London, 12, June 2024, (Oilandgaspress): – Total OECD production of crude oil, NGL and refinery feedstocks increased by 3.5% in March 2024 compared to March 2023.
Refinery gross output of total products increased by 0.9% on a year-on-year basis.
Net deliveries of total products decreased by 3% in March 2024 compared to March 2023.
Oil stock levels on national territory grew by 1 429 kt in March 2024 compared to the closing stock levels in February 2024 and closed at 466.2 million metric tons.
Citi analysts predict a drop in oil prices, with a forecast of $60 per barrel in 2025. This represents a potential decline of over 20% compared to current market expectations.In the near term, however, Citi anticipates some volatility, with potential upside risks due to seasonal factors and ongoing geopolitical tensions.
The bearish outlook for oil stems from an expected surplus in the global market by 2025, even with production cuts from OPEC+. Citi analysts recommend that oil producers “hedge” against potential price drops and that investors view any short-term price increases as an opportunity to take bearish positions. Read More
Audi of America announced its official partnership with SingleThread Farm – Restaurant – Inn in Healdsburg, Calif. Together, Audi and the MICHELIN Guide Three Star, Three Key and Green Star property will offer the option of zero direct-emissions transportation for guests to explore the surrounding beauty of Sonoma County.
Through 2026, the Audi e-tron will serve as the official vehicle of the property’s restaurant and intimate five-room Inn. Guests can utilize Audi vehicles for full-day excursions, culinary coastal adventures, or exclusive, thoughtfully curated drives through the California Redwoods, along rivers and through regenerative farmland.
Driven by nature and fueled by a shared sense of adventure, Audi and SingleThread share an aligned mission of building towards a more sustainable future. Read More
(Reuters) – The European Commission will notify car makers on Wednesday that it will provisionally apply additional duties of up to 25% on imported Chinese electric vehicles from next month, the Financial Times reported citing people familiar with the matter.
The EU is expected to disclose the tariffs due to what it says are excessive subsidies, FT added. Read More
(Reuters) – Shares in European car manufacturers dropped on Wednesday, led by declines in major brands such as Volkswagen and BMW, ahead of possible lawsuits in Britain over emissions tests that could cost companies over $7.5 billion. Lawyers for the claimants, owners of diesel vehicles, told London’s High Court on Tuesday some of the world’s biggest carmakers are facing 1.5 million lawsuits in Britain. Read More
The UK new light commercial vehicle market posted its 17th consecutive month of growth in May, as registrations rose by 1.9% to reach 25,853 units, according to new figures from the Society of Motor Manufacturers and Traders (SMMT).
The result was the strongest performance for the month since 2021, which recorded the best May market in history when business investment in commercial vehicles accelerated in the wake of the pandemic. Volume growth was fuelled mainly by an 8.1% increase in uptake of vans weighing more than 2.0t up to 2.5t. Light vans weighing less than 2.0t recorded the largest proportional growth, of 55.7%, although the market segment is subject to volatility arising from low volumes. The 4×4 market, subject to the same small volume variations, recorded a decline of -15.0%, while pick-ups grew by 4.1%. As ever, large vans weighing more than 2.5t up to 3.5t comprised the vast majority of the market (65.9%), with a slight decline of -0.8%.. Read More
The UK new car market marked its 22nd consecutive month of growth as registrations rose 1.7% in May, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). With 147,678 units reaching the road, it was the best May market performance since 2021, although it remains down some -19.6% on 2019. Fleets and businesses continued to fuel market growth, up 14.0% and 9.5% respectively, narrowly offsetting a -12.9% decline in private retail uptake. While deliveries of both petrol and diesel cars fell, demand for electrified vehicles rose, with plug-in hybrids (PHEVs) recording the highest growth of all powertrains, up 31.5% to reach an 8.0% market share, and hybrids (HEVs) rising 9.6%, maintaining their status as the third most popular fuel type after petrol and battery electric at 13.2% of the market. Battery electric vehicle (BEV) registrations also outperformed the market, rising 6.2% to claim a 17.6% market share, up from 16.9% in the same month last year. Uptake is still driven by the fleet sector, where volumes rose 10.7%. Private retail BEV uptake, meanwhile, fell by 2.0% (just 98 registrations short of May last year). This performance, although encouraging, is still below the trajectory mandated on manufacturers by government in its Vehicle Emissions Trading Scheme, which demands 22% of new vehicles sold this year by each brand must be zero emission. With a choice of more than 100 EV models2 now available, and a raft of compelling offers3, manufacturers are dedicated to driving change, but meeting targets will require more support. Read More
The Nigerian National Petroleum Company Limited (NNPC Ltd) notes with dismay a report in a section of the media alleging that it inflated subsidy claims by N3.3trillion, and wishes to state that: NNPC Ltd conducts its businesses accountably and transparently in keeping with international best practices and has, at no time, inflated its subsidy claims with the Federal Government. All previous subsidy claims by the Company are verifiable as relevant records and documents have been sent to relevant authorities and agencies.
