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London, 31 January 2024, (Oilandgaspress): – The Houthis continue to attack commercial shipping vessels in the Gulf of Aden and close to the Bab el-Mandeb Strait, forcing a growing number of cargo ships and oil tankers to divert away from the Red Sea/Suez Canal route to the longer and more expensive route via the Cape of Good Hope in Africa. .

Sweden and France have expressed their desire to strengthen their defence co-operation under a new strategic partnership signed on 30 January as part of French President Emmanuel Macron’s state visit to Sweden. Anti-tank and air defence have been identified as priority areas for co-operation.
In this context, a major new step has been taken in the relationship between the two countries. On 31 January, Micael Johansson and Eric Béranger, the CEOs of Saab and MBDA, expressed their willingness to support this process in the fields of anti-tank and air defence, two capabilities identified as particularly critical for the armed forces of both countries, especially in the context of high-intensity conflicts. They signed Letters of Intent to strengthen the co-operation between their companies in these two fields, at the Business Forum organised in the presence of the highest French and Swedish authorities.
“The closeness between Saab and MBDA is reflected in our co-operation over many years, and the deepening and broadening of that through these Letters of Intent is most welcome. Doing this here in Stockholm during the state visit by President Macron to Sweden is symbolic of how two European governments working together can facilitate industry in strengthening our collective security,” said Micael Johansson, President and CEO of Saab.
Eric Béranger CEO of MBDA, said: “This is an exciting new step in our long-standing partnership with Saab. We are both world leaders in the anti-tank and air defence domains and we will be combining our expertise to deliver the best capabilities for the armed forces on the battlefield. The signature of these Letters of Intent is further proof that co-operation lies at the very heart of MBDA’s values.”
Co-operation in the anti-tank field has resulted in an initial focus on the AKERON MP. A first contract has been awarded to Saab and MBDA by the DGA, the French contracting entity, and the Swedish Defence Materiel Administration (FMV – Försvarets Materielverk). This will enable the pooling of Saab and MBDA’s expertise in the anti-tank domain, in order to support the Swedish and French armed forces’ choice of the AKERON MP weapon system in the short term. This will also enable the implementation of a joint capability roadmap to develop new functionalities associated in particular with beyond line-of-sight firing, and also to prepare the missile to address the future generation of targets that will arrive on the battlefield. This roadmap will maintain AKERON MP’s position as the benchmark weapon in its field, and an indispensable tool in high-intensity conflicts.
Saab and MBDA are long-standing partners, as illustrated by their co-operation on the Meteor air-to-air missile programme and the TAURUS cruise missile, as well as in the European MARSEUS consortium that aims to provide a sovereign European beyond line-of-sight missile firing capability. Read full article

Hyundai received seven Editors’ Choice Awards from Car and Driver. These awards are designed to help in-market buyers narrow down their shopping lists. They not only identify the ‘best of the best’ in 36 specific vehicle categories, they also recognize products that offer tremendous versatility and a rewarding driving experience. In short, they’re the models that Car and Driver’s editors are proud to recommend not just to their readers, but to their friends and families.
• Hyundai IONIQ 5 | Electric SUV
• Hyundai IONIQ 6 | Electric Car
• Hyundai Elantra N | Sport Compact Car
• Hyundai Kona | Subcompact SUV
• Hyundai Palisade | Mid-Size SUV
• Hyundai Santa Cruz | Compact Pickup Truck
• Hyundai Sonata | Family Sedan

“Receiving seven Editors’ Choice awards by Car and Driver further exemplifies Hyundai’s commitment to providing the very best products for our customers,” said Olabisi Boyle, senior vice president, product planning and mobility strategy, Hyundai Motor North America. “We are deeply gratified to receive such prestigious accolades by Car and Driver, one of the most recognized experts in automotive guidance. Awards like this motivate us to continually pursue excellence in driving dynamics, engineering, and cutting-edge technology.” Read More

During the period from 22 to 26 January 2024, Eni acquired on the Euronext Milan no. 2,076,584 shares (equal to 0.06% of the share capital), at a weighted average price per share equal to 14.4824 euro, for a total consideration of 30,073,932.68 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 10 May 2023, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999.

