Top Energy/Automotive News As Reported, to Wednesday, 29th March, 2023
London, 29 March, 2023, (Oilandgaspress): WTI crude for May delivery settled at US$73.20 per barrel. May Brent crude US$78.65 per barrel. Market uncertainties remain high
A network of express buses that connect London’s suburbs was unveiled on Tuesday by Sadiq Khan.
The “Superloop” will draw together existing services, such as the X140 and X26 that serve Heathrow, with proposed new orbital routes linking town centres such as Harrow and North Finchley, and North Finchley with Walthamstow. It is part of a £6m investment by the Mayor in outer London bus services alongside the expansion of the ultra-low emission zone to the Greater London boundary. Read More
MEPs and the Swedish Presidency of the Council agreed on mandatory national targets for the deployment of infrastructure for alternative fuels for cars and trucks.
A provisional agreement was reached on Tuesday between Parliament and Council negotiators that updates EU rules on infrastructure for alternative fuels. It seeks to expand the deployment of recharging or alternative refuelling stations for cars, trucks and even stationary planes and bring Europe closer to its climate neutral ambitions by 2050.
Recharging/refuelling stations
The informal deal sets minimum mandatory national targets for the deployment of alternative fuels infrastructure and asks EU countries to present their plans on how to achieve them. During the negotiations, MEPs managed to secure that electric charging pools for cars with at least a 400 kW output will have to be deployed at least every 60 km along core TEN-T network by 2026, with the network’s power output increasing to 600 kW by 2028. The requirement to have a charging station every 120 km is set for trucks and buses, but these stations should be installed on half of main EU roads by 2028 and with a 1400kW to 2800 kW power output depending on the road, says the deal. It will also be complemented by two charging stations for trucks in safe and secure parking places as of 2028.
In all cases some deployment exemptions would apply to outermost regions, islands and roads with very scarce traffic.
The negotiators also agreed to have hydrogen refuelling stations along core TEN-T network deployed at least every 200 km by 2031.
Simple recharging and payment
Users of alternative fuel vehicles will have to be able to pay easily and conveniently at recharging or refuelling points (with payment cards, contactless devices or, in certain cases, using a QR code). The price of the “fuels” will have to be displayed per kWh, per minute/session or per kg, be reasonable, easily and clearly comparable, transparent and non-discriminatory, says the deal. MEPs ensured that the Commission will set up an EU “database” on alternative fuels data by 2027 to provide consumers with information on the availability, waiting times or price at different stations. Read More
DNO ASA, announced that it has been instructed by the Kurdistan Regional Government to temporarily cease deliveries of oil to the Iraq-Turkey pipeline for export, following an arbitration ruling in favor of Iraq against Turkey and its state-owned pipeline operator BOTAS for transporting Kurdish oil without prior approval from Baghdad. Details of the ruling have not been released.
DNO began diverting oil production from its operated Kurdistan fields to storage tanks on 25 March 2023; these tanks can accommodate several days’ production from the Tawke and Peshkabir fields. DNO notes from public reports that authorities in Ankara, Baghdad and Erbil are in discussion to reach agreements that will allow oil exports to resume through the pipeline to the port of Ceyhan on the Mediterranean. Prior to the shutdown, the pipeline carried some 400,000 barrels a day of Kurdish oil and another 70,000 barrels a day of Iraqi oil to global markets. Read More
Dana Incorporated (NYSE: DAN) announced it will participate in the BofA Global Automotive Summit on April 4, 2023. Beginning at 11:20 a.m. EDT, Dana’s senior management will provide a brief overview of the company and answer questions for approximately 40 minutes. Read More
Dana Enhances Electrification Portfolio. announced several initiatives―including new drivetrain offerings for electrified vehicles―that strengthen the company’s growing commitment to the North American construction and off-highway markets.
Among these initiatives, Dana is:
Debuting the Spicer Electrified™ eSP502 e-Transmission for the North American construction market. This flexible platform is designed to support the electrification of mid-sized wheel loaders, rough terrain cranes, and other off-highway vehicles, with availability now expanded to empty container handlers and reach stackers in the material-handling market.
Introducing a new modular Spicer® drivetrain solution for telehandlers with 12k lifting capacities that enables original-equipment manufacturers (OEMs) to seamlessly transition from conventional vehicle designs to next-generation zero-emissions powertrains.
Increasing process capabilities and equipment capacity at its Lafayette, Ind., USA, facility, which manufactures Spicer Torque-Hub™ track drives to meet the rising demand of compact track loaders (CTLs) and other small- to mid-sized construction vehicles in North America.
