Top Energy/Automotive News; US crude stockpiles fell circa 400,000 barrels on average in week to June 16.
London, 21 June, 2023, (Oilandgaspress) : Oil price and supply remains constrained by OPEC+ cuts and US shale slowdown. Brent futures firmed 23 cents to $76.13 a barrel and U.S. West Texas Intermediate (WTI) crude futures inched up 26 cents to $71.45 a barrel as of 0611 GMT.
Free special exhibition at the Mercedes-Benz Museum
Autonomous driving, e-bike sharing, buses on demand and delivery services day and night: the world of mobility is undergoing radical changes. From 15 September 2023, the interactive exhibition “ON THE MOVE – YOUR WAYS. YOUR DECISIONS. YOUR FUTURE.” (“DER MOBILE MENSCH – DEINE WEGE. DEINE ENTSCHEIDUNGEN. DEINE ZUKUNFT.”) can be experienced at the Mercedes-Benz Museum free of charge until autumn 2024.
Content and expertise from six partners were incorporated in the development of the exhibition:
Robert Bosch GmbH | Bosch eBike Systems
German Aerospace Center (DLR)
Stadtwerke Stuttgart GmbH (utilities provider)
Stuttgarter Straßenbahnen AG (public transport operator)
Stuttgarter Wohnungs- und Städtebaugesellschaft mbH (municipal housing company)
Mercedes-Benz AG
Mobility trends, innovations and practical examples are complemented by exciting digital games in which visitors explore their own personal mobility needs: how and by what means do I ideally want to get around in the future? What is particularly important to me? While answering these questions, young and old get to know their own “mobility character” better.
As part of “ON THE MOVE”, numerous themed events and participatory activities will also take place throughout Stuttgart. Here, the stakeholders with their different perspectives and experiences on sustainable mobility will also provide positive impetus.
The exhibition, including the action platform, is a project of the Science Center Universum® Bremen. It is curated and designed by the Bremen-based communications and design agency GfG/Gruppe für Gestaltung. Scientific support is provided by the German Aerospace Center (DLR) in Berlin. The project was previously successfully realised in Bremen, from 2019 to 2020, in collaboration with local partners. Read More
The Portland E-Prix on 24 June marks the first time that the ABB FIA Formula E World Championship competes in America’s northwest. The race in the economic hub of the US state of Oregon is the final event outside Europe before the innovative electric racing series turns onto the finish straight of the season. Pascal Wehrlein and António Félix da Costa (POR) will tackle the event for the TAG Heuer Porsche Formula E Team in the Porsche 99X Electric.With the Portland race, the final third of the ABB FIA Formula E World Championship gets underway – and it promises to be an action-packed event. With five races left on the calendar, not much separates the hottest aspirants for the title: After recently celebrating his third win of the season in Jakarta and reclaiming the top spot in the drivers’ standings, Pascal Wehrlein has 134 points to his credit. He sits just one point ahead of Jake Dennis, the winner of the opening race in Mexico, with six points between Wehrlein and third-placed Nick Cassidy (NZL). Cape Town winner António Félix da Costa ranks sixth with 78 points, with André Lotterer in 14th place. Read More
Afentra has provided an update regarding the previously announced acquisition from Sonangol ahead of the Annual General Meeting (‘AGM’) that will be held electronically. The Chairman’s Statement, Paul McDade (CEO) will provide a short presentation on the status of the Company; this is available on the Afentra website and can be accessed at this link:
Update on the Sonangol Acquisition
Subsequent to the approval of the licence extension in May 2023, Sonangol is now pursuing the requisite government approvals for the transaction. Based on the outstanding workstreams and associated timeframes, completion of the transaction is now expected to occur in July 2023 and we are working, together with Sonangol, to extend the long stop date for this acquisition accordingly.
In addition, the enhanced fiscal terms associated with the Block 3/05 PSA extension have been submitted for the requisite government approvals.