NNPC Ltd is neither aware of any audit of its subsidy claims nor probe ensuing therefrom and wishes to state categorically that both ridiculous claims are products of the febrile imagination of the reporters and their respective media houses.
NNPC Ltd will resist any attempt to drag the Company into the apparent politics of fuel subsidy as it currently operates on commercial basis and on the express provisions of the Petroleum Industry Act (PIA).
It is on record that in line with its Transparency, Accountability & Performance Excellence (TAPE) mantra, NNPC Ltd. has, on several occasions, independently invited external auditors to review its books.
NNPC Ltd calls on media practitioners and media houses to exercise restraint and verify information before publication in keeping with the ethics of the noble profession of journalism to avoid misleading the public. Read More
The Volkswagen Group brand Elli presents a significant product innovation for charging EVs. The new Elli Charger 2 is equipped with a wide range of services, enables significantly reduced charging costs, and is characterized by a perfectly coordinated ecosystem. Volkswagen customers can now purchase their electric vehicle, charger, and electricity tariff in an easy and integrated manner from a single source. In the future, they will also be able to purchase a solar panel system via selected Volkswagen sales channels. As part of the product launch of the new charger, Elli today announced a strategic partnership with the European solar panel provider Otovo01 to offer e-mobility customers holistic and innovative energy solutions for their home. Elli designed and engineered the new charger with a clear focus on customer needs from across its 28 European markets. In addition to reducing charging costs, charging speed is a crucial purchasing factor. The new product has been equipped with a wide range of services to accommodate regional differences in home energy setups. The new Elli Charger 2 will be available in four versions and can charge any EV with a Type-2 charging port. Thanks to the new metering functions, the associated cost transparency and dynamic load management, the new Elli Charger 2 can not only be used in private households, but also within commercial settings. Read More
The Mercedes-Benz Museum’s varied open-air summer programme will once again provide numerous highlights in 2024. On the Museum Hill and the open-air stage in front of the Museum, the big Family Day on 30 June 2024, the programme “Urban Culture at the Mercedes-Benz Museum” from 18 July to 18 August 2024 and the open-air cinema from 23 August to 8 September 2024 are just some of the events planned. The popular all-make classic car meet “Classics & Coffee” runs every Sunday until 13 October 2024.
30 June: Family Day
The Mercedes-Benz Museum’s Family Day on 30 June offers a colourful range of activities for all age groups. The Museum organises the day together with numerous partners from the region; it takes place in the outdoor area of the Museum as well as on Level 1 and in the CAMPUS. The programme includes, for example, a radio workshop, racing simulations, many sports and games stands, and a colourful stage programme, including the children’s musical “Bibi & Tina”. One focus is the topic of mobility. Numerous mascots from organisations and institutions in the region will delight the youngest visitors in particular. They are welcomed by Carlotta – the mascot of the Mercedes-Benz Museum.
The Mercedes-Benz G-Class will also be on show at Family Day 2024. On 30 June, Mercedes-Benz is presenting the new versions of the off-road vehicle at the Museum, including the first all-electric G-Class. The G-Class Special at the all-make classic car meet “Classics & Coffee” is being held to coincide with this. This is how the history of the G-Class meets its future. Read More
It’s the last race of the FIA World Endurance Championship (WEC) in 2023. Bahrain. 8 hours at full throttle. Sarah Bovy, Michelle Gatting and Rahel Frey are focused. The big goal lies ahead of them, today they want to make history. And behind them lies an exhausting season. Seven endurance races, three racing drivers, a pink Porsche 911 RSR – and countless moments full of adrenaline and emotion. 9:11 Magazine accompanied the Iron Dames for a season. “It’s not just about three women taking part in races,” says Sarah Bovy right at the start. “The project is a real game changer!” Women in racing are nothing new at Porsche either – even in the early years of motorsport, female racing drivers such as Anny-Charlotte Verney and Gilberte Thirion caused a worldwide sensation and did important pioneering work. But the Iron Dames now want to add the next milestone to this history. And not at just any race, but at the most historic races in the world in the FIA World Endurance Championship (WEC). Daytona, Sebring, Le Mans – the supreme discipline of endurance racing. Read More
For one weekend, Solitude Revival is bringing the former racing track in the Glemstal valley back to life. Porsche Heritage and Museum is sending seven sports cars on a high-octane journey back in time to the 1950s through to the 1980s. Seven special sports cars from the Porsche Heritage and Museum department will be taking part in demonstration drives in various classes. All of them are historic racing and road vehicles that are firmly anchored in the history of the sports car manufacturer. And the drivers are no less special than the cars. Read More
