Top Energy/Automotive News; China crude imports down 18.8% m/m, but up 17% y/y

London, 11 August, 2023, (Oilandgaspress) : OPEC+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, the International Energy Agency (IEA) said on Friday.

University students, together with Hyundai Mobis, a ‘mobility solution provider’, poured out a unique ESG solution. It was not just a proposal of an idea, but technology and economic feasibility as well as social effect and sustainability. Hyundai Mobis announced on the

8th that it held the ‘2023 Hyundai Mobis ESG Idea Tone’ competition for university students and job seekers. It is a contest to present creative ideas or business models while in school, and was designed to publicize Hyundai Mobis’ sincerity in ESG management and to provide college students with portfolios necessary for employment through ESG-related participatory programs. Starting with a preliminary workshop on the 14th of last month, 60 college students selected from all over the country were divided into 10 teams for three weeks to carry out each team project. Two topics were presented: ‘Resource recycling plan for Hyundai Mobis to reduce carbon’ (environmental field) and ‘Measures to propose and spread representative mid- to long-term social contribution programs using the characteristics of Hyundai Mobis business (social contribution field’). With the help of field mentors, one assigned to each group, each participant sought a way to materialize their novel idea into a program or product.

On the first day of the competition, which was held for two days and one night in Rolling Hills, Hwaseong, Gyeonggi Province, each team prepared an idea tone and presentation based on the solution plan prepared so far. On the second day, idea speeches and heated Q&A were held based on the completed presentation materials. The final evaluation and awards were made through the evaluation of judges and mentors. Read More

During the period from July 31 to August 4, 2023, Eni acquired on the Euronext Milan no. 3,351,075 shares, at a weighted average price per share equal to 13.7409, for a total consideration of 46,046,722.31 euro within the authorization to purchase treasury shares approved by the Shareholders’ Meeting on 10 May 2023, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999.

On the basis of the information provided by the intermediary appointed to make the purchases, here below a synthesis of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read More

Global Underwater Hub (GUH), the representative trade body for the underwater industry, has announced the appointment of Andy Williamson as Business Development Director, and also Regional Manager for the South of England.

With 30 years’ experience in the underwater sector and renewable energy industry, Mr. Williamson is responsible for driving new business and delivering the GUH strategy across the South East, South West, East Anglia, East and West Midlands, and Wales.

Andy is an experienced commercial, major projects and economic development energy professional with a strong track record working with large corporations, start-up innovators, R&D institutes and governments, across offshore wind, subsea, and marine and ports industry. He’s developed and led teams focused on major clean technology and infrastructure developments, supply chain capacity building and cross-sectoral knowledge transfer. A passionate STEM ambassador, he is involved with various initiatives nationally and internationally that aim to encourage young people to pursue a career in support of the energy transition. Prior to taking up his position at GUH, Andy was Senior Vice President, Energy Transition at energy industry skills organisation, OPITO, where he supported key projects on behalf of industry and UK and Scottish governments under the North Sea Transition Deal. He’s also held senior business development roles at Port of Blyth, Offshore Renewable Energy Catapult and Marubeni Corporation. Read More

Crude oil production in Nigeria dropped by 12.56% in July to 1.29 million barrels daily from 1.48 million barrels daily in June, Business Day has reported, citing data from the Nigerian Upstream Petroleum Regulatory Commission. The data released by the Nigerian Upstream Petroleum Regulatory Commission show that oil production fell 12.56 percent from 1.48 million bpd in June this year and by 1.52 percent from 1.31 million bpd on a year-on-year basis.
On average, crude oil production for the month was 1.08 million bpd, while blended and unblended condensates were 38,258 and 174,509 bpd respectively.
A major cause of the decline was the temporary shutting of the Forcados terminal last month. According to the report, production dropped by 58.4 percent to 3.29 million bpd from 7.9 million bpd in June. Read More

GR Corolla Set to Pace All Races at the 2023 National Auto Sport Association (NASA) Championships
Toyota GR Corolla has quickly built an avid fan base across America. With rally-inspired roots, a 300-horsepower turbocharged engine and All Wheel Drive, it’s aggressive stance and powerful good looks was the pure Toyota hot hatch sought by many fans of the brand. Many race fans got their first glimpse of the model at historic Laguna Seca last year, when it served as the official pace car for the 2022 NASA National Championships. As an encore performance, the GR Corolla continues its pace car duties for 2023.

