Global energy ,Automotive industry news and analysis, October 01, 2024
London, (Oilandgaspress) ––Prices of crude oil mixed due to continued China economic situation that’s tempered demand and escalating tension in the Middle East. Market is appehensive about Saudi plans to increase oil production from December.
The Dacia Sandriders will switch to competition mode for the first time later this week when Nasser Al-Attiyah/Édouard Boulanger, Cristina Gutiérrez/Pablo Moreno and Sébastien Loeb/Fabian Lurquin contest Rallye du Maroc (October 6-11), the 2024 FIA World Rally-Raid Championship season decider and the perfect practice run for January’s Dakar.
Having tested the Ultimate category Sandrider extensively in the UK, France and Morocco during the summer, The Dacia Sandriders will aim to put all of that valuable learning into practice on an event described as a miniature Dakar, motorsport’s ultimate test of driver and machine. While Rallye du Maroc, which covers a total distance of 2468 kilometres, represents a competitive first for The Dacia Sandriders, its driving and team personnel have experience of the African rally-raid event from recent seasons. That gives the squad an important platform from which to progress. Indeed, Al-Attiyah, a five-time Dakar winner, was victorious on Rallye du Maroc as recently as 2021.A founding round of the FIA World Rally-Raid Championship in 2022, Rallye du Maroc forms the season-decider for the second season in 2024. Getting under way with a Prologue in Marrakech to the west of Morocco on October 6 and finishing in Mengoub Bouârfa to the northeast of the country on October 11, the event is all about sand dunes, rock-strewn stretches, rough gravel sections and searing heat. Of the 2468-kilometre total distance, 1512 kilometres are against the clock, to underline the intensity of the challenge ahead for The Dacia Sandriders. Read More
Nel ASA: Hy Stor Energy terminates the capacity reservation agreement for the Mississippi Clean Hydrogen Hub
Reference made to the stock exchange notice by Nel ASA (Nel, OSE:NEL) on April 26, 2024, where Nel and Hy Stor Energy signed a capacity reservation agreement for more than 1 GW of alkaline electrolyser equipment. Hy Stor Energy has now decided to terminate the agreement.
In line with Nel’s accounting standards, the capacity reservation was not considered order intake, hence the cancellation will not impact the order backlog. Nel will retain the non-refundable capacity reservation fee. . Read More
Vestas signs conditional agreement for a 1.1 GW offshore wind project in Scotland
Vestas has signed a conditional order agreement with Inch Cape Offshore Limited, an equal joint venture between ESB and Red Rock Renewables, for the 1.1 GW Inch Cape project in Scotland.
The agreement is for the supply, installation, and commissioning of 72 V236-15.0 MW wind turbines for the Inch Cape Offshore Wind project. The scope of the service contract includes a long-term comprehensive service agreement followed by a tailor-made operational support agreement.
“We are very pleased to have signed this agreement for a pivotal project for Scotland’s offshore wind industry, and our team is genuinely excited to contribute to this milestone together with ESB and Red Rock Renewables,” says Nils de Baar, President of Vestas Northern & Central Europe. “Inch Cape will have a significant impact on the UK’s sustainable energy future, and we are proud to stand at the forefront of this transition. Our thanks go to our partners at ESB and Red Rock Renewables for their trust and excellent collaboration.”
Inch Cape Project Director John Hill said: “We are delighted to be working with Vestas on deployment of these latest fully certified state-of-the-art turbines. When operational, these turbines will deliver more than 5TWh of renewable electricity each year, making a vital contribution to the UK’s energy security and emissions reduction targets.” The Inch Cape project site is located in the Scottish North Sea, 15 kilometres off the Angus coast, with the installation harbour being based in the Port of Dundee. According to the current state of planning, wind turbine installation is programmed to begin in 2026 and the wind farm is expected to be fully operational in 2027.. Read full article
Continuum Powders, the industry leader in sustainable, high-performance metal powers for advanced manufacturing, is expanding its leadership team with the addition of Jared Butson as its Senior Vice President, Global Sales. Butson joins Continuum after more than two decades as a leader in the aviation and aerospace industries where he showcased his ability to drive business development and build strong client relationships.
Butson has previously served in successful leadership roles at several key companies in the aerospace sector, including CTS Engines, TurbineAero, and Avidyne Corporation, where he managed key relationships and contracts with engine OEMs, airlines, military, and cargo operators. His deep understanding of client needs and ability to drive sales growth positions him perfectly to lead Continuum Powders into its next phase of global expansion.
“Continuum Powders is on an exciting trajectory, showcasing cutting-edge technologies and a foundational commitment to innovation and sustainability,” Butson says. “I’m thrilled to join this exceptional team and contribute to the company’s next phase of growth.”
