Energy/Automotive News| WTI Crude $83.35/bbl, Brent $88.42/bbl, Natural Gas $1.81/MMBtu
London, 23 April 2024, (Oilandgaspress): — The U.S. Energy Information Administration (EIA) has projected Brent to average $82.42 in 2024 and $79.48 in 2025 while WTI will average $77.68 a barrel for 2024 and $74.98 in 2025. Read More
Baker Hughes (NASDAQ: BKR), an energy technology company, announced Tuesday that it has received an order by Worley, for and on behalf of Aramco, to supply gas technology equipment for the third phase of Saudi Arabia’s Master Gas System project. The award was booked in the first quarter of 2024.
Baker Hughes will supply 17 pipeline centrifugal compressors driven by state-of-the-art aeroderivative gas turbines for Aramco’s project. The new 4,000-km pipeline is vital to the Kingdom’s energy transition, with expectations to increase domestic gas distribution and contribute to a reduction of carbon emissions and oil consumption. The order follows the delivery of 18 of Baker Hughes centrifugal compressors driven by aeroderivative gas turbines for Phase 1 and 2 of the Master Gas System projects executed by Baker Hughes.
“For over 30 years, Baker Hughes has been a trusted partner in natural gas operations, and our long-standing partnership with Aramco is helping to reduce emissions by transitioning to gas,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “Baker Hughes solutions are advancing the efficient use of natural gas, and we are proud to be delivering a reliable system to transport and distribute gas across Saudi Arabia.” Baker Hughes is also investing in expanding its manufacturing site in Modon, Saudi Arabia. In addition to doubling the capacity of its workforce, the upgraded site will further support the delivery of projects in the country, including MGS3, with localized testing and packaging solutions. In February, Baker Hughes announced the delivery of the first two trains of advanced hydrogen compression solutions for the NEOM green hydrogen project in the Kingdom, the largest such project in the world.Read More
Elena Rybakina has won the Porsche Tennis Grand Prix for the first time. In Sunday’s final, the 2022 Wimbledon champion comfortably defeated the Ukrainian Marta Kostyuk 6-2, 6-2 in front of a capacity Porsche Arena crowd. It is the Kazakh’s third title this season. Elena Rybakina is the new tennis queen of Stuttgart. The world No. 4 beat the Ukrainian Marta Kostyuk 6-2, 6-2 in the final of the 47th Porsche Tennis Grand Prix – and secured herself a Porsche Taycan 4S Sport Turismo. Right from the start in front of a 4,200 crowd, she left people in no doubt as to the destiny of the main prize. Hitting powerful groundstrokes, she dominated the rallies against the tournament giant-killer and showed her class in the few crunch moments. After only 69 minutes, the 1,84-metre tall Rybakina converted her third match point and then raised her arm in celebration when turning to her box. Read More
Porsche Penske Motorsport wrapped up round two of the FIA World Endurance Championship WEC with both Porsche 963 racers again on the podium. At the Autodromo di Imola, Laurens Vanthoor, André Lotterer and Kévin Estre crossed the finish line in second place in difficult weather conditions towards the end of the six-hour race. Read More
The Monaco E-Prix is the most prestigious Formula E race of the year. Four Porsche 99X Electric race cars will go in pursuit of championship points on the legendary Grand Prix circuit in the Principality. Driving for the TAG Heuer Porsche Formula E Team, Pascal Wehrlein, the only two-time winner of the season so far, and Jake Dennis from the Porsche customer team Andretti Formula E are tied on points at the top of the drivers’ world championship standings. Read More
Sustainability starts in the mind. The Ferry Porsche Foundation, the Audi Environmental Foundation, the Bentley Environmental Foundation and the green start-up everwave are committed to that idea. With an innovative educational initiative for schools in Bangkok, this quartet is working to raise awareness of how to act sustainably.The programme complements the clean-up activities of the environmental partnership launched in 2023. The goal is to reduce the amount of waste flowing into the Chao Phraya River via its side channels and to establish a stable waste processing infrastructure around the Thai capital. Read More
