September 30, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) –– U.S. Rig Count is down 1 from last week to 587 with oil rigs down 4 to 484, gas rigs up 3 to 99 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 7 from last week to 218, with oil rigs up 8 to 152, gas rigs down 1 to 65 and miscellaneous rigs unchanged at 1. The Worldwide Rig Count for August was 1,735
Baker Hughes Rig Count: U.S. -1 to 587 Canada +7 to 218
U.S. Rig Count is down 1 from last week to 587 with oil rigs down 4 to 484, gas rigs up 3 to 99 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 7 from last week to 218, with oil rigs up 8 to 152, gas rigs down 1 to 65 and miscellaneous rigs unchanged at 1.
The Worldwide Rig Count for August was 1,735, up 22 from the 1,713 counted in July 2024, and down 53, from the 1,788 counted in August 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 27 September 2024 | 587 | -1 |
| Canada | 27 September 2024 | 218 | +7 |
| International | August 2024 | 931. | -3 |
TotalEnergies , Equinor and Shell, announce the completion of the CO2 receiving and storage facilities of Northern Lights Joint-Venture in Norway. The facilities consist in a terminal that will receive CO2 cargos, a 100 km subsea pipeline for CO2 transportation to the offshore storage location, and subsea injection facilities for safe and permanent CO2 storage in a reservoir 2,600 meters below the seabed.
Northern Lights is now ready to receive and permanently store CO2 from European industries, with first CO2 injection expected in 2025. Developing CO2 transportation and storage services is one of the necessary levers to reduce emissions and a realistic decarbonization solution for European industry.
Northern Lights is the world’s first commercial CO2 transportation and storage project. The first phase of the project was supported by the Norwegian government and has a capacity of 1.5 Mt CO2/year, which has been fully booked by customers in Norway and Continental Europe. Studies are under way for a capacity expansion to more than 5 Mt CO2/y in a second phase.
“Today’s ceremony marks a significant milestone – one that fills us with great pride and hope for the future. This is a proud moment not just for Northern Lights as a company, but for Norway and for the advancement of Carbon Capture and Storage (CCS) worldwide”, says Terje Aasland, Norwegian Minister of Energy.. Read More
JLR has announced a £500 million investment to transform its historic Halewood facility to support the parallel production of electric vehicles, alongside existing combustion and hybrid models. Originally built in 1963 to produce the Ford Anglia, Halewood is being transformed for the electric era.
With £250 million already invested, the transformation so far has involved over one million hours of construction work over the last 12 months. The site has been extended by 32,364 sqm to produce JLR’s medium‑sized electric luxury SUVs on the new Electric Modular Architecture (EMA) platform.
The historic plant has been fitted with technology including new EV build lines, 750 autonomous robots, ADAS calibration rigs, laser alignment technology for perfect part fitment and the latest cloud based digital plant management systems to oversee production, creating the ‘factory of the future’. This investment is part of JLR’s commitment to its Reimagine strategy, which will see JLR electrify all its brands by 2030, with the aim of achieving carbon net zero across our supply chain, products, and operations by 2039.
Electrification is central to this strategy and Halewood has an exciting future producing ICE, PHEV and BEV models side by side before eventually becoming JLR’s first all‑electric production facility. Read More
Hyundai Motor Company and Kia Corporation are ramping up their efforts to enhance competitiveness in future electric vehicle (EV) batteries.
On September 25, Hyundai Motor and Kia launched a project to develop lithium iron phosphate (LFP) battery cathode material. In collaboration with Hyundai Steel and EcoPro BM, a leader in the cathode material market, this venture aims to synthesize materials directly without creating a precursor for LFP battery cathode material production. The Korean Ministry of Trade, Industry and Energy supports this four-year project as part of the ‘LFP Battery Technology Development’ initiative.
“To meet future demand in the EV market, rapid technological development and effective battery supply chain establishment are essential,” said Soonjoon Jung, Vice President and Head of the Electrification and Driving Materials Development Group at Hyundai Motor and Kia. “Through this project, we aim to reduce import reliance and enhance the technological competitiveness of the country and Hyundai Motor Group by internalizing necessary technologies.”
Traditionally, LFP battery cathode materials are produced by adding lithium to precursor materials like phosphate and iron sulfate. The direct synthesis process simultaneously adds phosphate, iron (Fe) powder and lithium without creating a separate precursor. This eliminates the precursor production step, reducing hazardous substance emissions during manufacturing and lowering production costs.
The direct synthesis process is environmentally friendly and cost-competitive compared to conventional processes. However, to increase production efficiency, ensuring impurity-free and uniformly sized raw materials is crucial.
