On July 11, 2023, the Automotive Service Association (ASA) announced that, along with the Society of Collision Repair Specialists and the Alliance for Automotive Innovation, they had reached an important agreement on auto repair law . The idea of the right to repair dates back to a pact made between auto industry leaders in 2014. However, the new agreement reaffirms a commitment to consumer choice and shared access to data and tools needed to enhance the vehicle repair experience. Today we’ll explain some of the main goals of the right-to-repair movement, explain some of the highlights of the new deal,…
Author: Automotivedealernews.com
TotalEnergies SE has completed the sale of a 40 percent stake in Block 20 in Angola’s Kwanza Basin to Petronas Angola E&P Ltd, a subsidiary of Malaysia’s Petronas Group of Companies. The transaction was valued at $400 million as of Jan. 1, subject to customary price adjustments, TotalEnergies said in a press release Thursday. TotalEnergies maintains the operation and a 40 percent stake in Block 20, with Sonangol Pesquisa e Produção SA holding the remaining 20 percent. Block 20 contains the Cameia and Golfinho oil discoveries, located about 150 kilometers (93.2 miles) southwest of Luanda. The discoveries will be developed…
The Biden administration on Friday released plans to hold three auctions of offshore drilling rights over the next five years, part of what it pitched as an effort to phase out oil leasing in favor of energy clean The lease program sees sales of Gulf of Mexico oil and gas leases in 2025, 2027 and 2029, the fewest since the government began planning auctions in five-year blocks. The level was carefully calibrated to maintain offshore wind development, as last year’s climate law ties the fate of these renewable projects to the sale of oil leases. “These three proposed lease sales…
TotalEnergies SE has insisted it is committed to reducing emissions as it plans to increase oil and gas production by up to three percent over the next five years. “The oil and gas business is expected to generate more than $3 billion of additional underlying cash flow in 2028 compared to 2023 at constant prices,” the French energy giant said in a press release issued on Wednesday on your website. TotalEnergies said it aims to increase production by two to three percent over the next five years, most of which would be liquefied natural gas (LNG), which is considered to…
Equinor and Ithaca Energy’s announcement to go ahead with the Rosebank deepwater oil field project in the west of the Shetland Basin could lead to more fields being approved, according to a Wood Mackenzie (Woodmac) report , Woodmac noted in a statement posted on its site. . “As the largest Final Investment Decision (FID) in 20 years, Rosebank will account for eight per cent of UK liquids production at its peak in 2027/28,” said Gail Anderson, director of research at Woodmac for in the North Sea, in the statement. “Following this FID, there is a greater likelihood that other nearby…
In a new report sent to Rigzone this week, Standard Chartered revealed that it is launching a machine learning model for short-term Brent price forecasting. Called SCORPIO (Standard Chartered Oil Research Price Indicator), Standard Chartered describes the new launch as a proprietary tree-based model designed to generate a forecast of Brent crude oil spot prices over a one-week period. “The machine learning model programmatically collects and analyzes a set of available data and features, weighing the information into a meaningful signal,” Standard Chartered said in the report. “It allows for an element of explainability and helps decouple market sentiment from…
Saudi Arabian Oil Co. (Aramco) is acquiring a minority stake in MidOcean Energy for $500 million in a bid to tap into global liquefied natural gas (LNG) opportunities. MidOcean Energy is an LNG company formed and managed by EIG, an institutional investor focused on the global energy and infrastructure sectors. The company, which aims to build a diversified, resilient, cost and carbon competitive LNG portfolio, is in the process of acquiring stakes in four Australian LNG projects, with a growth strategy to build a global LNG business diversified Completion of the transaction is subject to closing conditions, including regulatory approvals.…
QatarEnergy has signed a long-term agreement with Japan-based trading and investment conglomerate Marubeni Corp. for the sale of naphtha. The long-term agreement builds on previous agreements the two companies signed in 2018, which expire in September 2023. The agreement was signed by QatarEnergy, on behalf of Qatar Petroleum for the Sale of Petroleum Products Co. (QPSPP), and Marubeni Petroleum, a subsidiary of Marubeni Corp., the Qatari major said in a press release. The 10-year sales agreement stipulates the supply of up to 1.2 million tonnes per annum of naphtha to Marubeni from October 2023. “This agreement further enhances the long-standing,…
US natural gas producers had a rough start to 2023, with spot prices falling to just above $2.15/MMBtu last spring. But optimism abounded in midyear earnings calls on expectations that demand will eventually pick up, driven in large part by a near-doubling of US LNG export capacity by the end of the decade. A key question, however, is whether E&Ps have built up the proven reserves inventories to support future production increases to meet this demand. In today’s RBN blog, we look at the crucial issue of reserve replacement for major US gas-weighted E&Ps. Before we began this four-part series,…
OMV and its partners have made a gas discovery at 6607/3-1 S, 225 kilometers (139.8 miles) west of Sandnessjoen. Preliminary estimates put the Velocette discovery at between 0.2 million cubic meters and 1.8 million cubic meters (7.06 million cubic feet and 63.57 million cubic feet) of oil equivalent recoverable, according to a press release from the Norwegian Petroleum Directorate (NPD). The Transocean Norge rig drilled the well, which is the first to be drilled under production license 1016, NPD said. The discovery is located 45 km (27.9 mi) southeast of the Aasta Hansteen field. The license was granted to Predefined…