2023, a re-entry of the Venus-1X discovery well and testing of both wells.
• Exploration activity on the neighbouring Block 2912 to determine the extent of the Venus discovery, including an exploration well, Nara-1X, and testing on the anticipated westerly extension of Venus into the neighbouring block.
If Nara-1X is successful, it will be followed by the Nara-1A appraisal well and extended 3D seismic survey on this block Read More
The shares in Aker BP ASA will be traded ex dividend USD 0.55 (NOK 5.83506) as from today, 3 May 2023.
The payment date will be on or about 11 May 2023. Read More
Ford Quarterly revenue rises 20% year-over-year to $41.5 billion; $1.8 billion in net income compares to year-ago net loss of $3.1 billion; adjusted EBIT of $3.4 billion was 45% higher
• Three customer-focused businesses now drive value, growth: Ford Blue (iconic gas, hybrid
vehicles), Ford Model e (breakthrough EVs), Ford Pro (commercial products, services)
• Ford Pro EBIT nearly triples, to $1.4 billion, and Ford Blue EBIT doubles, to $2.6 billion, with
margins for both exceeding 10%
• Company reaffirms guidance for full-year 2023 adjusted EBIT of $9 billion to $11 billion,
adjusted free cash flow of about $6 billion
According to Ford CEO Jim Farley, the first quarter of organizing around and running the company on behalf of distinct customer groups produced solid operating results and a glimpse of the promise of its Ford+ growth plan. “We’re bringing Ford+ to life by zeroing in on what distinct customers need and value the most,” said Farley. “Ford Pro is leading the way on profitable growth, our big investments in iconic
Ford Blue vehicles and derivatives are winning with customers, and Ford Model e’s different
approach to EVs is significantly reducing costs on our first high-volume p Read More
Twelve and Emerging Fuels Technology Sign Master License Agreement
Carbon transformation company Twelve and fuel technology partner Emerging Fuels Technology (EFT) announced today they have signed a Master License Agreement to support Twelve’s scaleup of its E-Jet® fuel, a fossil-free sustainable aviation fuel (SAF) produced using the company’s carbon transformation technology in combination with EFT’s Fischer-Tropsch synthesis and Maxx Jet™ upgrading technology.
With aviation representing one of the most difficult-to-address sectors for emissions, Twelve is scaling E-Jet fuel manufacturing capacity to meet rapidly growing demand from customers looking to reach net zero climate goals. Twelve, in partnership with EFT, produces its E-Jet fuel using its carbon transformation technology, which uses renewable energy to transform CO2 and water into critical feedstocks conventionally made from fossil fuels. With up to 90% lower lifecycle emissions compared to conventional fuels, E-Jet fuel is a drop-in synthetic fuel that works seamlessly with existing aircraft and uses CO2 to provide a virtually limitless carbon source, offering the most viable long-term solution for addressing emissions from the rapidly growing aviation industry. Read More
Ferrari N.V. informs that the Company has purchased , under the Euro 200 million share buyback program announced on December 1, 2022, as the second tranche of the multi-year share buyback program of approximately Euro 2 billion expected to be executed by 2026 in line with the disclosure made during the 2022 Capital Markets Day (the “Second Tranche”), the additional common shares – reported in aggregate form, on a daily basis – on the Euronext Milan (EXM) Read More
Maersk strengthen footprint in Oman.
