Energy/Automotive News| WTI Crude $85.08/bbl, Brent $89.70/bbl, Natural Gas $1.68/MMBtu
London, 17 April 2024, (Oilandgaspress):- World oil demand growth continues to lose momentum with 1Q24 growth of 1.6 mb/d, 120 kb/d below our previous forecast due to exceptionally weak OECD deliveries. With the post-Covid rebound now largely complete, and vehicle efficiencies and an expanding EV fleet acting as further drags on oil demand, growth in 2024 and 2025 slows to 1.2 mb/d and 1.1 mb/d, respectively.
Non-OPEC+, led by the US, is set to drive world supply growth through 2025. For 2024, global output is forecast to rise by 770 kb/d to 102.9 mb/d. Non-OPEC+ production will expand by 1.6 mb/d, while OPEC+ supply could fall 820 kb/d if voluntary cuts remain in place. In 2025, global growth could rise to 1.6 mb/d. Non-OPEC+ is forecast to lead gains, rising 1.4 mb/d, while OPEC+ output could increase by 220 kb/d if curbs stay in place. Global refinery throughputs are forecast to rise by 1 mb/d to 83.3 mb/d in 2024, 160 kb/d less than in last month’s Report, on lower Russian runs, unplanned outages in Europe and still-tepid Chinese activity. Throughputs are projected to increase by 830 kb/d to 84.2 mb/d in 2025, as non-OECD growth of 1.1 mb/d more than offsets declines in the OECD. Read More
The Sunrise Joint Venture (SJV) participants, comprising TIMOR GAP (56.56%), Operator Woodside Energy (33.44%), and Osaka Gas Australia (10.00%), following a global contract procurement process has awarded the Greater Sunrise Concept Study (the Study) contract to Wood Australia Pty Ltd (Wood PLC). The Study will be led by Wood PLC with a multi-disciplinary subcontracting team comprising of specialist consulting partners. The Study will consider the key issues for developing, processing, and marketing gas with a strong focus on delivery of gas to Timor-Leste for processing and LNG sales or the alternative of delivery of the gas to Australia. It will include a range of disciplines including engineering, financial assessment and financing, local content, strategy and security, health safety and environment, and socioeconomic analysis. The Study will evaluate which option provides the most meaningful benefit for the people of Timor-Leste. The Study will be conducted in an impartial manner and, importantly, will not provide any recommendations to the SJV. It is targeted to be completed by no later than the fourth quarter of 2024. In addition, the SJV and the governments have continued to make progress towards agreeing a new Production Sharing Contract, Petroleum Mining Code and fiscal regimes, which upon finalisation will assist with providing fiscal and regulatory certainty. Background: The Greater Sunrise fields, located approximately 450 km north-west of Darwin and 150 km south of Timor Leste, comprise the Sunrise and Troubadour gas and condensate fields. . Read More
Southwest Research Institute (SwRI) will build, integrate and test a small demonstration spacecraft as part of a $25.5 million Space Mobility and Logistics (SML) prototyping project funded by the U.S. Space Force and led by prime contractor Astroscale U.S. The spacecraft, called the Astroscale Prototype Servicer for Refueling (APS-R), will refuel other compatible vehicles while in geostationary orbit.
“Running low on fuel is a common issue for spacecraft in Earth orbit,” said SwRI Staff Engineer Steve Thompson, the SwRI project systems engineer. “When they have expended all of their fuel, their mission ends — even though the vehicle may be in otherwise excellent health. A refueling vehicle can extend those missions, and we can get additional lifetime out of spacecraft that are already in orbit.”
The APS-R will operate in geostationary orbit around the Earth, meaning it will follow a circular orbit in sync with the Earth’s rotational period of 24 hours. The spacecraft will carry hydrazine propellant from a depot, also in geostationary orbit, to the spacecraft in need of fuel. The APS-R can service any spacecraft fitted with a compatible refueling port.
“Recently, other approaches to life extension have emerged, such as a vehicle that can use its thrusters to push another spacecraft where it needs to go after it runs out of fuel,” Thompson said. “A refueling vehicle broadens life extension options with a flexible alternative.”
Over the next 16 months, SwRI will construct the host vehicle for the APS-R in the Institute’s new 74,000-square-foot Space System Spacecraft and Payload Processing Facility, which was created to rapidly respond to customers needing to design, assemble and test spacecraft, particularly small satellites. Read More
Odfjell has passed another significant milestone on its transition journey with the introduction of a ‘Transition Finance Framework’. The initiative is a first in the Nordic region and solidifies the shipping company’s position at the forefront of sustainable finance practices.
