Top Energy/Automotive News As Reported, to May 2023
London, 05 May, 2023, (Oilandgaspress) : WTI for June delivery fell US$3.06 to settle at US$68.60 a barrel in New York. Brent for July settlement dropped US$2.99 to settle at US$72.33 a barrel.
US Senate voted Wednesday to reinstate tariffs as high as 254% on solar panels from Southeast Asia, underscoring a deep clash over continued US reliance on foreign imports to drive the nation’s renewable-energy development.
With the Senate’s 56-41 vote, the measure now heads to President Joe Biden, who has vowed to veto it and preserve the tariff moratorium he established that runs through early June 2024. Still, nine Democrats joined Republicans in voting to end that reprieve, highlighting continued bipartisan wariness of the administration’s plan to insulate US renewable development from trade risks. Read More
CNOOC Limited Operating Results for Q1 2023
On April 27, CNOOC Limited announced its operating results for the first quarter of 2023.
In the first quarter of 2023, the company stepped up its efforts in exploration and development, and achieved positive results in increasing reserves and production and improving quality and efficiency. Steady growth in net production was obtained and cost competitiveness was further consolidated.
The total net production was 163.9 million barrels of oil equivalent (“BOE”), representing an increase of 8.6% year over year (“YoY”). The net production from China grew by 5.5% YoY to 115.3 million BOE, which was mainly attributable to the production from the newly commissioned oilfields in the Bohai Sea and the South China Sea. Overseas production rose by 16.6% YoY to 48.6 million BOE, which was mainly driven by increased production from Guyana and Brazil.
During the period, the company made 2 new discoveries and successfully appraised 6 oil and gas structures. The construction of the key projects progressed steadily. Among the 9 new projects scheduled to commence production during the year, 5 projects have started installation.
In the first quarter, the all-in cost was US$28.22 per BOE, down 7.7% YoY. Benefiting from the increase in net production and effective cost control, the quarterly revenue amounted to approximately RMB97.7 billion, an increase of 7.5% YoY; and net profit attributable to equity shareholders of the company remained at a high level of RMB32.1 billion. The company actively promoted green and low-carbon development. “Haiyou Guanlan”, China’s first deep-sea floating wind power platform, started offshore installation. Drilling operation for the first offshore CO2 reinjection well has started at Enping 15-1 offshore CCS demonstration project. Green electricity was widely used in offshore oil and gas fields. Zhou Xinhuai, CEO of the company, said, “In the first quarter, CNOOC Limited made a good start for the year with steady growth in oil and gas production while kept effective control over cost. We will stay focused on our annual targets, press ahead with the tasks and deliver better results to bolster the high-quality development of the company.” Read More
Hyundai Motor Company will compete in the 2023 Nürburgring 24 Hours, the most gruelling automotive endurance race in the world, for the eighth consecutive year, seeking its third straight victory in the TCR class and first win in the VT2 class.
As its name suggests, Nürburgring 24 Hours is a day-long annual touring car and GT racing event in Germany that takes place on a combination of tracks on a circuit that is affectionately known as the ‘Green Hell’. The nearly 25.4 km (15.8 mile) lap length allows more than 200 cars and over 700 drivers to participate. Hyundai Motorsport participates in events like this to verify state-of-the-art technologies for transfer to N production models.
Hyundai Motorsport will enter two Elantra N TCRs in the Touring Car Race class. One will be driven by the returning victors Mikel Azcona (Spain), Marc Basseng and Manuel Lauck (both Germany). The second will be piloted by the American IMSA TCR champion Bryan Herta Autosport team comprised of Michael Lewis, Taylor Hagler, Mason Filippi and Harry Gottsacker (all of the U.S.).
Hyundai Driving Experience (HDX) will enter two production-based i30 Fastback N Cup cars in the VT2 Front class (turbo engines up to 2.0 ccm). Hyundai Driving Experience (HDX) instructor Marcus Willhardt and other 3 drivers (all from Germany) will drive one vehicle. The second will be handled by HDX ‘Dare to Dream’ program participant Junesung Park and media drivers from Germany, USA and Korea. Read More
Neste to supply sustainable aviation fuel to United Airlines
Neste and United today announced that the airline’s departing flights from San Francisco International Airport (SFO) will be fueled by a blend of Neste MY Sustainable Aviation Fuel™. Neste will supply 1.5 million gallons (4,500 metric tons) of sustainable aviation fuel (SAF) to United in the U.S., building on the announcement last year of providing 2.5 million gallons (7,500 metric tons) of SAF to the airline at Amsterdam Airport in the Netherlands.
