Global energy industry news, commentary and analysis
London, November 27, 2024 (Oilandgaspress) –- The proposed hydroelectric dam at Inga Falls on the Congo River in the Democratic Republic of Congo forms part of Africa’s big plan to build key infrastructures to support its fast-growing population.
According to plans for the Grand Inga Dam, the infrastructure will be created 93 miles upstream from where the river empties into the Atlantic Ocean and 140 miles southwest of Kinshasa, the capital and largest city of the Democratic Republic of Congo. This is the same site where the 351 MW Inga 1 Hydropower Station and the 1,424 MW Inga 2 Hydropower Station, more commonly known as Inga Dams, were launched in 1972 and 1982 respectively.
The series of seven proposed power stations is expected to divert the Congo River from the above waterfalls into the north of the valley to create a huge reservoir..The venture is projected to come with a hefty price tag of around $100 billion – equivalent to £78 billion – which includes the cost of transmission lines essential for distributing power across the continent. A similar feat will be done via one of the world’s longest transmission lines, which will need to pass through Angola, Namibia and Botswana to reach the South African economic heartland in the Gauteng province, according to the project. Read More
Saab will showcase the full range of its Ground Combat weapons training offer during I/ITSEC in Orlando, Florida, from 2-6 December, 2024.
For the first time at I/ITSEC Saab’s complete Ground Combat weapons offer, including the renowned weapon systems AT4, Carl-Gustaf® M4 and NLAW, will be showcased as part of an indoor training solution. The Ground Combat Indoor Trainer is a virtual training solution that offers a cost-effective and highly realistic way to train soldiers.
“Within our Ground Combat Indoor Trainer, we have packed some of the most advanced technologies on offer in a training solution. By delivering outstanding realism beyond anything else on the market, we are making soldiers confident and ready for any challenge,” says Joakim Alhbin, head of Saab’s business unit Training and Simulation.
The Ground Combat Indoor Trainer enables training with Saab’s weapon systems as well as other weapon types including small arms. The Ground Combat Indoor Trainer is available for individual training as well as for collective training.
With Saab’s Outdoor Trainers already available and on display, this year’s I/ITSEC event marks a milestone in the company’s efforts to offer the most complete and effective training solutions for ground combat forces. By leveraging advanced technologies, Saab is poised to optimise the way military personnel prepare for combat and provide the confidence needed to effectively execute their missions. Read More
(Reuters) – China’s emissions of carbon dioxide are on course to rise slightly this year, despite rapid progress on renewables and electric vehicles, putting a key 2025 climate target further out of reach, researchers said on Wednesday. China wants to cut the amount of CO2 it produces per unit of economic growth by 18% over the 2021-2025 period, but it fell further behind this year as a result of rising energy demand, said the Helsinki-based Centre for Research on Energy and Clean Air (CREA) in its annual assessment.Read More
INEOS Acetyls and Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) have signed an MOU to explore the feasibility to build a new world scale, 600kt Acetic Acid plant at GNFC’s site in Bharuch, Gujarat, India.
INEOS Acetyls are a leading producer of Acetic Acid globally and GNFC is the only current producer of Acetic Acid in India. The two companies have held a technology partnership for close to 30 years but will now establish a new joint venture which will manage bringing this project to market, currently forecast in 2028. Read More
INEOS and Royal Wagenborg have signed a landmark agreement on the delivery of CO₂ transportation.
This multi-year agreement, a significant step towards advancing carbon capture and storage (CCS) within the European Union, will see Royal Wagenborg supply a newly built CO₂ carrier dedicated to Project Greensand, led by INEOS with its partners Harbour Energy and Nordsøfonden.
Project Greensand has already marked a world-first achievement by demonstrating the safe, cross-border transport of CO₂ for injection into a depleted oil field. In March 2023, in a historic demonstration of climate action, HM King Frederik of Denmark authorized the first injection of CO₂ into Danish subsoil in the North Sea, marking a crucial advancement for sustainable carbon management in the region.