A GR Corolla MORIZO Edition wearing red, white, and black graphics reminiscent of fan-favorite Toyota motorsports and endurance racing liveries will be leading the pack at the 2023 National Championships, Sept. 7-10, 2023, at Pittsburgh International Race Complex (Pitt Race) in Wampum, Pennsylvania. The NASA National Championships, the organization’s marquee event, features NASA race drivers from 14 regions across the United States competing for the top prize, including Sunday’s winner-take-all NASA championship finals. Read More

Golar LNG Interim results for the period ended June 30, 2023
Highlights and subsequent events

Golar LNG Limited reports Q2 2023 Net income of $7 million, and Adjusted EBITDA1 of $83 million, inclusive of $72 million of non-cash items.
Total Golar Cash1 of $884 million, inclusive of $113 million of restricted cash.
Executed amendments to existing Hilli debt facility that reduce debt service cost.
Exercised option to acquire 2004 built LNG carrier Fuji LNG targeted for conversion to a 3.5mtpa MKII FLNG.
Agreed to sell 1977 built LNG carrier Gandria for net consideration of $15 million.
Signed heads of terms with Nigeria National Petroleum Corporation (“NNPC”) for joint development of gas fields using FLNG, expanding on the Memorandum of Understanding (“MOU”) signed in April 2023.
FLNG Gimi conversion works 97% complete. Yard departure scheduled for September 2023.
Repurchased 1.4 million shares at an average cost of $21.06 per share. 106.0 million shares issued and outstanding as of June 30, 2023.
Declared dividend of $0.25 per share for the quarter.
FLNG Hilli: Maintained strong operational performance throughout the quarter. Q2 2023 Distributable Adjusted EBITDA1 from FLNG Hilli was $83 million, of which Golar’s share was $79 million, an $11 million decrease compared to Q1 2023, due to lower Brent oil and Dutch Title Transfer Facility (“TTF”) prices. For the remainder of 2023 and 2024, the locked in TTF Distributable Adjusted EBITDA1 as a result of the effective unwinding of prior TTF hedges, which will be additional to Golar’s share of tolling fees and market linked Brent oil and TTF fee exposures, will be allocated as follows: Read More

Golar LNG Limited, has declared a total dividend of $0.25 per share to be paid on or around August 29, 2023. The record date will be August 21, 2023.
Due to the implementation of the Central Securities Depository Regulation (“CSDR”), please note the information below on the payment date for the small number of Golar shares registered in Norway’s central securities depository (“VPS”):

Dividend amount: $0.25 per share
Declared currency: USD. Dividends payable to shares registered in the VPS will be distributed in NOK
Last day including right: August 17, 2023
Ex-date: August 18, 2023
Record date: August 21, 2023
Payment date: On or about August 29, 2023. Due to the implementation of CSDR in Norway, dividends payable to shares registered in the VPS will be distributed on or about August 31, 2023. Read More

Heramba GmbH and Heramba Holdings Inc. announced that it has entered into a definitive agreement with subsidiaries of Knorr-Bremse Aktiengesellschaft to acquire Kiepe Electric, a company focused on decarbonization of commercial and public transportation.

Kiepe Electric is a global leader in the electrification of road and rail urban transportation applications, including designing, manufacturing and implementing power electronics products, electric drives and vehicle controls hardware and intelligent software for fleet management and energy management. The company’s software provides a holistic end-to-end dashboard from the charging systems to the end-vehicle. Kiepe is also a specialist in vehicle charging solutions and is the leading supplier of In-Motion Charging solutions. In 2022, Kiepe introduced its proprietary High Power Charging platform, which facilitates vehicle fast charging and energy management for battery-electric buses. Read More

SLB and Eni, through its subsidiary Enivibes, have announced an alliance to deploy e-vpms® (Eni Vibroacoustic Pipeline Monitoring System) technology, an innovative vibroacoustic wave detection system capable of providing real-time analysis, monitoring and leak detection for pipelines around the world.

Enivibes will bring the new proprietary pipeline integrity technology to the global market through SLB’s industry-leading digital expertise and operations in more than 100 countries. The e-vpms technology can be retrofitted to any pipeline, regardless of age, providing immediate integrity data essential for maintaining a network’s continually reliable operation.

The alliance covers the deployment of e-vpms® technology for pipelines transporting liquid hydrocarbons and produced water and enables the detection of product loss attributable to external events such as attempted product theft or accidental impact, corrosion related leak events, and land movement events caused by earthquakes or landslides. Read More

1PointFive, a wholly owned subsidiary of Occidental, announced today it was selected to receive a grant from the U.S. Department of Energy’s Office of Clean Energy Demonstrations (OCED) for the development of its South Texas Direct Air Capture (DAC) Hub. The hub, to be located on the King Ranch in Kleberg County, is expected to include the world’s first DAC plant designed to remove up to 1 million metric tons of CO2 per year. The selection enables 1PointFive to enter award negotiations with OCED and work in partnership to establish the South Texas DAC Hub. OCED funding will support 1PointFive’s development of the DAC Hub through the advancement of planning, detailed design, environmental permitting and procurement of long-lead equipment. 1PointFive’s lease agreement for the South Texas DAC Hub with King Ranch covers approximately 106,000 acres of pore space estimated to accommodate up to 3 billion metric tons of CO2 in saline formations. 1PointFive estimates that the Hub has the potential to remove and store up to 30 million metric tons of CO2 per year through DAC. The property is located near industrial emitters on the Texas Gulf Coast, where CO2 also can be captured, transported and securely sequestered at the Hub. Read More

