Top Energy/Automotive News; WTI Crude(Sept. Contract) $80.08/b, up 0.81%
London, 17 August, 2023, (Oilandgaspress) : National average gas prices in the United States is up to $3.873 per gallon from $3.564 a month ago, while a gallon of diesel now averages $4.338 from $3.851 a month ago. In California and Washington, prices have surged above $5 a gallon.
Cyngn Inc., a developer of AI-powered autonomous driving solutions for industrial applications, released the details of its growing patent family, consisting of patents granted by the United States Patent and Trademark Office (USPTO) for autonomous vehicle technologies. Cyngn Reaches Milestone of 10 Granted Patents for Pioneering AI-Powered Autonomous Vehicle Technologies for Industrial Vehicles “We are pleased to share that the USPTO recently granted us four additional patents, highlighting our novel software-centric methods for developing flexible applied autonomy, which is critical for the rapid deployment of industrial vehicle applications,” said Lior Tal, Chief Executive Officer of Cyngn. “Patent protection is an important consideration as we build a foundation of differentiated technology that aims to deliver unique competitive advantages to our customers through their adoption of DriveMod-enabled autonomous vehicles .” In July, the Company announced a partnership with Motrec to launch a fleet of AI-Powered Autonomous Tuggers. Due in part to Cyngn’s suite of inventions that contribute to streamlined AV systems like the DriveMod Kit, the Company has been able to accelerate the deployment of Cyngn’s AV technology to this vehicle type. Read More
Tata Motors to become the first EV manufacturer to join hands with the Kendriya Police Kalyan Bhandar (KPKB), to help Paramilitary Forces, State police personnel and their families across the nation to go.ev.
As a part of this coveted association, Tata Motors’ EV portfolio consisting of the Tiago.ev, Tigor EV, and the Nexon EV PRIMEand MAXwill be available at special rates to all beneficiaries of the venture.
As a measure of welfare for the currently serving and retired personnel of Railway Protection Force (RPF), the Intelligence Bureau (I.B), Special Protection Group (SPG), National Crime Records Bureau (NCRB), National Investigation Agency (NIA), Indo-Tibetan Border Police (ITBP), Central Reserve Police Force (CRPF), Sashastra Seema Bal (SSB), Central Industrial Security Force (CISF), Border Security Force (BSF), Assam Rifles and all State Police personnel, the Ministry of Home Affairs set up the Kendriya Police Kalyan Bhandar (KPKB) on 18th Sept 2006. Currently, KPKB has 119 Master Canteens which act as distribution centres and 1800+ subsidiary canteens which sell products to the troops and families. Read More
Tata Motors has joined hands with South Indian Bank, one of India’s leading private sector banks, to extend an exclusive Electric Vehicle Dealer Financing Program and offering comprehensive retail financing solutions to all customers.
The MoU for this partnership was signed by Mr. Ramesh Dorairajan, Senior General Manager – Network Management & EV Sales, Tata Motors Passenger Vehicles Ltd. and Mr. Praveen Joy, Head, Transaction Banking Group, South Indian Bank. Read More
Stellantis took center stage at the MEMA “Motor & Equipment Manufacturers Association” Sustainability Summit on August 15th in Troy Michigan, USA. As a keynote speaker at the conference titled ‘Sustainability: Competing in Today’s Environment’, Alison Jones, senior vice president, Global Circular Economy, outlined how Circular Economy plays a key role in the organization’s Dare Forward 2030 strategic plan, supporting the ambitious target of leading the industry to achieving carbon net zero by 2038. Specifically, in her presentation ‘SUSTAINera Circular Economy – our industrial and innovative scale up’, Jones highlighted how SUSTAINera, the dedicated label representing all the Company’s Circular Economy activities and launched in October 2022, is expanding its rigorous approach based on the 4R strategy – Reman, Repair, Reuse and Recycle – to support the Company’s carbon net zero targets, and at the same time bringing financial value to Stellantis and consequently to its suppliers, customers and stakeholders. Read More
On August 16, CATL launched Shenxing, the world’s first 4C superfast charging LFP battery, capable of delivering 400 km of driving range with a 10-minute charge as well as a range of over 700 km on a single full charge. Shenxing is expected to considerably alleviate fast charging anxiety for EV users, and opens up an era of EV superfast charging. With the advancement of battery technology and the significant improvement of overall performance of EV batteries, the industry has achieved long driving range for EVs. Currently fast charging anxiety has become the top factor that stops consumers from shifting to EVs. Focusing on the very nature of electrochemistry, CATL continues its innovation in material and electrochemistry and system structure in an all-round way, achieving superfast charging, high energy density and high level of safety at the same time in a creative manner. Shenxing pushes beyond the boundaries of the performance of LFP chemistry, leading innovation in the battery industry. Read More
