London, 04 August, 2023, (Oilandgaspress) : China imported almost 1.5mbd less crude in July than it did in June, with much of the drop coming from the US, Middle East (mostly Saudi Arabia and Iran), and Russia
Hyundai Motor America and Baystate Health Foundation hosted a child safety seat check at Gary Rome Hyundai in Holyoke, Massachusetts in support of child passenger safety in the community. The event marked the beginning of the partnership between Hyundai and Baystate Health Foundation, which will include consumer educational events that include car seat safety inspections like this one. About 46 percent of car seats and booster seats are installed incorrectly or improperly used, according to data from the National Highway Traffic Safety Administration. Read More
The Regulated Electricity Sales Tariffs increased by an average of 10% on August 1, 2023. In this context of rising energy prices, TotalEnergies is setting up a new attractive electricity offer by offering a 5% reduction on the price per kilowatt hour (kWh) excluding VAT, during the first year of the contract, for any new subscription made between August 1 and October 31, 2023 . Read More
Mitsubishi Heavy Industries (TSE Code: 7011) announced that order intake rose 75.1% year-over-year to YEN1,606.8 billion in the quarter ended June 30, 2023. Revenue rose 12.9% to YEN983.9 billion year-over-year, resulting in profit from business activities (business profit) of YEN51.9 billion, a 248.1% increase from the previous fiscal year, which represents a profit margin of 5.3%. Profit attributable to owners of parent (net income) was YEN53.1 billion, an increase of 177.1% year-over-year, with a profit margin of 5.4%. EBITDA was YEN85.1 billion, an 80.3% increase from Q1 FY2022, with an EBITDA margin of 8.7%, up 3.3 percentage points year-over-year.Large orders growth in Energy Systems was driven by Gas Turbine Combined Cycle (GTCC), which continues to see strong demand for both new builds and after-sales services. Business profit in the segment increased by YEN27.0 billion YoY due to a reduction in one-time charges in the Thermal Power businesses as well as revenue growth and improved project margins in GTCC. In Plants & Infrastructure Systems, revenue increased by YEN33.8 billion YoY due to contributions from Metals Machinery and Engineering, while business profit improved by YEN5.0 billion resulting from increased revenue in Metals Machinery as well as positive developments in Engineering and Machinery Systems’ project mix. Read More
Hydro is declaring that all of its tailings facilities with the highest potential consequences in the event of a failure are in conformance with the Global Industry Standard on Tailings Management (GISTM), in line with the company’s commitment to implement the standard. Three years ago, members of the International Council on Mining & Minerals (ICMM) committed to implementing GISTM by August 5, 2023, at tailings facilities with the highest potential consequences in the event of a failure. Hydro has successfully implemented GISTM at all tailings facilities with a “very high” consequence classification, located at the Alunorte alumina refinery and Paragominas bauxite mine in the Brazilian state of Pará. None of Hydro’s facilities are classified as “extreme.” “For the mining industry, the implementation of GISTM is important for mitigating risks, fostering sustainable operations and building trust. Hydro has delivered on its commitment to implement the standard’s requirements,“ says President and CEO Hilde Merete Aasheim. GISTM is a robust framework developed to enhance the safety, sustainability, and overall management of tailings facilities in the mining industry. Read More
The Joint Office of Energy and Transportation (Joint Office) today announced the members of the Electric Vehicle Working Group (EVWG), a collection of EV industry experts and leaders who will help guide the widespread adoption of EVs across the country and solidify America’s position as a global leader of clean energy jobs and manufacturing. The EVWG, which will make recommendations directly to the secretaries of Energy and Transportation, includes experts with experience and knowledge across the entire EV ecosystem, including manufacturers of vehicles, components, and batteries; public utility representatives; local and regional elected officials; state energy planners; and labor officials representing transportation industry workers. The committee also includes leadership from the U.S. departments of Energy and Transportation, the U.S. Environmental Protection Agency, the Council on Environmental Quality, the U.S. General Services Administration, and the U.S. Postal Service. Areas of focus for the group will include facilitating the adoption of electric vehicles among low- and moderate-income individuals and underserved communities; assessing the costs of vehicle and EV battery manufacturing and shortages of raw materials for batteries; identifying charging infrastructure, grid capacity, and EV cybersecurity needs; addressing grid capacity and integration; and identifying charging infrastructure regulatory issues. Read More
U.S. Department of Energy’s (DOE) Argonne National Laboratory announced today that it is partnering with J.D. Power to inform the development of more accessible and reliable charging networks and drive the widespread adoption of electric vehicles (EVs) throughout America. A global leader in consumer insights, advisory services, and data and analytics, J.D. Power will share its EV Index-SM to provide Argonne researchers with new data sets offering valuable insights into the rapidly growing EV market, as well as a deeper understanding of the EV charging consumer experience. Funded by the Joint Office of Energy and Transportation and the Vehicle Technologies Office, the new data sets will include detailed information on EV driver quantities; patterns of EV adoption; and the preferences, usage patterns; and the challenges of EV charging infrastructure users.As the demand for EVs continues to rise, researchers and policymakers face the critical task of understanding consumer preferences, barriers to adoption, and charging experiences. This knowledge will help inform the development of a convenient and reliable national charging network, ultimately driving the widespread adoption of EVs. Read More
Drilling operations conducted by the Sirte Company have successfully opened two new oil production facilities in Libya.
