Energy/Automotive News to 14, Nov. 2023: Oil prices up about 1%

London, 14 November, 2023, (Oilandgaspress): – International Energy Agency (IEA) boosted its demand growth forecasts and the U.S. dollar fell on data showing inflation was slowing in the United States.

Vestas has received a firm order from Vattenfall Vindkraft AB, part of the Vattenfall AB group, to power the 67 MW Velinga wind project in Sweden.
The order consists of twelve V150-6.0 MW wind turbines in 5.6 MW operating mode and includes supply, delivery, and commissioning of the turbines. Upon completion, Vestas will service the turbines under a long-term Active Output Management 5000 (AOM 5000) service agreement designed to ensure optimised performance of the assets. “Vestas have been working closely together with Vattenfall on this project from an early stage and we are happy to see the Velinga project now being built, delivering clean energy in the south of Sweden,” says Anna Schlasberg Wachtmeister, Vice President NCE Sales North and West at Vestas. “We are grateful for the partnership we have with Vattenfall, and now we look forward to deliver the turbines so they can start producing fossil-free electricity.” The project site is located in the municipality of Tidaholm in Västra Götaland County. Turbine delivery is expected to begin in the second quarter of 2025 with commissioning scheduled for completion in the second half of 2025. Read full article

Hydro has invested approximately BRL 15 million in the Pará Biodiversity Research Consortium (BRC) in Brazil. Founded in 2013, the BRC celebrates 10 years of developing science based knowledge in the Amazon and mining areas.Hydro’s funding of the BRC has allowed the member institutes to invest in their research facilities, building new laboratories and acquiring scientific equipment that can be used for future research. “These investments promoted better infrastructure in public institutions for research and will continue to be used in the name of science even after the conclusion of the BRC projects,” says Figueiredo. Read full article

Nigeria expects to see “significant investment flow immediately” from Saudi Arabia after the top crude producer in the Middle East and Africa’s largest oil producer signed investment and cooperation agreements in the energy sector at a summit in Riyadh last week. Nigeria has been looking to attract foreign investment in its upstream and downstream sectors, while Saudi Arabia has recently launched its “Empowering Africa” initiative to bring cleaner energy, connectivity, e-health, and e-education solutions to African countries. The total Saudi investments in Nigeria, including in the energy sector, could be worth several billion U.S. dollars, Nigerian minister of budget and economic planning, Abubakar Atiku Bagudu, told Bloomberg in an interview after a bilateral round table in Riyadh. Read full article

Nigeria could still be months away from full commercial operations at its huge new refinery, Africa’s biggest. The Dangote Refinery, with a capacity of 650,000 barrels per day (bpd), has been commissioned, but full-scale production, including production of gasoline for Euro/pe, is not expected to begin until the second half of 2024, analysts have told Bloomberg. After years of delays and massive cost overruns, Nigeria finally saw the giant oil refinery commissioned in May. The Dangote Refinery, built by the group of the same name of Africa’s richest person, Aliko Dangote, was inaugurated by Nigeria’s former President Muhammadu Buhari before he left office at the end of May. Read full article

Oil and Gas BlendsUnitsOil Price US$/bblChange
Crude Oil (WTI)USD/bbl$78.85Up
Crude Oil (Brent)USD/bbl$83.13Up
Bonny LightUSD/bbl$82.58Up
Saharan BlendUSD/bbl$83.88Up
Natural GasUSD/MMBtu$3.16Down
OPEC basket 13/11/23USD/bbl$84.08Up
At press time 14 November 2023

Baker Hughes Rig Count: U.S. -2 to 616 Canada 199

U.S. Rig Count is down 2 from last week to 616 with oil rigs down 2 to 494, gas rigs unchanged at 118 and miscellaneous rigs unchanged at 4.

Canada Rig Count is up 3 from last week to 199, with oil rigs up 3 to 125, and gas rigs unchanged at 74.

International Rig Count is up 22 rigs from last month to 962 with land rigs up 27 to 743, offshore rigs down 5 to 219.

RegionPeriodRig CountChange
U.S.A10 November 2023616-2
Canada10 November 2023199+3
InternationalOctober 2023962+22
Baker Hughes counts rigs that are actively conducting drilling operations on a given well


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

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