Before joining Continuum Powders, Butson served as Vice President of Sales at CTS Engines, where he played a pivotal role in securing critical long-term contracts and expanding the company’s reach across commercial, military, and cargo sectors. His leadership at TurbineAero and Avidyne Corporation further underscores his expertise in negotiating contracts with a variety of customers and leading sales teams to exceed ambitious targets.
Rob Higby, CEO of Continuum Powders, expressed his enthusiasm over Butson’s appointment: “We are delighted to welcome Jared to our leadership team. His track record of success in the aerospace industry and his deep understanding of our customers’ needs make him a tremendous asset as we continue to grow our business. Jared’s leadership and strategic insights will be invaluable as we expand our market presence and deliver innovative solutions to our clients.”
Continuum Powders continues to revolutionize the industry with its sustainable, recycled alloy powders and low-carbon footprint production methods, transforming manufacturing across aerospace, automotive, defense, and many other key sectors. Butson’s appointment marks a significant milestone in the company’s commitment to driving sustained growth and innovation.
Continuum’s technology offers a distinct advantage over traditional metal powder delivery and service methods by providing a streamlined powder lifecycle management process that significantly reduces energy consumption and carbon emissions. Investors recognize the transformative potential of Continuum’s approach, which delivers high-quality, cost-competitive metal powders while minimizing environmental impact. Read Press Release
Tata Power, one of India’s largest integrated power company, today announced the signing of a landmark Memorandum of Understanding (MoU) with the Government of Rajasthan during the ongoing Rising Rajasthan Investor Meet in New Delhi with an investment plan of ~₹ 1.2 lakh crores. This ambitious 10-year plan aims to support Rajasthan’s transformation into a power surplus state, providing 24/7 clean, affordable, and reliable power supply with investments in renewable energy projects and manufacturing, transmission, distribution, nuclear power, rooftop installations, and EV charging. The MoU will place Rajasthan at the heart of the nation’s clean energy transition, contributing significantly to India’s energy goals.
The MoU was signed in the presence of the Hon’ble Chief Minister of Rajasthan, Shri Bhajan Lal Sharma; Col Rajyavardhan Rathore, Hon’ble Minister for Industry & Commerce, Rajasthan and senior officials of the Government of Rajasthan, underscoring the state’s commitment to industrial growth and energy sustainability. This agreement involves comprehensive investment across the power value chain, from generation to transmission and distribution (T&D) reforms, as well as cutting-edge renewable energy projects across the state, including solar, wind, hybrid, and battery energy storage systems (BESS) including rooftop solar and EV Charging.
Dr. Praveer Sinha, CEO & MD, Tata Power, said, “Our partnership with the Government of Rajasthan is a testament to our shared vision of building a low-carbon, resilient, and integrated energy ecosystem in the State. By using our experience across the entire power sector value chain, we aim to support Rajasthan’s energy goals and create economic opportunities for its people. We compliment the State Government’s visionary leadership in positioning Rajasthan as a future-ready, energy-efficient State that provides secure, reliable, and clean energy for all.” This MoU envisions a future where every household and industry in Rajasthan enjoys round-the-clock, reliable, and clean electricity. The key pillars of this MoU include: Read Press Release
Honeywell announced it has signed an agreement with USA BioEnergy (USABE) to implement its Experion® PKS Distributed Control System (DCS) and safety system at USABE’s new Texas Renewable Fuels Bon Wier advanced biorefinery, which is designed to convert wood waste into sustainable aviation fuel (SAF). This collaboration underscores Honeywell’s alignment of its portfolio to three compelling megatrends—automation, the future of aviation, and energy transition.
Honeywell Experion® PKS will support the Texas Renewable Fuels plant’s central control and safety operations, ensuring optimal performance, reliability, and safety. The system’s real-time data acquisition, monitoring, and control capabilities can revolutionize the complex processes involved in converting wood waste into SAF. By integrating these functions, Honeywell is set to significantly enhance operational efficiency and help USA BioEnergy achieve its production targets with minimal downtime, ultimately leading to reduced airline emissions and more sustainable commercial flight. Read more at
Gujarat has emerged as a leader in renewable energy, spearheading efforts toward a greener and more sustainable future. With a strong emphasis on solar power, the state plays a vital role in helping India reach its ambitious goal of achieving 500 GW of renewable energy capacity by 2030.
As reported by business-standard.com, Gujarat’s extensive solar initiatives are setting a benchmark for the rest of the country. From solar panels on government buildings and homes to large-scale solar parks, the state is capitalizing on its geographical advantages to maximize solar power generation.A testament to Gujarat’s success in this field is the Charanka Solar Park in the Patan district, which spans over 5,000 acres and represents a landmark achievement in India’s renewable energy sector. Read More
Together with its dealer partner Rimac Brussels, Rimac hosted a showcase of the Nevera Time Attack at that year’s edition of the Monaco Yacht Show.