In collaboration with Hyundai Steel, Hyundai Motor and Kia will develop high-purity fine iron powder processing technology using domestically recycled iron. EcoPro BM will then use this technology to develop directly synthesized LFP battery cathode material using iron powder raw materials.
The aim is to develop LFP cathode material that enables fast charging technology and exhibits high-level charging and discharging performance at low temperatures.
This collaboration carries significance as it connects the steel, battery and automotive sectors. By integrating technology in the LFP battery material field, Hyundai Motor and Kia aim to spearhead advancements in the EV market.
Earlier this year, Hyundai Motor and Kia both announced their active pursuit of enhancing the battery capabilities, performance, safety and cost competitiveness of EVs as part of their long-term strategies. Read More
Kia Corporation celebrated the opening of Kia Gwangmyeong EVO Plant, Hyundai Motor Group’s (the Group) first dedicated EV manufacturing facility.
Located at Kia Autoland Gwangmyeong, the new South Korean facility has an annual production capacity of 150,000 units and started production of the Kia EV3 in the first half of this year, to be followed by the EV4 in the first half of 2025. Derived from the term ‘Evolution’, the Kia Gwangmyeong EVO Plant demonstrates how Kia will continue to change and move forward as it aims to become a leader in the future of mobility.
To celebrate the completion of the project, Kia hosted around 150 guests during a ceremony at the new Kia Gwangmyeong EVO Plant, including Jun Young Choi, Executive Vice President and Head of Domestic Production Division at Kia; Seung Won Park, Mayor of Gwangmyeong City; and O Kyeong Lim and Nam Hee Kim, Members of the 22nd National Assembly of the Republic of Korea.
“The completion of the Kia Gwangmyeong EVO Plant solidifies Kia’s first step as an EV leader following the company’s brand relaunch in 2021. With the goal of providing sustainable mobility solutions, we will lead innovation in the EV market and fulfil our responsibilities in helping to deliver a sustainable future”, said Jun Young Choi, Executive Vice President and Head of Domestic Production Division at Kia, during a welcoming speech at the event.
Seung Won Park, Mayor of Gwangmyeong City also added, “The completion of the Kia Gwangmyeong EVO Plant will help Gwangmyeong City to establish itself at the center of the EV industry in Korea. Through this we will strive to promote sustainable development of the local economy and create more jobs.”
In order to flexibly respond to changes in global demand for EVs, Kia has been steadily preparing for EV production at its global facilities. The Gwangmyeong EVO Plant is a dedicated EV facility, with an investment total of KRW 401.6 billion over approximately 60,000 square meters and will serve as an outpost for production of Kia’s popular EV models.
Kia has spent approximately one year transforming Gwangmyeong Plant 2, which was completed in 1987 to produce small internal combustion engine vehicles such as the Kia Pride, Avella and Stonic. The Kia Gwangmyeong EVO Plant is also meaningful in that it is the Group’s first dedicated EV plant and a facility that has been completely rebuilt on an existing plant site to become a hub for next-generation vehicle production. Read full article
ENI participated as a Partner Sponsor at Gastech 2024
Natural gas acts as an essential aid to energy security and, due to its characteristics, can have an important role when it comes to progressively lowering the GHG emissions linked to energy production. Of the fossil fuels, it is the one with the lowest carbon footprint and is currently the third energy source in the world1, with a wide range of uses and solutions that enable its emissions to be further reduced. Mainly made up of methane, gas is an abundant resource with global reserves of more than 200 billion cubic metres compared to global annual consumption which is equal to 4 billion2. Its wide availability is coupled with a relative ease of transportation, ensured by a widespread network on land via pipelines and by sea in the form of liquefied natural gas, which promotes security of supply. Its versatility makes it a primary source of electricity and for domestic and industrial heating, as well as an increasingly used fuel in the mobility sector. Natural gas is also a raw material for the production of hydrogen and for the chemical industry, which uses it in crucial processes. Gas is part of Eni’s industrial identity and, above all, is a key part of the strategy to achieve the Net Zero by 2050. In our diversified energy mix, gas is supported by renewables, bioenergy and other energy carriers such as hydrogen, according to the principle of technological neutrality. Particularly because of the support it can offer to the transition, the gas component will be increasingly prevalent in our production mix, accounting for 60% of hydrocarbon production in 2030 and over 90% in 2050. Read Press Release
Audi of America released full pricing and specifications for the all-new 2025 Q6 e-tron model line and announced an additional range-leading rear-wheel-drive (RWD) entry will join its line-up before the end of the year. With today’s announcement, Audi will have 11 distinct battery electric vehicles on offer across its four e-tron model lines at the close of 2024; Q4 e-tron, Q6 e-tron, Q8 e-tron and e-tron GT. The introduction of the Q6 e-tron to the brand’s U.S. model portfolio later this year also marks the start of the most ambitious product introduction cadence in the brand’s history. The all-new Premium Platform Electric (PPE) architecture on which the Q6 e-tron is built is also joined by the introduction of a new Premium Platform Combustion (PPC) which underpins new internal combustion engine Audi models, like the all-new A5 and Q5 arriving next year. Across these two platforms, Audi intends to introduce more than 20 all-new or significantly updated models over the next two years globally, half of which will be electrified.
