Daily Energy/Automotive News Headlines May 17, 2024

London, 17 May 2024, (Oilandgaspress): –Crude oil discoveries in Suriname have opened access to some 2.4 billion barrels in reserves, Wood Mackenzie analysts have estimated. The consultancy also reported the South American nation holds some 12.5 trillion cubic feet in natural gas reserves.Petroliam Nasional Bhd.’s discovery in the Roystonea and Fusaea blocks are approaching 400 million barrels, WoodMac analysts said in a report The project closest to commercial production is a discovery made by Petronas with its partner Exxon in two Suriname blocks. According to Wood Mackenzie, production there could begin at a daily processing rate of 100,000 barrels. according to media reports.

Eni for 2023 is the Sustainability Report that tells our journey towards a fair and just transition, in the belief that the transition to a mix of clean energy sources must take into account the different levels of economic resources and geographical conditions of different countries.

We integrate the principles of environmental, social and economic sustainability at every level of the business, to create long-term value for all. The three levers that guide our scope of action are:
• Carbon neutrality by 2050: this means the total decarbonisation of products and processes;
• Operational excellence: this is an approach to empowering people, protecting their well-being, the environment, and respecting human rights;
• Alliances for development: these are a tool for creating and sharing value with local communities in the countries where we operate.
We are committed to implementing the United Nations Sustainable Development Goals (SDGs) of the 2030 Agenda across all our global operations. Read More

McLaren 570S Coupe: It’s hard to explain just how good the 750S looks, finished in Ludus blue and set against a backdrop of pristine white snow. The stunning visual impression has a lot to do with the design team’s aerodynamic and shrink-wrapped styling, but in the context of this wild winter landscape, the 750S looks even more enticing. Producing 750PS from its twin-turbo V8, the 750S offers lightning-quick performance, but it’s also very well suited to the mountain environment. As much as this machine loves to be pushed to the limit on a circuit, it’s equally happy to ‘dial down’ when conditions demand control and restraint. Much of its development has been focused on balance and engagement, and McLaren’s signature steering system, widely recognised for its precision and feedback, inspires confidence on the high mountain roads. Read More

KBR (NYSE: KBR) announced today that its Board of Directors has declared a regular quarterly dividend of $0.15 per share on the company’s common stock, par value $0.001 per share, to be paid on July 15, 2024, to stockholders of record on June 17, 2024. Read More

DNO Completes Acquisition of 25 Percent of UK’s Arran Field
DNO ASA announced the completion of the acquisition of a 25 percent interest in the Arran field on the UK Continental Shelf by the Company’s wholly-owned subsidiary DNO Exploration UK Limited from ONE-Dyas E&P Limited. The field is operated by Shell UK Limited (44.57 percent) and was brought on stream in 2021 as a subsea tie-back to the Shell-operated Shearwater A platform.
DNO’s share of production of gas (principally) and liquids from Arran during the first four months of 2024 averaged 3,150 barrels of oil equivalent per day (boepd), up from the 2,000-2,500 boepd projected at the transaction announcement in February. Since announcement in February, drilling of the AN-4 infill well has been completed on time and budget; the well is scheduled to commence production later this year.
Adjusting for interim cash flow from effective date 1 January 2024 to the completion date 15 May 2024, the consideration paid upon completion was approximately USD 60 million. Arran is expected to have a short payback period and the Company anticipates financial synergies between Arran and DNO’s existing position in the UK. The contingent consideration of USD 5 million that was payable if certain operational targets were met will not be paid.
“Together with our recently announced acquisition of interests in multiple fields in the Norne area offshore Norway, Arran brings balance to our North Sea business by adding production to complement a strong development and exploration portfolio,” said Chris Spencer, DNO’s Managing Director. “Combined, the two transactions add more than 12 million barrels of oil equivalent and 5,000 boepd of production net to DNO, growing to more than 7,000 boepd by 2026,” he added.
Last year, DNO was the third most active exploration driller on the Norwegian Continental Shelf and ranked second in discovered volumes with an estimated 100 MMboe net to the Company. Now the Company is gearing up its exploration efforts also on the UK Continental Shelf. In October 2023, DNO was awarded a 50 percent operated interest in Blocks 9/9f, 9/10c, 9/14c and 9/15d in United Kingdom’s 33rd Offshore Licensing Round, adjacent to the Norwegian border. Read More

