Energy / Automotive News Roundup; International Rig Count is down 31 rigs to 919
London, December 06, 2024 (Oilandgaspress) –- Libya’s Crude and condensate production hit 1.422 million barrels on Thursday, the National Oil Corp. said in a post on X. That exceeds the state oil-firm’s target by 22,000 barrels. It’s also the highest daily volume since 2013, according to the NOC.
The expansion of Canada’s Trans Mountain pipeline added almost 600,000 barrels of daily shipping capacity and represented a $24 billion bid to help the country’s oil producers reduce their near-total reliance on the US market.
The OPEC+ alliance of oil exporting countries will decide Thursday whether to put off plans to pump more crude amid sluggish demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year.
Key beneficiaries of that would be U.S. motorists, who have seen gasoline prices fall to their lowest in 2 1/2 years to near $3 a gallon.Eight OPEC+ members planned to start increasing production from Jan. 1 by gradually restoring 2.2 million barrels per day in previous production cuts. Analysts now say the group could postpone production increases for another three months as it monitors demand. Read More
.ADNOC announced it has signed a second Sales and Purchase Agreement (SPA) for the lower-carbon Ruwais liquified natural gas (LNG) project, with Malaysia’s PETRONAS. The 15-year SPA for supplying 1 million tonnes per annum (mtpa) of LNG converts a previous Heads of Agreement between ADNOC and PETRONAS into a definitive agreement.
The LNG will primarily be sourced from the Ruwais LNG project, which is currently under development in Al Ruwais Industrial City, Abu Dhabi. Deliveries are expected to start in 2028 upon commencement of its commercial operations. To date, over 8 mtpa of the project’s production capacity has been committed to international customers through long-term agreements.
Fatema Al Nuaimi, Executive Vice President, Downstream Business Management at ADNOC, said: “Natural gas plays a critical role in meeting the world’s energy needs, and we are proud to partner with PETRONAS to deliver lower-carbon LNG through this landmark agreement. This milestone further underscores ADNOC’s role as a reliable global energy supplier and supports growing demand in Asia for cleaner, more sustainable energy solutions.”
ADNOC Gas announced in November 2024 that it expects to acquire ADNOC’s 60% stake in the Ruwais LNG project at cost, estimated at around $5 billion, in the second half of 2028. Upon completion, the project, comprising two 4.8 mtpa liquefaction trains with a combined capacity of 9.6 mtpa, will more than double ADNOC Gas’ existing operated LNG production capacity to around 15 mtpa.
Shamsairi Ibrahim, Vice President of LNG Marketing & Trading at PETRONAS, said: “This partnership with ADNOC marks a significant milestone in strengthening PETRONAS’ business with the UAE, complementing our upstream activities while reinforcing the strategic economic relationship between the UAE and Malaysia. This collaboration bolsters our LNG portfolio with a reliable supply of lower-carbon energy to meet Malaysia’s domestic demand, enhances security of supply for our customers, and fosters deeper government-to-government collaboration whilst enabling sustainable development and providing solutions for the energy transition that will enrich lives for a sustainable future.”
The Ruwais LNG plant will be the first LNG export facility in the Middle East and Africa region to run on clean power, making it one of the lowest-carbon intensity LNG plants in the world. The facility will leverage artificial intelligence and the latest technologies to enhance safety, minimize emissions and drive efficiency. Read More
ADNOC has signed a Strategic Collaboration Agreement (SCA) with the Ministry of Industry and Advanced Technology (MoIAT), Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi Investment Office (ADIO), and Abu Dhabi Chamber of Commerce and Industry (ADDCI), aimed at boosting local manufacturing capabilities.
The SCA, which was signed at Abu Dhabi Business Week, builds on ADNOC’s successful In-Country Value (ICV) program which is driving industrial growth and diversification while strengthening the UAE’s manufacturing capacity. It is designed to strengthen the UAE’s industrial ecosystem and explore opportunities to support local manufacturers by leveraging key incentives, ensuring alignment with national strategic objectives, and fostering compliance with UAE regulations.
A core focus of the agreement is empowering small and medium-sized enterprises (SMEs) by integrating them into ADNOC’s supply chain, fostering innovation, enhancing competitiveness, and contributing to the UAE’s broader economic diversification goals.
The signing of the agreement was witnessed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and GCEO, and H.E. Ahmed Jasim Al Zaabi, Chairman of ADDED and ADDCI. The signatories were H.E. Omar Suwaina AlSuwaidi, Undersecretary, MoIAT, H.E. Badr Al-Olama, Director General of ADIO, H.E. Shamis Ali Al Dhaheri, the Second Vice Chairman of ADDCI and Yaser Saeed Almazrouei, ADNOC Executive Director, People, Commercial and Corporate Support.
H.E. Omar Al Suwaidi, Undersecretary of MoIAT, said: “This collaboration embodies the UAE’s commitment to sustainable economic development. The program is in line with the National Strategy for Industry and Advanced Technology, Operation 300bn, to make supply chains more sustainable and achieve self-sufficiency in critical areas. At the same time, the initiative helps businesses to grow by providing incentives and enablers, ultimately enhancing the competitiveness of national products and reducing the country’s dependency on imports.
