London, 9 October, 2023, (Oilandgaspress): – Crude oil prices jumped by more than $4 earlier today amid military clashes between Israel and the Palestinian Islamist group Hamas that began on Saturday.
Oil surged after Hamas’ surprise attack on Israel over the weekend threatened to destabilize the Middle East, injecting fresh geopolitical risk into a market that’s been roiled by OPEC+ supply cuts, declining inventories, and concerns that lofty prices may destroy demand. Traders fear an escalation could prompt a wider conflict that embroils Tehran and, possibly, the US. Iranian security officials helped to plan Hamas’ assault, the Wall Street Journal reported, citing senior members of the militant group and Hezbollah. Read full article
Exxon Mobil’s (XOM.N) investors now prefer the company use its share price and financial might to acquire existing oil and gas production rather than spend on drilling that could take years to pay off. In the last four years energy investors have dumped stocks in oil companies that boost capital spending, favoring higher returns over spending on costly, long-term new projects. But Exxon shares last month hit a record high of $120, lifted by returns on its oil, gas and refining businesses. (Reuters) – Read full article
The European Union’s investigation into subsidies for China-made electric vehicles (EV) exported to Europe could do more harm than good, BMW’s (BMWG.DE) chief financial officer said on Friday, warning of a potentially big backlash from Beijing.
Walter Mertl said he did not endorse punitive tariffs and the investigation would shield those who do not have significant sales in China but would impact every carmaker doing business there. (Reuters) – Read full article
BYD ATTO 3 is awarded as “Electric Car of the Year” by News UK
The BYD ATTO 3 was selected for this prestigious award following a rigorous evaluation process by the expert panel of automotive journalists from The Sun, The Sunday Times, Driving.co.uk and The Times Luxx magazine at News UK. The panel evaluated numerous electric vehicles across various criteria, including performance, design, innovation, safety, and environmental impact. The BYD ATTO 3 impressed the judges on all fronts, emerging as the clear winner.
“Starting at just over £37,000 this zippy and smart-looking EV gives Tesla’s £44,990 Model Y a run for its money. It’s well equipped too: big glass roof, eight-speaker sound system and room in the back for three adults (or two burly blokes).” Said Nick Rufford, Motoring Editor, The Sunday Times.
The BYD ATTO 3 boasts several remarkable features and innovations that set it apart in the electric vehicle market: Exceptional Performance: With its advanced electric powertrain, the BYD ATTO 3 offers impressive acceleration, a smooth and quiet ride, and a long driving range on a single charge. Sleek and Modern Design: The BYD ATTO 3’s design seamlessly blends aesthetics and aerodynamics, resulting in a striking and environmentally-conscious vehicle.
Safety First: Equipped with state-of-the-art safety features as standard, the BYD ATTO 3 prioritizes the well-being of its passengers and other road users. Reinforced by a Five-Star Euro NCAP Safety Test Rating. Environmental Leadership: As a zero-emission electric car, the BYD ATTO 3 is a crucial step to enhance BYD company vision of reducing carbon emissions and combatting climate change. Innovative Technology: BYD’s commitment to innovation is evident in the BYD ATTO 3’s cutting-edge technology, from its infotainment system to its driver-assistance features. The BYD ATTO 3 includes a highly efficient integrated Heat Pump as standard, something as the colder weather draws in, sets it apart from the crowd. Read full article
U.S. Rig Count is down 4 from last week to 619 with oil rigs down 5 to 497, gas rigs up 2 to 118 and miscellaneous rigs down 1 to 4.
Canada Rig Count is down 11 from last week to 180, with oil rigs down 7 to 108 gas rigs down 4 to 72.
International Rig Count is down 12 rigs from last month to 940 with land rigs down 1 to 716, offshore rigs down 11 to 224.
The Baker Hughes rig count defines active rigs as rigs that are actively conducting
drilling operations on a given well
| Region | Period | Rig Count | Change |
| U.S.A | 06 October 2023 | 619 | -4 |
| Canada | 06 October 2023 | 180 | -11 |
| International | September 2023 | 940 | -12 |
Renewable electricity generation in Britain reached unprecedented levels during the third quarter of 2023.
That’s according to the most recent data from EnAppSys, which suggests the combined power generated from wind, solar, biomass and hydro stations soared to 26.2 terawatt-hours (TWh) during Q3, marking the highest-ever figure for this period.
The record-breaking performance in renewable energy was driven primarily by a substantial surge in wind generation, contributing 16.2TWh to the total, which significantly influenced lower wholesale prices observed throughout the quarter.
The wholesale prices experienced a substantial 12% decrease in Q3 compared to the previous quarter.