The rear-wheel drive Audi Q6 e-tron joins the Q6 e-tron quattro and the SQ6 e-tron as the brand’s first model line using the all-new, technologically advanced PPE architecture and introduces new technologies including an all-new MMI user-interface supported by the brand’s all-new E3 electronics architecture. Built to epitomize the brand’s philosophy of Vorsprung durch Technik – or “progress through technology”– the Q6 e-tron marks the next big step for Audi electrification to deliver a seamless EV ownership experience. The addition of the rear-wheel drive Q6 e-tron also places the new model as the longest-range SUV in the brand’s growing battery electric vehicle (BEV) lineup, with the new model earning an EPA estimated driving range of 321 miles when equipped with the ultra package. Together, the Q6 e-tron sets the new standard for Audi electrification: Delivering impressive dynamics with advanced tech, greater range than other e-tron models before it, a new MMI and interior concept, and everyday usability, all starting from $63,800. Read More
Woodside has completed the acquisition of 100% of OCI Clean Ammonia Holding B.V., which holds its lower carbon ammonia project in Texas (Project), from OCI N.V. (together with its affiliates, OCI). The completion follows Woodside’s announcement on 5 August 2024 that it had entered into an agreement to acquire OCI’s 1.1 Mtpa Clean Ammonia Project. Following start up of carbon capture and sequestration, the Project will generate ammonia with less than 35% the lifecycle emissions intensity of unabated ammonia.
2. Woodside CEO Meg O’Neill said the transaction positioned Woodside as an early mover in the growing lower carbon ammonia market. “As a global energy provider, Woodside is focused on lower carbon ammonia and its increasingly important role in the world’s energy mix. The potential applications are in power generation, marine
fuels and as an industrial feedstock, as it displaces higher-emitting fuels. “Global ammonia demand is forecast to double by 2050 with lower carbon ammonia making up nearly two-thirds of total demand. Evolving decarbonisation policies have potential to attract a premium price for lower carbon ammonia
3. “The transaction will generate returns exceeding our capital allocation framework targets, with phase 1 of the Project expected to be free cash flow accretive from 2026. It also represents a material step towards delivering our Scope 3 investment and abatement targets.”
4. The Project remains under construction and is targeting production of first ammonia from 2025 and lower carbon ammonia from 2026.
5. OCI will manage the construction of the Project through provisional acceptance.
The all-cash consideration of approximately $2,350 million is inclusive of capital expenditure through completion of the first phase, with 80% paid and the remaining 20% to be paid at Project completion. Read Press Release
Mitsubishi Corporation (MC) has officially been awarded two overseas CCS projects jointly submitted by the Japan Energy and Metals National Corporation (JOGMEC) with another company in the FY 2024 Public Offering for Research on Implementation of Advanced CCS Projects (Public Offering). The projects officially accepted this year are as follows:
Project name Oceania CCS Project Northern Offshore Malay Peninsula CCS Project
Partners(in no particular order) Mitsubishi CorporationNippon Steel CorporationExxonMobil Asia Pacific Pte. Ltd.Mitsubishi Chemical CorporationMitsubishi Corporation Clean Energy Corporation Mitsubishi CorporationENEOS CorporationJX Nippon Oil & Gas Exploration CorporationJFE Steel CorporationCosmo Oil Co., Ltd.Nippon Shokubai Co., Ltd.PETRONAS CCS Solutions Sdn Bhd
Emission sources Multiple industries in Ise Bay and the Chubu region. Multiple industries in the Tokyo Bay area
Others Accepted following last year – Read more at
PETRONAS and Mitsubishi Corporation strengthen their 46-year long partnership through the signing of agreements, which further solidify the trust in PETRONAS’ capabilities to deliver Liquefied Natural Gas (LNG) to the international market primarily LNG customers in Japan.
United by a vision for a cleaner and lower carbon future, this significant collaboration encompasses the commitment shared by both parties in ensuring energy security amidst market volatility driven by global disruptions such as geopolitical tensions, rising regional demands as well as changing consumption patterns.
