London, 31 August, 2023, (Oilandgaspress) : oil has reestablished some upside momentum after the early August correction ran out of steam before damaging the technical setup, something that is important for technical focused traders who in recent month added length in both WTI and Brent futures. In the near-term extended OPEC production cuts will help support tight market balances but the combination of rising production spare capacity and worries about the economic outlook, may in our opinion still prevent prices from having a sustained move above $90. Overall, the current market tightness remains on clear display through the elevated backwardation shown across the time spreads, an example being WTI which has seen its front month spread rise from a 10 cents discount (contango) in late June to a current 50 cents premium while the corresponding spread in Brent commands a 60 cents premium. The positive price action during the past few months has also been supported by elevated fuel product prices, not least diesel which last week traded near $140 per barrel in New York and $128 per barrel in Europe, before trading a tad softer this week. Read More
Opel is celebrating three world premieres at the IAA Mobility 2023. While the visionary Opel Experimental concept car gives an insight into the brand’s upcoming models and technologies, the new Opel Corsa Electric and the new Opel Astra Sports Tourer Electric demonstrate how locally emissions-free driving enjoyment is possible today. The cars are expressions of the three brand pillars “Modern German”, “Detox” and “Greenovation”. This is also clearly reflected in Opel’s presence at the IAA Mobility from September 5 to 10 – at the IAA Summit (Hall B2, booth number B20) as well as at the Open Space (Odeonsplatz Munich, booth number OP.390). Read More
Bentley Motors reconfirmed its year-round support for the LGBTQ+ community with a uniquely wrapped car for the Manchester Pride parade. Specially created by Bentley designer Rich Morris, the brightly-coloured Heritage Collection Continental GTC represented the diversity of Pride, which allows everyone to come together in a spirit of unity, love and celebration. The eye-catching convertible featured a rainbow stripe pattern and was a striking element of the parade, showcasing solidarity and advocacy for LGBTQ+ rights. Manchester Pride is one of the UK’s largest Pride events, promoting a world where LGBTQ+ people are free to live and love without prejudice, in a culture that is universally celebrated. The parade celebrates the progress made whilst continuing to raise awareness, bring hope to those in need and to inspire others to challenge discrimination. 75 Bentley colleagues, some of their partners and allies linked to the Bentley network took part in Manchester Pride, helping to reinforce the message that the company is striving to create a culture where all employees feel comfortable bringing their true, authentic selves to the workplace. Read More
2024 Toyota Sequoia Adds Nightshade. Much like its namesake, the immense coastal redwoods, the third-generation Sequoia makes an immediate impression. This three-row SUV elevates the full-size segment with luxurious comfort, impressive technology and breath-taking performance from an efficient hybrid powertrain. Already offering a wide array of choices and options, the 2024 Sequoia enters with new options for exterior looks and off-road performance. A Nightshade package has been added to elevate the Sequoia’s style and attitude. The popular and capable TRD Off-Road Package is now available on Platinum grade 4×4 models. All 2024 Sequoias will feature the powerful twin-turbo V6 hybrid i-FORCE MAX powertrain. First unveiled on Tundra, this exceptional hybrid produces 437 horsepower and 583 lb.-ft. of torque.
i-FORCE MAX isn’t just big on power, as this cleverly engineered powertrain features a unique motor generator within the bell housing between the twin-turbo engine and the 10-speed automatic transmission. This design provides both maximum performance and amazing efficiency, and it is designed and built with heavy-duty performance and demand in mind. Sequoia is offered in 2WD or the available part-time 4WD system on SR5, Limited, Platinum and Capstone grades. TRD Pro is offered only in 4WD. The part-time 4WD system relies on a transfer case, controlled via a button on the center console, to select between 2WD, 4WD high or 4WD low. Read More
Saab has today acquired BlueBear Systems Group Ltd based in the United Kingdom.
The acquisition of all shares in BlueBear is part of Saab’s continued international growth journey across key markets, which include the United Kingdom, Australia, the United States and Germany. BlueBear is a world-leading provider of AI-enabled autonomous swarm systems for complex defence and security applications. BlueBear employs 65 employees at their site outside Bedford, England with a turnover of £8 million in 2022.
The combination of Saab’s world-leading products, services and solutions, and BlueBear’s experience as an agile integrator of AI-enabled autonomous swarm systems will be a powerful driver of Saab’s future capabilities. BlueBear will contribute to Saab’s existing activities worldwide and Saab will benefit from BlueBear’s expertise in autonomy and swarming, as well as command and control systems.
As emerging and disruptive technologies such as AI, machine learning and autonomous systems have the potential to reshape entire industries, Saab embraces a proactive strategy of selected acquisitions. By acquisitions and strategic partnerships with companies that specialise in new technologies, Saab‘s capabilities are enhanced, thereby increasing the comprehensive solutions offered for a wider range of defence needs. AI will enable Saab to further improve system capabilities and increase efficiency across our world-leading product portfolio.
