London, 11 September, 2023, (Oilandgaspress) : The Statistical Review of World Energy for 2022, published by the UK-based Energy Institute and consulting firms KPMG and Kearney, noted that fossil fuels constituted 82% of global energy in 2022.
A new era for ESG corporate reporting in the UK. The International Sustainability Standards Board (ISSB) issued IFRS S1 and IFRS S2 being its first global sustainability disclosure standards (the Standards) on 26 June 2023. IFRS S1 sets out disclosure requirements aiming to provide investors with information about the short, medium and long term sustainability related risks and opportunities that a company faces. IFRS S2 sets out specific disclosures that are climate related. But what does this mean for UK private limited companies?
The current position – ESG reporting in the UK
The ESG reporting standards and frameworks currently existing in the UK (being voluntary for many companies) each have a different focus, methodology and emphasis. There is therefore a lack of uniformity in ESG reporting in the UK. The Standards seek to create a global “common language” for disclosing the effect of sustainability-related risks and opportunities on a company’s financial prospects. It is hoped that the Standards will harmonise ESG reporting requirements and provide consistency and comparability between entities that will benefit stakeholders. Read More
The Prime Minister of India, Mr. Narendra Modi, the Chair of the African Union and President of the Comoros, Mr. Azali Assoumani, the President of the French Republic, Mr. Emmanuel Macron, the President of the World Bank, Mr. Ajay Banga, the Managing Director of the International Monetary Fund, Ms. Kristalina Georgieva, and the President of the European Commission, Ms. Ursula von der Leyen today issued the joint statement below:
“Following the earthquake of September 9, we express our full solidarity with the Moroccan authorities and people, and offer our condolences to the families of the victims.
“We also express our willingness to support Morocco in the best possible way.
“We have been and continue to be committed partners of Morocco, supporting the authorities’ as they have built an inclusive and resilient economy with strong institutions.
“This strength will serve the Moroccan people well as they recover from the devastation of the earthquake. “With all our international partners, we stand by Morocco to provide all the necessary support for any urgent short term financial needs and for the reconstruction efforts. “To this end, we will mobilize our technical and financial tools and assistance in a coordinated way to help the people of Morocco overcome this terrible tragedy”. Read More
International Monetary Fund Managing Director Kristalina Georgieva made the following statement today at the G20 Leaders’ Summit in New Delhi, India:
“I would like to congratulate Prime Minister Narendra Modi for his successful leadership of the G20. Leaders wholeheartedly embraced the theme of India’s Presidency of “One Earth, One Family, One Future” and conveyed a strong consensus for joint action to address global challenges in the New Delhi Declaration. I am also very pleased that the G20 welcomed the African Union as a permanent member.
“Our one and only earth is threatened by existential climate change. Ahead of COP28, we must raise ambition to decisively reduce emissions to prevent grave risks to economic wellbeing and macro-financial stability. Transforming this ambition into reality will require large investments both from the international community and the private sector, as well as an appropriate price for carbon. “G20 members must lead by example in delivering on the promises of $100 billion per year for climate finance, supported by strengthening the Multilateral Development Banks. At the IMF, we have secured over $40 billion to support vulnerable countries through our Resilience and Sustainability Trust (RST) to build climate resilience. Read More
Toyota Motor Corporation (Toyota), Toyota Fudosan Co., Ltd. (Toyota Fudosan), and Toyota Alvark Tokyo Corporation (Toyota Alvark Tokyo) announced today that Toyota has acquired the naming rights for the new arena for the TOKYO A-ARENA PROJECT developed by the three companies and that the name has been decided as TOYOTA ARENA TOKYO. The new arena is being constructed in the Odaiba area (Aomi, Koto-ku) and is scheduled to open in fall 2025. The name reflects Toyota’s gratitude to sports and athletes who bring us courage and energy and its desire to continue supporting those who push the limits of sports and expand potential from the Project’s location in Tokyo to all of Japan, and from Tokyo to the rest of the world. Read More
China’s Gotion High-tech Co Ltd (002074.SZ) will set up a $2 billion electric vehicle (EV) lithium battery manufacturing plant in Manteno, Illinois that would create about 2,600 new jobs, the state governor’s office said on Friday.
