Energy/Automotive News| WTI Crude $82.79/bbl, Brent $86.95/bbl, Opec $85.71/bbl
London, 19 March 2024, (Oilandgaspress): – U.S. Petrol prices increased last week for a third week in a row, up by 4.4 cents from a week ago to an average $3.44 per gallon, GasBuddy said on Monday. The national average is up 18.7 cents from a month ago and 1.6 cents per gallon higher than a year ago. The national average price of diesel has declined 2.2 cents in the last week and stands at $4.00 per gallon—28 cents lower than one year ago.
The most common U.S. gas price encountered by motorists stood at $3.39 per gallon, up 10 cents from last week, followed by $3.29, $3.19, $3.09, and $3.49 rounding out the top five most common prices.
The median U.S. gas price is $3.31 per gallon, up 9 cents from last week and about 13 cents lower than the national average.
The top 10% of stations in the country average $4.68 per gallon, while the bottom 10% average $2.90 per gallon.
The states with the lowest average prices: Mississippi ($3.01), Colorado ($3.03), Oklahoma ($3.03).
The states with the highest average prices: California ($4.87), Hawaii ($4.69), and Washington ($4.27).
Up to 30 upstream projects larger than 50 million of barrels of oil equivalent (boe) could reach FID in 2024, an increase from 22 in 2023, with up to US$125 billion in investment and 14 billion boe sanctioned according to a new report from Wood Mackenzie.
The Wood Mackenzie report “Class of 2024: benchmarking this year’s upstream FIDs” states that project activity will increase this year, with a total of $US125 billion in investment and the potential for 14 boe up for sanction… Read More
Fisker Inc. driven by a mission to create the world’s most emotional and sustainable electric vehicles, developed a bespoke model version of its Fisker Ocean for the Jane Goodall Institute UK, to be auctioned off at an upcoming charity event to support the Institute. The special Fisker Ocean model’s design reflects the charity’s goal to inspire people to save the world that they live in. The individualization of the car called “Journey of Hope” is represented by the dark green color of the rain forests in its exterior color and unique scuff-plates made of 70-percent recycled aluminum showing wildlife engravings on the doors, further improving the recycled content of the vehicle. The hand-over took place as part of the 90th birthday celebration activities for Dr. Jane Goodall in London, UK earlier this week. . Read More
Fisker Inc. driven by a mission to create the world’s most emotional and sustainable electric vehicles, has issued the following statement regarding reported speculation that the company is preparing for bankruptcy filing. “As a matter of company policy, Fisker does not comment on market rumors and speculation. However, Fisker often works with outside advisors to help manage its business and assist in developing and executing strategies. Fisker is focused on raising additional capital and engaging in a strategic partnership with a large automaker. The company is also continuing to pursue its shift to a Dealer Partnership model in both North America and Europe. The leadership team is laser-focused on these efforts.” Read More
Fisker Inc., announced a financing commitment from an existing investor providing up to $150 million of gross proceeds.The financing is being provided by the holder of the company’s 2025-dated convertible notes and will be organized in four tranches. The financing is subject to certain
conditions, including the filing of Fisker’s 2023 Form 10-K. Fisker is also continuing negotiations with a large automaker for a potential transaction which could include an investment in Fisker, joint development of one or more electric vehicle platforms, and North America manufacturing. The closing of any transaction would be subject to satisfaction of important conditions, including completion of due diligence and negotiation and execution of appropriate definitive agreements. Fisker has produced approximately 1,000 vehicles in 2024 through March 15, and has delivered approximately 1,300 globally in that same timeframe. In January, Fisker’s US registrations, at 640 for the month, topped Toyota and ranked 13th overall among brands selling EVs in the US, according to S&P Mobility data cited by Automotive News.
The company has approximately 4,700 vehicles in its currently inventory, carried over from 2023 and including 2024 production. While it has not completed an NRV analysis for 2024, Fisker believes the completed vehicle value for its inventory as of March 15, 2024, is in excess of $200 million. Fisker will pause production for six weeks starting the week of March 18, 2024, to align inventory levels and progress strategic and financing initiatives. Fisker has filed a Form 8-K with the US Securities and Exchange Commission, detailing the news contained in this press release as well as providing additional disclosures. . Read full article
.The Lamborghini SC63 once again demonstrated its strong reliability by reaching the finish of the 12 Hours of Sebring, the second round of the IMSA WeatherTech SportsCar Championship and first competitive outing for the LMDh machine in the United States.
The #63 Lamborghini Iron Lynx crew of Matteo Cairoli, Andrea Caldarelli and Romain Grosjean came through what is regarded as one of the toughest endurance races for machinery all season in a creditable seventh position, confirming the solid foundations on which to unlock further improvements.
Faced with the unique demands of the former airfield terrain of the Sebring International Raceway, the only major issue for the duration of the 12 Hours was a loose door inside the final four hours with Grosjean at the wheel.