We look forward to providing shareholders with further updates in due course. Operational Update: As previously announced, recent gross production levels in Block 3/05 have continued to remain stable, averaging approx. 18,900 bbl/d in May 2023. Water injection levels have averaged approx. 39,000 bw/d January through May 2023. Finally, production in Block 3/05A, at the Gazela field, has continued at approx. 1,100 bbl/d. Read More
Gaza Marine gas development
Israel gave preliminary approval for the development of a gas field off the Gaza Strip on Sunday while saying it would require security coordination with the Palestinian Authority and neighbouring Egypt, according to a Reuters report. If concluded, the agreement would be a boost for the cash-strapped Palestinian economy.
Announcing the move on the Gaza Marine project, Prime Minister Benjamin Netanyahu’s office said progress would hinge on ‘preserving the State of Israel’s security and diplomatic needs’. Read More
BP and Orsted have resolved a dispute over an overlapping zone in the UK North Sea between the BP-led Endurance carbon capture project and the Danish firm’s planned Hornsea 4 windfarm, the companies said in a letter published by UK authorities.
Britain granted preliminary licences for both proposed projects more than a decade ago, when an overlap of about 110 sq km on the sea floor was not seen as posing an insurmountable obstacle to either technology. (Reuters) Read More
Searcher commences acquisition of 3D survey, offshore Papua New Guinea
Searcher in cooperation with the Department of Petroleum & Energy and Larus Energy is pleased to announce that it has commenced the Nanamarope 3D Multi-Client Seismic Survey located over multiple permits in the offshore Gulf of Papua.
The 1,919 km2 Nanamarope MC3D is designed to evaluate and de-risk several prospective plays identified within the Mesozoic and Tertiary intervals, improve imaging of secondary play types as well as resolving the velocity contrasts in the subsurface. This 3D is crucial to enhancing the geological understanding of the sparsely explored offshore Gulf of Papua and developing drill ready prospects like those recently identified by a supermajor in the permit immediately adjacent to the Nanamarope 3D.
Searcher have built a vast library of regional seismic, geochemical, and airborne data across the Gulf of Papua, a region which has attracted substantial interest from international exploration companies. Searchers comprehensive data library has revolutionized the understanding of the tectonostratigraphic evolution of the region, unveiling numerous play types with vast untapped hydrocarbon potential including a new Mid-Miocene turbidite play. Read More
NASA and Boeing said Monday the aircraft produced through the agency’s Sustainable Flight Demonstrator project has been designated by the U.S. Air Force as the X-66A.
The new X-plane seeks to inform a potential new generation of more sustainable single-aisle aircraft – the workhorse of passenger airlines around the world. Working with NASA, Boeing will build, test, and fly a full-scale demonstrator aircraft with extra-long, thin wings stabilized by diagonal struts, known as a Transonic Truss-Braced Wing concept.
“At NASA, our eyes are not just focused on stars but also fixated on the sky. The Sustainable Flight Demonstrator builds on NASA’s world-leading efforts in aeronautics as well climate,” said NASA Administrator Bill Nelson. “The X-66A will help shape the future of aviation, a new era where aircraft are greener, cleaner, and quieter, and create new possibilities for the flying public and American industry alike.”
The X-66A is the first X-plane specifically focused on helping the United States achieve the goal of net-zero aviation greenhouse gas emissions, which was articulated in the White House’s U.S. Aviation Climate Action Plan. Read More
Africa Oil Corp. announced that its investee company, Prime Oil & Gas Coöperatief U.A. has confirmed the closing of its debt refinancing and thus significantly increasing its debt capacity and extending its debt maturity profile. This supports the distribution of dividends by Prime to its shareholders and, Prime will distribute the first dividend of 2023 for $125.0 million or $62.5 million net to Africa Oil’s 50% shareholding in Prime on June 21, 2023. The closing of this refinancing follows the renewal of Oil Mining License (“OML”) 130 for a period of 20 years, as announced in the Company’s announcement of May 29, 2023.
