London, 01 November, 2023, (Oilandgaspress): – The Fed—and the Bank of England—are due for rate updates this week. The hope is a no-change decision.
Neste plans to simplify its organizational structure and its operational model to secure the execution of its growth strategy with improved cost-efficiency and to strengthen its long-term competitiveness. With the planned changes and the simplified structure, Neste aims to strengthen accountabilities and efficient decision making. Renewable Aviation, Renewable Road Transportation and Renewable Polymers and Chemicals business units will be merged into one Renewable Products business unit covering all renewables businesses. Furthermore, the company plans to align its functions to better support business-driven ways of working.
Neste is expecting the planned organizational changes to lead to a reduction of approximately 400 roles globally, predominantly in functions, in the renewables business and in development roles. It is estimated to result in total annual cost savings of approximately EUR 50 million. Furthermore, Neste plans to streamline its development portfolio to realize additional savings. The majority of these savings would be realized during 2024. Read full article
Japan Atomic Energy Agency (JAEA), Mitsubishi Heavy Industries (MHI), Mitsubishi FBR Systems (MFBR), and TerraPower have expanded their Memorandum of Understanding (MOU) for the development of sodium-cooled fast reactor (SFR) technologies. In January 2022, TerraPower, JAEA and MHI signed a MOU to collaborate on SFR technology development. In December 2022, the Japanese government revised their Strategic Roadmap for FR development, clarifying that Japan will begin FR concept design in 2024. The government in July 2023 selected a 650MW pool-type SFR concept proposed by MFBR as the design to be developed, and MHI as the main manufacturer and constructor.
This expanded MOU will allow TerraPower and Japan to explore the opportunity to collaborate on a common reactor design concept, based on the Japan’s FR demonstration program and TerraPower’s existing technologies. This MOU has been revised to include an increase in size of the Natrium™ design* for enhanced cost competitiveness, and metal fuel safety. Read full article
Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. (MHIET), confirmed stable combustion of hydrogen admixture through a testing of a single cylinder engine. The test achieved stable combustion with up to 50 vol% hydrogen admixture without losing the rated output. In preparation for targeted commercialization in FY2025, MHIET will finalize specifications of auxiliary equipment to be installed together with the engine and control systems of all related equipment. The testing constitutes a part of the attempt to achieve MHI Group’s MISSION NET ZERO, net zero CO2 emissions from the entire Group by 2040. MHIET has been focused on development and commercialization of hydrogen engines, which is listed as a key strategy in its roadmap to carbon neutrality(Note1). The test was performed aiming for altering the KU series gas engine cogeneration system, a widely used system in various industries, into a system of less carbon emissions while maintaining output. In this testing, MHIET team tackled issues such as engine knocking caused by hydrogen’s faster flame propagation speed and preignition combustion caused by lower minimum ignition energy of hydrogen(Note2) and succeeded in maintaining stable combustion by adjusting the excess air ratio and other parameters. Consequently, the team verified stable combustion of hydrogen admixture of maximum 50 vol% with keeping the rated output. It suggests the cogeneration system with the original 5.75 MW engine would generate the same result. Read full article
Mitsubishi Shipbuilding Co., Ltd., a Mitsubishi Heavy Industries (MHI) Group company based in Yokohama, today held a christening and launch ceremony for the FUGAKU MARU, a roll-on/roll-off (RO/RO) ship under construction for FUJITRANS Corporation. The ceremony took place at the Enoura Plant of MHI’s Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture. The handover is scheduled for April 2024 following completion of outfitting work and sea trials. The new vessel will replace the current FUGAKU MARU, originally constructed at MHI’s Nagasaki Shipyard & Machinery Works, which has been in continuous service since 1997.
