Top Energy/Automotive News As Reported; WTI Crude(June Contract) stood at $71.68/b
London, 18 May, 2023, (Oilandgaspress) : Wildfires burning across western Canada have forced thousands of people to evacuate their homes and have prompted some oil and gas companies to curb production as blazes approach pipelines. The fires have burned about 478,000 hectares, or 1,800 square miles, across Alberta, British Columbia and Saskatchewan as of Monday — 10 times the average area burned for this time of year, according to the NASA Earth Observatory. The fires have had a notable impact on the region’s oil industry, as some drillers were forced to halt a small percentage of production in a precautionary measure due to shifting fire conditions. according to news reports
Capricorn Energy, the Egypt-focused oil and gas production company, announced its intention to nominate Patrice E. Merrin as an independent Non-Executive Director to be elected by shareholders at the Annual General Meeting (“AGM”) which is due to take place on 26th June 2023. Ms. Merrin has significant experience across the energy, resources and commodity sectors. Since 2014, she has been an independent Non-Executive Director of Glencore plc, where she chaired the Ethics, Culture and Compliance Committee and is a member of the Health, Safety, Environment and Communities Committee and the Investigations Committee. Following nine years in post, Ms. Merrin will be retiring from the Board of Glencore at its AGM at the end of May 2023. In addition, Ms. Merrin is an independent Director of Metals Acquisition Corporation, a special purpose company focused on acquiring assets needed in the broad energy transition. In 2022, Ms. Merrin joined the board of Lancium, Inc., a private energy technology and infrastructure company dedicated to accelerating the energy transition. Read More
KBR Receives Coveted AAA Sustainability Rating
KBR (NYSE: KBR) announced today it has received a AAA designation in MSCI’s 2023 ESG (environmental, social and governance) Ratings. The AAA rating is MSCI’s highest and is given to companies that are leading their industries in managing the most significant ESG risks and opportunities. “A deep commitment to ESG permeates everything we do at KBR, and this designation is proof of how seriously our team of teams takes our mission of helping create a more sustainable world,” said Stuart Bradie, KBR president and CEO. “KBR walks the talk when it comes to ESG, whether reducing our own emissions, conducting business sustainably and ethically across our operations and supply chains, or using our cutting-edge technologies and solutions to help customers achieve both their business and ESG goals. I am extremely proud that our amazing people have been recognized for their dedication to doing work that matters for our planet and communities.”
ESG and sustainability are fundamental to all KBR’s activities. KBR proudly supports governments and companies around the world, delivering solutions that advance economic growth, social inclusion, environmental sustainability, physical and digital safety, and life conditions both in the company and in the communities where we operate. Read more about KBR’s industry-leading ESG programs at KBR.com/sustainability. MSCI uses a rules-based methodology to measure companies’ exposure to financially relevant ESG risks and how well they manage those risks relative to industry peers. Ratings range from leader (AAA, AA), to average (A, BBB, BB), to laggard (B, CCC). MSCI also rates equity and fixed income securities, loans, mutual funds, ETFs and countries. Read More
The most remarkable breakthrough in artificial intelligence has been the advent of large language models (LLMs), which are trained on massive amounts of data and can predict the next word in a partial sentence. But now scientists are saying that these new LLMs can be trained to reason and use common sense like humans.A team of researchers at Microsoft, the company that has invested billions of dollars in OpenAI, had access to ChatGPT-4 before it was launched publicly. So, they toyed with the technology and later published a 155-page paper that entails some interesting details. Read More
Season opener of the Porsche Mobil 1 Supercup postponed
The Emilia Romagna Grand Prix, which was planned as the season opener of the Porsche Mobil 1 Supercup, has been postponed. As early as Tuesday, heavy rain and flooding in northern Italy made it necessary to evacuate the paddock at the race track in Imola.The season opener of the Porsche Mobil 1 Supercup has been postponed to the Monaco Grand Prix, which is scheduled to take place the following weekend (25 to 28 May 2023). Read More
First 24-hour Eifel classic for the new 911 GT3 R ; 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.Of the expected 136 entries, the Stuttgart sports car manufacturer campaigns by far the largest contingent. 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
Lamborghini Huracán Sterrato
The diverse landscapes of California provide the perfect environment in which to appreciate the eclectic spirit of the Huracán Sterrato[1], evident as soon as the tyres hit tarmac and then sand, on road and raceway. Driving the panoramic roads of the remarkable Joshua Tree National Park, adventurers appreciate the driving comfort of the Sterrato on asphalt before hitting the exhilarating dirt tracks in Rally mode at Chuckwalla Valley Raceway. The circuit in the Coachella Valley desert combines a traditional tarmac track with sections of dirt surfaces over a total length of around 4km. The pioneering and unconventional approach of the Lamborghini brand is evident in the Huracán Sterrato’s performance in such diverse environments, with optimized vehicle dynamics for perfect driving control on all surfaces. Read More
Lamborghini Revuelto: Building the Dream
In March 2023 Automobili Lamborghini unveiled the Revuelto[1], the first super sports V12 plug-in hybrid HPEV (High Performance Electrified Vehicle). The Revuelto combines a new V12 with an innovative hybrid system with three electric motors, posing novel challenges not just during the design and development stage but also in the manufacturing phase. Ranieri Niccoli, Lamborghini Chief Manufacturing Officer, and some of his team take us behind the scenes of the Revuelto project in the second of three short films dedicated to the super sports car, ushering in a new era for the Lamborghini brand.