On the basis of the information provided by the intermediary appointed to make the purchases, here below a synthesis of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read full article

Neptune Energy today announced completion of the sale of Neptune Energy Group Limited (“Neptune”) to Eni International BV and Neptune Energy Norge AS to Vår Energi ASA. The carve-out of Neptune’s activities in Germany was completed prior to the completion of the Neptune Energy Group Limited sale. It will continue as a stand-alone entity, owned and operated by CIC, Carlyle and CVC Capital Partners. Read More

C-Kore is helping Australian Oil & Gas operators simplify testing during decommissioning campaigns using subsea test tools originally developed for the UK Oil & Gas market. On a recent mobilization, C-Kore’s Sensor Monitor allowed the operator to quickly prove barriers in the subsea trees for regulatory sign-off allowing the campaign to be completed swiftly and safely.
C-Kore Systems has a range of subsea testing tools used globally by operators and contractors on de-commissioning, fault-finding operations and new installation campaigns. The tools are easy to deploy and are operated without the need for C-Kore personnel being present, providing rapid and accurate feedback. This combination of simplicity, accuracy and reliability introduces significant operational savings to testing campaigns.
Their Sensor Monitor unit interrogates pressure and temperature sensors on subsea wells without the presence of a working subsea control module. This allows operators to maintain safety for all personnel and comply with regulatory requirements. The Sensor Monitor quickly and repeatedly tests, displays and data-logs information saving time on offshore campaigns. The patented tools are self-contained and battery powered allowing them to be left in place if long-term monitoring is required.
Greg Smith, Operations Director at C-Kore commented, “Our subsea testing tools are designed to be simple to use. By automating operations, our customers can now easily perform once complicated testing process without the need for C-Kore personnel being present. Combined with accuracy and reliability, our tools give our customers significant savings on their testing campaigns.
Cynthia Pikaar, Sales & Marketing Director at C-Kore commented further, “The decommissioning market is growing significantly in Australia and the North Sea. It is fantastic to see our customers who first used our tools to simplify their installation campaigns and fault-finding operations, now experience the same advantages on their decommissioning projects.” Read full article

Equinor’s 2023 safety results show an overall positive trend at the end of the year.

For the fourth quarter of 2023, the serious incident frequency per million hours worked (SIF) was 0.4. This is equivalent to the level we saw at the end of 2022. Serious injuries are also included in the serious incident statistics.

The number of serious incidents in 2023 is at a record low.The injury trend is improving. For 2023 the total recordable injury frequency per million hours worked (TRIF) is 2.4, down from 2.5 in 2022.

A total of ten oil and gas leaks have been recorded in 2023, up from eight at the end of 2022. Oil and gas leaks are classified by the severity of the leak rate. In the third quarter, we reported a fatality on board a tanker in Malaysia. In addition, we have classified two incidents with major accident potential in 2023 that have also been reported as serious incidents previously. In 2023, substantial efforts have been made within safety-critical maintenance on Equinor’s installations and facilities. Read full article

The Shareholders’ Nomination Board, established by Neste Corporation’s Annual General Meeting (AGM) on 4 April 2013, has forwarded to the Board of Directors of the Company its proposals to the 2024 AGM.
Board Members
The Nomination Board proposes that Matti Kähkönen shall be re-elected as the Chair of the Board of Directors. In addition, the current members of the Board, John Abbott, Nick Elmslie, Just Jansz, Heikki Malinen, Eeva Sipilä and Johanna Söderström are proposed to be re-elected for a further term of office. The Nomination Board proposes that Eeva Sipilä shall be elected as the Vice Chair of the Board. Further, the Nomination Board proposes that the Board shall have ten members and that Conrad Keijzer, Pasi Laine and Sari Mannonen shall be elected as new members.
Kimmo Viertola, who has been a Board member of the Company as of 2023, has informed that he will not be available for re-election for the next period of office. “We would like to thank Kimmo for his contributions in the Board and the Audit Committee”, says Maija Strandberg, Chair of the Nomination Board.
All persons proposed for Board service have given their consent to serving on the Board and are considered to be independent of the Company and its major shareholders. A brief presentation of the proposed new members is attached to this release. More information on the persons proposed by the Nomination Board for Board service can be found at As regards the selection procedure for the members of the Board of Directors, the Shareholders’ Nomination Board recommends that shareholders take a position on the proposal as a whole at the AGM. This recommendation is based on the fact that at Neste, in line with the Nordic governance model, the Shareholders’ Nomination Board is separate from the Board of Directors. The Nomination Board, in addition to ensuring that individual nominees for membership of the Board of Directors possess the required competences, is also responsible for making sure that the proposed Board of Directors as a whole also has the best possible expertise and experience for the Company and that the composition of the Board of Directors also meets other requirements of the Finnish Corporate Governance Code for listed companies. Read full article

Toyota Motor Corporation (Toyota) has decided today to resume production and shipments of the Probox, which is outsourced to Daihatsu Motor Co.
We deeply apologize to our many customers who have supported the Probox and waited so long for these vehicles and to our suppliers, dealers, and other related parties for the concern and inconvenience this has caused.