Odfjell has worked actively to reduce emissions for more than a decade. This work has led to documented results, positioning the chemical tanker operator as a sustainability leader in the international shipping industry. The company is now taking another proactive step toward reaching its ambitious climate targets by releasing a customized Transition Finance Framework aimed at supporting the funding of its transition.
Financing the transition of the Odfjell fleet
The Transition Finance Framework has been developed with support from DNB as Transition Finance Advisor.
“As the focus on reducing climate footprints grows across industries worldwide, so do the expectations for transition plans and concrete actions from banks and investors. We appreciate this strong interest from our funding sources and have decided to respond by piloting a new financial instrument,” says Finance Manager at Odfjell, Henriette K. Bergesen.
The framework serves as a holistic approach to transition investments, capturing both small and large decarbonization projects that Odfjell intends to invest in. The framework can be used for both bonds and loans and adheres to the latest industry guidelines for use-of-proceeds instruments and transition financing.
“This commitment serves as a strategic roadmap for our investments in emission-reduction activities and is a proactive measure in our transition strategy. It ensures accountability in utilizing financial resources, ensuring that the funds invested in us go to eligible projects linked to our transition plan.”
The first facility already successfully issued
The framework encompasses a wide range of energy-efficiency initiatives that will support Odfjell’s journey towards a climate-neutral fleet in 2050. The participating financial institutions will benefit from Odfjell’s commitment to transparency and see their funds being directed towards a wide range of initiatives aimed at emission reduction, such as:
• Vessel-specific retrofits
• R&D activities
• WASP technology
• Zero-emission capable new builds
• Vessel life-extension program
The framework has already proven its effectiveness in a recent Transition Finance loan facility together with a refinancing for six supersegregators, at historically attractive terms, demonstrating the banking sector’s enthusiasm for supporting transition investments.. Read More
The Annual General Meeting of Saab resolved on a share split whereupon each share, regardless of series, is divided into four shares of the same series. The Board has now decided that the record date for the share split will be May 8, 2024.
Last day of trading in Saab’s B shares prior to the share split is May 6, 2024. First day of trading in Saab’s B shares post the share split is May 7, 2024. As a result of the share split, Saab’s B shares will be traded under a new ISIN code as of May 7, 2024. The new ISIN code for Saab’s B shares is SE0021921269.
The share split will be automatically implemented via Euroclear Sweden AB and no actions are required by the shareholders. The new number of shares is expected to be registered on the securities account (Sw. VP-konto) of each shareholder by May 10, 2024.
After the share split the total number of shares in Saab will amount to 543,383,388, whereof 9,535,612 A shares and 533,847,776 B shares. . Read More
Report from Saab’s Annual General Meeting 2024
The Annual General Meeting decided on a dividend of SEK 6.40 per share to the shareholders, to be paid out in two equal instalments. At the first instalment, SEK 3.20 per share is paid with the record date Monday, 15 April 2024. At the second instalment, SEK 0.80 per share (provided implementation of the share split 4:1) with the record date Tuesday, 8 October 2024. Payment of the dividend is expected to be made from Euroclear Sweden AB on Thursday 18 April 2024 and Friday 11 October 2024, respectively.
Approval of Income Statement and Balance Sheet
The Annual General Meeting approved the Parent Company’s Income Statement and Balance Sheet, and the Consolidated Income Statement and Balance Sheet for the financial year 2023.
Discharge from liability
The Board of Directors and the CEO were discharged from liability for the financial year 2023.
The Board of Directors
In accordance with the Nomination Committee’s proposal, Anders Ynnerman was elected as new Board member and the following Board members were re-elected; Lena Erixon, Henrik Henriksson, Micael Johansson, Danica Kragic Jensfelt, Johan Menckel, Bert Nordberg, Erika Söderberg Johnsson, Sebastian Tham, Marcus Wallenberg and Joakim Westh. Sara Mazur had declined re-election. Marcus Wallenberg was re-elected as Chairman of the Board. At the Board Meeting following the Annual General Meeting, Bert Nordberg was re-elected as Deputy Chairman of the Board.