Global EV battery makers and automakers have been eyeing the North American market for setting up new manufacturing plants as they look to diversify supply chains and attract incentives under the Inflation Reduction Act. Read More
The $13 billion, 4,128 km pipeline stretching from Warri in southern Nigeria through Niger to Algeria’s Hassi R’Mel gas hub, on the cards since 2002, would carry 30 Bcm of gas daily, according to a communique by the three countries last year. Nigeria – Africa’s biggest oil producer but a marginal gas player – has declared the 2020s to be a “decade of gas”. However, the plan risks collapsing altogether after a military coup in Niger in July saw Nigeria-led regional bloc ECOWAS threaten to deploy troops. Meanwhile, domestic infrastructure woes in Nigeria – particularly on the faltering AKK pipeline – have led many to question the viability of a project that aims to connect Africa’s biggest gas reserves with European countries looking to replace Russian hydrocarbons. Read More
Owners VW Group confirmed that the SEAT badge will no longer grace the road from 2024.
Instead, it will be incorporated into Cupra, a performance-focused manufacturer that previously formed part of SEAT.
Speaking at the Munich Motor Show on Monday, VW chairman Thomas Schafer said: “The future of SEAT is Cupra.”
He added that the cost of funding both as separate entities had become “prohibitive” and that the company had chosen to back Cupra due to its “far greater” potential for profit. Read More
Volkswagen Group’s brand Elli will showcase new charging products and services as well as unveil its future plans at this year’s International Motor Show (IAA) in Munich. Elli will also give a sneak peek at upcoming energy innovations and its transition to providing holistic energy solutions.
At the heart of Elli’s IAA product presentation is the Flexpole. This easy-to-install and flexible fast charging station with an integrated battery storage system can be connected to a low-voltage grid without a special transformer or costly construction work. The Flexpole’s two connectors can deliver fast-charging speeds at up to 150 kW which can deliver up to 160 km range within 10 minutes, depending on the vehicle.
“With the new Flexpole and the continued expansion of Elli’s charging network to more than 540,000 charge points, we are quickly and reliably driving forward e-mobiliy’s expansion. Elli is already one of the largest e-mobility service providers in Europe. But, customers aren’t just interested in quantity – and that’s why we’re focusing much more on the holistic charging experience,“ explains Elli CEO Giovanni Palazzo in Munich. Read More
Stellantis N.V. announced today that pursuant to its Share Buyback Program (the “Program”) announced on February 22, 2023, covering up to €1.5 billion (total purchase price excluding ancillary costs) to be executed in the open market with the intent to cancel the common shares acquired through the Program and following the completion of the first and second tranches of the Program as previously announced, Stellantis has signed a share buyback agreement for the third tranche of its Program with an independent investment firm that makes its trading decisions concerning the timing of purchases independently of Stellantis.
This agreement will cover a maximum amount of up to €500 million. The third tranche of the Program shall start on September 11, 2023 and end no later than December 11, 2023. Common shares purchased under the Program will be cancelled in due course.
Any buyback of common shares in relation to this announcement will be carried out under the authority granted by the general meeting of shareholders held on April 13, 2023, up to a maximum of 10% of the Company’s capital, or any renewed or extended authorization to be granted at a future general meeting of the Company. The purchase price per common share will be no higher than an amount equal to 110% of the market price of the shares on the NYSE, Euronext Milan or Euronext Paris (as the case may be). The market price will be calculated as the average of the highest price on each of the five days of trading prior to the date on which the acquisition is made, as shown in the official price list of the NYSE, Euronext Milan or Euronext Paris. The share buybacks will be carried out subject to market conditions and in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.
As of today, following the relevant portions of the first and second tranches, the remaining authorization stands at approximately 260 million shares, which is expected to be adequate to cover this Program, as well as any repurchase(s) of the 99.2 million shares currently owned by Chinese JV partner Dongfeng Corporation under the terms announced on July 15, 2022. Read More
Tata Motors announced the delivery of 181 Winger veterinary vans to the Government of Odisha. The vehicles were flagged off by the Hon’ble Chief Minister of Odisha, Shri Naveen Patnaik, along with delegates from the Government of Odisha and Tata Motors. The specially customised Tata Winger will be utilised as veterinary vans by Directorate of Animal Husbandry & Veterinary Services, Government of Odisha. Tata Motors emerged as the top bidder, as per the terms and conditions of the Government body, and delivered the fleet of fully-built Winger veterinary vans equipped with state-of-the-art features. The e-bidding process was carried out through the Government e-Marketplace.The Tata Winger is powered by the 2.2-litre DiCOR engine with improved torque and better fuel economy. It also offers an ECO switch and Gear Shift Advisor that helps in increasing the fuel efficiency. Read More
Aged 97, Per Anders Ygberg reflects on a remarkable career as Sweden’s first and foremost Porsche dealer – and how a shared passion for Porsche reunited him with his soulmate. As Porsche’s sole emissary in Sweden, Ygberg was introduced to a diverse and inspirational range of customers, from architects and engineers to artists and musicians – one of his first clients was the director of the Royal Swedish Opera. And as Porsche began to make a name for itself among Swedish high society, it began attracting the attention of the country’s royal family, and Ygberg soon found himself delivering cars to the heir apparent, Prince Bertil, for demonstration drives.