DNO ASA announced that the Annual General Meeting scheduled for 6 June 2024 will be held at 1:00 pm Norwegian time at The National Museum, Brynjulf Bulls plass 3, 0250 Oslo. Remote participation is possible. Shareholders can also vote electronically in advance or submit a proxy.
The formal notice of the Annual General Meeting is attached and provides further information on the proceedings. Read More

Subsea 7 S.A. announced that, on 15 May 2024, Barclays Capital Securities Limited1 informed the Company that it had breached 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 10 May 2024 the total number of voting rights in the Company according to Article 8 and 9 of the Transparency Law attached to shares was 260,731
• On 10 May 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 15,162,516 • On 10 May 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 605,782
• When combined, the above positions equate to 5.26% of voting rights of Subsea 7 S.A. Read More

Oil and Gas BlendsUnitsOil Price US$/bblChange
Crude Oil (WTI)USD/bbl$79.25Up
Crude Oil (Brent)USD/bbl$83.37Up
Bonny LightUSD/bbl$83.51Up
Saharan BlendUSD/bbl$84.02Up
Natural GasUSD/MMBtu$2.51Up
Murban CrudeUSD/bbl$84.53Up
OPEC basket 15/05/24USD/bbl$83.30Up
At press time 17 April 2024

$2.2 billion mobilised for clean cooking access in Africa
$2.2 billion financial pledges from governments and the private sector mobilised at the Summit on Clean Cooking in Africa that the International Energy Agency co-chaired with the leaders of the governments of Tanzania and Norway, and the African Development Bank.

More than one billion people in Africa cook over open fires and traditional stoves, using wood, charcoal, and other polluting fuels. This has dire impacts on health, environment and gender equality, with women and children bearing the worst consequences.

On 14 May, close to 60 countries, as well as companies and development institutions gathered in Paris for the first ever high-level summit on clean cooking, delivered a breakthrough financial commitment for addressing one of the world’s most persistent and deep-seated inequalities..

The Summit, attended by over 1,000 delegates, marked the first time that such a large amount has been dedicated to clean cooking access at a single gathering, with the potential to make 2024 a turning point on an issue that has been overlooked for too long.

Following the summit, the IEA will employ a “double-lock system” to ensure that momentum behind clean cooking does not slow in the coming months and years. The agency will focus efforts on two areas.

• First, by using effective tracking methods to ensure that pledges and commitments are fulfilled, monitoring them carefully to make sure the money is spent in a timely manner and reaches those in need.
• Second, the IEA will continue to play a convening role to engage more willing partners and generate new funds to help meet the USD 4 billion a year in capital investments required between now and 2030. Read full article

Safran Signs Helicopter Engine Support Contracts With Chinese Group GDAT

During Chinese President Xi Jinping’s state visit to France, and in the presence of Safran CEO Olivier Andriès and GDAT Group Chairman Peter Jiang, Safran Helicopter Engines has signed support-by-the-hour contracts with GDAT, to support the Makila engines powering its fleet of Airbus H225 helicopters, as well as the Arrano engines powering GD Helicopter Finance (GDHF) H160 helicopters to be operated by GDAT, which will shortly enter service. These two SBH®*-type contracts cover in-service support and MRO (maintenance, repair and overhaul) for 140 Arrano 1A and Makila 2A1 engines.

These contracts will be managed by Safran Helicopter Engines China, the leading helicopter engine supplier in the country, with more than 500 engines in service. In China, one out of every two helicopters is powered by Safran engines, either produced by Safran or under license. Read full article

Low-emissions hydrogen1 can play a significant role in decarbonising the global energy system – and in Europe, policy makers are making it a key part of their strategies to meet energy and climate targets. In addition to their environmental benefits, efforts to produce low-emissions hydrogen can help reduce reliance on fossil fuel imports in the medium-term, supporting energy security. The majority of countries in the region have set targets for the production of hydrogen via electrolysis. Since the Russian Federation’s invasion of Ukraine, several Northwest European countries have doubled them, and others are considering increases, as highlighted by the Northwest European Hydrogen Monitor 2024, which the International Energy Agency (IEA) published last month. Altogether, countries in Northwest Europe – a region that here includes Austria, Belgium, Denmark, France, Germany, Luxemburg, the Netherlands, Norway, Switzerland and the United Kingdom – now have ambition to develop as much as 30 to 40 gigawatts (GW) of electrolyser capacity by 2030.