The signatories of the agreements were PETRONAS’ President and Group Chief Executive Officer Tan Sri Tengku Muhammad Taufik and Mitsubishi Corporation’s President and Chief Executive Officer Katsuya Nakanishi.
The agreements outline investment from Mitsubishi Corporation into the Malaysia LNG (“MLNG”) Dua and MLNG Tiga for the next decade – the extension of its 10 per cent equity shareholding in MLNG Dua, and the reinvestment of a 10 per cent equity shareholding in MLNG Tiga, signifying its continued participation in the two ventures with associated marketing activities and deliveries of LNG from Bintulu to Japan.
The cooperation has been built primarily on trust, demonstrating confidence in Malaysia’s robust economic landscape to attract foreign direct investment, particularly in Sarawak.
Tan Sri Tengku Muhammad Taufik said, “Our relationship with Mitsubishi Corporation began with our first joint venture agreement in 1978 and we are therefore excited about strengthening our ties further, especially in the era of energy transition where LNG is the natural fuel alternative. I look forward to more exciting endeavours, as we leverage opportunities together and address challenges that will positively impact our organisations and nations.” Read More
RMB3.3 Billion Investment in NIO China from Strategic Investors
NIO Inc. announced that it has entered into definitive agreements for investment in NIO Holding Co., Ltd., a PRC subsidiary in which it holds 92.1% controlling equity interest (“NIO China”), with Hefei Jianheng New Energy Automobile Investment Fund Partnership (Limited Partnership), Anhui Provincial Emerging Industry Investment Co., Ltd. and CS Capital Co., Ltd. (collectively, the “Strategic Investors”), pursuant to which the Strategic Investors will invest an aggregate of RMB3.3 billion in cash (the “Strategic Investment Amount”) to subscribe for newly issued shares of NIO China. Concurrently, NIO will invest an aggregate of RMB10 billion in cash (the “NIO Investment Amount”) to subscribe for newly issued shares of NIO China (collectively, the “Investment Transaction”). Upon completion of the Investment Transaction, NIO will hold 88.3% of controlling equity interest in NIO China, while the Strategic Investors together with the other existing shareholders will collectively hold the remaining 11.7% of equity interest in NIO China.
In addition to the NIO Investment Amount, NIO also has the right to invest an additional RMB20 billion to subscribe for additional shares in NIO China by December 31, 2025 based on the same price and terms of the Investment Transaction.
The Investment Transaction is subject to regulatory and internal approvals, as well as the satisfaction of customary closing conditions. The Strategic Investors and NIO will each inject cash into NIO China in two installments, with 70% of the Strategic Investment Amount and NIO Investment Amount to be made by the end of November 2024, with the remaining 30% to be made by the end of December 2024.
This investment not only demonstrates the strategic investors’ firm support for the high-quality development of the electric vehicle industry but also underscores their strong recognition of NIO’s unique values and industry leadership. With an enhanced balance sheet, NIO is strategically positioned to maintain its long-term advantages in technology, products, services, and user community, promote its multi-brand strategy and penetrate broader markets, and propel the Company into the next stage of sustainable growth. Read Press Release
Just Stop Oil supporters have thrown soup over two of Vincent Van Gogh’s Sunflowers paintings at the National Gallery in London in a sign of defiance after the original soup throwers, Phoebe Plummer and Anna Holland were imprisoned for up to two years at Southwark Crown Court today. Just Stop Oil is demanding that governments work together to establish a fossil fuel treaty, to end the extraction and burning of oil, gas and coal by 2030. [1]
At around 2:30pm, three supporters of Just Stop Oil entered the Van Gogh ‘Poets and Lovers’ exhibition at the National Gallery and proceeded to throw Heinz vegetable soup over two Van Gogh masterpieces: ‘Sunflowers’ 1889 and ‘Sunflowers’ 1888. The latter was splashed with soup by Phoebe Plummer and Anna Holland in 2022.
Taking off jackets they revealed Just Stop Oil t-shirts and spoke to the assembled crowds. Referring to the 25 Just stop Oil supporters now in prison, Phil Green announced: “Future generations will regard these prisoners of conscience to be on the right side of history.” Read More
The crude tanker market was comparatively weaker amidst a lack of long-haul voyages and even after considering cleaning costs, offered sufficient economic incentives for operators to switch to the clean market. Around 2 mt of CPP cargoes per month (predominantly middle distillates) were carried on these tankers in July and August, which corresponds to around 22 LR2s, accounting for 13% of the global LR2 monthly utilisation. As a result, this development partially muscled LR tankers out of the East-to-West route, with Cape of Good Hope laden transits for this vessel class declining by 30% between April and August 2024. Subsequently, LR freight rates for the Middle East-to-Europe route have dropped to half their values since their last spike in April 2024. Read More
The historic Algiers Accord, signed by OPEC Member Countries in 2016 in Algiers, Algeria, reached eight years today.
