Novenber 01, 2024 Latest Energy / Automotive News
London, (Oilandgaspress) –– Shell Brasil Petróleo Ltda. (Shell Brasil), a subsidiary of Shell plc, announced the start of production of the floating production storage and offloading facility (FPSO) Marechal Duque de Caxias in the Mero field, in the pre-salt area of the Santos Basin, offshore Brazil. Also known as Mero-3, the FPSO has an operational capacity of 180,000 barrels of oil per day. (Shell share 19.3%).
“Mero-3 demonstrates our commitment to increasingly efficient and competitive projects,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director. “Brazil is a material contributor to Shell’s deep-water oil and gas production, and through our ongoing partnership with Petrobras in the Mero field, we can help continue to deliver safe and secure energy from one of the country’s most productive fields.”
The FPSO Marechal Duque de Caxias is located 200 kilometres from the coast of Rio de Janeiro in a water depth of 2,200 metres. Its predecessor, the FPSO Sepetiba (Mero-2), announced first production in December 2023. The FPSO Guanabara (Mero-1) started production in May 2022. Read More
CME Group announced that open interest in its global benchmark Henry Hub futures contract reached a record 1.73 million contracts on October 30, 2024 as international participation is at all-time highs.
In addition to record open interest, volume in Henry Hub futures has also grown this year. Year-to-date, average daily volume (ADV) is at 500,000, up 26% from last year. Henry Hub futures ADV in EMEA year-to-date is at 111,000, up 57% from last year, while ADV in APAC is at 12,800, up 15%.
CME Group is also the most liquid and effective marketplace for trading Henry Hub options on screen today. Total Henry Hub options ADV year-to-date is currently at a record of 235,000 contracts, up 62% from last year, with average daily open interest at the highest levels since 2013. On-screen volume in and outside of the U.S. has also reached record levels, with ADV up 88% and 120% respectively.Read More
Ford’s personalization and accessories business has grown more than 20 percent in the last five years, providing customers the opportunity to continue personalizing their vehicle to their lifestyle after purchase. The packages are designed and released by Ford’s Vehicle Personalization and Performance Parts teams to provide precise fit and function that are covered by Ford’s new vehicle warranty and can be serviced by any Ford Dealer in the U.S. The first Ford Custom Garage packages are now available at local Ford dealers across North America, starting with Matte Black and Sinister Bronze for Bronco. The complete kits can be ordered with just one part number that represents everything needed to upfit and modify a new or current generation purchased vehicle, from wheels to engine tune.
The Matte Black and Sinister Bronze packages for the Ford Bronco include:
Ford Performance Parts Off-Road 2-inch leveling Suspension Kit
Ford Performance Parts Calibration Tool
Five 17 x 8.5-inch custom wheels and black lug nuts
Special grille letter caps, badges and smoked Ford oval
Extended Fender Flares
Updated Spare Tire Carrier
MSRP for each Ford Custom Garage package above is $5,200, excluding 35-inch Goodyear All-Terrain tires sold separately and dealer labor. Read More
A road trip through the United Arab Emirates with the Porsche Cayenne S Coupé: Fuel consumption* combined (WLTP) 13.4 – 12.5 l/100 km, CO₂ emissions* combined (WLTP) 304 – 284 g/km, CO₂ class G , CO₂ class weighted combined G, reveals the captivating contrasts of this modern desert country, from futuristic skyscrapers to centuries-old traditions. Read More
Bentley Tallinn celebrated the grand opening of its state-of-the-art new premises.
Now located at Pirni 1, this new facility combines a luxurious showroom with a modern service centre, offering Bentley customers all essential services in one place. The 350-square-meter showroom is filled with natural light from its large glass windows, showcasing Bentley’s luxury vehicles at their finest. The showroom also features a dedicated customisation area, showcasing the finest materials available and an extensive range of color and leather samples for customers to create their unique Bentley. Read More
In 2024, Bugatti continues to redefine automotive excellence – not just through groundbreaking innovation in the realm of hyper sports cars, but through the unforgettable experiences that it delivers. This year’s Grand Tour through Morocco is a testament to this vision – a unique journey that unites Bugatti owners as part of an exclusive family, immersing them and their W16-powered hyper sports cars in the country’s rich culture and vibrant scenery. 2024 Grand Tour took select Bugatti owners on a trip through Morocco’s awe-inspiring landscapes, a remarkable showcase of the unmatched Bugatti experience. From smooth and scenic coastal roads to majestic mountain passes and enchanting deserts, the tour brought together natural beauty, architectural splendor and local gastronomic splendor. The drivers navigated vibrant cities and picturesque towns, all while enjoying the thrill of being behind the wheel of their Bugatti – making this a truly once-in-a-lifetime experience. Read More
NIO Inc. announced its October 2024 delivery results.