Dana is promoting these developments, along with a wide range of other drive and motion solutions for traditional and electric-driven construction vehicles, this week in booth S-84815 in the South Hall at CONEXPO-CON/AGG in Las Vegas. Read More
Nigerian National Petroleum Company Limited (NNPC Ltd) says the positive outcome of Ebenyi-A Exploration Well will increase Nigeria’s hydrocarbon reserves from 37 billion barrels to 50 billion barrels. The NNPC Ltd said the outcome of the campaign would contribute to the aspiration of increasing Nigeria’s crude oil production to a target of three million barrels. Malam Mele Kyari, the Group Chief Executive Officer, NNPC Ltd, made this known on Tuesday at the presidential spud-in ceremony of the Ebenyi-A Exploration Well, located in the Middle Benue Trough in Obi Local Government Area of Nasarawa State.
Host Gov. Abdullahi Sule and the NNPC Ltd GCEO performed the spud-in ceremony on behalf of President Muhammadu Buhari. Read More
Big oil firms have touted their investments in algae biofuels as the future of low-carbon transportation – and one by one, they have all dropped out. Now in the wake of the last remaining algae proponent, ExxonMobil, announcing its withdrawal, insiders say they are disappointed but not surprised.
Algae research was central to Exxon’s green marketing campaigns for years, and frequently criticized as greenwashing rather than a genuine research effort.
But several of its former research partners told the Guardian that it was serious about the potential of algae biofuels – explaining why it stayed in the field long past the point at which other oil companies dropped out – but not serious enough.The appeal of algae as a feedstock for biofuels was twofold: because they grow in large concentrations in ponds, they don’t compete with food crops for arable land. And some strains produce large amounts of lipids – fatty acids that can produce an oil, which can be turned into fuel relatively easily. But competing with abundantly available and heavily subsidized fossil fuels, particularly gas, was not so easy. Read More
Brookfield Renewable announced that it has agreed to issue C$400 million aggregate principal amount of medium-term notes, Series 16, due October 28, 2033, which will bear interest at a rate of 5.292% per annum, payable semi-annually (the “Notes”). Brookfield Renewable Partners ULC (“Finco”), a subsidiary of Brookfield Renewable, will be the issuer of the Notes, which will be fully and unconditionally guaranteed by Brookfield Renewable and certain of its key holding subsidiaries.
The Notes will be issued pursuant to a base shelf prospectus dated August 20, 2021 and a related prospectus supplement and pricing supplement to be dated March 27, 2023. The issue is expected to close on or about March 29, 2023 subject to customary closing conditions.
The Notes will represent Brookfield Renewable’s seventh corporate-level green bond in Canada. Brookfield intends to use the net proceeds from the sale of the Notes to repay indebtedness incurred by the Partnership to fund Eligible Investments (as defined in the Brookfield Renewable Green Bond and Preferred Securities Framework dated February 2020). The Green Bond and Preferred Securities Framework is available on Brookfield Renewable’s website and described in the prospectus supplement in respect of the offering. The Notes have been rated BBB+ by S&P Global Ratings, BBB (high) with a stable trend by DBRS Limited and BBB+ by Fitch Ratings.
The Notes are being offered through a syndicate of agents led by Scotiabank, CIBC Capital Markets and RBC Capital Markets, and including BMO Capital Markets, National Bank Financial Markets, TD Securities, HSBC, Desjardins, Mizuho Securities, MUFG, SMBC Nikko, iA Private Wealth Inc. and Sera Global. Read More
Crowdcube, the world’s largest equity crowdfunding platform, and Octopus Investments, the largest provider of Venture Capital Trusts (VCTs) in the UK*, launch a partnership that aims to lower the barriers to entry facing retail investors wishing to invest in VCTs. VCTs are investment companies, listed on the London Stock Exchange, that allow retail investors to invest in a diversified portfolio of early-stage UK businesses. Since they were introduced by the UK government in 1995, VCTs have helped to create jobs, reward innovation, bolster the UK economy and support retail investors in their financial goals.
Until now, the typical minimum investment into a VCT has been between £3,000 and £5,000, meaning thousands of retail investors are excluded from the asset class. Together, Crowdcube and Octopus have created a solution that lowers, significantly, the minimum level of investment into VCTs to £500.
Under the terms of the partnership, Crowdcube makes Octopus Investment VCTs available for investment via the Crowdcube platform to include their flagship funds, such as Titan VCT and Apollo VCT. Apollo will be the first VCT to become available, with a 2% initial fee upon investment and an ongoing annual fee of 0.4%.
The UK is home to some of the most exciting, high-potential businesses in the world. These businesses have been powering growth and innovation in UK PLC. This partnership provides great access to this exciting pool of companies for a much wider, more diverse group of retail investors.
VCTs allow UK investors to claim up to 30% upfront income tax relief and generate tax-free capital gains and dividends. These attractive tax reliefs are offered to compensate investors for taking the risk associated with investing in smaller companies. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $73.67 | Up |
| Crude Oil (Brent) | USD/bbl | $78.95 | Up |
| Bonny Light | USD/bbl | $78.10 | Up |
| Saharan Blend | USD/bbl | $77.69 | Up |
| Natural Gas | USD/MMBtu | $1.99 | Down |
| OPEC basket 28/03/23 | USD/bbl | $77.63 | Up |
British ban on the sale of new petrol and diesel cars was thrown into chaos on Tuesday after Brussels watered down its own restrictions amid opposition from the German auto industry. Experts and politicians warned that British rules due to take effect in 2030 are untenable following the European climbdown, which will allow internal combustion engines as long as they burn carbon-neutral petrol alternatives.
