London, 24July, 2023, (Oilandgaspress) : U.S. crude inventories fell last week, supported by a jump in crude exports as well as higher refinery utilisation, the Energy Information Administration (EIA) said
Versalis, Eni’s chemical company, has published the 2022 Sustainability Report, illustrating its contribution to the development of more sustainable and circular models in line with Eni’s strategy and values. The document also outlines the targets set by the company to achieve carbon neutrality by 2050. Being energy-intensive, the chemical industry bears a heavy responsibility in the decarbonisation challenge since deemed ‘hard to abate’, i.e. difficult to decarbonize.
Versalis aims to play a key role in the transition through the development of complementary and synergistic technologies, products and solutions that support a lower-emissions business model and contribute to a more sustainable future.The Sustainability Report highlights cross-cutting emission reduction targets: compared to reference year 2018, 15% for Scopes 1 and 2 by 2025 and 30% by 2035. These short- and medium-term targets are fundamental milestones for achieving the Net Zero* goal by 2050. Specific actions have also been identified to achieve these targets: as to Scope 1, activities on industrial processes and in particular on steam-cracking; as to Scope 2, increases in plant efficiency and use of renewable energy; as to Scope 3, the development of circular economy initiatives and chemistry from renewables, for which the direct involvement of the entire network of suppliers and customers is needed, encouraging them to reduce emissions. Read More
India is looking to strengthen its energy ties with Iraq with plans for an LNG terminal in the West Asian nation and ONGC Videsh resuming exploration in a block under force majeure since 2003. Officials said a team from state-run Indian Oil Corporation and Engineers India Ltd will soon visit Iraq and explore the possibility of setting up a liquefied natural gas (LNG) terminal and transporting of the gas to India. Read More
Volkswagen Group of America, Inc. (VWGoA) is boosting its automotive research in the United States to further accelerate electric mobility and sustainable transportation innovation. The company continues to center strategic areas of research in dedicated technology units across the country, as well as foster co-innovation with universities and federal research facilities. One key unit is located in Tennessee: Volkswagen’s Innovation Hub in Knoxville is driving applied materials science in collaboration with the University of Tennessee (UT) and Oakridge National Lab (ORNL). There, integrated teams are pushing breakthroughs in automotive lightweight composites, recyclable interior materials, and EV wireless charging.
“We are accelerating innovation within electric vehicles and contributing to more sustainable transportation in America by focusing our efforts on some of the most transformative automotive research being done in the country,” said Pablo Di Si, President and CEO at Volkswagen Group of America Inc. “Our technology teams in Tennessee are a great example. There, we are tapping American ingenuity fostered by the unique blend of world-class academic research and Volkswagen’s leading industry capabilities.”
Opened in 2020, Volkswagen’s Innovation Hub is located at the University of Tennessee Research Park at Cherokee Farm in Knoxville, in a region referred to as ‘the Materials Valley’ due to the concentration of research facilities. This includes the ORNL, of which VWGoA has also established research collaborations. Volkswagen researchers, UT faculty and doctoral students as well as ORNL scientists collectively drive research and co-innovation of applied materials research.
“Centering more knowledge in the United States is part of Volkswagen’s strategy for growth and is vital for sourcing and developing talent,” Di Si added. Read More
SSE has published its Q1 Trading Statement for the three months to 30 June 2023. The statement provides an update on operational performance and strategic progress since publication of SSE’s Preliminary Full-year Results on 24 May. This Trading Statement is published in advance of SSE’s Annual General Meeting 2023, which takes place today, 20 July, at 12.30pm in Perth. Shareholders are encouraged to attend the meeting either in person or online. Joining instructions are provided in the Notice of Meeting 2023. Read More
United States Environmental Protection Agency (EPA) and Singapore’s National Environment Agency signed a Memorandum of Understanding (MOU) to enhance bilateral cooperation on environmental management and protection between the two nations. The MOU was signed in Washington, D.C. this week by EPA Administrator Michael Regan and Singapore’s Minister for Sustainability and the Environment Grace Fu.