At the end of the first quarter 2023 Prime had an outstanding reserves-based lending (“RBL”) facility and a pre-export finance facility (“PXF”) with an aggregate outstanding debt amount of $720.3 million ($360.2 million net to AOC). Prime has refinanced these facilities with the closing of a new RBL facility and the PXF has been retired. This new facility is for a principal amount of $1,050.0 million ($525.0 million net to AOC) and has a 6-year tenor. Prime had a cash position of $396.9 million ($198.5 million net to AOC) at the end of the first quarter 2023.
Africa Oil closed the acquisition of a 50% shareholding in Prime in January 2020 for a cash consideration of $519.5 million. The Company has received a total of $712.5 million in dividend payments from Prime, including the $62.5 million amount to be received on June 21, 2023, and achieved payback of its Prime investment in under three years.
Africa Oil is also pleased to announce that the lenders in its standby credit facility, which is currently undrawn, have confirmed an increase in the available facility amount to $200.0 million from $100.0 million previously. The Company’s standby credit facility is available up to April 20, 2024, and has a maturity of October 20, 2025. At the end of the first quarter 2023, Africa Oil had a debt-free balance sheet and a cash position of $158.2 million. Read More
new 2008 and PEUGEOT’s electrified range
PEUGEOT has announced its sales strategy for electric vehicles in Europe up to 2030: 100% of PEUGEOT vehicles sold in Europe will be 100% electric.
The E-2008 has a new generation of electric motor: maximum power has increased by 15%, from 100 kW/136 bhp to 115 kW/156 bhp, while the battery has been increased from 50 kWh to 54 kWh. A great deal of work has been carried out to provide more efficiency, resulting in increased performance and improved range, which now stands at 406 km compared with 345 km previously (WLTP combined cycle).
The year 2023 marks an important milestone in this plan, with every model in the range now available in an electrified version (100% electric, plug-in hybrid or 48V hybrid).
More than 500 international journalists are invited to come and test the latest electric models in the PEUGEOT range in the heart of Andalusia:
NEW PEUGEOT E-2008,
NEW 508 and 508 SW,
NEW 508 and 508 SW PEUGEOT SPORT ENGINEREED,
PEUGEOT 3008 and 5008 with the new 48V HYBRID powertrain.
As the standard bearer for neo-performance, the new 508 PEUGEOT SPORT ENGINEERED rechargeable hybrid, available as a saloon or SW estate, boasts 360 bhp and 4-wheel drive.
New 48V HYBRID powertrain on the PEUGEOT 3008 and 5008
The 3008 and 5008 will be inaugurating the new PEUGEOT HYBRID 48V system, which completes the range of PEUGEOT engines by offering greater driving pleasure and lower fuel consumption. It consists of a new-generation PureTech 136 bhp petrol engine, coupled to an innovative e-DCS6 dual-clutch 6-speed electric gearbox that includes an electric motor.
Thanks to a battery that recharges while driving, this technology offers extra torque at low revs, and a 15% reduction in fuel consumption. In urban driving, the 3008 and 5008 equipped with the 48V HYBRID system can operate more than 50% of the time in 100% zero-emission electric mode. Read More
Semiconductors for Automotive Industry
Stellantis N.V. and Hon Hai Technology Group announced the creation of SiliconAuto, a 50/50 joint venture dedicated to designing and selling a family of state-of-the-art semiconductors to supply the automotive industry, including Stellantis, starting in 2026.
The joint venture combines Foxconn’s development capabilities and domain expertise in the ICT industry with Stellantis’ deep understanding of diverse mobility needs around the world. SiliconAuto will provide customers an auto industry-centric source of semiconductors for the growing number of computer-controlled features and modules, particularly those needed for electric vehicles.
