Energy / Automotive News Roundup; Rig Count: : U.S. -3 to 621 Canada -18 to 151
London, 06 April 2024, (Oilandgaspress):– New Renault Captur will continue to set the standard in urban SUVs, a market accounting for half of all sales in the B-segment, which itself makes up 30% of the total market. New Captur maintains its versatility, two-tone body colours and generous interior space, along with a range of ingenious high-tech equipment. Alongside these qualities, which are all part of its DNA, new-generation Captur gains a range of new features. More expressive inside and out, the styling delivers a unique twist of elegance and sporting spirit with the new Esprit Alpine finish. The cabin is showcased by new upholstery and new dashboard screens. Available depending on the version, the OpenR Link multimedia system with Google built-in provides the very best in on-board technology with Android Automotive 12, a world first in the B segment. The entirely new electronic architecture takes safety to new levels, with a range of latest-generation driving aids including the predictive hybrid driving function and Active Driver Assist, for Level 2 autonomous driving.
Depending on the country of sale, New Renault Captur will be available with a range of five engines, including the 145 bhp E-Tech full hybrid option, already selected by over 41% of customers in France. For enhanced driving pleasure and a more dynamic ride, the running gear has been revised and the power steering recalibrated. Depending on the version, the Extended Grip system optimises traction in all driving conditions.
Still built at the Valladolid plant, New Renault Captur will be available in Europe from April 2024. Read More
Alpine Esports announces the return of the Alpine Esports Series, for its 4th consecutive year. The 2024 season begins with qualifiers on the 9th – 22nd April. Racers will be able to participate by owning Assetto Corsa Competizione and playing the special event that will go live on the 9th. Qualifiers are based on a time trial activity.
The top 30 who qualify will then compete for an additional 3 rounds of racing to determine the best racer for this year’s series. The final 3 round will be hosted on Simracing.GP. The schedule is as follows:
Round 1:
2nd May |5PM BST @ Mount Panorama
Round 2:
16th May | 5PM BST @ Laguna Seca
Round 3:
30th May | 5PM BST @ Misano
New Partner Liveries!
Please also welcome the addition of 3 new partner liveries for this year’s competition! Gentle Mates, Moser & Cie and MNTN: Read More
Occidental will announce its first quarter 2024 financial results after close of market on Tuesday, May 7, 2024, and will hold a conference call to discuss results on Wednesday, May 8, 2024, at 1 p.m. Eastern/12 p.m. Central.
The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast. Participants may pre-register for the conference call at https://dpregister.com/sreg/10186952/fbbd49d788.
First quarter 2024 financial results will be available through the Investor Relations section of the company’s website. A recording of the webcast will be posted on the website within several hours after the call is completed. Read More
Leading offshore wind developers Flotation Energy and Vårgrønn, a joint venture between Plenitude (Eni) and HitecVision, have announced that its floating offshore wind project Green Volt has been granted full onshore planning approval. This marks a significant milestone in the development of the most progressed commercial-scale floating wind farm in Europe. Green Volt is 50% owned by Flotation Energy and 50% by Vårgrønn.
When completed, Green Volt will provide up to 560 MW of renewable energy capacity. The project will deliver electricity to oil and gas platforms, replacing power currently generated by gas and diesel turbines. Green Volt will also provide electricity to the UK grid.
Alex Quayle, Project Director at Flotation Energy, commented: “Green Volt is a highly ambitious project, designed for rapid deployment to provide significant support to the North Sea Transition Deal’s ambitions to cut offshore emissions by 2030.
“We are delighted to have reached the critical milestone of onshore consent and grateful to Aberdeenshire Council and other community members for engaging with and supporting our pioneering Green Volt project.” Read full article
Scientists have developed a new solar-powered system to convert saltwater into fresh drinking water which they say could help reduce dangerous the risk of waterborne diseases like cholera. Via tests in rural communities, they showed that the process is more than 20% cheaper than traditional methods and can be deployed in rural locations around the globe. Building on existing processes that convert saline groundwater to freshwater, the researchers from King’s College London, in collaboration with MIT and the Helmholtz Institute for Renewable Energy Systems, created a new system that produced consistent levels of water using solar power, and reported it in a paper published recently in Nature Water Read More
Nel has been awarded up to USD 41 million in investment tax credits for its planned manufacturing expansion in Michigan as part of the Qualifying Advanced Energy Project Tax Credit (48C) program.