Federico Magno, previously a member of the Management Board of Porsche Consulting, will be appointed to the Management Board of MHP on 1 May 2024. He will take over as Chairman of the Management Board from 1 July 2024. Dr Ralf Hofmann, co-founder and Chairman of the Management Board of the management and IT consultancy, will then move to MHP’s Strategy Advisory Board. Read More
Bentley Motors today announced its backing for a major sustainability initiative in Thailand, in collaboration with everwave, a foundation partner for the recently-established Bentley Environmental Foundation. The clean-up mission including a new innovative educational project is part of a wider scheme being run by everwave, in collaboration with Audi Environmental Foundation and the Ferry Porsche Foundation, to help rid a major river of harmful plastic rubbish and establish a stable infrastructure for waste processing. Bentley’s support for everwave in Thailand has so far focused on protecting rivers, streams and the ocean from plastic waste, employing a ‘smart’ refuse-collecting boat fitted with AI technology. With the help of drones, cameras and artificial intelligence, everwave tracks down garbage patches, collects them, and transports around 20 tons of garbage per month out of the Chao Phraya River. Employees of the TerraCycle Global Foundation then sort the waste and process it further. The new educational scheme in Bangkok will involve a ground-breaking drive to raise awareness among children of the serious sustainability issues surrounding the Chao Phraya River. The schools’ initiative will centre on ‘learning by doing’, with children helping with a canal clean-up exercise on the Phasi Charoen Canal, which flows into the Gulf of Thailand 25 kilometres west of Bangkok, carrying some 385 tons of waste to the sea every year. Read More
Stylish and dynamic, spacious and versatile with a fully electrified drivetrain portfolio – this the new Opel Grandland unveiled by the Rüsselsheim-based carmaker today. The newcomer brings many design features first seen on the Opel Experimental concept car to life for the first time on a serial production model. These features include the 3D Vizor with illuminated Blitz logo proudly sitting at the centre and the permanently illuminated “OPEL” lettering at the rear. Further highlights include the Intelli-Lux Pixel HD lighting system with over 50,000 individual elements, plus the BEV-native STLA Medium platform and new flat battery packaging design which allow for a 98 kWh battery. This will enable the Grandland Electric to cover up to around 700 kilometres locally emissions-free (according to WLTP1). Read full article
The ADAC Opel Electric Rally Cup “powered by GSe” is well-positioned at the start of its fourth season. 15 of the 100 kW (136 hp) Corsa Rally Electric are registered for this year’s opener on May 3 and 4 at the ADAC Actronics Rally Sulingen (Lower Saxony). The field of participants in the world’s first and only electric rally one-make cup impresses with its internationality and diversity. Athletes from eight different nations will compete. A total of ten new teams – including four pure female and several mixed teams – bring a breath of fresh air to the electrifying competition.
The French motorsport association FFSA is once again using two Corsa Rally Electrics as part of its academy youth development programme. This year the cars will be occupied by Emma Chalvin/Emy Ailloud-Perraud and Alizée Pottier/Joanna Verdier. Also as part of a promotion for young talent, the Royal Belgian Automobile Sports Association RACB, in collaboration with Opel Belgium, has handed a ride to Lyssia Baudet/Pauline Denis. Pia Steffe and co-pilot Nina Spitaler will fly the flag for Austria, while the German Ann Felke has teamed up with male co-driver, Maximilian Kugler. Read full article
INEOS Nitriles has today confirmed the world first sales of INVIREO a new bio-based Acetonitrile necessary for the production of many pharmaceuticals such as insulin and vaccines its role in the detection of covid 19 and its vaccine.
INVIREO Acetonitrile is produced using a controlled and certified (ISCC+) mass balance route which allows INEOS Nitriles to offer customers products with the same performance as conventionally produced acetonitrile, but with a 90% reduction1 in their carbon footprint.
