Top Energy/Automotive News; OPEC’s share of global proven crude oil reserves was 79.5% in 2022
London, 12 July, 2023, (Oilandgaspress) : Crude oil production in the United States rose to 12.4 million bpd for the week ending June 30, according to EIA data.The IEA expects the oil market should stay tight in the second half of 2023, citing strong demand from China and developing countries combined with supply cuts from leading producers.
Ryse Energy, a renewables company based in Abu Dhabi’s Masdar City, has acquired US micro wind turbine maker Primus Wind Power.
The acquisition opens up the door for Ryse Energy to opportunities in North America and fast-tracks American manufactured Ryse Energy wind turbines, the company said in a statement on Wednesday. Ryse Energy provides wind and solar as standalone technologies, offering either grid-connected or off-grid options with energy storage. The acquisition adds Primus Wind Power’s AIR turbines to Ryse Energy small turbine portfolio and “unlocks strategic synergies”, the company said.
It didn’t disclose the financial terms of the acquisition. Read More
During the period from July 3 to July 7, 2023, Eni acquired on the Euronext Milan no. 3,760,012 shares, at a weighted average price per share equal to 13.2790 euro, for a total consideration of 49,929,360.41 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, the following are details of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read More
Mitsubishi Heavy Industries, Ltd. (MHI) has been selected as the core company in charge of the conceptual design of an demonstration fast reactor which the Japanese Government aims to place into operation in the 2040s. MHI will oversee both the conceptual design as well as research and development (R&D) for the sodium-cooled fast reactor in partnership with Mitsubishi FBR Systems, Inc. (MFBR), an MHI Group engineering company that handles the development and design of fast reactors. The conceptual design work is scheduled to commence in fiscal 2024.
In the “strategic roadmap” for fast reactor development adopted by Cabinet decision on December 21, 2018, a policy was defined to assess the efficacy of various types of fast reactors to be developed following a technological competition among private-sector corporations. The roadmap was subsequently revised by Cabinet decision on December 23, 2022, at which time two decisions were taken: 1) to select a sodium-cooled fast reactor as the target of the conceptual design of the demonstration reactor, set to get underway in fiscal 2024; and 2) to select a manufacturer to serve as the core company in charge of the fast reactor’s design and requisite R&D which would proceed with technology development in accordance with the goals and policy directions established by the Government. Read More
Mitsubishi Shipbuilding Co., Ltd., a Mitsubishi Heavy Industries (MHI) Group company based in Yokohama, today held a christening and launch ceremony for a liquefied natural gas (LNG) bunkering vessel, the first to operate in western Japan, built under contract for KEYS Bunkering West Japan Co., Ltd. The ceremony, conducted in the presence of representatives from the companies involved, took place at the Enoura Plant at MHI’s Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture. The new vessel, christened KEYS Azalea, is scheduled for handover in March 2024 following outfitting work and sea trials.
The KEYS Azalea is equipped with a dual fuel generator engine capable of using both LNG and marine diesel oil as fuel, a first for LNG bunkering vessel in Japan. When operating in gas mode, it will provide exceptional environmental performance with considerably reduced emissions of carbon dioxide (CO2), nitrogen oxide (NOx), sulfur oxide (SOx), and particulate matter (PM). LNG has a smaller environmental impact than the heavy oil conventionally used as marine fuel, and is expected to be a bridge solution for fuel decarbonization. Mitsubishi Shipbuilding will contribute to reducing greenhouse gas (GHG) emissions in the maritime industry by building ships to supply LNG fuel. KEYS Bunkering West Japan is a joint venture company established in February 2022 to supply LNG fuel for ships and operate a coastal transportation business in the Kyushu and Setouchi Regions, with investment from Kyushu Electric Power Company, Inc.NYK Line, ITOCHU ENEX CO., LTD., and SAIBU GAS CO., LTD. The company is promoting decarbonization in the marine industry through this business project handling LNG fuel.
Mitsubishi Shipbuilding, as part of MHI Group’s strategic initiatives for energy transition, will make use of the gas handling technologies and experience it has accumulated from building LNG carrier vessels. Through this business project involving low environmental-impact LNG fuel, Mitsubishi Shipbuilding, as a maritime system integrator, aims to further the decarbonization of the marine industry, and realize a carbon neutral world. Read More
Thailand is highly vulnerable to the impact of climate change — as are many other countries in Southeast Asia. Extreme weather events such as floods, droughts and rising sea levels are becoming more common in the region. This makes mitigating climate change and advancing Thailand’s journey to net zero vital to the country’s future. In the time since the UN COP26 Climate Change Conference in late 2021, the Thai government has further tightened its policies and initiatives for energy efficiency and carbon neutrality. This has included new green financing standards, strengthening the country’s climate pledge in its Long-term Low Greenhouse Gas Emission Development Strategy (LT-LEDS) and reworking the National Energy Plan. Draft policies now commit the country to carbon neutrality by 2050 and net zero greenhouse gas emissions by 2065 — much earlier than previously planned. But Thailand has significant challenges to overcome on its way to reaching these goals and developing a decarbonized, more flexible energy mix. Read More
Noble Corporation plc announces that the board of directors has declared a quarterly interim dividend on its A ordinary shares (“shares”) of $0.30 per share. This dividend is to be payable on September 14, 2023, to shareholders of record at close of business on August 17, 2023. Going forward, the Company intends to pay dividends on a quarterly basis, and this initial dividend represents $1.20 on an annualized basis.