In GTD Pro, the #19 Iron Lynx partnership of Mirko Bortolotti, Franck Perera and Jordan Pepper claimed an unexpected last-gasp podium finish in third place, achieved on the final lap of the race due to a penalty for the #77 Porsche.
The weekend was also a momentous occasion for Lamborghini, which was selected as the official safety car for the 12 Hours; the Urus Performante was a regular presence in the race with no fewer than 12 Full Course Yellow periods. Read full article
Addressing EQT Corporation’s (EQT) acquisition of Equitrans Midstream Corporation (ETRN), which it previously owned and spun off in 2018, Eunji Oh, senior research analyst for Wood Mackenzie said, “The Northeast region has increasingly faced difficulties building new infrastructure projects and this transaction would give EQT ownership of midstream assets that should increase in value over time if the basin remains constrained.”
Under the combined business, which will create a vertically integrated natural gas business with an initial enterprise value of more than $35 billion, the midstream footprint of EQT will encompass extensive overlap and direct connectivity in core operating areas. Read full article
Africa Oil Corp. has made a cash offer (“Offer”) to acquire from minority shareholders in Impact Oil and Gas Limited (“Impact”) up to 8.0% of the issued shares in Impact. The Offer is made at a price of USD 0.728 per Impact share, for a consideration of up to approximately USD 64 million, which implies a valuation of USD 805 million for 100% of the issued share capital of Impact. Africa Oil currently holds a 31.1% shareholding in Impact.
The share purchase is conditional upon completion of the farm down transaction for Impact’s Namibia assets announced on January 10, 2024. The Offer is made to select minority shareholders and is open for acceptance until April 5, 2024. Africa Oil is under no obligation to purchase any specific number of shares in Impact. Read full article
Africa Oil Corp. announced that the Company repurchased a total of 488,075 Africa Oil common shares during the period of March 11, 2024 to March 15, 2024 under the previously announced share buyback program.
The launch of Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated March 11, 2024 to March 15, 2024, the Company repurchased 178,700 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 309,375 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company. . Read full article
TotalEnergies is joining seven major companies to create an international coalition supporting the development of production and use of e-natural gas (e-NG), a synthetic natural gas produced from renewable hydrogen and CO2.
e-NG can be transported and/or liquefied and then sold like natural gas, using existing infrastructure. It thus can be used by end customers without any adaptation to their facilities, making it a particularly interesting synthetic fuel to support their decarbonization efforts.
TotalEnergies and its partners – Engie, Mitsubishi Corporation, Osaka Gas, Sempra Infrastructure, TES, Tokyo Gas and Toho Gas – are pooling their expertise and efforts to establish the “e-NG Coalition”, whose purpose is to support e-NG development in a reliable, affordable and sustainable way.
The coalition aims to:
promote the use of e-NG and support the emergence of a global market;
foster adequate support by policymakers and harmonization of applicable regulation and standards;
and bolster collaboration between the various stakeholders, along the entire value chain and across all geographies.
TotalEnergies is currently studying the “Live Oak e-NG” project with Tree Energy Solutions (TES), to produce 100,000 to 200,000 tons of e-NG per year in the United States by 2030. The e-NG Coalition will therefore benefit from the expertise TotalEnergies acquires through this project, as well as its expertise in renewable power generation, large-scale project management, gas liquefaction, and green hydrogen project development. Read full article
Hyundai has been recognized with two vehicles in the 2024 Best Cars for Families awards by U.S. News & World Report. The 2024 Hyundai Tucson was named Best Compact SUV and the 2024 Hyundai IONIQ 5 won Best Electric Vehicle for Families.
The 2024 Hyundai Tucson won Best Compact SUV for Families for the third consecutive year, and the Hyundai IONIQ 5 earned Best Electric Vehicle for Families due to its exceptional safety ratings and spacious cabin.
“We are honored to have the 2024 Hyundai Tucson and the IONIQ 5 recognized by U.S. News & World Report,” said Ricky Lao, director, product planning, Hyundai Motor North America. “At Hyundai, we are dedicated to delivering thoughtfully crafted vehicles that families can comfortably rely on to provide the best driving experience for their journey. Being awarded with ‘Best Compact SUV for Families’ and ‘Best Electric Vehicle for Families’ is a testament to our commitment to ensuring a safe and dynamic ride in our vehicles.”
The vehicles were selected as winners in their respective segments after editors carefully evaluated 90 vehicles. Each awarded vehicle reflects the best combination of safety, reliability, space, convenience, and connectivity in the market.
“The 2024 Hyundai Tucson and IONIQ 5 offer great blends of features, comfortable cabin space and value, plus exceptional warranty coverage that will keep them on the road for years of family adventures,” said John Vincent, senior editor and correspondent, U.S. News & World Report. Read full article
U.S. Environmental Protection Agency announced the availability of nearly $24 million in grants to support states, U.S. territories, and Tribes in providing technical assistance to businesses to develop and adopt pollution prevention practices. The funding is available through two Notice of Funding Opportunities (NOFOs) for EPA’s Pollution Prevention program, with approximately $14 million in grants available at no cost share/match requirement, thanks to funding made possible by President Biden’s Bipartisan Infrastructure Law.