Products from SiliconAuto will support the future semiconductor needs of Stellantis, Foxconn and other customers. This includes STLA Brain, Stellantis’ new electrical/electronic and software architecture with full over-the-air updating capabilities. SiliconAuto will be headquartered in the Netherlands. The management team includes executives from both founding partners. Stellantis will provide input to SiliconAuto to enable and deliver capabilities needed by future battery electric vehicles and multi-energy vehicle platforms. Read More
Hyundai and Dow Jones
Hyundai and The Trust, the award-winning creative content studio responsible for producing branded solutions for advertising partners of The Wall Street Journal, Barron’s and MarketWatch, today announced “Miles That Define Us” a custom campaign that brings to life Hyundai’s commitment to social responsibility, emphasizing the profound human connection at the heart of its brand. Tony and Grammy Award-winning actor and singer, Leslie Odom Jr., is the host of the campaign and will be a mainstay throughout the series of short documentary-style films and engaging narratives.
By detailing Hyundai’s dedication to investing in mobility services and groundbreaking technology, “Miles That Define Us” aims to inspire consumers and business leaders alike, showcasing how core values can positively impact individuals on a personal level. The first film will premiere at The Wall Street Journal’s Journal House during the Cannes Lions International Festival of Creativity 2023 and will showcase the future of mobility. It tells the inspiring stories of real individuals facing modern mobility challenges and demonstrates how Hyundai’s intuitive technologies are addressing global problems. From autonomous driving to advanced air mobility, Hyundai’s solutions prioritize environmental responsibility and enhance the quality of life for countless individuals. Read More
Automobili Lamborghini design features in the interiors of the Spanish villas
Automobili Lamborghini, in partnership with international luxury real estate company Dar Global, has inspired the design of the Tierra Viva complex, located in the exclusive village of Benahavis, just a 10-minute drive from beautiful Marbella.
Tierra Viva, Automobili Lamborghini’s first residential project in Europe, features 53 large individual villas inspired by iconic super sports car designs. Positioned at different heights, the villas offer residents panoramic views of the Mediterranean sea.
The complex features three different types of villas: Diamante, Zafiro and Esmeralda. Each unit has direct car access, a rooftop swimming pool, multiple terraces, and a large garden. The interiors are embellished with high-end finishes inspired by the style of Automobili Lamborghini.
Benahavis, renowned for its exceptional exclusivity and tranquility, welcomes this unique complex. Its strategic location offers residents easy access to various points of interest, including the beach, Puerto Banús, the Marbella Club Golden Mile, and the Marbella Marina.
Stephan Winkelmann, Chairman and CEO of Automobili Lamborghini, stated: “This is a strategic collaboration driven by shared values of excellence, quality and innovation. Dar Global’s experience in creating luxury properties in combination with Lamborghini’s design philosophy has led to this stunning achievement.”
Ziad El Chaar, CEO of Dar Global, commented:Our partnership with Lamborghini is based on a shared vision of high-quality projects combined with attention to detail. Together we have created spaces that embody a lifestyle that is sophisticated and rich in experiences. Read More
Women in engineering promotes gender equality
Nissan is supporting global programs and mentoring to increase the number of women in STEM positions, crucial to boosting the share of female engineers, which the U.S. government estimates to make up less than 13% of the workforce.
Diversity is important for all areas of business, including sharing the best tech practices for cars. Auto technicians like Colón diagnose, repair and maintain cars and trucks, typically working in the service department of a dealership, independent repair shop, collision repair facility, or specialized shop. Having more women in engineering not only promotes gender equality in the workplace, it also brings different perspectives that can boost innovation and technological growth.