“This acquisition is another step in support of our international growth strategy as we seek to ensure Saab is well positioned in key markets and to sustain our competitive advantage. BlueBear, as world-leading provider of AI-enabled autonomous swarm systems for complex defence and security applications, is a good fit with our approach of leveraging emerging technologies in the fields of autonomous systems and AI,” says Micael Johansson, President and CEO of Saab.
Within Saab, BlueBear will be a centre for Rapid Concept Development providing expertise and scaling-up innovation. “For BlueBear this is an important step in our journey as we now move forward as part of Saab. We see many enhanced opportunities around naval, air and land autonomy, payload integration, next generation command and control, AI-enabled defence clouds as well as next generation platforms,” says Dr Yoge Patel, CEO of BlueBear. Read More
Molecular Energies (AIM: MEN), the international energy company, provides an update relating to the Paraguay exploration well.
The preparation for commencement of drilling of the Paraguay exploration well on the Tapir x1 site has continued.
The present status is as follows:
The mobilization to site has been completed.
The site camp for 60 persons including medical and catering facilities has been assembled.
The rig up is approximately 50% complete with the mast scheduled to be erected at or around the end of next week.
There are now 50 workers on site including Moleculars Drilling Manager, Company Manager, HSE Supervisor and Logistics Supervisor.
The Blowout Preventor is undergoing final testing and certification before being shipped to the site from Brazil. Currently expected to be delivered and installed week commencing 11 September.
Long lead services, including logging while drilling, fishing and performance drilling tools as well as casing running equipment are now on site. Halliburton has begun moving chemicals for drilling fluids and cementing.
Continuous work is being conducted to monitor the approximately 150km of unpaved dirt roads to the remote location and this will continue throughout the drilling and demobilization period. Read More
Molecular Energies PLC (AIM: MEN), the international energy company, announces developments relating to its Green House Capital (“GHC”) division. Quanto S.A. (“Quanto”) GHC has acquired a 70% beneficial interest in Quanto, a Paraguay private fintech company which has developed an app-based payment system which can be used both inside and outside of Paraguay. Quanto is “How much” in the Spanish language.
The purchase has been made by GHC by way of the acquisition of the entire issued share capital of President Investments Paraguay S.A, a Paraguay private company, for the discounted sum of £25,000 from Alpha Energies Invest GmbH, a company beneficially owned by chairman Peter Levine, payable only on a successful completion of the proposed spin-out and IPO of GHC.
GHC will pivot the developed app, which is already at beta testing stage, into an area of business not currently being adequately served in Paraguay and the region. It is intended to have a green aspect and also potential features where there will be synergy with other Group businesses.
A team of developers for this further stage of the app is being identified with a view to completing work and launching the product in 2024.
Dual Fuel
Progress on the engineering of the conversion of diesel engines to run on a mixture of diesel and hydrogen continues. It has been decided that proof of concept work on a complete diesel engine will take place in the UK starting within the next month with the test engine now placed in the test cell with installation of the gas detection system and hydrogen pipework completed. The test cell is located within the engine test building at Helical Technical Centre, Warton, Lancashire, which is also used by automotive companies such as Bentley, McClaren and Cummins.
It is intended that after the primary test cell work, testing will take place with a vehicle on a rolling road. This complete vehicle test will allow a 360-degree examination of behaviour of the engineering in a road going vehicle so that the benefits of Dual Fuel engineering can be clearly demonstrated on a full working model, and technical data obtained for future use, before commencement of Dual Fuel commercial retrofitting of trucks in Paraguay, still targeted for the New Year.
The rolling road test will also act as a showcase vehicle for the European market to provide a transitional and economically justifiable solution in progressive decarbonisation of road transport when the cost and availability of dedicated hydrogen combustion fuel or hydrogen fuel cell trucks remains very high, combined with the lack of hydrogen refuelling/re-charging networks. The retrofit will enable not only the vehicle to run on a mix of hydrogen and diesel but also diesel alone. As the hydrogen fuel tank is an addition, hydrogen will extend the existing diesel range of the vehicle. Read More
Environmental Protection Agency Administrator Michael Regan issued an emergency fuel waiver to address a fuel supply emergency in Florida caused by Hurricane Idalia. On August 29, 2023, Governor Ron DeSantis declared a state of emergency in 49 counties to prepare for potentially devastating impacts to multiple population centers throughout the state from Hurricane Idalia. Storm preparations have resulted in the closure of multiple ports in the state that receive fuel and have restricted and interrupted fuel terminal operations, preventing an adequate supply of gasoline. In addition, evacuations—including mandatory evacuations—are straining available supplies. Waiving federal requirements to sell summer gasoline can help address these supply shortages.
