London, 25 July, 2023, (Oilandgaspress) :Africa is home to 60% of the world’s highest quality solar resources, but has only 1% of the world’s installed solar power production capacity. An under-developed industrial sector has deterred solar power developers from taking advantage of the continent’s massive solar power potential, but in a world with rising energy demand and ever more urgent calls for decarbonization, the renewable energy industry can no longer afford to ignore Africa – and Africa itself can no longer afford to be ignored. Nearly half of the African population – roughly 600 million people – lacked access to energy as of 2021. As the continental population grows (by 2050, one in four people on the planet will be in sub-Saharan Africa) and the region industrializes, African energy demand is expected to increase by a third over the next decade. Meeting this demand will require a ten-fold increase in power generation capacity by 2065. Read More
The Board of Vår Energi ASA (OSE: VAR) has resolved to pay a dividend payment of NOK 1.091 per share, NOK 2 723 579 214 in total, equal to USD 270 million relating to Q2 2023.
Dividend amount: 1.091
Announced currency: NOK
Last day including right: 03.08.2023
Ex-date: 04.08.2023
Record date: 07.08.2023
Payment date: 14.08.2023
Date of approval: 24.07.2023
The dividend will be paid in NOK and the NOK dividend amount is based on the daily exchange rate published by Norges Bank 24 July 2023 approximately at 1600hrs CET. Read More
Automobili Lamborghini, in the year of the brand’s 60th anniversary, creates an exclusive and luxurious Lounge in Porto Cervo for the fifth summer in a row. During this summer the Lamborghini Lounge Porto Cervo, located on Promenade du Port in via Porto Vecchio, will welcome Lamborghini owners traveling to Costa Smeralda as well as greeting new customers in exclusive events and driving activities on some of Sardinia’s most beautiful roads and scintillating landscapes, under extraordinary sunsets. The lounge will remain open until September 10th, open to clients by appointment, and serving as the hub for test drive opportunities of the ‘lifestyle’ Super-SUV Urus S1, and the Huracán Tecnica2.
The Lounge Porto Cervo, with its 600-square-meter inside area and the additional private patio, offers an immersive 360˚ brand experience via several elements, with furnishings designed together with partner Living Divani; designed accessories; and further Automobili Lamborghini branded projects.
Once inside, the main stars are two of the most recent super sports cars from Sant’Agata Bolognese. The new Lamborghini Revuelto3 shines in Bianco Monocerus as the marque’s first V12 super sports plug-in hybrid HPEV (High Performance Electrified Vehicle) and represents the next step towards electrification as per the company’s strategy Direzione Cor Tauri. At its side, the Huracán Sterrato4 in Verde Gea goes beyond the expected, being the eclectic first all-terrain car, produced in just 1499 pieces (all sold out). Welcomed by Lamborghini scent in every corner of the lounge, guests can sip an Italian espresso in the living area furnished by the brand’s Italian partner Living Divani, or taking a closer look at the 3T bike Exploro Racemax x Huracán Sterrato, painted in Verde Gea mirroring the all-terrain V10-powered super sports car. The experience continues with visitors’ immersion into the Lamborghini “Epic Road Trip” NFT projects, where Lamborghini super sports cars are the unmissable protagonists in places that virtual travelers can discover thanks to a QR code explaining the campaign.
A key area of the Lounge Porto Cervo is the seasonal Ad Personam Studio: the dedicated area where even the most demanding Lamborghini customers can release their creativity to configure the super sports car of their dreams. In a vast assortment of samples, a plentitude of exterior colors, interior upholsteries, finishes and details available at Lamborghini can be selected in the virtual configurator with a Lamborghini product specialist. The brand’s main Ad Personam Studio located in Sant’Agata Bolognese re-opened to customers at the begininning of June after a major expansion. With a new setting and customer experience, it is an essential facet for the brand, showcasing more than 400 colours in its portfolio, and offering to customers infinite possibilities to express their own personality in their new super sports cars. The Lounge experience in Porto Cervo is completed by an artistic representation of a core topic in both the strategy and the daily activity of Lamborghini: sustainability. Five artworks from the project “Inside Lamborghini” composed by Italian photographer Lucrezia Roda are exhibited here, showcasing emblematic examples of how the factory in Sant’Agata Bolognese became C02 neutral in 2015. It has stayed so ever since, even despite doubling the size of the production site: the state-of-the-art paintshop where all Urus are painted with 95% water-based paint, as well as the leather and carbon fiber upcycling process, are fully in line with the company’s philosophy of sustainability. Read More
Executive Director Fatih Birol and other IEA leaders participated in a series of international ministerial forums on energy and climate issues in Goa, India, late last week, culminating in the G20 Energy Ministers Meeting. Dr Birol took part in high-level discussions with energy and climate leaders in Goa, highlighting the urgency of accelerating clean energy transitions worldwide in order to advance sustainable development, reach climate goals, enhance energy security and take advantage of the new global energy economy that is emerging. In particular, he underscored the need for countries to commit to doubling global progress on energy efficiency and tripling global renewable power capacity by 2030 to keep the target of limiting global warming to 1.5 °C within reach. Such commitments would be important for ensuring a successful outcome at the COP28 climate summit in December. As well as the G20 Ministers Meeting – which brought together representatives from 20 of the world’s major economies – the gatherings in Goa included the annual Clean Energy Ministerial and the Mission Innovation Ministerial – initiatives for which the IEA provides key support. On the sidelines of these events, we also co-hosted with the United Arab Emirates’ COP28 Presidency the first in a series of high-level dialogues with ministers and business leaders on building consensus for a 1.5 °C-aligned energy transition (more on this further down in the newsletter). In Goa, Dr Birol also held bilateral meetings with ministers from a wide range of countries, including Argentina, Brazil, Denmark, India, Japan, Singapore and South Africa.
