London, 19 December, 2023, (Oilandgaspress): – Crude oil prices up again following BP’s announcement it will temporarily reroute its tankers away from the Red Sea amid intensifying attacks by the Yemeni Houthis on vessels in the area.
The International Energy Agency’s (IEA) Technology Collaboration Programme (TCP) recently held its biennial Universal Meeting, convening experts from around the world to discuss their work to advance the research, development and commercialisation of energy technologies.
The fifth Universal Meeting – which was the first to be held in-person in four years – took place on 25-26 October 2023. It gathered representatives from around 30 different Technology Collaboration Programmes (TCPs), as well as delegates from the IEA’s Committee on Energy Research and Technology (CERT) and its Working Parties (WP).
The focus of the meeting was the future of energy technology collaboration in a fast-changing energy landscape and the role collaboration can play in advancing governments’ net zero ambitions. Discussions also centred on the upcoming IEA 50th Anniversary, which will feature the first edition of the IEA Energy Innovation Forum and also mark 50 years of the IEA’s technology collaboration network.
The Technology Collaboration Programme was initiated at the launch of the Agency. Over the past five decades, it has played an important role in strengthening international energy technology collaboration and bringing valuable knowledge to policy makers around the world, with almost 80 TCPs created over almost half a century. Today, the programme involves 6 000 experts who represent more than 300 public and private organisations from 55 countries. Read full article
The International Energy Agency (IEA) held its India Energy Efficiency Policy in Emerging Economies Training Week in New Delhi from 11-15 December. Hosted in partnership with the India Bureau of Energy Efficiency (BEE), and with support from the Alliance for an Energy Efficient Economy (AEEE), it was the first to take place in India since 2018. The training week brought together more than 150 policy makers and energy professionals from across the country to develop and share expertise in energy efficiency policy making and to underline the role efficiency can play as emerging and developing economies work to meet their energy and climate goals. Countries at COP28 in Dubai, including India, recently agreed to double the rate of energy efficiency progress this decade to help drive down global greenhouse gas emissions.
“India is expected to see the largest energy demand growth of any country in the next three decades – which means greater efficiency will be essential to help the country power economic growth while also reducing its emissions,” said Brian Motherway, Head of the IEA’s Office of Energy Efficiency and Inclusive Transitions. “During its G20 presidency year, India showed global leadership on promoting energy efficiency as a key part of global efforts to address climate change. We hope this training week will lay the groundwork for even more ambitious action.” “The world wants to double the rate of energy efficiency improvements this decade,” said Shri Abhay Bakre, Director General of India’s Bureau of Energy Efficiency (BEE). “This is possible if we put in place an effective policy regime using proven energy efficiency measures as the key strategy.” Recent energy efficiency gains in India have been driven in part by increased spending on efficiency initiatives, the introduction of a new energy conservation code for buildings, and a rapid increase in electric car sales, according to the IEA’s recent Energy Efficiency 2023 report. The country has also launched four new energy efficiency policies for residential appliances in support of efforts to reduce the nation’s energy intensity by 45% by 2030. And India’s Lifestyle for Environment (LiFE) initiative aims to conserve energy by shifting the behaviours of at least a billion people in the coming years.
The training week aimed to build on this progress by bringing together policy makers from across India to share perspectives and draw on international best practices. Consisting of five parallel courses – covering energy efficiency in appliances and equipment, transport, buildings, indicators and evaluation, and industry – participants were presented with a detailed introduction to energy efficiency policy packages and took part in a series of sector-focused workshops and group activities aimed at amplifying policy-making capacity both locally and nationally. Read full article
Turkiye and Turkish companies have saved around $2 billion on energy bills in 2023 by raising imports of discounted Russian oil and refined products, Reuters reports. According to the report, Ankara wants to buy more from its neighbour, despite Western sanctions.
Turkiye became the biggest importer of Russian energy in the Western hemisphere after Russia’s invasion of Ukraine triggered European countries to halt most imports of Russian oil and gas. China and India have imported larger volumes from Russia than Turkiye, but Ankara’s proximity to Russian ports, however, means it is saving more than other buyers, thanks to cheaper freight. Russian Urals crude oil shipments to Turkiye rose to an all-time high of 400,000 barrels per day (bpd) in November 2023, accounting for some 14 per cent of Russia’s overall seaborne oil exports last month, LSEG data and Reuters calculations showed. Russia’s Energy Ministry declined to comment. Turkiye’s Energy Ministry, Turpas, and STAR refiner did not respond to requests for comments. Read full article
Reference is made to the mandatory cash offer by BW Group Limited (the “Offeror”) to acquire all remaining shares in BW Energy Limited (“BW Energy or the “Company”) for a price of NOK 27.00 per share (the “Offer”), announced in the stock exchange announcement on 13 December 2023.
