London, 14 May 2024, (Oilandgaspress): –Europe’s supermajors are doubling down on their core business, returning cash to shareholders and considering relocation to the United States to boost their valuations. Shell, BP, and TotalEnergies are rediscovering themselves and activist investors are not liking it—but everyone else is.
Three years ago, Big Oil supermajors in Europe were all about the energy transition and pivoting from their core business to a greater diversification into things like wind, solar, EV charging, biofuels, and all things non-hydrocarbons. Read More
Lilium N.V. , developer of the first all-electric vertical take-off and landing (“eVTOL”) jet and global pioneer in Regional Air Mobility (RAM), announced their partnership with advanced air mobility (AAM) operator UrbanLink to operate Lilium Jets in South Florida. As part of the agreement, UrbanLink will purchase 20 Lilium Jets, with scheduled pre-delivery payments, and become the first airline in the U.S. fully committed to integrating eVTOL aircraft into its fleet.
Newly launched, UrbanLink is led by Ed Wegel, a seasoned airline executive with 40 years of experience in financing, operations, and distribution. Wegel has raised more than $1 billion for aviation ventures and led FAA certifications for two U.S. Part 135 airlines and several U.S. Part 121 carriers, including achieving the 2014 certification of Eastern Air Lines’ 737-800 fleet in a record-breaking eight months. Most recently, Wegel served as CEO & Founder of GlobalX, America’s fastest-growing charter airline. Wegel has also served as a board member for private and public airlines including Atlantic Coast Airlines, BWIA International Airlines, and Eastern Airlines. He was also a key developer of JetBlue’s initial business plan.
Wegel said, “While many airlines have discussed the potential of operating eVTOL aircraft, none have made a definitive commitment. UrbanLink will be the first airline in the U.S. to integrate eVTOL aircraft into its fleet. We are dedicated to revolutionizing the way people move to and from as well as within urban cores. After thorough evaluation of various manufacturers, we found the Lilium Jet to be the optimal choice for our needs, thanks to its superior cabin design, range, capacity, and cost-effectiveness.”
Lilium’s partnership with UrbanLink marks a critical milestone in accelerating the adoption of AAM in South Florida. UrbanLink’s entry into the region includes plans to utilize the network of Florida vertiports that Lilium and its partners have diligently worked on over the past five years.
UrbanLink sees eVTOLs as a key driver of sustainable regional connectivity across South Florida. The Lilium Jet, with its planned launch range, is poised to fulfill this vision by linking major cities such as Miami, West Palm Beach, Boca Raton, and Fort Lauderdale, extending seamlessly across the peninsula to Marco Island. The service launch is targeted for 2026. Read More
Lilium N.V., developer of the first all-electric vertical take-off and landing (“eVTOL”) jet and global pioneer in Regional Air Mobility (“RAM”), confirmed that it is in advanced discussions with the French government on plans to expand its high-volume production capacity with an industrial footprint in France and on potential government subsidies and loan guarantees. This follows a French government announcement of the talks at the Choose France Summit in Versailles on May 13.
Lilium is currently evaluating several possible sites in France, including in the aerospace and battery production hotbeds of Nouvelle Aquitaine, to expand its industrial footprint, with discussions expected to reach conclusion in the coming weeks. Among the many reasons to choose France, Lilium is attracted by France’s well-established aerospace industry, expertise in electric mobility, highly skilled workforce, and supportive government environment. With an estimated total future investment of up to €400 million over several years, Lilium would have the potential to create up to 850 new direct jobs with this expansion of its industrial footprint.
Founded in 2015, Lilium is a world-leading pioneer in the field of eVTOL technology and electric regional air mobility; and the only manufacturer worldwide with a certification basis for eVTOL aircraft in both Europe and the United States.
Initial production of the Lilium Jet began in 2023 at Lilium’s headquarter site close to Munich, Germany. With entry into service of the Lilium Jet planned for 2026, Lilium is preparing for larger scale production to meet expected global market demand.
Lilium has an order pipeline consisting of over 780 Lilium Jets including binding orders and MoU agreements from operators in the United States, South America, Europe, Asia, and the Middle East. According to estimates by Morgan Stanley as of 2021, the global eVTOL market could be worth $1 trillion in global revenues by 2040. The planned new high-volume production facilities in France will serve the global market.