The average day-ahead price in the EPEX auction stood at £78.08 per megawatt-hour (MWh), with a slightly higher average of £78.36/MWh in Nordpool. Read full article
OVO launches the cheapest heat pump rate on the market – Heat Pump Plus – slashing running costs by 50% to just 15p per kWh. With Heat Pump Plus, it’s £500 per year cheaper to heat the average home, making it cheaper to run than a gas boiler. The type of use add-on means customers have two rates – one for their heat pump and one for the rest of their home’s energy usage. Increasingly powered by electricity from renewable sources and up to five times more energy efficient than gas boilers, air source heat pumps are key to cutting UK households’ carbon emissions. Home heating systems are currently responsible for 11% of greenhouse gases nationally. OVO is tackling concerns that heat pumps are more expensive to run than traditional gas boilers (a worry amongst 55% of people in a recent study) to encourage uptake and reach net zero faster. The government aims to install 600,000 heat pumps per year within five years to hit its climate change targets, but rates are currently around 11% of this. Research conducted by OVO shows that nearly half of the population (45%) would install a heat pump if running costs were 40% cheaper than today’s average rate. That equates to almost 12.7 million homes – far surpassing the government’s target, and helping the UK (and OVO) reach net zero, quicker. The running costs of a heat pump are a primary concern for four in five households when choosing a heating system, with over a third (35%) saying running costs were more important than the initial costs.
OVO has already installed thousands of heat pumps in local authorities and housing associations, to give people on lower incomes greener homes, through OVO Energy Solutions. Building on its experience, OVO is partnering with Heat Geek to deliver the highest quality installation experience and will guarantee maximum efficiencies are achieved. Read full article
OVO, the UK’s third largest energy supplier, announces the launch of Power Move – an innovative new trial helping customers to cut usage during peak times and save money. The trial rewards customers up to £100 in total for moving non-essential energy use to times when the grid is (on average) greener and less congested. Data from the trial will be used to understand usage during peak times and develop propositions that support a greener, fairer and more resilient energy system. OVO has used customer data to determine that between 4pm – 7pm is usually when demand on the energy grid is the highest. Its data shows that the average household uses 19% of their daily total usage during these hours. At these times of peak demand, there’s often not enough renewable energy to go round, and so dirtier carbon-heavy power fires up to fill the gap. The company is looking for participants to cut their average consumption during these hours to less than 12.5%. For the average household, that could be the equivalent of moving three loads of washing per week from peak time to a greener time of day. £20 will be rewarded for each month that this is achieved on average. The trial runs from 1st November 2022 – 31st March 2023. Read full article
OPEC raised its world oil demand forecasts for the medium and long term in an annual outlook, and said $14 trillion of investment is needed to meet this demand even as renewable fuel use grows and more electric cars take to the road.The view from the Organization of the Petroleum Exporting Countries, in its 2023 World Oil Outlook released on Monday, contrasts with that of other forecasters, including the International Energy Agency (IEA), that say demand might peak this decade. OPEC expects world oil demand to reach 116 million barrels a day (bpd) by 2045, around 6 million bpd higher than expected in last year’s report, with growth led by China, India, other Asian nations, and Africa and the Middle East.(Reuters) Read full article
Jérôme Gouet, 55, is a graduate engineer from the Institut National Polytechnique de Grenoble (INPG) and holds a master’s degree in Management and Business Administration from IAE Paris Sorbonne Business School. He joined Renault in 1994 as a buyer and has over 25 years’ experience in purchasing in Europe and internationally. He successively held the positions of Purchasing Manager in Latin America (1998), Supplier Account Manager (SAM) Plastics Raw Materials (2003), then Cockpit Module (2006), before being promoted to Supplier Account Officer (SAO) in 2010, defining the Alliance Purchasing strategy for Seats Read full article
Mitsubishi Motors Corporation announced that the all-new Triton1 one-ton pickup truck, the all-new Xforce2 compact SUV, and the new Delica Mini super height-wagon kei-car3 have won the Good Design Award4 2023 organized by the Japan Institute of Design Promotion. Mitsubishi Motors has been working to create distinctively unique designs based on its design philosophy of Robust & Ingenious. The company is commited to providing customers with reliability and excitement by building upon its core values of dynamic strength, robustness and functionality, and by continuing to evolve and progress with the times. The three new models, the Triton, Xforce and Delica Mini, were selected as Good Design Award winners for embodying Mitsubishi Motors-ness that reflects this design philosophy while expressing their individual design concepts.
