Daily Energy/Automotive News Headlines June 12, 2024

London, 12, June 2024, (Oilandgaspress): – EIA expects crude oil production in the Permian Basin to increase by nearly 8% in 2024
The U.S. Energy Information Administration (EIA) expects crude oil production in the Permian Basin to average about 6.3 million barrels per day in 2024, an increase of nearly 8% from 2023. The Permian Basin accounts for nearly half of U.S. crude oil production, and EIA expects increased production in the Permian and other regions will drive U.S. oil production to successive records in 2024 and 2025. EIA has expanded its Short-Term Energy Outlook (STEO) forecasts to include regional trends in the primary oil and natural gas production regions in the United States—Appalachia, Bakken, Eagle Ford, Haynesville, and Permian.

As of today, Nel is solely dedicated to developing and delivering world-class electrolysers to produce renewable hydrogen.
“Nel has almost a century of experience developing electrolysers and has installed thousands of systems around the world. Building on our unparalleled track record, we will, from now on, spend one hundred percent of our capacity and hydrogen know-how on developing and delivering the most reliable and energy-efficient electrolysers,” says Nel’s CEO, Håkon Volldal. Nel’s CEO says this on the same day Nel’s former Fueling division was spun out and listed on the Oslo Stock Exchange as Cavendish Hydrogen. Volldal sends his best wishes to his former colleagues, who now focus on developing hydrogen fueling equipment for heavy-duty vehicles.
“Cavendish has a solid starting point with lots of relevant experience from the light-duty fueling market, a diverse and strong customer base, a competent organization and now also a dedicated board of directors. I am convinced they can succeed, and I wish them the best of luck,” says Volldal.
After the spin-off, Nel will have approximately 450 employees in Norway and the US. These resources will dedicate all their time to delivering on Nels’s ambition to offer the most energy-efficient and reliable electrolyzers in the industry at scale. Read More

Saudi-listed ACWA Power, the world’s largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, signed an agreement to explore Japan’s Itochu co-developing and off-taking ammonia from a green hydrogen project in Egypt that would have an initial capacity of 600,000 tonnes-per-year of green ammonia. This announcement follows the framework agreement that ACWA Power signed with the Sovereign Fund of Egypt (TSFE), the Suez Canal Economic Zone (SCZone), the Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA) in December 2023 to develop the first phase of the plant. Read More

Saudi crude oil exports to China will fall in July for a third straight month to about 36 million barrels amid plant maintenance and as some refiners opted for other sources of cheaper oil, several trade sources said on Tuesday.

July exports are down from about 39 million barrels in June, possibly the lowest levels for the year, the sources said.

One state refiner and a private refiner cut nominations for Saudi crude in July versus June, they added.

State oil firm Saudi Aramco could not be immediately reached for comment.

Chinese refiners are cutting imports from Saudi Arabia, the world’s top exporter and China’s No. 2 supplier, due to high term prices for Saudi crude and weak refining margins, the sources said.. Read More

Hyundai’s MyHyundai with Bluelink app has been awarded the top spot among mass-market automakers’ EV mobile applications in the J.D. Power 2024 U.S. OEM EV App Report. The MyHyundai with Bluelink app outperformed all other mass-market-brand apps evaluated in the study, achieving a score of 835 —78 points higher than the segment average of 757.
“Being recognized as the top mass-market OEM EV mobile application provider is a huge achievement for us,” said Manish Mehrotra, vice president, digital business planning and connected operations, Hyundai Motor North America. “Not only did Hyundai lead J.D. Power’s study, our substantial year-over-year score improvement results underscore this company’s steadfast commitment to delivering a superior user experience through continuous improvement.”
The J.D. Power 2024 U.S. OEM EV App Report’s findings make clear that automakers with the best-performing apps meet the needs of vehicle owners by offering key features, including the ability to easily set charging parameters, as well as accurate monitoring of active charging sessions. With 67% of EV owners surveyed confirming that they use their brand’s app at least half the time they drive, these programs have become a key part of EV ownership.
The MyHyundai with Bluelink app was also ranked amongst segment leaders in 3 of the 5 evaluation categories – Customer journey, Functionality and Software. The app was noted for its experience enhancements to charge management, as well as its improved remote command execution timing. The app was also recognized for its robust set of remote-control capabilities, including surround-view camera access detailed remote vehicle status and phone-as-key technology. Read More

Eni S.p.A (“Eni”) announces that it has started the sale, through an accelerated bookbuilding procedure, of 199,556,000 ordinary shares of Saipem S.p.A. (“Saipem”) representing approximately 10% of the share capital.

The shares to be placed are not among those covered by the existing shareholders’ agreement between Eni and CDP Equity S.p.A. which will not be amended and, therefore, the joint control of Saipem pursuant to such agreement will remain unchanged[1]. Eni currently holds approximately 31.19% of the ordinary shares of Saipem, of which approximately 18.69% are freely transferrable and are not syndicated shares pursuant to the shareholders’ agreement.

