Energy/Automotive News| WTI Crude $81.13, Brent $85.69, Opec $85.92/bbl
London, 27 March 2024, (Oilandgaspress):- U.S. primary energy production equaled 103 quadrillion British thermal units (quads), the highest total on record and a 4% increase from 2022. Crude oil production increased 9%, natural gas plant liquids production increased 8%, dry natural gas production increased 4%, renewable energy production increased 1%, nuclear electric power production was virtually unchanged, and coal production decreased 2%.
U.S. primary energy consumption totaled 94 quads, a 1% decrease from 2022. Renewable energy consumption increased 2%, natural gas and petroleum consumption each increased 1%, nuclear electric power consumption was virtually unchanged, and coal consumption decreased 17%.
U.S. primary energy exports equaled 30 quads, an 8% increase from 2022 and the highest total on record. U.S. primary energy imports equaled 22 quads, a 1% increase from 2022. The United States was a net exporter of energy by 8 quads, the largest margin on record. – EIA
Vestas has received a firm order from Energa Green Development, a subsidiary of the ORLEN Group, for the Szybowice project in Opolskie, Poland.
The order consists of 17 V110-2.0 MW wind turbines in 2.2 MW power mode and includes supply, delivery, and commissioning of the turbines. Upon completion, Vestas will service the turbines under a 25-years Active Output Management 5000 (AOM 5000) service agreement designed to ensure optimised performance of the assets.
“We are very pleased to work together with Energa Green Development, part of the ORLEN Group, on the Szybowice project,” says Nils de Baar, President of Vestas Northern & Central Europe. “Last year ORLEN and we announced the collaboration for the Baltic Power Offshore wind farm which was the first order for our V236-15.0MW wind turbine, and it’s great to see that this partnership also continues for an onshore project.”
Turbine delivery is expected to begin in the third quarter of 2025 and commissioning is planned for completion in the fourth quarter of 2025. Read More
Subsea 7 S.A. today published and distributed to eligible holders of Common Shares and American Depositary Receipts the Notice of Meeting and supporting material for the Annual General Meeting of Shareholders (the AGM).
The AGM is scheduled to take place at 15:00 (local time) on 02 May 2024 at the Company’s registered office, 412F, route d’Esch, L-1471 Luxembourg. The holders of American Depositary Receipts (“ADRs”) on record at the close of business on 20 March 2024 and the holders of common shares on record at the close of business on 18 April 2024 will be entitled to vote. The deadline for submission of votes for holders of ADRs is 22 April 2024 and for holders of common shares is 26 April 2024. Read More
Subsea 7 S.A. announced that, on 26 March 2024, Barclays Capital Securities Limited1 informed the Company that it recently crossed above the 5% threshold (at 5.11%) provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”).
• On 19 March 2024 the total number of voting rights in the Company according to Article 8 and 9 of the Transparency Law attached to shares held by Barclays was 2,272,013 representing 0.74% of the voting rights in the Company
• On 19 March 2024 the total number of voting rights in the Company attached to financial instruments with similar economic effect according to Article 12 (1) (a) of the Transparency Law (right to recall) were 12,487,791 representing 4.10% of the voting rights in the Company
• On 19 March 2024 the total number of voting rights in the Company attached to financial instruments with similar economic effect according to Article 12 (1) (b) of the Transparency Law (swaps) were 801,220 representing 0.26% of the voting rights in the Company Read full article
Neste Corporation’s Annual General Meeting (AGM) was held today at Messukeskus, Helsinki Expo and Convention Centre. The AGM supported all the proposals presented to the meeting and approved the remuneration report and the remuneration policy. The AGM also approved the amendment of the Charter for the Shareholders’ Nomination Board resulting in, among other things, that the composition of the Nomination Board will in the future be determined according to the votes produced by the share ownership on the first banking day in June. The AGM adopted the company’s Financial Statements and Consolidated Financial Statements for 2023 and discharged the Board of Directors and the President & CEO from liability for 2023.
Dividend of EUR 1.20 per share to be paid in two installments
The AGM approved the Board of Directors’ proposal that a dividend of EUR 1.20 per share will be paid on the basis of the approved balance sheet for 2023. The dividend will be paid in two installments.
The first installment of the dividend, EUR 0.60 per share, will be paid to shareholders registered in the shareholders’ register of the Company maintained by Euroclear Finland Oy on the record date for the first installment of the dividend, which shall be Tuesday, 2 April 2024. The first installment of the dividend will be paid on Tuesday, 9 April 2024.
The second installment of the dividend, EUR 0.60 per share, will be paid to shareholders registered in the shareholders’ register of the Company maintained by Euroclear Finland Oy on the record date for the second installment of the dividend, which shall be Wednesday, 2 October 2024. The second installment of the dividend will be paid on Wednesday, 9 October 2024.
The Board of Directors was authorized to set a new dividend record date and payment date for the second installment of the dividend, in case the rules and regulations on the Finnish book-entry system would be changed, or otherwise so require. Read full article
Convening after the Annual General Meeting today, Neste’s Board of Directors elected the members of its two Committees.
