London, 21 February 2024, (Oilandgaspress): -The electric vehicle (EV) market is on track for a watershed year in 2024 as emissions reduction targets clash with falling consumer spending amid enduring economic uncertainty. Rystad Energy research forecasts 17.5 million EV sales this year, an 18.5% annual increase. As a result, the share of new car sales that are either battery electric (BEV) or plug-in hybrid electric vehicles (PHEV) will increase from 19.2% in 2023 to around 21.8% at the end of 2024.
China will play a significant role in the market’s continued expansion thanks to sizeable growth in its domestic production. We expect about 11.5 million new EVs will be sold in the country this year, a 44% share of all new car sales. Read full article
Chevron introduced Spot (robotic dogs) at its El Segundo Refinery in California in 2022.
Under its recently inked agreement with Spot’s manufacturer Boston Dynamics, it is expanding its use of the robots in California, Texas and Mississippi. By doing so, the companies hope to advance Spot’s capabilities and use cases. During plant walkabouts, the robots—each called Spot®—collect and analyze data to help workers make faster and better decisions.
The information relayed can hint at potential issues, giving teams a chance to address them before they cause a disruption.
Trey Caylor hasn’t said whether he’s a cat or a dog person. But, at least on a professional level, it’s likely the latter, albeit with an important caveat.
The “canine” he’s fond of must perform the most important of tricks: helping increase the efficiency of Chevron’s oil and gas facilities.
As Chevron Technical Center’s robotics program manager, Caylor is working to prove the capabilities of a fleet of robotic pups are up to the task. He’s doing so through a strategic agreement with robot maker Boston Dynamics. Read full article
Dana Incorporated (NYSE: DAN) today announced financial results for the fourth quarter and full-year 2023. Full-year 2023 Financial Results Sales for 2023 were $10.6 billion, compared with $10.2 billion in 2022. The increase of $399 million resulted from improved overall market demand and conversion of the sales backlog, combined with pricing actions and cost recoveries partially offset by the UAW strike.
Adjusted EBITDA for 2023 was $845 million, compared with $700 million in 2022 driven by refreshed and new programs, efficiency improvement actions, and more stable customer order patterns.
The net income attributable to Dana for 2023 was $38 million or $0.26 per share, compared with a net loss of $242 million or a loss of $1.69 per share in 2022. The loss in 2022 resulted from a one-time non-cash goodwill impairment charge and from non-cash tax valuation allowances.
Adjusted net income attributable to Dana was $122 million and diluted adjusted earnings per share were $0.84 in 2023, compared with an adjusted net income of $54 million and $0.37 per share in 2022.
The company reported operating cash flow of $476 million in 2023. Free cash flow was a use of $25 million, compared with free cash flow of $209 million in 2022. Cash flow use this year was driven by increased working capital requirements and higher capital spending partially offset by higher operating earnings. . Read full article
During the period from 12 to 16 February 2024, Eni acquired on the Euronext Milan no. 2,075,677 shares (equal to 0.06% of the share capital), at a weighted average price per share equal to 14.4388 euro, for a total consideration of 29,970,274.50 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 10 May 2023, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999.
On the basis of the information provided by the intermediary appointed to make the purchases, here below a synthesis of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read full article
Porsche Penske Motorsport serves as Porsche’s global operations team in the top classes of the two endurance series FIA WEC and IMSA. While the factory team prepares the two Porsche 963 race cars for the North American IMSA WeatherTech SportsCar Championship at the established base in Mooresville in the US state of North Carolina, work on the WEC project is done at the new team headquarters in Mannheim, Germany. Porsche and Team Penske have gone to great lengths to transform a former Porsche Center into a state-of-the-art, high-tech facility for its world championship campaigns. The property near the Autobahn 656 in the Friedrichsfeld district of Mannheim has belonged to Penske Automotive since 2008. Porsche Motorsport’s American partner ran the Porsche Center on the almost one-hectare site until 2014. The facility then waited for a new purpose. This began in December 2020. After the Porsche AG board approved the development of the new Porsche 963 Le Mans prototype and renewed its collaboration with the Penske team in May 2021, work began on the building complex on Lembacher Straße in Mannheim. The facility offers around 4,500 square metres of usable space. Read full article
Ahead of the much-anticipated Porsche Singapore Classic, an exciting chipping contest took place at Gardens by the Bay in Singapore, bringing together the event’s ambassadors and sports enthusiasts for a unique experience against the backdrop of a stunning art installation. The trio of golf influencer Rebecca De Foe, beach volleyball player Eliza Chong, and automotive aficionado David Foo took centre stage recently at Gardens by the Bay for a fun golfing activity to drum up excitement ahead of the Porsche Singapore Classic.
