Energy News 04 January 2024| WTI Crude $72.49/bbl, Brent $77.97/bbl, Opec $76.87/bbl
London, 04 January 2024, (Oilandgaspress): – The OPEC Secretariat in consultation with OPEC Member Countries and the non-OPEC producing countries participating in the DoC, re-affirms the full commitment by the countries participating in the DoC to unity and cohesion, as well as their continued and unwavering efforts to maintain oil market stability going forward through the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings.
Moreover, OPEC Member Countries re-affirm their steadfast commitment to the shared objectives of unity and cohesion both within the Organization, and with the non-OPEC producing countries participating in the DoC. The extraordinary efforts by OPEC Member Countries and non-OPEC producing countries participating in the DoC have been evident in supporting the global economy to overcome the many challenges witnessed throughout the past several years, including the COVID 19 pandemic, and have ensured stability of the oil market especially when compared to other commodities. The unprecedented levels of cooperation, dialogue, mutual respect and trust will continue to be the basis for these continued collaborative efforts going forward. This is for the benefit of all producers, consumers and investors, as well as the global economy at large. Read More
Europe’s gas inventories across the European Union and the United Kingdom amounted to 996 terawatt-hours (TWh) on Dec. 31, a seasonal record, according to data compiled by Gas Infrastructure Europe (GIE).
TOYOTA GAZOO Racing World Rally Team (TGR-WRT) is pleased to confirm that the GR Yaris Rally2 has been officially granted homologation by the Fédération Internationale de l’Automobile (FIA) from January 1, 2024. TOYOTA GAZOO Racing (TGR) has up to now been participating in the FIA World Rally Championship [WRC] with the GR Yaris Rally1 hybrid, the FIA World Endurance Championship [WEC] with the GR010 hybrid and the FIA World Rally Raid Championship [W2RC] with the DKR Hilux EVO T1U as works motorsport activities, and has also developed the GR Supra GT4 to promote the making of ‘ever better cars’ through customer motorsports activity. The GR Yaris Rally2 has been developed for customer rallying. Read full article
BYD has passed Tesla as the world’s most popular electric vehicle.
As we noted moments ago, Tesla announced this morning it had “produced approximately 495,000 vehicles and delivered over 484,000 vehicles” for Q4. The company noted that its full year vehicle delivery number was up 38% to 1.81 million, slightly less than recently revised expectations for the year. Nonetheless, total deliveries mark a record quarter for the EV manufacturer. The company manufactured approximately 1.85 million vehicles for the period. Read full article
The Hyundai IONIQ 5 has been awarded The Car Connection’s Best Electric Car To Buy for a second consecutive year. The Car Connection’s team of experts rate vehicles on a 10-point scale evaluating them across a variety of categories, including styling, performance, comfort and utility, safety, technology, and efficiency. These awards stem from the publication’s year-long evaluation and testing of new or redesigned models based on what is most important for car shoppers. Read full article
Hyundai Motor Group (the Group) held its 2024 New Year address today at Kia AutoLand Gwangmyeong, the first dedicated electric vehicle (EV) plant in Korea, looking forward to the year ahead and outlining the Group’s key areas of focus.
Under the theme ‘Together, a Valuable Start,’ Hyundai Motor Group Executive Chair Euisun Chung and executives from the Group’s affiliates shared New Year’s messages and the Group’s future vision.
In his New Year’s message, Executive Chair Euisun Chung highlighted, “Our mission this year will be ‘Consistency and Sustainability’ consistently strengthening our capabilities, which will allow us to scale any challenges and achieve sustainable progress.”
Chung stressed that ‘consistent change’ and ‘sustainable growth’ are the key words for the Group’s success in the face of increasing global uncertainty and growing competition.
Focusing on 2024 and beyond, Chung said, “I am excited about the series of innovations in electrification that will start here at AutoLand Gwangmyeong, the Group’s first EV-dedicated plant, and expand to Ulsan, the United States and beyond.
The Group will complete the redevelopment of the Kia AutoLand Gwangmyeong EV Plant in the second quarter of this year, which will produce the brand’s EV3, a compact EV, for domestic and international sales. Subsequently, Hyundai Motor Group Metaplant America (HMGMA), Kia’s AutoLand Hwaseong EV Plant, and the Hyundai Motor Ulsan EV Plant will be brought online sequentially to introduce innovative EVs to the global market, with an overall Group strategy to become a top three global EV manufacturer by 2030.
“Last November, I was conferred the Most Excellent Order of the British Empire as Honorary Commander (CBE) in recognition of my contributions to strengthening the cooperation and friendship between the UK and the Republic of Korea,” said Chung, adding, “It is the same Order that was bestowed upon the Founding Chairman Ju-yung Chung, who laid the foundation of the Hyundai-UK partnership in the 1970s.” Read full article
Horisont Energi (EURONEXT: HRGI) today announces that the Norwegian Ministry of Energy has approved PGNiG Upstream Norway as operator and partner with Horisont Energi in Polaris (CO2 exploration licence EXL003) the only CO2 storage located in the Barents Sea.
Horisont Energi and PGNiG Upstream Norway (PUN) on 11 December 2023 announced a sales purchase agreement making PUN a licence partner. The governmental appointment of PUN as operator and approval as licensee represent a key milestone in the development of the Polaris project.
“With PGNiG Upstream Norway now in place as operator and partner, we have a very strong fundament to unlock the potential of Polaris as a vehicle to reduce emissions on an industrial scale. We have had excellent cooperation with the PUN team so far and look forward to developing this great partnership going forward,” says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.
“We are glad to see the Norwegian authorities supporting the rapidly developing CCS industry in Norway and Europe. The Polaris carbon storage project is a significant emission management initiative in Europe with expected ripple effects far beyond the Norwegian Continental Shelf. We strongly believe that our involvement in this project will contribute to our strategic goal to become a regional leader of the low carbon transition. Polaris will enable us to launch carbon management services to support our customers on their own way to net zero future” says Daniel Obajtek, ORLEN’s CEO and President of the Management Board. PGNiG Upstream Norway is a subsidiary of ORLEN.
Horisont Energi and PUN each have a participating interest of 50% in the EXL003 CO2 licence Polaris, which will provide CO2 storage for Horisont Energi’s and Fertiberia’s Barents Blue project as well as other CO2 customers. The advancement of the Polaris project to handle sequestration of CO2 from multiple customers further strengthens the commercial basis for the carbon storage business case in Northern Norway, and the development of a European carbon value chain. Horisont Energi is currently in advanced dialogues with E.ON on CO2 storage capacity for the Polaris carbon storage licence and has as previously disclosed agreed to develop and share the costs of shipping CO2 from Central Europe to Norway.
Horisont Energi has made considerable progress in developing pioneering projects towards a carbon neutral future. Within CCS, this now includes storage, capture technology, a planned CO2 terminal, CO2 supply, and the establishment of strong partnerships. The Polaris carbon storage development started in February 2020. The Polaris exploration licence EXL003 was applied for in 2021 and awarded on June 10, 2022. Read full article
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $72.49 | Up |
| Crude Oil (Brent) | USD/bbl | $77.97 | Up |
| Bonny Light | USD/bbl | $78.88 | Up |
| Saharan Blend | USD/bbl | $78.47 | Up |
| Natural Gas | USD/MMBtu | $2.75 | Up |
| OPEC basket 03/01/24 | USD/bbl | $76.87 | Down |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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