London, 07 July, 2023, (Oilandgaspress) : Natural Gas Forwards Prices falls amid production gains. Saudi Arabia has raised the prices for most its crude oil to Asian customers in August for a second month Oil prices rose today as continued demand resulted in a larger-than-expected fall in U.S. oil stockpiles, offsetting fears of higher U.S. interest rates.
Innomotics has launched in Germany as a separately managed legal entity as of July 1, 2023. Under a single roof, the supplier of motors and large drives brings together business activities with low- to high-voltage motors, geared motors, medium-voltage converters and motor spindles as well as project and service offerings for this product portfolio. The company’s operating headquarters are located in Nuremberg, Germany. The carveout in Germany has now been completed. The global carveout is also to be largely completed by the beginning of the new fiscal year on October 1, 2023. In the future, Innomotics will comprise the previous corresponding businesses from the units Large Drives Applications and Digital Industries, as well as the separately managed Siemens companies Sykatec and Weiss Spindeltechnologie. Worldwide, around 15,000 people are working at Innomotics to realize growth potential and thus secure the company’s future market success as a trailblazing specialist for motors and large drives. As part of its new setup as a separately managed legal entity, Innomotics has presented its new company logo. The new brand emphasizes that the company is geared toward technology and innovation, and it places the focus on Innomotics’ team of people. In addition, with its new “Time for a new green” brand image, Innomotics is well positioned to shape and leverage the key market trends – decarbonization and digitalization – in the industries it serves.
The Innomotics portfolio comprises products, systems, complete solutions, and services. The company uses this portfolio to help its customers improve the efficiency levels of their plants, employ these assets more effectively and thus abate emissions and preserve valuable resources. These capabilities are not only available for new plants, but also for the maintenance, repair and retrofitting of existing plants. With these offerings, Innomotics enables customers in all industries to boost energy efficiency, reduce greenhouse gases and minimize the carbon footprints of plants. Read More
Siemens, a global leading technology company in infrastructure, mobility and industry, has partnered with PRODEA Investments, the leading real estate investment company in Greece and one of the largest in Southeast Europe, for the implementation of Building X, a Siemens digital building platform. The partnership seeks to accelerate PRODEA Investments’ digital transformation and reduce the carbon footprint of existing and under development building assets across its real estate portfolio in Greece, as well as to offer added value services to its tenants. Building X, from Siemens Smart Infrastructure, is a scalable platform to digitalize, manage, and optimize building operations, allowing for enhanced user experience, increased performance, and improved sustainability. It is part of Siemens Xcelerator, the company’s digital business platform, enabling customers to accelerate their digital transformation easier, faster and at scale. Read More
Canada has reached an agreement with automaker Stellantis NV to increase government financial support for an electric-vehicle battery plant, ending a standoff that began in May when the carmaker halted construction on the project.
The plant, built in partnership with South Korea’s LG Energy Solution Ltd., will be located in Windsor, Ontario, across the border from Detroit. It’s expected to cost more than $5 billion (US$3.8 billion) to build.
Unifor, a union that represents autoworkers in Canada, confirmed the deal in a statement. Bloomberg News reports Read More
Stellantis N.V. and NioCorp Developments Ltd. announced the signing of a Rare Earth Offtake Term Sheet (“Term Sheet”). The objective is to enter into a definitive rare earth supply agreement to support Stellantis’ commitment to build resilient supply chains and reach carbon net zero by 2038 and to help accelerate NioCorp’s path to commercial production of magnetic rare earth oxides in the U.S.
The Term Sheet executed today envisions a definitive agreement for a 10-year offtake contract for specific amounts of neodymium-praseodymium oxide, dysprosium oxide, and terbium oxide that NioCorp aims to produce at its Elk Creek Critical Minerals Project (the “Elk Creek Project”) in southeast Nebraska, subject to the receipt of adequate project financing. Final volumes would be set in a definitive agreement. Read More
Synthetic fuels can potentially run internal combustion engines almost CO₂ neutrally – when they are produced with renewable energy.From a global perspective, our planet is rich in energy thanks to the inexhaustible resources sun and wind. But that’s not necessarily the case on a local level, as regions with limited wind and sun can cover little to none of their energy requirements with these sources. In Germany, for example, wind turbines operate at full capacity just 66 days out of the year on average. According to Bundesnetzagentur, they supplied 25.9 percent of the electricity consumed in 2022. In electric vehicles, a portion of this renewable energy plays a key role in the life cycle assessment of mobility. But there are currently around 1.3 billion existing vehicles with internal combustion engines worldwide that will remain on the road for many years to come. Eco-friendly operation will require other solutions such as so-called eFuels, which are synthetic fuels produced in a virtually carbon-neutral manner. Porsche is doing its part, with a new production facility in South America.In addition to hydrogen, eFuel production requires a second component, carbon dioxide (CO₂), which is a greenhouse gas that at high concentrations in the atmosphere promotes global warming. CO₂ can be filtered from the air using direct air capture, a process by which air flows through a ceramic filter similar to a catalytic converter in a car. However, rather than precious metals, the flow channels use a chemical substance to bind CO₂ molecules. Once all of the spaces are filled with CO₂, the filter is closed, vacuumed, and heated. Heat releases the CO₂, which can then be vacuumed into a tank. In concrete terms, one liter of eFuel requires hydrogen from three liters of desalinated seawater and CO₂ from 6,000 cubic meters of air. Preparation and use of eFuels A synthesis plant then binds the hydrogen and CO₂ to create methanol, which is age resistant and suitable for storage and transportation. Ship engines are currently designed for operation with methanol. However, use in passenger cars requires further processing, with additional carbon compounds added in the final step of synthesis, methanol to gasoline. The end product is a gasoline and diesel alternative as well as eFuel for mixing with conventional, mineral oil–based fuels for ongoing reduction of emissions. Read More
