Daily Energy/Automotive News Headlines Wed May 10, 2024

London , 10 May 2024, (Oilandgaspress):North Sea oil and gas operators could invest up to £3 billion in 14 major projects capable of cutting up to 32 million tonnes of lifetime CO2e emissions from their production activities, a quantity greater than London’s estimated annual emissions in 2021.

The projects – highlighted today (9 May) at the North Sea Transition Authority’s (NSTA) annual performance review of the UK’s top 20 operators – involve using low-carbon power on platforms, installing technologies designed to eliminate routine flaring and venting, and hydrogen. They could potentially go live between 2024 and 2030 on new and existing projects, making a significant contribution to achieving the sector’s emissions reduction targets.

However, final investment decisions have been secured for fewer than half of these projects, to date, highlighting that there is still work to do. The NSTA, the industry regulator, expects operators to press ahead with all of them and come up with more emissions reduction schemes in the coming years. Read More

VH Global Sustainable Energy Opportunities plc – the London-listed company managed by Victory Hill Capital Partners LLP focused on the energy infrastructure that is essential for the global transition towards net zero – is pleased to announce a major milestone for its 10MW UK flexible power asset with carbon capture and re-use (“CCR”).

Following the successful completion of a series of hot commissioning tests by Landmark Power (LMPH), Yellow Power and Rolls Royce MTU under the supervision of National Grid Energy Distribution (“NGED”), the operations of the asset’s power plant, comprising four Rolls Royce 16V engines, has now been transferred to our operating partner LMPH. The testing and commissioning process took two weeks during which time the units successfully generated power to the grid.

The timeline for the testing and integration of the CCR element of the asset is still on track to be complete in the second half of the year with all key equipment, including the Asco CO2 scrubbing units and exhaust piping, now on site and installed.

This combined heat and power plant brings together high-efficiency, gas-fired engines technology with a CCR system that will produce highly efficient flexible power, helping to ensure the delivery of dependable power in the UK amidst increasing penetration of intermittent renewable energy. Furthermore, by utilising carbon capture technology on the gas-fired component, the project will capture and purify the CO2 exhaust, while addressing the structural shortage the industrial gases market is facing by selling the purified food-grade CO2 commercially.

The key project partners include Rolls Royce, Mitsubishi Turboden, Climeon and Asco.

Richard Lum, Co-CIO of Victory Hill Capital Partners commented:

“We are very pleased with the progress of the project to successfully achieve hot commissioning under the stewardship of our operating partner Landmark Power, who have now taken over operational control of the 16V power units on site. It has taken the continued commitment of our principal partners Yellow Power, Mitsubishi, MTU, Firbeck and Excalon to keep us on track to deliver a unique asset which will soon provide the UK with much needed flexible power and food grade CO2.” .. Read More

KBR, Inc. hosted an Investor Day event at the New York Stock Exchange, the theme for which was “Safe. Secure. Sustainable.” Members of KBR’s leadership team presented the company’s attractive market positioning, differentiated digital and technical offerings, operating disciplines and confident long-term outlook. They also announced KBR’s new 2027 financial targets.. “We have continued to outperform in terms of impact and financial results,” said KBR President and Chief Executive Officer Stuart Bradie. “Our people, strategic positioning, pipeline and high percentage of work under contract give us confidence that this high level of performance will continue. Additionally, our values, culture and the important work we do are enabling us to attract and retain top talent.”

“Together, we are driving toward a business that tips $1.15 billion in Adj. EBITDA1 by 2027, with leading safety and operational performance.”

KBR’s 2027 long term targets include the following:

2027 Long Term Targets

Revenues $11.5B+
Adj. EBITDA1 $1.15B+
Adj. EBITDA margin1 10% – 11%
Operating cash flows $700M+
2024-2027 Cumulative deployable free cash2 ~$2.0B

Targets exclude capital deployment; OCF target reflects 27% effective tax rate and interest rates consistent with 2023A.. Read More

Hyundai Motor Europe has announced Hyundai Connected Mobility – a new entity established in April dedicated to help Hyundai to deliver on its transition towards software-defined vehicles and smart mobility solutions. Hyundai Connected Mobility’s ultimate goal is to offer a range of digital in-car and in-app services as well as new mobility services throughout the entire vehicle lifecycle to provide seamless customer experience. Hyundai Connected Mobility’s portfolio consists of three main pillars: mobility services, connected car services, and data-driven digital services.