“EPA is fortunate to have such a strong and engaged partner as Singapore to work with while we advance our shared goals of protecting human health and the environment,” said EPA Administrator Michael S. Regan. “The robust relationship the EPA has enjoyed with Singapore is a model to be emulated. We look forward to continued cooperation and are excited to include a focus on Environmental Justice in this MOU.”
“Singapore and the U.S. enjoy longstanding cooperation on environmental matters, underpinned by a shared commitment to improving climate and environmental outcomes for our peoples and the world,” said National Environment Agency Minister Grace Fu. “This MOU will add further opportunities for such cooperation, by formalizing institutional ties between our countries’ environmental authorities.” Read More
Israel’s fourth solar energy farm at Ashalim in the Negev Desert has started operating and will supply power at a record low price in the electricity market, the government announced on Wednesday.
The field of photovoltaic panels will supply electricity at 8 agorot (2.2 cents) per kilowatt hour (1 kilowatt of power sustained for one hour), significantly cheaper than any other power plant generating electricity from solar energy in the country. The tariff compares with a price of 40 agorot per kWh at Ashalim’s first solar plant, which started producing energy in late 2017.
The government said that the set price is cheaper than electricity production using polluting fossil fuels, and lower than similar projects around the world. In a joint statement, the Finance Ministry, Energy and Infrastructure Ministry, and Israel Electricity Authority announced that construction at the fourth solar power plant in Ashalim had been completed and it will begin pumping electricity to the grid. Ashalim Solar Park Ltd., led by the Israeli arm of the French company EDF Renewables, and the winner of the government tender for the construction and operation of the 40 MW photovoltaic solar power plant, has completed the acceptance tests for the facility and obtained a permanent production license to start commercial operation.
Thermo-solar plants take sunlight and transform it into heat before using it for electricity. The photovoltaic (PV) system — the preferred one these days — captures the sun’s rays and converts them directly into electricity. Read More
JLR announces the appointment of Adrian Mardell as Chief Executive Officer.
Adrian Mardell was appointed Interim Chief Executive Officer on 16 November 2022, having been Chief Financial Officer and a member of the JLR Board of Directors for three years prior. JLR also announces today the appointment of Richard Molyneux as Chief Financial Officer, JLR. Richard Molyneux was appointed Acting Chief Financial Officer, on 12 December 2022, following six years as Finance Director, Operations, JLR. Read More
Kent, a leading engineering company in the area of oil and gas, carbon capture, utilisation and storage (CCUS), and hydrogen (H2) technologies, has partnered with The University of Manchester to produce a new syngas and blue hydrogen technology with nearly zero direct carbon dioxide emissions.
The RECYCLE project (REthinking low Carbon hYdrogen production by Chemical Looping rEforming), a £ 5.1 million multi-organisation collaboration funded by the Department for Energy Security and Net Zero, will construct and test a fully integrated innovative hydrogen production unit at The University of Manchester.
The technology is based on chemical looping reforming using fixed bed reactors which allow modular units and cost-effective solutions for hydrogen production using different feedstocks, with inherent carbon dioxide capture and separation at high purity.
The RECYCLE process provides a flexible method for hydrogen and or syngas production, while also showing economic potential benefits over other blue hydrogen production pathways.
RECYCLE technology could supply hydrogen to several sectors in the UK, focusing on smaller scale industrial sites, with its ability to tap into large demand sectors that require syngas to develop other low-carbon products.
Kent will bring its engineering expertise and commercial know-how, to complete a techno-economic study assessment of the RECYCLE technology in the capacity of producing hydrogen. Read More
Energy Dome, the company behind the CO2 Battery™, the innovative long-duration energy storage solution, announced the close of its second tranche of Series B funding, bringing the overall round to a total of EUR 55 million (USD 60M). The EUR 40 million first tranche of the Series B round closed in April 2023; it was co-led by Eni Next, the corporate venture capital arm of Eni, and Neva SGR, the venture capital arm of Intesa Sanpaolo. Other investors that joined the first round included Japan Energy Fund, Barclays’ Sustainable Impact Capital, CDP Venture Capital, 360 Capital, Novum Capital Partners, Gruppo Brixia and Elemental Excelerator.
