Energy/Automotive News| WTI Crude $76.11/bbl, Brent $80.36/bbl, OPEC $79.81/bbl,

London, 07 June 2024, (Oilandgaspress): – The market reaction to OPEC’s latest production policy announcement was excessively negative, partly due to many executed trades based on trend-following algorithms, analysts say. While most analysts see the OPEC+ alliance’s announcement this weekend as bearish for oil prices toward the end of the year because of the plan to begin unwinding some of the cuts as early as in October – market conditions permitting – the price move in oil early this week was likely overdone Read More

The Mercedes-Benz plant in Bremen has reached a significant milestone in its 46-year history: the 10 millionth vehicle with the star has now rolled off the production line. The anniversary vehicle is a fully electric EQE. Electric vehicles and plug-in hybrids are an integral part of the plant’s product portfolio. The EQC was Mercedes-Benz’s first electric vehicle from large-scale production in 2019 and was integrated into series production in Bremen. Since then, Bremen production has covered the entire range of drive technologies. The fully electric EQE business sedan has been built on the same line as vehicles with conventional drives since 2022. In addition, the Mercedes-Benz Bremen plant is the leading plant for the C-Class and at the same time controls the production of the GLC in the global production network. Last year, around 277,000 vehicles rolled off the production line in Bremen.

To mark the production anniversary, the factory also brought out of the collection the vehicle that was the very first vehicle with the star to roll off the production line in Bremen in 1978: a Mercedes-Benz S123 station wagon. Read More

The new Fiat 500 Ibrida – set for release between late 2025 and early 2026 – will be produced at the Mirafiori Plant in Turin, Italy. The hybrid model will complement the much-appreciated Fiat 500e, which was also proudly developed, engineered and designed at Mirafiori. The move highlights FIAT’s dedication to innovation and sustainability while reinforcing its deep connection to its Italian heritage and the strong strategic role of Mirafiori. The brand also introduces the new 500e MIRAFIORI, a special edition cabrio and electric vehicle exclusively dedicated to Italy.Turin is FIAT’s decision-making and design HQ for the entire world and where the brand is conquering the world market, one car at a time. Indeed, FIAT produces the 500e, the 500X, the Panda and the FIAT Professional Ducato in Italy. In 2023 FIAT manufactured one in every three cars sold globally in Italy. This figure is even higher within Italian territory, as an impressive 70% of the FIATs sold within the country were assembled in Italy.
With the Panda produced in Pomigliano and the 500 in Mirafiori, FIAT has two of its most iconic models being both made in Italy. Read More

Saab announced on 4 March 2024 that a contract had been signed with the Polish Ministry of National Defence’s procurement authority for delivery of the Carl-Gustaf® M4 weapon, ammunition and training equipment. The agreement has now entered into force as all conditions have been met. As a result, Saab has today booked a value of approximately SEK 12.9 billion in order intake. Read More

Embraer and Rheinmetall are in discussions to expand their training network with a focus on the C-390. The aim is evaluate the needs of the increasing number of C-390 European customers with respect to training and decide on the development of a dedicated training center in the region, supporting existing and future C-390 customers. Currently, there is an Embraer C-390 Training Center in Brazil, in the state of São Paulo, featuring a Full Flight and Mission Simulator (FFMS) and a Loadmaster Training Station, where Brazilian, Portuguese, and Hungarian Air Forces C-390 crews are having their initial training. Embraer and Rheinmetall aim to analyze ways to increase proximity with their current and future C-390 customers, to ease the training for pilots, loadmasters, mechanics, and additional crew members.

The Portuguese Air Force has purchased a FFMS as part of their C-390 contract with Embraer, which will be installed at Beja Air Base, in Portugal. The Royal Netherlands Air Force is also planning to have their own FFMS in the country. The outcome of the discussions between Embraer and Rheinmetall could enhance the above network and foster other future national C-390 FFMS worldwide. Read More

Oil and Gas BlendsUnitsOil Price US$/bblChange
Crude Oil (WTI)USD/bbl$76.11Up
Crude Oil (Brent)USD/bbl$80.36Up
Bonny LightUSD/bbl$78.97Up
Saharan BlendUSD/bbl$78.34Up
Natural GasUSD/MMBtu$2.87Up
Murban CrudeUSD/bbl$80.66Up
OPEC basket 06/06/24USD/bbl$79.81Up
At press time 07 June 2024