Lilium is currently working with multiple Tier 1 suppliers, including established French players such as Saint-Gobain, Michelin, Expliseat and Ratier-Figeac. By expanding its manufacturing operations in France, Lilium expects to further leverage France’s unique heritage and vast supplier base in aerospace and electrification. .. Read More
Global sales of hydrogen-powered vehicles slumped by 36.4% in the first quarter of 2024 on a year-on-year basis — from 3,743 in Q1 2023 to just 2,382, according to Korean analyst SNE Research.
The US saw the biggest fall in sales, plummeting from 731 in the first quarter of 2023 to just 223 in Q1 2024 — a 69.5% drop, closely followed by South Korea, which saw purchases fall 67% from 1,914 to 623 over the same period.. Both countries saw major fuelling outages and big increases in the cost of H2 fuel in 2023, which are likely to have led to sinking consumer confidence in fuel-cell electric vehicles (FCEVs) — despite manufacturers offering new vehicles at half price.
However, Europe and Japan both saw significant growth, albeit from low numbers, rising from 128 to 432 (a 137.4% rise) and 113 to 262, respectively, over the same period.Global sales of Hyundai FCEVs (the Nexo car and Elec City bus) fell from 2,044 in Q1 2023 to just 691 in Q1 2024, a 66.2% drop, while sales of Toyota’s FCEVs (the Mirai globally and the Crown in Japan only) slumped from 906 in Q1 2023 to 868 in Q1 2024. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $78.93 | Up |
| Crude Oil (Brent) | USD/bbl | $83.17 | Up |
| Bonny Light | USD/bbl | $83.51 | Down |
| Saharan Blend | USD/bbl | $83.01 | Down |
| Natural Gas | USD/MMBtu | $2.32 | Up |
| Murban Crude | USD/bbl | $84.00 | Up |
| OPEC basket 13/05/24 | USD/bbl | $83.43 | Down |
In a groundbreaking collaboration between world-renowned three-Michelin-star Chef Corey Lee and Hyundai Motor Group Innovation Center Singapore (HMGICS), Na Oh, a new restaurant concept, is set to add a unique offering to the rich culinary landscape in Singapore.
Na Oh – which means ‘moving from inside out’ in Korean – will be more than just a restaurant. It will be a destination in Singapore that stands as a cultural hub for Korean cuisine, craft and design.
Led by the culinary vision of San Francisco-based Chef Corey Lee, Na Oh explores traditional Korean cuisine through a modern lens. Na Oh marks Chef Corey Lee’s first project in Southeast Asia, adding an exciting dimension to the city’s culinary offerings.
HMGICS will be at the core of Na Oh’s concept. Integrating Na Oh at HMGICS will further extend the hub’s customer experience beyond a conventional automotive production facility, transforming it into a unique hospitality destination in Singapore.
Utilizing cutting-edge automation and robotics technology, HMGICS operates a two-story vertical smart farm with the capacity to produce over 30kg of fresh produce daily. It is the world’s first robotics smart farm for customer experience and the first of its kind in the world to be open to visitors. Na Oh will source ingredients directly from this facility, establishing a direct connection between food and innovation to offer a unique and refined farm-to-table experience.
“It has been inspiring to bring together the innovation that Hyundai offers at HMGICS with traditional cooking techniques that we have reimagined for the menu,” said Chef Corey Lee. “I hope to bring a fresh and new option for Korean cuisine to Singapore, a country renowned for its food lovers. While Na Oh will be a casual family restaurant, we will be serving the same quality products and technical preparations usually reserved for fine dining. I’m excited to make this kind of dining experience more accessible, made possible through Hyundai’s commitment to enhancing the visitor experience at HMGICS”
Under the guidance of Chef Corey Lee, Na Oh’s culinary team will deliver an exquisite hansik cuisine calibrated for the modern palate. Drawing inspiration from Korean traditions, Na Oh will not only tantalize taste buds but also provide cultural insights through its curation and collaboration with many of Korea’s master artisans. Na Oh is set to open to public in June 2024. Read More
Hyundai Motor America once again put on an impressive display of speed as the team battled its way through the tricky twists of WeatherTech Raceway Laguna Seca to earn the manufacturer’s third double-podium finish in as many races.
From the green flag, Harry Gottsacker in the No. 33 Hyundai Elantra N TCR and Mark Wilkins in the No. 98 car were in pursuit of the lead as they started from third and fourth place on the grid, respectively. After a caution, Gottsacker moved into second with the rest of the Hyundai stable filing in behind him. The No. 33 and No. 98 jockeyed for position at the front of the grid, but clever strategy allowed for the No. 98 Elantra N TCR of Mason Filippi to jump to the top of the field and hold the lead for 23 laps. After battling for first in the closing stages of the race, Filippi brought the No. 98 across the line in second position, with Robert Wickens following close behind in the No. 33 to take third.
