Energy / Automotive News Roundup; Rig Count U.S. -1 to 582 Canada +4 to 205
The EU needs to cut red tape, speed up approval processes, create better routes to funding and markets for new companies in the sector and allocate more EU funding for the battery industry according to news reports.
WFW represents AGC on breach of contract claim for Thai clean energy project
Watson Farley & Williams successfully represented AGC Automotive (Thailand) Co., Ltd. (“AGC”) against Renewable Energy for Thai People Co., Ltd. (“RET”) in a Thai civil court claim for breach of contract for the sale and installation of solar rooftops (the “Contract”) for a clean energy project in Amata City, Chonburi Industrial Estate, Thailand. An impressive victory was achieved for AGC who were awarded circa THB95m in damages just over a year after the claim was filed.
Japan-headquartered AGC is a world leader in the automotive and energy sectors, renowned for manufacturing various types of glass for automobiles. RET is a Thai renewable energy equipment supplier. The parties entered into an agreement for the supply and installation of solar rooftop equipment as part of AGC’s clean energy project in Thailand (the “Project”). Under the Contract, RET agreed to pay a penalty to AGC in the event that the volume of electricity produced by the solar panels installed failed to meet the minimum energy savings volumes guaranteed by RET.
As part of the Project, AGC had previously applied for, and was granted, tax privileges by the Board of Investment (BOI). However, RET’s failure to achieve the completion date previously approved by the BOI put AGC at great risk of those tax privileges being reclaimed, as well as suffering the loss of both opportunity and profits from electricity generation and energy savings generated if all installations had been completed. Despite this, it became clear the completion date would not be achieved due to the prolonged delays on RET’s part.
Under WFW’s guidance, AGC exercised its right under the Contract and at law to terminate the Contract prior to the completion date and filed a claim against RET seeking a compensation worth approximately THB130m. As part of its claim, AGC also sought, as fully entitled under the Contract, a recovery of approximately THB55m, representing the total sum paid for the Project.
In September 2024, the Court rendered its judgment, granting AGC circa THB95m in damages and all but one head of claims was granted. This judgment was a significant victory for AGC and should raise awareness to all players in the energy sector in Thailand of the extent of legal consequences of a breach of an energy contract lawfully terminated by the injured party.
The WFW Bangkok Dispute Resolution team that advised AGC was led by Partner Ratthakarn Boonnua, supported by Senior Associate Molthida Songcharoen and Associate Chanya Punjasanontachai.
Ratthakarn commented: “This is not just a fantastic result for AGC, but a significant decision that brings certainty to the Thai energy industry. Achieving such a positive decision for our client is further testament to the dedication and hard work of WFW’s Bangkok Dispute Resolution team”. . Read More
WFW advises on landmark merger of Air India and Vistara
Watson Farley & Williams (“WFW”) advised multiple parties on the historic merger of Tata SIA Airlines Limited (“Vistara”) with Air India, creating a unified full-service airline under the Air India brand. This follows the merger of Air India Group’s low-cost airlines Air India Express and AIX Connect earlier this year.
The combined entity is now the largest international carrier with more than 90 destinations worldwide and the second largest domestic carrier with an estimated 29% market share. The Indian aviation market is the third largest in the world and is one of the fastest growing.
Founded in 1932, Air India is a pioneer of India’s aviation sector and has developed an extensive global network, becoming a major international carrier. The consolidation of the four Tata-owned airlines into one group is part of Air India’s ongoing, five-year transformation program, Vihaan.AI which is focussed on establishing Air India Group as a world-class aviation company.
The WFW London Aviation team that advised Air India and Vistara was led by Partner Randeep Bubbra, supported by Senior Associate Liam Clozier and Associates Sam Jones, Abdulla Zaman and Zsofi Bori. The WFW Singapore Aviation team which advised 11 different lessor and financier groups was led by Partner Richard Williams, supported by Senior Associate Yue Ma, Associates Lyssetta Teo, Shauna Yong, Andy Wilson, Anmol Gill and Milky Wong, and Hong Kong Associate Jessica Ko.