Auditor
In accordance with the Nomination Committee’s proposal, the Annual General Meeting decided to re-elect PricewaterhouseCoopers AB as Auditor until the close of the Annual General Meeting 2025. Read More
Embarking on a new chapter of cultural influence, longstanding partners Mercedes‑Maybach and David LaChapelle have reunited for a collaboration that spotlights the brand’s iconic roster, resulting in three original artworks. Driven by the powerhouses’ shared creator values and through the adoption of three of the most influential art movements, the outcome is a visionary interpretation of art and automotive design.
The artworks were unveiled on April 16th at an exclusive cocktail evening held at The Gallery Meravigli, during Milan Design Week. A live representation of the collaboration, the event recreated the set design of one of the concepts in an immersive and art-focused experience. Read More
Automobili Lamborghini welcomed over 40 passionate Lamborghini owners across the Oceania region for the highly-anticipated Esperienza Giro Oceania in Tasmania, marking its first venture beyond the mainland Australia. Set across five fascinating days, the convoy of more than 20 Lamborghini super sports cars and super SUVs embarked on an unforgettable journey, covering over 600km of Tasmania’s magnificent landscapes.
The multi-day odyssey began with a treat to an epicurean dinner in Launceston nestled along the banks of the Tamar River, where guests enjoyed a blend of contemporary cuisine and waterfront views.
The following morning, the Lamborghini supercars geared up for the twists and turns on some of Australia’s most iconic roads, infusing the quaint towns and natural wonders with vivid hues as the convoy drove past. Headed towards a retreat amidst the pristine wilderness of Cradle Mountain for a curated gourmet lunch spread, the guests relished the flavors of local finest produce in a serene natural setting after an adrenaline-pumping drive. The exhilarating driving adventure continued after that, with drivers immersing themselves in the power, performance, and dynamism delivered by their Lamborghini cars. In the evening, guests were transferred to an award-winning winery renowned for its premium wines and exceptional dining experiences, indulging in the region’s gastronomic delights. Read More
The Johan Castberg ship will soon be heading north. With the ship in place, the plan is to have three producing fields in the Barents Sea by the end of the year.
“It took a lot of good decisions to get where we are today in the Barents Sea, and we now have the opportunity to lay a good foundation for further development of this part of the Norwegian shelf,” said Torgeir Stordal, Director General of the Norwegian Offshore Directorate, in his keynote address at the Barents Sea Conference.
Forecasts indicate that production on the Norwegian shelf will peak in 2025. Johan Castberg coming on stream is one of the contributing factors. This field will generate high and long-term activity with substantial ripple effects for Hammerfest and Northern Norway.
Good infrastructure is the proven key to high and long-term value creation throughout the shelf. This is why it is important that major new field developments contribute to good, comprehensive area solutions. This means that minor discoveries can be tied back, and it will also stimulate new exploration activity.
Wisting is the next major development in the Barents Sea that can contribute new infrastructure. This is a strategically important project where the authorities expect the licensees to facilitate a good area solution.
Both Goliat, Johan Castberg, and most likely also Wisting, will eventually need gas offtake and the authorities are concerned with ensuring good coordination among companies and good joint solutions.
Stordal’s keynote address also emphasised that gas exports from the Norwegian shelf are crucial for energy security in Europe. Norway can deliver gas at the current level over the next several years, but exports will decline after 2030. This is why more gas discoveries need to be developed. Increased export capacity from the Barents Sea could be an important contribution. Studies are under way on how to potentially expand export capacity from the Barents Sea.. Read full article
During Milan Design Week, from April 15 to 21, Luxury Living Group and Bugatti unveil a new evolution of their design philosophy with a unique display in Palazzo Chiesa’s gardens, located in Corso Venezia. This showcase further deepens the home collection’s synergy with the iconic hyper sports car brand founded in 1909, adopting an approach that emphasizes cutting-edge craftsmanship techniques, simple elegance as well as a meticulous attention to detail and dedication to perfection.
Guests are welcomed in a 19th Century edifice, walking through a gallery crafted from highly technical materials, transitioning seamlessly from the ultimate Bugatti roadster, the Mistral1, into the realm of Bugatti Home. The 2024 collection stars both in the lush garden and within an incredible installation, drawing inspiration from Ettore Bugatti’s original Orangerie glasshouse in Molsheim, Alsace. More than ever, this latest collection echoes the uniqueness of Bugatti’s hyper sports cars, celebrating the unparalleled artistry of their shapes and form. The contrast of sandblasted aluminum against raw, open-pore oak, celebrates the innate purity of the materials while championing authenticity just like it does throughout the iconic Bugatti automobile design; if something looks like titanium or wood or carbon fiber, then it has to be. Read More
The European Union and the United States are considering additional sanctions against Iran, with Reuters noting the move sought to discourage Israel from retaliation for this weekend missile strike barrage that would inevitably lead to an escalation in the conflict.