During the period from 3 to 7 June 2024, Eni acquired on the Euronext Milan no 2,958,000 shares (equal to 0.09% of the share capital), at a weighted average price per share equal to € 14.1884, for a total consideration of € 41,969,219.82 within the first tranche of the treasury shares program approved by the Shareholders’ Meeting on 15 May 2024, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999, for the purpose of building up the stock to serve the implementation of the Employees Stock Ownership Plan 2024-2026.Since the start of the program, Eni purchased n. 6,400,000 treasury shares (equal to 0.19% of the share capital) for an aggregate amount of 91,799,696.67 euro. Considering the treasury shares already held, Eni holds n. 96,621,072 shares equal to 2.94% of the share capital. Read full article
Siemens Smart Infrastructure and BASF have today announced the first electrical safety product to include components made from biomass-balanced plastics. Used across industrial and infrastructure applications, Siemens SIRIUS 3RV2 circuit breaker is now being manufactured using Ultramid® BMBcertTM and Ultradur® BMBcertTM from BASF, where fossil feedstock at the beginning of the value chain is replaced by biomethane derived from renewable sources such as agricultural waste. Both materials offer the same quality and performance as conventional plastics. The material changeover in the SIRIUS 3RV2 circuit breaker production will reduce the emission of carbon dioxide equivalents by ~270 tons per year1. Customers using these products contribute to a circular economy towards a more sustainable future. The move supports Siemens´ sustainability goals in the areas of decarbonization and resource efficiency, outlined within its DEGREE framework, with the company following a 1.5°C science-based decarbonization target, including a 90 percent reduction target for scope 1 and 2 until 2030, and the application of a Robust Eco Design for 100 percent of relevant product families by 2030. Read full article
Gazprom has been ordered to pay €13bn (£11bn) to Germany’s Uniper after it failed to fulfil gas orders since the war in Ukraine. The ruling was announced by Uniper on Wednesday, allowing the business to formally sever long-standing ties with Gazprom. It brings an end to the dispute between Gazprom and Uniper, as the latter was largely reliant on Russian gas until supplies were disrupted in the wake of Vladimir Putin’s invasion two years ago. The €13bn award stems from an arbitration hearing earlier this month, during which Gazprom was accused of breaching gas supply contracts. . Read full article
Viridien , formerly CGG, announces the launch of its new brand at the EAGE conference in Oslo. World leader in cutting-edge technologies, digital and Earth data, Viridien is entering a new stage of its strategic growth. Since the announcement of its new strategy in 2018, the group has sold its data acquisition activities and strengthened its technological differentiation in its core businesses, Geoscience, Earth Data and Sensing & Monitoring. The Group has also developed new activities in growing markets, such as low-carbon energies (Minerals & Mining and Carbon dioxide storage), but also in the areas of High Performance Computing (HPC) and Data Monitoring. Infrastructure (SHM). This unique portfolio of professions and know-how places Viridien in an ideal position today to help its clients efficiently and responsibly resolve complex challenges linked to natural resources, digital technology, energy transition and infrastructure. , and contribute to a more prosperous and sustainable future. The new Viridien brand pays homage to the history, purpose and values of the Group, while affirming its growth aspirations for the future. Spelled in French, the word Viridian is made up of two parts. Virid” is inspired by the Latin “Viridis”, which means “fresh, green, taken from the root”, and “ien” means “coming from”. The name recognizes the heritage of Viridien / ex CGG, a French company created in 1931, rich in its unique history, its roots and its expertise, which is now starting a new era of growth. Read More
Viridien, formerly CGG, has been selected by Groupement Berkine; a joint venture between Sonatrach, Occidental Petroleum, and other international partners, to perform the seismic imaging of a 3,400 sq km high-density onshore data set currently being acquired over blocks B404a and B208 of the Berkine Basin in Eastern Algeria.
To deliver new subsurface insight and, in particular, sharpen the resolution of the target area’s thin and faulted geology, an expert team of scientists at Viridien’s advanced Subsurface Imaging center in France will apply an advanced imaging workflow to the dataset, drawing on their experience of imaging similar large and ultra-dense land seismic surveys in the Middle East. Read More
Tesla has been reported to police in Sweden accused of performing electrical installation work without the necessary registration, the Swedish Electricians’ Union said on Wednesday.
There are already tense relations between Tesla and unions in Sweden, where the company has faced prolonged industrial action and its mechanics have been on strike since Oct. 27. Tesla was not immediately available for comment when contacted by Reuters.