On 5th June 2024, MVM Group entered into a sale and purchase agreement with the Azerbaijani state-owned entity Southern Gas Corridor CJSC (“SGC”) for the acquisition of a 5% stake in the Production Sharing Agreement for Shah Deniz offshore gas-condensate field in the territory of Azerbaijan and a 4% stake in Azerbaijan Gas Supply Company Limited (“AGSC”), the exclusive special-purpose vehicle established for the marketing and sale of natural gas produced from Shah Deniz gas-condensate field. The Shah Deniz is one of the world’s largest natural gas-condensate fields and was discovered in 1999. The field is located on the deepwater shelf of the Caspian Sea, approximately 70 km southeast of Baku. The Shah Deniz project is set up as an unincorporated joint venture partnership operated by BP.

Shah Deniz facilities can produce up to 29 billion cubic meters of natural gas and roughly 60 million barrels of condensate annually. The field has significant hydrocarbon reserves and has been producing reliably and steadily for almost 20 years. A total of more than 218 billion cubic meters of natural gas and 371 million barrels of condensate have been produced from the field since inception. The extracted natural gas is delivered from the offshore gas-condensate field via pipelines to Azerbaijani, Georgian, Turkish and European partners based on long-term gas sales and transportation agreements concluded with AGSC. By acquiring a stake in the Shah Deniz gas field, MVM Group will cooperate with SGC and leading global energy companies such as BP (29.99%), Lukoil (19.99%), TPAO (19%) and NICO (10%) in the unincorporated joint venture. The transaction is fully in line with the diversification efforts of the European Union, as well as with the national energy strategy and the growth strategy of MVM Group. The closing of the transaction, when MVM Group shall acquire ownership, is expected to take place in Q3’2024 after the satisfaction of customary conditions precedent. Read More

Enbridge Inc. announced the closing of its acquisition of the Questar Gas Company (“Questar Gas”) and its related Wexpro companies (“Wexpro” and collectively with Questar Gas, “Questar”) from Dominion Energy, Inc. (“Dominion”). The Questar Gas utility will be doing business in Utah as Enbridge Gas Utah, in Wyoming as Enbridge Gas Wyoming, and in Idaho as Enbridge Gas Idaho. Questar will join Enbridge’s Gas Distribution and Storage Business Unit.

Questar Gas is a premier multi-state utility that distributes natural gas in Utah, southwestern Wyoming, and southeastern Idaho, serving approximately 1.2 million customers in service territories with fast growing economies and populations. Questar Gas Company has a cost-of-service supply agreement with Wexpro, which helps ensure reliability and affordability for Questar Gas’s customers. Questar Gas’s asset portfolio includes over 21,000 miles (over 33,500 km) of natural gas distribution and transmission pipelines, a liquefied natural gas storage facility that enhances system reliability, and interconnections to multiple interstate natural gas pipelines.

“We are excited to welcome another strong gas utility to Enbridge. Questar Gas and Wexpro enhance the scale and breadth of our existing low risk utility business model and support our long-term dividend growth profile by providing stable, predictable cash flows,” said Michele Harradence, Enbridge Executive Vice President and President, Gas Distribution and Storage. “We welcome Questar Gas and Wexpro employees into the Enbridge family of companies and look forward to building long-term productive relationships with all of their stakeholders in Utah, Wyoming, and Idaho.”

The closing of the purchase of the Public Service Company of North Carolina, Incorporated (“PSNC”) is expected to occur following the receipt of required regulatory approvals for that purchase. The acquisition of PSNC is on track to close in 2024. The combined contributions from Questar and the previously closed acquisition of The East Ohio Gas Company (now doing business as Enbridge Gas Ohio) are expected to contribute approximately 80% of the total annualized EBITDA from the three gas utilities Enbridge has agreed to acquire from Dominion. Read More

