Top Energy/Automotive News As Reported
London, 18 April, 2023, (Oilandgaspress): Shell U.K. Ltd (“Shell”), a subsidiary of Shell plc, has completed the restart of operations at the Pierce field in the UK Central North Sea, following a significant upgrade to allow gas to be produced after years of the field producing only oil. Pierce is a joint venture between Shell companies (operator, 92.52%) and Ithaca Energy (UK) Limited (7.48%.)
Substantial modifications were made to the Haewene Brim floating production, storage and offloading vessel (FPSO), which is used to produce hydrocarbons at the Pierce field. A new subsea gas export line was also installed, connecting to the SEGAL pipeline system, which brings gas ashore at St Fergus, north of Aberdeen.
Shell Upstream Director, Zoe Yujnovich, said “the completion of this major project is testament to Shell’s long-standing commitment to the UK North Sea. We took this investment decision in 2019, and it is now increasing locally produced gas right at the time when this additional supply is critically important for the UK’s energy security. It’s a source of huge satisfaction when projects like Pierce come to fruition.”
To enable the upgrade, the FPSO, which is owned and operated by Bluewater, stopped producing in October 2021. It then spent six months in dry dock where it was transformed into a vessel that could also produce gas, which had previously been re-injected into the reservoir.
Peak production is expected to reach 30,000 barrels of oil equivalent per day, which is more than twice the production prior to the redevelopment, with more gas being produced than oil. The gas will be sent through newly installed subsea pipelines and the oil will be transported by tanker, as before.
The redevelopment of the field is consistent with the UK Government’s North Sea Transition Deal and Shell’s Powering Progress strategy, providing the energy people need today while helping to fund investments in the low-carbon energy system of the future. Other recent UK projects include Shell’s plans to develop floating offshore wind in Scotland which could bring clean energy to power
the equivalent of 6 million homes, the Jackdaw gas field, as well as our commitment to growing the UK’s electric vehicle charging infrastructure. Read More
The House of Saud has been the ruling dynasty of Saudi Arabia since the country’s establishment in 1932. Over time, the Saudi royal family has verified itself as one of the world’s wealthiest and most powerful families. Their vast, never-ending wealth resources are made conspicuous owing to their luxurious lifestyle. As expected from royals, they travel donning the priciest labels with large entourages and stay in high-end hotels. If there ever could be a perfect picture of immense wealth and power, it would star a Saudi royal muse. The wealthiest member of the family is currently Alwaleed bin Talal Al Saud, with an estimated net worth of nearly $20 billion. The king of Saudi Arabia, Salman bin Abdulaziz Al Saud, and the Crown Prince, Mohammed bin Salman, are extraordinarily wealthy though their net worth are not disclosed. Many speculate the de facto ruler MBS may be worth an estimated $25 billion. Read More
Which electric car should I buy?
When choosing an electric car, it’s wise to think about how you’ll use the car, and which features you value most. Here are a few key things to think about before you take the plunge:
Daily use
What will you typically use the car for? Would a family car that gets you from A to B be the best bet? Or do you need a more robust SUV, with plenty of storage for long drives on country terrain? Think about what you need day-to-day so that you can better focus your search.
Charging and battery size
How often you’re able to charge and what sort of range you want will make a difference to the size of car battery you need. As a general rule, the bigger your car battery, the more charge it’ll hold and the longer you’ll be able to drive on a single charge.
Charging at home is the cheapest and easiest way to recharge and gives you greater flexibility. You can opt for cars with smaller batteries and less range that need more frequent charging or choose a bigger battery you can easily charge at home overnight. If you’re more reliant on public charging, that doesn’t mean you shouldn’t get a smaller-range car, but it’s worth considering whether a bigger battery and longer range might work better for your situation. Read More
Genesis announced its innovative Plug & Charge service, an advanced charging solution for hassle-free electric charging. Designed to deliver a seamless and secure charging experience, the bespoke system allows customers to simply plug in and charge without the need for a payment card or, once set-up, a dedicated app.
Due to the successful collaboration with Shell Recharge, a leader in smart electric vehicle charging solutions, and Hubject, operator of the only productive Plug & Charge ecosystem, Genesis now offers its customers Plug & Charge, the ultimate charging convenience. Easy to use, drivers simply pull up, plug in and charge. With no need for a mobile app or a payment card, Plug & Charge allows for smooth and seamless charging that is all part of the Genesis commitment to delivering a sustainable and fully connected premium electric experience.