The agreement with Royal Wagenborg marks the first deployment of a dedicated CO₂ vessel for Project Greensand, a crucial component in establishing a full CO₂ capture, transport, and storage value chain. This purpose-built CO₂ carrier, designed to meet the highest standards of safety and efficiency, will facilitate large-scale transport of CO₂ to the Greensand storage site in the Danish North Sea. Read More
Avast oil field near the Falkland Islands is even larger than originally estimated, with recoverable reserves now valued at an eye-watering £74 billion. The discovery is likely to magnify tensions between Britain and Argentina, which has long disputed British sovereignty over remote British overseas territory in the south Atlantic, as well as drawing scrutiny from global powers such as China and Russia. Read More
Electric vehicle targets are expected to be scaled back under new plans from the Government amid a downturn in demand for new EVs and pressure from struggling manufacturers pushing back against previous rules.
At present, the Zero Emission Vehicle (ZEV) mandate outlines that 10 per cent of all van sales and 22 per cent of car sales will need to be electric by the end of the year, with targets raising each subsequent year. Read More
During the period from 19 to 22 November 2024, Eni acquired on the Euronext Milan no. 3,625,800 shares (equal to 0.11% of the share capital), at a weighted average price per share equal to 13.7897 euro, for a total consideration of 49,998,627.25 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. Read More
Renault Rafale has a clear brief: to pursue Luca de Meo’s clearly stated ambition to target the top end of the market with a demonstration of technological excellence. To achieve this, Luca de Meo talked about a psychological figure of 300 horsepower. This is the output of the future powertrain developed specifically for the exclusive, advanced performance version of Renault Rafale.The new-generation CMF-CD platform implemented for Renault Rafale is sufficiently modular to accommodate a rear-mounted electric motor and a 22 kWh rechargeable battery under the floor. This configuration is also the best in terms of weight distribution. For the ‘super hybrid’ project, the rear-mounted electric motor has two main advantages: first, the layout under the bonnet is the same as for the E-Tech 200 hp, and second, the motor is connected with the rear wheels, enabling 4-wheel drive operation. This feature is highly appreciated by customers in the high-end SUV segment. And so the technical characteristics were finalised. The future Rafale 300 hp would be a 4×4 plug-in hybrid. Read More
Vertical Aerospace announced the signing of a term sheet among the Company, its majority shareholder Stephen Fitzpatrick, and its primary creditor Mudrick Capital Management. This term sheet secures a commitment to $50 million in new funding, strengthening Vertical’s financial
position. The funding will support the company’s newly launched Flightpath 2030 Strategy to establish itself as a global leader in the eVTOL market by the end of the decade, including the ongoing development and certification of the VX4.
The term sheet includes: $50 million funding commitment by Mudrick Capital: commitment includes $25 million in upfront funding, and an additional $25 million backstop that will be reduced by any amounts raised from third parties. The term sheet includes the option for Stephen Fitzpatrick to invest a further $25 million on the same terms.
Balance sheet strengthening: approximately $130 million of convertible notes (50% of the outstanding amount) will be converted into equity at $2.75 per share, substantially reducing Vertical’s debt and significantly deleveraging the company’s balance sheet, enhancing its financial position.. Read More
Vertical Aerospace Ltd. announces “Flightpath 2030,” its strategy for market leadership before the end of the decade. As Vertical advances its piloted flight test programme, which has entered into Phase 2, “Flightpath 2030” sets a clear route for the company’s journey from prototype to production. This strategic plan builds on the progress made by the business to date and is underpinned by learnings from its piloted flight test
programme, using a full-sized prototype, positive engagement with its home regulator, the Civil Aviation Authority (CAA) and robust planning by Vertical’s Leadership Team.
Stuart Simpson, CEO of Vertical Aerospace, said: “This is a transformational moment for Vertical as we advance from prototype to production. Since I became CEO, I’ve been clear that I want Vertical to lead — not just compete in — the eVTOL sector. The strategy and goals we are unveiling today provide a new level of detail on how exactly we intend to get there – the best team, delivering the safest and most versatile aircraft, with the most compelling business model in the industry.” Read more
Vertical Aerospace has seen its latest full scale VX4 prototype achieve piloted, untethered vertical take-off and landing for the first time as Phase 2 of its flight test programme begins.