With its BC3 batteries inside 730 buses and another 100 supplemental vehicles, CATL is powering the 31st International University Sports Federation (FISU) Summer World University Games. Following the Beijing Winter Olympics and Qatar World Cup, CATL continues to provides energy for a major international sports event. There are 730 buses provided specifically for the event and more than 100 vehicles supplied as a supplement, including BEVs from Shudu Bus (Panda Modeling), Zhongzhi Zero Emissions Vehicle (ZEV), and Yinlong (Facial Makeup modeling and Dolphin modeling). All these buses are equipped with CATL BC3 battery packs, which features high energy density, light weight, long service life and flexible configuration, and can adapt to extreme weathers and harsh environments such as extreme cold, high temperature and high altitude. By far, more than 2 million BC3 battery packs have been delivered to customers in 55 countries and regions worldwide. With a long experience in the sector, BC3 battery packs will undoubtedly become the representative of China’s high-quality EV batteries, providing green travel for the Games. Read More
Hyundai Motor India Limited (HMIL), India’s first smart mobility solutions provider and the largest exporter since inception, signed an Asset Purchase Agreement for the acquisition and assignment of identified assets related to General Motors India’s Talegaon Plant in Maharashtra.
Unsoo Kim, Managing Director and CEO of Hyundai Motor India Ltd., and Asifhusen Khatri, Vice President Manufacturing of General Motors India and General Motors International Operations, participated in the signing ceremony in Gurugram, Haryana.
The APA covers the acquisition and assignment of land and buildings as well as certain machinery and manufacturing equipment situated at GMI’s Talegaon plant. The completion of the acquisition and assignment is subject to fulfilment of certain conditions precedent and receipt of regulatory approvals from relevant government authorities and relevant stakeholders. Read More
ZeroAvia announced that it has developed a world-first, high-performance compressor for fuel cell-based aviation propulsion systems, including the company’s first ZA600 hydrogen-electric powertrain.
Hydrogen fuel cells promise to deliver true zero-emission flight by delivering electrification, but one key challenge is delivering the high flow of oxygen for the chemical reaction in the stacks to provide sufficient quantities of electricity to power the aircraft. At higher altitudes, air compressors need to be powerful and efficient, while not adding undue weight to the propulsion system and thus impacting payload and range.
The compressor is a world first, designed and tested specifically to comply with all requirements pertaining to hydrogen fuel cell-powered aviation propulsion systems. ZeroAvia’s breakthrough enables the company to incorporate the technology as a core part of its first two hydrogen-electric engines: the ZA600 for 9-19 seat aircraft targeting entry-in-service by 2025, and the ZA2000 for 40-80 seat aircraft with EIS targeted for 2027.
Initial testing of the ZeroAvia compressor indicates that it offers highly stable performance across a large range of power and operating environment requirements. Supporting up to 900kW fuel cell systems, the compressor is many times more powerful than any existing fuel cell compressors and offers superior power density.
The ZeroAvia compressor has also been designed to operate with zero latency via an innovative flow management approach. The compressor runs on the power provided by the core electric propulsion system, eliminating the additional inverter and electric motor normally required in fuel cell systems. The resulting reduction in complexity will aid certification of ZeroAvia’s powertrains, and fewer components means further reduced weight and greater reliability. Read More
Firefly Aerospace, Inc., an end-to-end space transportation company, announced the expansion of its on-orbit services with a line of highly mobile and scalable orbital vehicles named Elytra. As the wings of a firefly, Elytra (pronounced ella-truh) offers on-orbit mobility, hosting, delivery, and servicing across cislunar space and beyond. When launched on Firefly’s small- and medium-lift launch vehicles, Elytra can service the entire lifecycle of government and commercial missions.
