London, 18 September, 2023, (Oilandgaspress)- On the International Energy Agency’s recent Op-Ed published on 12 September 2023, asserting that fossil fuel demand would peak before 2030, OPEC notes that consistent and data-based forecasts do not support this assertion.
It is an extremely risky and impractical narrative to dismiss fossil fuels, or to suggest that they are at the beginning of their end. In past decades, there were often calls of peak supply, and in more recent ones, peak demand, but evidently neither has materialized. The difference today, and what makes such predictions so dangerous, is that they are often accompanied by calls to stop investing in new oil and gas projects. “Such narratives only set the global energy system up to fail spectacularly. It would lead to energy chaos on a potentially unprecedented scale, with dire consequences for economies and billions of people across the world,” says OPEC Secretary General, HE Haitham Al Ghais. This thinking on fossil fuels is ideologically driven, rather than fact-based. It also does not take into account the technological progress the industry continues to make on solutions to help reduce emissions. Neither does it acknowledge that fossil fuels continue to make up over 80% of the global energy mix, the same as 30 years ago, or that the energy security they provide is vital.
Technological innovation is a key focus for OPEC, which is why Member Countries are investing heavily in hydrogen projects, carbon capture utilization and storage facilities, the circular carbon economy, and in renewables too. While some may suggest that a number of these oil-focused technologies are still immature, they ignore the fact that many technologies referenced in net-zero scenarios are at an immature, experimental or even theoretical stage. In recent years, we have seen energy issues climb back to the top of the agenda for populations as many glimpse how experimental net zero policies and targets impact their lives. They have legitimate concerns. How much will they cost in their current form? What benefits will they bring? Will they work as hyped? Are there other options to help reduce emissions? And what will happen if these forecasts, policies and targets do not materialize? Thankfully, there has been a reawakening across many societies of the need for energy security and economic development to go hand-in-hand with reducing emissions. In turn, this has led to a reevaluation by some policymakers on their approach to energy transition pathways. “Cognizant of the challenge facing the world to eliminate energy poverty, meet rising energy demand, and ensure affordable energy while reducing emissions, OPEC does not dismiss any energy sources or technologies, and believes that all stakeholders should do the same and recognize short- and long-term energy realities,” says HE Al Ghais. In the interests of contributing to future overall global energy stability, OPEC will continue to cooperate with all relevant stakeholders to foster dialogue, that includes the views of all peoples, so as to ensure inclusive and effective energy transitions moving forward.
Volkswagen-owned Audi’s India unit said on Friday that any potential cut down on electric vehicle (EV) import taxes would help the German carmaker experiment better with models and pricing in the world’s third-largest car market. “If we get a window of three to five years where the government is able to reduce the duties, it will let us experiment what models make sense for India and help in terms of pricing points,” Audi India head Balbir Singh Dhillon told Reuters on the sidelines of a showroom launch in Bengaluru. Read More
Following the devastating floods in Libya last week, TotalEnergies answered Libya’s National Oil Corporation’s call for support from the very first hours of the tragedy. The Company mobilized land and air logistical resources to provide emergency aid for the thousands of people affected by the disaster in the Derna region, in the east of the country. As of today, TotalEnergies has shipped nearly 50 tons of essential goods, comprising medical supplies, food parcels including baby food, personal hygiene kits and solar lamps. Further shipments of approximately 50 tons of essential goods are planned in the coming days.
This operation is carried out by a dedicated TotalEnergies team, in coordination with the National Oil Corporation and the Red Crescent, with shipments organized by truck from Tripoli and by plane from Paris. Read More
Hyundai Motor Group (the Group) has announced a USD 1.1 million contribution to aid Morocco and Libya in their recovery efforts following severe earthquakes and floods. The donations come from the four affiliates of Hyundai Motor Group (Hyundai Motor Company, Kia, Hyundai Engineering & Construction, and Hyundai Engineering). These funds — USD 500,000 for Morocco and USD 600,000 for Libya — will be channeled to the International Federation of Red Cross and Red Crescent Societies (IFRC) through the Korean Red Cross.
In addition to the financial contribution, Hyundai Motor Company Middle East and Africa Headquarters, in cooperation with its Moroccan distributor, is providing transportation for government-led initiatives for school supplies, provision of psychotherapists, and blood donations. Furthermore, they are offering discounts on damaged vehicle parts and free inspections.