We have been working closely with India – both on its G20 Presidency and its own energy and climate goals – and last week we released a new report on Transitioning India’s Road Transport Sector. It examines how carbon emissions from road transport are likely to grow under existing policies and compares these projections with a pathway that could align the sector with India’s goal to achieve net zero carbon emissions by 2070. Read More
Momentum in solar, EVs and heat pumps needs to expand quickly across more countries and to other parts of the energy system to move the world closer to net zero by 2050. The pace of deployment of some clean energy technologies – such as solar PV and electric vehicles – shows what can be achieved with sufficient ambition and policy action, but faster change is urgently needed across most components of the energy system to achieve net zero emissions by 2050, according to the IEA’s latest evaluation of global progress. The annual update of the IEA’s Tracking Clean Energy Progress online resource reveals remarkable gains in the past year. Electric car sales reached a record high of more than 10 million in 2022, a nearly tenfold increase in just five years. Renewable electricity capacity additions rose to 340 gigawatts (GW), their largest ever deployment. As a result, renewables now account for 30% of global electricity generation. Investment in clean energy reached a record USD 1.6 trillion in 2022, an increase of almost 15% from 2021, demonstrating continued confidence in energy transitions even in an uncertain economic climate. The transition to clean energy is occurring at different speeds across regions and sectors, however. For example, nearly 95% of global electric car sales in 2022 took place in China, the United States and Europe. Stronger international cooperation is needed to spread progress on electric cars and other key technologies to all regions, particularly emerging and developing economies. Read More
Eni’s Chairman, Giuseppe Zafarana, and CEO Claudio Descalzi welcomed the Minister of Economy and Finance, Giancarlo Giorgetti, the President of Lombardy, Attilio Fontana, the Councillor for Economic Development of Lombardy, Guido Guidesi, and the Mayor of San Donato Milanese, Francesco Squeri, to Eni’s Research Centre in Bolgiano to illustrate the technological solutions at the core of the company’s decarbonisation strategy.
Eni’s Bolgiano Research Centre has been a space dedicated to innovation since 1985. The site includes a cluster of scientific labs working on research and development of new technologies in areas ranging from geosciences and engineering to chemistry and materials science, aiming to achieve new efficiency and more sustainability targets that can be applied at industrial level. Within the Bolgiano Research Centre, Eni promotes proprietary and breakthrough technologies for decarbonisation within its three main research areas: renewables and new energies, decarbonisation’ solutions, circular and bio products. The visit saw the presentation of the most significant results achieved in these areas by Eni’s R&D including projects and technologies for the decarbonisation of transport through agro-energy development and the EcofiningTM technology which also allow to obtain biofuels from biological waste and raw materials not in competition with food supply chains. As part of the circular economy framework, Eni is strongly committed to the use of waste material as a primary energy source, as well as, the use of Waste&Residues, such as, used frying oils, animal fats and PFAD (Palm Fatty Acid Distillate). For this reason, Eni, has developed a “Biofeedstock Database”, in which bio raw materials of different types are characterised and studied to predict their effectiveness in the production of biofuels. The Eni Database, which currently contains more than 400 biofeedstocks, is among the first in the world and one of the richest in terms of variety of the characterised biomaterials. Read More
As part of Bidenomics and President Biden’s Investing in America agenda, the U.S. Department of Energy (DOE) announced $20 million, including $8 million from the Bipartisan Infrastructure Law, to minimize the use of solar energy system materials, improve installation quality and resilience of photovoltaic (PV) systems, and streamline the reuse and recyclability of solar panels. This funding opportunity will also set up a Solar Partnership to Advance Recycling and Circularity to improve materials recovery and develop safe end-of-life practices for PV system components. The projects funded by this program will work to develop holistic solutions to enable rapid solar energy deployment in the United States over the next decade, creating jobs in communities across the country that support the Biden-Harris Administration’s ambitious climate goals. The Materials, Operation, and Recycling of Photovoltaics (MORE PV) funding opportunity is designed to sustain and accelerate the growth of America’s PV industry. The funding opportunity asks teams to identify ways to optimize PV systems throughout their lifecycle to lower costs, facilitating rapid deployment of solar energy. Teams from institutions of higher education, for-profit entities, non-profit entities, state and local government, and tribal entities are encouraged to apply. Read More
A little-publicized clause in the U.S. Inflation Reduction Act has companies scrambling to recycle electric vehicle batteries in North America, putting the region at the forefront of a global race to undermine China’s dominance of the field.