Encouraging results were achieved after completing drilling operations on the exploration well J3-NC101 in the Murzuq Basin at a depth of 7,833 feet and the development well C347-6 in the Zelten field at a depth of 5,794 feet. The exploration well yielded a flow rate of 560 barrels of oil per day, which is expected to increase once the low-rate pump is replaced. The development well achieved a natural flow of 1,100 barrels of oil per day.
This important progress aligns with the National Oil Corporation’s plan to increase national crude oil production as a key pillar of its long-term energy strategy for Libya.
In response to this development, the NOC Chairman and Board of Directors extend their thanks and appreciation to the employees of the Sirte Company. Their efforts in raising production rates will contribute towards Libya’s economic development. Read More
NOC, has signed a contract with Schlumberger to drill three oil wells
Schlumberger will provide support to the National Drilling Company in drilling three wells for the Remas Libya Company in the Nesr and Al Waha fields.
The signing ceremony took place in the Ras Lanuf Hall and was also attended by the Chairman of the National Drilling Company, Abdul Moula Abu Fayed, as well as members of the company’s management committee, Sultan Abdulaziz and Mohammed Hussein, and the General Manager of Schlumberger Libya, Mustafa Ajaj.
Speaking at the ceremony, NOC Board Member, Hussein Saffar, expressed his satisfaction with the agreement and said that it marks an important step in developing the Libyan oil sector. He added that it demonstrates the Corporation’s commitment to working with companies from across the world to increase production and improve the operational efficiency of the sector. The General Manager of Schlumberger Libya, Mustafa Ajaj, also stated his happiness with the agreement and added that SLB has the necessary experience and technical capabilities to facilitate the increase in production at Libyan oil fields. The agreement is a ‘turnkey contract’, a first of its kind in Libya. Furthermore, it exemplifies the NOC’s commitment to enhancing collaboration with global companies to bolster production across Libyan oil fields Read More
Volkswagen continues to expand its design and engineering capabilities as well as grow its leadership team in North America with the addition of the company’s new Chief Engineering Officer, Lyndon Lie. Building on his extensive leadership experience at General Motors and Nikola Corporation, Lie will oversee the development of future Volkswagen vehicles for the North American market, as well as research and development priorities across North America.
Lie, who will be based in Chattanooga, Tennessee, brings extensive vehicle engineering experience that will help advance Volkswagen’s commitment to mobility innovation. Notably, this includes the design, development and launch of multiple battery electric vehicles (BEVs), as well as developing and launching advanced driver assistance systems. “Lyndon brings incredible experience to the Volkswagen brand, which will help us achieve our goal of growing our market share across North America in this decade,” said Pablo Di Si, President and CEO, Volkswagen Group of America. “Designing and engineering our vehicles to meet the unique needs of our markets is more critical than ever before. To achieve this, we continue to take proactive steps to strengthen our capabilities and experience within the North American market.” Prior to joining Volkswagen, Lie served as the global head of product development for the Nikola Corporation, where he was responsible for the development of new BEV and FCEV (fuel cell electric vehicle) heavy-duty trucks. Lie also spent nearly three decades at General Motors Corporation, having served as the global chief engineer for the Cadillac CT6 as well as overseeing the initial introduction of GM’s Super Cruise ADAS (SAE L2/L3) technology system. Read More
Toyota Indiana today celebrated the start of production of the first-ever Grand Highlander, an all-new three row SUV. In 2021, Toyota announced an $803 million investment in Indiana to produce two all-new SUV’s. First up, the 2024 Grand Highlander, featuring the latest technology, a spacious, adult-sized third row, and plenty of cargo space for family adventures. Today’s announcement also included a five-year, multimillion-dollar commitment to help create limitless possibilities for Indiana schools. The Toyota USA Foundation announced Driving Possibilities grants of up to $11.1 million to prepare students for future science, technology, engineering, and math (STEM) careers. Driving Possibilities focuses on PreK-12 education to ensure all students have access to rewarding careers, including opportunities in the auto industry. The initial funds will be distributed through Evansville-Vanderburgh School Corporation, North Gibson School Corporation, Building Blocks and Youth First Inc. to provide access to quality PreK education, resources to support student mental health, multi-language learning, and hands-on STEM programs for students and teachers. Read More
Toyota Connected North America (TCNA) today announced executive leadership appointments to further establish TCNA as a data and software innovation hub for Toyota. Known for the ground-up development and operations of Toyota Motor North America’s (TMNA) in-house telematics service provider, TCNA collaborates with TMNA and other global Toyota companies to provide millions of customers with data-driven services that enhance the Toyota and Lexus driving experience.