The new FUGAKU MARU is 165 meters in overall length, 27.6 meters in breadth and has gross tonnage of approximately 13,000. It can simultaneously transport up to 50 trailer chassis and 1,511 passenger cars. Fuel efficiency has been significantly improved in the new vessel with the adoption of a vertical stem in the bow to reduce propulsion resistance, complemented by high-efficiency propellers and use of low-friction paint. The onboard power generator can be shut down through connection of an onshore power receiving system installed in the engine room and power distribution equipment slated for installation in ports. In the future, this advance will enable zero emissions while the ship is in port. The new FUGAKU MARU features a wider beam than its predecessor, and structural innovations have enabled the elimination of pillars on the trailer loading deck. Together with these improvements, the ship will provide greater turning space for trailers, resulting in enhanced loading efficiency. Read full article
Mitsubishi Heavy Industries, Ltd. (MHI) has received an order for the replacement of two existing Automated People Mover (APM)(Note) lines at Orlando International Airport (MCO) in Orlando, Florida. The contract, which also includes APM Operations and Maintenance (O&M) services, was awarded by the Greater Orlando Aviation Authority (GOAA) to Mitsubishi Heavy Industries America, Inc. (MHIA), MHI’s US entity, and Crystal Mover Services, Inc. (CMSI), an MHI Group company, which is responsible for APM O&M services at U.S. airports. MCO consists of two main terminal buildings and five airside terminals. The newly awarded contract includes the replacement of the A2 and B4 APM routes, approximately 0.6 kilometers long each, connecting Terminals A and B with Airside Terminals 2 and 4. MHI will be in charge of the system design and vehicle manufacture. Twelve new cars (as four 3-car trains) will be manufactured at MHI’s Mihara Machinery Works in Hiroshima Prefecture. After the new APM System is installed, CMSI will provide O&M services for up to 30 years (initial 10 years with two 10-year renewal options). Read full article
Prospex Energy PLC provided an Operational Update including production rates and income for the three months ended 30 September 2023 from the Podere Maiar-1 (“PM-1”) gas facility of the Selva Field which is operated by Po Valley Operations Pty Limited (“PVO”), a wholly owned subsidiary of Po Valley Energy Limited (“Po Valley Energy”) (ASX: PVE). Po Valley Energy has a 63% working interest of the Selva Malvezzi production concession, while Prospex has the remaining 37% working interest.
Operational and Financial Overview
• PM-1 commenced gas production on 4 July 2023.
• Following a four-week ramp-up and commissioning programme the PM-1 well flowed at daily production levels of c.72,000 standard cubic metres per day (scm/d) during the initial testing period, which is expected to be concluded by the end of December 2023.
• October production is temporarily running at c.62,000 scm/d as part of the testing programme which is expected to increase in November.
• Longer term production rates from the well are targeting at least 80,000 scm/d.
• All the PM-1 gas is sold to BP Gas Marketing under the 18-month supply agreement (announced on 14 February 2023) at a supply price linked to Italy’s “Heren PSV day ahead mid” price assessment which tracks the publicly available Dutch TTF spot prices[1].
• Gas prices have increased recently from €0.32/scm (€30.3/MWhr) to a current spot price of €0.53/scm (€50.3/MWhr). The forward curve TTF gas prices are currently above €50/MWhr through to the end of Q1 2025[1].
• Gross quarterly production from the Selva Malvezzi production concession was 5,658,117 scm (2,093,503 scm net to PXEN) and gross revenue for the quarter was €1,937,072 (€716,717 net to PXEN).
• Further upside potential at the Selva Malvezzi Production Concession is advancing at pace with the operator progressing agreements with local landowners and the permitting process with the regulatory authorities to deliver the drilling programmes at Selva North, South and East. Read full article
Mercedes-Benz is rolling out an internal web application for its employees – the Mercedes‑Benz Direct Chat. It uses OpenAI´s ChatGPT technology through Microsoft Azure OpenAI Service. It’s a text generator that uses machine learning and natural-language processing to deliver precise and contextual answers in just a few seconds. The intuitive and user-friendly Mercedes‑Benz Direct Chat can, for example, help with the creation of e-mails, reports and other work documents, or even summarise longer texts. It will initially be available in English and German. Applications based on generative artificial intelligence promise to streamline processes and tasks and save valuable time, especially in administration. Mercedes‑Benz expects this to lead to significant gains in efficiency. The integration of this innovative technology into daily work routine should further help to continuously offer better solutions for customers. By the end of the year, most of the workforce will be able to use the application and become more familiarised with the possibilities of generative AI in a secure environment – enabling them to learn its opportunities and risks. Terms of use have been drawn up specifically for this purpose. For example, the generated output must be checked for accuracy and clearly labeled if the text has not received a substantial review and validation by the user. Read full article
Interested parties can order the revised Mercedes‑AMG 4‑door coupés V8 models from contractual partners now and configure their dream vehicle individually online. The price of the GT 63 4MATIC+ 4‑door coupé (combined fuel consumption 13.4‑12.1 l/100 km; combined CO₂ emissions 303‑273 g/km)[2] starts at 168,152.95 euros. The GT 63 S 4MATIC+ 4‑door coupé (combined fuel consumption 13.4‑12.7 l/100 km; combined CO₂ emissions 304‑287 g/km)2 starts at 185,050.95 euros.
