29/8/24 Latest Crude oil, Gas Price and News
London, August 28, 2024, (Oilandgaspress) –– Oil prices down slightly as political risk in the Middle East and threat to supply from Libya continues.
TotalEnergies announces the launch of a pilot project consisting in a floating wind turbine to supply renewable power to Culzean offshore platform in the UK North Sea, thus pioneering an innovative decarbonization scheme.
The 3 MW floating wind turbine will be located 2 km west of the Culzean platform, 220 km off the eastern coast of Scotland. This turbine, expected to be fully operational by end 2025, will supply around 20% of Culzean’s power requirement, thereby reducing its GHG emissions. The turbine will be installed on a modular, light semi-submersible floater hull designed by Ocergy, allowing for fast assembly and optimized costs. “This innovative pilot project aims at proving the concept of hybridization of power generation on an offshore facility, by integrating the generation of renewable electricity from a floating wind turbine with the existing power generation from gas turbines. It also aims at qualifying a promising floater design for the future of floating offshore wind”, said Marie-Noelle Semeria, Chief Technology Officer at TotalEnergies.
This pilot project was selected in Crown Estate Scotland’s Innovation and Targeted Oil & Gas (INTOG) leasing round, designed to encourage and support the use of offshore wind energy to directly supply offshore oil & gas platforms. Read full article
Adani Power has expanded its foothold in the Middle East by incorporating a wholly owned subsidiary in Abu Dhabi, according to a National Stock Exchange of India filing.The subsidiary has been registered as an investment holding company, with the objective to invest in power, infrastructure, and related fields in the region. Read More
Horisont Energi continues to progress the projects in the three business areas clean ammonia, carbon storage and carbon infrastructure towards commercial maturity.
“We have developed substantial competency, IP, and know-how over the past five years, and have entered partnerships with leading industrial players. Building pioneering green industries takes time but we have established a strong position and a solid basis for creating value for our shareholders and solving the challenges ahead of us, says Horisont Energi’s Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad.
Horisont Energi intends to start operations at the Gismarvik CO2 hub in 2029, followed by Barents Blue and Polaris start-up in 2029/2030, subject to final investment decisions for the three projects in 2026. Read full article
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $74.56 | Down |
| Crude Oil (Brent) | USD/bbl | $78.63 | Down |
| Bonny Light 28/08/24 | USD/bbl | $82.39 | Down |
| Dubai | USD/bbl | $78.01 | — |
| Natural Gas | USD/MMBtu | $2.11 | Up |
| Murban Crude | USD/bbl | $77.76 | Down |
| OPEC basket 28/08/24 | USD/bbl | $78.25 | Down |
During the period from 19 to 23 August 2024, Eni acquired on the Euronext Milan no. 3,957,981 shares (equal to 0.12% of the share capital), at a weighted average price per share equal to 14.5250 euro, for a total consideration of 57,489,684.43 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 15 May 2024, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999, for the purpose of paying to the Shareholders an additional remuneration compared to the distribution of dividends.. Read More
Africa Oil Corp. announced the completion of Africa Oil SA Corp.’s (“AOSAC”) strategic farm down agreement (“Agreement”) with TotalEnergies EP South Africa S.A.S. (“TotalEnergies”) and QatarEnergy International E&P LLC. (“QatarEnergy”) for the Orange Basin Block 3B/4B, offshore South Africa, announced on March 6, 2024. AOSAC is a wholly-owned subsidiary of Africa Oil.
AOSAC has retained a direct 17.00% interest in Block 3B/4B and transferred the operatorship of the block to TotalEnergies.
Transaction Highlights:
• Maximum transaction value of up to $46.8 million to Africa Oil.
• Africa Oil will receive, subject to achieving certain milestones defined in the Agreement, staged cash payments for a total cash payment of $10.0 million of which $3.3 million is now due, and the remaining balance in two successive payments conditional upon achievement of key operational and regulatory milestones.
• Africa Oil will also receive a full carry of its 17.00% retained share of all JV costs, up to a cap, repayable to TotalEnergies and QatarEnergy from production in case of exploration success and development, which is expected to be adequate to fund the Company’s share of drilling for up to two wells on the licence.
Under a separate agreement between Africa Oil, AOSAC, Eco (Atlantic) Oil & Gas Limited (“Eco”) and Eco’s subsidiary, Azinam Limited (“Azinam”), signed in July 2024, AOSAC will acquire an additional 1.00% in Block 3B/4B from Azinam (“Eco Agreement”) subject to the satisfaction of customary conditions precedent, including approvals from the government of South Africa. Source,
Hyundai Motor Company hosted its 2024 CEO Investor Day, unveiling its new mid- to long-term strategy, the ‘Hyundai Way’.
At the event, the company disclosed its commitment to enhancing its electric vehicle (EV) and hybrid competitiveness, advancing its battery and autonomous vehicle technologies, and expanding its vision as an energy mobilizer, responding to the market environment flexibly with its dynamic capabilities.