Hyundai Connected Mobility is addressing the increasing customer demand for flexible usage models through its mobility service brand, MOCEAN. Car subscriptions present an appealing alternative to purchasing or leasing a Hyundai vehicle. Hyundai has tailored MOCEAN Subscription to provide customers with swift and flexible access to cars via a seamless digital user experience, eliminating paperwork entirely. Subscription models are pivotal in enticing new customers beyond conventional ownership, enabling users to explore our extensive lineup of award-winning electrified vehicles. Read More

Hyundai Motor Group (the Group) announced an open call for entries to the 6th VH AWARD, Asia’s leading award for promising media artists. Since its inception in 2016, the VH AWARD has been a platform for emerging media artists to showcase their creative expression and engage in discussions on diverse cultural and socio-political issues. Artists may submit proposals for audiovisual screen-based artworks via the VH AWARD website from May 9 to July 5, 2024 (see website for details). VH AWARD welcomes entries from individuals or collectives whose work reflects the context of Asia.An international panel of professional artworld jurors will review the proposals and select five finalists based on their originality and aesthetics, compelling conception and innovation, quality of presentation, and sophisticated employment of technology. The finalists, either individuals or collectives, will each receive a $25,000 grant to create new artwork and participate in an online residency program led by Eyebeam, the New York-based non-profit art and technology center, before submitting their final works.

The Grand Prix recipient will be announced in June 2025 and will receive an additional grant of $25,000. The artworks created by the Grand Prix recipient and the other finalists will be presented across various art institutions and platforms worldwide. Read More

The multiple award-winning Hyundai IONIQ 5 N has added yet another coveted honour to its expanding trophy cabinet by being named Best EV Hot Hatch at the 2024 TopGear.com Electric Awards. Now in their fifth year, the annual awards are a celebration of the finest choices in the swiftly evolving world of electrified vehicles, recognising impressive innovation across a number of diverse categories. TopGear’s expert panel of judges voted the IONIQ 5 N a clear winner as the Best EV Hot Hatch, praising Hyundai’s dedication to infusing it with a spirit that ensures every drive is one to be savoured.
Jack Rix, TopGear Editor-In-Chief, said “In a world where pure electric hot hatches are a rarity, Hyundai has clocked the game at its first attempt. Experimental, capable, but best of all filled with a sense of humour that so many EVs lack, the IONIQ 5 N is a benchmark moment for the electric car.”
The high-performance model combines the Electrified-Global Modular Platform (E-GMP) of the standard IONIQ 5 – the 2022 World Car of the Year – with the motorsport-bred technologies and expertise of Hyundai’s N division to take driving fun to a new level.
Among the IONIQ 5 N’s array of key technical advances is a powertrain which delivers greater power output and enhanced performance in battery cooling and braking. The IONIQ 5 N’s electric motors spin up to 21,000 RPM, providing up to 609 PS in normal conditions, or 650 PS when the car’s N Grin Boost (NGB) feature is engaged, maximising acceleration for up to 10 seconds. 0-62mph is achievable in 3.4 seconds, while a top speed of 161mph is attainable on tracks.
A memorable drive is guaranteed by a host of upgrades, including a strengthened steering column for improved feedback, Electronic Controlled Suspension that adapts suspension stiffness according to the drive mode, and a suite of sophisticated electronic control technology in the E-GMP platform. Highlights include N Pedal, an intelligent software function that provides instant turn-in and enhanced throttle sensitivity for exhilarating cornering, and fully variable front and rear N Torque Distribution.
The IONIQ 5 N also sets a new benchmark in terms of emotional engagement for a performance EV, courtesy of N e-shift, which simulates the eight-speed dual-clutch transmission of internal combustion engine N cars, and N Active Sound+, which provides a compelling soundtrack that highlights the EV’s power. . Read More