“Elytra further expands Firefly’s on-orbit services by opening access to more orbits, extending the life of each mission, and providing deorbiting services to help minimize space debris,” said Bill Weber, CEO of Firefly Aerospace. “Our robust vehicle line gives us a unique advantage to quickly launch, deploy, and service satellites on-orbit in response to dynamic changes in space.” Formerly known as Firefly’s Space Utility Vehicle, Elytra offers three vehicle models – Elytra Dawn, Elytra Dusk, and Elytra Dark – that travel further into space to support larger, more advanced on-orbit missions. Optimized for low Earth orbit (LEO), Elytra Dawn can be rapidly launched to support responsive hosting, rideshare, and delivery missions. Elytra Dusk offers enhanced maneuverability, power, and autonomy to provide responsive on-orbit tasking, such as relocation, space domain awareness, and deorbiting services, from LEO to geosynchronous orbit (GEO). Elytra Dark is ruggedized to serve as persistent orbital infrastructure and support transfers from LEO to lunar orbit and beyond. Read More
U.S. Department of Energy’s (DOE) Vehicle Technologies Office (VTO) announced $3.6 million in funding, with an industry match of $3.6 million, for six projects selected from the Base Annual Appropriations Technology Commercialization Fund (TCF). The TCF is administered by the Office of Technology Transitions (OTT). With this funding, industry and DOE national laboratories will partner to advance lab-developed clean transportation technologies towards commercialization in technology areas, including vehicle electrification, batteries, materials, decarbonized off-road vehicles, and energy efficient mobility systems.TCF aims to bolster America’s energy competitiveness and security by accelerating commercialization and shepherding critical energy technologies from the lab to the market, where the private sector will continue to innovate. DOE’s OTT coordinates the TCF and plays a vital role in strengthening DOE’s commercialization partnerships. Read More
Odfjell SE today reported its results for the second quarter of 2023. The report shows another strong financial quarter for Odfjell on the back of more revenue days for the fleet and higher contract volumes.
Highlights – 2Q23:
• Time charter earnings in Odfjell Tankers ended at USD 185 million, compared to USD 181 million in 1Q23
• EBIT of USD 79 million compared to USD 68 million in 1Q23
• A record strong net result of USD 53 mill. Net result adjusted for one-off items was USD 53 mill compared to USD 46 mill in 1Q23
• Rates on renewed COAs during the quarter were up 8% on average, covering 9% of estimated annual contract volume.
• Net result contribution from Odfjell Terminals increased to USD 2.3 mill compared to USD 2.0 mill in 1Q23.
• During the quarter, Odfjell has taken delivery of one newbuilding on long term time charter and declared purchase options on two vessels currently on financial lease. One vessel was sold towards the end of 2Q23.
• Odfjell continues to reduce its environmental footprint, with record low carbon intensity (AER) of 7.01 for the controlled fleet in 2Q2
• Dividend of USD 0.62 per share approved by the Board based on adjusted 1H23 results.
“Odfjell delivered another record strong quarter on the back of a profitable contract portfolio and solid operational performance. We expect demand to reduce somewhat in 3Q23 in line with seasonal effects. Further renewals of our COAs should offset some of this effect and we expect only a marginal decrease in our TCE in 3Q23” said CEO Harald Fotland. Read More
In partnership with bound4blue, a pioneering developer of wind-assisted propulsion technology, Odfjell will install the innovative eSAIL® system on a chemical tanker, making it the first tanker vessel in the world to harness this ground-breaking technology.
bound4blue’s eSAIL® system utilizes a cutting-edge wind-assisted propulsion system known as a suction sail. By promoting the use of wind power to propel vessels, this technology significantly reduces fuel consumption and pollutant emissions.
Odfjell has actively pursued decarbonization initiatives for many years, and recently documented a 51% improved carbon intensity compared to the 2008 baseline. The deployment of bound4blue’s eSAIL® system represents another significant milestone in the company’s implementation of innovative solutions to increase its fleet’s energy efficiency.
“We have been studying sail technologies as a potential energy efficiency measure for our fleet since 2020, and we are excited to now take the next step by partnering with bound4blue to implement their pioneering eSAIL® system on one of our chemical tankers,” said Jan Opedal, Manager Projects at Odfjell. “This technology has significant potential to reduce emissions by harvesting the energy on the ship itself and transforming it directly into a forward thrust.”
Odfjell’s partnership with bound4blue aims to expand access to the eSAIL® technology within the tanker shipping segment and further contribute to the industry’s efforts in decarbonization. The decision to collaborate with bound4blue was supported by an extensive study conducted by SSPA, evaluating various Wind Assisted Propulsion Systems (WAPS) for the Odfjell fleet. The pioneer installation will be completed in 2024. Read More
Odfjell Terminal Korea (OTK), Maersk and OCI Global wrote history on July 16 when 1,000 metric tonnes of green methanol were successfully supplied from the terminal to Maersk’s newbuilt and first-of-its-kind container vessel. Green methanol can reduce Sulfur Oxides (Sox), Nitrogen Oxides (NOx) and Particulate Matter (PM) emissions by more than 95%, and NOx by up to 80% compared to conventional marine fuels, and can be carbon neutral on a lifecycle basis. Read More
DNO ASA, the Norwegian oil and gas operator, announced that the cancellation of all 79,376,509 own shares held by the Company, representing 7.53 percent of shares outstanding, has been completed. This reduction of share capital was approved by shareholders at the Annual General Meeting on 25 May 2023.