The SAF deliveries commenced at SFO in April. United is also planning to use SAF later this year at London Heathrow Airport, which could put the airline on track to use almost 10 million gallons (30,000 metric tons) of SAF in 2023, nearly three times more than in 2022 and close to 10 times more than in 2019. Read More
CME Group Declares Quarterly Dividend
CME Group Inc., the world’s leading derivatives marketplace, today declared a second-quarter dividend of $1.10 per share. The dividend is payable June 27, 2023, to shareholders of record as of June 9, 2023. Read More
Automakers Are Bringing Back Buttons and Knobs as Touch Screens Become Scourge for Drivers
After mounting backlash against the touchscreens “spreading like rashes” across dashboards, Volkswagen and their subsidiary Porsche, along with Hyundai and Nissan, have all taken public stances about instrumenting the return of buttons and dials for a safer, more distraction-free cabin. Read More
Rolls-Royce Motor Cars is a Great British success story
Rolls-Royce contributes to the local and national knowledge economies through its leading-edge R&D in fields including hardware, software, electrification, digitalisation and vehicle connectivity. These activities are growing rapidly in both scale and importance, with Rolls-Royce committed to all-electric propulsion by the end of 2030.
The LSE study notes that Rolls-Royce encourages significant innovation, development and improvements within its wider supply chain. Many small and medium-sized enterprises (SMEs) have adopted new technologies, processes and practices to meet Rolls-Royce’s exacting requirements, raising standards and boosting competitiveness across a wide swathe of the UK’s manufacturing base. Rolls-Royce also produces important intangible benefits for the local economy and population. For example, every year it supports more than 100 apprenticeship, graduate and intern positions, in partnership with local further and higher education institutions, leading to well-paid and highly skilled employment opportunities. The company enjoys close ties with surrounding communities: recent projects include developing a dedicated new car park for The March CE Primary School which adjoins the Goodwood site, and supporting local mentoring and work-based initiatives. In addition, employees nominate their House Charity each year, raising significant sums for local good causes. Read More
Crescent Energy Company announced that it has entered into a definitive purchase agreement to acquire operatorship and incremental working interest in its existing Western Eagle Ford assets from Mesquite Energy, Inc. for total consideration of $600 million in cash, subject to customary purchase price adjustments. The accretive acquisition is consistent with Crescent’s strategy of acquiring high-value, cash flowing assets while maintaining financial strength. The transaction is expected to close early in the third quarter of 2023, subject to customary closing conditions. Attractive purchase price and immediately accretive to financial metrics – Crescent is acquiring more than $700 million of proved developed producing PV-10(1) value and expects the transaction to be immediately accretive to key per share metrics, including operating cash flow, free cash flow and net asset value
Enhances Eagle Ford scale and operational control – Acquisition of operatorship and incremental working interest in existing non-operated assets significantly enhances Crescent’s scale in the Eagle Ford. Expanded operational control provides opportunity for meaningful improvement in capital efficiencies, asset performance and basin-wide synergies. Pro forma for the transaction, Crescent will increase its legacy ~15% non-operated interest to a ~50% operated working interest in the acquired assets and operate approximately 90% of its Eagle Ford position
Low decline production with substantial cash flow and reserves – Acquisition grows Crescent’s large base of predictable cash flow with current production of approximately 20 Mboe/d (70% liquids) and a 12-month decline rate of 17%
Large, proven inventory with significant resource upside – Addition of high-value locations nearly doubles Crescent’s operated Eagle Ford inventory with substantial potential upside from the Austin Chalk and Upper Eagle Ford Maintains strong balance sheet and Investment Grade credit metrics – Crescent’s leverage ratio is expected to remain relatively unchanged and below its publicly stated maximum leverage target of 1.5x Read More
1,000 megawatts of onshore wind power: RWE builds with Siemens Gamesa
RWE has signed a framework agreement with Siemens Gamesa. RWE plans to build onshore wind farms in Europe with a total capacity of 1,000 megawatts using Siemens Gamesa turbines by 2027. Siemens Gamesa will thus become a leading supplier of large components for the RWE project pipeline.With this framework agreement, the two companies are continuing their long-standing cooperation – both for wind turbines on land and at sea. Read More
Eni Rovuma Basin provides School material to Primary Schools
Eni Rovuma Basin, on behalf of Area 4 partners, together with Cabo Delgado provincial authorities delivered today, several equipment and school material, to Kuparata and Kumilamba primary schools in Pemba. This initiative is implemented under the Coral South FLNG project in partnership with Cabo Delgado Provincial government aimed to support the improvement of the education system in the province.
The equipment and school material handed over by Eni, represented by Mr. Mario Bello and Mr. Giorgio Vicini, was received by Cabo Delgado Governor, Mr. Valige Tauabo, and includes computers, books, chairs, bookcases, sports equipment, and other didactic material that will benefit more than 4000 students of Kumilamba and Kuparata schools.
The implementation of the integrated education project is part of Eni Rovuma Basin´s commitment to contribute to inclusive, equitable and quality education, including the expansion of learning opportunities, in line with the UN Sustainable Development Goals (SDGs). Read More
Capricorn announces that, further to its full year results announcement on 27 April 2023, it has appointed Merrill Lynch International (‘BofA Securities’) to manage a share repurchase programme and to purchase Ordinary Shares on its behalf up to a maximum aggregate consideration of US$25million. It is expected that the programme will commence immediately and will be completed by no later than 30 April 2024.