“The partnership between MoIAT, Abu Dhabi Chamber of Commerce and Industry, ADNOC and the Abu Dhabi Investment Office reflects a shared commitment to supporting the industrial sector and developing an attractive investment environment. Under this strategic cooperation, the ministry will continue supporting manufacturers to meet the requirements of ADNOC’s procurement teams to help local businesses secure manufacturing contracts. This cooperation will ultimately create new investment opportunities while enhancing supply chains in vital areas such as energy. The ministry remains focused on promoting the adoption of advanced technology, encouraging innovation, supporting SMEs to grow, and increasing national productivity through introducing incentives and enablers.” Read More
The 189th (Ordinary) Meeting of the OPEC Conference will take place on Tuesday, 10 December 2024, via videoconference, under the presidency of HE Marcel Abeke, Minister of Petroleum, and President of the Conference for 2024. The OPEC Conference Ministerial Meeting convenes twice a year to review the general affairs of the Organization and discuss key internal matters. Read More
OPEC plus countries Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April 2023 and November 2023 held a virtual meeting on the sideline of the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM).
The meeting was conducted to reinforce the precautionary efforts of OPEC+ countries, aiming to support the stability and balance of oil markets. The aforementioned countries decided, in addition to the latest decisions from the 38th ONOMM, to extend the additional voluntary adjustments of 1.65 million barrels per day that were announced in April 2023, until the end of December 2026.
Moreover, these countries will extend their additional voluntary adjustments of 2.2 million barrels per day, that were announced in November 2023, until the end of March 2025 and then the 2.2 million barrels per day adjustments will be gradually phased out on a monthly basis until the end of September 2026 to support market stability as per the attached table. This monthly increase can be paused or reversed subject to market conditions.
In the spirit of transparency and collaboration, the meeting welcomed the pledges made by the overproducing countries to achieve full conformity and resubmit their updated compensation schedule to the OPEC Secretariat for the overproduced volumes since Jan 2024 before the end of December 2024 as agreed in the 52nd Meeting of the Joint Ministerial Monitoring Committee (JMMC). The compensation period will be extended until the end of June 2026. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $67.56 | Down |
| Crude Oil (Brent) | USD/bbl | $71.39 | Down |
| Bonny Light 03/12/24 CBN | USD/bbl | $74.57 | — |
| Dubai | USD/bbl | $72.62 | — |
| Natural Gas | USD/MMBtu | $3.05 | Up |
| Murban Crude | USD/bbl | $71.20 | Down |
| OPEC basket 05/12/24 | USD/bbl | $72.19 | Down |
Baker Hughes Rig Count: U.S. -1 to 582 Canada +4 to 205
U.S. Rig Count is down 1 from last week to 582 with oil rigs down 2 to 477, gas rigs up 1 to 100 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 4 from last week to 205, with oil rigs up 1 to 134, gas rigs up 3 to 70 and miscellaneous rigs unchanged at 1.
International Rig Count is down 31 rigs from last month to 919 with land rigs down 14 to 712, offshore rigs down 17 to 207. International Rig Count is down 59 rigs from last year’s count of 978, with land rigs down 46, offshore rigs down 13.
The U.S. Offshore Rig Count is unchanged at 16, down 5 year-over-year.
The Worldwide Rig Count for October was 1,754, up 4 from the 1,751 counted in September 2024, and down 22, from the 1,776 counted in October 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 27 November 2024 | 582 | -1 |
| Canada | 27 November 2024 | 205 | +4 |
| International | November 2024 | 919 | -31 |
On December 4, 2024, during the 2024 Boao Forum for Entrepreneurs and Boao Automotive Forum, Guangzhou Xiaopeng Automobile Technology Co., Ltd.’s “Empowering Future Intelligent Driving Technology-Exploration of Intelligent Electric Quality Management in the New Era” was awarded the honorary title of “Excellent Case of New Automotive Ecosystem Leader”. The award was jointly selected by Xinhua News Agency China Economic Information Service and a number of authoritative institutions to commend companies that have made outstanding contributions to the quality management, technological innovation and industrial chain optimization of smart electric vehicles. Xiaopeng Motors’ experience in technological innovation, quality management and other aspects has once again been recognized, setting a benchmark for the development of the industry. Read More
At the 41st Thailand International Motor Expo, Xpeng X9 made its overseas debut and officially entered the global market. This move is not only an important measure for Xpeng Motors to expand its market in Southeast Asia, but also a key link in its globalization.
As the first high-end pure electric MPV under Xiaopeng Motors, Xiaopeng X9 has set a record of delivering 20,000 units of high-end pure electric large seven-seater models in the Chinese market since its launch in January 2024, and has long been the champion of the high-end pure electric large seven-seater market list. Behind the outstanding sales volume is the unique differentiated product advantage of Xiaopeng X9. Xiaopeng X9 not only has the only standard active rear-wheel steering and dual-cavity air suspension system in its class, but also supports one-button storage of the third row of magical large space to be flat, and has Turing AI intelligent driving that can be used and used throughout the country. It completely subverts the product experience of traditional MPVs and is a well-deserved new species of high-end pure electric MPVs. I believe that in the future Southeast Asian market, it will also win the love and favor of more overseas users. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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