After two hours of intense racing, Hyundai took half of the top ten finishing positions, with those not on the podium finishing consecutively in seventh, eighth and ninth. Seventh place was secured by the No. 99 piloted by Victor Gonzalez and Tyler Gonzalez, Jr. Eighth position was taken by Preston Brown and Denis Dupont in the No. 76, and ninth place went to the No. 77 piloted by Tayler Hagler and Bryson Morris.
After showing strong pace, the No. 80 Victor Gonzalez Racing Team Hyundai Elantra N TCR piloted by Chase Jones and Morgan Burkhard encountered a mechanical issue, ending their race early.
Hyundai and Bryan Herta Motorsport were joined by Hyundai Hope on Wheels Youth Ambassador Oliver Foster, with Foster taking an honorary co-driver role for the No. 33 Hyundai Elantra N TCR.
Following the third round of IMPC competition, Hyundai sits second in the 2024 IMPC Manufacturers’ Championship standings. Up next, the Hyundai stable will take on The Esses 120 at Watkins Glen on June 22, 2024.
• Top-Finishing Hyundai: Second place for the No. 98 Bryan Herta Autosport Hyundai Elantra N TCR driven by Mark Wilkins and Mason Filippi
• Top-Qualifying Hyundai: Third place for the No. 33 Bryan Herta Autosport Hyundai Elantra N TCR driven by Harry Gottsacker and Robert Wickens . Read More
Prospex Energy plc, the AIM quoted investment company, is pleased to announce its audited Final Results for the year ended 31 December 2023 and Notice of Annual General Meeting (“AGM”) on 12 June 2024.
Corporate and Financial Highlights
• Exemplary safety performance by our operators, contractors and partners with just one minor lost time incident at our Spanish asset and no environmental issues or incidents.
• Two operating and revenue generating onshore natural gas investments situated in stable European countries.
• The Company recorded a loss for the year of £1,231,400 (2022: profit: £7,136,907). This was caused by the re-adjustment of commodity prices to more normal levels, following the unsustainable and inflated high prices of 2022 attributable to the commencement of the Russian-Ukraine conflict. This resulted in the revaluation of investments at fair value leading to a reduction of 2.9% to £15,594,931 from £16,064,640 in 2022 and the unrealised loss of £469,709 compared to an unrealised gain in 2022 of £9,367,435 (which was largely due to the Company’s increased working interest in Selva from 17% to 37% in April 2022).
• By September 2023, all of the convertible loan notes issued in July 2022 were converted to equity at 4.25p per share. The £1.87 million raised through the issue of these convertible loan notes helped to fund the Selva development project to first gas.
• In April 2023, the Company strengthened the board with the appointment of Mr. Andrew Hay as Non-Executive Director.
• Significantly strengthened the balance sheet as a result of the conversion or repayment of the bulk of its interest-bearing debts.
Post period highlights
• All remaining interest-bearing debt outstanding plus accrued interest, was repaid by 31 March 2024.
• No further debt or equity raises have occurred between the reporting date and the date of this report.
• The Company is debt free, cash generative and well positioned for growth.
Operational Highlights
Selva Field – Northern Italy
• 18-month gas sales contract with BP Gas Marketing (“BPGM”) signed by Po Valley Operations Limited (“PVO”), on behalf of the Joint Venture in February 2023.
• In May 2023, construction of the gas processing facility at the Podere Maiar-1 wellsite at the Selva field was completed on schedule and within 3% of budget with successful connection to the Italian National Transmission System Operator (“SNAM”) gas grid.
• PVO successfully recovered the €757,000 performance bond (€280,090 net to PXEN) previously deposited with SNAM.
• In June 2023, Italian Energy Ministry issued the formal documentation to enable the commencement of gas production from the Selva field.
• First gas was achieved from the Selva field on 4 July 2023.
• By year end, following completion of the commissioning of the new gas processing facilities at Selva, production has steadily increased to a stable rate of ≈ 80,000 scm/d.
El Romeral – Southern Spain
• In 2023, the El Romeral power plant generated gross revenues from electricity production of €1.8 million (≈€0.9 million net to PXEN).
• In May 2023 through Tarba Energía Srl (“Tarba”) the operating company, 20 hectares of land adjacent to the El Romeral power plant was leased for 25 years for Project Helios a 5MW solar photovoltaic Read More
TechnipFMC (NYSE: FTI) has been awarded a significant(1) integrated Engineering, Procurement, Construction, and Installation (iEPCI™) contract by Woodside Energy (LON: WDS) in Australia.
