December 17, 2024 Latest Energy / Automotive News
London, December 17, 2024 (Oilandgaspress) –- Equinor has made a discovery 17 kilometres west of the Troll field in the North Sea. The discovery is currently estimated at between 2 and 12 million barrels of oil equivalent. The discovery consists of both oil and gas. The preliminary name of the discovery is Ringand. This is the second discovery in a short time in the area. Measured in standard cubic metres, the discovery is estimated at between 0.3 and 2 million Sm3. The discovery will probably not be commercial for development in isolation.
“It’s a small discovery, but in an interesting area that we plan to further explore with much existing infrastructure. If more discoveries are made, it may be relevant to combine these to ensure good resource utilisation and the best possible economy,” says Geir Sørtveit, Equinor’s senior vice president for Exploration & Production West on the Norwegian continental shelf (NCS).
The well was drilled by the Deepsea Atlantic drilling rig. Read More
Oil and gas companies operating in Norway expect to invest a record 275 billion Norwegian crowns ($24.68 billion) in 2025, up from 263.7 billion this year and more than previously expected, the Offshore Norge industry association on Monday.
The industry group had previously predicted oil and gas investments for 2024 and 2025 would amount to 240 billion and 225.9 billion crowns respectively.Companies also plan to spud 45 exploration wells in Norwegian waters next year, up from 41 so far in 2024 and the highest level since 2019, the group added. (Reuters) Read More
Capricorn has been notified by Woodside Energy (“Woodside”) that all terms and conditions have been satisfied under the sale and purchase agreement relating to the disposal of its production sharing contract (PSC) interests in Senegal, with Capricorn anticipating the receipt of $50m in January 2025. Under the sale and purchase agreement, Woodside has until 22 January 2025 to make the $50m payment.
As previously noted, Capricorn’s entitlement to the payment was dependent on first oil being achieved by 30 June 2024 and the average Brent oil price during the first six months of production exceeding a $60 per barrel threshold.
Capricorn remains committed to returning any available proceeds of this contingent payment to its shareholders while it focuses on developing the scale and longevity of the business to maintain strong cash flows that will ultimately deliver consistent shareholder returns. The precise amount of distribution remains subject to retaining flexibility to fund any disputed tax obligations as outlined in our half year results on 19 September 2024. Read More
Subsea7 today announced the award to Seaway7, part of the Subsea7 Group, of a substantial1 contract by Inch Cape Offshore Limited, a joint venture between ESB and Red Rock Renewables, for the transport and installation of pin-pile jacket foundations and transition pieces for the Inch Cape Offshore Wind Farm.
The 1.1GW Inch Cape project offshore site is located in the Scottish North Sea, 15 kilometres off the Angus coast, and will comprise 72 wind turbine generators. Seaway7’s scope of work includes the transport and installation of 18 pin-pile jacket foundations and 54 transition pieces with offshore works expected to commence in 2026. Lloyd Duthie, Seaway7’s VP UK & Asia, said: “We are looking forward to supporting ESB and Red Rock on the Inch Cape project and at the same time making a contribution to the UK’s energy security and emissions reduction targets”.
John Hill, Inch Cape’s Project Director said: “I am extremely pleased to have such an experienced party as Seaway7 sign with the project and take responsibility for the installation of our jacket foundations and the transition pieces.” Read More
Vauxhall has announced prices and specifications for its hydrogen-powered Movano van and will be one of the first in the industry to offer such a vehicle. Under its bonnet, there is an electric motor that produces a total of 147bhp and 410Nm of torque. The fuel cell itself generates a maximum power rate of 60bhp and is paired with four high-pressure cylindrical tanks, which are capable of storing up to 7kg of hydrogen. Vauxhall claims the Movano hydrogen can cover up to 311 miles between fill-ups.There will be a choice of two body styles with prices starting at £66,450, excluding VAT and after the plug-in van grant. A larger, more spacious panel van comes in at £68,070. Order books will open in the spring of 2025.. Read More
Motoring experts are warning that jobs could be on the line if strict electric car targets are watered down by officials. Experts from four leading EV bodies, BEAMA, ChargeUK, REA and UKSIF said the Government should not cave to “short-sighted demands”. It comes after the Government suggested they would launch a fast-track consultation to change rules around the Zero Emissions Vehicle (ZEV) mandate.
