Energy/Automotive News| WTI Crude $77.54/bbl, Brent $82.28/bbl, Natural Gas $2.21/MMBtu
London ,08 May 2024, (Oilandgaspress): — The U.S. Energy Information Administration (EIA) expects electricity generation will grow by about 3% in 2024 and 1% in 2025. Renewable energy sources—chiefly solar—will supply most of that growth.
EIA expects electricity from solar, wind, and hydropower combined to account for 22% of total U.S. generation in 2024, increasing to 24% in 2025. Electricity from those three sources had made up 21% of U.S. generation in 2023.
EIA forecasts solar will provide 41% more electricity in 2024 than in 2023. Generation from wind grows 5% in 2024 in EIA’s May forecast, but if wind speeds differ significantly from expectations, wind generation could change. EIA expects 6% more hydropower generation in 2023 than in 2024, with the most significant growth in the Southeast.
“In 2025, we expect generation from solar to exceed the contribution from hydroelectricity for the first year in history,” said EIA Administrator Joe DeCarolis.
Other highlights from the May Short-Term Energy Outlook (STEO) include:
• U.S. retail gasoline prices. EIA forecasts that retail gasoline prices will average near $3.70 per gallon in the United States from April through September, similar to prices during the same period last year. EIA plans to publish a STEO supplement analyzing how refinery operations could affect retail gasoline prices in the summer driving season next week.
• Coal. EIA increased its forecasts for U.S. coal production and exports, as the immediate impact of the closure of the Port of Baltimore has become clearer. EIA now forecasts that U.S. coal exports will total 99 million short tons in 2024—a 4% increase from its April forecast but still less than expected before the collapse of the Francis Scott Key Bridge. Although EIA also increased its forecast for coal production in 2024 from last month, it still forecasts 14% less coal will be produced in the United States than in 2023.
• Trans Mountain Pipeline. EIA expects that the startup of the Trans Mountain Pipeline last week will alleviate distribution bottlenecks and support the increase of Canada’s production of liquid fuels to about 6.3 million barrels per day in 2025, an increase of 500,000 barrels per day from current production.
• New to STEO: Global oil data tables. Beginning with this month’s STEO, EIA will be including new streamlined global oil data tables, which provide a more complete breakout of OPEC+ production data and provide a new breakout of world crude oil production that is separate from other liquid fuels production.. Read More
The 2024 Hyundai Palisade is the winner of Cars.com’s Three-row SUV challenge. Conducted over the course of a week, the comparison test featured seven SUVs that were evaluated in a number of areas important to families. After scores were tabulated, the Palisade emerged to top place – thanks in part to its classy refinement and host of desirable features. . Read More
U.S. Environmental Protection Agency officially announced the launch of ENERGY STAR® NextGen™ Certified Homes and Apartments, a voluntary, leading-edge certification program for the nation’s residential new construction sector. Developed with funding from President Biden’s Inflation Reduction Act, ENERGY STAR NextGen will increase national energy and emissions savings by accelerating the building industry’s adoption of advanced, energy-efficient technologies. Building on the 30-year legacy of the EPA’s ENERGY STAR program, the ENERGY STAR NextGen certification will recognize homes and apartments with increased energy efficiency; reduced on-site emissions through heat pumps, heat pump water heaters, electric cooking appliances; and residential electric vehicle charging. Compared to typical code-level construction, homes earning the ENERGY STAR NextGen certification will be 20% more efficient and help to reduce greenhouse gas emissions by 40%–80%.