On 28 September 2016, the OPEC Conference convened for its 170th (Extraordinary) Meeting in the Algerian capital to discuss the conditions of the global oil market and examine ways to address the severe market imbalance. The momentous meeting led to the adoption of the landmark ‘Algiers Accord’, as well as the establishment of a high-level committee mandated to develop a framework for consultations between OPEC and non-OPEC oil-producing countries.
OPEC’s extraordinary efforts paved the way for the signing of the ‘Vienna Agreement’ at the 171st Meeting of the OPEC Conference on 30 November 2016. These landmark decisions led to the birth of the historic Declaration of Cooperation between OPEC and several non-OPEC oil-producing countries on 10 December of the same year with the objective to support oil market stability for the benefit of all industry stakeholders and the global economy at large.
HE Haitham Al Ghais, Secretary General of OPEC, said: “The Algiers Accord was an extraordinary moment in the history of the oil industry, as it did not only set the foundation for what later became a vital force for stability and balance in the global oil market – the landmark Declaration of Cooperation – but it also demonstrated OPEC’s sacrificing, responsible and inclusive approach that considers all stakeholders in the industry.”
“Looking back, the Declaration of Cooperation has supported stability in the global oil market, and by extension economic growth and development worldwide, despite the challenges encountered, such as the market downturn caused by the outbreak of COVID-19.”
Earlier this month, the Organization marked the 64th anniversary of its founding. OPEC was formed on 10-14 September 1960 in the Iraqi capital of Baghdad by its five Founder Members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. OPEC is currently made up of 12 Member Countries. Read More
Nissan Motor Co., Ltd. announces that its Tochigi Plant Guest Hall in Tochigi Prefecture has reopened following a significant renovation.
The Tochigi Plant has welcomed more than 2.43 million visitors since 1974, primarily elementary school students. In 2005, a new guest hall was established to house information about the plant’s operations, showcasing technology and the Nissan brand through car displays and events.
The renovations to the hall are aimed to provide visitors with a more immersive experience of Nissan’s manufacturing. On entering, visitors are welcomed by a display of the latest vehicles produced at the plant. Displays explain how cars are manufactured, focusing on safety and the environment, across five processes: pressing, body welding, painting, assembly, and inspection. Videos and parts displays produce an easy-to-understand tour for all ages, with interactive content and experiential exhibits enabling visitors to see, touch, and experience.
Tochigi Plant is the first of Nissan’s vehicle manufacturing bases where the Nissan Intelligent Factory concept has been implemented. The concept supports next-generation car-making through innovative production technologies while contributing to achieving carbon neutrality. At the Tochigi Plant Guest Hall, visitors can also gain an understanding of this advanced car manufacturing concept. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $68.25 | Down |
| Crude Oil (Brent) | USD/bbl | $72.09 | Down |
| Bonny Light 27/09/24 | USD/bbl | $73.54 | Down |
| Dubai | USD/bbl | $73.34 | Down |
| Natural Gas | USD/MMBtu | $2.89 | Up |
| Murban Crude | USD/bbl | $73.24 | Down |
| OPEC basket 27/09/24 | USD/bbl | $72.25 | Down |
Carmakers in call to rethink internal combustion engine ban
Rome and Berlin are siding with the European automotive industry in calling for the EU to relax CO2 emissions standards for cars as the bloc aims to end the sale of new petrol and diesel models by 2035.
Italy and Germany are mustering support from other EU members for a call to relax EU targets for reducing car CO2 emissions and reconsider a 2035 ban on the sale of petrol and diesel models, Italian Industry Minister Adolfo Urso said in Brussels Wednesday evening.
It was now “certain” that the ban – actually a zero limit on tailpipe emissions – would not be achieved, and the two countries plan to propose at an EU Council summit Thursday that a review clause in the legislation be brought forward from the end of 2026 to early 2025, Urso said.
Echoing recent warnings from manufacturers, Urso said Europe’s car industry had “collapsed” and predicted “tens of thousands” of redundancies in the sector unless the EU changed course.
The EU had two choices, the Italian minister said: firstly, to keep the target and create the conditions to allow the car industry to achieve it – an approach favoured by German economy minister Robert Habeck. “Or if we fail to do all this we just have to…postpone the objectives,” he said. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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