London, 21 September, 2023, (Oilandgaspress): – Bank of England HOLDS interest rates at 5.25% instead of increasing them after better-than-expected inflation figures. It is the first time since November 2021 that the Monetary Policy Committee (MPC) has met without deciding to raise interest rates.
Bentley Bucuresti is celebrating a successful ten-year partnership with Bentley Motors, the world’s most sought-after luxury car brand. The Bentley retail location first opened its doors in the Romanian capital in September 2013 and has welcomed a growing number of customers and brand enthusiasts ever since.
The elegant, glass-fronted showroom in Pipera Boulevard, north Bucharest, covers 400 square metres and displays the latest models handcrafted in Crewe, where all Bentley cars are built. The building is linked to a state-of-the-art workshop. The Bentley Bucuresti anniversary comes at a significant time in the history of Bentley Motors. The brand recently announced strong half-year results as it looks to reinforce its Beyond100 strategy, with the objective of becoming a leader in luxury sustainable mobility and transforming the business into a “dream factory”. Bentley Motors possesses the first automotive factory in the UK to be certified carbon neutral by the Carbon Trust back in 2018 and since then has introduced several innovations. These include a water recycling system in the paint shop, and the switch to renewable-only electricity sources and solar panels to produce up to 75 per cent of Bentley’s daytime electricity demand. Read More
Sustainability, artificial intelligence, and the new partnership between OEMs and technology service providers: In this interview, Michael Steiner, Member of the Executive Board for Research and Development at Porsche AG, and Markus-Christian Eberl, Chairman of the Executive Board of Porsche Engineering, discuss the most important topics in automotive development. Read More
The Government of the Hong Kong SAR is introducing an innovative floating solar farm to overcome limited land resources as it pursues its plan to achieve carbon neutrality by 2050. The floating solar farm at Plover Cove Reservoir in Hong Kong is part of Hong Kong’s Climate Action Plan 2050, which draws on renewable energy, including the development of floating solar on reservoirs, as a key strategy. Binnies Hong Kong, part of the RSK Group, a global leader in the delivery of sustainable solutions, has been involved in the project for the Water Supplies Department since a feasibility study was performed from May 2019 to January 2021 to determine the optimal power capacity. Further work has involved the design of an anchoring system capable of withstanding typhoon wind and wave conditions and a preliminary environmental review. The planned construction period is about 18 months, commencing in Q1 2025. Read More
Norwegian Petroleum Directorate
Preliminary production figures for August 2023 show an average daily production of 2 006 000 barrels of oil, NGL and condensate.
Total gas sales were 9.7 billion Sm3 (GSm3), which is 0.3 (GSm3) lower than the previous month.
Average daily liquids production in August was: 1 789 000 barrels of oil, 201 000 barrels of NGL and 16 000 barrels of condensate.
Oil production in August is 1.0 percent higher than the NPD’s forecast and 0.2 percent lower than the forecast so far this year. Read More
Voters back Rishi Sunak plan : YouGov snap poll found that half of voters – and a majority of Tory supporters – back plans to delay a ban on sales of new petrol and diesel vehicles from 2030 to 2035.In a victory for the Mail, a ban on the sale of new petrol and diesel cars in 2030 will be pushed back by five years. But rules forcing firms to make sure 80 per cent of their car sales are electric vehicles by 2030 will remain, it was reported today. Plans to prohibit new gas boilers will also be slowed down, with five million homes given a permanent exemption. And the requirement for landlords to upgrade home insulation by 2025 will also be delayed. Mr Sunak said last night that he remained fully committed to the target of reducing the UK’s carbon emissions to net zero by 2050. But he warned that the Government’s existing plans ‘seem to have defaulted to an approach which will impose unacceptable costs on hard-pressed British families. Costs that no one was ever told about, and which may not actually be necessary to deliver the emissions reduction that we need’. The policy changes could save the average family up to £15,000, he added. Mr Sunak defended the delay in a speech in Downing Street on Wednesday afternoon. He said: “To give us more time to prepare I’m announcing today we are going to ease the transition to electric vehicles. “You’ll still be able to buy petrol and diesel cars and vans until 2035. Even after that, you’ll still be able to buy them second-hand. “We are aligning our approach with countries like Germany, France, Spain, Italy, Australia, Canada, Sweden.” Read Related
The Petroleum Safety Authority (PSA), Norwegian Petroleum Directorate (NPD) and Norwegian Environment Agency (NEA) are postponing the planned seminar on safe CO2 storage due to ongoing work on updating the CO2 Storage Regulations. The authorities find it prudent to complete the consultation processes and regulatory work before conducting the seminar. We have noted considerable interest in the seminar, and are hoping for a good turnout when the seminar is rescheduled in 2024. At the seminar, the three agencies will provide an overview of relevant CCS regulations within their respective areas of responsibility, how the regulations are followed up and what expectations the authorities have for storage players. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $89.74 | Down |
| Crude Oil (Brent) | USD/bbl | $93.45 | Up |
| Bonny Light | USD/bbl | $96.05 | Down |
| Saharan Blend | USD/bbl | $95.14 | Down |
| Natural Gas | USD/MMBtu | $2.64 | Down |
| OPEC basket 20/09/23 | USD/bbl | $95.82 | Down |
| At press time 21 September 2023 |
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