TechnipFMC will design, manufacture, and install the subsea production system, flexible pipe, and umbilicals for the Xena Infill well (XNA03) to support ongoing production from the Pluto LNG Project. The award follows an integrated front end engineering design (iFEED™) study.
The project will use the Company’s Subsea 2.0® production system. Xena Phase 3 will be tied back to existing subsea infrastructure previously supplied by TechnipFMC.
Jonathan Landes, President, Subsea at TechnipFMC, commented: “We are proud to be delivering a fully integrated project from concept to execution. This project will help our long-term client meet their objectives, demonstrating the favorable impact iFEED™, iEPCI™, and Subsea 2.0® can have on project economics.”
The contract is the latest call-off on the framework agreement between Woodside Energy and TechnipFMC. Read full article
A closing door, an engine warming up, and the windshield wipers gliding over the windshield — in a vehicle, there are countless sound sources. As a driver, you tend to take little notice of them. Only when something unusual rattles, thuds or crunches do you pay attention and wonder: is something not right here?
However, in a Porsche, all the natural, overlooked sounds produced during normal operation are meticulously harmonized. And not everything is truly overlooked. Some even contribute to the unique Porsche sound. To create this sound and make a journey in a Porsche an impressive and special experience, there are people like David Sadowski.
Sadowski is an acoustic engineer and works at the Zuffenhausen site in quality assurance and analysis. He has been with Porsche since 2015 and previously worked at the Weissach development site. Acoustics play a crucial role there, even in the pre-series of a model. Numerous vibration technicians and acousticians ensure the unique Porsche sound in every new vehicle. In 2018, Sadowski established acoustic quality analysis in Zuffenhausen, where he leveraged his expertise and cross-departmental measurement techniques.
Meet Sam — the artificial head
One of his most important tools: the artificial head. The artificial head is a so-called sound acoustic module, and his human colleagues affectionately call him ‘Sam’ for short. Sam has all the acoustically relevant components of an upper body and an outer ear. This guarantees a natural listening impression, which provides the best conditions for evaluating product sounds.
Incorporated into him is a binaural measurement system, meaning he has two ears with two ICP® microphones. These microphones have their own preamplifiers and can record in a dynamic range of 130 dB, meaning they can capture especially loud or quiet tones with consistent quality.. Read More
Automobili Lamborghini’s video for the European Month of Diversity
Expressing emotions through mere touch of the hands, describing what cannot be seen with the eyes. These are the themes addressed in the new Automobili Lamborghini video that shows how each emotion is unique, just as the way to express it is unique. “The Touch: The Power of Emotions”: the video coincides with the European Month of Diversity, highlighting the attention the Sant’Agata Bolognese company dedicates to the issues of diversity and inclusion.
The video, for which Automobili Lamborghini would like to thank UICI (the Italian Union of the Blind and Visually Impaired ETS – APS), describes the sensations experienced by the protagonists when touching a Huracán Tecnica[1]. Every intensity of emotion, detected through sensors attached to their hands, corresponds to a different color because, as one of them says, “touching means gaining access to all forms of knowledge.”
The video was inspired by a real event at Bologna Guglielmo Marconi Airport when Luca Grasso, Director of Polo Tattile Multimediale in Catania (a multimedia touch center for the blind and visually impaired), was refused the chance to touch a Lamborghini on display there. This episode motivated Automobili Lamborghini to make contact with the Milan branch of the UICI and work on this project together. . Read full article
NNPC Exploration and Production Limited (NNPC E&P Ltd), NNPC Ltd’s flagship upstream subsidiary, and Natural Oilfield Services Ltd (NOSL), a subsidiary of Sterling Oil Exploration & Energy Production Company Ltd (SEEPCO), announces the successful commencement of oil production at Oil Mining Lease (OML) 13 in Akwa Ibom State, Nigeria.
The production, which commenced on the 6th of May 2024 with 6,000 barrels of oil is expected to be ramped up to 40,000 barrels per day by May 27th, 2024.
The first oil flow from OML 13 is a historic milestone in the partnership between NNPC E&P Ltd and NOSL, highlighting their dedication to driving growth and development in Nigeria’s oil and gas sector, which remains a vital component of the nation’s economy.
The achievement does not only signify the culmination of rigorous planning and execution by the teams involved, but also represents a new era of economic empowerment and development opportunities for the host communities.
