Global energy ,Automotive industry News Roundup and Analysis
London, November 25, 2024 (Oilandgaspress) –-The global oil output continues to rise at a steady rate while demand in China continues to declining, suggesting the market is likely to be saturated in 2025.The world’s oil demand is on course to average 920,000 barrels per day in 2024, compared with growth of close to 2 million barrels per day in 2023. China accounted for more than 60% of global oil demand growth over the past decade. IEA estimates the lower pace of global demand growth will continue into next year, with estimate for 2025 at 990,000 barrels per day.
(Reuters) – Northvolt’s financial collapse deals a blow to Europe’s plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.
Europe’s biggest hope for an electric vehicle battery champion filed for U.S. Chapter 11 bankruptcy protection on Thursday after talks with investors and creditors including Volkswagen and Goldman Sachs for funding failed. Northvolt said on Friday it needed $1.0-$1.2 billion in new funds under the restructuring process, which it hopes will end by the end of March. Read More
(Reuters) – More than 50 governments have signed a U.N. declaration to make tourism around the globe more climate friendly, the United Nations said on Wednesday, in what it hailed as a major achievement of the climate summit in Azerbaijan.
“At COP29 we have achieved today an historic milestone by being included in the UN Climate Change Conference Action Agenda for the first time,” U.N. Executive Director for Tourism Zoritsa Urosevic told a news conference. Read More
Every 25 November is the International Day for the Elimination of Violence Against Women, established in 1999 by the United Nations General Assembly.
The day is also known as Orange Day because the colour orange is worldly recognised by UN Women to symbolise a future without violence against women. The date is meant to commemorate the Mirabal sisters, three political activists living in the Dominican Republic who fell victims of an attack by agents of the Military Intelligence Service on 25 November 1960.
The Mirabal sisters became known as Las Mariposas (“The Butterflies”). The code name identified them as activists, symbolizing their freedom like butterflies.
The inalienable right to freedom is also at the heart of the #freetobe internal communication campaign, with a particular focus on safety and psychological and physical integrity: women must be free to be themselves and to live without fear for their personal safety. Read More
The 2024 ENEOS Super Taikyu Series Empowered by BRIDGESTONE held its final round at Fuji Speedway (Oyama, Shizuoka) on November 16 and 17.
In the runup to the race in late October, Yuta Tomikawa headed not to the circuit but to a hydrogen filling station in Aichi Prefecture. There, he found ROOKIE Racing’s Car No. 32, a Corolla with an engine that runs on liquid hydrogen.
It was there for a proof of concept for liquid hydrogen refueling outside the circuit.
While hydrogen filling stations normally supply hydrogen gas to fuel cell vehicles (FCEVs), the hydrogen is stored in liquid form. The goal of this demonstration was to make it possible to refuel both gaseous and liquid hydrogen at existing filling stations in anticipation of the actual use of liquid hydrogen-powered vehicles in the future.
Liquid hydrogen refueling has been performed countless times on the circuit. That experience is precisely the reason why our development partners at Iwatani Corporation are confident they can make refueling with liquid hydrogen a reality, even beyond the racetrack. Read More
In line with its 2030 ambition to decarbonize the hydrogen used in its European refineries, TotalEnergies has joined forces with Air Liquide to produce renewable hydrogen at La Mède in southeast France. This new project complements the Masshylia project to produce green hydrogen by electrolysis led by TotalEnergies in partnership with ENGIE. These projects will reduce the La Mède biorefinery’s CO2 annual emissions by 130,000 tons.
Renewable hydrogen for biofuels production, with Air Liquide
Air Liquide is going to build and operate a renewable hydrogen production unit at the La Mède platform. With an annual capacity of 25,000 tons, this unit will recycle coproducts from the TotalEnergies biorefinery. The hydrogen will then be used in the biorefinery to produce biodiesel and sustainable aviation fuel (SAF).
The project’s total investment amounts to € 150 million for TotalEnergies and Air Liquide. The new unit is expected to start production in 2028.
“This new renewable hydrogen production project, carried out with Air Liquide, allows us to accelerate the decarbonization of our La Mède platform. Almost ten years after the announcement of its conversion, La Mède is continuing its transformation and is becoming a low-carbon hydrogen production center, thus contributing to the decarbonization ambition of the Provence-Alpes-Côte-D’azur region.”, said Vincent Stoquart, President, Refining & Chemicals at TotalEnergies. Read More
Africa Oil Corp. announce that the Company repurchased a total of 606,900 Africa Oil common shares during the period of November 18, 2024 to November 22, 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 November 18, 2024 to November 22, 2024, the Company repurchased 221,900 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 385,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
For more information regarding transactions under the previously announced share buyback program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of November 18 to November 22, 2024, see the following link to Nasdaq Stockholm’s website: Read full article
Equinor ASA announced on 24 July 2024 an ordinary cash dividend per share of USD 0.35 and an extraordinary cash dividend per share of USD 0.35 for second quarter 2024.
The NOK cash dividend per share is based on average USDNOK fixing rate from Norges Bank in the period plus/minus three business days from record date 19 November 2024, in total seven business days.
Average Norges Bank fixing rate for this period was 11.0741. Total cash dividend for second quarter 2024 of USD 0.70 per share is consequently NOK 7.7519 per share.