“We continue to see strong support for our efforts to scale our US operations, both within advanced research and efficient manufacturing. The support now received increases the attractiveness of investing in expanding our capacity and capability in the US,” says Nel’s President and CEO, Håkon Volldal.
The 48C program is funded by the Inflation Reduction Act and managed by the US Department of Energy, the US Department of Treasury, and the Internal Revenue Service. A fully owned subsidiary of Nel ASA will receive up to about USD 41 million in tax credits, equivalent to 30 % of the value of qualifying investments. Receipt is subject to conditions, such as wage and apprenticeship requirements. The tax credits come in addition to other grants communicated earlier. Nel has now secured close to USD 170 million in accumulated support from the Department of Energy and the State of Michigan for its planned Michigan facility. Approximately half of this amount is cash incentives.
Nel has been operational in Connecticut for decades, developing advanced applications for producing hydrogen based on its PEM electrolyser technology, and being a leader in advanced electrolyser research and development. The company has initiated a significant expansion and industrialization of its manufacturing capacity and is preparing for a future site in Plymouth Charter Township, a suburb of Detroit, Michigan. When fully developed, the facility will be among the world’s largest electrode facilities, where Nel will manufacture its next-generation pressurized alkaline and PEM technologies. Read More
Eni today welcomed the President of the Italian Republic Sergio Mattarella at its facilities in Abidjan. The meeting comes as part of President Mattarella’s first State visit to Côte d’Ivoire. The President visited a gas transportation facility along the road to Grand Bassam. Gas produced from the Baleine field is fed into the Ivorian energy grid, powering electricity generation in the country. The Baleine field was discovered by Eni in 2021 and production started in 2023. The Baleine project helps ensure the population has access to energy and strengthens Côte d’Ivoire’s position as a regional energy hub. It is the first net-zero Upstream (Scope 1 and 2) development project in Africa: emissions from production facilities are minimized using the best available technologies, and residual emissions are offset by leveraging innovative initiatives.
President Mattarella’s visit then continued at the Vridi school complex, located in the municipality of Port-Bouët, renovated by Eni in collaboration with the Ministry of National Education and Literacy of Côte d’Ivoire. This initiative is part of a project to support access to education involving 20 public schools, benefiting some 8,500 students and 150 teachers. Read More
Eni’s Board of Directors, chaired by Giuseppe Zafarana, in today’s meeting resolved to convene the Shareholders’ Meeting for 15 May 2024, in ordinary and extraordinary sessions, in a single call, to resolve on the approval of the 2023 financial statements, on attribution of net profit, on the use of reserves available for and in place of the 2024 dividend and on the authorization to purchase and dispose of Eni treasury shares and the related cancellation.
The Shareholders’ Meeting will also decide on Employee Stock Ownership Plan for 2024-2026, on the 2024 Remuneration Policy (Section I of the Remuneration Report) and on the remuneration paid in 2023 (Section II of the Remuneration Report).
More information on the employee’s share ownership Plan and on the authorization to purchase and dispose of treasury shares will be made available with specific press releases.
In accordance with current legislation, participation and voting in the Meeting shall take place exclusively through the representative designated pursuant to Article 135-undecies of Legislative Decree 24 February 1998, n. 58.
The notice of call and the documentation that will be submitted to the Meeting will be made available according to the timing and procedures established by current legislation. Read More
Eni’s Board of Directors, chaired by Giuseppe Zafarana, today resolved to submit a proposal to the Shareholders’ Meeting of 15 May 2024 to authorize the adoption of an Employee Stock Ownership Plan 2024-2026 (“the Plan”) and the related funding arrangements, also approving for this purpose the Disclosure Document drafted pursuant to Article 114-bis of Legislative Decree No. 58 of 24 February 1998 (“TUF”) and Article 84-bis of the Consob Issuers’ Regulations.
The Plan will initially be implemented for employees in Italy and then gradually extended to foreign subsidiaries, consistent with local legislation, with the aim of strengthening the sense of belonging across the company and the participation in the growth of corporate value, in line with the interests of the shareholders.
The Plan permits two annual grants (in 2024 and 2025) of free shares with an annual individual monetary value of 2,000 euros. A 3-year lock-up period applies to each grant, during which the employee must not dispose of the shares.