“To produce the Revuelto, we understood that we had to go above and beyond,” commented Niccoli. “The Revuelto is a hybrid car combining the most innovative technical solutions, yet built using traditional skills while allowing maximum personalization by the customer. We raised the bar to produce it, creating what we call “Manifattura Lamborghini Next Level”: a production system with people always at its core but which we have adapted to a much more complex product and to processes we haven’t used before. With the introduction of the Revuelto, we expanded the area occupied by the company by 172,000 square meters, investing €150 million here in Sant’Agata Bolognese.” The first units of the new Revuelto will be delivered to customers in the fourth quarter of 2023: the 60th anniversary year of the historical Sant’Agata Bolognese manufacturer that closed 2022 with a record 9233 cars produced. Read More
Abarth Metaverse Store
Available for Italian customers, soon for French ones, the Abarth Metaverse Store is a metaverse-powered interactive showroom which offers a unique and immersive brand experience, based on Abarth’s values of playfulness and innovation. In the Metaverse store, customers will be able to get up close to the full Abarth 500e range and discover it in all versions and colors available. All it takes to enter it is a simple click on Abarth’s website from any device, with no need of any specific equipment (VR headsets, avatars, or specialized hardware) or technical skills.
The Abarth Metaverse Store brings the adrenaline-pumping driving of the New Abarth 500e to life thanks to specifically crafted multimedia materials which highlight its behavior both in the city and on track. As in a video game store where customers can tailor their “pocket rocket” and engage in a breath-taking race, the new Abarth Metaverse Store opens the doors to a playground where sound and performance take the leads and invites all enthusiasts to personalize their fun to drive for a totally enveloping experience. Read More
Free2move Expands Rental Offering
Free2move has been operating in Spain since 2016, providing a range of innovative mobility services to residents and visitors alike. These services have included car-sharing as well as car subscription offers, with a considerable emphasis on sustainable and environmentally friendly transportation solutions. Now the company is launching its second Mobility Corner, an innovative car rental solution that puts the customer first. Rent-a-car service and a unique customer journey. Travelers arriving at Adolfo Suárez Madrid airport in Barajas now have access to a convenient and reliable rent-a-car service that’s available every day from 5 AM to 2 AM. The rental process is simple and straightforward: customers can book a car via the Free2move app or a partner broker, and complete the payment online. They can choose the place and hour of delivery based on their travel desire. Since the initial launch of the service on April 5, the Net Promoter Score of customers on the delivery and collection service has been rated at 4.6 out of 5, with most of them emphasizing the fact that they do not have to wait in queues. Read More
Toyota Racing Development and Original Grain Partner to Create the Solar Octane Collection
Original Grain, the renowned watchmaker known for its craftsmanship and commitment to sustainability, announces today a strategic collaboration with Toyota Racing Development (TRD), Toyota’s longstanding factory-backed racing division, to release a new watch collection. The Solar Octane watch collection pulls its vibrant color from the TRD Pro series of trucks including the newly redesigned Toyota Sequoia and Tundra. The Solar Octane Collection is available for purchase at www.originalgrain.com, with watches starting at $595.The Solar Octane Collection features three unique watch styles: the TRD PRO Rugged Automatic 45mm, the TRD SPORT Barrel Design 46mm, and the TRD OFF-ROAD Rugged Design 45mm. Each watch incorporates design elements from the Tundra TRD Pro, including the subtle digital camo details found throughout the interior and exterior and a solar movement that pays homage Toyota’s new innovative i-FORCE Max hybrid motor. The TRD Pro Solar Octane collection of watches are handcrafted using durable and rugged materials, a perfect Father’s Day gift for off-roaders and adventurers alike. Read More
Eco Button in a Toyota or Lexus
Engineers and data scientists from data and mobility services company Toyota Connected North America (TCNA) set out to see how much one push of a button could reduce drivers’ carbon emissions. From April 19-25, TCNA recorded data in real-time from more than 2,000 participating corporate-owned Toyota and Lexus vehicles, recording more than 483,000 miles in Eco or EV mode throughout the week. Data scientists compared data from driving in Eco mode a baseline of daily driving taken before the campaign to measure improvements. The TCNA team sifted through more than 2.5 million miles from all participating and non-participating vehicles.