The creditor notice period for the share capital reduction expired on 19 July 2023 and the new share capital has been registered with the Norwegian Register of Business Enterprises. The Company’s new registered share capital is NOK 243,750,000 divided on 975,000,000 shares, each with a nominal value of NOK 0.25. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $79.63 | Down |
| Crude Oil (Brent) | USD/bbl | $83.76 | Down |
| Bonny Light | USD/bbl | $86.80 | Up |
| Saharan Blend | USD/bbl | $85.15 | Down |
| Natural Gas | USD/MMBtu | $2.59 | Down |
| OPEC basket 16/08/23 | USD/bbl | $86.96 | Down |
| At press time 17 August 2023 |
DNO ASA, the Norwegian oil and gas operator, today reported that production from its flagship Tawke field in Kurdistan has been restarted following a four-month shut-in triggered by the closure of the Iraq-Turkey Pipeline export route. Production was restarted last month to conduct well integrity tests and synchronize reservoir models but has continued in response to strong demand for Tawke oil. Field output is currently averaging 40,000 barrels of oil per day (bopd). The nearby Peshkabir field, on the same license, remains closed.
One-half of Tawke production is delivered to the Kurdistan Regional Government and the balance is sold by DNO on behalf of the contractors (DNO 75 percent and Genel Energy International Limited 25 percent) to local trading companies and the oil transported by road tanker. Prices vary by contract and average around 50 percent of pre-closure levels but payments now are made promptly and directly to DNO.
“While there is no light at the end of the export pipeline, we are seeing the headlights of more and more incoming tanker trucks loading up our Tawke cargoes on a cash-and-carry basis,” said DNO Executive Chairman Bijan Mossavar-Rahmani. “Meanwhile, our strategy of broadening DNO’s portfolio beyond Kurdistan is bearing beautiful fruit,” he added.
A total of 100 million barrels of oil equivalent (MMboe) have been discovered net to DNO offshore Norway since 2021, of which 78 MMboe have been added so far this year, driven importantly by DNO’s 30 percent stake in Norway’s largest discovery in a decade (Carmen). Previous discoveries are moving towards development. In June, the development of the Andvare discovery (DNO 32 percent) and the Berling discovery (DNO 30 percent) received government approvals, targeting gross volumes of 11 MMboe (start-up in 2024) and 45 MMboe (start-up in 2028), respectively. DNO also recently announced a fast-track development concept for the Brasse discovery (DNO 50 percent) as a low-cost tieback to Brage production facilities (DNO 14 percent) with main terms agreed ahead of final investment decision early next year.
“All barrels of oil or molecules of gas are not created equal,” said Mr. Mossavar-Rahmani. “Our recent discoveries have high net present value as DNO’s offshore Norway drilling campaign is deliberately designed to target lower risk prospects near existing infrastructure,” he added. “We thought such low-risk prospects would also be small to medium in size, but Carmen happily proved us wrong.”
The Company’s Côte d’Ivoire assets, which were acquired last year, deliver stable production and further upside potential. A gas sales contract renegotiation with the government is ongoing to raise the price ceiling, allowing for increased investment in Block CI-27 (DNO nine percent). On nearby Block CI-12 (DNO eight percent) a rig has been secured for two exploration wells plus one optional well, to be drilled back-to-back commencing in the fourth quarter of 2023.
In the second quarter of 2023, net production across DNO’s portfolio hit the lowest level in 13 years at 14,400 barrels of oil equivalent per day (boepd), of which the North Sea contributed 10,800 boepd, West Africa 3,500 boepd and Kurdistan the balance. Driven by the Kurdistan export closure and a significant North Sea production cut from a shutdown of third-party facilities that has now ended, DNO reported a 78 percent quarter-on-quarter revenue drop to USD 58 million. Net loss amounted to USD 19 million, down from a net profit of USD 87 million in the previous quarter.