New investors in the second tranche of the Series B round include:
- Innovation Development Oman Investments, the venture capital arm of Oman Investment Authority, the sovereign wealth fund of the Sultanate of Oman;
- Vopak Ventures, the corporate venture capital arm of the world’s leading tank storage company, Royal Vopak; and
- Investors represented by Sagana, an impact investing advisory firm focused on human and planetary health.
Existing investors 360 Capital and CDP Venture Capital also invested in the second tranche of the round. Specifically, for CDP Venture Capital, this deal inaugurates the operation of the new Green Transition Fund, which uses resources allocated by the EU through the NextGeneration EU initiative with the aim of stimulating the growth of an innovation ecosystem in green transition sectors.
Energy Dome’s purpose is to enable humanity to address climate change urgency with a product, available today, that decarbonizes electricity. The decarbonization is made possible by making solar and wind energy completely dispatchable, removing the intermittency that has kept renewables from integrating into the grid. Read More
Breesea Limited, Soundmark Wind Limited, and Sonningmay Wind Limited, a joint venture owned by Ørsted (50 %) and AXA IM Alts and Crédit Agricole Assurances (CAA) (jointly 50 %), today announced that they have signed an agreement on the sale of their transmission assets to Diamond Transmission Partners Hornsea Two Limited (‘DTP’).
DTP is a partnership between Diamond Transmission Corporation Limited and HICL Infrastructure PLC.
The divestment takes place in accordance with the offshore transmission owner (‘OFTO’) regime. In September 2022, following a competitive tender, Ofgem selected DTP as preferred bidder for the offshore transmission licence for the Hornsea 2 Offshore Wind Farm.
The transmission assets include the onshore substation, export cables, the offshore reactive compensation substation (RCS) and the offshore substation and have been assessed by Ofgem at a value of GBP 1.141 billion.
Ørsted will provide DTP with operations and maintenance services for the transmission assets under a long-term agreement.
Hornsea 2 is an offshore wind farm in the UK, located approximately 90 km off the Yorkshire coast in the North Sea. The wind farm consists of 165 Siemens Gamesa 8 MW wind turbines with an overall capacity of 1,320 MW, enough to power more than 1.4 million British homes. Read More
Baker Hughes U.S. Rig Count drops -6 to 669 Canada unchanged at 187
U.S. Rig Count is down 6 from last week to 669 with oil rigs down 7 to 530, gas rigs down 2 to 131 and miscellaneous rigs up 3 to 8.
Canada Rig Count is unchanged from last week at 187, with oil rigs up 2 to 116, gas rigs down 2 to 71.
| Region | Period | Rig Count | Change |
| U.S.A | 21 July 2023 | 669 | -6 |
| Canada | 21 July 2023 | 187 | — |
| International | June 2023 | 967 | +2 |
OPEC Secretary General, HE Haitham Al Ghais, participated at the G20 Energy Ministerial Meeting in Goa, India, on 22 July.
The Secretary General said: “It is an honour to be representing OPEC’s Member Countries at the meeting, and one that is taking place in India, a key strategic dialogue partner of our Organization. It is a vital platform to highlight OPEC’s views on energy transitions and to further collaborate with key stakeholders.”
Al Ghais will deliver remarks underscoring that energy security for all and decarbonization must go hand-in-hand, the fact that there is no one-size-fits-all pathway to a sustainable energy future, and the importance of continued investments into the oil industry.
OPEC regularly participates in G20 energy meetings given the Organization’s vital and important role in supporting stability of oil and energy markets. Cooperation and dialogue with stakeholders of the global energy sector, including producers and consumers, are key principles that underpin OPEC’s decisions and activities. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $77.59 | Up |
| Crude Oil (Brent) | USD/bbl | $81.60 | Up |
| Bonny Light | USD/bbl | $81.87 | Up |
| Saharan Blend | USD/bbl | $80.49 | Up |
| Natural Gas | USD/MMBtu | $2.71 | Up |
| OPEC basket 21/07/23 | USD/bbl | $81.99 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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