Johanna Söderström was elected as Chair and Nick Elmslie, Pasi Laine and Sari Mannonen as members of the Personnel and Remuneration Committee. Eeva Sipilä was elected as Chair and John Abbott, Conrad Keijzer, Heikki Malinen and Just Jansz as members of the Audit Committee.
BYD (Build Your Dreams), the world’s leading New Energy Vehicle (NEV) manufacturer, has announced the start of sales of BYD passenger cars in the Greek market in cooperation with dealer partner Sfakianakis Group. An official ceremony on 20th March 2024 at the imposing Zappeion Megaron in Athens marked the occasion in the presence of distinguished guests who were privileged to see an exciting range of BYD electric cars for the first time in Greece. It signified another milestone for BYD in Europe, representing its first national launch of 2024, as the brand continues to bring innovative and accessible eco-friendly solutions to European consumers. The first two BYD models to be distributed in Greece by Sfakianakis Group are the BYD ATTO 3 (C-SUV) and the BYD SEAL (D-Sedan), followed by the BYD DOLPHIN (C-Hatchback) and the BYD SEAL U (D- SUV), which will be available in both pure-electric (BEV) and Plug-In Hybrid (PHEV) variants.
Significantly, the first two BYD stores will be opened in Athens, located at 57 Kifissias Avenue, Marousi and 173 Athens Avenue & Kifisos Avenue providing customers with premium retail experiences, and the opportunity to experience the BYD ATTO 3 and the BYD SEAL, as well as engage in test drives, and place orders directly. Sfakianakis Group strives to provide excellence in customer satisfaction with a high level of service, and is implementing a plan for growing the Group’s Retail Partner and Authorized Repairer Network throughout Greece, to ensure top-quality localized sales and after-sales services. Read full article
Kia Corporation has announced the appointment of new Senior Chief Designers Oliver Samson and Seungmo Lim as respective heads of its Europe and China Design Centers, effective 1st of April. With a wealth of experience drawn from tenures at some of the world’s most recognizable automotive brands, the arrivals reinforce Kia’s dedication to impactful design and the proliferation of its ‘Opposites United’ philosophy.
The new roles will see Samson and Lim lead their teams in collaborating and competing with the brand’s other globally located regional Design Centers to develop the next generation of Kia designs, concepts, materials, and models. This work is crucial in supporting the brand’s main design hub in Namyang, Korea, which undertakes all aspects of car design from planning and conceptualization to styling, modelling, color, and material development.
Speaking on the announcement of the appointments, Executive Vice President and Head of Kia Global Design, Karim Habib, said: “I am incredibly excited to welcome Seungmo and Oliver to their new leadership positions within the Kia Design team. By uniting a diverse team of talented individuals with unique perspectives, we can truly embody the philosophy behind Opposites United, better allowing us to deliver truly inspirational and impactful design.”
After beginning his career as an Exterior Designer at the Hyundai & Kia Motor European Design Center, Oliver Samson returns to the brand from his role as Head of Innovation Design Platform at the Changan European Design Center in Italy. Having additionally held the position of Exterior Design Director at NIO and spent over a decade within the Mercedes-Benz Advanced Design Team, his arrival will further strengthen Kia’s already influential Design Center in Europe. Read full article
Hyundai Motor Group (the Group) and Red Sea Global (RSG) have agreed to collaborate on deploying eco-friendly mobility solutions in RSG’s luxury resorts in Saudi Arabia while exploring opportunities to implement innovative future mobility solutions. The Group and RSG signed a Memorandum of Understanding (MoU), with Dongkun Lee, Head of Future Growth Strategy Sub-Division under Global Strategy Office (GSO) at Hyundai Motor Group, and John Pagano, Group CEO of RSG, attending the ceremony at RSG Headquarters in Riyadh on March 24.
“This partnership signifies our shared commitment to a sustainable and innovative mobility future for humanity,” said Dongkun Lee. “We will accelerate the validations and explore more long-term goals to build a greener and smarter ecosystem in the region.”
“Hyundai Motor Group is a world leader in sustainable and luxury mobility. By working together and integrating its cutting-edge technology and eco-friendly mobility solutions into our destinations, we have the opportunity to continue setting new benchmarks in carbon-neutral operations while exceeding our guests’ expectations for style, comfort, and environmental responsibility,” said John Pagano. Under the MoU, the Group and RSG will jointly explore potential opportunities in various fields. In the short term, both parties will focus on validating and deploying the Group’s eco-friendly mobility solutions, such as battery electric and hydrogen fuel cell vehicles. In the mid to long term, they will explore future mobility solutions, such as autonomous vehicles, Advanced Air Mobility (AAM) and maritime vessels. Read full article
Hyundai Motor Group (the Group) co-hosted a 2024 Korea-Africa Business Forum today in Seoul in partnership with the Centre for Sustainable Structural Transformation (CSST) at SOAS University of London and the Korea-Africa Foundation.