The European Union will now ban the sale of petrol and diesel cars from 2035 but permit these so-called e-fuels following a backroom compromise forced on it by the German authorities and signed off on Tuesday night. Read More
Automakers and dealers are trying to speed up EV adoption in the US by giving customers electric cars to take home and drive for weeks or months at a time.
Hyundai launched Evolve+ in February, a program that lets the “EV curious” try driving an electric car for a flat monthly rate.
The subscription service (initially available in seven cities in six states) means customers pay $699 for a Kona electric and $800 for an Ioniq 5 for a month-to-month commitment. With the program, drivers can better understand what it might be like to own an EV, learn first-hand how charging works, and determine whether a 250-mile range is adequate for lifestyle. Some dealers are offering similar programs. EV adoption in the US has been slower than elsewhere across the globe due to a lack of public charging infrastructure, inventory availability, cost, and more. Read More
Nio Inc began trial operation on Tuesday of faster, more efficient battery swapping stations in China in its push to make battery swapping a viable alternative to rival EV makers’ rapid-charging technology. With capacity to store up to 21 battery packs each, Nio’s Power Swap Station 3.0 can speed up battery swapping to less than five minutes and lower the service cost per swap, Shen Fei, Nio senior vice president for power management, told reporters at an event in Shanghai last Thursday. The comments were embargoed for release on Tuesday. Tesla’s rapid-charging Supercharger allows EV users to top up vehicles to a range of 200 miles in 15 minutes.
Battery swapping allows drivers to replace depleted packs quickly with fully charged packs, rather than plugging the vehicle in to a charging point. Swapping could help to ease the strain on power grids at peak times when drivers recharge, but industry analysts and executives expect it would only become feasible if batteries become more standardised. Nio is among only a handful of EV makers betting on battery swapping as a major power option for electric cars. Rival Tesla has dismissed battery swapping as “riddled with problems and not suitable for widescale use”. Read More
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Baker Hughes Rig Count
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 24 March 2023 | 758 | +4 |
| Canada | 24 March 2023 | 165 | -42 |
| International | February 2023 | 915 | +14 |
United States Orders Matador Production Company to Reduce Unlawful Air Pollution from Its Oil and Gas Wells in New Mexico, Eliminating 16,000 Tons of Harmful Air Pollutants Company to Pay $1.15 Million in Civil Penalties and Conduct $1.25 Million Community Project to Help Address Environmental Harm Caused by the Company’s Violations The complaint, filed jointly by the United States, on behalf of the U.S. Environmental Protection Agency (EPA), and the New Mexico Environment Department (NMED), alleges that Matador failed to capture and control air emissions from storage vessels; comply with inspection, monitoring, and recordkeeping requirements; and obtain required state and federal permits at 25 of its oil and gas production operations in New Mexico. NMED and EPA identified the alleged violations through flyover surveillance and field investigations conducted in 2019. Read More
McDermott has been awarded a front-end engineering design (FEED) contract from Shell Trinidad and Tobago Limited for the Manatee gas development project as part of a competitive FEED process. Under the contract scope, McDermott will provide comprehensive FEED services for a wellhead platform, export pipeline system, shore approach, midstream pipeline and onshore control room.
This award follows the successful completion of an early contract engagement with Shell and leverages McDermott’s key engineering, procurement, construction and installation capabilities. Read More
ADNOC announced that it will explore opportunities to support the climate-neutral transformation of industry through the creation of a low-carbon ammonia value chain with state government and industry representatives in Germany’s North Rhine-Westphalia.
The announcement was made following the signing of a memorandum of understanding (MoU) between the Government of North Rhine-Westphalia, ADNOC and Currenta GmbH & Co. OHG (Currenta), a chemical industry services provider that manages and operates one of the largest chemical sites in Europe, Chempark, with locations in Leverkusen, Dormargen and Krefeld-Uerdingen, in North Rhine-Westphalia. Ammonia, a compound of nitrogen and hydrogen, can be used as a low-carbon fuel across a wide range of industrial applications, including transportation, power generation, and industries including steel, cement and fertilizer production.
The agreement was signed in Dusseldorf, Germany, by Her Excellency, Mona Neubaur, Deputy Prime Minister of North Rhine-Westphalia and State Minister for Economics, Industry, Climate Protection and Energy, Musabbeh Al Kaabi, Executive Director, Low Carbon Solutions and International Growth Directorate at ADNOC and Frank Hyldmar, CEO of Currenta.The primary focus of the agreement will be the production and transportation of low-carbon ammonia and its application as a fuel in energy generation, including industrial-scale testing at Currenta’s site in Dormagen, Germany. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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