Global energy , automotive industry news and analysis, October 02, 2024
London, (Oilandgaspress) ––The possibility of an all-out war between Israel and Iran is impacting on oil supplies and price. Crude price is rising price and this has resulted in BP shares rising 2.4 per cent to 401p and Shell up by 2.2 per cent, to 2478p. according to media reports.
China’s commerce ministry said on Wednesday it has asked the World Trade Organization to rule on Canada’s imposition of steep tariffs on Chinese electric vehicles as well as steel and aluminum products. Following the lead of the United States and European Union, Canada began imposing on Tuesday a 100% levy on EVs shipped from China, having also announced in late August a 25% tariff on Chinese steel and aluminum products.
“China has raised a litigation to the WTO over Canada’s unilateral and trade protectionist measures, and will conduct anti-discriminatory probe into these restrictive measures,” the ministry said in a statement.
The ministry repeated its strong opposition to the tariffs, which it says will “disrupt and distort global industrial and supply chain.”. Read More
Kadett and Astra – these two names are synonymous with almost nine decades of successful Opel compact class history. Right from the start, they have been bringing numerous innovations to the segment and thus making individual mobility affordable for many. A very special Kadett generation is celebrating a special birthday in the anniversary year of “125 years of Opel automotive production”: the Opel Kadett E is turning 40. In the autumn of 1984, the Opel engineers achieved a really big success. Based on the technical basis of its predecessor, but with a completely new hatchback body, the fifth generation of the Kadett goes from strength to strength. The basis for success is the attractive design as well as the technical finesse and the variety of variants. At the same time, it is the last compact class model from Opel to bear the Kadett nameplate. The successor already goes by the name “Astra” and consistently continues the success in the compact class. The first electrified Astra generation shows what modern driving fun with responsibility looks like today. The current Opel Astra, with different hybrid drives and economical combustion engines as well as the fully electric Astra Electric, is emotional, efficient and, depending on the variant, locally emissions-free. Read More
Ram Trucks is presenting the new Ram 1500 in Europe today, with key enhancements that make it the no-compromise benchmark in durability, advanced technology, safety and efficiency. The new pickup truck offers customers more standard power, more performance and more fuel efficiency with the new 3.0-liter Hurricane engine family.
Advanced engineering makes the Hurricane Twin-turbo engine family part of a fundamental step in the Stellantis Dare Forward 2030 strategic plan to lead the way the world moves by delivering innovative, efficient, safe and affordable mobility solutions.
One of the highlights of the new Ram 1500 is its payload of 1 tonne and its towing capacity, maintained at the maximum level in Europe, giving customers the possibility to tow up to 3.5 tonnes, whether for leisure or work purposes. The new model is also the most technologically advanced Ram 1500 ever, offering features such as the Advanced Uconnect 5 system, the largest touchscreen display in its class with 14.5 inches, a class-exclusive 10.25-inch passenger screen and a new dual wireless phone charging pad. More than 100 safety and security features are available, including Advanced Brake Assist, Adaptive Cruise Control, Drowsy Driver Detection, Full-Speed Forward Collision Warning Plus, Pedestrian Emergency Braking and more. Read full article
At the e-Performance Days at Silesia Ring in Poland, 28 journalists from the automotive and lifestyle sectors had the chance to get up close with Porsche’s latest electric models and concepts. The prototype GT4 e-Performance provided a special highlight. The e-Performance Days showcased the capabilities of Porsche electric vehicles in various conditions. Journalists had the opportunity to test the latest generation Porsche Taycan and, for the first time in Poland, the all-electric Porsche Macan.
Journalists took part in track drives that allowed them to check the performance of the Taycan. The programme also included a slalom drive with the Macan, demonstrating the driving characteristics of the electric SUV. Additionally, a Taycan drift training session showcased the control of the electric drive in extreme conditions.Porsche also presented two iconic models for static display: the Mission R and the 99X Electric. The Mission R, an all-electric concept race car, gives a glimpse into Porsche’s vision for future customer motorsports. Similarly, the 99X Electric, the race car of the TAG Heuer Porsche Formula E Team, was on display, highlighting the brand’s commitment to top-tier electric motorsports. Read Press Release
Porsche Taiwan hosted a special celebration at the newly established Porsche Driving Centre in Lihpao Racing Park. The event underscored the company’s support to its nonprofit partners, highlighting plans for future collaboration. A standout moment was a specially curated track experience for young dreamers from four Boyo centres in central Taiwan. These students were given a behind-the-scenes look at Porsche’s cutting-edge facility, expressed their creativity by painting their own 911 cut-outs in vibrant colours, and felt the excitement during an exhilarating taxi lap in Porsche’s all-electric sports car. This unique track session was more than just thrilling; it was an inspirational experience that reinforced the program’s mission to empower the next generation. Read Press Release
The management and IT consultancy MHP sets a significant milestone for future international growth by establishing the subsidiary MHP Management and IT Consulting Mexico S. de R.L. de C.V. in Guadalajara, Mexico. With this strategic step, MHP is expanding its presence in North and Central America, offering specialized IT services from this base. In terms of technology, the focus will be on Managed Business & IT Services and SAP Digital Enterprise. The establishment of the base in Mexico underlines the company’s long-term commitment to the Central American market. This undertaking is also part of MHP’s strategic planning, which envisages a strengthening of its presence and engagement around the world on the one hand and ensuring its ability to deliver its services with efficient and custom solutions locally – in proximity to the customer. Read more
Lamborghini Esperienza Giro India, the epitome of luxury and lifestyle experiential driving program, has successfully concluded amidst the breathtaking landscapes of Uttarakhand. This year, Lamborghini owners were immersed in the spiritual and scenic grandeur of “The Land of Gods” or “Devbhoomi” as they navigated through some of the most picturesque destinations in Uttarakhand including Rishikesh, Mussoorie, and Haridwar.