Results from the world’s first in-flight study of the impact of using 100% sustainable aviation fuel (SAF) in both engines of a commercial aircraft show a reduction in soot particles and formation of contrail ice crystals compared to using conventional Jet A-1 fuel.
The ECLIF3 study, in which Airbus, Rolls-Royce, the German Aerospace Center (DLR) and SAF producer Neste collaborated, was the first to measure the impact of 100% SAF use to emissions from both engines of an Airbus A350 powered by Rolls-Royce Trent XWB engines and followed by a DLR chase plane.
Compared to a reference Jet A-1 fuel, the number of ice crystals per mass of unblended SAF consumed was reduced by 56%, which could significantly reduce the climate-warming effect of condensation trails – also known as contrails.
Global climate model simulations, conducted by DLR, were used to estimate the change in the energy balance in Earth’s atmosphere – also known as radiative forcing – by contrails. The impact of contrails was estimated to be reduced by at least 26% with 100% SAF use compared to the Jet A-1 reference fuel used in ECLIF3. These results show that using SAF could significantly reduce the climate impact of aviation in the short term by reducing non-CO2 effects such as contrails, in addition to reducing greenhouse gas emissions, such as CO2 emissions over the life cycle of SAF when compared to using fossil jet fuel. The research team has reported its findings in the Copernicus journal Atmospheric Chemistry & Physics (ACP) as part of a peer-reviewed scientific process, and provides the first in-situ evidence of the climate impact mitigation potential of using pure, 100% SAF on a commercial aircraft. The ECLIF3 program, which also includes researchers from the National Research Council of Canada and the University of Manchester, conducted in-flight emissions tests and associated ground tests in 2021. Read More

Nexergy Holdings PLC is nearing an important milestone as internal planning progresses and external negotiations advance towards establishing our first production site in the United Kingdom. This significant development suggests that the realization of our project is approaching, with the start of construction anticipated in the near future, pending final approvals and successful negotiations. This site, developed in collaboration with Cassandra Oil, aims to become one of the largest “Green Oil” production facilities in the world. This new facility represents a major step forward in Nexergy’s commitment to sustainability and reducing carbon emissions. By supporting the European Union’s climate targets—aiming for a 55% reduction in greenhouse gas emissions by 2030 and achieving climate neutrality by 2050—Nexergy is at the forefront of the green energy movement. Virginijus Sinkevičius, EU Commissioner for the Environment, stresses the importance of such initiatives for the benefit of both current and future generations. Moreover, Nexergy’s efforts align with the United Nations Sustainable Development Goals (SDGs), particularly those focused on affordable and clean energy (SDG 7) and climate action (SDG 13). Elizabeth Maruma Mrema, Executive Secretary of the Convention on Biological Diversity, highlights the urgent need for accelerated action to meet the 2030 Agenda. The new site in the United Kingdom will also create industrial jobs, boosting the local economy and aiding in the transition to greener industries. This shift is part of a broader global trend towards sustainability, as evidenced by commitments from major corporations like MetLife to achieve netzero emissions by 2050. Read More

Mercedes-Benz Classic

The Mercedes-Benz Classic works team will take part in the 1000 Miglia 2024 in Italy with ten vehicles. The regularity race for historic automobiles takes place on the route of the legendary road race from Brescia to Rome and back. One highlight is the start of eight Mercedes-Benz 300 SL “Gullwings” (W 198) in the works team. Six private customers are taking advantage of a very special customer package by Mercedes-Benz Classic with their super sports car from the 1950s. In addition, the participating customer vehicles will be prepared by the experts from the Mercedes-Benz Classic Center and provided with technical support during the event. A Mercedes-Benz “Super-Sport” sports four-seater (W 06) from the Mercedes-Benz Classic vehicle collection will also be at the start. The vehicle was built in 1930 and originally delivered to the Maharaja of Kashmir. The supercharged sports car of the famous S series is reminiscent of Rudolf Caracciola’s victory in the Mille Miglia in 1931 with a Mercedes-Benz SSKL. A Mercedes-Benz 220 “Ponton” saloon (W 180) from the tradition of the S-Class also competes in the works team. It stands for the class victory in the 1956 Mille Miglia that was achieved by a car of this type. Read full article

Lee Sang-hyeok, in the League of Legends community better known as ‘Faker’, will be inducted into the Hall of Legends in 2024. Faker is the first member of the newly created institution Hall of Fame, which honours the best League of Legends players in the world and will induct a new member every year. Mercedes‑Benz is a long-standing global partner of Riot Games and honours the first member of the Hall of Legends in a unique way.