In cooperation with its Moroccan distributor, Kia Middle East and Africa FZE will also donate ambulance vehicles to the Moroccan government and offer support vehicles for local NGOs. Read More
The powertrain in Hyundai’s all-electric IONIQ 6 sedan was named one of the 2023 Wards 10 Best Engines & Propulsion Systems today. The annual awards from WardsAuto recognize compelling powertrain advancements that are all-new or significantly improved. The IONIQ 6 was selected for its performance, charging capability, range, and price. The Hyundai IONIQ 5 SUV was named one of the Wards 10 Best Engines & Propulsion Systems in 2022. Both the IONIQ 5 and IONIQ 6 [i] are powered by Hyundai’s exclusive Electric-Global Modular Platform (E-GMP) that allows for dual motors, maximum interior space, and optimized performance. Hyundai has earned sixteen Wards 10 Best Engines & Propulsion Systems recognitions since the annual awards’ inception in 1995. Read More
Orcadian Energy plc Proposed Farm-in to the Pilot Project : Farm-in Highlights
· Orcadian has entered into a non-binding Heads of Agreement (“HoA”) with a North Sea operator (the “Operator”), which details a potential farm-out of the Pilot development project. · This is a provisional agreement and there can be no guarantee that any transaction will occur. Any deal is subject to, amongst other matters, completion of due diligence; negotiation of documentation; and various regulatory and shareholder consents as well as Board approvals of the Operator and Orcadian.
· Orcadian has granted the Operator a commercial exclusivity period until 30 November 2023. to complete definitive documentation for the overall deal.
If the deal completes as documented in the HoA:
· This will enable Orcadian and the Operator to progress the development of the Pilot field, one of the largest undeveloped discoveries in the Central North Sea (“CNS”), with significant upside potential in the surrounding area.
· The Operator will become operator of the Pilot development and will acquire an 81.25% interest in Licence P2244 and will become operator of the Pilot development.
· Based upon the Competent Person’s Report (“CPR”) prepared by Sproule in 2021, the Operator will acquire net reserves or resources of 63.4 MMbbl on completion of the deal, with Orcadian retaining 14.6 MMbbl of 2P reserves, carried to first oil.
· The Operator and Orcadian will work to deliver a Field Development Plan (“FDP”) to the North Sea Transition Authority (“NSTA”) for a polymer flood development of the Pilot field with industry leading emissions performance.
· Orcadian management expect this updated development plan will now increase Pilot field reserves or resources by 5-10% relative to the 2021 CPR scenario audited by Sproule.
· Orcadian will retain an 18.75% carried interest in the Pilot development with the Operator paying 100% of the pre-first oil scope of work. After first oil, Orcadian will pay its working interest share of expenditure.
· Orcadian and the Operator have requested that NSTA extend the second term of licence P2244 and will also request an out-of-round application for the area of former Licence P2320 (which Orcadian had to relinquish earlier this year), in support of the Pilot development and the area plan.
· On completion of the transaction, extension of the P2244 licence, and a licence award over former P2320, Orcadian would receive a cash consideration of up to US$200,000 from the Operator, with a further US$3,000,000 being received on Pilot FDP Approval.
As previously noted, working capital remains very constrained. Cash at today’s date is c£90k, with a current monthly burn rate of less than £20k.
Steve Brown, Orcadian’s CEO, commented:
“We are delighted to have reached this agreement, which sets out a potential pathway to production for the Company’s Pilot field.
“The Pilot field has a substantial proven reserve base with material upside potential in the surrounding area. We are delighted this transaction could enable Orcadian to retain a significant interest in the project and to enjoy the long-term benefits of producing oil for the UK.
“Developing energy in our own backyard contributes to the UK’s Energy Security and balance of payments; delivers long-term high-quality jobs; and minimises emissions associated with satisfying the UK’s need for energy.
“We look forward to progressing the next stages of this proposed transaction and providing further updates.” Read More
In the Porsche Privacy Center, Porsche structures its customers’ data approvals specifically and transparently into three categories: product improvement, individual support of existing and potential new customers, and data sharing with third-party providers.