“Sometimes they would ask me to come up to the castle with a new model to try out,” he says. “The prince and his friends loved Porsche and he always wanted to be the first to know about the new models and it was my job to supply him with that knowledge. But when we were out driving them he was just like any other Porsche guy. No different at all.” Read More
Emma Raducanu in China: the Porsche Brand Ambassador and Grand Slam winner is visiting her mother’s home country for the first time since 2019. In an interview with Porsche Newsroom, she talks about her experiences in Shenyang, Mahjong evenings around her grandma’s kitchen table, tennis as well as her enthusiasm for Porsche and motorsports. Read More
Bugatti Bolide features an innovative new carbon fiber monocoque developed to the same demanding Fédération Internationale de l’Automobile LMH and LMDh requirements as Le Mans race cars.The Bolide’s new monocoque mirrors the proportions of a sleek catamaran, meaning that the driver and passenger sit perfectly balanced inside the car. This arrangement also enables the peerless W16 powertrain to be positioned 60mm further forward than in the Chiron2, ensuring an ideal packaging for track use. As a result, the engine benefits from a new arrangement that allows it to be optimally integrated within the monocoque. The Bolide’s incredible performance necessitated a monocoque even stronger and stiffer than the Chiron’s. Safety requirements from the Fédération Internationale de l’Automobile (FIA) for LMH and LMDh regulations for Le Mans race cars drove development of the new structure and were chosen because they are among the most stringent safety regulations in the world of motorsport. Moreover, crash test requirements for track-only racing cars are unique, furthering the need for a clean-sheet design devoid of any compromise. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $87.05 | Down |
| Crude Oil (Brent) | USD/bbl | $90.40 | Up |
| Bonny Light | USD/bbl | $88.35 | — |
| Saharan Blend | USD/bbl | $86.52 | — |
| Natural Gas | USD/MMBtu | $2.56 | Up |
| OPEC basket 08/09/23 | USD/bbl | $92.84 | Down |
The US Department of the Interior has approved the Revolution Wind project. Located 15 nautical miles south-east of Point Judith, Rhode Island, the new wind project will have capacity of about 704 MW of clean energy, capable of powering nearly 250,000 homes.
US President Joe Biden’s goal is to deploy 30 GW of offshore wind energy capacity by 2030. This is the Department’s fourth approval of an offshore wind energy project, joining the Vineyard Wind project offshore Massachusetts, the South Fork Wind project offshore Rhode Island and New York, and the Ocean Wind 1 project offshore New Jersey.
‘President Biden has set an ambitious goal of achieving 30 GW of offshore wind by 2030 – and I am more confident than ever that we will meet it. Together we are building an entirely new industry off the east and west and Gulf coasts,’ said US Secretary Deb Haaland. The US offshore wind industry is ‘booming’, according to Assistant to the President and National Climate Advisor Ali Zaidi, creating new opportunities up and down the supply chain. ‘Thanks to the Biden-Harris Administration’s historic climate and clean energy agenda, companies have quadrupled their US offshore wind investments to over $20bn.’ Read More
Octopus Energy has teamed up with UK Power Networks to offer households free energy to help the grid exploit excess renewable power.
Participating customers in the UK will get free electricity when there is excess electricity on the local grid from abundant renewables. Based on UK Power Networks’ forecasts, Octopus will send customers a notification of the times they can ‘power-up’ their homes for free a day in advance. Read More
The UK government has announced new measures that aim to help supportive communities take forward onshore wind projects in England. However, industry bodies say the policy changes do not go far enough. Planning rules have been streamlined, meaning local areas in England will have a greater say in how onshore wind projects should be considered, ultimately resulting in electricity bill savings and increased national energy security, according to the UK government.