In 2026, a co-investment model will be implemented whereby, upon the employee’s purchase of shares, free shares will be granted equal to 50% of the shares purchased, up to a maximum value of 1,000 euros. A lock-up period of 1 year will be applied to the shares purchased by the employee and a lock-up period of 3 years to the free shares granted. Executives participating in the existing Long-Term Incentive Share-based Plan will be symbolically granted 1 share.
Eni values human capital as a fundamental part of its transformation and evolution path and this initiative complements the extraordinary intervention plan that Eni launched in October 2023 to support the group’s more than 20,000 employees in Italy during the economic downturn. Read More
Eni’s Board of Directors, chaired by Giuseppe Zafarana, today resolved to distribute to Shareholders the fourth of the four tranches of the provision in place of the 2023 dividend from Eni S.p.A. available reserves[1] of € 0.23 (compared to a total annual provision, in place of the dividend, equal to € 0.94) per share outstanding at the ex-dividend date as of 20 May 2024[2], payable on 22 May 2024[3], as resolved by the Shareholders’ Meeting of 10 May 2023.
Holders of ADRs, outstanding at the record date of 21 May 2024, will receive € 0.46 per ADR, payable on 7 June 2024[4], with each ADR listed on the New York Stock Exchange representing two Eni shares. Read More
Eni’s Board of Directors, chaired by Giuseppe Zafarana, approved the possible issue of one or more bonds, to be placed with institutional investors, with a value up to a maximum aggregate amount of 5 billion euro, or its equivalent in other currencies, to be issued in one or more tranches by 31 March 2026.
The bonds, if issued, will enable Eni to maintain a well-balanced financial structure and will be used for general corporate purposes. The bonds may be listed on one or more regulated markets. Read More
Eni’s Board of Directors, chaired by Giuseppe Zafarana, has resolved to submit a proposal to the Shareholders’ Meeting of 15 May 2024, called in ordinary session, to authorize the purchase of treasury shares (the “new buyback Program”) for a period up to the end of April 2025 aimed at remunerating shareholders and implementing Employee Stock Ownership Plan (“PAD”), as already announced to the market. As illustrated in the 2024-2027 Strategic Plan (the “Plan”), presented to the market on March 14, 2024, Eni intends to distribute between 30%-35% of annual Cash Flow From Operations (“CFFO”) in terms of dividend and share buyback. In upside scenarios of the CFFO compared to the amount foreseen in the Plan, up to 60% of incremental cashflows will be applied to buyback. In line with the Plan, Eni therefore intends to launch the new buyback Program in 2024 for an amount of €1.1 billion. This amount may be increased up to a total maximum of €3.5 billion, in case of upside scenarios of the CFFO as described above. The maximum amount of shares that can be purchased under the program is no. 328 millions of shares (approximately 10% of Eni’s share capital).
Authorization for the purchase of treasury shares under the new buyback Program is requested for the following purposes: Read full article
The Angel CCS Joint Venture will collaborate with Yara Pilbara Fertilisers Pty Ltd (Yara Pilbara) to study the feasibility of using carbon capture and storage to decarbonise Yara Pilbara’s existing operations near Karratha in Western Australia. The Woodside Energy-operated Angel CCS Joint Venture is proposing to develop a large-scale, multi-user CCS hub with the potential to help Australian and international industry decarbonise. Yara Pilbara has signed a non-binding Memorandum of Understanding (MOU) with the Angel CCS Joint Venture to examine whether CCS could be used to decarbonise their current operations in the Burrup Strategic Industrial Area. Woodside Vice President Carbon Solutions Jayne Baird said the non-binding MOU demonstrated the role CCS could play in decarbonising existing and new industries across the Pilbara. “A multi-user CCS hub near Karratha would be ideally located to aggregate emissions from various existing industrial emissions sources across the Pilbara, providing users with advantaged access to a local, low-cost and large-scale emissions abatement solution – a competitive advantage as jurisdictions around the world implement emissions reduction targets.
“In addition to decarbonising existing industry, a CCS hub would also have the potential to facilitate the development of new lower-carbon industries, such as the production of hydrogen, ammonia and green steel,supporting the diversification of the Western Australia economy.” The initial size of the proposed CCS facility is subject to the completion of additional technical, regulatory and commercial studies, but it could have a processing capacity of up to 5 million tonnes of carbon dioxide per annum, which would make it one of the largest CCS hubs in Asia-Pacific. Read more
The following is an update to Shell first quarter 2024 outlook and gives an overview of our current expectations for the first quarter. Outlooks presented may vary from the actual first quarter 2024 results and are subject to finalisation of those results, which are scheduled to be published on May 2, 2024. Unless otherwise indicated, all outlook statements exclude identified items. See appendix for previous quarter historical data.