As part of the official induction ceremony, Mercedes-Benz has gifted Faker a bespoke art piece, as well as the keys to a customised Mercedes-AMG SL 63. Created in cooperation with a renowned design studio, the artwork shows Faker in his hometown of Seoul next to the vehicle in an art style synonymous with the League of Legends brand. The Mercedes-AMG SL 63 Roadster is a one-off that has been personalised in the MANUFAKTUR. The Mercedes-Benz customisation programme offers customers exclusive paints, interiors and other personalisation options. Handcrafted, the Roadster features Faker’s signature on the headrest and the Hall of Legends lettering on the floor mats. Read full article

Lamborghini Urus SE Makes World Premiere at Auto China Beijing 2024

Fresh from its ground-breaking international debut at Auto China Beijing 2024 in April, Lamborghini Kuala Lumpur launched the Lamborghini Urus SE [1] on Malaysian shores. The first hybrid plug-in version of the Lamborghini Super SUV marks a historic milestone for Automobili Lamborghini, featuring a new design, optimised aerodynamics, unprecedented on-board technology and an 800 CV hybrid powertrain, all of which build on the Urus S[2] in terms of comfort, performance, efficiency, emissions and driving pleasure. Thanks to its “two hearts”, thermal and electric, the torque and power values are the highest ever, giving the SE a unique place in its category and boasting an 80% reduction in emissions.

“The Lamborghini Urus was an important catalyst for the brand when it first joined our product portfolio back in 2017. Today, the Super SUV has firmly established itself as our best seller, not just in the Asia Pacific region, but across all markets worldwide. The new Urus SE sets the stage for an era of Super SUV evolution in the electrification phase, and it is also a significant milestone for the brand. I believe that this car is an interpretation of the brand going beyond, and how we revolutionised the automotive world with our iconic Super SUV, ” said Francesco Scardaoni, Region Director of Automobili Lamborghini Asia Pacific. The twin-turbo 4.0 V8 engine has been re-engineered to work in optimal synergy with the electric powertrain. It develops 620 CV of power (456 kW) and 800 Nm of driving torque; the combustion unit is combined with an electric powertrain delivering 192 CV (141 kW) and 483 Nm of torque. In delivering maximum output the main focus has been on the calibration strategy between ICE and e-motor, reaching a total output of 800 CV to ensure an optimal power curve in every driving mode and on every surface. A 25.9-kWh lithium-ion battery is situated below the load floor and above the electronically-controlled rear differential. Read full article

Polestar marathon

Filming a half marathon using a Polestar 4 rear-facing camera
The bond between camera and athelete is indisputable. From diminutive Argentinians tiptoeing around English ankles to enigmatic prize fighters looming large over felled champions, sporting moments are made immortal thanks to the humble lens. Last week, Polestar added another chapter to this storied relationship.World’s first sporting broadcast
To fully understand the relationship between sport and television, we must first turn the clock back to 1931, when 25 horses hurtled around an ancient racecourse at one of England’s most prestigious sporting events: the Derby.

It was here — amidst the hooves and mud — that a sporting event was broadcast live to the public for the first time. Despite the rudimentary equipment and the grainy black-and-white images they produced, both broadcaster and viewer were hooked by the spectacle of witnessing real-time sporting history.

Since then, global audiences have feasted on a smorgasbord of ball-hitting, dart-throwing, pole-jumping, car-racing (and everything in between). But has a live broadcast feed ever come directly from a car’s rear-facing camera? Probably not. Well, at least not until earlier this month. Read More

Why EVs could make for better off-road vehicles
With a starting ground clearance of 200mm, Polestar 3 would do just fine off-road, but its approach angles (the steepness of a slope a car can go up without damaging the front end) might not be 100 percent perfect. Wallgren has a solution for that: “If you want to get the best out of the suspension, raise it to its full 250mm ground clearance, as the approach angles become much steeper. For anything off-road, suspension is a good starting point. Sure, all SUVs have high suspension, some even use air suspension like the Polestar 3, but not all have an extra 50mm to play with.”