The forum discussed how Korean and African stakeholders can work together as strategic partners for sustainable development amidst ongoing geopolitical uncertainty.
“Africa holds immense potential for strong partnerships and sustainable development,” said Ken Kim, Executive Vice President of HMG Business Intelligence Institute. “Through this forum, we have set the stage for cooperation between South Korea and African nations, and facilitated a fruitful discussion on how to make Korea a truly forward-looking partner for Africa.” Distinguished participants from Africa included Rob Davies, the Former South African Minister of Trade and Industry and high-level members from Morocco’s Agency for Nuclear and Radiological Safety and Security (AMSSNuR); Industrial Development Corporation (IDC) of South Africa; African Minerals Development Centre (AMDC); South African Chamber of Commerce in South Korea; and United Nations University. Also in attendance were key African dignitaries, including ambassadors and embassy officials from 9 African countries. Representatives from Korea and SOAS CSST included Ken Kim, Executive Vice President of HMG Business Intelligence Institute; Ha-Joon Jang, Research Professor of Economics and co-director of CSST, SOAS University of London; Woon-Ki Lyeo, President of the Korea-Africa Foundation; and Soon-Young Hong, Executive Director of the Export-Import Bank of Korea. The forum consisted of a closed session in the morning, where key participants came together to discuss the vision and multi-pronged action plan for Korea-Africa economic cooperation. In the afternoon, an open session was held to explore private-sector cooperation in areas such as energy transition leveraging green hydrogen and critical minerals, and digitalization and supply cooperation strategy. The participants discussed Africa’s energy transition, South African green hydrogen commercialization strategy, investments in alternative energies, Africa’s digitalization progress and its importance for sustainable industrialization, and the challenges and opportunities of a green transition in Africa. Read full article
The International Energy Agency (IEA), the International Energy Forum (IEF) and the Organization of the Petroleum Exporting Countries (OPEC) held the 10th Joint IEA-IEF-OPEC Workshop on the Interactions between Physical and Financial Energy Markets.
The high-level technical meeting was chaired by Dr. Ayed S. Al-Qahtani, Director of OPEC’s Research Division, together with Mr. Christof van Agt Ross, Director of the IEF’s Energy Dialogue, and Mr. Joel Couse, Special Advisor to the IEA.
Discussions during the workshop had three sessions. The first addressed the ‘Factors driving oil market volatility’. This was followed by a second session on ‘Evolving crude benchmarks, price formation and interaction with derivatives markets’. The third session covered ‘Ensuring adequate financing to sustain oil and gas developments’. In his remarks, Dr. Al-Qahtani stated that “our latest World Oil Outlook puts cumulative oil-related investment requirements from now until 2045 at approximately $14 trillion, or around $610 billion on average per year. This massive spending will be required to meet global oil demand, which is expected to reach 116 mb/d by 2045. This must be an industry priority if we are to maintain security of supply and avoid unwanted volatility in the years ahead.” Dr. Al-Qahtani added that “we must continue to do everything we can to avoid volatility, and this includes speculative positioning, which can adversely impact the global oil market.”
The IEF’s Mr. van Agt Ross told the Workshop: “Though physical and financial energy market linkages are better understood and have become more transparent, they require constant analysis to support the stability of world energy markets in a rapidly changing world.”
Mr. Couse of the IEA noted that “the continuation of this regular event has contributed to a better understanding of price formation in oil markets, and energy markets generally. Today’s workshop demonstrates again the importance of the ongoing dialogue between OPEC, the IEF and the IEA on subjects of common interest to the three parties.” The Joint Workshop is part of the trilateral work programme established by the three organizations and endorsed by energy ministers at the 12th International Energy Forum in Cancún, Mexico, in March 2010. Since then, the joint IEA-IEF-OPEC meetings covering the evolving inter-linkages between physical and financial energy markets have developed into a unique, high-level technical events that bring together a diverse range of market participants to discuss issues that are not addressed in other high-level fora. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $81.20 | Down |
| Crude Oil (Brent) | USD/bbl | $85.74 | Down |
| Bonny Light | USD/bbl | $88.42 | Down |
| Saharan Blend | USD/bbl | $86.85 | Down |
| Natural Gas | USD/MMBtu | $1.75 | Up |
| Murban Crude | USD/bbl | $85.24 | Down |
| OPEC basket 26/03/24 | USD/bbl | $85.92 | Up |
Baker Hughes Rig Count: U.S. -5 to 624 Canada -38 to 169
U.S. Rig Count is down 5 from last week to 624 with oil rigs down 1 to 509, gas rigs down 4 to 112 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 38 from last week to 169, with oil rigs down 37 to 91, and gas rigs down 1 to 78.
International Rig Count is down 7 rigs from last month to 958 with land rigs down 5 to 735, offshore rigs down 2 to 223.
The Worldwide Rig Count for February was 1,813, up 30 from the 1,784 counted in January 2024, and down 108, from the 1,921 counted in February 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 22 March 2024 | 624 | -5 |
| Canada | 22 March 2024 | 169 | -38 |
| International | February 2024 | 958. | – 7 |
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