Still, there are few female auto techs. A recent report from the TechForce Foundation in the U.S. said women make up just 2.5% of employed technicians, while 93% of female technicians “were discouraged from pursuing the field.” Read More
LIDAR-based driver-assistance technology
Nissan carried out another demonstration of its in-development LIDAR-based advanced driver-assistance technology, which now features intersection collision avoidance. An event held at a Nissan facility here showcased the technology’s ability to perform certain automatic collision-avoidance maneuvers in the more complex environment of intersections. The technology features a new control logic for intersection collision avoidance based on ground-truth perception technology utilizing next-generation LIDAR. It can detect an object’s speed, location, and potential risk of a collision from a lateral direction. The system is designed to instantly respond to the changing situation through such steps as emergency application of the brakes or releasing the brakes when the potential risk- has been avoided. Accidents caused by driver error at intersections can unfortunately result in significant consequences. The in-development system is therefore being designed to provide improved assistance in difficult situations through advanced sensing and decision-making capabilities. Read More
The Toyota Mobility Foundation, in partnership with Challenge Works and World Resources Institute, has launched a $9 million global challenge to help cities adapt to the future, with the potential to transform the lives of millions around the world. As cities grow and evolve, the challenges of moving people and goods in reliable, efficient, and inclusive ways have never been more essential. At the same time, opportunities to apply advances in transport modes, infrastructure design, operations, energy options, and connected data systems have never been more promising. The Sustainable Cities Challenge aims to improve the lives of people by increasing access to jobs, education and other essential services. It will bring cities and innovators together to implement mobility solutions that could reduce carbon, improve accessibility, and use data to build resilient transport systems. Read More
| Oil and Gas Blends | Units | Oil Price $ | Change |
| Crude Oil (WTI) | USD/bbl | $71.36 | Up |
| Crude Oil (Brent) | USD/bbl | $75.92 | Up |
| Bonny Light | USD/bbl | $74.55 | Down |
| Saharan Blend | USD/bbl | $75.19 | Down |
| Natural Gas | USD/MMBtu | $2.52 | Down |
| OPEC basket 20/06/23 | USD/bbl | $76.85 | Up |
Offshore wind services company Deme has started installing foundations at Avangrid and Copenhagen Infrastructure Partners’ 800MW Vineyard Wind 1 project off Massachusetts – the US’s first commercial-scale offshore wind farm. Deme will use its heavy lift vessel Orion to install 62 sets of monopiles and transition pieces over the summer. It is using a bubble curtain – consisting of large, perforated hoses and specialised air compressors – to absorb and dampen sound during installation.
“We can finally say it – as of today, there is ‘steel in the water,’” said Vineyard Wind CEO Klaus S. Moeller. The project developers also received the first turbine components for the project last week. The 800MW Vineyard Wind 1 project is due to consist of 62 of GE’s 13MW Haliade-X turbines and is expected online in 2024. Read More
A demonstrator project, led by high-performance maritime design and applied technologies company Artemis Technologies has been awarded £2.4 million to prove the company’s capability of serving the offshore wind farm sector through demonstration of its first electric foiling crew transfer vessel and daughter craft, the Artemis EF-12 CTV.The financial support has been announced as part of the Clean Maritime Demonstration Competition Round 3 (CMDC3), funded by the UK’s Department for Transport and delivered in partnership with Innovate UK.
Artemis Technologies has already launched to market the world’s first commercially viable, 100% electric, zero-emission foiling workboat range. This project will further prove these vessels, powered by Artemis Technologies’ unique eFoiler® propulsion system, have viable range and can safely transit technicians from shore to turbine in up to 1.5m waves; a market-wide requirement for CTV operations. Artemis Technologies has partnered with leading renewable energy company Ørsted, offshore access specialist Tidal Transit, and maritime leader Lloyd’s Register, to develop, test and deploy a 12m 100% electric foiling CTV and shore-based charging infrastructure at Ørsted’s Barrow wind farm on the UK’s west coast over the next two years. Read More
Baker Hughes Rig Count
U.S. Rig Count is down 8 from last week to 687 with oil rigs down 4 to 552, gas rigs down 5 to 130 and miscellaneous rigs up 1 to 5. U.S. Rig Count is down 53 rigs from last year’s count of 740 with oil rigs down 32, gas rigs down 24 and miscellaneous up 3.
Canada Rig Count is up 23 from last week to 159, with oil rigs up 18 to 103, gas rigs up 5 to 56. Canada Rig Count is up 3 rigs from last year’s count of 156 with oil rigs down 1, gas rigs up 4.
| Region | Period | Rig Count | Change |
| U.S.A | 16 June 2023 | 687 | -8 |
| Canada | 16 June 2023 | 159 | +23 |
| International | May 2023 | 965 | +18 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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