EVs have an extra trick up their sleeves, and that’s a low centre of gravity. When tackling rough terrain, having good ground clearance means you can get over anything the world throws at you, but keeping the vehicle’s weight as low as possible means it’ll have more stable footing. If all a car’s weight was high up, say, for example, at shoulder level, it would be inherently unstable. Turning, accelerating, braking, and, well, anything would cause the car to lean over and maybe even topple. Putting weight down and lowering its centre of gravity lessens this effect. Wallgren explains: “A low centre of gravity is a factor, and the Polestar 3 has a similar centre of gravity to a Polestar One thanks to that heavy battery sitting as low as it can. When you’re on a hill or driving sideways at an angle, the risk of tipping over is very low. It’s like you’re sitting in a sports car. That’s essentially what you have here.”Tall, but with a low centre of gravity. So far, so good. But what about power? It’s well known that Polestar cars come with something of a kick, but it’s how its power and, more crucially, torque is delivered that’ll really help with off-roading. Wallgren continues: “On that front is the huge wheel torque that’s always available. With one pedal drive, you have smooth, controllable torque at your fingertips at all times. There’s little to no drama requesting the torque to move the vehicle forward, and you get smooth control. The accuracy and precision of requesting wheel torque is at a different level in EVs.” Read More

The following members have been appointed to the Shareholders’ Nomination Board of Neste Corporation: Director General Maija Strandberg of the Ownership Steering Department in the Prime Minister’s Office of Finland, as the Chair, and Senior Vice President, Investments Timo Sallinen of Varma Mutual Pension Insurance Company and President and CEO Jouko Pölönen of Ilmarinen Mutual Pension Insurance Company, as its members. Matti Kähkönen, the Chair of Neste’s Board of Directors, acts as an expert to the Nomination Board. According to the Charter approved by the Annual General Meeting (AGM) on 27 March 2024, the members of the Nomination Board represent the company’s three largest shareholders. Shareholders entitled to elect members to the Nomination Board are determined annually on the basis of the shareholders’ register as at the first banking day in June in accordance with detailed rules included in the Charter for the Nomination Board.

The Shareholders’ Nomination Board is responsible for preparing and presenting proposals to the AGM concerning Board members as well as the remuneration and the number of Board members. The Nomination Board shall forward its proposals to Neste’s Board of Directors by 31 January 2025. Read More

On 29 May 2024, Dar Al-Handasah Consultants Shair and Partners Holdings Ltd (“Sidara”) announced that it had submitted a fourth proposal to the Board of Wood (the “Board”) to acquire the entire issued and to be issued ordinary share capital of Wood at a final price of 230p1 per share in cash (the “Final Proposal”).

The Board remains confident in Wood’s strategic direction and its fundamental prospects. However, having now weighed all relevant factors including, in particular, feedback received from Wood shareholders, the Board has decided to engage with Sidara to determine if a firm offer can be made on the same financial terms as the Final Proposal. Accordingly, the Board will grant Sidara access to due diligence materials.

In accordance with Rule 2.6(c) of the Code, the Board has requested and the Panel on Takeovers and Mergers (the “Takeover Panel”) has consented to an extension to the date by which Sidara is required either to announce a firm intention to make an offer for Wood in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00pm on 3 July 2024. This deadline can be further extended by the Board of Wood, with the consent of the Takeover Panel.

There can be no certainty that an offer will be made. Further announcements will be made as appropriate. Read More

May 2024 Baker Hughes Rig Count: International -25 to 953.
U.S. Rig Count is unchanged from last week at 600 with oil rigs down 1 to 496, gas rigs up 1 to 100 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 8 from last week to 128, with oil rigs up 10 to 74, and gas rigs down 2 to 54.

International Rig Count is down 25 rigs from last month to 953 with land rigs down 3 to 740, offshore rigs down 22 to 213.
International Rig Count is down 12 rigs from last year’s count of 965, with land rigs up 11, offshore rigs down 23.

The Worldwide Rig Count for April was 1,726, down 67 from the 1,793 counted in March 2024, and down 82,from the 1,808 counted in April 2023.

RegionPeriodRig CountChange
U.S.A31 May 20246000
Canada31 May 2024128+8
InternationalMay 2024953.-25
Baker Hughes


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