Making Plug & Charge possible is the PCID (Provisioning Certificate Identifier), a special digital code that is unique to each individual Genesis and that is associated with a Shell Recharge charging contract through the Genesis Charge Pass*. When plugged in to charge at a compatible station, the car instantly communicates with the charger, with the charging contract being used to identify and connect the customer’s Genesis Charging account, completing the authentication process and starting the charging session. Once charging has ended, the customer’s Shell Recharge account is automatically invoiced, and the customer is able to drive away. Read More
Jordan Smith, two-time DP World Tour winner, and his caddie, Sam Matton, have been presented with their new all-electric Genesis cars following Smith’s incredible hole-in-one at last year’s Genesis Scottish Open. As the first golfer to hit an ace on the par 3 17th hole, during the second day of the tournament, Smith won a new Genesis Electrified GV70 for himself, and a new all-electric Genesis GV60 for his caddie. Both the Electrified GV70, a stylish and sophisticated SUV and GV60, a sleek, athletic cross over model, offer the perfect harmony of electric performance, design and technology and were custom built by Genesis to their new owners’ personal specifications. The cars were delivered at the first gap in their hectic worldwide Tour schedule. Read More
Delta, a world-class provider of power management and industrial automation solutions, has announced the launch of its new Open-Loop Variable Torque Standard Drive VP3000 for fan, pump and compressor applications. The VP3000 is specially designed to enhance fluid machine operation efficiency and reduce inverter harmonic distortion for a wide range of fluid applications. The VP3000 series offers excellent performance and stability with support for high-efficiency motors including induction motors, permanent magnet motors, and synchronous reluctance motors from 0.75 to 630kW. The new VP3000 will be among the highlights at the Delta booth at Hannover Messe 2023, located in Hall 11, Stand C20. “For fluid machine operation, the customers are now looking for high efficiency to reduce energy and CO2, lowered harmonic distortion and user friendly functions. By offering greater power density of 23% lower cabinet volume on average, and low harmonic distortion of down to THDi 35%, the VP3000 is able to satisfy
regulations across Europe, the Middle East, and Asia,” said Landers Yeh, Product Manager, Industrial Automation Business Group, Delta Electronics EMEA region. “We’re confident this new variable-torque drive is going to be very competitive.”
Highest Standard and Low Harmonic Distortion
The new VP3000 drives from Delta come with an array of integrated safety features. Safe torque off (STO) SIL3, the highest safety integrity level that applies to machine systems. Built-in EMC filters provide electromagnetic compatibility up to C2/C3. The drive is resistant to moisture and dust with coating 3C3. By using film cap topology to replace traditional electrolytic capacitors, Delta was also able to lower the drive’s harmonic distortion down to 35%, far below the EN 61000-3-2 standard which specifies a total harmonic distortion (THDi) of less than 48%.
Energy-saving and User Friendly Functions
Compared to the general motor drive, the higher power density of the VP3000 allows for a 23% lower cabinet volume on average. In some cases, the volume of the unit can be decreased by as much as 55%. The highpower models can also mount durable and easy-to-maintain floor-type modules, which increase space utilization and simplify assembly for easier and faster operation. It also helps improve motor productivity and efficiency, reducing carbon emissions for environmental sustainability as a critical part of device-based energy saving. 1 Read More
Hyundai Motor Company has secured naming rights to World Archery Federation’s premier international events, the World Archery Championships and Archery World Cup, for three additional years. The agreement announced today extends through the 2025 season to complete a 10-year partnership that began in 2016.
World Archery’s annual international circuit, which usually consists of four stages and a grand finale, is officially known as the Hyundai Archery World Cup. The next two editions of the Hyundai World Archery Championships will take place in Berlin, Germany in 2023 and Gwangju, Korea in 2025. This year’s event is also the primary qualifier for the Paris 2024 Olympic Games.
Through the deal extension, Hyundai Motor retains extensive branding at global archery events and exposure in all related broadcasts and retains sector exclusivity as the official mobility sponsor of World Archery, the championships and the international circuit.
With the extension, Hyundai Motor also becomes World Archery’s first sustainability partner, recognizing the company and federation’s shared commitment to achieving carbon neutrality and demonstrating social responsibility.
Hyundai Motor and its affiliates are long-time supporters of the sport, both domestically and abroad.