With regards to the certification irregularities, the Ministry of Land, Infrastructure, Transport and Tourism confirmed on January 19 that the cars comply with the standards of the Road Transport Vehicle Act and lifted the suspension of shipments.
After the announcement of the certification irregularities, we received much strong criticism from our customers. However, we eventually also began to receive harsh yet warm comments of support from customers saying they need the product for their daily lives or work and hope for the early resumption of production.
As a result of confirming these customer comments and the availability of parts from suppliers, we have decided to resume production from February 12. We will make every effort to deliver cars to our customers as soon as possible. Read full article

The U.S. Department of Energy (DOE) announced more than $131 million for projects to advance research and development (R&D) in electric vehicle (EV) batteries and charging systems, and funding for a consortium to address critical priorities for the next phase of widescale EV commercialization. The advanced battery consortium will work towards developing advanced technologies that will decarbonize transportation and support R&D that is responsive to the needs of EV manufacturers and battery suppliers—engaging with key stakeholders, including universities, national laboratories, and manufacturers that supply critical materials and components to the battery industry. Securing the domestic battery supply chain and developing innovative solutions to electrify the transportation sector support President Biden’s Investing in America agenda and are crucial steps in achieving a clean energy future.

“The Biden-Harris Administration is helping drive forward the innovation and research needed to provide clean, cheap and accessible transportation solutions for all Americans,” said U.S. Deputy Secretary of Energy David M. Turk. “The investments announced today will supercharge the development of a convenient and reliable EV network, and expand the domestic battery supply chain—securing our nation’s energy independence and spurring economic opportunity.”

Fiscal Year 2023 Project Selections Today, DOE announced 27 projects to receive $71 million to develop innovative and equitable clean mobility options, alleviating supply chain concerns for EV batteries, and increasing EV drive range. Funded through DOE’s Vehicle Technologies Office (VTO) in the Office of Energy Efficiency and Renewable Energy, the selected projects aim to: Read full article

Electric car brand Polestar has become the first manufacturer to launch a car without a rear window in a major design change.Polestar 4 benefits from not having a rear window. It allows for an extended panoramic roof, a spacious passenger environment, and generous headroom, while a rear-facing HD camera provides a wider, unobstructed rearward view.

The new Polestar 4 model ditches the classic glass screen in exchange for a roof-mounted digital camera in a change from tradition. From transparent to opaque in an instant. Liquid crystals allow the electrochromic glass roof to reflect light and reduce glare.The housing of the roof-mounted camera is designed to direct the airflow and keep water and grime away from the lenses. Consequently, rain and dirt will have little influence on the rearward view. Read More

As global oil and gas demands steadily grow, the Company continues to increase reserves and production, and maintains strong growth of production volume. In 2024, net production target is 700 million to 720 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 69% and 31%, respectively. Net production target is 780 million to 800 million BOE in 2025, and 810 million to 830 million BOE in 2026. In 2023, net production is estimated to be approximately 675 million BOE, setting record highs for five consecutive years.

The Company’s production growth is attributable to strong pipeline of new projects and sufficient capital investment. We focus on the efficiency of investment and make prudent plans on capital expenditure to ensure the sustainable development of our oil and gas business. The Company’s total capital expenditure for 2024 is budgeted at RMB 125 billion to RMB 135 billion, of which, capital expenditures for exploration, development and production will account for approximately 16%, 63% and 19% of the total, respectively. In 2023, the Company advanced engineering standardization, accelerated capacity construction, expedited project approvals, and expected to record capital expenditures at approximately RMB 128 billion.

The Company strives to search for large and medium-sized oil and gas fields, and continues to strengthen the resource base for increasing reserves and production. In 2024, the exploration workload will remain at a high level. The Company will increase its efforts in natural gas exploration, and push forward the construction of three trillion-cubic-meters-level gas regions, in the South China Sea, the Bohai Sea and onshore China respectively. In 2023, the Company made new exploration discoveries with proved in-place volume of over 100-million-tons BOE in the Bohai Sea and deepwater South China Sea, realizing new discovery of 100-million-tons in-place volume for five consecutive year.

In 2024, multiple high-quality projects will be brought on stream. Major projects in China include Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project, Bozhong 19-2 Oilfield Development Project, Shenhai-1 Phase II Natural Gas Development Project, Huizhou 26-6 Oilfield Development Project and Shenfu Deep-play Coalbed Methane Exploration and Development Demonstration Project. Overseas, projects such as Mero3 Project in Brazil will strongly support production growth.

