August 30, 2024 Latest Crude oil, Gas Price and News
London, (Oilandgaspress) –– Weaker Chinese demand, high inventories, and rising US shale production are leading to downward revisions in oil price forecasts. Crude prices rebounded slightly from recent losses this week.
Shell plans to scale back its oil and gas exploration and development workforce by 20% as CEO Wael Sawan widens his cost-saving drive to the highly profitable division after deep cuts in renewables and low-carbon businesses, company sources said. The restructuring in the exploration and wells development and subsurface units will see hundreds of job cuts around the world, and will be felt in particular in its offices in Britain and the Netherlands, the sources told Reuters.
The planned 20% reduction are subject to consultations with employee representative bodies, the sources added. Read More
OPEC Secretary General concludes successful missions to Iraq and Kazakhstan
In coordination with HRH Prince Abdulaziz bin Salman Al-Saud, Minister of Energy of Saudi Arabia and the Chairman of the OPEC and non-OPEC Ministerial Meetings under the Declaration of Cooperation (DoC), HE Haitham Al Ghais, OPEC Secretary General, has concluded official visits to Iraq and Kazakhstan to discuss market conditions and underscore the critical importance of ensuring that ongoing oil market stabilization efforts by DoC Participating Countries are successful.
During these visits, which took place between 26 and 29 August 2024, both countries reaffirmed their unconditional commitment to the full and timely implementation of production adjustments, including the compensation plans as agreed under the DoC framework, and submitted to the OPEC Secretariat on 22 August 2024.
During his visit to OPEC Founder Member Iraq, the Secretary General met with HE Mohammed Shia’ Al Sudani, Prime Minister of the Republic of Iraq. The meeting was attended by HE Hayan Abdulghani Abdulzahra Alsawad, Iraq’s Deputy Prime Minister for Energy Affairs and Minister of Oil and other high-level officials from SOMO. At the meeting, HE Hon. Al Sudani reiterated Iraq’s full commitment and unwavering support to DoC efforts in supporting oil market stability and reiterated Iraq’s commitment to the full and timely implementation of its production adjustments, including compensation plans. HE Al Ghais also separately met with HE Alsawad and high-level officials in the Oil Ministry and SOMO.
Speaking of his mission to Iraq, HE Al Ghais stated, “Returning to Iraq, a Founder Member of OPEC and birthplace of our Organization, is always a great pleasure. I received strong assurances that Iraq continues to be fully committed to the DoC’s ongoing market stabilization efforts. During this visit, Iraq presented clear and determined steps to compensate for overproduced volumes and gave assurances that it would achieve full conformity going forward.” Read More
JLR today announces it is offering on site health checks to approximately 4,000 manufacturing employees at its Solihull plant, aligning with the Government initiative to check people’s heath at work.
Production line workers at the UK’s largest car manufacturer can take part in a workplace cardiovascular disease check at its Wellbeing Centres in a bid to proactively identify workers’ health issues at an early stage.
Funded by Solihull Council, the scheme is part of a wider Department of Health and Social Care scheme to increase the number of people accessing free health checks, by encouraging local authorities to collaborate with local employers to carry out checks at work.
The cardiovascular disease checks, which mirror those offered by the NHS to those over 40 include: a blood pressure check; a cholesterol check; a height, weight and BMI check; and a lifestyle questionnaire. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $76.35 | Up |
| Crude Oil (Brent) | USD/bbl | $80.26 | Up |
| Bonny Light 28/08/24 | USD/bbl | $82.39 | Down |
| Dubai | USD/bbl | $77.53 | Down |
| Natural Gas | USD/MMBtu | $2.15 | Up |
| Murban Crude | USD/bbl | $78.90 | Up |
| OPEC basket 29/08/24 | USD/bbl | $78.10 | Down |
The U.S. Environmental Protection Agency announced it is now accepting nominations for the 2025 Green Chemistry Challenge Awards from companies or institutions that have developed a new green chemistry process or product that helps protect human health and the environment. EPA’s efforts to speed the adoption of this revolutionary and diverse discipline have led to significant environmental benefits, innovation and a strengthened economy. The awards program highlights green chemistry that helps prevent pollution before it is even created, making it a preferred approach for providing solutions to some of the nation’s most significant environmental challenges.
