Energy / Automotive News Roundup; Rig Count: U.S. +5 to 626 Canada -3 to 231
London, 26 February 2024, (Oilandgaspress): – Global oil market balances tightened in January despite apparent demand weakness. An extreme Arctic freeze that swept through key oil producing regions in the United States and Canada prompted significant supply outages that coincided with fresh voluntary output curbs by some OPEC+ countries. Escalating geopolitical tensions in the Middle East added further upward momentum, as oil tankers circumventing the Red Sea disrupted supply flows to global markets. Brent crude oil futures rose by $5/bbl during the month and were trading around $83/bbl at the time of writing.
The expansive post-pandemic growth phase in global oil demand has largely run its course. The pace of growth already eased sharply, from 2.8 mb/d in 3Q23 to 1.8 mb/d in 4Q23, with an apparent slowdown in China underpinning an 830 kb/d decline in consumption in the final quarter of the year. The deceleration will gather pace in 2024, with world oil demand growth forecast to average 1.2 mb/d, only half last year’s solid expansion. As in 2023, gains will be dominated by a few key countries, most notably China, and to a lesser extent India and Brazil. The three major economies are set to account for 78% of growth in global oil demand in 2024, that is forecast to reach a new peak of 103 mb/d.
While higher global oil supply this year, led by the United States, Brazil, Guyana and Canada, should more than eclipse the expected rise in world oil demand, a sharp decline in output in January set the year off to a difficult start. Extreme weather conditions shut in more than 900 kb/d of production across North America. The steep loss coincided with fresh OPEC+ voluntary output cuts of around 300 kb/d, resulting in a massive 1.4 mb/d m-o-m decline in global oil supply. However, the rising wave of non-OPEC+ oil growth resumes in 2Q24, driving output on an upward trajectory for the rest of the year. World oil supply is set to increase by 1.7 mb/d to a record 103.8 mb/d in 2024, with non-OPEC+ providing 95% of the incremental barrels. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.24 | Down |
| Crude Oil (Brent) | USD/bbl | $82.14 | Down |
| Bonny Light | USD/bbl | $85.62 | Up |
| Saharan Blend | USD/bbl | $83.68 | Down |
| Natural Gas | USD/MMBtu | $1.69 | Up |
| OPEC basket 22/02/24 | USD/bbl | $82.23 | Up |
Honda plans to release the new EV “Prologue” in early 2024 for the North American market. Prologue is the EV categorized as a midsize SUV that is a highly popular in North America. It is a model developed in collaboration with General Motors (GM) and features the EV platform developed by GM equipped with the “Ultium”* battery. With the heightened sensitivity towards sustainability and the increasing shift towards EVs in the North American market, the Prologue, being the first high volume mass-production EV model introduced, is of great significance for Honda. .
Prologue falls into the midsize category, a size that is quite popular in North America. . Read full article
Vestas has received a 153 MW order to power an undisclosed wind project in the USA. The order consists of 34 V150-4.5 MW wind turbines.
The orders include supply, delivery, and commissioning of the turbines, as well as a multi-year Active Output Management 5000 (AOM 5000) service agreement, designed to ensure optimised performance of the asset.
Turbine delivery begins in the second quarter of 2026 with commissioning scheduled for the fourth quarter of 2026. . Read full article
Plenitude, Eni’s Benefit Corporation that integrates renewable energy production, the sale of energy and energy solutions for households and companies, as well as an extensive network of electric vehicle charging points, announces that the new Ravenna Ponticelle photovoltaic plant is now operational.
The plant has an installed capacity of 6 MW. It covers an industrial area of 11 hectares and comprises over 10,000 state-of-the-art monocrystalline silicon photovoltaic panels. These bifacial modules, which use both sides for energy production, are mounted on special solar tracking structures anchored by ballasts placed on top of an impermeable capping. This is in line with the permanent safety measures set out in the Industrial Area Operational Remediation Plan.