The Company delivered 20,976 vehicles in October 2024, representing an increase of 30.5% year-over-year. The deliveries consisted of 16,657 vehicles from the Company’s premium smart electric vehicle brand NIO, and 4,319 vehicles from the Company’s family-oriented smart electric vehicle brand ONVO. Cumulative deliveries reached 619,851 as of October 31, 2024.
20,976 vehicles were delivered in October 2024, increasing by 30.5% year-over-year
170,257 vehicles were delivered year-to-date in 2024, increasing by 35.1% year-over-year
Cumulative deliveries reached 619,851 as of October 31, 2024
In October 2024, the production and delivery of the ONVO L60 have been steadily ramping up. As of October 31, 2024, ONVO operated 166 ONVO Centers and ONVO Spaces across 60 cities, while also providing users with seamless access to 584 NIO Power Swap Stations in China. ONVO will continue to expand its sales, service and power networks to serve a growing user base and drive long-term growth. Read More
Nissan Motor Co., Ltd. announced that it has completed the investment in Kasai Kogyo Co., Ltd. (“Kasai Kogyo”) announced on May 9, and has acquired newly issued Class A preferred shares of Kasai Kogyo.
The necessary procedures for completion of the investment included approval by Kasai Kogyo’s ordinary general shareholders meeting and completion of regulatory approvals. Read full article
Africa Oil Corp. announced that the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) has renewed Petroleum Mining Lease 52 (“PML 52”), containing the Agbami field, for a period of 20 years effective from November 24, 2024.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: “The renewal of PML 52 follows last year’s renewal of the licenses for Prime’s Akpo, Egina and Preowei fields. With respective 20-year renewals for each of these fields, our long-term production outlook from these high quality assets is secure. We thank NUPRC for its efficient processing of the application and issuing the renewal.”
About PML 52 and the Agbami Field
PML 52 is operated by affiliates of Chevron and covers part (62.46%) of the producing Agbami field. This field was discovered by well Agbami-1 in 1998. The oil is light with a gravity of 45° to 47° API. The field is developed via sub-sea wells tied back to a dedicated Floating Production Storage and Offtake (“FPSO”) vessel through steel catenary risers. Production commenced in June 2008 and peak gross field production of 250,000 barrels of oil per day (“bopd”) was attained in 2009. At December 31, 2023, 30 producers, 5 gas injectors and 10 water injectors had been drilled. Field average oil production rate in 2023 was about 98,000 bopd. Cumulative oil production to December 31, 2023 was 1,089 million barrels for the field.
Prime Oil & Gas Coöperatief U.A. (“Prime”) has a 8% ownership in PML 52. The operator is Chevron with a 32% interest. Famfa oil is the concessionaire on the production sharing agreement and holds a 60% interest in PML 52. Africa Oil has a 50% shareholding in Prime and on the completion of the Prime amalgamation transaction will have a 100% shareholding in Prime. This is expected during first quarter 2024 and is subject to customary closing conditions, including competition clearance from the FCCPC, approval from Nasdaq Stockholm, completion of the previously announced farm-down of Africa Oil’s Namibian interests that are held via Impact Oil & Gas Limited, and a reorganization of the holding structure of BTG Pactual Holding S.à r.l. to implement the Amalgamation. Read More
The Toyota Mobility Foundation (Chair: Akio Toyoda, hereinafter referred to as “TMF”) has signed a grant agreement with the International Paralympic Committee (hereinafter referred to as “IPC”) to deliver a range of transformational global programs aimed to further develop sports for persons with disabilities at all levels.
This support extends beyond assisting current athletes and coaches in their development and participation in competitions to also include creating systems and environments for the future.
The specific details are as follows.
Program Overview
Period
January 2025 to December 2028 (4 years) *The amount of funding is undisclosed.