The BBC cited Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy, as saying Brussels was currently working on the sanctions, while U.S. Treasury Secretary Janet Yellen said news in this respect would be coming in the next few days.Additional sanctions on Iran’s oil may have a more pronounced effect on oil prices than the attack against Israel, a retaliation for an Israeli strike on the Iranian consulate in Damascus. New sanctions would also target Iran’s missile and drone program, according to National Security Advisor Jake Sullivan. Read full article
Bentley Home will present a new six-strong collection that celebrates materiality, lightness of form and its first foray into the home office at its Atelier located within the historic Palazzo Chiesa during Milan Design Week 2024 (16-21 April).
The new range provides a fresh perspective on contemporary luxury furniture in collaboration with designers Carlo Colombo, Federico Peri, and Francesco Forcellini. Each Bentley Home designer has been engaged for their knowledge, innovative use of new sustainable materials, craft and leading-edge production technology, enabling the highest levels of customisation working closely with the Bentley Motors Design Team in Crewe.
Chris Cooke, Head of Bentley Design Collaborations, said, “The new collection for 2024 is characterised by a dynamism and lightness of touch. It is a meeting of design minds – all of whom share a commitment to translating and elevating Bentley’s distinctive design DNA – comfort, craft, and elegance into contemporary furniture. And we are further developing the levels of extreme personalisation and customisation.” Read More
KBR (NYSE: KBR) announced today it has signed a contract to provide its green ammonia technology, K-GreeN®, for Fortescue’s Holmaneset green energy project in Norway.
Under the terms of the contract, KBR will provide technology license, proprietary engineering design, and FEED support engineering services for the 675 metric tonnes per day grassroots green ammonia plant in Norway.
“We are excited to work with Fortescue on this project to offer our zero-carbon green ammonia technology,” said Jay Ibrahim, President, KBR Sustainable Technology Solutions. “KBR is a significant contributor in the development of the green energy value chain and decarbonization of hard-to-abate industries and we look forward to working with Fostescue to advance their ESG objectives.”
KBR is a world leader in ammonia technology and has been at the forefront of innovation in the ammonia market for decades. Since 1943, KBR has licensed, engineered, or constructed more than 250 grassroot ammonia plants worldwide.. Read More
Benchmark crude oil prices continued their upward trajectory in March and early April, as heightened geopolitical tensions coincided with the prospect of a tighter supply-demand balance through the remainder of the year. Brent crude futures breached the symbolic $90/bbl threshold on 5 April, up nearly $8/bbl from early March, reaching the highest level since October 2023, amid heightened tensions between Israel and Iran. Russian refinery outages added to product market unease, while OPEC+ put pressure on some countries to increase compliance with agreed voluntary production cuts through 2Q24.
Escalating oil supply security concerns are set against a backdrop of solid global oil demand growth of 1.6 mb/d in the first quarter and a more upbeat outlook for the global economy. World oil demand growth has nevertheless been revised down by roughly 100 kb/d since last month’s Report, to 1.2 mb/d, following exceptionally weak deliveries in the OECD at the start of the year. Our newly-released 2025 forecast in this month’s Report shows the pace of expansion will decelerate further, to 1.1 mb/d next year as the post-Covid 19 rebound has run its course. Non-OECD countries dominate the outlook, with forecast demand set to increase by 1.3 mb/d in 2024 and 1.2 mb/d in 2025. By contrast, consumption in the OECD will decline by 60 kb/d in both years. China continues to lead the growth even as its share of the global increase slumps from 79% in 2023 to 45% in 2024 and 27% next year.