The Offeror is a close associate to a primary insider in the Company (the primary insider is the chairman of the board of directors of the Company). The Offeror is therefore pursuant to the disclosure requirements in article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act required to disclose transactions made in securities in the Company. This includes disclosing acceptances received in the Offer on an ongoing basis.
Please see the attached notifications of trading for information on acceptances received by the Offeror. Read full article
The Department of Energy (DOE) announced $37 million in funding to reduce costs associated with recycling electric vehicle (EV) batteries. Funded through the Bipartisan Infrastructure Law and administered by DOE’s Vehicle Technologies Office, this investment supports the Biden-Harris Administration’s goal for EVs to make up half of all new light-duty vehicle sales by 2030 as part of the effort to reach a net-zero emissions economy by 2050.
This funding opportunity is the second phase of $200 million in total provided by the Bipartisan Infrastructure Law for electric drive vehicle battery recycling and second life applications. In the first phase, DOE awarded $74 million to 10 projects to advance technologies and processes for EV battery recycling and reuse. This second phase will reduce the costs associated with transporting, dismantling, and preprocessing end-of-life electric drive vehicle batteries for recycling; and recycling of plastic and polymer electric drive battery accessory components. Funding from the Bipartisan Infrastructure Law supports research, development, and demonstration of second-life applications for batteries once used to power EVs, as well as new technologies and processes for recycling and reclaiming critical materials back into the battery supply chain. With the demand for EVs and stationary storage projected to increase the size of the lithium battery market by five- to ten-fold by the end of the decade, it is essential that the United States invests in the capacity to accelerate the development of a resilient supply chain for high-capacity batteries, including non-lithium batteries. Concept papers are due on February 7, 2024, and full applications are due April 19, 2024. Read full article
Petrofac Limited announces that Aidan de Brunner has joined the Company as a Non-Executive Director. Aidan brings to Petrofac over 20 years of board, management, investment and financial advisory experience gained across a variety of global businesses. As the Group pivots to the execution of the new contracts won in 2023, Aidan will commit a significant portion of his time to supporting the Board for a limited period. He will drive engagement with finance providers, investors and other stakeholders in an active review of strategic and financial options to deliver on Petrofac’s potential following its most successful period for new awards in many years. Read full article
Petrofac consulting team begins FEED for Neptune Energy’s L10CCS carbon storage project in the Netherlands
Our consulting team has recently begun work on the front-end engineering design (FEED) on a project that aims to play a key role in supporting the European Union in reaching its decarbonisation goals. The FEED, awarded to us by Neptune Energy, is for its L10 Operation facilities – a carbon storage infrastructure development that will connect to the Netherlands’ flagship Carbon Capture, Transportation and Storage (CCS) project, Aramis.
The L10 Operation is being developed by Neptune Energy, alongside its partners EBN, Tenaz Energy and ExxonMobil, and seeks to store up to five million tonnes of carbon dioxide (CO2) annually, which will be captured from industrial emitters in the region. Our scope covers the first two phases of the project, L10 South (1A) and L10 North (1B) and is being executed by our consulting team, based in Woking, UK: Read More
Petrofac secures brownfield EPC framework with TotalEnergies Petrofac, a leading provider of services to the global energy industry, has secured an engineering, procurement, construction and commissioning (EPCC) framework agreement with TotalEnergies. Under the three-year framework, Petrofac will have the opportunity to deliver brownfield EPCC solutions across TotalEnergies’ UKCS assets. Read More
Charoen Pokphand Group (CP), True Leasing (TLS), Siam Cement Group (SCG), Toyota Motor Corporation (Toyota), and Commercial Japan Partnership Technologies Corporation (CJPT) have signed a Memorandum of Understanding (MOU) to further accelerate collaboration towards achieving carbon neutrality in Thailand. This MOU is based on achievements to date in our joint efforts, including logistics efficiency at CP and SCG sites and the introduction of carbon-neutral mobility based on usage in Thailand. Based on an agreement built on the deep trusting relationship between CP’s Senior Chairman Dhanin Chearavanont, President and CEO of SCG Roongrote Rangsiyopash, and then-President Akio Toyoda of Toyota; CP, TLS, SCG, Toyota and CJPT have been promoting initiatives in the three areas of data, mobility, and energy. Efforts are underway while considering how they can contribute to the happiness of the 67 million Thai citizens under the concept of doing what can be done now, together with like-minded partners.