Across the country, several early adopters have already begun to build to the ENERGY STAR NextGen specification: Read More
Porsche races to win
Porsche Motorsport is facing one of the most intense weekends of the year: On 11/12 May, the sports car manufacturer from Stuttgart will be competing with its works teams almost simultaneously in the ABB FIA Formula E World Championship, FIA World Endurance Championship WEC and the IMSA WeatherTech SportsCar Championship. The aim is to achieve top results with the Porsche 963 at Spa-Francorchamps and Laguna Seca and with the Porsche 99X Electric at the Formula E home race in Berlin.Porsche works drivers head into a gripping motorsport weekend on 11 and 12 May leading the championships in all three top racing series. Porsche Penske Motorsport also occupies the top spot in the team standings of the FIA WEC and the North American IMSA Championship thanks to two victories in Daytona and Qatar and podium finishes in all other races so far this season. Read More
DNO ASA, today reported first quarter 2024 operating profit of USD 61 million, 61 percent higher than the previous quarter, on the back of revenues totaling USD 183 million. Free cash flow at USD 44 million was up 31 percent from the fourth quarter of 2023.
Net production climbed 14 percent quarter-on-quarter and averaged 74,800 barrels of oil equivalent per day (boepd) in the first three months of 2024, to which the Kurdistan region of Iraq contributed 57,200 boepd, the North Sea 14,200 boepd and West Africa 3,300 boepd.
Production from the flagship Tawke license (DNO 75 percent and operator) in Kurdistan has now largely been restored after the March 2023 Iraq-Türkiye Pipeline shutdown as the Company continues to use road tankers to sell its oil to local trading companies on a cash and carry basis with payments deposited into Company accounts in international banks. DNO recently negotiated higher wellhead prices for such sales, raising them to the upper USD 30s per barrel.
The Company is also stepping up investments in its Tawke and Peshkabir fields, both within Tawke license, by restarting completion of three development wells that were discontinued last year as a cost saving measure following the pipeline shutdown. In addition, DNO has deployed its two own intervention rigs to conduct routine workovers, including repairing or replacing pumps, zone stimulations and cleaning out asphaltenes among low-cost, quick turnaround production enhancement measures.
On the Baeshiqa license (64 percent and operator), DNO is continuing to drill the B-3 well which has reached 2,500 meters of a target depth of 3,765 meters.
In the North Sea, which has rapidly developed into a second core area for DNO, the Company maintains a high activity level, pushing for speedier commercialization of its recent string of discoveries. During the quarter, the Bestla development (DNO 39 percent) was approved by partners with startup in H1 2027. Together with two other ongoing developments, namely Andvare (32 percent) and Berling (30 percent), Bestla will support a significant North Sea production increase by late in the decade.
In the first quarter, DNO announced completion of an appraisal well and sidetrack that further delineated the 2023 Heisenberg oil and gas discovery (DNO 49 percent), a new shallow play in the northern part of the Norwegian North Sea, now estimated to hold recoverable volumes in the range of 24 to 56 million barrels of oil equivalent (MMboe) (mean of 37 MMboe). Oil-bearing sands were also encountered in a deeper secondary target, Hummer.
In January, DNO announced that it had been awarded participation in 14 exploration licenses, of which three are operatorships, under Norway’s Awards in Predefined Areas (APA) 2023 licensing round, bringing the Company’s total holdings to 82 licenses offshore Norway, of which 14 are operated.
Last year, DNO was the third most active exploration driller on the Norwegian Continental Shelf and ranked second in discovered volumes with an estimated 100 MMboe net to the Company. DNO has prioritized near-infrastructure exploration in areas with clear routes to commercialization of discoveries and has been an early mover in acquiring substantial acreage positions in selected areas which have since become exploration hotspots.
“Offshore discoveries in the North Sea and particularly in the Norwegian sector take significantly longer to bring to production than in other key oil and gas provinces, according to Bijan Mossavar-Rahmani, DNO’s Executive Chairman, “We not only address this by exploring near existing infrastructure but by acquiring bolt-on producing assets, including a 25 percent interest in the Arran field offshore UK and interests in multiple fields in the Norne area offshore Norway,” he continued.