The new measures, which came into immediate effect, include broadening the ways that suitable locations can be identified, including by communities, and speeding up the process of allocating sites by giving alternatives to the local plan process. ‘This will ensure the whole community has a say, not just a small number of objectors – paving the way for more onshore wind projects to come online where they have community support,’ it said.
Communities backing local wind farms could also benefit from cheaper energy under proposals to incentivise more projects that were also announced. The government has consulted on proposals for improved benefits and rewards for communities backing onshore wind farms and will set out next steps this Autumn. Read More
Baker Hughes Rig Count
U.S. Rig Count is up 1 from last week to 632 with oil rigs up 1 to 513, gas rigs down 1 to 113 and miscellaneous rigs up 1 to 6.
Canada Rig Count is down 5 from last week to 182, with oil rigs down 2 to 113 gas rigs down 3 to 69.
| Region | Period | Rig Count | Change |
| U.S.A | 8 September 2023 | 632 | +1 |
| Canada | 8 September 2023 | 182 | -5 |
| International | August 2023 | 952 | -9 |
Octopus Energy has announced a significant financial boost for customers with an electric vehicle (EV) and solar panels, allowing them to combine both their ‘Intelligent Octopus’ and ‘Outgoing Octopus’ tariffs.
Customers who so far combined ‘Intelligent Octopus’ for importing power with Octopus’ ‘Smart Export Guarantee’ (SEG) tariff for exporting power will automatically get upgraded to ‘Outgoing Octopus’.
Around 4,000 existing customers and new customers will benefit from higher payments going forward, receiving almost four times the payments than they were before – with an increased fixed rate of 15p for every kilowatt hour (kWh) of electricity they export, rather than 4.1p per kWh on the SEG. This means an average household will earn over £150 more a year for the electricity they export. Existing customers don’t have to do anything. The switch will happen automatically this week and all affected customers will get notified by Octopus Energy via email. Read More
Kent, a global leader in integrated energy services, has had an excellent first half of 2023, announcing some key international project wins, bringing over $900 million in new contracts to the business, including growth on existing contracts.
The company’s H1 awards soared to over $900 million, putting it on track to surpass last year’s record-breaking order book. Kent attributed its success to increasing activity in key geographical markets and across the energy transition spectrum. Some of the highlights include:-
• New market expansion into Brunei in a newly established joint venture – Serikandi Kent Energy Solutions – with two contract awards for major International Energy Companies (IECs).
• A five-year engineering and procurement services agreement in Canada.
• Several sizable Project Management Consultancy (PMC) contracts from an existing framework agreement with a major national energy company in the Middle East.
• Multiple commissioning contract awards in various locations including chemical facilities in Canada, China and Turkey and a major LNG regasification plant and pipeline in the US Gulf Coast.
• A FEED and detailed design contracts in the UK offshore wind market for bp’s Morgan & Mona, and bp and EnBW’s Morven Offshore Wind Project.
• A FEED contract for ExxonMobil’s large-scale plastic waste advanced recycling program.
• A FEED contract for Grenian Hydrogen’s six green hydrogen production sites.
• Solid natural growth from long-term framework agreements with IECs in both Kazakhstan and Canada.
• Award of over 20 new long-term framework agreements for consulting, engineering, PMC, and construction services globally with both regional and international energy companies. Read More
The Gas Exporting Countries Forum (GECF) marked a significant step towards its flagship event, the 7th Summit of Heads of State and Government, by convening the 4th High-Level Ad-Hoc Working Group (HLAHWG) meeting today at the GECF Secretariat. This gathering sets the stage for the Summit, scheduled to take place on 2 March 2024 in Algiers, Algeria, with associated events commencing on 29 February.
The HLAHWG, comprising representatives from GECF member countries, including Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Nigeria, Qatar, Russia, Trinidad and Tobago, UAE, and Venezuela, oversees the preparations for the upcoming edition of this biennial gathering.
During the session, the Algerian delegation presented comprehensive updates on the ongoing preparations, as well as insights into the Summit’s draft agenda and draft declaration.
The GECF Summit represents a pivotal moment for member countries and the global energy community. It serves as a platform for fostering international cooperation, addressing critical energy challenges, and shaping the future of the gas industry.
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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