Porsche uses data in the development and optimisation of functions and services, and towards improving car models. As a result, digital innovations become part of a better customer experience. For example, based on usable data in the Porsche Communication Management (PCM), Porsche is continually improving the menu structure of the PCM. The improved user-friendliness benefits all Porsche drivers. A further example: usable charging data from electrically driven cars is not only used for the further development of the charging management and the battery control. It also constitutes an important foundation for future product decisions and developments. Read More
H.R. Owen, London-based Bugatti Partner has opened an all-new aftersales facility to complement the existing Bugatti showroom nestled among the high-end ateliers of Mayfair. As the only Bugatti Service Partner of Excellence in the United Kingdom, this new 554 sqm facility, located just North of London, is dedicated to the unconditional care and attention of Bugatti hyper sports cars, offering total peace of mind to customers throughout the country.
With seven advanced bays featuring newest technologies, the very latest diagnostic equipment and a team of experts, the London facility is fully equipped to undertake servicing and repairs on the illustrious Bugatti models that are part of the Chiron1 and Veyron 16.4 families, as well as the EB110 and EB110SS. To maintain leading-edge performance, reliability and manufacturer warranty, the Bugatti-trained technicians use bespoke high-tech tools and equipment dedicated to Bugatti hyper sports cars, such as the four hydraulic ramps. To minimize any customer inconvenience, Bugatti London offers a tailored chauffeur-driven collection service in addition to a variety of prestige car loans. As the number of Bugatti hyper sports cars in the UK – and among Bugatti London’s international customers – continues to grow, the London site will continue to be the beating heart of Bugatti’s operations in the UK.
The Bugatti London Service team is made up of highly-skilled people that trained directly at Bugatti’s HQ in Molsheim. Many of them have over a decade of experience working with Bugatti cars. Their intricate knowledge – helped by intensive model-specific training from the team that originally built the cars at the home of Bugatti in Molsheim – ensures that each example is maintained in perfect condition. Read More
SBM Offshore and Mitsubishi Heavy Industries Ltd. (MHI) announce the signing of a Partnership Agreement that will offer a CO2 capture solution for Floating Production Storage and Offloading vessels (FPSO) as they are producing oil and gas from offshore reservoirs. The agreement follows a successful engineering and design study between the companies demonstrating the technical feasibility and commercial readiness of CO2 capture technology offshore. The CO2 capture solution will apply MHI’s proprietary “Advanced KM CDR Process” technology, jointly developed with The Kansai Electric Power Co., Inc.
The technology enables significant greenhouse gas emissions reductions from FPSOs by capturing CO2 from onboard gas turbines. It is estimated that the CO2 capture technology can reduce CO2 emissions from overall FPSO operations by up to 70%. Read More
The Organization of the Petroleum Exporting Countries (OPEC) today turned 63.
Between 10-14 September 1960, representatives from five oil-producing countries – Dr Fuad Rouhani of Iran, Dr Tala’at al-Shaibani of Iraq, Ahmed Sayed Omar of Kuwait, Abdullah Al-Tariki of Saudi Arabia and Dr Juan Pablo Perez Alfonzo of Venezuela – gathered in the Al-Shaab Hall in Baghdad to found OPEC. This historic milestone marked the beginning of a new chapter in the oil industry.
The five Founder Members were soon joined by other oil-producing countries with mutual interests, such as supporting oil market stability and protecting the right of all countries to exercise permanent sovereignty over their natural resources in the interest of development.
For 63 years, OPEC has called for cooperation, dialogue and mutual respect among all, as well as the need to address challenges in a collective manner and use oil to support national growth and advancement. The most vivid demonstration of that is the ongoing ‘Declaration of Cooperation’ process, whereby OPEC is cooperating with 10 non-OPEC producing countries to achieve stability in the global oil market.
In reflecting on this occasion, HE Haitham Al Ghais, OPEC Secretary General, said: “OPEC is a unique Organization that has stood the test of time. For more than six decades, OPEC has endeavoured to support oil market stability in the interest of all producers and consumers, as well as the global economy at large, despite the challenges that have faced our industry.” “The history of OPEC is replete with many achievements. We are grateful for the support of our Member Countries and the entire OPEC Family. I am confident that the Organization’s best days lie ahead,” the Secretary General added.