As Toyota transforms its vehicles to become more connected and electrified, TCNA aims to provide services that support Toyota’s global mission to become the electrified mobility company of choice for consumers. The following changes are effective immediately, unless otherwise noted. Read More
The newly developed electric motor, the class-leading Intelli-Lux LED® Pixel Light with a total of 168 LED elements, the head-up display or the natural voice recognition “Hey Opel” – the first electrified Opel Astra is full of technical highlights. But the engineers have also further developed the compact class bestseller in less visible areas. One safety specific feature now makes the new Astra Electric even safer: the adaptive belt force limiter. It controls the belt force, which acts on the body during an impact, even more precisely in order to reduce injuries as far as possible and at the same time protect the driver as much as possible.The development of the safety belt is inextricably linked to the further development of the intelligent high-tech dummies that are used in tests to simulate the effects of an impact on the human body before a safety system is approved for series production. The youngest generation is known as THOR. The abbreviation stands for “Test device for Human Occupant Restraint”. Equipped with over 120 sensors, THOR electronically senses and communicates what happens to it in the event of an impact. With this dummy’s help, the adaptive belt force limiter was developed, which was first used in the Opel Mokka and now in the Astra. It is another milestone in the decades-long development of passive safety features. And the possibilities are far from exhausted.
New challenges posed by automated driving
From 2026, for example, consumer protection tests are to evaluate injury values that consider the more fragile bone structure of senior citizens. The team in Rüsselsheim also has its sights firmly set on the more distant future: Automated driving will alter a lot completely. Above all, because vehicle occupants will no longer necessarily sit facing forwards, but may face each other. And some could even be lying down. Seat belts could be fully integrated into the seats. “We are already working intensively on what this means in detail for the restraint systems,” explains Peter Schüßler. With automated driving, the success story of seat belts, which has lasted for five decades, will then enter a new era of saving lives. Read More
The 49th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Friday, 04 August 2023.
The JMMC reviewed the crude oil production data for the months of May and June 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC). The committee urged all participating countries to achieve full conformity and adhere to the compensation mechanism. The committee reaffirmed the commitment of its member countries to the DoC which extends to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 4th of June 2023. It also noted to adjust of the frequency of the monthly meetings to become every two months for the JMMC and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting as agreed on in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022. The committee will continue to closely assess market conditions noting the willingness of the DoC countries to address market developments and stand ready to take additional measures at any time, building on the strong cohesion of OPEC and participating non-OPEC oil-producing countries. The committee also expressed its full recognition and support for the efforts of the Kingdom of Saudi Arabia aimed at supporting the stability of the oil market and reiterated its appreciation for the Kingdom’s additional voluntary cut of 1 million barrels per day and for extending it for the month of September. The committee also acknowledged the Russian Federation for its additional voluntary reduction of exports by 300 kbd for the month of September.
The next meeting of the JMMC (50th) is scheduled for 04 October 2023. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $82.79 | Up |
| Crude Oil (Brent) | USD/bbl | $86.16 | Up |
| Bonny Light | USD/bbl | $86.56 | Down |
| Saharan Blend | USD/bbl | $85.42 | Up |
| Natural Gas | USD/MMBtu | $2.56 | Up |
| OPEC basket 03/08/23 | USD/bbl | $85.47 | Down |
The Tohoku Region West Coast CCS initiative, a joint proposal by ITOCHU Corp, Nippon Steel Corp, Taiheiyo Cement Corp, Mitsubishi Heavy Industries Ltd, ITOCHU Oil Exploration Co Ltd, INPEX Corp, and Taisei Corp, has been selected by the Japan Organization for Metals and Energy Security (JOGMEC) to conduct a feasibility study for the Japanese Advanced CCS Project(1), a publicly offered project in FY2023.(2)
Japan’s Ministry of Economy, Trade and Industry (METI) set a goal of launching a public offering of carbon capture and storage (CCS) value chain operators by 2030, including carbon dioxide (CO2) emitting companies, and a number of advanced CCS projects for the social implementation of CCS, which is positioned as a means for decarbonization that should be fully harnessed, particularly in hard-to-abate industries(3), to achieve two targets of the Japanese government: carbon neutrality by 2050 and a 46% reduction in greenhouse gas emissions (from FY2013 levels) by FY2030.
Given the above governmental policy and targets as the background, four companies, ITOCHU, MHI, INPEX and Taisei announced on January 26 that they would carry out a study for launching a joint project relating to the separation, capture, ship transportation and storage of CO2 emitted particularly from hard-to-abate industries, selecting prospective sites for CO2 storage in Japan. Subsequently, Nippon Steel and Taiheiyo Cement are participating in the Initiative as CO2 emitting companies, and CIECO, a core operating company in the ITOCHU oil and natural gas development business actively involved in CCS and other decarbonization projects, joined the seven companies in conducting the Study. Read More
Baker Hughes Rig Count: U.S. The Worldwide Rig Count for July was 1,820, up 20 from the 1,800 counted in June 2023, and up 45, from the 1,775 counted in July 2022.
International Rig Count is down 6 rigs from last month to 961 with land rigs down 12 to 730, offshore rigs up 6 to 231.
| Region | Period | Rig Count | Change |
| U.S.A | 28 July 2023 | 664 | -5 |
| Canada | 28 July 2023 | 193 | +6 |
| International | July 2023 | 961 | +2 |
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