Vestas has entered into a conditional agreement to deliver wind turbines for the offshore wind power project Baltic Power in Poland with a capacity of up to 1.2 GW. If and when the agreement translates into a firm and unconditional order, Vestas will disclose this in a company announcement in accordance with the company’s disclosure policy. Read More

Bentley Motors is introducing the first fully organic Olive Tan Leather option for customers, as part of its Beyond100 journey to become the leader in sustainable luxury mobility. Known around the world for timeless luxury leather that epitomises elegance, durability and unmatched quality, Bentley is nevertheless constantly looking to improve its sustainable materials credentials, with this new option forming an important next step. Olive Tan Leather will be seen for the first time in a new Bentley model to be revealed at Monterey Car Week, in California, on 18 August.

The distinctive feature of this leather lies in a sustainable leather tanning process that uses an organic by-product of the olive oil industry. Derived from waste water extracted during the olive pressing procedure, the tanning agent remains free of harmful metals, minerals and aldehydes. The technique requires less water than a conventional tanning process and also offers a higher concentration of renewable chemicals. The resulting organic leather is incredibly soft and worthy of the world’s most sought-after luxury car brand. Bentley Motors is the first automotive manufacturer to use this industry-leading Olive Mill Wastewater (OMW) technology from the leather tannery, Pasubio SpA. Olive Tan Leather is another milestone in Bentley’s sustainable leather strategy. Read More

Toyota USA Foundation announced grants of up to $6.7 million to prepare Huntsville City Schools’ students for future careers in science, technology, engineering and math (STEM). The collaboration is part of Toyota’s Driving Possibilities initiative and is a five-year phased rollout of programing in select schools.

“Our goal is to increase awareness of future STEM careers while helping build sustainable programs in the communities where our Toyota team members live and work,” said Tellis Bethel, group vice president of social innovation, Toyota. “With $2.9 million in the first year, and more to come in years ahead, we’re looking forward to the expansion of Driving Possibilities in the Huntsville area.”

Driving Possibilities focuses on PreK-12 education and builds on existing programs across the country. The long-term initiative’s aim is to close educational gaps for students through innovative, hands-on STEM programming while addressing the essential needs of students and families. Read More

United Arab Emirates (UAE)’s ADNOC Gas on Wednesday said it awarded a $3.6 billion contract to expand its gas processing infrastructure, including the commissioning of new processing facilities. The contract was awarded to a joint venture between the UAE’s National Petroleum Construction Company (NPCC) and Tecnicas Reunidas, a Spanish general contractor, according to a statement carried by the official WAM news agency. Read More

Australia’s labour regulator cleared the way for strike action at Chevron’s (CVX.N) Wheatstone and Gorgon liquefied natural gas (LNG) facilities if workers vote in favour of such a step, fuelling concerns the country’s exports could be cut.

The Fair Work Commission said in an order dated Thursday that the union could hold a ballot of employees to decide if they wanted to make a decision on taking industrial action.(Reuters) Read More

Oil and Gas BlendsUnitsOil Price $change
Crude Oil (WTI)USD/bbl$83.53Up
Crude Oil (Brent)USD/bbl$87.10Up
Bonny LightUSD/bbl$88.66Up
Saharan BlendUSD/bbl$87.73Up
Natural GasUSD/MMBtu$2.71Down
OPEC basket 10/08/23USD/bbl$89.75Up
At press time 11 August 2023

Driver-assistance systems are now rapidly gaining popularity in the automotive industry, but automated navigation has long been a part of aviation. Autopilot technology serves as a crucial aid for passenger jet pilots, especially on long-haul flights that can exceed 10 hours.

The autopilot feature allows aviators to take their hands off the controls, enabling them to simultaneously perform tasks, such as safety checks and data input, while flying. In addition, it significantly reduces fatigue on long flights, which provides a substantial safety advantage.

In the case of cars, hands-off driving on highways also reduces fatigue, making long-distance trips more enjoyable.

Nissan recently invited two airline pilots to try ProPILOT Assist 2.0, which enables hands-off driving* in a single lane on highways, creating a less fatiguing and more relaxing experience. Drawing on their aviation experiences, they compare Nissan’s driver-assistance technology with the passenger jet autopilot system. Read More


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