A. P. Moller – Maersk (Maersk), a global integrator of logistics, inaugurated a new corporate office at SOHAR Freezone in Oman today. Present at the inauguration were Christopher Cook, Managing Director, Maersk UAE, Oman, and Qatar; Omar Al Mahrizi, Chief Executive Officer, SOHAR Freezone; and senior leaders from Maersk and Sohar Freezone.The new office in Oman, the third one in the country after Muscat and Salalah, will allow Maersk to get closer to its customers and create meaningful interfaces with them. Besides ocean transportation, Maersk will offer a host of services and solutions to its customers in Oman, such as landside transportation, including cross border movement of cargo, customs clearances, warehousing & distribution, cold chain logistics and air freight. Read More
CRC Evans appoints industry heavyweight Luis Araujo as Chairman
CRC Evans, the market leader in the provision of welding and coating services to the energy sector, has appointed industry heavyweight Luis Araujo as Chairman to help drive its next growth phase. The appointment comes after a transformational year for the business, which has seen revenues grow to over a quarter of a billion pounds and strong growth across its core markets, including hydrogen, carbon capture, renewables, infrastructure and nuclear. With its leadership in this space, CRC Evans has real growth potential over the coming years, is demonstrated by recent contract wins including with Subsea7 & Technip FMC. The new CRC Evans was created after the acquisition by Pipeline Technique of CRC-Evans Pipeline International, Pipeline Induction Heat (PIH), and Stanley Inspection from Stanley Black & Decker with the new combined business taking the CRC Evans name. The combined business has a strong heritage of onshore and offshore oil and gas pipeline construction, manufacturing and technology development and a reputation that has earned the trust of customers around the world. Read More
Eco Wave Power in Support of Wave Energy Legislation
Inna Braverman, Founder and CEO of Eco Wave Power Global AB, submitted written testimony in support of California Senate Bill 605 – Wave and Tidal Energy –proposed by California State Senator Steve Padilla. Braverman’s testimony was provided to both the Senate Energy, Utilities and Communications Committee and the Natural Resources and Water Committee in the past two weeks. SB 605 passed both committees unanimously, 15-0 and 10-0, respectively. The bill now heads to the Senate Appropriations Committee. The legislative initiative seeks to create a framework for the development of wave energy in California and to establish a regulatory pathway for the construction and operation of wave energy projects in state waters. The bill would also require California’s Energy Commission to develop a strategic plan for the deployment of wave and tidal technologies, infrastructure, and facilities. Further, it also notes that ocean energy represents the “third largest source of renewable energy and the largest source of underutilized renewable energy.” “Over 70 percent of the Earth’s surface is covered by water, so it is no wonder we look to the ocean in our search for solutions to some of the world’s most daunting challenges, such as climate change,” said Braverman in her testimony. “According to the National Renewable Energy Laboratory (NREL) in California, the energy potential from the ocean is 140 TWh/year, which is the equivalent to the power needs of 13 million homes or 69% of California’s 2019 net electricity generation.” Read More
Transocean Ltd. Reports First Quarter 2023 Results
Total contract drilling revenues were $649 million, compared to $606 million in the fourth quarter of 2022 (total adjusted contract drilling revenues of $667 million, compared to $625 million in the fourth quarter of 2022);
Revenue efficiency(1) was 97.8%, compared to 98.0% in the prior quarter;
Operating and maintenance expense was $409 million, compared to $423 million in the prior period;
Net loss attributable to controlling interest was $465 million, $0.64 per diluted share, compared to $350 million, $0.48 per diluted share, in the fourth quarter of 2022;
Adjusted EBITDA was $217 million, compared to $140 million in the prior quarter; and Contract backlog was $8.6 billion as of the April 2023 Fleet Status Report. Read More
TotalEnergies to begin exploration in Lebanon’s offshore block 9
TotalEnergies (TTEF.PA), in agreement with its partners ENI (ENI.MI) and QatarEnergy (QATPE.UL), announced on Tuesday that they signed a firm contract with Transocean to hire the drilling rig that will drill an exploration well on Block 9 offshore Lebanon, as soon as possible in 2023. Read More
Short sellers regain control as crude oil prices plummet
Crude oil prices continue lower after tumbling 5% on Tuesday amid fresh technical momentum selling following Monday’s failed attempt to reach safer grounds above $80.50 in Brent and $76.50 in WTI. In the process prices have slumped back to levels last seen during the March banking crisis. Despite OPEC’s best efforts to confront emerging signs of a slower than expected demand outlook for the second half, and to ensure a stable high price for its crude oil, negative price developments since April 2 production cut has rendered these efforts fruitless with short sellers firmly back in control. Crude oil prices continue lower after tumbling 5% on Tuesday amid fresh technical momentum selling following Monday’s failed attempt to reach safer grounds above $80.50 in Brent and $76.50 in WTI. In the process prices have slumped back to levels last seen during the March banking crisis which helped trigger the OPEC+ production cut on April 2. However, following a brief spike in response to the cut, the market has since then been on the defensive with technical and macro-economic developments once again favouring those holding short positions. Despite OPEC’s best efforts to confront emerging signs of a slower than expected demand outlook for the second half, and to ensure a stable high price for its crude oil, negative price developments since April 2 has rendered these efforts fruitless. Not only has Russia’s ability to export its crude and fuel products exceeded most expectations, in addition we are seeing a less commodity intensive recovery in China than during earlier government supported growth sprint. Combining these developments with continued weakness in economic data, especially in the US, and the ongoing crisis among US regional banks, the demand outlook for the second half continues to be downgraded, thereby forcing price downgrades, most recently from Morgan Stanley who have cut their end of year Brent crude oil price by 12.5 dollars to $75 a barrel. For now, the market will continue to worry about the risk of recession and its impact on demand, a concern that during the past month has been on clear display through a dramatic slump in refinery margins across the major regions, first for diesel and more recently also for gasoline. Diesel which powers heavy machinery such as truck and construction equipment are often seen as the canary in the coalmine and if continued it may lead to lower refinery demand and with that lower demand for crude oil. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $68.28 | Down |
| Crude Oil (Brent) | USD/bbl | $72.01 | Down |
| Bonny Light | USD/bbl | $75.30 | Down |
| Saharan Blend | USD/bbl | $75.20 | Down |
| Natural Gas | USD/MMBtu | $2.11 | Down |
| OPEC basket 02/05/23 | USD/bbl | $78.55 | Down |
The OPEC Secretariat and the City of Vienna will host the Third Vienna Energy Scholar Programme (VESP) from 4 to 9 September 2023 at the OPEC Headquarters.