The company operates several successful teams in Korea and has been a patron of the Korea Archery Association since 1985, assisting athletes through sports science and providing cutting-edge equipment. Read More
Only 10 electric and plug-in hybrid vehicles will qualify for $7,500 federal tax credits in the US after stricter battery-sourcing rules take effect and render most plug-in models ineligible.General Motors Co., Tesla Inc. and Ford Motor Co. all have at least one EV that will qualify, while Ford and Stellantis NV each have one eligible plug-in hybrid model. No other automakers will have a vehicle for sale that fully meets the criteria that was finalized last month and will kick in on Tuesday, according to the Treasury Department. The list released Monday makes official what many manufacturers feared: that consumers will miss out on federal incentives for their EVs because not enough of their battery components or raw materials are sourced from North America or countries with US free-trade agreements.Volkswagen AG, Hyundai Motor Co., Nissan Motor Co., BMW AG, Volvo Car AB and Rivian Automotive Inc. each have had vehicles eligible for at least partial credits early this year that no longer will be eligible as of Tuesday.And several EVs — including Ford’s Mustang Mach-E sport utility vehicle and the Standard Range version of Tesla’s Model 3 sedan — will see their credits shrink to $3,750 from $7,500. Read More
Deutsche Bahn is expanding its use of renewable diesel significantly this year by purchasing around 13,300 tons (17 million liters) of renewable diesel produced by Neste. Switching from fossil diesel to Neste MY Renewable Diesel™ will enable Deutsche Bahn to reduce greenhouse gas emissions from the operation of their diesel-powered locomotives and railcars by up to 90 %*. In total, the purchased amount will save Deutsche Bahn around 46,000 tons of greenhouse gas emissions (CO2e) compared to the use of fossil diesel.
Deutsche Bahn has already approved HVO-type 100% renewable diesel for the use in around 1,000 of its vehicles, and its subsidiary DB Cargo AG in its entire fleet of 800 vehicles. Neste MY Renewable Diesel is a drop-in fuel, suitable for use in diesel-powered vehicles without any modifications to their engines.
“We are happy that Deutsche Bahn chose Neste MY Renewable Diesel as a solution on their journey of becoming climate neutral. Companies can reduce their climate emissions in an instant by just switching to Neste MY Renewable Diesel,” says Peter Zonneveld, Vice President, Europe and APAC from Renewable Road Transportation business unit at Neste. “With our renewables production capacity increasing to 5.5 million tons by the end of 2023 and further to 6.8 million tons by the end of 2026, we are well-equipped to help our customers around the world to make the switch to more sustainable solutions,” Peter Zonneveld continues.
Neste MY Renewable Diesel is produced 100 percent from renewable raw materials such as used cooking oil. Read More
DNO ASA, the Norwegian oil and gas operator, will publish its Q1 2023 operating and interim financial results on 11 May 2023 at 07:00 (CET). A videoconference call with executive management will follow at 10:00 (CET). The Company issues below an update on production and sales volumes for the quarter as well as other key financial information that will be further discussed in the earnings call.During the quarter, DNO received USD 114.1 million net from the Kurdistan Regional Government, representing the entitlement share of August and September 2022 crude oil deliveries for the Tawke and Baeshiqa licenses.
DNO paid one tax instalment of USD 43.1 million in Norway related to Norwegian Continental Shelf (NCS) taxable profits in 2022. Also during the quarter, the Company paid a dividend of NOK 0.25 per share totaling USD 24.2 million and repurchased own shares totaling USD 50.7 million as part of DNO’s share buyback program. Following completion of the program in March, the Company holds 79,376,509 own shares in treasury, representing 7.53 percent of its share capital. Other items DNO participated in two exploration wells in the North Sea in the quarter. The Røver Sør well in PL923 on the NCS (20 percent working interest) was spudded on 1 December and completed on 2 February while the Heisenberg well in PL827S (49 percent working interest) was spudded on 14 February and completed on 6 March. Both wells have been announced as discoveries. Following shutdown of the Company’s production in Kurdistan as announced on 29 March, the Company now projects full-year 2023 production for the Tawke license to be below the previously communicated projection of 100,000 barrels of oil per day. Read More
Central Petroleum Limited provides resource estimates for the three well sub-salt exploration program scheduled to commence drilling later this year / early 2024, targeting helium, naturally-occurring hydrogen and natural gas.
Key points
- Central’s share of gas resources across the three prospects are estimated to be in the order of:
o 44.8 billion cubic feet (bcf) of helium, including a prospective resource of 40.5 bcf at Dukas and Mahler (best estimate) and a 2C contingent resource of 4.3 bcf at Jacko Bore (Mt Kitty);
o 56.7 bcf of naturally-occurring hydrogen including a prospective resource of 51.4 bcf1 at Dukas and Mahler (best estimate) and a 2C contingent resource of 5.3 bcf at Jacko Bore (Mt Kitty); and
o 272 bcf of natural gas, including a prospective resource of 262.6 bcf at Dukas and Mahler (best estimate) and a 2C contingent resource of 9.4 bcf at Jacko Bore (Mt.Kitty).
- The exploration program will be operated by Santos, with Central being carried (i.e. funded) by Peak Helium for two of the new sub-salt exploration wells: one at Jacko Bore (Mt Kitty) (EP 125) (funded to a cap for Central’s share of $4.8m) and the other at the nearby Mahler prospect (EP 82) (funded to a cap for Central’s share of $5.8m).