There are three areas of focus: Data Solutions, Mobility Solutions, and Energy Solutions. In Data Solutions, we improved loading efficiency and optimized delivery routes by utilizing big data from CP and SCG’s retail and logistics operations as well as traffic flow and vehicle data. At the stores where we conducted the demonstration, we confirmed approximately 15%*1 immediate reduction in CO2 emissions.
For Mobility Solutions, we introduced a variety of vehicles, including FC Trucks, the Hilux Revo BEV concept, the JPN TAXI LPG-HEV, and mini-commercial light vans (Kei) based on how they are used in Thailand. The vehicles were used in the demonstration for logistics and human flow operations. We confirmed approximately 68 tons/year*2 reduction in CO2 emissions. In addition, we succeeded in flight verification of the FC Drone for fertilizing, seeding, and other tasks at a CP Farm. Read More
The Jeep® Brand’s Compass is manufactured in multiple facilities across the globe to cater to consumers in over 100 countries. Production takes place in four key locations: Ranjangaon, India; Pernambuco, Brazil; Toluca, Mexico and Melfi, Italy. The 2024 iteration of the Jeep Compass not only upholds the brand’s renowned off-road capabilities but also enhances comfort and functionality while showcasing premium design and craftsmanship, both inside and out. This latest Compass model represents the pinnacle of technological advancement within the Compass lineup.The new Compass offers more than 80 standard and available safety and security features on all trims including: Drowsy Driver Detection, Full-Speed Forward Collision Warning with Active Braking, Pedestrian/Cyclist Automatic Emergency Braking, Active Lane Management, and Rear Cross Path detection. The next-generation technologies offered on Compass include an available 10.25-inch frameless full-color thin-film transistor (TFT) digital cluster – one of the largest in the segment and a standard 10.1-inch digital infotainment touchscreen, the new five-times-faster Uconnect 5 with standard wireless Apple CarPlay and Android Auto and an available wireless charging pad, both standard on all model versions. Read More
Bentley has successfully ended another year of community investment that forms an important element of Bentley’s ground-breaking Beyond100 strategy. In 2023, Bentley supported more than 320 charitable donations and projects across all regions of the UK, a 150 per cent increase to the previous year. The projects have been carefully selected, to improve people’s access to services, empower and improve the quality of life, and support a better future. Local examples include Chance Changing Lives, Crewe Wishing Well, Motherwell, Cheshire Young Carers, Pure Insight, Visyon, and Hope Café.
Bentley’s community investment team has been supporting initiatives around Crewe for many years. In 2023, they have continued to work with the Cheshire Community Foundation (CCF) through the established CCF Crewe Fund and the Bentley Advancing Life Chances Crewe Fund. In 2023, a new bespoke programme has been launched in collaboration with CCF called, the Bentley Crisis Fund. Meanwhile, the new, UK wide Advancing Life Chances (ALC) investment programme developed in partnership with the Charities Aid Foundation (CAF), has allowed Bentley to expand its community investment footprint even further afield to all corners of the UK. The Bentley community investment projects and their success in 2023 at a glance: Read More
U.S. Rig Count is down 3 from last week to 623 with oil rigs down 2 to 501, gas rigs unchanged at 119 and miscellaneous rigs down 1 to 3.
Canada Rig Count is down 9 from last week to 185, with oil rigs down 2 to 118, and gas rigs down 7 to 67.
International Rig Count is up 16 rigs from last month to 978 with land rigs up 15 to 758, offshore rigs up 1 to 220.
| Region | Period | Rig Count | Change |
| U.S.A | 15 December 2023 | 623 | -3 |
| Canada | 15 December 2023 | 185 | -9 |
| International | November 2023 | 978 | +16 |
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $72.26 | Up |
| Crude Oil (Brent) | USD/bbl | $77.77 | Up |
| Bonny Light | USD/bbl | $80.54 | Up |
| Saharan Blend | USD/bbl | $78.91 | Up |
| Natural Gas | USD/MMBtu | $2.45 | Down |
| OPEC basket 18/12/23 | USD/bbl | $78.47 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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