“Pollution prevention practices are an important and cost-effective strategy to protect communities and the environment by helping businesses prevent pollution before it’s even created,” said EPA Office of Chemical Safety and Pollution Prevention Deputy Assistant Administrator for Pollution Prevention Jennie Romer. “Thanks to the historic investment from the Bipartisan Infrastructure Law, EPA is helping to spur economic growth by expanding and accelerating the practices that are win-wins for human health, the environment and American businesses.”
The United States produces billions of pounds of pollution each year and spends billions of dollars per year controlling it. Pollution prevention, also known as P2 or source reduction, is any practice that reduces, eliminates, or prevents pollution at its source prior to recycling, treatment, or disposal. Preventing pollution at the source rather than managing waste afterwards is an important way to support American businesses while reducing exposure to toxic chemicals in communities and conserving natural resources. These practices are essential for protecting health, improving environmental conditions–including in and around disadvantaged communities–and preserving natural resources like wetlands, groundwater sources, and other critical ecosystems. . Read More
The Expo 2005 Aichi Commemorative Park is in Nagakute City, Aichi Prefecture. The Aichi Expo was held in 2005, and the former site is now a park where new types of mobility are taking off. One is the e-Palette, which carried out demonstration tests carrying park visitors from January to February this year. The concept of a BEV driving through the park is to give people a futuristic transportation experience. What sort of scenery does Yuta Tomikawa see when he tries it out?
Another is modeled on the iconic cat bus from the film My Neighbor Totoro. It’s a low-speed, short-distance BEV called “APM (Accessible People Mover) Cat Bus.” We hear from the development team about their difficulties and motivations.
APM Cat Buses will begin operating on March 16. Watch this video to prepare before experiencing the real thing at the park! Read More
The number of container ships passing through the Red Sea and the Suez Canal carrying goods including natural gas, oil, cars, raw materials and many manufactured products and industry components to and from the Indian Ocean, the Mediterranean Sea and the Atlantic Ocean, fell in February compared to January, according to the UNCTAD Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $82.79 | Up |
| Crude Oil (Brent) | USD/bbl | $86.95 | Up |
| Bonny Light | USD/bbl | $88.76 | Up |
| Saharan Blend | USD/bbl | $87.18 | Up |
| Natural Gas | USD/MMBtu | $1.75 | Up |
| Murban Crude | USD/bbl | $87.04 | Up |
| OPEC basket 18/03/24 | USD/bbl | $85.71 | Up |
Vestas Wind Systems A/S, Aarhus, 19 March 2024
Company announcement No. 03/2024
The employees in Vestas Wind Systems A/S have completed the ordinary election for company representation on the Board of Directors according to the current Danish law on employee representation.
The following were elected for the next four years:
• Sussie Dvinge, Management Assistant (re-elected)
• Louise B. Schmidt Nielsen, Supply Chain & Transport HSE Specialist (newly elected)
The elected employee representatives will join the Board of Directors following the Annual General Meeting of Vestas Wind Systems A/S on 9 April 2024. At the same time the current board member Pia Kirk Jensen, who was not re-elected, will resign.
On 22 March 2024, the ordinary election of two Group representatives among the employees in the Vestas Group’s Danish companies will take place, according to the current law on employee representation. Read More
Renewable energy company ENHOL has placed a 51 MW order for the Cascante wind park, to be located in Navarra, Spain. The contract includes the supply and installation of eight V162-6.2 MW wind turbines delivered in 6.4 MW power mode, as well as a 20-year Active Output Maintenance (AOM) 5000 service agreement.
“We would like to thank our long-term customer ENHOL for their trust in Vestas’ latest technology. We are also glad to see how our EnVentus platform is gaining traction in Spain. We are convinced our latest and more powerful platform will make a strong contribution to Spain’s energy transition over the coming years”, says Vestas Head of Sales Mediterranean, Africa & Middle East, Agustín Sánchez Tembleque. Turbine delivery is expected to start in the fourth quarter of 2024, while commissioning is planned for the first half of 2025. Upon commissioning, the wind farm will prevent 23,000 tonnes of CO2 from being emitted into the atmosphere per year. This is equivalent to removing 15,500 European passenger cars from the road every year.* Vestas has installed over 5.2 GW of wind energy across more than 140 wind parks in Spain since installing the first turbine in 1991. Read full article
Baker Hughes Rig Count: U.S. U.S. +7 to 629 Canada -18 to 207
U.S. Rig Count is up 7 from last week to 629 with oil rigs up 6 to 510, gas rigs up 1 to 116 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 18 from last week to 207, with oil rigs down 13 to 128, and gas rigs down 5 to 79.
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 | 15 March 2024 | 629 | +7 |
| Canada | 15 March 2024 | 207 | -18 |
| International | February 2024 | 958. | – 7 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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