The captivating seven-metre tall installation, known as “The Cocoon,” was initially unveiled during the Singapore Art Week and served as the focal point for the World Premiere of the new all-electric Porsche Macan, creating a seamless fusion of art and automotive innovation.Constructed by New York-based architect and artist Marc Fornes in collaboration with Style Porsche, “The Cocoon” comprises over 6,000 individual pieces of ultra-thin aluminum, drawing inspiration from Porsche’s iconic design principles. Against this extraordinary backdrop, the participants engaged in a friendly chipping contest, showcasing their skills and enthusiasm for both golf and automotive excellence. Read full article
At its meeting today, the Supervisory Board of Mercedes-Benz Group AG reappointed Renata Jungo Brüngger (62) until the end of 2025 and Britta Seeger (54) until the end of 2029. Renata Jungo Brüngger has been a member of Mercedes-Benz Group AG’s Board of Management since January 1, 2016, responsible for Integrity, Governance & Sustainability. Britta Seeger has been a member of the Board of Management of Mercedes-Benz Group AG since January 1, 2017, responsible for Mercedes-Benz Cars Marketing & Sales. Both contracts would have expired at the end of 2024. The Supervisory Board decides, in accordance with its rules of procedure and applicable law, on the reappointment of members of the Board of Management after the beginning of the last year of the respective term of office. The Supervisory Board pursues a flexible design of the appointment and reappointment of members of the Board of Management: For board members aged 58 or 59 at the beginning of the contract, the term of office should not exceed two years; from the age of 60 years onwards, it should not exceed one year. Multiple extensions of contracts are possible. Read full article
Mercedes-Benz Museum can look back on a record year. A total of 800,245 visitors came in 2023, almost 28 per cent more than in 2022.
“For the sixth time since the opening in 2006, we have broken the magic mark of 800,000 visitors in one year. This figure gives us a push for 2024 with lots of guests who are here for the European Football Championship. I am also particularly looking forward to the diversity of our ‘Stadtkulturʼ (Urban Culture) open-air programme and the new interactive ‘Pit Stopʼ experience in the high-banked curve.”
Bettina Haussmann, Director Mercedes-Benz Museum
Most international Museum visitors came from the United States of America, and France. Both countries reached their share of the 2019 guest numbers again. People from 160 countries overall visited the Museum in 2023.
Compared to the previous year, more guests came from Germany, accounting for almost 50 per cent. This development reflects the increasing demand for holidays and high-quality tourism activities at home. Read More
new Opel Astra Sports Tourer Electric is the ideal travel companion for the entire family. It offers plenty of space, flexible and practical solutions for luggage and above all an abundance of locally emissions-free driving pleasure.
With the Astra Sports Tourer Electric, one of the first fully electric compact class estates, you can cover up to 413 kilometres (WLTP1) between charging stops. And for longer distances, Opel offers practical charging accessories. There are also many other tailor-made Opel original accessories with which the battery-electric estate (just like many other models with the Blitz) can be upgraded and thus become even more individual and flexible. The offering ranges from practical transport and carrier systems to flexible comfort solutions and safety equipment for snow and ice.
FlexConnect solutions, cargo compartment shells and carrier systems
The new Astra Sports Tourer Electric is a comfortable and practical family car with plenty of space for luggage. The fully electric estate offers up to 1,553 litres of cargo volume with the rear seats folded down. This means that not only numerous suitcases, but also your beloved four-legged friend can travel comfortably and safely in a voluminous transport box. And with passengers in the second row, up to 516 litres can still be stowed in the boot. There is even room for skis inside the Astra Sports Tourer Electric thanks to the intelligent pass-through option in the rear centre armrest. The cargo compartment tray is also extremely practical. Dirty ski or hiking boots, wet sports equipment and much more can be stored while keeping the luggage compartment clean. With its anti-slip coating and its sturdy edge, it not only protects against dirt and moisture, but also keeps the boot tidy. Read More
Trans Mountain is actively monitoring the pipeline for environmental hazards. The spring thaw, commonly known as a freshet, is a result of snow and ice moving and melting into a river system. The additional water entering the system causes rivers to rise and can lead to flooding.
Flooding is one of many common natural hazards that are considered during pipeline construction. Trans Mountain’s robust pipeline Integrity Management and Emergency Management Programs manage operational concerns, including those related to seasonal challenges that can potentially affect the pipeline.
Trans Mountain is prepared to prevent incidents, including issues resulting from flood waters. We monitor the pipeline closely to assess any potential seasonal risks that could affect operations. Although the pipeline is buried below ground, flood waters can scour the soil around the right-of-way, which may result in exposure of the line. If flood waters put the pipeline at risk, Trans Mountain’s Flood Management Plans are activated. Trans Mountain’s Emergency Response Plans ensure effective operational monitoring practices are followed, Incident Command Systems are in place, notification plans are outlined and response measures are detailed. Read More
Shell Egypt announces winners of NXplorers programme competition at EGYPES2024
Shell Egypt is delighted to unveil the winners of its NXplorers Programme Competition, held in conjunction with the Egypt Energy Show (EGYPES) 2024 as part of the young professional feature of EGYPES. The competition, which attracted 65 undergraduates from all across Egypt, showcased the innovative solutions and creative problem-solving skills of aspiring young professionals in the energy sector.