The 63rd Anniversary of OPEC is being celebrated in Luanda, Angola, on the sidelines of the Angola Oil and Gas Conference and Exhibition. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $90.97 | Up |
| Crude Oil (Brent) | USD/bbl | $93.98 | Up |
| Bonny Light | USD/bbl | $88.35 | — |
| Saharan Blend | USD/bbl | $86.52 | — |
| Natural Gas | USD/MMBtu | $2.57 | Down |
| OPEC basket 15/09/23 | USD/bbl | $96.87 | Up |
Spectacular golf experience in a laid-back atmosphere and a dream day in Mallorca – the second staging of the Porsche Golf Circle Festival also thrills the Community with its mixture of attractive tournament golf and a relaxed festival atmosphere in the grounds of the renowned Club de Golf Alcanada. In an impressive setting with a view of the Illa de Alcanada and its the famous lighthouse, the 62 participants from 11 nations enjoyed the perfect day, which presented their passions for Porsche and golf in an intoxicating festival flair. Read More
Baker Hughes Rig Count
U.S. Rig Count is up 9 from last week to 641 with oil rigs up 2 to 515, gas rigs up 8 to 121 and miscellaneous rigs down 1 to 5.
Canada Rig Count is up 8 from last week to 190, with oil rigs up 6 to 119 gas rigs up 2 to 71.
| Region | Period | Rig Count | Change |
| U.S.A | 15 September 2023 | 641 | +9 |
| Canada | 15 September 2023 | 190 | +8 |
| International | August 2023 | 952 | -9 |
Lamborghini and Ducati together in the name of road safety with an innovative motorbike-to-car communication system
Lamborghini supports Ducati’s commitment to guaranteeing a higher level of safety for motorcyclists. The Bologna-based motorbike manufacturer was one of the leading players at the Demo Event organized at the Lausitzring race track (Germany) by the Connected Motorcycle Consortium to demonstrate the effectiveness of motorbike-car connectivity systems developed over the course of this cycle of the consortium’s research. The Connected Motorcycle Consortium (CMC) is an international association of leading manufacturers of two-wheeled vehicles that aims to include motorbikes in the future of connected mobility to improve the safety of motorcyclists. Car makers have been researching and developing Vehicle to Vehicle (V2V) communication technologies for years, and CMC has been working on also adding information sent by motorbikes (which have different needs and dynamics) so that this can be standardized in the future when the technology is integrated into the entire motorbike and car fleet in circulation. Read More
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Sustainable urban mobility can help address the challenges by reducing our dependence on private cars and shifting to more energy-efficient modes of transportation. Free2move is revolutionizing the mobility market with solutions that make the switch to electric vehicles easier and more affordable, while reducing the need to own a car.
The mobility provider is, therefore, actively helping the world meet the EV transition targets put forth by the automobile industry. Not everyone interested in supporting the energy transition is able to purchase an EV quickly and easily. By introducing EVs into their fleets, customers can participate in this transition by testing the vehicles before purchase or by integrating these vehicles into their transportation portfolio. Free2move is further advancing this by mapping out charging stations to make EV charging reliable and easy.
Free2move is a strategic part of the Stellantis Dare Forward strategy that Carlos Tavares outlined. As part of Stellantis Group, the brand aims to meet 2040 100 % of Low Emission Vehicles below 50g CO2 per kilometer in its fleet; first steps are 40% in 2025 and 60% in 2030. On top of that, another goal is to generate 40% of the mobility revenues with low-emission vehicles by 2030 – and 80% by 2038. Read More
Bentley Motors is to celebrate 20 years presence in Denmark with an exclusive representative Bentley Copenhagen. Bentley Copenhagen’s milestone also coincides with the 20th anniversary of the Bentley Continental GT. Launched in 2003, the definitive grand tourer was the first all-new Bentley of the modern era creating a new market sector, being the first with all-wheel drive and the first to feature the innovative W12 engine.
Twenty years ago, the very first car sold by Bentley Copenhagen was a stunning Dark Sapphire Continental GT. Currently in its third generation, both the Continental GT and GT Convertible have helped propel Bentley to its current status as the most sought-after luxury car brand in the world.
Two Continental GT models will be on show at Bentley Copenhagen, a facility operated by Semler Gruppen and the marque’s only retail partnership in Denmark. The first is a Continental GT Convertible S in Orange Flame. The second, a Continental GT Convertible Speed in Opalite, featuring the phenomenally powerful W12 TSI engine, from which ordering will cease mid-November 2023 in Europe as Bentley moves towards an electrified future with the Beyond100 strategy. Read More