Exclusively tailored for Lamborghini owners, Esperienza Giro India 2024 unfolded as an extraordinary adventure, weaving customers through the serene Himalayan foothills, winding roads, and awe-inspiring views. The breathtaking journey took participants to explore the beauty of Uttarakhand in their Lamborghinis, where they can feel the thrill of driving their super sports cars and super SUVs on a rugged terrain which for many guests is their first time driving on this scenic route.
The convoy, comprising of 70 Lamborghini cars, with around 130 customers and guests reawakened the senses of every participant with meticulously curated routes that traversed the heart of Uttarakhand, providing a picturesque backdrop of misty hills, winding rivers, and dense forests. The journey commenced in Delhi and culminated with an exclusive soiree in the serene surroundings of Dehradun. Throughout the expedition, participants relished the thrill of driving their Lamborghinis, immersing into the rich gastronomic culture, history and heritage through authentic and unique experiences. From musical performances to traditional contemporary folk tunes and a mesmerizing display of light show, the participants were treated to enjoy a holistic journey incorporating exceptional unparalleled driving and emotional experience while celebrating the local cultural experiences, exceptional cuisines and Italian heritage.
Esperienza Giro India invites customers into the World of Lamborghini, offering them an unique opportunity to indulge in Uttarakhand’s natural beauty while revelling in the remarkable performance and driving pleasure of their Lamborghinis. The event underscored Lamborghini’s commitment to delivering exceptional experiences that go beyond driving, forging enduring connections between the brand, its owners, and the awe-inspiring landscapes that they explore together. Read More
Saab and Korea Aerospace Industries (KAI), have signed a Memorandum of Understanding (MoU) for industrial cooperation and technology transfer related to the ongoing AEW&C (Airborne Early Warning & Control) II competition for the Republic of Korea and future domestic opportunities.
The MoU was signed on the first day of the Korea Army International Defense Industry Exhibition, KADEX, by Mr. Chongho Yoon, Senior Executive Vice President and General Manager of Aircraft Program Division, KAI, and Markus Borgljung, Vice President and Deputy Head of Business Area Surveillance, Saab. The MoU signifies Saab’s and KAI’s commitment for industrial cooperation if Saab is selected for the AEW&C II programme. Saab’s proposal for the Republic of Korea’s ongoing AEW&C II competition is GlobalEye, the only advanced and future proof AEW&C solution on the market that is in production, on contract and in operation. GlobalEye offers higher availability, better sortie rate, longer missions, lower costs and superior performance to any current platform. The MoU’s collaborative arrangements relate to the transformation of the Global 6500 business jet into a GlobalEye AEW&C special mission aircraft. This includes airframe and aerodynamics modifications, system installation, testing and integration and comes with an extensive package of training and technical assistance to build competencies in these areas. KAI will therefore be self-sufficient in carrying out future modifications, maintenance and repair of GlobalEye (AEW&C II). . Read Press Release
Watson Farley & Williams (“WFW”) advised MET Group (“MET”) on its investment, by way of a partnership agreement with Celsius Group (“Celsius”), in one modern LNG carrier to be constructed by China Merchants Heavy Industry (Jiangsu).
The LNG carrier is scheduled to be delivered in 2027 and will support MET’s growing LNG activities. The purchase supports MET’s strategy to enhance its ability to supply its customers with LNG from various sources and marks MET’s inaugural maritime asset investment.
Swiss-headquartered MET Group is an integrated European energy company with assets in natural gas and power markets across the continent.
Celsius is a leading Danish ship owner and operator focussed on sustainable, infrastructure investments and special opportunities within the maritime industry.
The multi-disciplinary WFW team that advised Met Group was led by London Partner and Global Maritime Sector Head George Macheras, assisted by Senior Associate Phil Chope. Partner Christina Howard, assisted by Associate Alice Halpin, provided corporate law and joint venture expertise, with Counsel Amelia Reffold and Partner Richard Stephens advising on time-charter and tax matters respectively. New York Partner Steven Hollander advised on Marshall Islands law.