The new photovoltaic plant is part of the industrial regeneration initiative covering 26 hectares of decommissioned industrial land, now fully reclaimed and owned by Eni Rewind. After environmental remediation, the same area will house a platform for land bio-reclamation and – in collaboration with Herambiente – a multifunctional waste pre-treatment platform.
The photovoltaic plant, which will be connected to the grid in the coming weeks, is already equipped with an energy storage system which will use a new generation of batteries (flow battery), on which Eni’s research and development unit will test innovative solutions. Once fully operational, the photovoltaic plant is expected to produce enough energy to power over 3,000 households . Read full article
COT: Record corn short, cocoa surge no longer supported by speculators
Summary: Our weekly Commitment of Traders update highlights futures positions and changes made by hedge funds and other speculators across commodities and forex during the week to last Tuesday, February 20. A week that saw global equity markets maintaining an underlying bid ahead of long-awaited earnings from Nvidia. The dollar meanwhile was heading for its first weekly loss this year, and together with China growth optimism it helped support short covering across precious and industrial metals. The grains short reached a record high while an ongoing cocoa surge is no longer supported by speculators.
Saxo Bank publishes weekly Commitment of Traders reports (COT) covering leveraged fund positions in commodities while in forex we use the broader measure called non-commercial.
The COT reports are issued by the U.S. Commodity Futures Trading Commission (CFTC) and the ICE Exchange Europe for Brent crude oil and gas oil. They are released every Friday after the U.S. close with data from the week ending the previous Tuesday. They break down the open interest in futures markets into different groups of users depending on the asset class.
This summary highlights futures positions and changes made by hedge funds across commodities and forex in the week to last Tuesday, February 20. A week that saw global equity markets maintaining an underlying bid ahead of long-awaited earnings from Nvidia. The dollar meanwhile was heading for its first weekly loss this year while bond yields traded near a three-month high as traders continued to price the prospect of a delayed start to the US rate hike cycle being followed by fewer cuts than previously expected. The commodities sector meanwhile traded lower with gains in metals, both precious and industrial, being offset by losses in energy and agriculture. Read full article
NIO Inc. announced that its subsidiary, NIO Technology (Anhui) Co., Ltd. , has entered into a technology license agreement (the “Technology License Agreement”) with Forseven Limited (“Forseven”), a subsidiary of CYVN Holdings L.L.C. Pursuant to the Technology License Agreement, the Company will grant a non-exclusive and non-transferrable worldwide license to Forseven to use certain of the Company’s existing and future technical information, technical solutions, software and intellectual property rights related to or subsisting in the Company’s smart electric vehicle platforms (collectively, the “Licensed Technologies”) for (i) the research and development, manufacturing, sales, import and export of vehicle models sold or marketed under Forseven brand(s) meeting pre-agreed manufacturer’s suggested retail price (“MSRP”) thresholds (excluding tax) under the Technology License Agreement (collectively, the “Licensed Products”), and (ii) the provision or procurement of certain after-sales services for the Licensed Products to its users.
Under the Technology License Agreement, the Company will receive technology license fees comprising a non-refundable, fixed upfront license fee plus royalties determined based on the future sales of Licensed Products by Forseven.