On 29 November 2024, the cash dividend will be paid to relevant shareholders on Oslo Børs (Oslo Stock Exchange) and to holders of American Depositary Receipts (“ADRs”) on New York Stock Exchange… Read More
Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, has received an order from Aisan Industry Co., Ltd. (Obu-shi, Aichi Prefecture) for a large-scale Aquifer Thermal Energy Storage (ATES) system for the company’s new Anjo Plant (tentative name). The project will be the first practical application of an ATES system in the Chubu region. MHI Thermal Systems’ ATES system, including heat pump-type centrifugal chillers, is highly regarded for its energy-saving performance, optimal control technology, and operational performance. The order was placed through Obayashi Corporation, which is responsible for the construction of the plant. This project will be MHI Thermal Systems’ first practical application of an ATES system outside of the Kansai region, and the fifth implementation site in Japan, including demonstration testing and social implementation. The ETI-Z25.HP heat pump-type centrifugal chiller to be utilized for this system has a cooling capacity of 234 refrigeration tons (RT)(Note1) (823 kW) per unit, and can provide both hot and cold water supply. The refrigerant used is HFO-1233zd(E), which has a Global Warming Potential (GWP)(Note2) of 1 (one), giving it an extremely low environmental impact. The ATES system will be used for air conditioning at the plant, and is scheduled to start operations in the winter of 2025. Compared to conventional air conditioning systems, the adoption of high-efficiency centrifugal chillers, along with the utilization of control technologies such as automatic switching of optimal operating modes, can be expected to reduce annual CO2emissions by approximately 50%.(Note3) Recognition of these features led to the selection of the system by Ministry of the Environment for the Fiscal 2023 (Supplementary Budget) Subsidy for CO2 Emission Control Measures Project Expenses.(Note4) Read Press Release
TOYOTA GAZOO Racing World Rally Team has presented its line-up for the 2025 FIA World Rally Championship season as it further strengthens its squad of drivers with a mix of young talent and title-winning experience. After winning eight out of 13 rallies in 2024 and claiming a fourth consecutive manufacturers’ championship at the season-ending Rally Japan, TGR-WRT will enter 2025 with the mission to defend its crown and fight for the drivers’ and co-drivers’ titles. It will be able to count on an expanded line-up of cars and drivers, with four or five GR Yaris Rally1 entries set to appear on each event. Read more
BW Energy – Mandatory Notification of Trade
Carl K. Arnet, CEO of BW Energy Limited (“BWE”), bought 60 000 shares in BWE on 21 November 2024 at an average price of NOK 22.33 per share. Following this transaction, Arnet holds 3,916,010 shares in BW Energy Limited. . Read More
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Toyota Motor has submitted a progress report on measures to prevent recurrence of model certification application issues to the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) today in light of the correction order the ministry issued on July 31. This report, summarizing actions taken to date, is the first of a series of quarterly reports.. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.82 | Down |
| Crude Oil (Brent) | USD/bbl | $74.83 | Down |
| Bonny Light 22/11/24 , CBN | USD/bbl | $76.52 | Up |
| Dubai | USD/bbl | $72.83 | — |
| Natural Gas | USD/MMBtu | $3.33 | Up |
| Murban Crude | USD/bbl | $73.87 | Down |
| OPEC basket 22/11/24 | USD/bbl | $74.43 | Up |
Employment in the global energy sector grew at a strong pace in 2023, buoyed by a wave of investment in manufacturing of clean energy technologies – though shortages of skilled workers remain a major concern for employers looking to hire, according to our recent report that assesses energy employment worldwide by region and technology.
The 2024 edition of the World Energy Employment report finds that the number of energy jobs globally rose by 3.8% last year, surpassing 67 million. By comparison, job growth for the overall economy was slower, at 2.2%. The largest increase in the energy sector was for jobs in clean energy, which increased by 1.5 million in 2023, contributing as much as 10% of economy-wide job growth in the leading markets for clean energy technologies. The oil and gas supply sector added more than 600,000 jobs in 2023 after a period of cautious post-pandemic rehiring.
Notably, growth in energy jobs was led by manufacturing – diverging from previous years, when it was generally led by construction and installation. This largely reflects the huge rise in clean energy manufacturing investment in 2023 as firms responded to increasing demand for clean energy technologies and new policy measures. .. Read full article
Baker Hughes Rig Count: U.S. -1 to 583 Canada +1 to 201
U.S. Rig Count is down 1 from last week to 583 with oil rigs up 1 to 479, gas rigs down 2 to 99 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 1 from last week to 201, with oil rigs down 4 to 133, gas rigs up 4 to 67 and miscellaneous rigs up 1 to 1.
International Rig Count is up 3 rigs from last month to 950 with land rigs down 9 to 726, offshore rigs up 12 to 224.
The U.S. Offshore Rig Count is unchanged at 16, down 5 year-over-year.
The Worldwide Rig Count for October was 1,754, up 4 from the 1,751 counted in September 2024, and down 22, from the 1,776 counted in October 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 23 November 2024 | 583 | -1 |
| Canada | 23 November 2024 | 201 | +1 |
| International | October 2024 | 950 | +3 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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