The VX4 prototype, powered by industry-leading battery packs delivering up to 1.4 MW of peak power, surpassed expectations in hover performance, control, and stability. Testing will now progress to lowspeed manoeuvres using lift generated by the propellers at its Flight Test Centre at Cotswolds Airport, UK. Thrustborne flights are designed to assess the aircraft’s stability, battery efficiency, control characteristics,
aerodynamics, structural and dynamic loads and performance across different speeds, enabling further assessment of how the VX4 behaves under real-world flight conditions. This marks an expansion of the VX4’s flight envelope beyond the initial tethered hover condition in Phase
1, as the prototype continues to operate under more demanding conditions, ensuring it meets the most stringent safety and regulatory standards.
The second of four testing phases follows the UK Civil Aviation Authority’s (CAA) expansion of Vertical’s Permit to Fly. To secure this expansion, Vertical submitted extensive documentation verifying the VX4 prototype’s safety under Phase 2 conditions. This included systems and structural validations, Phase 1 outcomes, flight test protocols, engineering specifications, and detailed operational procedures. Read More
Mobilisights, the Stellantis Data-as-a-Service (DaaS) business, enabling a smarter world, is empowering fleet managers with a 3 month no-fee trial of the Fleet Plus Data Pack. Stellantis fleet customers who purchase MY24 or MY25 vehicles through the Stellantis Fleet Channel can access a data designed to optimize operations. The Mobilisights data pack provides actionable insights on fuel and EV charging efficiency, enables preventative maintenance, and assists with route optimization all while increasing a fleet owner’s ROI in the process.
The automobile industry is facing increasing demands to accelerate the path towards net zero, while providing increasingly competitive services and turning a profit. As a sustainable mobility tech company dedicated to moving people and making connections, the Stellantis group is constantly uncovering innovative initiatives to propel the industry forward. Mobilisights was created to leverage these precious insights, with the mission to enable a smarter, safer, more sustainable, and more efficient world.
Mobilisights is the exclusive source for embedded telematics data from the connected vehicles of the iconic Stellantis brands. Fleet managers can harness insights from millions of vehicles without the need for aftermarket devices, native vehicle data can be activated instantly. As data privacy and security are a top priority for Mobilisights, businesses can remain confident with end-to-end data stream protection. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $69.12 | Down |
| Crude Oil (Brent) | USD/bbl | $73.26 | Down |
| Bonny Light 26/11/24 CBN | USD/bbl | $75.65 | Up |
| Dubai | USD/bbl | $72.60 | Down |
| Natural Gas | USD/MMBtu | $3.34 | Down |
| Murban Crude | USD/bbl | $72.19 | Down |
| OPEC basket 26/11/24 | USD/bbl | $72.96 | Down |
Lancia will celebrate its 118th anniversary on Wednesday, November 27th. To mark over a century’s worth of passion, style, and innovation, the brand has put together an enthralling video tribute (LINK), which connects its past icons to its brand-new New Ypsilon, and has planned a series of events for employees at its production sites in Italy, France, and Spain.
Festivities will take place at the Lancia headquarters in Via Plava in Turin, where the company’s employees will get the chance to celebrate the occasion together with top management. Furthermore, they will also be able to admire a New Ypsilon in the lobby and speak with colleagues who worked on the project. In addition, the brand will host similar events at its factories in Zaragoza, Spain and Poissy, France to honor those who proudly and diligently contribute every day to writing a new chapter in Lancia’s history. Lastly, the new and exclusive Casa Lancia showrooms are yet another key ingredient in Lancia’s Renaissance: there are currently 160 locations in Italy, while 70 of them are planned to open across major cities in France, Spain, Belgium-Luxembourg, the Netherlands, and Germany by 2025. Read full article
UrbanLink Air Mobility LLC (UrbanLink), a South Florida-based leader in advanced air mobility (AAM) and sustainable transportation, announced today a strategic partnership with California-based Traverse Aero to expand its fleet with the addition of 40 Orcas, the company’s flagship hybrid-electric eVTOL cargo drone. Orca is the world’s first fully autonomous eVTOL (electric vertical take-off and landing) drone designed specifically for palletized cargo. It boasts a 600-mile range and delivers cargo weighing up to 550 pounds. It uses batteries and sustainable aviation fuel (SAF) to achieve an 80 percent reduction in CO2 emissions. Its rapid response capabilities, coupled with its heavy lift and long range, make it invaluable for first responders and ideal for large-scale, humanitarian relief efforts. Designed for seamless integration into existing logistics supply chains, a feature that sets it apart in the eVTOL industry, it is also well-suited to many commercial and national security applications.. Read More
Skyway, a leader in vertiport operations, and UrbanLink Air Mobility, a pioneering independent eVTOL operator and leader in sustainable transportation, are excited to announce the selection of Central and South Florida as locations for the development of Advanced Air Mobility (AAM) vertiports, with commercial operations slated to commence in late 2026. With major hubs in Miami and Orlando, this network will transform regional travel, offering fast, sustainable mobility options while enabling economic growth.