Unless terminated in accordance with provisions provided therein, the Technology License Agreement will remain valid until the end of production of the Licensed Products or the expiration of Forseven’s obligation to provide after-sales services to its users. The Technology License Agreement may be terminated by either party under certain conditions. The Company may also terminate the Technology License Agreement under certain conditions, including if a company that owns one or more automotive brands and sells vehicles under such brand(s) to the market obtains control of Forseven. . Read full article
Aquila European Renewables PLC Company Update
Further to previous announcements noting the Board’s intention to consider broader options for the future of the Company, it is pleased to announce that this process, including the consideration of a potential combination of the Company with another listed investment company by way of section 110 of the Insolvency Act 1986 (“s110 combination”), has commenced. Following the receipt and review of a number of indications of interest in a s110 combination, the Board has instructed its advisers, Deutsche Numis, to commence a process of mutual due diligence with multiple interested parties. Shareholders should note that the engagement with parties interested in a s110 combination with the Company is still at a relatively early stage and therefore there can be no certainty that this process will result in a combination on terms which the Board considers to be in the best interests of shareholders as a whole. The Board expects to announce the full year results to 31 December 2023 in April 2024 at which point it will provide a further update, if not earlier, as the Board considers appropriate. . Read full article
On Friday, Prime Minister Mohammed Shiaa Al-Sudani reopened the al-Shamal refinery at the Baiji Refinery complex. The plant has been rehabilitated by the Northern Refineries Company (NRC), having been inactive for more than ten years. The Prime Minister said the opening brings Iraq closer to fully securing the country’s needs for petroleum products by mid-next year, adding that this will save billions of dollars that can be invested in other service and economic sectors by halting the importation of petroleum products, thereby achieving reform. He also affirmed the government’s preparation for investment projects both inside and outside Iraq, adopting a new policy of investing in petrochemical and downstream industries to achieve greater returns. Read full article
The husband of a former BP merger and acquisitions manager pleaded guilty to securities fraud related to insider trading by eavesdropping on his wife’s work calls while she was handling a potential acquisition of TravelCenters of America, a fuel and truck stop operator.
Tyler Loudon, a Houston resident, earned $1.76 million with the illicit trades based on nonpublic knowledge of the possible acquisition at his wife’s company, according to U.S. Attorney Alamdar Hamdani in the Southern District of Texas. Loudon, due to be sentenced May 17, faces a maximum possible sentence of five years in prison and a $250,000 fine. As part of his plea, he agreed to forfeit the $1.76 million of illegal profits.
Separately, the Securities and Exchange Commission filed a civil complaint against Loudon related to the same conduct, which he did not contest. Authorities said that Loudon in 2022 learned of BP’s confidential plans to acquire TravelCenters in 2022 while working remotely in earshot of his wife, as many couples were due to pandemic-era work-from-home policies. In December 2022, Loudon secretly listened to his wife’s private work calls discussing BP’s acquisition of TravelCenters while they were working remotely in a small Airbnb during a trip to Rome, according to the SEC’s civil complaint filed in Houston federal court.
After Rome, the couple continued to remotely work “in close quarters,” according to the SEC, noting that their home offices were within “20 feet of each other.” Read More
ADNOC Distribution , the UAE’s largest fuel and convenience retailer, which is listed on the Abu Dhabi Securities Exchange (ADX), will today hold an Investor Day, providing the market with an update on the Company’s achievements and strategic growth initiatives. The Company, which successfully delivered on its previous commitment of reaching $1 billion in earnings before interest, tax, depreciation and amortization (EBITDA) in 2023, will deliver further EBITDA growth in the 2024-2028 period, while it positions itself as a multi-energy, convenience and mobility leader. ADNOC Distribution is scaling up its portfolio of low-carbon energy solutions including biofuels, EV and hydrogen to support de-carbonization of the transport industry and expanding its non-fuel retail offerings.
