Latest Crude oil, Gas Price and News
London, August 23, 2024, (Oilandgaspress) –– The global oil market continues to face several issues that will lead to lower oil prices. The market is struggling to sustain upward price momentum as issues such as weak demand, oversupply concerns continue to hamper the market.
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $73.318 | Up |
| Crude Oil (Brent) | USD/bbl | $77.54 | Up |
| Bonny Light 22/08/24 | USD/bbl | $80.63 | Down |
| Dubai | USD/bbl | $75.00 | Down |
| Natural Gas | USD/MMBtu | $2.03 | Down |
| Murban Crude | USD/bbl | $77.07 | Up |
| OPEC basket 22/08/24 | USD/bbl | $76.33 | Down |
TotalEnergies together with Kistos as joint venture partners (the “JV Partners”), has been offered seven new blocks or part blocks in the Greater Laggan Area, West of Shetlands offshore the UK. On completion of the licensing round, Kistos will hold a 33.3% working interest in all of the acreage, with TotalEnergies assuming Operator status.
The full list of blocks and part blocks is as follows:
Greater Laggan Area:
Block 206/2a
Block 214/27
Block 214/28a
Block 214/29a
Block 214/22a
Block 214/23a
Block 214/ 24a
These blocks lie within the Greater Laggan Area (“GLA”), where the JV Partners already produce oil and gas from the Laggan, Tormore, Glenlivet, and Edradour fields. The blocks were applied for during the 33rd Offshore licensing round, with submissions made in January 2023, and were previously held by the GLA JV prior to Kistos’ acquisition of 20% non-operated stake from TotalEnergies in 2022.
The award of these blocks, which include the previously identified Ballechin exploration prospect, supports the JV Partners’ efforts to identify opportunities to extend the life of existing infrastructure and maximize economic output. The work program includes studies on a seismic dataset that is already owned by the JV Partners. Source,
Kistos (LON: KIST), notes that Var Energi (“Var” or “the Operator”), released an update for the Balder X project this morning, in which Kistos Energy (Norway) AS (“KENAS”) has a 10% interest. Var reported that the target production start date has been moved to the second quarter 2025.
When Kistos acquired Mime Petroleum this scenario was envisaged. In the deal structuring with the bond holders (who effectively controlled MIME at the time) we protected Kistos from such a delay and cost increase by the provision of the $45 million Hybrid Bond. This $45 million is structured such that if 500,000 bbls (gross) isn’t lifted from the Jotun FPSO before the 31st May 2025 then the full $45 million is not payable. Therefore, we as a board are confident that there will be no adverse impact from the delay. It is likely that the effect of the delay on Capex will be significantly less than the positive effects of the Hybrid Bond not being paid in full. In reaching the decision to delay Balder X, a key consideration was to limit as much as possible the carryover of work on the Jotun FPSO into the offshore installation and start-up phase. With all development wells completed and all subsea production systems installed, the plan now is to complete the vessel fully onshore. The operator has reviewed its cost estimate for the project to reflect sail-away of the Jotun FPSO in the spring of 2025. The revised CAPEX forecast represents an increase of approximately US$400 million gross pre-tax (approximately $40 million net to Kistos pre-tax, of which $8.8 million is the approximate post-tax impact) of which 75% is expected to be incurred in 2025. As announced by Var, Balder X, will secure production from the Balder Area beyond 2045. It will unlock gross proved plus probable (2P) reserves of around 150 mmboe (gross) and peak output of about 90 kboepd (gross). Read full article
Eni, as the Delegated Operator of Area 4, on behalf of its Area 4 partners namely ExxonMobil, CNPC, GALP, KOGAS and ENH, celebrates today the achievement of 5 million tons of LNG produced from the Coral Sul FLNG, located in the ultra-deep waters of the Rovuma Basin, offshore Mozambique. This is a significant milestone for the project, and it represents not only a major technical and operational accomplishment, but also stands as a testament to the dedication, commitment, and collaboration of all the team and stakeholders.
