Energy News Dec. 02, 2023| WTI Crude $74.07/bbl, Brent $78.88/bbl, Opec $85.00/bbl

London, 02 December, 2023, (Oilandgaspress): – OPEC+, on Thursday opted against formally deepening production cuts, while de facto leader Saudi Arabia extended its 1 million barrel per day voluntary trim into the first quarter, and other members announced further reductions.

The policy steps were decided in a virtual meeting delayed by internal disagreements over the baselines — the levels off which quotas are decided — of the OPEC group’s largest West African members, Nigeria and Angola. The spat postponed talks initially scheduled to be held in person in Vienna over the weekend of Nov. 25-26. The baselines of Angola, Nigeria and Congo remain under study. The OPEC+ alliance had already instituted a 2 million barrel per day cut in place until the end of 2024, with several coalition members voluntarily pledging a further 1.66 million barrel per day decline over that same period.

While OPEC+ has not formally endorsed production reductions, market Read full article

Today, over a billion people on the planet live with a disability, representing 15% of the world’s population. In France, there are 9.7 million people with disabilities, either officially recognized or faced with persistent health problems that reduce their mobility. These situations are made all the more difficult by the fact that these people and their families are often faced with obstacles that limit their mobility, thereby restricting their social interaction and integration into society. In line with its Purpose, Renault Group is committed to promoting mobility that is inclusive and accessible to all. Thanks to the expertise of its specialized subsidiary Qstomize, which has developed unique industrial know-how in the transformation of vehicles for the transport of people with reduced mobility, discover the testimonies of Françoise, Sébastien, Michel and Pierre. They tell us how using Renault Master and Kangoo WAV has transformed their personal and professional lives on a daily basis. Read full article

PTT Global Chemical Public Company Limited (GC) signed a Memorandum of Understanding (MOU) with Mitsubishi Heavy Industries Asia Pacific Pte. Ltd. (MHI-AP) to jointly study the technologies required to develop a large-scale petrochemical complex that aims to support Thailand’s Carbon Neutrality by 2050. This collaboration between GC and MHI-AP will involve the study of solutions that use low carbon fuels such as hydrogen and ammonia, as well as Carbon Capture and Storage technologies. The MOU covers a total duration of 4 years and includes two main objectives to assess the feasibility of applying decarbonization technologies to GC’s assets. The first is to conduct research to compare the feasibility of using hydrogen and ammonia as fuels for gas turbines, as well as CCS technologies to reduce carbon dioxide emissions from power generators. The second objective is to assess how CCS technologies can best be applied and optimized for the Steam-Methane Reforming (SMR) process. MHI-AP will support this through providing carbon capture technologies as well as hydrogen combustion gas turbines and ammonia gas turbines.

This collaboration is aligned with Thailand’s announcement to achieve carbon neutrality by 2050 and with GC’s operational strategies for robust and sustainable business growth alongside partners under the concept “Together to Net Zero”, which aims to reduce greenhouse gas emissions by 20% by 2030 and achieve net zero greenhouse gas emissions by 2050. Read full article

Capricorn Energy PLC intends to announce its preliminary results for the year to 31 December 2023 on 14 March 2024. In advance of these results, the Company is providing an update on recent operations and the Group’s production guidance for 2023. This information is unaudited and is subject to further review.

To the end of October 2023, working interest production across the four main concession areas in the Western Desert averaged 30,600 boepd (45% oil) for the year. The combination of further project delays beyond those outlined at the H1/23 results in September and lower than expected contributions from new wells mean that FY23 is expected to average c.30,000boepd, below the low end of the original FY23 32-36,000 boepd guidance. The previously forecast exit rate was impacted by the timing of the delivery of key projects at Teen and in the BED area where a number of activities, including new wells and projects, could contribute to production prior to year-end.

Capricorn is working closely with the Operator to assist it to focus on high-grading new well opportunities, deploying the appropriate scale of rig fleet to ensure effective exploitation of the asset base, and delivering the most efficient drilling campaign and optimised reservoir management – all of which must be aligned with the rate of collections. Our focus is on generating the best economic outcome for Capricorn and all investors in the Bapetco joint venture and Egypt. Read full article

bp has agreed to acquire the 50.03% interest it does not already own in Lightsource bp, one of the world’s leading developers and operator of utility-scale solar and battery storage assets. The parties agree that now is the right time for bp to take full ownership, enabling Lightsource bp’s continuing growth and high performance.

Lightsource bp operates with a proven capital-light, develop, engineer, construct and farm down business model that creates value through selling majority interests in assets it has developed to strategic partners. With this capital-light model, it has built a track record of delivering renewables projects with equity returns in the mid-teens.

Full ownership will now enable bp to further scale up Lightsource bp and create additional value by applying bp’s complementary capabilities and strengths – including in finance and trading – fully to the business. bp will continue to target double digit equity returns from this business.

In addition, bp intends to use Lightsource bp’s world-class capabilities as a developer of cost-competitive utility-scale onshore renewable power to help meet its own demand for low carbon power. This integration is expected to underpin and de-risk delivery of bp’s targets for its transition growth engines – in hydrogen, EV charging and biofuels as well as in power trading. Read full article

Ithaca Energy announced the successful completion of its acquisition of the remaining 30% stake in Cambo from Shell U.K. Limited (“Shell”) taking Ithaca Energy’s stake in Cambo to 100%, as announced on 12 September 2023. The acquisition will provide Ithaca Energy with control over the progression of the future development of Cambo.

The acquisition has minimal near-term cost exposure, with the consideration payable on the earlier of (i) first oil; and (ii) the receipt of proceeds of any subsequent sale of a working interest in Cambo by Ithaca Energy; and is subject to Ithaca Energy proceeding with FID and/or the NSTA providing development consent. Read full article

The Indian government reportedly announced a decrease in the windfall tax on crude petroleum and jet fuel by ₹1,300 per tonne, effective from December 1, as per a Moneycontrol report.The tax on crude petroleum has been reduced from ₹6,300/tonne to ₹5,000/tonne, while the levy on jet fuel has been adjusted to ₹1.06 lakh per kilo litre (kL) from the previous ₹1.11 lakh/kL, it added Read full article

Brazil will join the OPEC+ oil coalition that unites some of the biggest crude-producing nations in the world, according to Brazilian Energy Minister Alexandre Silveira.

The announcement was made during a postponed OPEC+ meeting to discuss oil output strategy over 2024, amid languishing prices weighed by fragile demand recovery in China, geopolitical risks and uncertainty over supplies from U.S.-sanctioned OPEC members Iran and Venezuela.

In footage shared from the meeting, Silveira said that President Lula da Silva had approved his country’s membership, starting next year. Read full article

Baker Hughes Rig Count: U.S. +3 to 625 Canada -5 to 192

U.S. Rig Count is up 3 from last week to 625 with oil rigs up 5 to 505, gas rigs down 1 to 116 and miscellaneous rigs down 1 to 4.

Canada Rig Count is down 5 from last week to 192, with oil rigs down 2 to 122, and gas rigs down 3 to 70.

International Rig Count is up 16 rigs from last month to 978 with land rigs up 15 to 758, offshore rigs up 1 to 220.

RegionPeriodRig CountChange
U.S.A28 November 2023625+3
Canada28 November 2023192-5
InternationalNovember 2023978+16


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

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