President and Chief Executive Officer Robert W. Eifler commented: “We are pleased to initiate a regular quarterly dividend to complement our ongoing share repurchase activities. Noble’s strategic priorities over the past two years have been centrally focused on consolidation and establishing an industry leading free cash flow generation and return of cash platform. Following year-to-date share repurchases of approximately $70 million, this initial quarterly dividend represents the next logical step in our strategy for maximizing shareholder value. Going forward, we will remain committed to returning the significant majority of free cash flow to shareholders over time via dividends and share repurchases, with an intention to scale both of these instruments higher as cash flow generation continues to grow.”
Future quarterly dividends and other shareholder returns will be subject to, amongst other things, approval by the board of directors, and may be modified as market conditions dictate. Dividends payable to Noble shareholders will generally be paid in U.S. dollars (USD). However, holders of shares in the form of share entitlements admitted to trading on NASDAQ Copenhagen will receive an equivalent dividend payment in Danish krone (DKK) as determined by the exchange rate on a specified date. The holders of such share entitlements bear the risk of fluctuations in USD and DKK exchange rates. Read More
José Muñoz joins the ranks of Rafael Nadal, Carlos Sainz and other prominent Spaniards in receiving one of Spain’s top automotive honors.
Muñoz, president and global chief operating officer, Hyundai Motor Company, and president and CEO, Hyundai and Genesis Motor North America, was selected to receive the prestigious “El Abrazote de Manolo” award by the Spanish members of the Europe Car Of the Year (COTY) jury. The jury selected Muńoz for his longstanding global leadership in the automotive industry and ongoing advocacy for the industry in Spain and around the world. Read More
After revealing the name of its upcoming concept car as the Opel Experimental just last week, the German brand has now offered a tantalising preview of the design study by releasing first images of the vehicle. The photographs reveal the extreme precision and high attention to detail of the Opel Experimental, which will show the future of the Opel brand with its more technical and extreme interpretation of the Bold and Pure design philosophy.
“The Opel Experimental marks the start of a new chapter for our brand. It was designed to provide a tangible vision of where the Opel brand is heading. We will be revealing more details soon – so stay tuned,” said Opel CEO Florian Huettl.
One of the most eye-catching features teased by the images is the further development of the Opel Compass, the guiding element of Opel’s design philosophy. The new illuminated Blitz sits confidently at the centre of the compass in a new iteration of the Opel Vizor, the brand’s characteristic front fascia and technology hub. It is flanked by the elongated wing signature lighting on the horizontal axis while the illuminated centre crease adds further drama. A distinctive red-light graphic on flush body surfacing, devoid of unnecessary shut lines, suggests the repetition of the compass at the rear of the Opel Experimental. Read More
Electric car drivers will only need one app to pay for public chargepoints operated by different companies, under legislation laid in Parliament.
Motorists are currently forced to use multiple smartphone apps or membership cards to access different charging networks.
Mandating so-called payment roaming is among new Department for Transport (DfT) regulations aimed at encouraging the uptake of electric vehicles by making it easier, cheaper and more convenient to charge them across the UK. Operators will be required to accept contactless payments at newly installed chargepoints at eight kilowatts and above, and at existing rapid chargepoints. A standardised pence per kilowatt hour price will be mandated to enable drivers to compare the cost of using different networks. Rapid chargepoint networks will be required to function for 99% of the time during a calendar year, and a new helpline will be launched to support motorists when something goes wrong with electric vehicle charging. Chargepoint data will also be opened up to make it easier for drivers to check their availability. Read More
Kent, a leading engineering services provider in the oil and gas and low-carbon energy sectors, has been awarded the contract to provide detailed engineering, procurement, integration and testing of the telecoms infrastructure/systems package for the Field Control Station for the Jansz-Io Compression (JIC) Project by DSME.
Kent has a long history of providing integrated telecoms packages for the Chevron-operated Gorgon project. Their team of expert engineers and technicians shall support delivery of the telecoms EPC contract and have since provided telecoms maintenance for the LNG plant on Barrow Island and other Chevron Australia facilities. Joe McCormick, Kent’s Executive Vice President of Operations in AsiaPac, said: “We are absolutely delighted with the award of this contract and the faith both DSME and Chevron Australia has placed in us based on our in-depth knowledge and experience with the existing systems installed on Barrow Island and other Chevron sites.” Kent’s scope of work will take place at their facility in Perth and will ensure the diverse systems from multiple vendors are integrated correctly to ensure reliable communications and security for the not normally attended facility. Read More
The Joint Office of Energy and Transportation (Joint Office) released the National Electric Vehicle Infrastructure (NEVI) Formula Program Annual Report, Plan Year 2022–2023. The NEVI Formula Program provides nearly $5 billion over 5 years to help states, Washington, D.C., and Puerto Rico create a network of electric vehicle (EV) fast charging stations along designated Alternative Fuel Corridors (AFCs), with emphasis along the Interstate Highway System.