The Company continues to lever technological innovation to sustain reserves and production growth, and to empower the Company’s high-quality development. Key technologies for deepwater exploration, and for sustaining and increasing volume from producing oilfields have been continuously improved. Besides, the Company continues to build intelligent oil and gas fields, establish technology system, refine digital scenarios, accelerate the construction of unmanned and semi-unmanned offshore platforms, and speed up the installation of typhoon mode. Read More

The UK oil and gas regulator has issued 24 new North Sea exploration licences as part of its latest Licensing Round, with oil majors Shell, BP and TotalEnergies among the winners. Announced on Wednesday by the North Sea Transition Authority (NSTA), the permits form the next tranche of awards as part of the 33rd Licensing Round, and follow the 27 licences issued in October 2023.

A total of 17 companies including stalwarts such as Shell (LON:SHEL), Equinor (OSE:EQNR), BP (LON:BP) and TotalEnergies (XPAR:TTE) have been offered licences, spanning some 74 blocks and part-blocks. All blocks offered in this tranche lie in the Central North Sea, Northern North Sea, and West of Shetland areas.

The bulk of awards contain firm work commitments to desktop studies and seismic, almost all of which are on a “drill or drop” basis. Read More

Saipem confirms that the Castorone pipelaying vessel operating off the waters of Western Australia has not suffered any damage.

A buckle while laying the pipeline is an event which can happen and as such Saipem has in place approved procedures and resources available for intervention and remediation purposes. The initial assessment appears to indicate that the cause of the incident could be software anomaly under investigation.

Alongside the investigation, plans for the trunkline remediation works are underway with safety as our priority. Read More

Wood,, has recorded excellent growth in the Middle East region, securing $850 million in contract wins in 2023.

Wood works across the region to unlock conventional and low carbon energy supply, decarbonise and optimise energy production and processing, and extend onshore and offshore asset life in key locations including Iraq, the Kingdom of Saudi Arabia, Qatar, and the UAE.

In 2023, the company was involved in groundbreaking projects across the region including the development of a CO2 transportation and storage network that will increase the current global capacity of CO2 storage by approximately 25%, as well as feasibility studies and preliminary front end engineering design for both carbon capture and storage (CCS) and low-carbon hydrogen projects. In addition, Wood continues to support brownfield asset upgrades and expansions alongside greenfield developments to optimise operations for petrochemicals and gas producers.

In Iraq, Wood was recently awarded a contract extension with a long-term client to continue delivering front end engineering design (FEED), procurement and EPC contract management solutions, critical to safe and efficient operations. Wood is also supporting a significant project to reduce emissions in the country by more than 10 million tons of carbon per year through the elimination of flaring.

Contract awards elsewhere in the region include a long term multi-million-dollar engineering and procurement services contract in Qatar and complex pre-FEED and FEED services for both onshore and offshore clients in the UAE. Read More

Alpine announces the selection of its mixed “A-padel” team, consisting of nine athletes ranked at the highest level of world padel, who will represent Alpine during the 2024 season. The players will proudly wear the A logo on their shirts during the Hexagon Cup and the international Premier Padel season.

The “A-padel” team includes world number 1 Arturo Coello and other stars of the sport, such as Alexandra Salazar and her team-mate Tamara Icardo, Martin di Nenno, Alex Ruiz and Luciano Capra. The young, promising and talented Alejandra Alonso de Villa and Claudia Fernandez are also members of this team of Alpine Ambassadors. These eight new players join Sanyo Guiterrez, already under contract with Alpine from 2023.

They will alternate their appearances between the padel courts and the Alpine stand during the Hexagon Cup at the Madrid Arena (Spain). Read More

Oil and Gas BlendsUnitsOil Price US$/bblChange
Crude Oil (WTI)USD/bbl$76.15Up
Crude Oil (Brent)USD/bbl$81.80Up
Bonny LightUSD/bbl$83.64Up
Saharan BlendUSD/bbl$84.03Up
Natural GasUSD/MMBtu$2.14Up
OPEC basket 30/01/24USD/bbl$ 82.94Down
At press time 31 January 2024

Rig Count: U.S. +1 to 621 Canada +7 to 230
U.S. Rig Count is up 1 from last week to 621 with oil rigs up 2 to 499, gas rigs down 1 to 119 and miscellaneous rigs unchanged at 3.
Canada Rig Count is up 7 from last week to 230, with oil rigs up 4 to 144, and gas rigs up 3 to 86.

International Rig Count is down 23 rigs from last month to 955 with land rigs down 23 to 735, offshore rigs unchanged at 220.
The Worldwide Rig Count for December was 1,739, down 55 from the 1,794 counted in November 2023, and down 95, from the 1,834 counted in December 2022.

RegionPeriodRig CountChange
U.S.A28 January 2024621+1
Canada28 January 2024230+7
InternationalDecember 2023955-25
Baker Hughes


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