Such acquisitions are made possible in part by deploying the Company’s sizeable cash position. The balance sheet remains strong with an equity ratio of 49 percent with the Company exiting the quarter with cash deposits of USD 606 million and net cash of USD 171 million. The Company redeemed in full its DNO03 bond by repaying the remaining USD 131 million in the quarter.
Given the strength of the balance sheet, the Board of Directors has authorized a dividend payment of NOK 0.25 per share to be made on or about 28 May 2024, maintaining the Company’s quarterly distribution program. Read More
Key Information Relating to Cash Dividend
Oslo, 8 May 2024 – DNO ASA, the Norwegian oil and gas operator, today announced that pursuant to the authorization granted at the Annual General Meeting held on 25 May 2023, the Board of Directors has approved a dividend payment of NOK 0.25 per share to be made on or about 28 May 2024 to all shareholders of record as of 21 May 2024. DNO shares will be traded ex-dividend as of 16 May 2024.
Dividend amount: NOK 0.25 per share
Declared currency: NOK
Last day including right: 15 May 2024
Ex-date: 16 May 2024
Record date: 21 May 2024
Payment date: 28 May 2024 (on or about)
Date of approval: 7 May 2024, based on authorization granted 25 May 2023 Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.54 | Down |
| Crude Oil (Brent) | USD/bbl | $82.27 | Down |
| Bonny Light | USD/bbl | $84.01 | Down |
| Saharan Blend | USD/bbl | $83.23 | Down |
| Natural Gas | USD/MMBtu | $2.21 | Up |
| Murban Crude | USD/bbl | $83.04 | Down |
| OPEC basket 07/05/24 | USD/bbl | $83.60 | Down |
Odfjell SE today reported its results for the first quarter of 2024, showing a record quarter driven by strong markets. The rerouting of vessels away from the Red Sea has elevated freight rates further.
Highlights – 1Q24:
• Record net result of USD 68 million. Net result adjusted for one-off items was USD 69 million compared to USD 50 million in 4Q23.
• Time charter earnings in Odfjell Tankers ended at USD 195 million, compared to USD 182 million in 4Q23.
• EBIT of USD 89 million compared to USD 71 million in 4Q23.
• Rates on renewed COAs in the quarter were up 14% on average, covering 22% of estimated annual contract volume.
• Net result contribution from Odfjell Terminals increased to USD 3.2 million, compared to USD 2.4 million in 4Q23.
• Fleet carbon intensity (AER) for 1Q24 of 7.14, slightly better than 4Q23.
• During the quarter, Odfjell took delivery of one newbuild on long-term time charter and signed an agreement for one owned newbuilding. A further four newbuildings on long-term time charter were concluded in April. These vessels are all scheduled to be delivered in 2026 and 2027, bringing Odfjell’s total number of newbuildings on order to 16 vessels. By that, ~20% of the orderbook in the chemical tanker segment is on Odfjell’s account.
“Odfjell delivered a record result in the first quarter of 2024. This reflects the tightened market situation due to the increased ton-mile demand. We also continued to increase the rates in our COA portfolio. This, in combination with a very professional and dedicated organization, gives a solid basis for future earnings. We expect our earnings to further increase in 2Q24,” said Harald Fotland, CEO of Odfjell SE. Read More
Baker Hughes Rig Count: : U.S. -8 to 605 Canada +2 to 120
U.S. Rig Count is down 8 from last week to 605 with oil rigs down 7 to 499, gas rigs down 3 to 102 and miscellaneous rigs up 2 to 4.
Canada Rig Count is up 2 from last week to 120, with oil rigs up 4 to 60, and gas rigs down 2 to 60.
International Rig Count is up 7 rigs from last month to 978 with land rigs up 7 to 743, offshore rigs unchanged at 235
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.
| Region | Period | Rig Count | Change |
| U.S.A | 03 May 2024 | 605 | -8 |
| Canada | 03 May 2024 | 120 | +2 |
| International | April 2024 | 978. | +7 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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