Nexergy Holdings PLC, an industry leader committed to enhancing sustainable energy solutions, is proud to announce a strategic collaboration with Lorentz, a visionary company pioneering the production of green hydrogen. This partnership marks a significant step towards advancing the sustainable energy landscape and addressing the increasing demand for environmentally-friendly fuel sources.
Production of green hydrogen is expected to commence in 2024, with the potential to reshape the future of energy and transportation.
Commenting on the collaboration, Jason Turner, Managing Director of Nexergy said, “Green hydrogen serves as a highly efficient and eco-friendly form of fuel, utilising water and solar energy to power vehicles and industries. This collaboration aims to leverage Lorentz’s ground breaking technology to commercialise green hydrogen, positioning it as a viable alternative to traditional fuel sources.” Furthermore, the partnership is set to provide seamless integration into existing infrastructure, facilitating widespread access to this innovative energy solution. Read More

ADNOC announced the signing of a 15-year Heads of Agreement (LNG agreement) with EnBW Energie Baden-Württemberg AG (EnBW), one of the largest energy companies in Germany, for the delivery of 0.6 million metric tonnes per annum (mmtpa) of liquefied natural gas (LNG).

The LNG will primarily be sourced from ADNOC’s lower-carbon Ruwais LNG project, currently under development in Al Ruwais Industrial City, Abu Dhabi. The Ruwais LNG plant is set to be the first LNG export facility in the Middle East and Africa region to run on clean power and will leverage the latest technologies and artificial intelligence (AI) tools to minimize emissions and drive efficiency.

This agreement marks the third long-term LNG supply agreement from the project. The deliveries are expected to start in 2028, upon commencement of commercial operations.

Fatema Al Nuaimi, ADNOC Executive Vice President, Downstream Business Management, said: “The Ruwais LNG project continues to gain momentum, reinforcing ADNOC’s position as a reliable global natural gas provider. This new agreement builds on the UAE-Germany Energy Security and Industry Accelerator and will support Germany as it strives to diversify its energy sources and enhance its energy security.” The UAE-Germany Energy Security and Industry Accelerator (ESIA), signed in 2022, aims to advance cooperation in energy security, decarbonization and lower-carbon fuels. Read full article

Ukraine broke records with a long-distance strike on Russia on Thursday, hitting a target 746 miles from the border.

A Ukrainian defence source said the drone attack, which hit an oil refinery in the Russian republic of Bashkortostan, was the SBU security service’s work and was carried out at a “record range”.

The source added that the drone had flown a total distance of 1,500 kilometres.

“The SBU has once again proved it has powerful technological solutions that help to inflict painful blows on the enemy,” the source said. Read full article

Aquila European Renewables plc announced on 22 December 2023, that it was considering broader options for the future of the Company, including the possible combination with another listed investment company by way of a section 110 scheme of reconstruction under the Insolvency Act 1986 (the “Section 110 Review”). The Board of AERI (the “Board”) announced on 26 February 2024, that following the receipt and review of a number of indications of interest in a section 110 combination, a process of mutual due diligence with multiple interested parties had commenced.
Through the Section 110 Review, the Board received indicative non-binding section 110 offers from Octopus Renewables Infrastructure Trust plc and two other investment companies. Each indicative offer proposed the issue of newly issued shares of the listed investment company offeror as consideration and one indicative offer included a cash exit facility of up to 10% of the total consideration. On the basis of a NAV for NAV exchange, each of the three indicative offers represented an implied look through value ranging from a small premium to a discount to the current AERI share price.
Following the FY23 annual results, feedback on the Section 110 Review has been received from shareholders representing a majority of the total voting rights of the Company. Shareholders representing more than 25% of the total voting rights of the Company, sufficient to block a potential shareholder vote on a section 110 combination, indicated that they are not supportive of a section 110 combination of AERI with another listed investment company.
Alongside the shareholder feedback, the Board has taken into account the discount to NAV that the listed investment company renewables sector is currently trading on and believes that at this time, a section 110 combination with another listed investment company is not value enhancing when weighed against the other potential options open to the Company. The Board is also mindful of the additional financial costs that it would incur in running the Section 110 Review to its conclusion. The Board has therefore decided to terminate the Section 110 Review.
In light of market conditions and shareholder feedback, the Board and its advisers continue to progress the review of broader options including:

 a wind-down of the Company with an orderly realisation of its assets over a period of time;

 a potential sale of some or all of the assets of the Company for cash; and

 the potential continuation of the Company in its present form in accordance with its current investment policy delivered by Aquila Capital Investmentgesellschaft, the Company’s investment adviser.
The Board expects to provide a further update before the end of Q2 2024. Notwithstanding the outcome of the ongoing review of broader options, the Board notes its commitment to hold a vote on the Company’s continuation at a shareholder meeting expected to be held in September 2024. . Read full article