The policy mandates how many electric vehicles manufacturers must produce per year with the current target set at 22% of output. Read More
Several Cornish companies are set to share nearly £5m of funding for supply chain projects in the offshore wind sector. The money has been awarded to 13 companies across the UK from the initial round of the Crown Estate’s £50m Supply Chain Accelerator.
Projects selected include those supporting the skills transition, floating platforms, anchoring and mooring systems, test facilities, and operations and maintenance facilities. Read More
The UK government has cleared the sale of Royal Mail to Czech billionaire Daniel Kretinsky for £3.5bn today. The 49-year-old is known as the ‘Czech Sphinx’ for his enigmatic approach to business. It would be the first time in its 500-year history that the British postal service has come under foreign ownership. Read More
London’s Mayor is set to be given new powers to tackle the scourge of dockless e-bikes, allowing fines to be issued to those who dump the vehicles in the street and block pavements. Under Government proposals set to be announced on Monday, the Mayor will able to introduce fines for cycle and scooter operators and users who dump their devices haphazardly. Read More
Autonomous driving creates economic growth and can offer a higher level of safety.
Self-driving trucks can be deployed almost around the clock, significantly increasing utilization and profitability for logistics companies. At the same time, it enhances efficiency and enables the continuous supply of essential goods such as food, medicine and clothing benefiting all of society. In short: the technology offers a possible solution for the constantly increasing freight demand. As we have seen with many innovations and new technologies before, autonomous trucking can potentially create new job profiles and therefore opportunities beyond the driving task in the logistics industry. Moreover, the use of state-of-the-art technology – for example through the combination of camera, radar and LiDAR sensor systems and thus improved perception of the traffic situation – can reduce the likelihood and impact of serious accidents and significantly help to protect all road users. Read More
Looking back at his record-breaking career under the banner of the Mercedes star: Lewis Hamilton is the world’s most successful Formula 1® racing driver of all time. He won seven World Championship titles in a Mercedes-Benz-powered car – the first in 2008 with the McLaren-Mercedes MP4-23 and six more with Silver Arrows. Now Hamilton and the team are parting ways, and the Mercedes-Benz Museum is celebrating the legendary champion with a very special presentation. Through to 6 January 2025, six of his title winning vehicles will be on display in the Great Hall on the entrance level. Entry to the Great Hall is free of charge. His 2020 World Championship car is on proud display in the permanent exhibition in Legends Room 7: Silver Arrows – Races and Records. Read More
The new Porsche Macan has received the top rating of five stars in the Euro NCAP test. The four-door sports car impressed with top scores in all test disciplines. To ensure the high safety level of its vehicles, Porsche is constantly developing and testing new assistance systems. Their performance far exceeds what is required by law. With five stars, the new, all-electric Porsche Macan has achieved the best possible overall rating in the Euro NCAP (New Car Assessment Programme). This is a standardised test procedure for the evaluation and comparability of the safety of motor vehicles. Every two to three years, the test criteria are revised and the requirements are continuously increasing. In the Euro NCAP test, the Macan has proven to be one of the safest models in 2024. Around 150 developers, engineers and testers were involved in the development and integration of the safety assistants in the new Macan. The development process took around three years.The lane departure warning and the lane change assistant represent a similarly important safety gain. Together, the two systems increase safety, especially on motorways. Another innovation: the exit warning system provides visual reminders at all exits for road users approaching from behind. If there is a risk of a collision, for example with a cyclist, the assistant delays the opening of the door and thus minimises the danger. Tiredness and distraction also often lead to accidents. The break recommendation suggests a break if the driver shows signs of increasing fatigue. The recommendation is based on an analysis of driving and lane behaviour. In the future, camera systems in the vehicle interior will enable the detection of microsleep or visual distraction. This increases safety even further. Despite innovative assistance systems, the responsibility remains with the driver. Read More
