Energy / Automotive News Roundup; U.S. Rig Count down 4 from last week to 619 with oil rigs down 5 to 497
London, 8 October, 2023, (Oilandgaspress): – U.S. Government data this week showed a sharp decline in U.S. gasoline demand, with economic data showing the U.S. services sector had slowed.
Drivers in Singapore now need to pay £88,000 for the right to own a car – and that doesn’t include the cost of the vehicle itself.
The city-state is the most expensive place in the world to be a motorist, with skyrocketing prices putting cars out of reach for most middle-class Singaporeans.
Back in 1990, a 10-year certificate of entitlement (COE) was launched to control the number of vehicles on the road, which is capped at about 950,000.
Would-be motorists need to bid for one of these certificates, which now cost four times more than they did in 2020. The cost of buying a Toyota Camry Hybrid in Singapore – when combined with a COE, registration fees and taxes – now stands at £151,000, five times more than in the UK. Read More
PetroNor E&P ASA announce that it has entered into a binding agreement with New Age (African Global Energy) Limited (“New Age”) to acquire New Age’s interests in OML 113 in Nigeria which contains the Aje Field. This acquisition not only strengthens the company’s position in OML 113 but also opens up exciting possibilities for future growth in the energy transition and strategic flexibility. According to the agreement, PetroNor will pay New Age USD 6 million cash plus a deferred future gas production payment up to a maximum of USD 20 million to acquire New Age’s entities holding a project economic and voting interest in the OML 113 Joint Operation Agreement (“JOA”) of 32%. Subject to completion, the agreement will not only increase PetroNor’s economic stake but also reinforce the company’s active involvement and influence in the licence partnership to plan for the re-development of the Aje field. PetroNor’s existing position in OML 113 was achieved through the acquisition of Panoro Energy ASA’s Nigeria interests in a transaction which completed in 2022. PetroNor is working with the OML 113 operator, Yinka Folawiyo Petroleum (“YFP”), to create a jointly owned company, Aje Production AS, which will hold a project economic and JOA voting interest of 39%. Read More
San Leon provides the following updates in relation to a further extension to the longstop dates for the proposed transactions with Midwestern Oil & Gas Company Limited (“Midwestern”) and the Company’s further conditional investments in Energy Link Infrastructure (Malta) Limited (“ELI”) (together the “Proposed Transact ions”), an extension of the loan repayment date of the Company’s secured US$5.0 million loan (the “Loan”) from funds managed by Toscafund Asset Management LLP (“Toscafund”) and the publication of the Company’s interims results for the six months ended 30 June 2023. Update on Proposed Transact ions
All longstop dates in relation to the Proposed Transactions have, in agreement with Midwestern and the other relevant parties, now been extended to 31 December 2023. The longstop dates are in relation to the New Eroton Debt Facilities, the Sahara OML 18 Acquisition Agreement, the MLPL Reorganisation Agreement and the ELI Reorganisation Agreement (the “Agreements”). Details of the Proposed Transactions and the Agreements were announced by the Company on 8 July 2022 and set out in an admission document published by the Company on the same day (the “Admission Document “). The Company continues discussions with Midwestern on whether a potential revision to the Proposed Transactions can be agreed to allow completion to occur whilst the New Eroton Debt Facilities and the Sahara OML 18 Acquisition continue to be delayed for reasons outside of the Company’s control. There can be no guarantee that any such revised terms will be agreed. Read More
Europa Oil & Gas, the AIM traded UK and Ireland focused oil and gas exploration, development, and production company, has announced that following the interpretation of recent seismic reprocessing, the Company’s Pmean prospective resource estimate for Inishkea West has increased by 92% to 1.55 TCF. The seismic data has been reprocessed using full waveform inversion and reverse time migration (RTM) to 20Hz, which are cutting edge techniques. This has resulted in a marked improvement in the imaging of both the Inishkea West and Inishkea prospects, with the Inishkea West structure now being mapped as a large 4-way closure, with a prospective resource Pmean of 1,554 BCF Read More
The U.S. Treasury Department on Friday issued new guidance on how a $7,500 electric vehicle tax credit can be used as a point-of-sale rebate starting in January. Currently, consumers can only take advantage of the $7,500 new EV credit or $4,000 used EV credit when they file their tax returns the following year.
Starting Jan. 1, consumers can transfer the credits to a car dealer, effectively lowering the vehicle’s purchase price, a change that may help boost EV sales.Under the guidance issued Friday, consumers will need to attest they meet income limits to qualify for the tax credit or they will need to repay the government when filing their taxes.