“With completion of the Peak farmout, we now look forward to the most significant exploration drilling program ever undertaken by Central in the Amadeus Basin, including the opportunity to test a discovery at Mt Kitty that previously registered 9% helium, and penetration of subsalt formations for the first time at Dukas and Mahler. Given the size of the prospective and contingent resources at each of these prospects, success could be transformative for Central, both in scale and potential to diversify into helium and hydrogen”, said Leon Devaney, Central’s Managing Director/CEO. Read More
Clean lithium developer Lake Resources NL and its direct lithium extraction technology partner, Lilac Solutions (“Lilac”), today announced the production of 2,500kg of lithium carbonate equivalents (LCE) at Project Kachi, a world-class lithium pilot plant located in Argentina. Based on this successful result, Lilac has increased its ownership of the Kachi Project from 10% to 20%. The project is now on track to move from its pilot phase into commercial-scale development, which will make it the first lithium brine project in South America to produce lithium at commercial scale without the use of evaporation ponds for lithium concentration. The achievement at the Kachi Project represents a historic advancement in lithium production technology. This is the first successful implementation of ion exchange for lithium production in South America, home to most of the world’s lithium brine resources. The 2,500 kg of LCEs was extracted at Kachi with 80% lithium recovery, 90% plant uptime, 1,000x less land compared with evaporation ponds, and 10x less water compared with conventional aluminum-based absorbents. The results speak for themselves: Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $81.15 | Down |
| Crude Oil (Brent) | USD/bbl | $85.13 | Down |
| Bonny Light | USD/bbl | $84.49 | Down |
| Saharan Blend | USD/bbl | $85.10 | Down |
| Natural Gas | USD/MMBtu | $2.27 | Up |
| OPEC basket 17/04/23 | USD/bbl | $86.43 | Down |
OPEC Reference Basket (ORB) made up of Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
G7 will maintain its price cap on Russian crude oil at $60 per barrel, Reuters has reported, citing an official from the group, which partnered with the European Union on the cap. The decision comes despite rising oil prices that have narrowed the discount between Brent and Russian crude, bringing it closer to the cap, and also despite calls from some EU members and Ukraine for a lower cap. The price caps, agreed upon last year and coordinated with an EU Russian oil and product import embargo, have prompted various reactions. According to its authors, the cap is working. Axios reported recently that Russia’s oil export revenues have plunged by nearly 50% from highs of over $20 billion. Read More
U.S. gasoline prices rose for the third week in a row, rising $.076 per gallon from a week ago to $3.65 per gallon yesterday, new GasBuddy data showed, reaching the highest level since November 2022.
The national average for a gallon of gasoline is $.221 cents more than it was a month ago, according to GasBuddy data. “With oil prices touching their highest level of 2023 at nearly $83 per barrel, the national average price of gasoline has continued to inch higher, with 45 of the nation’s 50 states seeing prices rise over the last week. While the rising price of oil is likely the largest factor in rising gas prices, seasonal impacts continue to also exert pressure on prices,” GasBuddy’s head of petroleum analysis at GasBuddy said in a note on Monday. Read More
Two supporters of Just Stop Oil have disrupted the World Snooker Championship, climbing onto the snooker tables and throwing paint over one. They are demanding that the government stop all new UK fossil fuel projects and are calling on UK sporting institutions to join in civil resistance against the government’s genocidal policies. [1]
At around 7:20pm, two Just Stop Oil supporters stormed onto the snooker tables at the Crucible Theatre in Sheffield, interrupting play. The pair proceeded to cover one of the tables in orange powder paint, before being removed by security and arrested.
One of those taking action, Margaret Reid, 52, a former museum professional from Kendal, said:
“I did not take this action lightly, but I cannot remain a passive spectator while our government knowingly pushes us down a path to destruction. They are giving handouts of £236 million per week of our money, to the most profitable industry on earth, during a cost of living crisis. I can no longer justify watching from the side lines.”
“I am angry and heartbroken that I have found myself in a position where taking this sort of disruptive action is the only way to get heard.” Read More
U.S. Rig Count is down 3 from last week to 748 with oil rigs down 2 to 588, gas rigs down 1 to 157 and miscellaneous rigs unchanged at 3.
The U.S. Offshore Rig Count is up 3 to 20, up 8 year-over-year.
Canada is down 16 to 111 rigs.
Canada Rig Count is down 16 from last week to 111, with oil rigs down 7 to 45, gas rigs down 9 to 66.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 14 April 2023 | 748 | -3 |
| Canada | 14 April 2023 | 111 | -16 |
| International | March 2023 | 930 | +15 |
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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