Based on the IEA’s Hydrogen Production Projects Database, Northwest Europe’s production of low-emission hydrogen and derivatives could top 7 million tonnes (Mt) per year by 2030 if all planned projects become commercially operational (taking into account expectations on efficiency and utilisation). This would cover approximately 2% of the region’s total primary energy demand. However, less than 4% of low-emissions hydrogen production by 2030 comes from projects that have been committed, which means they are in operation, have reached a final investment decision (FID) or are under construction. This is in line with the share seen globally, though it needs to increase rapidly to meet the worldwide objectives that have been set, according to analysis in the IEA’s Global Hydrogen Review 2023. Read full article

A broad coalition of stakeholders on clean cooking met in Paris on 14 May, at the Summit on Clean Cooking in Africa, co-chaired by the President of the United Republic of Tanzania H.E. Samia Suluhu Hassan, the Prime Minister of Norway H.E. Jonas Gahr Støre, the President of the African Development Bank Group Dr. Akinwumi A. Adesina, and the Executive Director of the International Energy Agency Dr. Fatih Birol.

The world is way behind on its goal to deliver affordable, reliable, sustainable, and modern energy for all as stipulated in Sustainable Development Goal (SDG) 7. One area in particular – clean cooking – has seen a concerning lack of progress, particularly in Africa. According to the IEA, nearly four in five people in Africa still cook their meals over open fires and traditional stoves using polluting fuels. The lack of clean cooking has dire consequences for health, gender equality and the climate, contributing to nearly half a million premature deaths of women and children annually in Africa alone.

We know that the solutions are well known, and we affirm that our primary focus should be on ensuring affordable access in a timely manner to cleaner and modern cooking solutions – which include biomass in high performance stoves, biogas, bioethanol, liquified petroleum gas (LPG), electric – all of which can deliver benefits in terms of health, productivity, gender equality, forest preservation, biodiversity, and emissions reductions. We affirm that the strategies taken by countries to advance clean cooking will depend on local context, and that each country has sovereignty to shape this agenda in a manner consistent with people-centred energy transitions. Read More

(Reuters) -Chevron said it is set to launch the sale of its remaining UK North Sea oil and gas assets, in a move that would mark the U.S. energy giant’s exit from the ageing basin after more than 55 years. The planned divestment, confirmed to Reuters on Thursday, comes as Chevron prepares for the $53 billion acquisition of rival Hess which it previously said will include $10 billion to $15 billion in asset sales around the world.

The exit will be the latest step in a steady retreat of top oil and gas companies from the declining British basin which pioneered deepwater production in the 1970s, as they focus on newer assets around the world. Chevron’s assets include a 19.4% stake in the BP-operated Clair oilfield in the West of Shetland region, the largest in the British North Sea with production of 120,000 barrels per day. BP has said it is considering a third development phase for the field, known as Clair South, which is one of the largest remaining untapped fields in the North Sea. Read More

Africa Oil Corp. will hold its Annual General Meeting of Shareholders on Thursday, May 23, 2024, at 09:00 (PDT) / 12:00 (EDT) / 18:00 (CEST) at Bennett Jones LLP Fraser Boardroom, Park Place, 666 Burrard Street, Suite 2500, Vancouver V6C 2X8. View PDF
Following conclusion of the formal business of the Annual General Meeting, Executive Management and Chairman of the Board are available to answer shareholders’ questions. Shareholders that are unable to attend in person can follow the meeting via webcast or conference call facility on the details shown below. Please note that shareholders joining remotely are unable to vote during the meeting using the webcast and conference call facility.
Shareholders can submit written question using the webcast facility or ask questions using the conference call facility. Read More

The transmission system must modernize and expand to meet the demands of the 21st Century. Indeed, the growth of artificial intelligence, data centers, and electric vehicles — powered by green energy — means the country must at least double regional transmission capacity.

That’s why the Federal Energy Regulatory Commission (FERC) voted 2-to-1 Monday to modernize the nation’s long-distance high-powered transmission policies — geared to meeting the Biden Administration’s decarbonization goals and to harden the grid to withstand extreme weather that could wreak havoc on local economies.

The changes have multiple ramifications: It will help with backstop authority—or the ability to build transmission when progress slows. Over the next decade, it will lead to considerably more renewable energy and noticeably less coal-fired power. For both reasons, litigation will abound, although the regulatory commissioners considered that before approving the new policies. Read More


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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.

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