For new vehicles, the adjusted gross income limit is $300,000 for married couples and $150,000 for individuals.
Congress approved a sweeping reform of the EV tax credits in August 2022 as part of the $430 billion Inflation Reduction Act (IRA). (Reuters) Read More
U.S. Department of the Treasury, IRS Release Guidance to Expand Access to Clean Vehicle Tax Credits, Help Car Dealers Grow Businesses
Under the Inflation Reduction Act, consumers can choose to transfer their new clean vehicle credit of up to $7,500 and their previously owned clean vehicle credit of up to $4,000 to a car dealer starting January 1, 2024. This will effectively lower the vehicle’s purchase price by providing consumers with an upfront down payment on their clean vehicle at the point of sale, rather than having to wait to claim their credit on their tax return the next year. Only vehicles purchased under the consumer clean vehicle credits are eligible for this benefit.
Today’s guidance provides additional information on registration requirements and how the mechanics of this transfer will work for car dealers. The guidance also provides proposed eligibility rules for the previously owned clean vehicle credit that would give consumers more certainty regarding their ability to claim and to transfer the credit. The guidance would clarify that eligible consumers may transfer the full value of the new or previously owned vehicle credit regardless of their individual tax liability.
Europa Oil & Gas (Holdings) plc, the AIM traded UK and Ireland focused oil and gas exploration, development, and production company, notes the announcement made today by i3 Energy PLC regarding the Serenity oil discovery in the Outer Moray Firth area of the North Sea, in which Europa holds a 25% interest. i3 Energy, operator of Serenity, and partner Europa, have been notified that the licence for the Tain discovery (previously held by RSRUK and Rockrose Energy) recently lapsed and that the Tain acreage is therefore unlicenced and available to be re-licenced in the future. Europa have been working with i3 for some time as the partners looked to advance a solution for the Blake / Tain / Serenity area but this has made little progress whilst the previous Tain licensees were unable to approve additional investment. With the acreage now unlicenced, additional options for the area may now come available and i3 and Europa are commencing discussions with the NSTA and other interested parties to explore the remaining potential of the wider area. Read full article
Eve Air Mobility and Moviation, South Korea’s first Urban Air Mobility (UAM) service provider, announced the signature of a Letter of Intent to purchase Eve’s Urban ATM solution. The software solution will be a key enabler to the implementation and scalability of Urban Air Mobility (UAM) and provides critical traffic management services that will play an essential role in enabling the global UAM market to scale.
The agreement comes as Eve’s Urban ATM (Air Traffic Management) concept has been adopted as part of Korea’s K-UAM Grand Challenge. The Challenge is a phased demonstration program in which Urban Air Mobility (UAM) vehicle safety and traffic management solutions are tested in urban conditions and environments for suitability to support the commercialization of UAM in 2025.
“South Korea is one of the first countries to begin laying the groundwork for Urban Air Mobility and this collaboration with Moviation will help demonstrate the value of Urban ATM technology to safely begin and scale UAM operations in Korea,” said David Rottblatt, vice president of sales and government affairs at Eve Air Mobility. “Eve’s Urban ATM solution, based on existing air traffic control software for piloted, passenger carrying aircraft, provides services for air navigation service providers, urban authorities, fleet operators, vertiport operators and other UAM stakeholders.” Read full article
Embraer announced that it has signed a Non-Binding Memorandum of Understanding (“MoU”) with SIAEP, a subsidiary of SIA Engineering Company Limited (“SIAEC”), that will explore further partnership to include maintenance, repair and overhaul (“MRO”) services for Embraer’s E-Jets E2 family of aircraft. SIAEP has been an authorized service center in Asia-Pacific for Embraer’s first-generation E-Jets since 2017.
“We would like to recognize SIAEP for their years of dedication and support rendered to Embraer’s E-Jet operators in the region,” said Mr. Frank Stevens, Vice President of Global MRO Centers for Embraer. “This MoU lays a good foundation for us to discuss further support of the growing E-Jets E2 fleet in the region, in addition to the established footprint of E-Jets in APAC.” Read full article
Rolls-Royce Motor Cars is delighted to present Phantom ‘Inspired by Cinque Terre’ – a magnificent, one-of-one Bespoke motor car that captures the enchanting allure and fascinating viticultural heritage of the fabled Italian Riviera.