Randeep commented: “We are delighted to have advised on this landmark merger which changes the face of aviation in India leaving only one full-service carrier. As a leader in the aviation market, this transaction highlights the benefits of WFW’s large global asset finance team, allowing us to act for multiple parties on transactions collaboratively to achieve the desired commercial outcomes for all parties”. Read More
Dodge proudly announces the arrival of the 2024 Dodge Durango SRT 392 AlcHEMI. Designed for enthusiasts and collectors alike, this exclusive model pays tribute to Dodge’s legendary performance heritage while offering the highest levels of luxury and technology.
Distinctive ‘AlcHEMI’ Design
The 2024 Dodge Durango SRT 392 AlcHEMI features unique design elements that set it apart:
Yellow Brembo SRT brakes for striking visual contrast
Honeycomb-textured dual exterior stripes with yellow accents
AlcHEMI features a unique six-seat configuration with high-quality black leather accented by yellow and silver stitching
Satin Black ‘392’ fender decals accented in yellow
20-by-10-inch lightweight Satin Black forged SRT wheels
Black exhaust tips, Midnight Metallic grille, and liftgate badges
Forged carbon-fiber interior trim and yellow/silver stitching throughout
V8 Engine Performance
Under the hood lies the iconic 6.4L SRT V8 engine, producing:
475 Hp
637 Nm of torque
Capable of accelerating from 0-100 km/h in just 4.4 seconds
250 km/h Maximum Speed
Matched with Dodge’s all-wheel-drive system, the AlcHEMI provides class-leading performance and driving confidence.
Production Details
Limited to 1,000 units, the AlcHEMI will be available in four exclusive exterior colors: Diamond Black, Destroyer Gray, Vapor Gray, and White Knuckle. Read More
Heart Aerospace, the Swedish hybrid -electric airplane maker, plans to conduct the first fully electric experimental flight of its demonstrator airplane, Heart Experimental 1 (Heart X1), at upstate New York’s Plattsburgh International Airport in 2025.
The first experimental flight of Heart X1, which is set to become the largest fully electric aircraft ever to fly, marks a critical milestone in Heart Aerospace’s development of its 30-seat hybrid-electric regional passenger aircraft, the ES-30.
With an all-electric, zero-emissions range of 200 kilometres and an extended hybrid range of 400 kilometres, the ES-30 promises unmatched sustainability and efficiency on short-haul routes. The initial experimental flight of the Heart X1 demonstrator is designed to validate the capabilities of Heart’s innovative electric propulsion technology.
Plattsburgh International Airport was chosen for its location in the Champlain Valley, an emerging hub for next-generation transportation. With expansive airfield infrastructure, low air traffic density, and strong community support for transportation technology initiatives, the airport offers an ideal environment for Heart Aerospace’s experimental flight. Read More
Emirates has taken delivery of its first A350-900 aircraft, marking an important step in Emirates’ fleet growth strategy. It marks the long-standing partnership between Emirates and Airbus which is built on innovation, efficiency and operational excellence. The A350 is set to enhance Emirates’ medium and long-haul operations beyond the airline’s existing network.
Emirates has ordered a total of 65 A350-900s as part of the airline’s’ broader plans to support Dubai’s’ Economic Agenda, which aims to add 400 cities to Dubai’s foreign trade map over the next decade. The A350 will play a vital role in establishing the newly announced Dubai World Central (DWC) mega hub, further strengthening Dubai’s position as a global aviation leader.
Emirates A350-900 will feature three spacious and comfortable cabin classes, accommodating 312 passengers (32 business, 21 premium economy and 259 spacious economy class seats). Emirates will also be the first airline in the Middle-East to introduce Airbus’ new HBCplus satcom connectivity solution, offering seamless, high-speed global connectivity. Read More
Airbus SE is launching the second tranche under its share buyback programme announced on 9 September 2024, which is being undertaken for the purpose of supporting future employee share ownership plan activities and equity-based compensation plans. The programme is being executed in multiple tranches, in the open market, over a period ending 31 March 2025, for up to a maximum of 4,254,000 shares (with the maximum monetary amount being that required to acquire the targeted number of shares at prices fixed in compliance with the Delegated Regulation). The first tranche of the programme, completed on 4 October 2024, resulted in 2,127,000 shares being repurchased.