Saipem has been conferred the 2024 Spotlight on New Technology® Award by Offshore Technology Conference (OTC) for its technology for the digital monitoring of subsea pipelines during laying operations called Integrated Acoustic Unit (I.A.U.).

Saipem’s I.A.U. is an innovative digital tool, based on acoustic, and therefore, non-intrusive technology, which enables real-time monitoring of the integrity of offshore pipelines during laying activities. The new technology provides greater accuracy and timeliness in remotely detecting obstructions, pipe deformations, accidental water ingress and other types of obstacles, and eliminates the risks associated with the mechanical detector commonly used during pipelaying. I.A.U. can also store all measurements taken and exchange them with the data acquisition system of the pipelay vessel, thus contributing to the digitalization of information regarding offshore laying operations.

The unit has obtained the Statement of Technology Qualification from the renowned certification body DNV and, after being extensively tested on Saipem’s vessels, it is already supporting projects under execution.

The OTC conference is one of the world’s leading offshore energy events and is held annually in Houston, Texas. The Spotlight on New Technology® Award is assigned by OTC to those exhibitors who have distinguished themselves by reshaping the offshore energy sector through their innovation and development of technologies.

Saipem had previously received the Spotlight on New Technology® award for three other proprietary innovations: in 2023 for FlatFish, an advanced underwater inspection drone, in 2021 for the Hydrone-R, an underwater intervention drone, and in 2019 for OIE (Offset Installation Equipment), the only technology in the world capable of remotely capping oil well spills due to incidents or blowouts. Read More

Saipem’s underwater intervention drone Hydrone-R, currently operating on Equinor’s Njord Field development project offshore Norway, has achieved the milestone for continuous subsea residency of 167 days. The project, for which Saipem’s Hydrone-R is deployed, is part of a ten-year contract signed in 2019 with Equinor. The drone is tasked to carry out inspections and interventions on subsea assets, thus providing valuable information about potential hazards and ultimately improving the overall integrity and safety of Equinor’s subsea systems. This agreement was the first ever worldwide service contract for subsea drones signed in the offshore energy sector.

The Hydrone-R had been operating uninterruptedly for nearly six months, performing remotely operated works as well as autonomous missions. Saipem’s onshore control centre, located in Stavanger, Norway, is fully supervising the operations via the communication link to the rig: Saipem’s drone pilots can either command the Hydrone-R or upload purposely designed missions onboard the vehicle for autonomous tasks.

The Hydrone-R is part of Saipem’s Hydrone Program, with a fleet of next-generation drones and advanced ancillary equipment. As further proof of Saipem’s commitment to continuous improvement and innovation, the Njord project will be the location of the imminent first launch of Hydrone-W, the full-electric heavy-duty subsea drone, bringing the electrification process of underwater robotics to the next level. The Hydrone-W will supplement Hydrone-R for tandem operations and simultaneous underwater works necessary to serve the entire Njord field. This makes the Hydrone Program a veritable game changer for the offshore energy industry, resulting in lower costs and a reduced carbon footprint while improving safety and operational efficiency. Read More

PGS has been awarded a 4D contract in West Africa for an international energy company. Mobilization is scheduled for early September. The contract has a total duration of approx. 65 days, with an option to extend.

‘We are very pleased with this contract award, securing visibility for another of our vessels well into the fourth quarter. After completion of scheduled acquisitions programs during the Northern Europe summer season we will steam a vessel to West Africa to commence this contract. By combining the Ramform acquisition platform with our proprietary multi-sensor GeoStreamer technology we will provide the client with high-quality 4D seismic data,’ says Rune Olav Pedersen, President & CEO in PGS.