The Cinque Terre – Italian for ‘Five Lands’ – lies on the rugged coast of Liguria in northern Italy. Perched on the cliffside, the centuries-old fishing villages of Monterosso, Vernazza, Corniglia, Manarola and Riomaggiore are internationally famous for their steeply terraced vineyards overlooking the Mediterranean – a true marvel in the world of winemaking.
The area’s stunning vineyards are celebrated in intricate Bespoke features throughout this exceptional motor car. The exterior is finished in a deep, rich Ligurian Blue, further accentuated with a hand-applied double coachline in Navy Blue and Jasmine, completed with a delicate grapes motif.
The timeless interior, combining Grace White and Navy Blue leather with Jasmine accents, is adorned with a delicate grape-branch embroidery on the rear doors. Each piece comprises 9,215 stitches made using two different techniques. The grapes are embroidered in satin stitch, with the threads carefully aligned according to the angle at which light strikes the surface to give each individual grape a lifelike tone and lustrous quality. For the grape leaf, the Bespoke Collective employed a flatter tatami stitch, which provides a textural contrast and enhances the embroidery’s tactile qualities.Read full article
The new all-electric MINI Countryman has it all. The success story of the largest MINI model is about to continue!
With its powerful bold SUV design and imposing presence, the new all-electric MINI Countryman exudes an aura of self-confidence and adventure. This SUV is your trustworthy, all-electric partner in crime with more MINI Countryman fearlessness – and less of everything else. Ruggedly handsome and effortlessly stylish, the new all-electric Countryman is equally at home in the city and the great outdoors. As it comes in four different styles and if you like also with ALL4 all-wheel drive, you will be sure to find the right companion for your adventures. Now 13 cm longer and 8 cm taller, the all-electric MINI Countryman is a force to be reckoned with and has more than enough space for all sorts of interesting plans with or without family and friends. Read More
Jaguar Land Rover Automotive plc, the parent company of the Jaguar Land Rover group of companies and a subsidiary of Tata Motors Limited, announces today the commencement of three separate offers to purchase for cash any and all of the outstanding series of notes listed in the table below (the “Notes”). We refer to each offer to purchase a series of Notes as an “Offer” and collectively as the “Offers.” Our obligation to complete an Offer with respect to a particular series of Notes is conditioned on the aggregate principal amount of all validly tendered Notes in respect of the Offers for such series of Notes and each series of Notes that has a higher priority level, not exceeding $500,000,000 (the “Principal Amount Cap”). For purposes of applying the Principal Amount Cap, the Company intends to use a conversion rate of Euros to U.S. dollars of €1.000 to $1.053 (the “Currency Conversion Rate”). The Offers are being made upon the terms and subject to the conditions set forth in the Offer to Purchase dated October 6, 2023 relating to the Notes (the “Offer to Purchase”) and the accompanying notice of guaranteed delivery (the “Notice of Guaranteed Delivery,” and together with the Offer to Purchase, the “Tender Offer Documents”). We refer to the purchase price set forth below for each series of Notes as the “Purchase Price.” Read More
U.S. Rig Count is down 4 from last week to 619 with oil rigs down 5 to 497, gas rigs up 2 to 118 and miscellaneous rigs down 1 to 4.
Canada Rig Count is down 11 from last week to 180, with oil rigs down 7 to 108 gas rigs down 4 to 72.
International Rig Count is down 12 rigs from last month to 940 with land rigs down 1 to 716, offshore rigs down 11 to 224.
| Region | Period | Rig Count | Change |
| U.S.A | 06 October 2023 | 619 | -4 |
| Canada | 06 October 2023 | 180 | -11 |
| International | September 2023 | 940 | -12 |
Rig Count Overview & Summary Count |
drilling operations on a given well
A new era for Texaco fueling stations launched in July just outside of Austin, Texas, with the first station makeover to the brand’s modern new look. The updated design is more than just a fresh exterior; it’s a statement of the company’s ongoing commitment to its customers and the communities it serves. Traditional fuel products like diesel and gasoline are going to be a large part of the energy demand mix for decades.
Investment in existing infrastructure is key to meeting that demand—from refineries and terminals to pipelines and retail stations. Updating stations in the Texaco network shows a commitment to the future and a dedication to providing customers with a seamless experience. Read More
agriculture and energy production coexist at colorado ranch.On Art Guttersen’s 35,000-acre Colorado ranch are cows, horses, chickens—and active oil and gas operations. Well heads, tankless facilities and drilling rigs are strategically placed throughout his property, against the backdrop of green fields and distant, snowcapped Rocky Mountains. As his cows grazed nearby, Guttersen reflected on how energy development spared his multigenerational farm from being sold to developers. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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