Details
The program is structured around the three pillars listed below and targets athletes and related organizations worldwide.
Discovering and developing athletes
Supporting athletes is at the core of the IPC’s programming. This area will develop the fundamental building blocks for long-term success including talent identification, competition opportunities, and access to mentors, coaches and classifiers.
Developing leaders
The success of athletes relies on the dedication and leadership of changemakers within the Movement. The IPC’s programs support the development of disability inclusion champions equipped to drive positive social change worldwide through sport.
Participation
Initiatives in this area focus on working with IPC members to create opportunities for persons with disabilities (including children and youth) to engage in sport, many of them for the first time.
The IPC will manage these activities overall, using its wealth of know-how, networks, and successful track record of activities. Selections and prioritizations will be made to ensure that appropriate support reaches the NPCs, sports federations, and, ultimately, the athletes who need it most.
The programs that will be delivered by the IPC will change lives, communities and will advance disability inclusion on a global level. Making the impossible possible, symbolizes “Challenge,” “Respect,” and “Inclusion”—values that align with Toyota’s philosophy. TMF aims to contribute to further popularizing and developing sport for persons with disabilities while also working to “provide opportunities” and help “realize dreams” for as many people as possible. Read Press Release
Data from the Australian Taxation Office (ATO) shows Woodside was the fifth-largest taxpayer in the country in the 2022–23 year.
Woodside corporate entities paid more than A$4 billion in combined income tax and petroleum resource rent tax (PRRT) for the 2022–23 year1
– almost three times the payment in the previous year. A further A$1.1 billion in taxes, royalties and levies was paid by Woodside, bringing the total contribution to Australian Commonwealth and State governments to A$5.1 billion for the period.
In addition to being among Australia’s top taxpayers, the ATO’s 2022–23 Report of entity tax information released today shows Woodside is the number one payer of PRRT in the country.
Woodside CEO Meg O’Neill said the ATO’s latest data confirms the company remains a robust contributor to Australia’s wealth and prosperity.
“As Australia’s fifth-largest taxpayer, we are enormously proud of the contribution we make to the communities where we operate and to the broader economy, year after year.
“When Woodside performs, Australia benefits, a fact clearly reflected by the more than A$21 billion in Australian taxes, royalties and levies we’ve contributed since 2011. 2
“In our 70th anniversary year, we remain as committed as ever to tax transparency, paying our way and meeting our obligations to government.”
As one of Australia’s largest taxpayers, Woodside is subject to the ATO’s Justified Trust program, designed to assure that companies are paying the right amount of tax. Woodside’s tax transparency has also been recognised as being within the leading group of its industry peers Read more
Chevron Corporation reported earnings of $4.5 billion ($2.48 per share – diluted) for third quarter 2024, compared with $6.5 billion ($3.48 per share – diluted) in third quarter 2023. Foreign currency effects decreased earnings by $44 million. Adjusted earnings of $4.5 billion ($2.51 per share – diluted) in third quarter 2024 compared to adjusted earnings of $5.7 billion ($3.05 per share – diluted) in third quarter 2023. See Attachment 4 for a reconciliation of adjusted earnings.Financial Highlights
Third quarter 2024 earnings decreased compared to last year primarily due to lower margins on refined product sales, lower realizations and the absence of prior year favorable tax items.
Worldwide net oil-equivalent production was up 7 percent from a year ago primarily due to record production in the Permian Basin and the acquisition of PDC Energy, Inc. (PDC).
Capex in third quarter 2024 was down from last year largely due to the absence of the third quarter 2023 acquisition of a majority stake in ACES Delta, LLC.
Cash flow from operations was in line with the year ago period mainly as lower earnings and a one-time payment for ceased operations were offset by higher dividends from equity affiliates and favorable working capital effects.
The company returned a record $7.7 billion of cash to shareholders during the quarter, including share repurchases of $4.7 billion and dividends of $2.9 billion. The company’s Board of Directors declared a quarterly dividend of one dollar and sixty-three cents ($1.63) per share, payable December 10, 2024, to all holders of common stock as shown on the transfer records of the corporation at the close of business on November 18, 2024. Read More
Volkswagen of America, Inc. is pleased to announce that the all-new ID. Buzz has been named to TIME’s 2024 list of the Best Inventions, which features 200 extraordinary innovations changing our lives.