Eng. Bader Saeed Al Lamki, CEO of ADNOC Distribution, said: “ADNOC Distribution has demonstrated a robust track record of value creation through its smart growth strategy, pursuing new opportunities in domestic as well as international markets. Since its market debut in late 2017, the Company has delivered robust financial performance and doubled shareholder value. 2023 was a transformative year for ADNOC Distribution, with the Company generating EBITDA of over $1 billion, an increase of 33% compared to 2018. The company is well positioned to take advantage of evolving energy markets and enter a new phase of growth. We remain committed to a disciplined capital allocation and delivering attractive and visible shareholder returns.” During 2023, the Company witnessed double-digit growth in total fuel volumes across the GCC markets, as well as in its non-fuel retail business, achieving a four-year-high fuel to convenience store conversion rate of 25%. As part of its new business strategy, ADNOC Distribution will continue to invest in the growing and highly attractive core UAE market. The Company also aims to unlock incremental value from its existing network by growing its non-fuel retail business and optimizing real estate assets. This will position ADNOC Distribution as the brand of choice for retail and commercial customers. Read More
Further to the RNS issued on 23 November 2023, Serica Energy plc (AIM: SQZ) announces the completion of the acquisition by its wholly owned subsidiary, Serica Energy (UK) Limited, of 30% non-operated interests in the P2498 and P2170 licences (together the Greater
Buchan Area (“GBA”)) from Jersey Oil & Gas (“JOG”) (the “Transaction”). The partners in the GBA are Serica Energy (UK) Limited (30%), NEO Energy (50% and operator) and JOG (20%). The Transaction provides Serica with the option of participating in the re-development of the Buchan field (formally re-named “Buchan Horst”) and other potential projects in the GBA, such as the development of the J2 and Verbier discoveries. Subject to project sanction and regulatory approval, the target for first production from Buchan is Q4 2026. On completion, Serica made a cash payment to JOG of US$7.5 million being US$6.8 million adjusted to reflect an economic date of 1 April 2023 as previously reported. The remainder of the potential consideration is in the form of a Buchan development cost carry and contingent amounts linked to certain future events as also reported in the RNS on 23 November 2023. . Read More
Logan Energy – has secured £5 million of investment to develop its systems-led approach in the emerging hydrogen power sector.
Logan Energy, based in Edinburgh, with manufacturing facilities in Wallyford and development facilities at Heriot-Watt University, has received more than 50% of the overall figure from green energy investment company, Lanxing New Energy, based in Singapore.
The balance of the investment was made by Scottish Enterprise who continue to support Logan on their strategic growth path. The funds will enable Logan Energy to develop its technology base and facilities, grow its workforce within the hydrogen sector in Edinburgh and expand internationally. Read More
Capricorn will announce its Full-Year Results on 28 March 2024. Capricorn continues to hold constructive discussions with the Egyptian General Petroleum Company and our Joint Venture partner on payments and planned activities for calendar 2024 and we will provide further details on these in our forthcoming announcement. Read More
Africa Oil Corp. announce that the Company repurchased a total of 302,250 Africa Oil common shares during the period of February 19, 2024 to February 23, 2024 under the previously announced share buyback program.
The launch of Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated February 19, 2024 to February 23, 2024, the Company repurchased 96,000 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 206,250 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company. Read More
Baker Hughes Rig Count: U.S. +5 to 626 Canada -3 to 231
U.S. Rig Count is up 5 from last week to 626 with oil rigs up 6 to 503, gas rigs down 1 to 120 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 3 from last week to 231, with oil rigs down 3 to 141, and gas rigs unchanged at 90.
International Rig Count is up 10 rigs from last month to 965 with land rigs up 5 to 740, offshore rigs up 5 to 225. International Rig Count is up 64 rigs from last year’s count of 901, with land rigs up 65, offshore rigs down 1.
| Region | Period | Rig Count | Change |
| U.S.A | 23 February 2024 | 626 | +5 |
| Canada | 23 February 2024 | 231 | -3 |
| International | January 2024 | 965 | +10 |
University of Birmingham researchers are developing an energy storage solution named e-Thermal bank to improve electric vehicle (EV) performance.