Furthermore, for Nigeria, the first oil from OML 13 holds some significance as it contributes to the country’s efforts to increase its oil production capacity, which is crucial for meeting domestic energy needs and driving economic growth. The NNPC E&P Ltd and NOSL partnership is also committed to operating in a manner that is safe, environmentally responsible, and beneficial to the local communities. . Read full article
European Commission end investigation into Chinese solar companies
The Commission takes note of the withdrawal of two companies for a public procurement procedure concerning the construction of a photovoltaic park in Romania. The two companies involved are ENEVO, which includes LONGi Solar Technologie GmbH, as well as Shanghai Electric UK Co. Ltd. and Shanghai Electric Hong Kong International Engineering Co. Ltd.
The withdrawal follows the European Commission’s announcement on 3 April 2024 that it would open an in-depth investigation under the Foreign Subsidies Regulation . As a result of the withdrawal, the Commission will close its in-depth investigation.
These investigations concern a procedure carried out by a Romanian contracting authority (Societatea PARC FOTOVOLTAIC ROVINARI EST S.A.) for the design, construction and operation of a photovoltaic park in Romania with a capacity of 454.97 MW, partly financed by the European Union. The estimated value of this contract is around €375 million.
The first consortium consists of ENEVO Group and LONGi Solar Technologie GmbH. ENEVO Group, the consortium leader, is a Romanian-based engineering and consulting services provider. LONGi Solar Technologie GmbH is a German subsidiary wholly owned and controlled by LONGi Green Energy Technology Co, Ltd, a leading photovoltaic company listed on the Hong Kong Stock Exchange.
The second consortium consists of Shanghai Electric UK Co. Ltd. and Shanghai Electric Hong Kong International Engineering Co. Ltd. Both companies are wholly owned and controlled by Shanghai Electric Group Co. Ltd, a Chinese state-owned enterprise specialising in multinational power generation and electrical equipment manufacturing. . Read More
Baker Hughes Rig Count: : U.S. -2 to 603 Canada -4 to 116
U.S. Rig Count is down 2 from last week to 603 with oil rigs down 3 to 496, gas rigs up 1 to 103 and miscellaneous rigs unchanged at 4.
Canada Rig Count is down 4 from last week to 116, with oil rigs unchanged at 60, and gas rigs down 4 to 56.
International Rig Count is up 7 rigs from last month to 978 with land rigs up 7 to 743, offshore rigs unchanged at 235
The Worldwide Rig Count for April was 1,726, down 67 from the 1,793 counted in March 2024, and down 82,from the 1,808 counted in April 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 10 May 2024 | 603 | -2 |
| Canada | 10 May 2024 | 116 | -4 |
| International | April 2024 | 978. | +7 |
DS Automobiles is continuing to introduce its collections every year, as in the world of high fashion. These unique offerings are a strong expression of a recognised expertise embodying the DS Automobiles values. The 2024 Collection is a rich collaboration with a symbol of French history; a man who was both a poet and a traveller, an author and a hero: Antoine de Saint Exupéry. Inspiring in more ways than one, his stories give rise to three models with distinctive characteristics, linked to four of his works: The Little Prince, Southern Mail, Citadel and Night Flight.
“Our Collections are an obvious reference to the world of high fashion. Every year, it is an opportunity to express our values and illustrate our best expertise by applying a special point of inspiration in the form of an exclusive range.”
Agnès Tesson-Faget, DS Automobiles Product Director. Read More
A few weeks ago, Opel released the first images of the new Frontera; today the spacious, comfortable, new compact SUV for outdoor fans and families is celebrating its world premiere. In Istanbul, Opel CEO Florian Huettl, together with Mark Adams, Vice President Design, and Tobias A. Gubitz, Senior Vice President Product & Pricing, unveiled the new Opel Frontera to an international audience and numerous journalists. At the same time the participants received an outlook on the highly competitive entry-level pricing. The all-new Opel SUV with five seats and numerous practical features on board will be available as the fully electric, locally emissions-free Frontera Electric for around €29,000; The Frontera Hybrid will even be available for around €24,000 (all RRP including VAT in Germany1).
Opel CEO Florian Huettl: “This year we are celebrating 125 years of automobile production at Opel. 125 years in which we have moved forever forward, offering customers innovative, practical and, above all, accessible mobility. The all-new Opel Frontera makes a particularly strong statement in this regard: highly flexible, spacious, and electrified our new SUV will win over new customer groups.”
During the presentation the German brand also announced that the new Opel Frontera will not only have room for five people; it is so spacious that it will also be available as a seven-seater in the future. This makes the new Frontera the ideal car for shuttling the team, friends or the entire family. Read More
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