“Green chemistry is an important way to create products that prevent waste and increase resource efficiency. In recent years, we’ve seen tremendous innovation in transforming how we can more effectively use renewable feedstock, agricultural waste and bio-based proteins,” said EPA Office of Chemical Safety and Pollution Prevention Deputy Assistant Administrator for Pollution Prevention Jennie Romer. “The Green Chemistry Challenge Awards spotlight cutting edge technologies and show us how green chemistry will continue to protect our environment and ensure we all have cleaner air and water.”
The 2025 competition includes six award categories, including a category to recognize green chemistry technology that can prevent or reduce greenhouse gas emissions and a category that debuted last year to emphasize circularity through the design of greener chemicals and materials that can be continuously reused or remanufactured – thereby reducing waste.
Nominations are due to EPA by Dec. 13, 2024. An independent panel of technical experts convened by the American Chemical Society Green Chemistry Institute will formally judge the 2025 nominations and make recommendations to EPA for the 2025 winners. EPA anticipates announcing awards to outstanding green chemistry technologies in fall 2025. .. Read More
Subsea 7 S.A. announced that, on 29 August 2024, Barclays Capital Securities Limited1 informed the Company that it had crossed thresholds provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”) as follows:
• On 26 August 2024 the total number of voting rights in the Company directly and indirectly attached to shares according to Article 8 and 9 was 359,212
• On 26 August 2024 the total number of voting rights in the Company attached to financial instruments with similar economic effect according to Article 12 (1) (a) of the Transparency Law (right to recall) was 14,669,064
• On 26 August 2024 the total number of voting rights in the Company attached to financial instruments with similar economic effect according to Article 12 (1) (b) of the Transparency Law (swaps) was 176,664
• When combined, the above positions equated to 5.03% of voting rights of Subsea 7 S.A on 30 August 2024. Source,
Saab has received an order from the Swedish Defence Materiel Administration (FMV) for the Giraffe 1X radar for one of Sweden’s Ground Based Air Defence (GBAD) solutions. The contract period is 2024-2027 and the order value is approximately SEK 700 million.
The order includes Saab’s Giraffe 1X radar, associated command and control systems and integration to a Swedish GBAD solution. The radar will be installed on a Sisu GTP armoured vehicle.
“I am proud that Sweden chooses to integrate our versatile surface radar Giraffe 1X as a part of its ground based air defence. Our solution will contribute to strengthening Sweden’s ground based air defence capability and to protecting the forces with advanced capability to detect and identify threats while on the battlefield,” says Carl-Johan Bergholm, head of Saab’s business area Surveillance.
Giraffe 1X provides commanders with quality air defence target data, drone detection for counter-UAS, and sense and warn capability simultaneously for rockets, artillery and mortars. Giraffe 1X also offers continuous software upgrades in order to meet emerging threats. Read More
Decreased number of shares and votes in Orrön Energy AB
As of 30 August 2024, the total number of shares and votes in Orrön Energy AB (publ) amounts to 285,905,187. The number of shares and votes in Orrön Energy has decreased during August following the retirement of 19,427 shares as resolved upon during an extraordinary general meeting on 7 August 2024. Read full article
EV maker Polestar on Thursday reported a second-quarter gross profit margin that exceeded analyst expectations and said it had secured more funds, sending shares up by more than 20%
The share rise reversed falls the previous session when the Swedish company surprised the market with news it was replacing its CEO following months of setbacks, including reduced demand, new tariffs, and the delay of new car launches.The share price on Thursday reached a session high of $1.15, up more than 21%. It is still down more than 50% since the start of the year. Read full article
Drax welcomes new generation of renewable energy engineers
Renewable energy leader Drax has welcomed five new apprentice engineers to support its ambitious decarbonisation plans for the UK. The talented youngsters are joining the company’s technical apprenticeship scheme at Drax Power Station, near Selby, in North Yorkshire. The plant is the UK’s single-largest generator of renewable power, producing enough renewable electricity for around four million homes.