Airbus has mandated an investment firm to manage the execution of the second tranche of the programme, which will comprise an amount of up to 2,127,000 shares, beginning on 25 November 2024 and ending no later than 24 January 2025. The investment firm will make its trading decisions concerning the timing of purchases independently of Airbus. Read More
The European Detect and Avoid System (EUDAAS) demonstrator, integrated into Leonardo’s Falco Xplorer, completed its final test flight at Trapani airport, validating advanced sensors, digital flight controls and smart technologies for safe integration of large remotely piloted aircraft into European air traffic alongside other crewed and uncrewed aircraft Leonardo announces the successful completion of a landmark demonstration with its Falco Xplorer uncrewed aerial system, which took off from Trapani Birgi (Italy) airport to validate the European Detect and Avoid (DAA) technological demonstrator, part of the European Defence Industrial Development Programme (EDIDP) funded EUDAAS project.
The event, attended by high military and industry representatives from the five contributing member states (Sweden, Italy, Germany, France and Spain), marks a pivotal milestone for integrating large uncrewed aircraft into the European airspace alongside crewed aircraft, meeting critical needs in both civil and military sectors. The in-flight demonstration concluded a technological development cycle that began four years ago in Europe under Saab’s coordination, with the involvement of aeronautical excellences supported by a highly qualified European ecosystem of 10 partners from the member states… 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.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. Read more
Since it opened in August 2024, Curvistan Bangkok has aimed to redefine leisure and entertainment for the Porsche community and beyond as a bar, café, art gallery and hangout that celebrates car culture, art and design. Now it’s hosting a very special collection: the Porsche Unseen Design Studies. The Curvistan Bangkok development, supported by Porsche Asia Pacific and Porsche Thailand, is the result of a collaboration between Curves magazine creator Stefan Bogner and the entrepreneur Chanond Ruangkritya, who is behind the Porsche Design Tower Bangkok that will be constructed a stone’s throw away from Curvistan.
Now, as the end-of-year holiday season approaches, the two devoted Porsche fans are unveiling a brand-new, limited-time event and theme at the hangout: Porsche Unseen Design Studies. The event will run from 22 November until 28 February 2025 at Curvistan Bangkok. Entry is free, and the venue is open Monday to Sunday from 08:00 to 18:00. Read More
The 57th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM), originally planned for 1 December 2024, have been rescheduled to Thursday, 5 December 2024, via videoconference, as several Ministers will be attending the 45th Gulf Summit in Kuwait City, the State of Kuwait. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $68.96 | Down |
| Crude Oil (Brent) | USD/bbl | $73.20 | Down |
| Bonny Light 27/11/24 CBN | USD/bbl | $75.21 | Down |
| Dubai | USD/bbl | $72.60 | — |
| Natural Gas | USD/MMBtu | $3.23 | Down |
| Murban Crude | USD/bbl | $72.55 | Up |
| OPEC basket 27/11/24 | USD/bbl | $72.61 | Down |
The Prancing Horse badge is recognised worldwide as a hallmark of cutting-edge automotive design and technology. The brand’s designers and engineers celebrate excellence every day. And so too do the staff of Ferrari Dealers who take pride in supporting Ferrari’s loyal customer base when it comes to sales, servicing and after-care.
The eighth edition of The Testa Rossa Awards, held this past October at the company’s Maranello HQ, honoured some of Ferrari Dealers’ most talented employees, bringing them together and applauding them for another year in which they provided the highest quality of service at the brand’s dealerships worldwide.
The awards consisted of six categories – Top Sales Executive, Top Marketing Executive, Top Service Manager, Top Technician, Top After Sales Ambassador and Top Pre-Owned Manager (a new category introduced this year) – with nominees being selected from thousands of employees drawn from Ferrari’s global dealer network, which covers 11 regions and 21 countries.
The 36 finalists – six for each category – were selected after successfully completing a series of exacting customer service tests, with technicians undergoing rigorous assessments of their technical and diagnostic skills. The ultimate winners were presented with their awards after coming to Maranello to compete in the final stage of this international challenge. 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 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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