Led by Professor Yongliang Li, the system combines a chemical heat pump with microwave energy for heating or cooling, enhancing cabin temperature control and minimising energy consumption. This secondary energy source for EVs is charged at charging stations using microwave energy to store energy within the vehicle.During discharge, the stored energy is utilised to generate heat through an exothermic reaction and cooling through a liquid-gas phase change process, effectively managing cabin temperature while minimizing energy consumption. Professor Yongliang Li, Chair in Thermal Energy Engineering at Birmingham’s School of Chemical Engineering, said: “Heating and cooling the EV cabin requires considerable energy and is the most significant contributor to EV range reduction. We aimed to offload these thermal management tasks to a microwave driven process. “Microwave is a fast heating method because microwaves penetrate uniformly through materials and so deliver energy evenly into the body of the material. Read full article
Octopus Energy launches the UK’s first mass market vehicle-to-grid (V2G) tariff – Octopus Power Pack – which guarantees free charging for drivers, helping speed up the country’s shift towards green transport. An average electric car driver will be able to save more than £850 a year in charging costs on Octopus Power Pack compared to charging on a standard variable tariff*. The tariff, which is still in beta, uses V2G technology and Octopus Energy’s tech platform, Kraken, to balance charging and discharging when it’s best for the grid – charging up the car with cheap, green electricity during off peak times and exporting back to the grid when it needs it most. All drivers need to do is plug in their car for roughly 6 hours a day**. The rest of the process is automated, leaving drivers with guaranteed free charging. Octopus Power Pack is available to drivers with V2G compatible electric cars and chargers available in the UK. There is currently only a limited number of models that have this capability, however, car manufacturers such as Volvo have made commitments to releasing V2G-ready models soon… Read more
Noble Corporation plc Announces Fourth Quarter and Full Year 2023 Results
Full Year 2023 Net Income of $482 million, Adjusted EBITDA of $810 million, cash provided by operating activities of $574 million, and Free Cash Flow of $184 million.
Fourth Quarter Net Income of $150 million, Adjusted EBITDA of $201 million, cash provided by operating activities of $287 million, and Free Cash Flow of $165 million.
Maersk Drilling synergy target increased from $125 million to $150 million; integration process nearing a highly successful conclusion.
Over $500 million in new contract awards since November, with total backlog at $4.6 billion.
Full Year 2024 Guidance provided as follows: Total Revenue $2,550 to $2,700 million, Adjusted EBITDA $925 to $1,025 million, Capital Additions (net of reimbursements) $400 to $440 million. Read full article
Watson Farley & Williams (“WFW”) acted as maritime counsel to Euronav in its US$1.150bn share purchase agreement for the acquisition of cleantech maritime group CMB.TECH, the clean technology arm of its largest shareholder Compagnie Maritime Belge (“CMB”).
The purchase is part of Euronav’s renewed diversification and decarbonisation strategy and the accelerated optimisation of its current crude oil tanker fleet.
Euronav is a Belgian international shipping company which focusses on oil transport by sea. It is the largest NYSE listed independent crude oil tanker company in the world and is considered a major independent global oil shipping firm. CMB.TECH is a diversified maritime cleantech firm that builds, owns, operates and designs hydrogen and ammonia-fuelled engines. It is also involved in the production of hydrogen and ammonia fuel. The WFW London team that team advised Euronav was led by Asset and Structured Finance Partner Kate Silverstein and Maritime Partner Toby Royal.
Kate commented: “We are delighted to have advised Euronav on this vital transaction that will play a key role in enabling them to create a future-proof shipping platform to take part in the maritime industry’s energy transition and lead the way in the use of low-carbon tanker shipping services”. . Read full article
Saab has signed a contract with the Swedish Defence Materiel Administration (FMV) and received an order for four additional Gripen C fighter aircraft for Hungary.
This order follows an amendment to the contract between FMV and the Hungarian Government signed in December 2001 regarding 14 Gripen C/D fighters for the Hungarian Air Force. The contract amendment for the four additional aircraft was signed by the Hungarian Ministry of Defence and FMV on 23 February 2024. With this new contract amendment, Hungary will operate a total of 18 Gripen C/D aircraft to protect and defend the Hungarian and NATO airspace.
“With the Gripen fighter, Hungary has one of Europe’s most capable air forces. We look forward to continuing our close collaboration with the Hungarian Government and defence industry,” says Micael Johansson, President and CEO of Saab.
Saab currently has a contract with FMV regarding support for Hungary’s Gripen aircraft, and Saab is ready to provide additional upgrades and support for the Hungarian fighters beyond 2035. Saab and the Hungarian Ministry of Defence have also signed an MoU regarding development of high-tech industrial areas and fighter aircraft capabilities. The cooperation includes support for the establishment of a Centre of Excellence for VR technologies in Hungary. Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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