The Coral Sul FLNG started production in October 2022 and has exported so far 70 cargos of LNG and 10 of Condensate, contributing significantly to the country´s economic growth. Coral South is a landmark project for the industry, and it placed Mozambique among the global LNG producing countries, laying the foundation to a transformational change of Mozambique through development of gas resources, while also supporting a just and sustainable energy transition. Read full article
Eni announces that the Indonesian authorities have approved the Plan of Development (POD) of the Geng North (North Ganal PSC) and Gehem (Rapak PSC) fields. The integrated development of the two fields will create a new production hub, called Northern Hub, in the Kutei Basin. The Indonesian authorities have also approved the POD for Gendalo&Gandang fields (Ganal PSC). Additionally, Eni has been awarded by the Indonesian authorities a 20-year extension of the IDD licences named Ganal and Rapak.
Eni is therefore set to establish a significant gas and condensates production of approximately 2 bcf/d of gas and 80,000 bopd of condensates in the East Kalimantan region, both for domestic and international market, leveraging synergies with existing facilities in the area, such as the Bontang LNG Plant and the Jangkrik Floating Production Unit (FPU).
The Northern Hub POD envisages the development of the 5 TCF gas and 400 million barrels of condensates of the Geng North discovery announced by Eni in October 2023, along with the 1.6 TCF of the nearby Gehem discovery via subsea wells, flowlines and a new built FPSO with a handling capacity of about 1 BCFD gas and 80,000 barrels of condensates per day and a storage capacity of 1 Million barrels. Gas will be treated onboard the FPSO and then piped to the onshore receiving facilities at Santan Terminal and to the East Kalimantan pipeline network; it will be partly liquefied at the Bontang LNG facility and partly piped for domestic market. The condensates production will be stabilized and stored onboard the FPSO, and then evacuated via shuttle tankers.
The approved Gendalo&Gandang POD envisages the development of the cumulative 2 TCF gas reserves in the Ganal PSC via subsea wells tied back to the Jangkrik FPU. The development of Gendalo&Gendang will allow to extend Jangkrik’s gas production plateau, which nears 750 mmscf/d, by at least 15 years.. Read full article
It’s a three-peat! Hyundai’s IONIQ 5 N high-performance electric SUV has been awarded Car and Driver’s prestigious 2024 EV of the Year honors. This is the third straight year Hyundai has captured the award, with the IONIQ 5 N’s victory following on the heels of wins by the IONIQ 6 (2023) and standard IONIQ 5 (2022).
The IONIQ 5 N is Hyundai’s first electrified model to wear an N badge. The vehicle has been received with great acclaim by automotive media and driving enthusiasts since its launch earlier this year, setting a new benchmark for engaging, all-electric high performance. The IONIQ 5 N SUV is offered in a single, fully equipped trim that delivers innovative performance along with unmatched driver engagement and configurability, all paired with a full complement of convenience, driver-assistance, and safety features. Capable of delivering scintillating, prolonged racetrack performance without sacrificing day-to-day livability, IONIQ 5 N represents N brand’s electrification vision and a fresh opportunity for enthusiasts to satisfy their driving passion on both road and track. Read full article
Equinor ASA announced on 25 April 2024 an ordinary cash dividend per share of USD 0.35 and an extraordinary cash dividend per share of USD 0.35 for first quarter 2024.
The NOK cash dividend per share is based on average USDNOK fixing rate from Norges Bank in the period plus/minus three business days from record date 19 August 2024, in total seven business days.
Average Norges Bank fixing rate for this period was 10.6204. Total cash dividend for first quarter 2024 of USD 0.70 per share is consequently NOK 7.4343 per share.
On 28 August 2024, the cash dividend will be paid to relevant shareholders on Oslo Børs (Oslo Stock Exchange) and to holders of American Depositary Receipts (“ADRs”) on New York Stock Exchange. Read full article
Bentley Motors has become the first automotive member of Leather Naturally, the global voice of the sustainable leather industry. The international, Non-Governmental Organisation (NGO) is dedicated to promoting the use of certified, properly-sourced leather as a natural by-product of a responsible circular economy.
The new partnership with Leather Naturally is just the latest environmental initiative by Bentley, underscoring the brand’s ongoing commitment to its Beyond100 strategy to become the global leader in sustainable luxury mobility. In 2021, Bentley was the first automotive member of the Leather Working Group, promoting responsible business practices and environmental compliance within the leather industry.
As a next step, the luxury British marque introduced the first, sustainable leather option for customers, utilising a sustainable leather tanning process that uses an organic by-product of the olive oil industry. Olive Mill Waste Water tanned Leather is produced with tanning agents free of harmful heavy metals, minerals and aldehydes. Read full article