Sustained output curbs by the OPEC+ alliance mean that non-OPEC+ producers, led by the Americas, will continue to drive world oil supply growth through 2025. OPEC+ market share has already slipped to all-time lows after the alliance removed close to 2 mb/d of supply from the market since the end of 2022, while non-OPEC+ ramped up by nearly the same amount. That trend looks set to continue in 2024, when non-OPEC+ boosts output by a further 1.6 mb/d. OPEC+ supply is projected to fall by 820 kb/d, provided cuts are maintained through the second half of the year. In 2025, global oil supply is forecast to increase by 1.6 mb/d to a new record of 104.5 mb/d, as non-OPEC+ lead gains for a third straight year, rising by 1.4 mb/d. Read More
Oil prices eased in early trade on Wednesday as worries about global demand due to weak economic momentum in China and fading hopes for U.S. interest rate cuts in the near term outweighed supply fears on heightened tensions in the Middle East.
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $85.08 | Down |
| Crude Oil (Brent) | USD/bbl | $89.73 | Down |
| Bonny Light | USD/bbl | $91.93 | Up |
| Saharan Blend | USD/bbl | $91.15 | Up |
| Natural Gas | USD/MMBtu | $1.68 | Down |
| Murban Crude | USD/bbl | $90.43 | Up |
| OPEC basket 16/04/24 | USD/bbl | $90.18 | Up |
Dover Fueling Solutions® (DFS), a part of Dover Corporation and a leading global provider of advanced customer-focused technologies, services and solutions in the fuel and convenience retail industry, is looking forward to welcoming customers, distributors, and industry partners to the UNITI Expo trade show from 14th – 16th May 2024 at Messe Stuttgart, Germany. Following an extremely successful UNITI Expo show in May 2022, DFS will once again showcase all its leading brands – Wayne Fueling Systems, Tokheim®, OPW® (including KPS and Fibrelite), ProGauge, Fairbanks, and LIQAL – collectively under the DFS banner. Spanning 600 square meters, the DFS stand will encompass a comprehensive range of pioneering clean energy products, innovative fuel dispensers, retail automation products, cloud technologies, payment solutions (including Prizma, the DFS Self-Checkout Kiosk), wetstock solutions and automatic tank gauging (ATG) products, as well as showcasing various industry partnerships.
Visitors can expect to be wowed – on stand 5C10 in hall 5 – by the extensive range of products and solutions, but most importantly their ability to connect with each other. Visitors to DFS stand 5C10 will also be able to experience, first-hand, some of DFS’ brand-new, never-before-seen products and solutions, which will be launching exclusively at the event. Among the brand-new products and solutions DFS will showcase at the 2024 UNITI Expo, visitors can expect to see: the EMEA dispenser range – featuring the Tokheim Quantium®, Wayne Helix®, and Wayne Century™ 3 fuel dispenser families; the DFS Hydrogen dispenser; DX Power™; Prizma; DFS Fusion® automation server V3; the DFS DX™ connected solutions platform – including DX Wetstock®, DX Retail® and DX Monitor®; the DFS ONE Portal cloud services platform; T-Media™ by Dover Fueling Solutions® (DFS); the Tokheim Crypto VGA® OPT (Outdoor Payment Terminal); the DFS Self-Checkout Kiosk; the ProGauge MagLink LX family of tank gauge consoles; and the DFS DMP Magnetostrictive family of probes. Read More
Kia is presenting its Design Cultural Communication Project at the 2024 Milan Design Week. Various renowned artists will introduce new works of art inspired by Kia’s ‘Opposites United’ design philosophy, with the project housed at the Museo della Permanente in Milan, Italy from April 15 to 21.
During last year’s event, Kia showcased its design philosophy and engaged in a broader discussion on design through the Opposites United Exhibition, where a small community of participants shared their responses and thoughts.
This year’s exhibition, however, will learn and evolve through dialogue and conversations with participants in various fields – a bold, exploratory move to enhance Kia’s creative culture rather than a monologue on the brand’s own design story.
Both current and former participants, including performers, artists, and exhibition planners, will foster cultural creativity by communicating directly with anyone visiting the Milan Design Week. This will be facilitated through three varied styles of art installation: Personal and Collective, Tangible and Intangible, and Finite and Infinite.. Read More
Baker Hughes Rig Count: : U.S. -3 to 617 Canada +5 to 141
U.S. Rig Count is down 3 from last week to 617 with oil rigs down 2 to 506, gas rigs down 1 to 109 and miscellaneous rigs unchanged at 2.
Canada Rig Count is up 5 from last week to 141, with oil rigs up 5 to 70, and gas rigs unchanged at 71.
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 | 12 April 2024 | 617 | -3 |
| Canada | 12 April 2024 | 141 | +5 |
| 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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