“Under the Hyundai Way, we will respond to the market with agility thanks to Hyundai’s unique flexible response system. This will secure sustainable leadership in an uncertain market environment and strategically position the company to create a future centered on mobility and energy,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “Hyundai will strengthen its position as a game changer by expanding beyond vehicle manufacturing to various forms of mobility. By enhancing the role of energy business operators and realizing a hydrogen society, we intend to transform into a company that can maintain global top-tier leadership in the era of energy transition.” Read full article
Alfa Romeo Junior has gained the first acknowledgement of its design through a survey completed by readers of the specialist German magazine AUTO ZEITUNG. The new compact sports car has won the Design Trophy, an award for the best design in the “Small Cars/City Cars/Compacts” category. A total of 63 competing models were in the running. The new Alfa Romeo Junior is a perfect manifesto of the brand’s design philosophy. Its compact dimensions encompass the uniqueness of the Alfa Romeo Centro Stile’s original and modern Made in Italy design, expressed in balance of proportions, purity of lines, and attention to the quality of the surfaces. Alfa Romeo’s stylists have modeled this ‘skin’ with artisanal care on the mechanical parts, completely detaching themselves from the concepts of cold rationality in vogue in the class, to breathe life into a sinuous design that catches the eye at first sight.
A highly emotional design language with functional stylistic elements rooted in the brand’s heritage, such as the iconic “Coda Tronca” (‘truncated tail’), a striking example of style and functionality. As well as paying homage to iconic cars such as the legendary Giulia TZ, the coda tronca is functional to improved aerodynamics, ensuring greater speed, agility and efficiency. Read full article
BYD reported a 32.8% rise in second-quarter net profit on Wednesday, its fastest growth since end-2023, despite faltering spending on big-ticket items in the world’s largest automobile market. Net profit hit 9.1 billion yuan ($1.3 billion) in the April-June quarter, while revenue was up 25.9% from a year earlier at 176.2 billion yuan, it said in a stock exchange filing. For the first half as a whole, net profit jumped 24.4% to 13.6 billion yuan. Read full article
Hydroelectric plants supply more than half of Brazil’s power, typically at low cost. But the reservoirs that feed those plants are shrinking in the drought. Dams in Brazil’s Southeast-Midwest region are at an average of 57% of total capacity, according to the country’s power grid operator, known as ONS. That’s down from 68% in June. A year ago they were above 78%. In response, the country may need to rely on power plants burning coal, natural gas, diesel and biomass to prevent shortages. But their electricity is more expensive than hydropower, potentially hurting Brazil’s economy, said Juliana Inhasz, an economics professor at the Insper Institute of Education and Research.. Read full article
Baker Hughes Rig Count: U.S. -1 to 585 Canada +2 to 219
U.S. Rig Count is down 1 from last week to 585 with oil rigs unchanged at 483, gas rigs down 1 to 97 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 2 from last week to 219, with oil rigs up 2 to 153, gas rigs unchanged at 66.
The Worldwide Rig Count for July was 1,713, up 7 from the 1,707 counted in June 2024, and down 106, from the 1,819 counted in July 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 23 August 2024 | 585 | -1 |
| Canada | 23 August 2024 | 219 | +2 |
| International | July 2024 | 934. | -23 |
Mercedes-AMG is commencing the final phase in the development of the highly exclusive PureSpeed sports car, which celebrated its world premiere as a concept vehicle in Monaco in May 2024. Prototypes of the limited-run model are currently undergoing test drives. It starts on a variety of different roads in northern Italy before heading south to the high-speed test track in Nardò. The radical design, a completely open, two‑seater performance car with neither roof nor windscreen, is a homage to racing and must prove itself on this test programme over a total of more than 3,000 kilometres.One of the two-seater’s highlights is the HALO system, which replaces the conventional A‑pillar. This element is derived directly from the pinnacle of motorsport. It protects the occupants in the event of an accident. As in Formula 1TM, the aerodynamically optimised safety system in the Mercedes‑AMG PureSpeed consists of a curved bar fixed to the vehicle body. Two helmets, which are also aerodynamically optimised, provide additional protection and were designed and produced exclusively for the Mercedes‑AMG PureSpeed.
The small production run is limited to 250 and reserved for just a few enthusiasts and collectors. Read full article
Alpine x Lapierre: a new collaboration with the GLP III SE 2024 electric mountain bike, inspired by the A290 show car
The GLP III SE’s new livery is inspired by the distinctive colour codes of the Alpine A290_β, the show car for Alpine’s new 100% electric urban sportscar.
Referencing the Mankiewicz Snow White of the Alpine A290_β, the black technical zones energise the satin white colour and windows on the unidirectional carbon fibre of the frames. The unique colour highlights the complex design of the asymmetrical carbon frame lines at the battery level and the integration of the Kiox 300 display in the top tube. The GLP III SE perfectly reflects the spirit of the Lapierre brand: combining performance and innovation to offer mountain bikers a unique experience and heightened sensations. This new 2024 model will be manufactured and sold in limited quantities in France and Europe. Read full article
The chief executive and founder of Polestar has quit after seven years at the helm.
Polestar, which is controlled by Sweden’s Volvo and China’s Geely, confirmed on Wednesday the resignation of long-time boss and founder Thomas Ingenlath. He will be replaced from Oct 1.His resignation comes after sales of the Swedish company’s upmarket electric cars slumped. Global volumes fell 40pc in the first quarter of 2024 to 7,221, down from 12,076 the previous year. Once valued at more than $20bn (£15bn), Polestar’s valuation has plummeted to around $2bn since it went public in 2022. Its shares, listed in New York, are down 41pc this year alone. Read full article
Polestar will replace long-serving CEO Thomas Ingenlath with a former boss of Opel and EV startups as the company fights to shake up its business after years of delayed model launches, missed delivery targets and further separation from Volvo Cars.
U.S.-listed shares of the firm, which is set to report second-quarter results on Thursday, fell more than 12% in early trading to 99 cents.
Its new CEO, Michael Lohscheller has previously served as CEO of Stellantis-owned carmaker Opel, Vietnamese EV maker VinFast and electric truckmaker Nikola and will start in the position on Oct. 1, the company said in a statement.. Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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