Porsche Penske Motorsport has set its sights on achieving another podium result for the Porsche 963 in the FIA World Endurance Championship WEC at the six-hour race in Monza. After disappointing results at the 24 Hours of Le Mans, the factory squad now aims to make amends this coming weekend.In addition to its two hybrid prototypes and the Porsche 963 from Hertz Team Jota, the LMDh hypercar fielded by the customer team Proton Competition will also compete in Italy for the first time. In the GTE Am class, five 911 RSR will battle for positions, points and prizes. The FIA World Endurance Championship WEC heads into the second half of the season with round five at the Autodromo Nazionale di Monza. To prepare for the race, Porsche Penske Motorsport spent several days in May testing at the 5.793-kilometre high-speed circuit in the Royal Park with the Porsche 963. The works team will again field two hybrid prototypes in the six-hour race in Italy. As usual, the No. 5 cockpit will be shared by Michael Christensen from Denmark, the Frenchman Frédéric Makowiecki and the American Dane Cameron. The No. 6 sister car also competes with the regular works-driver crew Kévin Estre (France), Laurens Vanthoor (Belgium) and André Lotterer (Germany). The goal is clear: Porsche Penske Motorsport is determined to build on its strong form from the spring with a podium result and earn critical points towards the drivers’ and team championship. Read More
In the future, chips will be built from smaller units. These chiplets, as they are called, promise a higher yield in production and more flexibility in system configuration. The automotive industry can also benefit from this development, as highly automated and autonomous driving requires powerful and flexible solutions.The number of transistors on semiconductor chips will grow exponentially in the coming decades— this 1965 forecast made future Intel co-founder Gordon Moore famous. Far less attention was paid to another statement that could also be found in his article for the magazine Electronics: “It may prove to be more economical to build large systems out of smaller functions, which are separately packaged and interconnected.” Researchers and semiconductor manufacturers around the world are currently moving forward with this idea. They intend to distribute the numerous functions in the increasingly complex chips to smaller integrated circuits (ICs) that operate in concert. Experts call them chiplets—mini-ICs that can be connected to a complete system much like building blocks. They can each perform sub-functions of an overall system and can, for example, be used as a central processing unit (CPU), graphics processor (GPU), memory, digital interface to the outside world, or Wi-Fi transmitter and receiver. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $72.20 | Up |
| Crude Oil (Brent) | USD/bbl | $76.94 | Up |
| Bonny Light | USD/bbl | $75.16 | — |
| Saharan Blend | USD/bbl | $76.08 | — |
| Natural Gas | USD/MMBtu | $2.64 | Down |
| OPEC basket 06/07/23 | USD/bbl | $77.56 | Up |
Hyundai Motor Company today announced several new positions and responsibilities as part of a global operations expansion to better align functional areas across the Americas, Europe and the India/Middle East/Africa regions, and enhance performance under the direction of José Muñoz, president and global chief operating officer of Hyundai Motor Company. The following additions and changes were effective July 1, 2023. “Building a strong executive leadership team to oversee global operations is pivotal to ensuring the international success of Hyundai and Genesis,” said Muñoz. “These individuals have a long tenure within our organization, and we are excited for them to expand their responsibilities to further cultivate our global brand growth.” Read More
Lamborghini LMDh prototype racing car to be unveiled in global premiere. Lamborghini will unveil its new LMDh racing prototype at this year’s Goodwood Festival of Speed. The new car is set to compete in the world’s most important endurance races: the Hypercar class of the 2024 FIA World Endurance Championship including the 24 Hours of Le Mans; and in the GTP class of the IMSA WeatherTech Sports Car Championship Endurance Cup, which includes iconic races such as the 24 Hours of Daytona and 12 Hours of Sebring. The car will debut from Thursday 13 July on a dedicated stand next to the Lamborghini Lounge adjoining Ristorante 1963, to be presented by Lamborghini Chairman and CEO Stephan Winkelmann,Chief Technical Officer Rouven Mohr and Head of Motorsport Giorgio Sanna, together with their Partner Iron Lynx. Read More
Baker Hughes Rig Count
International Rig Count is up 2 rigs from last month to 967 with land rigs up 13 to 742, offshore rigs down 11 to 225.
| Region | Period | Rig Count | Change |
| U.S.A | 30 June 2023 | 674 | -8 |
| Canada | 30 June 2023 | 167 | -2 |
| International | June 2023 | 967 | +2 |
Siemens Energy’s management board has set up a task force to establish the scope of deepening problems at its crisis-ridden wind turbine division, including quality issues at its two most recent onshore platforms, two supervisory board sources said. The investigation into the problems, which were unveiled in June and caused Siemens Energy’s (ENR1n.DE) shares to plunge by 37%, is flanked by a separate special committee consisting of members of Siemens Energy’s supervisory board, the sources said.REUTERS Read More
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