The EPA and the Department of Energy (DOE) have been actively monitoring the supply of fuel. The EPA has concluded, with DOE’s concurrence, that it is necessary to waive federal requirements to sell summer gasoline to minimize or prevent the disruption of an adequate supply of gasoline to consumers throughout Florida. This waiver only applies to the federal fuel standards. Regulated parties must continue to comply with any applicable state or local requirements, or restrictions related to this matter, unless waived by the appropriate authorities. The waiver is effective August 30, 2023, and will continue through September 15, 2023.
Federal Clean Air Act regulations require fuel refiners, importers, distributors, resellers, terminal owners and operators, and carriers to switch from selling higher volatility winter gasoline to lower volatility summer gasoline during the summer months to limit the formation of ozone pollution.
To mitigate any impacts on air quality, the Clean Air Act provides strict criteria for when fuel waivers may be granted to help ensure minimal, if any, short term impacts on air quality, including limiting waivers as much as possible in terms of their geographic scope and duration.
As required by law, EPA and DOE evaluated the situation and determined that granting a short-term waiver was consistent with the public interest. EPA and DOE are continuing to actively monitor the fuel supply situation in Florida. Read More
In support of President Biden’s Investing in America agenda, the U.S. Environmental Protection Agency (EPA), U.S. Department of Energy (DOE), and DOE’s National Energy Technology Laboratory (NETL) announced today the availability of up to $350 million in formula grant funding to help monitor and reduce methane emissions, one of the biggest drivers of climate change, from the oil and gas sector and for environmental restoration of well sites. The funding, provided by the Inflation Reduction Act, will also help oil and gas well owners, as well as operators of applicable facilities, voluntarily and permanently reduce methane emissions from leaks and daily operations of low-producing conventional wells on non-federal lands. Through the Methane Emissions Reduction Program, EPA and DOE will help reduce inefficiencies of U.S. oil and gas operations, create new jobs in energy communities, and realize near-term emission reductions – helping reach the nation’s ambitious climate and clean air goals. EPA and DOE are collaborating alongside other members of the new White House Methane Task Force, which is advancing a whole-of-government approach to proactive methane leak detection and data transparency and supporting state and local efforts to mitigate and enforce methane emissions regulations. Today’s actions by EPA and DOE accelerate execution of the U.S. Methane Emissions Reduction Action Plan, building on over 80 Administration actions taken in less than a year since the Plan launched in November 2022. Read More
A consortium comprised of Tokyo Gas Company, Ltd., Osaka Gas Company, Ltd., Toho Gas Company., Ltd. and Mitsubishi Corporation today announced an agreement with Sempra Infrastructure, a subsidiary of Sempra, that it participates in the evaluation of a proposed project to produce e-methane, a form of carbon recycling, in the U.S. Gulf Coast. The consortium is comprised of three of the leading gas utilities in Japan and Mitsubishi Corporation which have been conducting preliminary feasibility work on the project since 2022. With the addition of Sempra Infrastructure, the companies seek to advance the energy transition through the global market of liquified e-methane.The proposed project is anticipated to produce 130,000 tonnes of e-methane per year that would be liquified to become liquified e-methane at the Cameron LNG terminal in Southwest Louisiana and exported to Japan. The proposed project is anticipated to include the production or procurement of clean hydrogen, as well as the construction of facilities to produce the e-methane. The U.S. Department of Energy and Japan’s Ministry of Economy, Trade and Industry are currently implementing a Memorandum of Cooperation in the field of carbon capture, utilization and storage, conversion and recycling, and CO2 removal. This proposed project would meet many of the objectives in the memorandum, and could complement it, should the policy frameworks recognize e-methane as a carbon-neutral fuel. Read More
Tesla allowed electric car drivers in the UK to charge for free for a whole day to mark the 10th anniversary of its Supercharger network in Europe. Open to owners of all EVs and not just Teslas, the firm’s Supercharger devices were free to use from 08:00 to 23:59 BST on Tuesday 29 August. The last charging sessions had to begin by 22:59 at the latest. The European network was inaugurated on 19 August 2013 in Norway and since then has expanded to include 36 countries and 13,000 individual chargers. The initiative comes as part of Tesla’s Summer Celebrations, wherein the EV company offers its thanks to those who have supported it since it began and contributed to the growth of its Supercharger network, which now comprises 9200 devices across Europe. As of November 2021, the European Supercharger network started to accept EVs from other brands, with 15 individual locations in the UK currently taking part in a pilot scheme allowing all EVs to use the network. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $82.02 | Up |
| Crude Oil (Brent) | USD/bbl | $86.31 | Up |
| Bonny Light | USD/bbl | $86.94 | Up |
| Saharan Blend | USD/bbl | $85.14 | Up |
| Natural Gas | USD/MMBtu | $2.78 | Up |
| OPEC basket 30/08/23 | USD/bbl | $ 87.76 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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