The week-long programme will provide young scholars with the opportunity to learn about the OPEC Secretariat’s activities related to short-term and long-term energy perspectives, policies and regulations. The energy transition, energy access and security, and environmental challenges will be addressed in an effort to further develop mutual understanding between OPEC, its Member Countries, and the participants from Austria and other European countries. The VESP will conclude with a discussion with HE Haitham Al Ghais, OPEC Secretary General, on the energy future. Furthermore, it is planned that participants will have the chance to explore these topics further in one of OPEC’s Member Countries in 2024. The VESP will take place in cooperation with the OPEC Fund for International Development, the Austrian energy firm OMV and several Austrian government entities. Applicants are requested to submit their applications (in English) to their institution no later than 30 June 2023. Read More
Joby Aviation, Inc., a company developing all-electric aircraft for commercial passenger service, announced it has signed a long-term agreement with Toyota Motor Corporation Inc. (NYSE:TM) to supply key powertrain and actuation components for the production of the Company’s aircraft. The agreement builds on the long-standing partnership between Joby and Toyota, which has seen the two companies collaborate on a wide variety of projects to support the production and assembly of the Joby aircraft, including advising on the design of Joby’s pilot production line in Marina, CA. Toyota is also Joby’s largest external shareholder, having invested around $400 million in the Company. Read More
Luxfer Gas Cylinders, a division of Luxfer Holdings PLC announced the introduction of the G-Stor Go H2 hydrogen high-pressure cylinder utilizing Type 4 technology. Designed with high volumes and lightweighting in mind, this highly engineered cylinder features a polymer liner and is capable of storage pressures up 350 bar (5,000 PSI). The G-Stor Go H2 features a proven boss-to-liner interface that results in minimal permeation and is a certified, cost-effective hydrogen storage solution ideal for fuel cell transit buses, heavy-duty trucks, vans, bulk gas transport, boats, and trains. Howard Mead, Vice President and General Manager of Luxfer Composite, notes: “This cylinder is the result of a strategic development partnership with multiple end users who develop and manufacture state-of-the-art compressed hydrogen-storage systems for fuel cell and bulk gas transport applications. We are delighted to expand the introduction of our product to the wider market.” Three sizes of the G-Stor Go H2 are available ranging from 14.5 to 19.1 kgs of hydrogen storage. Dimensions range from 26 to 27 inches in diameter and 90 to 108 inches in length. Read More
A unique transportation method for hydrogen – the G-Stor™ Pro Bundle – builds new connections for sustainability
Industry demand for solutions to transport small to medium volumes of gas as part of a ‘virtual gas pipeline’ is behind the launch of the G-Stor™ Pro Bundle from hydrogen storage experts Luxfer Gas Cylinders. Developed and ready for market within less than one year, the multiple-cylinder package (MCP) is a modular, interconnected system comprising Luxfer’s trusted Type 3 G-Stor™ H2 cylinders, which are stacked horizontally and can deliver a larger volume of gas in a similar footprint to other available options. The solution answers the call for companies that are targeting cleaner and greener operations but are impacted by a lack of hydrogen infrastructure.
Available in a nine-cylinder bundle, the containers allow for the supply of hydrogen to external pipelines and where a high volume of gas is required to be fed at a regular flow rate and pressure without an interruption. They offer a crucial stepping stone for industrial use such as for refineries, small scale H2 refuelling stations currently being used to power prototype vehicles, manufacturing sites, portable power generators – and more. Read More
Baker Hughes Rig Count
U.S. Rig Count is up 2 from last week to 755 with oil rigs unchanged at 591, gas rigs up 2 to 161 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 12 from last week to 93, with oil rigs down 6 to 36, gas rigs down 6 to 57.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 28 April 2023 | 755 | +2 |
| Canada | 28 April 2023 | 93 | -12 |
| International | March 2023 | 930 | +15 |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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