Emerging as the champions of the competition were the NXG team, whose project focused on devising strategies to reduce carbon waste in industrial zones, paving the way for the establishment of eco-industrial parks in Egypt within the next five years.
In second place was the NSES team, whose project aimed to address Egypt’s electricity shortage sustainably by 2025, with a long-term vision of solving the country’s energy challenges by 2030.Rounding up the top three was the Titanium team, whose project aimed to harness energy from solid waste in Manshiet Nasser area in northern Cairo, while enhancing the standard of living for its residents by 2028. Read More
Nexergy Holdings PLC to Revolutionize Waste Management in the UK with Innovative “Green Oil” Production Nexergy Holdings PLC are thrilled to announce a landmark initiative that promises to transform the UK’s waste management and energy production landscape. We are embracing the innovative ‘green oil’ technology to turn high carbon waste into a renewable energy source, signalling a major leap towards a sustainable future.
Commitment to Environmental Excellence
In this critical era, where sustainability is paramount, we are at the forefront, championing the transition to renewable energy solutions. The core of this initiative is our strategic acquisition of sites, each selected for their capacity to house cutting-edge ‘green oil’ production facilities. Designed for seamless integration into the UK’s current waste management system, these facilities are equipped with the latest technology to convert waste into clean energy efficiently. Read More
As a next generation automotive company, Renault Group is profoundly redefining the design of its vehicles by rethinking the way they are conceived. In an exclusive series entitled “Design Talks”, Gilles Vidal, Head of Design for the Renault Brand, welcomes guests to talk about their inspirations, what defines design today and how this translates into Renault vehicles. In this second instalment devoted to the passenger cabin and interior spaces, Gilles welcomes designer and architect Tristan Auer. They discuss the importance of usage and the experience that the user will have through their creations, whether in a vehicle or a hotel. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.46 | Down |
| Crude Oil (Brent) | USD/bbl | $82.52 | Down |
| Bonny Light | USD/bbl | $85.16 | Down |
| Saharan Blend | USD/bbl | $84.10 | Down |
| Natural Gas | USD/MMBtu | $1.736 | Up |
| OPEC basket 20/02/24 | USD/bbl | $82.82 | Down |
The 2024 annual OPEC-Africa Energy Dialogue was held today in Cairo where participants conducted open and transparent discussions on a wide array of key topics related to energy and oil, including energy security, risk of underinvestment, climate change and energy transitions.
In his remarks, HE Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries, OPEC, posited that “dialogue with Africa is a key pillar in OPEC’s global energy dialogue programme which includes many other key regions, countries, and international organizations,” adding, “We at OPEC firmly believe that cooperation and dialogue among all energy stakeholders are absolutely essential factors in effectively addressing our common energy challenges.”
HE Al Ghais noted that “in terms of climate change and energy transitions, developing countries around the world, including those in Africa, continue to balance priorities between the dire need to support the development of their national economies, while also adapting to ever-shifting dynamics related to climate change.”
Contributing to the dialogue HE Dr Amani Abou-Zeid, the African Union Commissioner for Energy, Infrastructure and Digitalization, stressed that “we always need to consider Africa’s context as analysis shows that the African Energy demand could increase by 30% – compared to 10% in global energy demand – by 2040. Access to reliable, affordable and clean energy in Africa remains the priority for the continent, calling for concessional finance and investments for more generation, production, interconnections, local transformation and domestic trading of our energy resources in consideration of the AFCFTA and that to close the energy poverty on the continent and promote growth and wellbeing.”. Read full article
Baker Hughes Rig Count: U.S. -2 to 621 Canada +2 to 234
U.S. Rig Count is down 2 from last week to 621 with oil rigs down 2 to 497, gas rigs unchanged at 121 and miscellaneous rigs unchanged at 3.
Canada Rig Count is up 2 from last week to 234, with oil rigs up 3 to 144, and gas rigs down 1 to 90.
International Rig Count is up 10 rigs from last month to 965 with land rigs up 5 to 740, offshore rigs up 5 to 225. International Rig Count is up 64 rigs from last year’s count of 901, with land rigs up 65, offshore rigs down 1.
The Worldwide Rig Count for January was 1,784, up 45 from the 1,739 counted in December 2023, and down 115, from the 1,899 counted in January 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 16 February 2024 | 621 | -2 |
| Canada | 16 February 2024 | 234 | +2 |
| International | January 2024 | 965 | +10 |
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,