The four-year programme gives new recruits the opportunity to gain expertise working alongside the world-class engineers at the power station. The plant has been transformed over the last decade as part of Europe’s largest decarbonisation project, swapping coal to generate renewable electricity using sustainable biomass. Read full article
Temperatures in Italy are due to start rising with forecasters saying they will peak over the weekend.
Parts of the centre and south are forecast to reach 34-36C. Sicily and Sardinia are set to see up to 39C. And in the north of the country, daytime temperatures will range between 30 and 32C. Conditions are also likely to be uncomfortable as above-average sea surface temperatures in the Mediterranean cause high humidity alongside unusually warm temperatures. Read full article
Labor Day weekend in the USA is a popular time for BlueCruise users. In 2023, BlueCruise was used more during the Labor Day holiday time period than during any other holiday.1 In fact, Labor Day BlueCruise hands-free highway driving trips were also 8.15% more common than during Thanksgiving holiday.
The Ford BlueCruise team is ready to hit the road to celebrate the achievements of workers in the U.S. and mark the unofficial end of summer before busy fall schedules and heavy commutes kick into high gear! Read full article
Camp 911 Namibia by Porsche
In order to perfectly prepare a Porsche Travel Experience in Namibia, it is necessary to adjust your usual frame of reference to the immense proportions of this country — while at the same time paying close attention to even the smallest details. Nine months before the first guests of the Porsche Travel Experience Camp 911 Namibia experience this unusual country in their off-road 911s in September 2024, we are already on the road with a small groundwork team to iron out the final details and address the truly important questions. Read full article
Bugatti Tourbillon dazzles in California
After a captivating week in Monterey, the Bugatti Tourbillon¹ embarked on an exclusive journey across Southern California, completing its first stretch on US soil. The latest hyper sports car from Molsheim made a series of carefully chosen appearances, offering enthusiasts a rare opportunity to experience its engineering excellence and fine craftsmanship up close. Up next, Europe and the renowned Chantilly Arts & Elegance Richard Mille. Read full article
Hunting PLC (LSE:HTG), announced that it has secured significant Organic Oil Recovery (“OOR”) contracts to support major North Sea operators. The contracts are worth up to $60 million over a five-year period.
The OOR process is a proven enhanced oil recovery (“EOR”) technology which optimises reservoir performance, improves recovery rates and reduces in-situ hydrogen sulphide levels for operators. The technology is environmentally friendly and requires no additional capital expenditure by the operator as well as having a lower carbon footprint than other EOR methods.
Hunting will deliver the OOR specialised water flood technology to increase recoverable reserves and extend the operational life of multiple assets across the operators’ North Sea portfolios. The application of OOR also plays a significant role in encouraging more sustainable energy practises, by extending the lives of brown-field producing assets.
OOR was one of the key strategic growth pillars of the Hunting 2030 Strategy, which was delivered to investors at the Company’s Capital Markets Day in September 2023. Read full article
Hunting PLC (LSE:HTG), the global, precision engineering group, announced its unaudited half year results for the six months ended 30 June 2024.
Financial Highlights
· Order book increased by 32% to a record level of $699.5m
· Revenue increased by 3% to $493.8m
· Gross profit of $135.2m up 18% and gross margin improved to 27% from 24%
· EBITDA of $60.3m up 23%, with EBITDA margin of 12% up from 10% in H1 2023
· Adjusted operating profit $40.1m and adjusted operating profit margin 8% up from 6%
· Adjusted diluted EPS of 15.5 cents up from 9.6 cents
· Interim dividend declared 5.5 cents per share (H1 2023 – 5.0 cents), an increase of 10%
Commenting on the results Jim Johnson, Chief Executive, said:
“Hunting’s balanced and diversified product portfolio has been decisive in delivering another set of strong results and securing a record order book, helping to underpin Hunting’s continued growth. The Directors continue to see strong international and offshore demand given the current price for WTI crude oil, with tender activity for its OCTG product lines remaining strong in the Middle East and Asia Pacific. Activity in South America continues to be robust, while in Africa longer-term growth opportunities are opening, following oil and gas discoveries in Namibia and Mozambique. Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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