The new network will feature state-of-the-art vertiports tailored for diverse eVTOL (electric vertical take-off and landing) aircraft, fostering rapid, sustainable connections between key destinations across Florida. In addition to these vertiports, dedicated routes will link major hubs and popular regional locations, ensuring seamless, efficient travel. These hubs will enhance mobility, fuel economic growth, and improve accessibility for residents and visitors throughout the state. Read More
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, met with members of Mubadala’s team in Rio de Janeiro, including Waleed Al Mokarrab Al Muhairi, Mubadala’s Deputy Group CEO, during his official visit to Brazil.
During the meeting, His Highness reviewed the progress of Mubadala’s investments in Brazil, which have contributed to the country’s socioeconomic growth and development over the past 12 years.
Mubadala has been investing in Brazil since 2012, with its subsidiary Mubadala Capital today managing assets under management of $5.7 billion, including $2.5 billion of third-party capital. Invested through three funds, its portfolio includes critical infrastructure projects and major companies, including toll roads, ports, metro lines, and medical universities, amongst others.
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan emphasised that UAE investments in Brazil represent a key factor in strengthening the economic ties between the two nations. He highlighted that these investments underscore the UAE’s prominent role as a global economic partner. Read More
Mubadala Investment Company PJSC (Mubadala), an Abu Dhabi sovereign investor, and Safran, a French multinational aerospace and defense corporation, are joining forces to accelerate aerospace innovation and development within the UAE. Announced at the Abu Dhabi Air Expo, this enhanced strategic framework agreement focuses on key areas of Maintenance, Manufacturing, Human Capital Development, Advanced Material and Space.
This expanded collaboration leverages Mubadala’s established aerospace assets, including Strata Manufacturing and Sanad, and integrates Safran’s expertise to reshape the aerospace landscape. The partnership will significantly expand Sanad’s capabilities and open doors to new partnerships across Safran’s diverse aerospace portfolio. Additionally, the partnership aims to broaden Strata’s existing strengths within aircraft structure manufacturing to include engine component manufacturing complementing Mubadala’s extensive aerospace portfolio. Read More
Baker Hughes Rig Count: U.S. -1 to 582 Canada +4 to 205
U.S. Rig Count is down 1 from last week to 582 with oil rigs down 2 to 477, gas rigs up 1 to 100 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 4 from last week to 205, with oil rigs up 1 to 134, gas rigs up 3 to 70 and miscellaneous rigs unchanged at 1.
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 16, down 5 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 | 27 November 2024 | 582 | -1 |
| Canada | 27 November 2024 | 205 | +4 |
| International | October 2024 | 950 | +3 |
GE Aerospace successfully demonstrated a hybrid electric propulsion system rated at one megawatt as part of a $5.1 million research and development contract from the U.S. Army Combat Capabilities Development Command (DEVCOM) Army Research Laboratory (ARL).
Under the Applied Research Collaborative Systematic Turboshaft Electrification Project (ARC-STEP) contract, GE Aerospace conducted research, development, testing, and evaluation of a megawatt (MW) class electrified powerplant that further identified and matured technologies applicable to future Army air vehicle propulsion as well as military electrified ground vehicles. Read More
NASA’s Sustainable Flight Demonstrator (SFD) project recently passed through one of these markers of progress, as it completed a key phase of wind tunnel tests using a model of the X-66.
The X-66 is an experimental aircraft that aims to achieve more sustainable flight primarily through its wing design. Known as a transonic truss-braced wing, the concept combines extra-long wings stabilized with diagonal struts; a design that could result in a more fuel-efficient airliner. But before a full-size demonstrator version of the X-66 can fly, its team will need to perform tests involving several smaller models of the aircraft.
NASA’s objective with the recent wind tunnels tests is to validate the aerodynamics of the aircraft’s design. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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