During the 2024 season, the Porsche 911 GT3 R set the benchmark in the world’s most distinguished endurance racing series. Fielded by the experienced customer teams Manthey and AO Racing, the 911 secured titles in the FIA World Endurance Championship WEC (LMGT3 class) and the IMSA WeatherTech SportsCar Championship (GTD Pro category). The current 911 GT3 R celebrated its world premiere on 30 July 2022 at Spa-Francorchamps in Belgium and has been campaigned in international competition since the 2023 season. The new LMGT3 class made its World Endurance Championship debut in the 2024 season. The two 911 GT3 R race cars fielded by Manthey successfully held their own against fierce competition from nine sports car brands. They clinched the manufacturers’ title for Porsche, as well as first and second place overall for the two Manthey crews and their drivers. Austrian Klaus Bachler, Joel Sturm from Germany and Alex Malykhin from Great Britain scored class victories in Qatar and São Paulo. In the other six races of the season, the trio in Manthey PureRxcing’s No. 92 car finished on the LMGT3 podium four times and took home an early title at the penultimate event of the year.
In Manthey EMA’s 911 GT3 R, Richard Lietz from Austria, Morris Schuring from the Netherlands and Australian Yasser Shahin celebrated class victories at the 24 Hours of Le Mans and the 6-hour race at Spa-Francorchamps. The No. 91 crew wrapped up the debut season of the new LMGT3 class in the FIA WEC in second place. Read More
Jeep® proudly introduces a modern new e-commerce platform where enthusiasts can effortlessly explore and purchase branded merchandise that embodies the brand’s core values: passion, adventure, authenticity, and freedom.
With a user-friendly design, this revamped website allows customers to secure their favourite items in just three quick clicks, transforming the online shopping experience into a seamless journey.
Celebrating the bond between Jeep and dog lovers, the site also features a Dog Capsule Collection, offering some of the most beloved items designed for adventurous pets. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.10 | Down |
| Crude Oil (Brent) | USD/bbl | $73.41 | Down |
| Bonny Light 16/12/24 CBN | USD/bbl | $75.27 | Down |
| Dubai | USD/bbl | $73.41 | Up |
| Natural Gas | USD/MMBtu | $3.22 | Up |
| Murban Crude | USD/bbl | $73.50 | Down |
| OPEC basket 16/12/24 | USD/bbl | $74.03 | Up |
Neste expands its offering for the polymers and chemicals industry by introducing a co-processed renewable feedstock under its established Neste RE™ brand. By co-processing renewable raw materials such as used cooking oil together with fossil crude oil in its conventional oil refinery in Porvoo, Finland, Neste is able to produce a complementary type of Neste RE, a drop-in feedstock for the production of plastics and chemicals. Replacing fossil crude oil with renewable raw materials leads to a feedstock with a reduced carbon footprint compared to conventional fossil feedstock used in the chemicals industry.
A mass balance approach will be applied to attribute the renewable raw materials used in the process as well as the related sustainability benefits to the Neste product, which encompasses pure hydrocarbons that can replace fossil feedstocks such as naphtha or propane in plastics and chemicals manufacturing. Read More
Baker Hughes Rig Count: U.S. unchanged at 589 Canada -3 to 191
U.S. Rig Count is unchanged from last week at 589 with oil rigs unchanged at 482, gas rigs up 1 to 103 and miscellaneous rigs down 1 to 4.
Canada Rig Count is down 3 from last week to 191, with oil rigs down 4 to 120, gas rigs up 1 to 71 and miscellaneous rigs unchanged at 0.
International Rig Count is down 31 rigs from last month to 919 with land rigs down 14 to 712, offshore rigs down 17 to 207. International Rig Count is down 59 rigs from last year’s count of 978, with land rigs down 46, offshore rigs down 13.