To compile this year’s list, TIME solicited nominations from TIME editors and correspondents around the world, and through an online application process, paying special attention to growing fields—such as health care, AI, and green energy. TIME then evaluated each contender on a number of key factors, including originality, efficacy, ambition, and impact. The ID. Buzz debuts for 2025 model year and is available in three trims, either rear-wheel-drive or 4Motion® all-wheel-drive configurations, and three rows of seats to accommodate up to seven passengers, with copious amounts of room for people and cargo. All models feature a 91-kWh battery; rear-wheel-drive models have 282 horsepower and 234 miles of EPA-estimated range, while 4Motion® models have 335 horsepower and 231 miles of EPA-estimated range. Pricing starts at $59,995 MSRP. Read Press Release
Automobili Lamborghini held the Oceania debut of the highly anticipated Lamborghini Urus SE, the first PHEV (Plug-in Hybrid Electric Vehicle) of its Super SUV. Over 250 esteemed guests were hosted at Cockatoo Island, Sydney to meet the revolutionary Super SUV that embodies Lamborghini’s commitment to innovation, sustainability and its iconic DNA of performance and luxury.
Featuring a new design, optimised aerodynamics, unprecedented on-board technology and an 800 CV hybrid powertrain, the Urus SE builds on the Urus S in terms of comfort, performance, efficiency, emissions and driving pleasure. Thanks to its “two hearts”, thermal and electric, the torque and power values are the highest ever, giving the SE a unique place in its category. The Urus SE offers an unparalleled driving experience with its plug-in hybrid system, which helps to improve the vehicle’s performance and dynamics on any surface and in any condition: more torque and power at any rpm is provided by way of innovative technical solutions such as the introduction of the electric torque vectoring system between the two axles, and the electronic rear differential.
The twin-turbo 4.0 V8 engine has been re-engineered to work in optimal synergy with the electric powertrain. It develops 620 CV of power (456 kW) and 800 Nm of driving torque; the combustion unit is combined with an electric powertrain delivering 192 CV (141 kW) and 483 Nm of torque. In delivering maximum output the main focus has been on the calibration strategy between ICE and e-motor, reaching a total output of 800 CV to ensure an optimal power curve in every driving mode and on every surface. A 25.9-kWh lithium-ion battery is situated below the load floor and above the electronically-controlled rear differential.
The permanent-magnet synchronous electric motor located inside the 8-speed automatic transmission can act as a boost for the V8 combustion engine but also as a traction element, making the Urus SE a 100% electric 4WD vehicle capable of traveling more than 60 km in EV mode. Read More
RWE has taken an important step in developing 100MW of green hydrogen production at Eemshaven, the Netherlands. The country’s largest electricity producer announced that it has secured the necessary construction and environmental permits to build an electrolyser near the Magnum Power Station in Eemshaven in the north of the country. If built, the electrolyser will contribute to the onshore energy system integration plans associated with the 795MW OranjeWind offshore wind project in the Dutch North Sea, which RWE is realising together with its joint venture partner TotalEnergies. Read More
According to the U.S. Energy Information Administration (EIA), U.S. imports of crude oil from Canada reached a record 4.3 million barrels per day (bbl/d) in July 2024, following the expansion of Canada’s Trans Mountain pipeline. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -18% w/w to 55.49 million bbl in the week ended October 25.
Crude demand in China has weakened and is a bearish factor for oil prices. According to data compiled by Bloomberg, China’s total apparent oil demand in Sep fell -6.98% y/y to 14.176 million bpd, and total Chinese oil demand this year (Jan-Sep) is down -3.8% y/y to 13.99 million bpd.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.59 | Up |
| Crude Oil (Brent) | USD/bbl | $74.07 | Up |
| Bonny Light 01/11/24 , CBN | USD/bbl | $75.70 | Up |
| Dubai | USD/bbl | $74.94 | Down |
| Natural Gas | USD/MMBtu | $2.70 | Up |
| Murban Crude | USD/bbl | $73.25 | Up |
| OPEC basket 30/10/24 | USD/bbl | $71.27 | Down |
The Danish Energy Agency has granted RWE the offshore construction permit for its Danish offshore wind farm Thor. RWE therefore now has all permits in place to start construction work at sea in spring 2025. With more than one gigawatt of capacity, Thor will be able to produce enough green electricity to supply the equivalent of more than one million Danish households. Good progress is already being made on land, with the laying of cables and the construction of an onshore substation in the municipality of Lemvig. At the beginning of next year, RWE will prepare the seabed for the construction activities, which will kick off in spring when the foundations are installed. Turbine installation is scheduled to begin in 2026.