In advance of moving into any closed periods Capricorn will enter into irrevocable commitments with BofA Securities to execute the share buyback through non-discretionary programmes repurchasing shares within certain pre-set parameters, with BofA Securities making their trading decisions independently of, and uninfluenced by, Capricorn.
Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volume. The purpose of the share buyback is to reduce the share capital of Capricorn, with the purchased shares to be held in treasury.
Any purchases of Ordinary Shares contemplated by this announcement will be executed in accordance with the relevant regulations (including but not limited to the Listing Rules) and Capricorn’s existing general authority to make market purchases of Shares (and any subsequent authority granted by shareholders). Read More
Fuel prices plummet in UK
Petrol and diesel prices have fallen almost 50p a litre since they peaked last summer, but are still far higher than they were in 2021, new figures have shown.
In its weekly report on road fuel prices, the Department of Energy Security and Net Zero reported that the average price of unleaded at the pump is now 145.71p per litre. Motorists with diesel cars are paying 162.71p.
That is well below the peak of 191.55p for petrol and 199.22p for diesel last summer, but is also considerably higher than the 126.53p and 130.43p respective prices in early May 2021. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $69.67 | Up |
| Crude Oil (Brent) | USD/bbl | $73.72 | Up |
| Bonny Light | USD/bbl | $71.99 | Up |
| Saharan Blend | USD/bbl | $72.14 | Up |
| Natural Gas | USD/MMBtu | $2.07 | Down |
| OPEC basket 04/05/23 | USD/bbl | $73.26 | Down |
 Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil� |
PJSC LUKOIL announces that LITASCO S.A., 100% subsidiary of LUKOIL, and G.O.I. ENERGY S.r.l. completed sale of ISAB S.r.l. (hereinafter “ISAB”) to G.O.I. ENERGY after fulfillment of certain conditions precedent including receipt of necessary approvals from the Italian authorities. ISAB S.r.l. owns a large petrochemical complex in Italy combining refining,gasification and electricity cogeneration plants. Read More
Second-hand electric car prices are tumbling amid a glut of stock as drivers trade their cars in.
The average price of a pre-owned electric vehicle has fallen by 13pc over the last year to £33,060, AutoTrader found.
The second-hand car marketplace said prices were coming down as more supply comes onto the market. Many new cars bought between 2018 to 2020 are now being sold on by owners whose financing schemes have come to an end.
The number of second-hand battery powered vehicles listed on AutoTrader has jumped by 261pc over the last 12 months. Demand has not kept up, with buyer searches for electric cars only rising 47pc. Read More
Iraq’s Ministry of Oil has announced preliminary oil exports for April:
Total exports of crude oil in April: 98,634,947 barrels
Revenues from April’s crude oil exports: $7.796 billion
Oil fields in central and southern Iraq accounted for all of April’s crude oil exports, as exports from Kirkuk through the port of Ceyhan have been suspended, and oil exports to Jordan by truck have stopped at the end of March
Average daily crude oil exports in April: 3,288,000 barrels pre day, up from 3.255 million bpd in March
Average price per barrel in April: $79.04 Read More
After recording an extremely positive 2022, Alfa Romeo is gaining momentum in its recovery with a record-breaking first quarter, the result of a solid strategic plan implemented rigorously and with constant focus on 360° quality.
2023 will be a complex year filled with exciting challenges, although the excellent commercial performance in Q1 includes evident growth in Europe with registrations having more than doubled, an increase of 136%. Market share has also doubled, by more than 100%.
In terms of uniform growth in market share in the region, mention of the “best performance” must include the data for countries such as Austria and Portugal, where registrations were up 317% and 400% respectively, more than trebling its market share. Performance in key countries such as Italy, France, Germany and the Netherlands doubled, with more than twofold its market share compared to Q1 2022. Increases in registration data are as follows: Italy, 188%; France, 174%; Germany, 112%; Spain, 121%; the Netherlands, 186%.
Figures at global level are also extremely positive, with growth in registrations reported at 64% compared to the first quarter of 2022. The excellent results set out evident growth since the end of 2022, which in turn demonstrated stability of commercial performance in line with the consolidated results in 2021.
In the Middle East, exciting growth continues, after a record 2022. Indeed, in 2022 Turkey established itself on the global scene as the market with the fastest growth, and volumes quadrupled compared to the previous year. These figures were confirmed in Q1 2023, when the region grew by 149% with Turkey contributing 55% of total growth in the Middle East. Read More
Occidental (NYSE: OXY) announced today that its Board of Directors has declared a regular quarterly dividend of $0.18 per share on common stock, payable on July 14, 2023, to stockholders of record as of the close of business on June 9, 2023. Read More
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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