The balance sheet remains strong with an unchanged equity ratio of 50 percent as the Company exited the quarter with cash deposits of USD 743 million and net cash of USD 177 million. Given uncertain timing of pipeline export resumption and continued delays in payments by the Kurdistan Regional Government for previous oil sales, DNO has cut back new investment spend and staffing levels. The Board of Directors has authorized dividend payment of NOK 0.25 per share to be made on or about 1 September 2023, maintaining the Company’s quarterly distribution program. Read More
DNO ASA, the Norwegian oil and gas operator, today announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, the Board of Directors has approved a dividend payment of NOK 0.25 per share to be made on or about 1 September 2023 to all shareholders of record as of 25 August 2023. DNO shares will be traded ex-dividend as of 24 August 2023.
Dividend amount: NOK 0.25 per share
Declared currency: NOK
Last day including right: 23 August 2023
Ex-date: 24 August 2023
Record date: 25 August 2023
Payment date: 1 September 2023 (on or about)
Date of approval: 16 August 2023, based on authorization granted 25 May 2023 Read More
Touchstone Exploration Inc. announce the release of its 2022 ESG Report.
The Report outlines our progress in achieving our environmental, social and governance (“ESG”) objectives in the 2022 year and represents Touchstone’s third year of ESG reporting. The Report was approved by the Company’s Board of Directors and provides stakeholders with insight into our environmental stewardship, community involvement and governance standards. Touchstone Exploration Inc. is a Calgary, Alberta based company engaged in the business of acquiring interests in petroleum and natural gas rights and the exploration, development, production and sale of petroleum and natural gas. Touchstone is currently active in onshore properties located in the Republic of Trinidad and Tobago. The Company’s common shares are traded on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol “TXP”. Read More
Baker Hughes Rig Count:
U.S. Rig Count is down 5 from last week to 654 with oil rigs unchanged at 525, gas rigs down 5 to 123 and miscellaneous rigs unchanged at 6.
Canada Rig Count is up 2 from last week at 190, with oil rigs down 2 to 116 gas rigs up 4 to 74.
| Region | Period | Rig Count | Change |
| U.S.A | 11 August 2023 | 654 | -5 |
| Canada | 11 August 2023 | 190 | +2 |
| International | July 2023 | 961 | +2 |
Hydro initiates first phase of project to remove local carbon emissions in Sweden
The work to equip Hydro’s Swedish extrusions’ factories in Vetlanda, Sjunnen and Finspång with solar panels and battery storage has started. The aim is to complete the rooftop solar panels and battery storage during the fourth quarter of 2023, and ground mounted solar panels in 2024.The Greener Sweden project was initiated by Hydro in 2022. It is an ambitious energy project divided into several phases. In the long run, the aim is to switch to 100 percent locally produced, renewable energy in Vetlanda, Sjunnen and Finspång. The end goal is to reduce CO2 emissions from the factories to zero, contributing to more viable, local communities around our production units. The plan is to reduce total electricity consumption and at the same time produce more renewable energy in-house. The first phase, executed by Hydro’s renewable energy company Hydro Rein, includes roof mounted and ground mounted solar panels and battery storage systems. This will supplement Hydro’s existing local hydropower plant in Sjunnen. The technical solution involves 2.2 MWp roof mounted solar cells, approximately 1.8 MWp ground mounted solar cells and two battery storage solutions with a total capacity of 4.5 MW.
The next phase of the project will take place after 2025, and may include wind power, hydrogen production and fuel switching to hydrogen produced from renewable energy. Hydro is also interested in onshore wind power and aims to identify a suitable location for its own wind farm, ensuring sufficient renewable electricity for Hydro’s factories in Sweden. Read More
India’s federal government has agreed to chip in $2.4B of a $7B scheme to roll out 10,000 electric buses across 100 large cities, India officials said on Wednesday.
The program for the e-buses will be implemented using the Public Private Partnership model. The goal of the scheme is to relieve the shortage of public transportation in some of India’s largest cities, and to do it without increasing the number of diesel-powered buses.
The announcement of the plan follows Indian Prime Minister Narendra Modi’s visit to the United States in June, where U.S. President Biden and PM Modi discussed decarbonizing the transportation sector and zero-emissions vehicles, as well as public and private financing of electric transportation. It also follows a separate meeting between Secretary John Kerry and India’s Cabinet Minister for Heavy Industries that specifically discussed electric buses and India’s troubles with getting private electric bus manufacturers to bid on India’s e-bus tenders, even when offered subsidies. Read More
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter |
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
Subscribe to Oil, Gas, Energy News Release Service