Integrated Gas
$ billions Q1’24 Outlook Comment
Adjusted EBITDA:
Production (kboe/d) 960 – 1,000
LNG liquefaction
volumes (MT) 7.2 – 7.6
Underlying opex 1.0 – 1.2
Adjusted Earnings:
Pre-tax depreciation 1.2 – 1.6
Taxation charge 0.7 – 1.0
Other Considerations:
Trading & Optimisation results are expected to be strong, but significantly lower than an
exceptional Q4’23. Read full article
Subsea 7 S.A. announced that, on 4 April 2024, Barclays Capital Securities Limited1 informed the Company that it recently crossed above a 5% threshold provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”).
(i) On 2 April 2024 the total number of voting rights in the Company according to Article 8 and 9 of the Transparency Law attached to shares held by Barclays was 21,836 representing less than 0.1% of the voting rights in the Company
(ii) On 2 April 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) were 14,685,332 representing 4.82% of the voting rights in the Company
(iii) On 2 April 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) were 661,280 representing 0.22% of the voting rights in the Company
Voting rights attached to the financial instruments referenced in (i) and (ii) have, when combined, crossed the 5% threshold at 5.04%. The total of all positions referenced above equates to 5.05% of the Company’s voting rights. Read full article
Baker Hughes an energy technology company, announced Friday it was awarded an order from Black & Veatch, a global engineering, construction and consulting leader, to supply Cedar LNG in Canada with electric driven liquefaction technologies. The award was booked in the first quarter of 2024.
Baker Hughes will supply a range of turbomachinery equipment, including four electric-driven main refrigeration compressors, two electric-driven boil-off gas compressors and six centrifugal pumps. Powered by renewable electricity, Cedar LNG will be one of the lowest carbon intensity LNG facilities in the world.
The Cedar LNG project brings together the Haisla Nation and Pembina Pipeline Corporation (Pembina) to develop the Haisla Nation-led project. The project is a key element of the Haisla Nation’s economic and social development strategy and will further advance reconciliation by allowing the Haisla Nation, for the first time ever, to directly own and participate in a major industrial development in its territory. Today, the Haisla people are centered on Kitamaat Village. Home to approximately 700 of the 2,023+ Haisla membership, Kitamaat Village sits at the head of the Douglas Channel in British Columbia, Canada.
“Black & Veatch is committed to helping our clients and the communities they serve make meaningful progress on their decarbonization journey,” said Laszlo von Lazar, president of Black & Veatch’s Energy & Process Industries business. “The Cedar LNG project represents an important step toward reducing carbon emissions through lower-carbon LNG facilities that can supply customers looking to move away from more carbon intensive feedstocks. This is an important aspect of near-term decarbonization plans around the world, and Canada’s abundant natural gas supply means Cedar LNG is in a strong position to accelerate this phase of the energy transition. And our team is eager to take on this opportunity with our long-standing partner Baker Hughes.”
“This award is the latest important milestone for Baker Hughes in the LNG market, demonstrating the strength of our portfolio and our commitment to collaborating with industry partners while providing efficient and lower carbon solutions for the natural gas market,” said Ganesh Ramaswamy, executive vice president of Industrial & Energy Technology at Baker Hughes. “Over the next decade, electrification will play a critical role in the energy transition, enabling further reduction of carbon emissions from natural gas.” The award continues the positive demand momentum for Baker Hughes’ gas technology equipment portfolio following several major LNG orders throughout the past year. Read full article
Baker Hughes Rig Count: : U.S. -3 to 621 Canada -18 to 151
U.S. Rig Count is down 1 from last week to 620 with oil rigs up 2 to 508, gas rigs down 2 to 110 and miscellaneous rigs down 1 to 2.
Canada Rig Count is down 15 from last week to 136, with oil rigs down 10 to 65, and gas rigs down 5 to 71.
International Rig Count is up 13 rigs from last month to 971 with land rigs up 1 to 736, offshore rigs up 12 to 235.
The Worldwide Rig Count for March was 1,793, down 20 from the 1,813 counted in February 2024, and down 86,from the 1,878 counted in March 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 05 April 2024 | 620 | -1 |
| Canada | 05 April 2024 | 136 | -15 |
| International | March 2024 | 971. | +13 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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