George commented: “We are thrilled to have assisted MET Group on their first venture into the maritime space generally and the LNG shipping sector in particular. We are also pleased to work once again with Celsius. The deal clearly leveraged WFW’s wide maritime expertise and showcases our ability to advise on all aspects and practices in the industry”. Read More
Nigeria is set to approve Exxon Mobil Corp.’s sale of its oil and gas assets to domestic energy supplier Seplat Energy Plc, President Bola Tinubu said.
The “divestment will receive ministerial approval in a matter of days,” Tinubu said in a speech on Tuesday marking Independence Day in the West African nation. The move will “increase oil and gas production, positively impacting our economy,” he said. Read More
TEXT OF NATIONAL BROADCAST BY PRESIDENT BOLA AHMED TINUBU ON THE 64TH INDEPENDENCE ANNIVERSARY OF THE FEDERAL REPUBLIC OF NIGERIA OCTOBER 1, 2024 Read More
The direct involvement of OPEC member Iran in the Israeli conflict with Hezbolah may increase the possibility of oil-supply disruptions in the region. Iran’s output rose to a six-year high of 3.37 million barrels a day in August before easing slightly in September. Israel’s military said Iran fired more than 100 ballistic missiles at the country. It is the second attack by Iran this year, as it fired hundreds of missiles and drones at Israel in April.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $72.09 | Up |
| Crude Oil (Brent) | USD/bbl | $75.75 | Up |
| Bonny Light 30/09/24 , CBN | USD/bbl | $73.40 | — |
| Dubai | USD/bbl | $73.51 | Up |
| Natural Gas | USD/MMBtu | $2.93 | Up |
| Murban Crude | USD/bbl | $75.72 | Up |
| OPEC basket 01/10/24 | USD/bbl | $71.34 | Down |
Aker Solutions has been awarded a EPCIC contract by Equinor to prepare the topside of Troll A for accelerating production from the Troll West gas reservoir. The Troll field is situated in the North Sea, 80 km northwest of Bergen, and is Norway’s largest gas producer, supplying 10 percent of Europe’s total gas needs. Troll Phase 3 involves producing the gas cap overlying the oil column in Troll West, while also continuing the production of oil. The produced gas goes to Troll A and onwards in existing infrastructure.
The scope includes engineering, procurement, construction, installation and commissioning (EPCIC) for topside modification. The purpose is to prepare the Troll A platform for receiving and processing gas from eight new wells at Troll West.
The first stage of this development was completed in 2021 with a new module on the Troll A platform to receive and process gas from the Troll West field. Aker Solutions completed the Troll A topside modification and provided the subsea systems for the field development in Stage I. Read More
During the period from 24 to 27 September 2024, Eni acquired on the Euronext Milan no. 2,188,355 shares (equal to 0.07% of the share capital), at a weighted average price per share equal to 13.8917 euro, for a total consideration of 30,400,073.26 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. Source,
The global refining industry is on the verge of a profound transformation, driven by the emergence of Nigeria’s Dangote Oil Refinery and Mexico’s Dos Bocas Refinery. Both projects are set to significantly alter the fuel markets in Africa, Latin America, and beyond, challenging the established dominance of refineries in Europe and the United States.
With their massive processing capacities and strategic locations, these refineries are expected to disrupt global trade flows of refined crude oil, undercutting the supply chains and profit margins of Western refiners. According to the Organization of Petroleum Exporting Countries (OPEC), this shift could trigger an economic struggle for market share, with the ripple effects already being felt in Europe.
OPEC’s recently published 2024 World Oil Outlook 2050 highlighted the scale of disruption these refineries are poised to cause. The report states that the Dangote Oil Refinery, with a processing capacity of 650,000 barrels per day (bpd), and the Dos Bocas Refinery, which will process 340,000 bpd, are set to reshape gasoline markets in Africa and Latin America. Read More
ExxonMobil has unveiled plans to invest $10 billion in Nigeria’s deepwater oil development, according to Stanley Nkwocha, spokesman and senior special assistant to the Nigerian President. Read full article
Chevron aims to increase its U.S. Gulf of Mexico production to 300,000 net barrels of oil-equivalent (BOE) per day by 2026, and two projects that recently started operations could help it get there.
In September, Chevron announced that it began water injection at its St. Malo offshore field. This is Chevron’s first waterflood project in the deepwater Wilcox trend.
The project, which was completed under budget, is expected to recover approximately 175 million gross BOE. That’s in addition to the almost 400 million gross BOE produced to date from the Jack and St. Malo fields.
Less than 100 miles away, Chevron’s Tahiti facility—which has produced more than 500 million gross BOE since 2009—has also expanded waterflood operations to boost production. 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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