This report summarizes the key activities of the Joint Office in relation to the NEVI Formula Program and provides an individual and collective overview of the first-year deployment plans. The Joint Office will use the summary of these plans to support states as they implement their EV charging infrastructure—a process that was furthered with the announcement that the first NEVI-funded charging contract was awarded to support electrification in Hawaii. Read More
A new report by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) will serve as a strategic framework for the development of nationwide electric vehicle (EV) charging infrastructure designed to meet the needs of an anticipated 30–42 million light-duty EVs by 2030.
The framework outlined in the report aligns with transformative goals set by the Biden-Harris administration, the automotive industry, and the United Auto Workers for zero-emission vehicles to comprise the majority of new car sales by 2030. It also coalesces with the Joint Office of Energy and Transportation’s (Joint Office’s) vision of a convenient, affordable, reliable, and equitable charging network for all Americans.
The report, titled The 2030 National Charging Network: Estimating U.S. Light-Duty Demand for Electric Vehicle Charging Infrastructure, details NREL’s quantitative analysis estimating the number, type, and location of chargers needed to power a growing number of light-duty EVs nationwide. It includes a never-before-seen level of detail in a nationwide EV charging infrastructure analysis.
The study is unique in its accounting for region-specific variables, such as weather, travel behavior, housing type, and demographics, as well as types of travel, such as commuting, running errands, ride-hailing, and long-distance road trips—all of which can affect charging demand. The study utilizes the most sophisticated and comprehensive suite of analytical tools available, built on years of studying EV charging and powered by NREL’s analytical capabilities. Read More
Storm Aviation, part of FL Technics, has signed a 5-year line maintenance contract with Norse Atlantic to perform maintenance services at London-Gatwick Airport.
The newly signed agreement sees Storm Aviation perform line maintenance services on the Norse B787 fleet of Trent 1000-powered aircraft.
Storm Aviation is a leading international line maintenance, base maintenance, and training provider, operating 24-hour comprehensive support for commercial aircraft operators. Offering fully customised services in base AOG support, workshop facilities, aircraft modification programs and tooling hire & calibration laboratory.
Line maintenance Sales Manager Chris Tubby announced, “We are delighted to be entering into a new long-term agreement supporting Norse Atlantic, facilitating their growth aspirations with first-class maintenance support services at London-Gatwick.”
VP Technical at Norse Atlantic UK Kevin Dudley stated, “This long-term agreement is a sign of the confidence we have in Storm Aviation as our maintenance partners, supporting our operation at London-Gatwick as we continue to build our presence at this strategically important hub.” Read More
Rolls-Royce announces it has signed a TotalCare® service agreement with Ethiopian Airlines for Rolls-Royce Trent XWB-97 engines that will power four new Airbus A350-1000 aircraft. The agreement will provide the airline with predictability as well as a known cost for the services and maintenance.
TotalCare is designed to provide operational certainty for customers by transferring time on wing and maintenance cost risk back to Rolls-Royce. This industry-leading premium service offering is supported by data delivered through the Rolls-Royce advanced engine health monitoring system, which helps provide customers with increased operational availability, reliability and efficiency. The Trent XWB is the most efficient large aero engine in service today and the Trent XWB-84 already powers 20 Ethiopian Airlines A350-900 aircraft in service. The contract was signed during a visit by the airline to Rolls-Royce’s Civil Aerospace headquarters in Derby, UK. Ethiopian Airlines is celebrating the 50th anniversary of its first flight to the UK in April 1973. Read More
Rolls-Royce has acquired Team Italia/Onyx Marine, the Italian group specializing in yacht bridges and marine automation.
With this acquisition, the Rolls-Royce business unit Power Systems is strengthening its position as a yacht market leader. Further expansion of its mtu portfolio for yachts will help it to realize its ‘bridge to propeller’ strategy. Having begun to collaborate on joint development projects in 2019, the two companies now agreed that the best way to realize strategic growth plans would be for Team Italia to become part of Rolls-Royce. Team Italia, established in 2000, designs and develops integrated bridges and marine navigation and automation systems – mainly for Italian yacht builders and shipyards positioned prominently on the global yacht market. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $74.85 | Up |
| Crude Oil (Brent) | USD/bbl | $79.40 | Up |
| Bonny Light | USD/bbl | $80.68 | Up |
| Saharan Blend | USD/bbl | $79.83 | Up |
| Natural Gas | USD/MMBtu | $2.71 | Down |
| OPEC basket 11/07/23 | USD/bbl | $79.67 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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