All-new Triton
The all-new Triton is a one-ton pickup truck that condenses the essence of Mitsubishi Motors, offering safe and comfortable ride with peace of mind in a variety of weather and road conditions around the world. Based on the Beast Mode design concept, the all-new Triton has an imposing aura that expresses the toughness and strength required of a pickup truck, as well as the ruggedness and agility typical of a Mitsubishi model. The interior is designed for enhanced practicality with professional use in mind. Read More
A campaign is being held in which a total of 777 people will win new car purchase funds (up to 500,000 yen) through a weekly lottery. Mitsubishi Motors Corporation announced 777 people will be randomly selected to win new car purchase funds (up to 500,000 yen). A campaign targeting all cars will begin on October 2nd (Monday).
As outdoor leisure continues to grow in popularity, this campaign will be held as a continuation of last year, with the hope that customers can enjoy a variety of activities through safe, secure and comfortable Mitsubishi Motors vehicles. Read More
Nissan booth at 2023 Japan Mobility Show
The Nissan booth has been designed to generate vibrant experiences through emotional visualization, facilitate interactive co-creation and seamlessly meld the physical and the digital, now and the future. Visitors can experience interactive presentations, an e-4ORCE all-wheel-control driving simulator, and taking a selfie with the excitement of Formula-E-like acceleration. In addition to the series of all-electric concept vehicles, the booth will also showcase a number of 90th anniversary special edition production models featuring front grilles and door mirrors accented with copper, as well as special aluminum wheels and seat materials. Read More
Nissan Motor Co., Ltd. showed members of the media its new design presentation hall at its design and engineering campus in Atsugi, Kanagawa Prefecture. The new facility is aimed to support further digitalization of the design process, enhancing design quality and the scope of the design study to create products that even better match customer needs. The facility uses an ultrawide 24 K curved screen, full-color ceiling screen, remote lighting, and 7.1-channel sound to create an immersive experience that more realistically replicates real-world customer use, creating new value by fusing the physical and digital.
Conventionally, vehicle designs are checked and approved with physical models.
This can result in long production periods, significant costs and limitations in model variations. More than five years ago, the Nissan design organization started digitally transforming its process, for example through use of VR.
The new facility uses a gaming engine to create projection content, reproducing in real time various environments with a high sense of realism and immersion. This enables designs to be checked in a form that closely resembles the customer-use environment, including changes in light at different times of the day, weather patterns, and other natural elements. For verification purposes, vehicles can be lined up across the screen and subtle design differences and colors can be closely compared. In addition, the ability to quickly switch model positions and angles in real time allows for faster and easier decision making. Read More
Tesla (TSLA.O) has cut U.S. prices of its Model 3 compact sedan and the Model Y SUV, ratcheting up its price war just days after the third-quarter deliveries of the world’s most valuable automaker missed market expectations. The latest cuts come as the company strives hard to deliver a record 476,000 vehicles in the last three months of 2023 to meet the annual target of handing over 1.8 million vehicles. The price cuts by Tesla – now by about 2.7% to 4.2% – started in January to support sales in an uncertain economy and fend off competition from U.S. automakers such as Ford and China’s BYD. Read More
Alfa Romeo F1 Team KICK celebrated a brilliant double-points finish at the Qatar Grand Prix, as Valtteri Bottas and Zhou Guanyu claimed 8th and 9th positions respectively. This result was the reward for a strong performance by the team as a whole, as drivers, pit crew and the whole of the race team delivered the perfect execution on race day. Tonight’s result contributes six points to the team’s total of 16, as Alfa Romeo F1 Team KICK leapfrogs Haas for eighth place in the constructors’ championship and closes the gap on seventh place ahead. Read More
Van Oord contracts Jumbo Offshore for T&I job in Baltic Sea, Jumbo Offshore has been contracted by Van Oord for the transportation and installation of transition pieces for the Baltic Eagle offshore wind project in the German Baltic Sea. Operations on the project are to commence in October 2023. Due to the close cooperation and extensive experience between the Jumbo Offshore and Van Oord project teams, the preparation time has been very efficient.
Scope of work
Under the contract, Jumbo Offshore will be responsible for transportation and installation (T&I) of transition pieces from the marshalling yard to the offshore wind farm site. “To date, Jumbo Offshore has transported and installed over 400 transition pieces with our DP2 heavy lift vessels,” says Brian Boutkan, Manager Commerce at Jumbo Offshore. “After working together on the Arkona offshore wind farm, we are looking forward to working for Van Oord again. This project award shows the continuation of our focus in the offshore wind industry with our efficient T&I solutions as well as the trust of our clients on our capabilities and equipment.” Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $85.72 | Up |
| Crude Oil (Brent) | USD/bbl | $87.25 | Up |
| Bonny Light | USD/bbl | $87.65 | Down |
| Saharan Blend | USD/bbl | $88.44 | Down |
| Natural Gas | USD/MMBtu | $3.43 | Up |
| OPEC basket 06/10/23 | USD/bbl | $87.30 | Down |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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