Gordon Adams, Business Director for INEOS Nitriles and INEOS Phenol businesses said: “This is a significant milestone in the delivery of INEOS Nitriles sustainability strategy. Our new bio-based acetonitrile has the potential to significantly cut the carbon footprint of pharmaceutical products, which are essential to our everyday lives and healthcare. Pharma is an energy-intensive industry, so companies that use our acetonitrile can deliver an immediate cut in their carbon footprint.”
Overall, acetonitrile’s versatility as a high purity solvent and chemical intermediate makes it indispensable in numerous processes, ranging from pharmaceutical manufacturing and analytical chemistry to battery technology and organic synthesis. Many pharmaceutical molecules are synthesized in solvents, and acetonitrile’s unique properties make it essential for this purpose. Read full article
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Hyundai Hope, the corporate social responsibility initiative of Hyundai Motor America, announced its partnership with the Children’s Hospital of Michigan through the Children’s Foundation in support of the hospital’s Injury Prevention Program, specifically child passenger safety initiatives. This donation will allow the hospital to purchase car seats for its car seat safety program, which helps ensure the safety and well-being of children while on the road. Read More
Global law firm Norton Rose Fulbright has advised Tokyo Gas Co., Ltd. (Tokyo Gas) and related entities on the sale of its minority interests in four Australian liquified natural gas (LNG) projects. MidOcean Energy Holdings Pty Ltd, a company ultimately owned by US-based private equity firm EIG Global Energy Partners (EIG) acquired the interests in the Gorgon, Pluto and Queensland Curtis LNG projects, while INPEX CORPORATION acquired the interests in the Ichthys LNG project.
The sale and proceeds of its minority interests in the Australian projects will enable Tokyo Gas to continue to invest in its efforts towards the energy transition and help support its other important objectives as set out in its most recent medium-term management plan.
Norton Rose Fulbright provided end-to-end support, advising Tokyo Gas following appointment in 2021 on all aspects regarding the sale of its interests in the LNG projects.
The multidisciplinary Norton Rose Fulbright team was led by partners George Gibson, Martin Irwin and Julian Traill, together with partners Troy McKelvie, Alistair Black and Nick Sinclair. They were supported by counsel Andrew Clarke and senior associates Yvonne Yap and Tarrant Sewell, as well as teams across the firm’s Tokyo, London, Melbourne, Perth, Sydney and Brisbane offices.
George Gibson, partner and head of the firm’s Tokyo office commented: “We were delighted to support our client with this strategically important transaction, and to use the multijurisdictional expertise and capabilities of our cross-border team to assist Tokyo Gas over an extended period to achieve a successful outcome. It was also a pleasure to support Tokyo Gas in its decarbonization plans.”
Martin Irwin, partner said: “Tokyo Gas’s sale of its minority interests in four LNG projects represents one of the most significant recent transactions in the Australian energy sector and will help to support its ongoing investment in the energy transition. We acted for Tokyo Gas throughout and were delighted to assist with the structuring and documenting of such a complex transaction.” Read full article
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $83.35 | Up |
| Crude Oil (Brent) | USD/bbl | $88.42 | Up |
| Bonny Light | USD/bbl | $88.20 | Down |
| Saharan Blend | USD/bbl | $87.35 | Up |
| Natural Gas | USD/MMBtu | $1.81 | Up |
| Murban Crude | USD/bbl | $88.90 | Up |
| OPEC basket 22/04/24 | USD/bbl | $86.51 | Down |
Baker Hughes Rig Count: : U.S. +2 to 619 Canada -14 to 1271
U.S. Rig Count is up 2 from last week to 619 with oil rigs up 5 to 511, gas rigs down 3 to 106 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 14 from last week to 127, with oil rigs down 10 to 60, and gas rigs down 4 to 67.
International Rig Count is up 13 rigs from last month to 971 with land rigs up 1 to 736, offshore rigs up 12 to 235.
The Worldwide Rig Count for March was 1,793, down 20 from the 1,813 counted in February 2024, and down 86,from the 1,878 counted in March 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 19 April 2024 | 619 | +2 |
| Canada | 19 April 2024 | 127 | -14 |
| International | March 2024 | 971. | +13 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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