The placement will be aimed at institutional investors and will be executed by a consortium of banks consisting of Citigroup, Goldman Sachs International, Intesa Sanpaolo, Natixis and UniCredit which are acting as Joint Global Coordinators and Joint Bookrunners.

In the context of the transaction, Eni agreed with the Joint Bookrunners not to sell additional shares of Saipem on the market for a period of 180 days, subject to waiver by the Joint Bookrunners and customary exceptions in line with market practice.

The final terms of the transaction will be communicated upon completion of the placement. Read More

Hyundai Motor North America built upon its partnership with nonprofit organization, One Tree Planted, to plant an additional 300,000 trees throughout the United States, Canada, and Mexico. This year’s contribution will result in a total of 650,000 trees planted since the start of the partnership in 2022. One Tree Planted works to restore forests across the globe, upkeeping the earth’s habitat for biodiversity and creating a positive impact on society at large. “At Hyundai, we have the unwavering belief that as an automaker we have to be more active when responding to climate change than companies in other industries. By transitioning to electrification, supporting a hydrogen economy, and helping create smart cities, we are helping society move closer to carbon neutrality. We have a responsibility to pass down breathable air, the beauty of nature, and a sustainable planet to future generations,” said José Muñoz, president and global COO, Hyundai Motor Company and president and CEO of Hyundai Motor North America. “Our partnership with One Tree Planted is one of many initiatives that complements our sustainable mobility solutions.” To mark the continuation of the partnership, Hyundai employees volunteered at a planting event with One Tree Planted in Huntington Beach, California. Volunteers planted and watered approximately 150 coastal native plants and cleared the restoration area of invasive species. Read More

Petrobras informs that today it signed a Memorandum of Understanding (MoU) with the Chinese Export Credit Agency, Sinosure. The agreement aims to evaluate investment and cooperation opportunities in low carbon and green finance initiatives; strengthening Petrobras’ supply chain; and increasing and facilitating commercial and financial exchanges between Petrobras and Chinese companies. Read More

Petrobras informs that risk rating agency Moodys reaffirmed its credit rating at “Ba1“, one level above the country, with a stable outlook. The stand-alone credit rating was also reaffirmed at “Ba1”, reflecting the company’s credit metrics and its positive track record of operational and financial improvement.

The rating also reflects Moody’s expectation that Petrobras’ operational and financial discipline will continue to support cash generation, which will help sustain its current capital structure. Read More

Union Jack Oil plc, announced the acquisition of a 45% working interest (“WI”) in the Rogers Enhanced Oil Recovery Project and associated leases located in Seminole County, Oklahoma, USA (the “Rogers Project”) from Reach Oil & Gas Company Inc (“Reach” or the “Operator”).

Acquisition of a 45% WI in the Rogers Project containing two production wells (Rogers and S&M) and one injector well (Coker)

Transaction structured to provide Union Jack with a comparable WI to neighbouring West Bowlegs area of interest, including the producing Andrews 1-17 well

Union Jack to pay US$105,000 cash consideration for its 45% WI, with no promote or backcosts payable

Rogers Project activity scheduled to commence July 2024

Budgeted Rogers Project capital expenditure (“CAPEX”) of c.US$133,000 (net to Union Jack) to occur through the remainder of the current financial year

The acquisition and all CAPEX will be paid from Union Jack’s existing cash resources

The Operator’s base case scenario indicates that up to a further 124,000 barrels of oil (gross) can be recovered from the Rogers and S&M wells in aggregate
The Rogers Project is located approximately two kilometres from the Andrews 1-17 discovery well and
includes plans to significantly enhance deliverability from Rogers and S&M, two legacy production wells. Read full article

Space solar and airborne wind turbines. With global demand for fossil-free electricity forecast to double in the coming decades, we take a closer look at four projects that could become viable options for the energy sector soon.Space solar reflectors In one second, the Sun emits the same amount of energy as humanity consumes in 20,000 years. The fraction of energy that reaches Earth every hour is sufficient to meet our global electricity needs for an entire year. Algae biofuels
Algae biofuels first caught the attention of major oil corporations about 20 years ago, and hundreds of millions of dollars have since gone into research. By cultivating microalgae in controlled environments, these microorganisms photosynthesize sunlight and carbon dioxide into oil-rich biomass. Once mature, the algae are harvested, the oil is extracted and processed into biofuels. Sand batteries
In the town of Kankaanpää in western Finland, 100 tonnes of sand is tightly packed into a solid steel tank in two layers separated by heat insulation. On sunny or windy days, excess energy from adjacent solar and wind farms heats the sand to about 600 degrees Celsius. As opposed to water, which has a significantly lower boiling point, sand and other solid materials store much larger amounts of energy per unit.