“There is evidence indicating that Tesla is performing electrical installation work at one of its charging stations. This is despite the fact that Tesla is not registered with the National Electrical Safety Board ,” the union said in a press release.
The union said that meant Tesla was not legally permitted to carry out electrical installations under Swedish law. Read More
MODEC, Inc. congratulates Woodside on its announcement of first oil from the Sangomar field offshore Senegal, marking the safe delivery of the country’s first offshore oil project.
The FPSO Léopold Sédar Senghor deployed at the field was constructed by MODEC and acquired under an FPSO purchase contract by Woodside Energy (Senegal) BV, as operator of the Sangomar Field Development Phase 1. The FPSO is deployed approximately 100 kilometers south of Dakar as part of Senegal’s first offshore oil development.
“We are happy to work with Woodside Energy to deliver Senegal’s first FPSO,” says Soichi Ide, President and CEO of MODEC Offshore Production Systems (Singapore) Pte. Ltd. “The commencement of execution started with the global outbreak of COVID-19 barely a month after contract signing. Despite facing numerous challenges and uncertainties, all stakeholders have demonstrated exceptional teamwork, adaptability, and perseverance throughout the project. The achievement of first oil is a testament to our professionalism, great integration with the Woodside client team, and a strong determination to succeed.”
MODEC Senegal SASU, a MODEC Group company, is responsible for the operation and maintenance of the FPSO. In addition to all transportation, in-country installation and offshore commissioning activities, the operation and maintenance contract covers an initial service period of 10 years. A further 10-year extension is contemplated under the agreement, with a potential service period of up to 20 years. Read More
OMV Petrom builds a plant for the production of sustainable aviation fuels (SAF) and renewable diesel (HVO)(1) and two plants for the production of green hydrogen
Starting in 2028, the company can supply around 250 kt/year of sustainable fuels
OMV Petrom , the largest integrated energy producer in Southeast Europe, will invest approximately EUR 750 mn at Petrobrazi to transform the refinery into the first major producer of sustainable fuels in the region. The company has made the final investment decision to build a SAF/HVO facility along with two facilities for green hydrogen which will be used in the production of biofuels. Read More
OMV Petrom, the largest integrated energy producer in Southeastern Europe, strengthens its partnership with Renovatio by acquiring a 50% stake in three photovoltaic projects totalling 130 MW.
Christina Verchere, CEO of OMV Petrom: “The projects for reducing our carbon footprint and that of our customers, are a central piece of our strategy. About a third of the EUR 11 bn investments by 2030 will be allocated to low and zero carbon projects.”
This transaction complements the one announced earlier this year for the acquisition of a 50% stake in Electrocentrale Borzesti, which owns renewable projects with a capacity of approximately 1 GW.
Completion of the transactions is expected to occur in the second part of 2024, subject to the fulfilment of certain conditions. Parties have agreed not to disclose the purchase price. These new projects have already received access to the national power transmission grid. The projects will be developed, built, and operated in partnership with Renovatio. Thus, the two partners will have a total joint installed capacity of over 1.1 GW by 2030. Read More
U.S. car maker Ford said on Wednesday it plans to cut about 1,600 jobs at its assembly plant in Valencia, Spain.
The company, which employs about 4,700 workers at the factory, told unions it plans to eliminate 600 jobs permanently, while it is open to negotiate the possible rehiring of about 1,000 workers later as it plans to boost output at the plant from 2027, a Ford spokesperson in Spain said.
This is the second job cut plan announced by Ford in two years after the company unveiled a plan to cut 1,100 jobs at the factory located in Almussafes, in the Valencia region, in 2023… Read full article
An EV battery is only no longer suitable to power a vehicle once it has reduced to about 70 to 80 % of its original capacity. No-one should ever buy a car – new or used – without checking the details of the warranty, and the same applies for EVs.
EVs tend to have two warranties; one for the car itself and another for the battery.
Most manufacturer battery warranties operate on a performance or capacity threshold: Kia for instance will cover any repairs or replacement if your Kia EV drops below 70 per cent capacity within eight years (or 100,000 miles) from the date of purchase. This is transferable so you benefit from a higher resale value.
Nissan offers eight years, or 100,000 miles, and a threshold of nine out of 12 bars of capacity, while Mercedes offers eight years or 100 to 150,000 miles depending on the model. Avoid manufacturer warranties that only cover the battery in the event of a complete failure, as you’ll still be liable for repairs or replacement if it’s operating at a subpar level.
And always check the fine details of the warranty to ensure it’s fully comprehensive.
The cost of an EV battery will depend on whether you repair or replace. Read more
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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