Located approximately 22 kilometres off the west coast of Jutland, Thor will consist of 72 wind turbines (SG 14-236 DD). Half of the turbines will be equipped with CO2-reduced steel towers and 40 turbines will use recyclable rotor blades. The plan is to perform the turbine installation works from the port of Esbjerg. The port of Thorsminde will serve as an operations and maintenance base, creating 50-60 local jobs. Construction of RWE’s new service building is expected to start later this year. Thor is expected to be fully operational by no later than the end of 2027. Read full article
RWE, the third largest renewable energy company in the U.S., today announced it signed a long-term power purchase agreement (PPA) with electric vehicle manufacturer Rivian for the electricity from an upgraded RWE wind project in West Texas. The PPA underlines RWE’s ability to support the demand for clean electricity from manufacturing, technology and other energy-intensive sectors.
Under the 15-year PPA, electricity from RWE’s Champion Wind, a 127 megawatt (MW) wind farm in Nolan and Mitchell Counties will help supply Rivian’s fast-charging network, the Rivian Adventure Network, with 100% renewable energy. The project contributes to Rivian’s vision for a carbon-free future and commitment to enable 7 billion miles of renewable driving. The Champion Wind farm is currently undergoing upgrades to install new, state-of-the-art turbine nacelles and blades that will extend the lifetime of the facility. The repowering of Champion Wind will be completed in mid-2025. Read full article
India’s crude oil imports declined by 10% month-on-month to 4.24 million barrels per day (mbpd) in October 2024, according to energy cargo tracker Vortexa. Simultaneously, imports from Russia decreased by 7% over the same period.
This dip can be attributed, in part, to the robust import figures recorded in September 2024. The country imported a cumulative of 4.70 million barrels per day of crude oil in September, up from 4.17 million barrels per day in August.India’s total crude oil imports from Russia, which were nearly 0.2% before the Russia-Ukraine war, have now risen to around 40%. This increase is largely because of significant discounts offered by Russia to Indian refineries compared to its West Asian counterparts. Read full article
U.S. imports of Canadian crude oil have risen to record highs following completion of the Trans Mountain Pipeline expansion project, which provided increased maritime access for oil exports from western Canada, the Energy Information Administration said on Wednesday.
The U.S. imported 4.3 million b/d of Canadian oil in July, the highest monthly total ever and nearly 33% higher than the 3.245 million b/d imported in July 2023, according EIA’s analysis of Canadian imports. The 700-mile pipeline expansion project entered service in May and increased capacity on the line from 300,000 b/d to 890,000 b/d. It offered Western Canadian producers access to Pacific Coast terminals, opening export markets in Asia and the U.S. West Coast. Read full article
Baker Hughes Rig Count: U.S. unchanged at 585 Canada -1 to 216
U.S. Rig Count is unchanged from last week at 585 with oil rigs down 2 to 480, gas rigs up 2 to 101 and miscellaneous rigs unchanged at 4.
Canada Rig Count is down 1 from last week to 216, with oil rigs down 3 to 150, gas rigs up 2 to 66 and miscellaneous rigs unchanged at 0.
International Rig Count is up 3 rigs from last month to 950 with land rigs down 9 to 726, offshore rigs up 12 to 224..
The U.S. Offshore Rig Count is unchanged at 18, down 6 year-over-year.
The Worldwide Rig Count for October was 1,754, up 4 from the 1,751 counted in September 2024, and down 22, from the 1,776 counted in October 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 24 October 2024 | 585 | — |
| Canada | 24 October 2024 | 216 | -1 |
| International | October 2024 | 950 | +3 |
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
OilandGasPress.com is a website that provides news, updates, and information related to the oil and gas industry. It covers a wide range of topics, including exploration, production, refining, transportation, distribution, and automotive market trends within the global energy sector. Visitors to the site can find articles, press releases, reports, and other resources relevant to professionals and enthusiasts interested in the energy, oil and gas industry.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: on Twitter | Instagram
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