This innovation has already proven to be significantly better than the alternative—burning fossil fuels for heating—and is cutting emissions from some district heating networks by nearly 70 per cent. High altitude wind power
At about 300 metres altitude, wind currents are significantly higher compared to the 100 or so metres that many conventional windmills reach. Harnessing this power could generate double the electricity – and eight times more than smaller windmills at 35 metres. But the solution isn’t to build 300-metre monopiles. Instead, different technologies such as kites, drones, or helium-lifted turbines are being tested to reach this untapped power source. Turbines are tethered to the ground with wires that also transmit electricity to the power grid. Read full article

Hyundai has followed a streak of impressive podium finishes by securing the manufacturer’s first win of the 2024 IMSA Michelin Pilot Championship (IMPC) season, with the No. 76 Elantra N TCR taking the checkered flag in Sunday’s O’Reilly Auto Parts Four Hours of Mid-Ohio.
After a difficult qualifying session led to starting the four-hour endurance race in ninth position, drivers Preston Brown and Denis Dupont faced a challenging race in their pursuit of the TCR class win. During his first stint, Brown held pace with the pack and was able to progress through the field, handing the car over to Dupont in eighth position. Through decisive strategy calls by the BHA crew and Dupont’s stellar lap times, the No. 76 car took the lead during a round of pit stops on lap 132 of the race. As the race drew to a close, the No. 76 had to pit for a splash-and-go of fuel in order to make it to the end of the race. The team executed a perfect pit stop which allowed the No. 76 car to retain the lead until the finish, securing a dramatic victory for Hyundai and Bryan Herta Autosport.
In the No. 33 car, Robert Wickens and Harry Gottsacker had a similar race after a penalty from qualifying negated their second-place starting position, forcing the duo to take the green flag from last place on the grid. Wickens was quick to find pace, moving easily into the top ten and handing the car to Gottsacker in fourth position. Gottsacker battled for the podium but was unable to hold onto third after a final pitstop in the closing ten minutes.
The rest of the Hyundai cars showed strong pace throughout the race, with the No. 98 car leading 21 laps, only to encounter an issue that put the car four-laps down prior to the finish. The No. 77, No. 80, No. 98 and No. 99 finished eighth, ninth, twelfth and fourteenth respectively, with the No. 77 and No. 98 running in the podium places before the last hour of the race.

Following the fourth round of IMPC competition, Hyundai closed the gap in the 2024 IMPC Manufacturers’ Championship standings as it looks to secure the brand’s fifth-straight Manufacturer’s title in the series. Up next, the Hyundai stable is set to take on The Esses 120 at Watkins Glen on June 22, 2024. . Read full article

Woodside Release Sangomar first oil teleconference transcript

The Sangomar Field Development Phase 1 is a deepwater project including a stand-alone floating production storage and offloading (FPSO) facility with a nameplate capacity of 100,000 barrels/day, and subsea infrastructure that is designed to allow subsequent development phases. Read More

Eni S.p.A. announces that it has successfully completed the sale of 10% of the share capital of Saipem S.p.A. (“Saipem”) at Euro 1.970 per share, totaling approximately Euro 393 million of proceeds. The settlement of the transaction will take place on 14 June.

Following the placement, carried out through an accelerated bookbuilding aimed at institutional investors, Eni holds 422,920,192 shares in Saipem, representing approximately 21.19% of the share capital of the latter, of which 249,504,583 shares (approximately 12.50% of the share capital) are covered by the shareholders’ agreement with CDP Equity S.p.A. In the context of the transaction, Eni agreed with the Joint Bookrunners not to sell additional shares of Saipem on the market for a period of 180 days, subject to waiver by the Joint Bookrunners and customary exceptions in line with market practice. Read More

Oil and Gas BlendsUnitsOil Price US$/bblChange
Crude Oil (WTI)USD/bbl$78.47Up
Crude Oil (Brent)USD/bbl$82.36Up
Bonny LightUSD/bbl$81.42Up
Saharan BlendUSD/bbl$80.49Up
Natural GasUSD/MMBtu$3.107Up
Murban CrudeUSD/bbl$82.66Up
OPEC basket 11/06/24USD/bbl$82.36Up
At press time 12 June 2024

Baker Hughes Rig Count: U.S. -6 to 594 Canada +15 to 143
U.S. Rig Count is down 6 from last week to 594 with oil rigs down 4 to 492, gas rigs down 2 to 98 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 15 from last week to 143, with oil rigs up 15 to 89, and gas rigs unchanged at 54.
International Rig Count is down 25 rigs from last month to 953 with land rigs down 3 to 740, offshore rigs down 22 to 213. International Rig Count is down 12 rigs from last year’s count of 965, with land rigs up 11, offshore rigs down 23.
The Worldwide Rig Count for April was 1,726, down 67 from the 1,793 counted in March 2024, and down 82,from the 1,808 counted in April 2023.

RegionPeriodRig CountChange
U.S.A07 June 2024594-6
Canada07 June 2024143+15
InternationalMay 2024953.-25
Baker Hughes

For one weekend, Solitude Revival is bringing the former racing track in the Glemstal valley back to life. Porsche Heritage and Museum is sending seven sports cars on a high-octane journey back in time to the 1950s through to the 1980s. Almost 60 years after the final race, Solitude Revival from 22 to 23 June 2024 harks back to the motorsport of yesteryear, when formula cars, GT cars, sports cars and prototypes raced through the forest on the outskirts of Stuttgart. Solitude Revival brings together both active and former racing drivers as well as motorsport enthusiasts. Read full article


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