From that sample, the estimated collective impact of the study participants’ emission reductions were:
The equivalent of 748 trees sequestering carbon for 10 years
45,235,623 g of CO2 reduction of greenhouse gases compared to the baseline
5,091 gallons of gasoline saved $18,304 of fuel cost savings based on the national average TCNA found in its initial study that using the Eco mode could reduce tailpipe CO2 output in a hybrid by 4% — because it already captures energy from brakes and downhill coasting. Or, in a full internal-combustion engine vehicle, data scientists found using the Eco button could reduce tailpipe CO2 by up to 26%. The benefit of Eco mode is that it remaps throttle inputs for gentler acceleration and optimizes the HVAC to conserve energy. Read More
Maximum energy, minimum emissions: OPEC commentary for the G7 Hiroshima Summit
OPEC Secretary General, HE Haitham Al Ghais, has contributed to the publication for the G7 Summit that will take place in Hiroshima, Japan, from 19-21 May 2023. The Secretary General underscores the vital role of oil in a sustainable energy future, the importance of OPEC Member Countries in helping provide energy to the world and in reducing emissions, and the value of cooperation among all stakeholders to ensure that energy transitions focus on an ‘all-peoples, all-fuels and all-technologies’ approach. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $71.77 | Up |
| Crude Oil (Brent) | USD/bbl | $75.80 | Up |
| Bonny Light | USD/bbl | $75.25 | Up |
| Saharan Blend | USD/bbl | $75.81 | Up |
| Natural Gas | USD/MMBtu | $2.60 | Up |
| OPEC basket 16/05/23 | USD/bbl | $75.22 | = |
The Sixth High-level Meeting of the OPEC-China Energy Dialogue was held in Beijing, P.R. China, on 16 May 2023. The Meeting was co-chaired by HE Zhang Jianhua, Administrator of the National Energy Administration, the People’s Republic of China, and OPEC Secretary General, HE Haitham Al Ghais. The Permanent Representative of the People’s Republic of China to the UN and other International Organizations in Vienna, HE Li Song, delivered an opening speech via video.
In his remarks, HE Zhang Jianhua highlighted that China and OPEC are important strategic partners. Since the establishment of the dialogue mechanism between the two parties in 2005, communication on policy has been maintained through round-table meetings and high-level dialogues, and both parties have achieved positive results in helping jointly maintain stability of the global oil market as well as consolidating and expanding oil trade between China and OPEC Member Countries, which are both of common interest.
HE Haitham Al Ghais emphasized that OPEC attaches tremendous importance to its dialogue partnership with China and is determined to reinforce and strengthen it. He noted that the parties had established a balanced, pragmatic framework for cooperation, and developed an ongoing exchange of views at all levels on energy issues of common interest. The Secretary General provided an overview of OPEC’s ongoing activities, together with 10 non-OPEC producing countries, under the ‘Declaration of Cooperation’ to support sustainable oil market stability, which benefits producers and consuming nations.
In the opening speech of HE Ambassador Li Song, he highly appreciated the stable cooperation and long-term communication between OPEC and China, which contribute positively to the global economy and energy security. The Ambassador envisaged that China’s new phase of development would open up opportunities for OPEC and its Member Countries in terms of market access, energy transition and shared prosperity. Furthermore, he pledged that the Permanent Mission of China in Vienna would continue to serve as a vital bridge in facilitating cooperation between the two parties.
Experts from both sides exchanged perspectives on the oil market outlook in the short-, medium- and longer-term, and the ongoing “Declaration of Cooperation” process, addressing sustainable development, prospects for the energy transition and other topics of mutual interest. Read More
Electric cars are at the cutting-edge of the car world, which means they’re fitted with the latest gadgets.
This includes technology that can keep you safe on the road, such as adaptive cruise control, lane keep assist and blind spot monitoring. These assistance systems take the strain for you, easing the load on your brain and in turn reducing fatigue. Electric cars also come with drowsiness monitoring and fatigue alerts. These will sense when you’re starting to show signs of tiredness even if you don’t notice them in yourself. An alert will tell you it’s time to pull over. Read More
LEVC (London Electric Vehicle Company) began a momentous new chapter in its history, setting its direction for the next decade and beyond. The launch of its innovative new pure electric vehicle technology will provide the foundation of its transformation from a high-end taxi manufacturer, to a leading provider of e-mobility solutions. With more than a century of ‘mobility’ in its DNA, LEVC has been focused on meeting the needs of society by transporting people around urban areas, in purpose-built vehicles, tracing its roots back to 1908. From the beginning, LEVC’s vehicles have been designed with one core principle in mind: purpose-built solutions.
Building on this unrivalled heritage, LEVC’s new strategy will deliver smart, green, safe and accessible mobility for all, through a new range of state-of-the art electric vehicles, under its vision – “a sustainable mobility future, for a better world”. Read More
Baker Hughes Rig Count: U.S. -17 to 731 Canada +1 to 94
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 12 May 2023 | 731 | -17 |
| Canada | 12 May 2023 | 94 | +1 |
| 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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