The revised models can be recognised by their striking design features. The front, which cites elements of the new AMG GT Coupé, is striking: the large air inlet below the AMG-specific radiator trim has grown significantly in width. Vertical air ducts are integrated into the outside of the front apron.
Standard equipment includes the AMG SPEEDSHIFT MCT 9G transmission, the fully variable AMG Performance 4MATIC+ all-wheel drive and the AMG RIDE CONTROL+ air suspension with adaptive adjustable damping. Added to this are the active rear axle steering, the electronically controlled rear axle locking differential and MULTIBEAM LED main headlights. The electric sunroof and the EASY‑PACK tailgate are also on board as standard. Wireless charging of smartphones between the rear seats is also possible. The intelligent, digital multimedia system MBUX (Mercedes‑Benz User Experience) received an update with newly designed, AMG-specific displays and individually configurable functions. Together with the standard Burmester® surround sound system or the optional Burmester® high-end 3D surround sound system, Dolby Atmos® introduces a new sound experience. Customers can choose the new shade opalite white metallic from the colour fan. The wheel portfolio and upholstery range remain unchanged. Read full article
Porsche is launching a bug bounty programme in October to work with external cybersecurity researchers on further improving the security of its products and digital services. The Porsche bug bounty programme supplements the services rendered by the global cybersecurity team, and will be implemented by the experts from the Porsche //DigitalFamily. The programme relies on the creativity and swarm intelligence of the global security community. The initiatives are advertised on established bug bounty platforms. If participants report an actual security vulnerability, they receive a financial reward.
“The protection of customer, employee and company data has utmost priority for Porsche. Participating in bug bounty programmes is the next logical step in our comprehensive security measures,” says Jörg Möbes, Director of Information Security and Chief Information Security Officer at Porsche AG.
The programme starts on 31 October. Read More
Porsche and Google are expanding their collaboration with the goal of enabling even deeper integration of Google services in Porsche vehicles.Porsche will offer Google services for navigation, speech, and app ecosystem in future vehicle generations, and plans to start production in the middle of the decade. This integration of the Google ecosystem will include Google Maps, Google Assistant, and a wide variety of apps available through the Google Play Store. Porsche customers will continue to find the familiar user interface of the Porsche Communication Management (PCM) system, including regular online updates keeping the PCM system up-to-date.
“Our customers fulfil a dream with our vehicles. In addition to timeless design and exceptional performance, they also want a seamless digital experience. This blended ecosystem results from the integration of platforms and apps that customers know from their end devices,” says Oliver Blume, Chairman of the Executive Board of Porsche AG. “We have an open approach and are developing innovations with leading technology partners.” In the future, ecosystems from different providers that are relevant for customers will be integrated directly into the vehicle via standardized interfaces and platforms. The PCM will thus become an integral part of the digital ecosystem of Porsche customers worldwide, making offering Google built-in a next step for Porsche on this path. The partnership between Porsche and Google is a long-term venture. Read More
Porsche Cars North America, Inc. (PCNA) has teamed up with Instagram and the City of Atlanta Mayor’s Office of Film, Entertainment & Nightlife to celebrate five decades of hip hop. PCNA, which has proudly called Atlanta its home for 25 years, hosted a private event on Friday (27 October) to celebrate the hip-hop community that has shaped the city’s global influence on music and culture. As part of the gathering, which took place during a year-long celebration of the anniversary of hip hop, Atlanta City Council recognized some of the musical pioneers who have played key roles in developing the local and international music scene.