PGS announces contract awards and MultiClient projects as stock exchange releases if the contract has a value of $10 million or more, MultiClient projects with a duration of 2 months or more, and strategically important contracts. Read More

As the global energy transition evolves, PGS expects energy consumption to continue to increase over the longer term with oil and gas being an important part of the energy mix. Offshore reserves will be vital for future energy supply and supports demand for marine seismic services. The seismic market is improving on the back of increased focus on energy security, several years of low investment in new oil and gas supplies, and attractive oil and gas prices.

Offshore energy investments are expected to continue to increase in 2024. The seismic acquisition market benefits from the higher spending level and a limited supply of seismic vessels. PGS New Energy is expected to benefit from an increasing tendering activity for offshore wind site characterization projects.

PGS expects gross cash costs in 2024 to be below $600 million, in line with previous guidance.

Capital expenditures for 2024 is expected to be approximately $125 million, including capex to expand the offshore wind activities, in line with previous guidance.

The order book amounted to $375 million on March 31, 2024. On December 31, 2023, and March 31, 2023, the order book was $366 million and $376 million, respectively. Highlights Q1 2024
Produced Revenues of $222.6 million, compared to $172.2 million in Q1 2023
Produced EBITDA of $112.5 million, compared to $71.5 million in Q1 2023
Produced EBIT (ex. Impairments and other charges, net) of $26.1 million, compared to a loss of $19.7 million in Q1 2023
Revenues and Other Income according to IFRS of $217.2 million, compared to $143.1 million in Q1 2023
Cash flow from operations of $127.8 million, compared to $134.4 million in Q1 2023
Cash and cash equivalents of $147.2 million, compared to $154.1 million in Q1 2023
Net interest-bearing debt of $500.4 million, compared to $588.1 million in Q1 2023
Repaid the Term Loan B and refinanced the Super Senior Loan Read More

Baker Hughes Rig Count: : U.S. -8 to 605 Canada +2 to 120
U.S. Rig Count is down 8 from last week to 605 with oil rigs down 7 to 499, gas rigs down 3 to 102 and miscellaneous rigs up 2 to 4.
Canada Rig Count is up 2 from last week to 120, with oil rigs up 4 to 60, and gas rigs down 2 to 60.

International Rig Count is up 7 rigs from last month to 978 with land rigs up 7 to 743, offshore rigs unchanged at 235

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.A03 May 2024605-8
Canada03 May 2024120+2
InternationalApril 2024978.+7
Baker Hughes

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Tuesday, May 7, announced the commencement of the 2024 Licensing Round at the on-going Offshore Technology Conference in Houston, Texas.

At the event, the Commission Chief Executive (CCE), Engr. Gbenga Komolafe reiterated Nigeria’s commitment to advancing its oil and gas sector and highlighted incentives by President Bola Ahmed Tinubu’s leadership aimed at attracting the attention and involvement of international investors.

He explained that the Licensing Round offers selected blocks spanning diverse geological formations with great potential for economic growth and energy security for shared prosperity. He also pointed to the regulatory framework anchored by the Petroleum Industry Act 2021 aimed at entrenching fairness and transparency, thereby fostering confidence among investors.

The CCE pointed out that Nigeria’s approach aligns with global energy sustainability goals, as he emphasized environmental, social and governance considerations.

While acknowledging the changing dynamics of the energy landscape, the CCE observed that Nigeria has adopted a pragmatic approach, ensuring competitive entry fees and commercial viability for investment. Read More

Panoro Energy has announced that the DHBSM-2P pilot well has successfully encountered oil and confirmed a north-eastern extension of the Hibiscus South field at the Dussafu Marin Permit offshore Gabon, further increasing recoverable reserves. Panoro holds a 17.5 per cent participating interest in the Dussafu Marin Permit.

The DHBSM-2P pilot well was drilled with the Borr Norve jack-up rig to test a north-eastern extension of the Hibiscus South field. The well was drilled to a depth of 5,130 metres with evaluation of logging, sample and pressure data confirming approx. 25 metres of net oil pay in an overall column of 35 metres in the regionally prolific Gamba formation. Preliminary volume estimates comprise gross recoverable reserves of five to six million barrels of oil and approx. 14 million barrels of oil in place. The partners plan to complete the well as a producer later in 2024. Read More


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

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