Rimac’s record-breaking car – which holds more than 20 performance records – lined up alongside the most spectacular new superyachts for the show’s 33rd edition, which was held annually at Port Hercule in Monaco.Rimac Brussels hosted the Nevera Time Attack on its stand, distinguished by its unique Squadron Black base color and Lightning Green highlights, a shade inspired by the rare weather occurrence – an intense hue of the sky just before a storm. This bespoke design also pays homage to Rimac’s history, beginning with the e-M3, a car Mate Rimac converted to electric fifteen years ago, which marked the beginning of the Rimac journey. Read Press Release
The Norwegian Offshore Directorate believes that new innovations within hydraulic fracturing should lead to the development of more discoveries in tight reservoirs. The Directorate is now challenging the industry to have a go at one of the largest puzzles of them all – the “Victoria” discovery in the Norwegian Sea.
The challenge was issued during a seminar at the Norwegian Offshore Directorate’s offices today, 1 October. Read More
NIO Inc. announced its September and third quarter 2024 delivery results.
The Company delivered 21,181 vehicles in September 2024, representing an increase of 35.4% year-over-year. The deliveries consisted of 20,349 vehicles from the Company’s premium smart electric vehicle brand NIO, and 832 vehicles from the Company’s family-oriented smart electric vehicle brand ONVO. The Company delivered 61,855 vehicles in the third quarter of 2024, a new quarterly record representing an increase of 11.6% year-over-year. Cumulative deliveries reached 598,875 as of September 30, 2024.
On September 19, 2024, ONVO’s first model, the L60, a mid-size family smart electric SUV was launched. The L60 leverages NIO’s accumulation in smart and electric technologies, smart manufacturing, power network and supply chains. It embodies ONVO’s philosophy of bringing happiness and value for money to family users. By offering a spacious design, enhanced safety features and advanced technologies, the L60 maximizes user value while optimizing lifecycle ownership costs. Deliveries of the L60 started in late September 2024. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $67.56 | Down |
| Crude Oil (Brent) | USD/bbl | $71.10 | Down |
| Bonny Light 30/09/24 , CBN | USD/bbl | $73.40 | Down |
| Dubai | USD/bbl | $73.45 | Up |
| Natural Gas | USD/MMBtu | $2.90 | Up |
| Murban Crude | USD/bbl | $71.35 | Down |
| OPEC basket 30/09/24 | USD/bbl | $73.00 | Up |
The Nigerian local currency, the naira, traded on a mixed note across the foreign exchange market on Monday (FX) as gross balance in external reserves crossed $38 billion.
According to data from the Central Bank portal, Nigeria’s foreign reserves increased to $38.058 billion from $37.868 billion. The sustained US dollar inflow into the foreign reserves has raised hope of further FX intervention as mounting pressure keeps the naira at the edge.
According to FX spot data from the FMDQ platform, the naira depreciated by 0.08%, closing at ₦1,541.94 per US dollar at the official market. However, demand pressures in the alternative foreign currency market or the parallel market eased. Read full article
Shell has reportedly appointed Mr Ronald Adams as the new managing director of its deep-water subsidiary in Nigeria, Shell Nigeria Exploration and Production Company Limited (SNEPCo). Gladys Afam-Anadu, Media Relations Manager at Shell, announced in a statement on Tuesday that Adams previously served as the Chief Executive Officer of Atlantic LNG in Trinidad and Tobago. Afam-Anadu noted that Adams succeeds Elohor Aiboni, who is taking on an international assignment as Asset Director at Brunei Shell Petroleum (BSP). She said that the two new appointments are effective from Oct. 1. Read full article
Covestro AG today signed an Investment Agreement with certain entities of the ADNOC Group, including ADNOC International Limited and its subsidiary, ADNOC International Germany Holding AG (“Bidder”). The agreement stipulates, among other items, that the Bidder will make a public takeover offer for all outstanding shares of Covestro at a price of €62.00 per share. In addition, ADNOC International is committing itself to fully supporting the Company’s “Sustainable Future” strategy. At the same time, the Board of Management and the Supervisory Board of Covestro decided today that upon completion of the transaction, the Company’s share capital shall be increased by 10% (18.900.000 shares) and that, at and subject to closing, the new shares shall be issued to the Bidder against payment of a price per share equal to the offer price, thus, based on an offer price of €62.00 against a total amount of €1.17 billion, under simplified exclusion of subscription rights. . Read full article
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 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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