And from hip hop tracks to driver developmenttracks, some of the city’s musical stars hope to shine at PCNA’s Porsche Experience Center behind the wheel of the all-electric Taycan, as part of the celebrations. Read More
BMW Group has opened the Training Center at its new plant in Debrecen, Hungary. The company is investing more than one billion euros in the site, where series production for the first all-electric model of the Neue Klasse will start in 2025. The education and training of highly qualified employees is of particular importance.
With the Neue Klasse, the BMW Group will introduce the next generation of BMW models. This combines the company’s innovative strength in the central areas of electrification, digitization and circularity. The opening of the Training Center at the future plant in Debrecen, Hungary, marks another milestone on the BMW Group’s journey to start production of the Neue Klasse in 2025. In the facility, equipped with the latest infrastructure, on an area of almost 6,500 square meters and with an investment volume of just under 20 million euros, employees of the BMW Group Plant in Debrecen as well as trainees and dual education students acquire the necessary skills for the production of the new generation of models.
During the opening, Ilka Horstmeier, member of the Board of Management of BMW AG, People and Real Estate, Labour Relations Director, emphasized: “The Neue Klasse is our promise for the future because it gives us the opportunity to completely rethink mobility and collaboration. We shape our transformation through People and Places together with our employees — they make the difference. With the start of the first 100 students and the opening of the Training Center here in Debrecen, we are underlining the relevance of education and training as a decisive factor for the future orientation of our company.” Read More
Hyundai’s popular Palisade flagship SUV has added a new Calligraphy Night Edition to its 2024 lineup. The Calligraphy Night builds on the Palisade’s successful range-topping Calligraphy model with a luxurious blackout theme for a uniquely sophisticated appeal. The 2024 Palisade Calligraphy Night Edition, which includes standard all-wheel drive, is available at Hyundai dealers now, starting at $54,935, including destination charges. Read More
Hyundai Motor Group (the Group) announced today that Hyundai CRADLE Silicon Valley will host the eighth annual Mobility Innovators Forum (MIF) on November 2nd at the Fort Mason Center, San Francisco. ‘Re-Vision & Re-Value’ will be the theme of this year’s MIF in which participants can share insights on emerging mobility innovations and highlight why now is the crucial moment to reevaluate the visions and values within the mobility industry.
“We are extremely excited to once again host MIF in San Francisco with a distinguished roster of speakers addressing this year’s theme of ‘Re-Vision & Re-Value’ for a fast-changing mobility industry,” said Heungsoo Kim, EVP and Head of Global Strategy Office of Hyundai Motor Group. “With so many aspects of the mobility industry being dynamically affected by global events and post-pandemic uncertainties, we look forward to hearing from mobility innovation experts re-evaluating or re-affirming their visions of the future.“ The event will kick off with a powerful keynote speech from Marc Raibert, Executive Director of the AI Institute and will follow with in-person discussions held between mobility industry leaders, innovators, startups, and investors from various sectors. Read More
Hyundai will reveal the 2024 Kona Jayde Concept at the 2023 SEMA Show on October 31. The Jayde Concept is a one-of-a-kind urban crossover utility vehicle designed to elevate your next adventure with unparalleled style and flair. Beyond its striking visual appeal, Kona Jayde is ideally outfitted for urban escapades with features like a Thule cargo box and a matching e-bike from Vintage Electric Bikes. Beyond its eye-catching exterior, the Kona Jayde Concept is ideally equipped for urban adventures. This vehicle is the product of a seamless collaboration between Hyundai and MOBIS, a genuine parts and accessory supplier to Hyundai. The Jayde Concept’s additional capability starts with a versatile Thule Pulse Alpine cargo box for expanded storage, and for reaching particularly challenging spots in the city, this vehicle offers the driver an electrifying last-mile solution: a Vintage Electric Rally e-bike. This high-performance, retro-style electric bicycle is securely mounted to a Thule Epos bike rack mated to a Hyundai Genuine Accessory hitch. The Rally is even color-coordinated and boasts a special set of Michelin Power Gravel tires that complete the unified look. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $82.39 | Up |
| Crude Oil (Brent) | USD/bbl | $86.40 | Down |
| Bonny Light | USD/bbl | $88.74 | Down |
| Saharan Blend | USD/bbl | $88.05 | Down |
| Natural Gas | USD/MMBtu | $3.48 | Down |
| OPEC basket 30/10/23 | USD/bbl | $91.10 | Down |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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