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 | 13 December 2024 | 589 | +0 |
| Canada | 13 December 2024 | 191 | -3 |
| International | November 2024 | 919 | -31 |
Teledyne Gas and Flame Detection (Teledyne GFD) has a new Vice President of Sales & Marketing for the Americas as the company looks to drive growth and strengthen its market presence across the continent. Gerald V. Sims brings a wealth of experience in gas utilities and a strong track record in sales leadership, both of which will help Teledyne Gas and Flame Detection to continue increasing its market share in this important geographic market. Teledyne Gas and Flame Detection has been broadening its presence in the Americas over many decades. The company has a US manufacturing site in Cypress, Texas (Teledyne Detcon), which for the past 40+ years has been providing the gas detection market with product solutions that include industrial-grade gas detectors, control systems, analyzers, and wireless technologies. Read More
SDCL acquires $28 million stake in North Carolina poultry waste-to-energy project
Sustainable Development Capital LLP (“SDCL”) is pleased to announce the acquisition of a stake in two poultry waste-to-energy projects in North Carolina, on behalf of its Green Energy Solutions Fund (“GESF”), for US$28 million.
The projects provide significant environmental benefits by mitigating carbon emissions and soil pollution, aligning with the fund’s broader focus on projects that harness commercially proven technologies to deliver green energy solutions to end users. The facilities will each process 240 tonnes of poultry litter daily, which otherwise would have been land applied, generating 2.1 MW of electricity and the equivalent of 22 MWt of thermal energy. In so doing, the projects will provide essential energy services to local municipal wastewater treatment plants. The projects have been developed by East Energy Renewables (“EER”), a leader in the waste-to-energy space.
The project’s revenues will be underpinned by long-term, fixed price and offtake contracts with creditworthy counterparties.
GESF raised €650 million (US$681 million) at final close in October 2023, and SDCL has committed over €300 million to date into energy infrastructure projects.
Jonathan Maxwell, CEO and Founder of Sustainable Development Capital LLP, said:
“Bioenergy is one of the largest sources of renewable energy globally today. Investment in projects like these are crucial to progressing the global energy transition. The acquisition is testament to our ability to identify and support innovative projects in the bioenergy sector that exhibit attractive returns as well as positive environmental impact.”
David Maxwell, Managing Director at Sustainable Development Capital LLP and Co-Fund Manager of the Green Energy Solutions Fund, said:
“We are delighted to be partnering with EER, a leading developer in the waste to energy space, on this exciting transaction. The investment promises to deliver a strong, risk-adjusted return to our investors, will result in significant carbon emissions reductions and will deliver essential energy services to local utilities and municipal wastewater treatment plants in North Carolina. The investment delivers on GESF’s key objectives and underlines the strong opportunities for commercial and industrial energy efficiency solutions in the United States.” Read More
Subsea 7 S.A.today announced the award to Seaway7, part of the Subsea7 Group, of a substantial1 contract by Inch Cape Offshore Limited, a joint venture between ESB and Red Rock Renewables, for the transport and installation of pin-pile jacket foundations and transition pieces for the Inch Cape Offshore Wind Farm.
The 1.1GW Inch Cape project offshore site is located in the Scottish North Sea, 15 kilometres off the Angus coast, and will comprise 72 wind turbine generators. Seaway7’s scope of work includes the transport and installation of 18 pin-pile jacket foundations and 54 transition pieces with offshore works expected to commence in 2026.
Lloyd Duthie, Seaway7’s VP UK & Asia, said: “We are looking forward to supporting ESB and Red Rock on the Inch Cape project and at the same time making a contribution to the UK’s energy security and emissions reduction targets”.
John Hill, Inch Cape’s Project Director said: “I am extremely pleased to have such an experienced party as Seaway7 sign with the project and take responsibility for the installation of our jacket foundations and the transition pieces.” Read More
Subsea7 defines a substantial contract as being between $150 million and $300 million
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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