The IRA includes a clause that automatically qualifies EV battery materials recycled in the U.S. as American-made for subsidies, regardless of their origin. That is important because it qualifies automakers using U.S.-recycled battery materials for EV production incentives. The minerals in those batteries – primarily lithium, cobalt and nickel – are worth on average between 1,000 euros ($1,123) to 2,000 euros per car. (Reuters) Read More
Researchers have come up with a new way to generate electricity with solar panel technology by harvesting the energy produced by raindrops. The method, proposed by a team from Tsinghua University in China, involves a device called a triboelectric nanogenerator (TENG) that creates electrification from liquid-solid contact. These are typically used to harvest energy from waves, as droplet-based TENGs (D-TENGs) have previously faced technical limitations that prevented them from working at any significant scale. By using solar panel bridge arrays, the researchers discovered such barriers could be overcome Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $78.95 | Up |
| Crude Oil (Brent) | USD/bbl | $82.92 | Up |
| Bonny Light | USD/bbl | $83.79 | Up |
| Saharan Blend | USD/bbl | $82.59 | Up |
| Natural Gas | USD/MMBtu | $2.71 | — |
| OPEC basket 24/07/23 | USD/bbl | $83.19 | Up |
Baker Hughes U.S. Rig Count drops -6 to 669 Canada unchanged at 187
U.S. Rig Count is down 6 from last week to 669 with oil rigs down 7 to 530, gas rigs down 2 to 131 and miscellaneous rigs up 3 to 8.
Canada Rig Count is unchanged from last week at 187, with oil rigs up 2 to 116, gas rigs down 2 to 71.
| Region | Period | Rig Count | Change |
| U.S.A | 21 July 2023 | 669 | -6 |
| Canada | 21 July 2023 | 187 | — |
| International | June 2023 | 967 | +2 |
Brazilian power company Eletrobras (ELET6.SA) expects to invest between 70 billion and 80 billion reais ($16.92 billion) over the next five years, the firm said on Monday, adding it was mulling over 15 potential mergers or acquisitions. Of the total amount, 17.1 billion reais has already been earmarked for electricity generation and transmission projects as well as maintenance of current assets, it added in a securities filing. (Reuters) Read More
ADNOC announced that it has begun construction on the Middle East’s first high-speed hydrogen refueling station. The station, which is being built in Masdar City by ADNOC, will create clean hydrogen from water, using an electrolyser powered by clean grid electricity. Hydrogen, which creates no carbon dioxide (CO2) emissions when used, has the highest energy per mass of any fuel and can give vehicles a longer driving range and quicker refueling times compared with battery electric vehicles.
ADNOC also announced a partnership with Toyota Motor Corporation (Toyota) and Al-Futtaim Motors to test the high-speed hydrogen refueling station using a fleet of clean hydrogen-powered vehicles.
His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: “The need to reduce carbon emissions to address climate change is clear and urgent. ADNOC is placing sustainability and decarbonization at the heart of its strategy and, while we decarbonize our operations today, we are making robust investments to be a supplier of choice for the clean energies of tomorrow. Under the partnership, Toyota and Al Futtaim Motors will provide a fleet of hydrogen-powered vehicles. The pilot program will help ADNOC understand how hydrogen with high-speed refueling can best be used in mobility projects to support the UAE’s National Hydrogen Strategy, which aims to position the country among the largest producers of hydrogen by 2031. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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