Latest Energy / Automotive News As Reported: Oil price falls as concerns about U.S. debt ceiling pact cooled the market
London, 30 May, 2023, (Oilandgaspress) : OPEC affirms it unwavering support to the UAE’s inclusive approach to this year’s COP 28 meeting and to its President-Designate, His Excellency Dr. Sultan Ahmed Al Jaber. The UAE is a recognised global leader in tackling the challenges related to energy, climate change and sustainable development. Not only in words, but also in its actions with major investments into the development and deployment of renewables and technologies focused on reducing greenhouse gas emissions. Dr. Al Jaber is a well-respected and renowned global energy leader. As Chairman of Masdar and Group CEO of the Abu Dhabi National Oil Company (ADNOC), he has guided Masdar into becoming a global leader in renewables and continues to lead ADNOC on an unprecedented decarbonisation path, with ADNOC today having some of the lowest emissions per barrel of oil produced globally. His stellar knowledge and expertise gained from leading both groups should be viewed as a recipe for successfully enabling inclusive and fair discussions at COP28, with the UAE best suited to make it a COP of action and results. Dr. Al Jaber’s deep understanding of the energy industry and his objectivity has been praised by global leaders, and we welcome his encouragement for a just energy transition that leaves no one behind. OPEC believes that COP28 needs every voice at the table to achieve practical, pragmatic and realistic solutions. We wish the UAE and Dr. Al Jaber every success.
KBR Recognized on America’s Climate Leaders List 2023
KBR (NYSE: KBR) has been recognized by USA Today as one of America’s Climate Leaders for 2023. This data-driven recognition ranks U.S.-based companies that have cut their carbon footprint in recent years.”KBR has taken significant strides to strengthen our internal sustainability efforts, including examining our own carbon footprint and developing a plan to achieve operational net-zero carbon emissions by 2030,” said Stuart Bradie, KBR president and CEO. “This recognition is proof that we are walking the talk and executing on our commitments. I’m incredibly proud that KBR is not only reducing our own carbon footprint, but also that we are facilitating positive environmental and social impact through the work we do with our clients.”
The list of America’s Climate Leaders was developed for USA TODAY by market research firm Statista. More than 2,000 U.S. companies were evaluated on metrics like emission intensity, annualized reductions in emission intensity, and carbon disclosure ratings.
This recognition is the latest in a growing list of ESG (environmental, social and governance) awards for KBR, including a recent AAA ranking by MSCI. The full list of America’s Climate Leaders 2023 can be seen at USA Today. Read More
Golar LNG has declared a total dividend of $0.25 per share to be paid on June 16, 2023. The record date will be June 12, 2023. Golar LNG Limited (“Golar”) is pleased to announce that it has issued its 2022 Environmental, Social and Governance (“ESG”) report. This comprehensive report describes Golar’s important role in advancing the global energy transition to a lower carbon future – championing LNG as a transition fuel in partnership with renewables, and as a reliable alternative for those in need of energy security today. Read More
WTI crude oil futures sank below $70 per barrel on Tuesday as a shakily forged debt ceiling deal threatened to disrupt financial markets. OPEC is set to meet on June 4 to discuss its own plans for production. While OPEC—via Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman—dropped not-so-subtle hints that it could once again cut production further, leaving short sellers and speculators “ouching”, further production cuts are anything but certain. But OPEC+ heavyweight Russia has dropped several hints that it would be supporting no change to the production pact. Read More
Saudi Arabia Could Cut Oil Prices For Asia Once Again
Saudi Arabia may reduce the official selling price of its flagship Arab Light grade for Asian buyers further, according to analysts polled by Reuters.
The price cut, for July deliveries, would be some $1 per barrel, they said. According to Reuters, this would bring the price of Arab Light for Asian buyers to the lowest level in 20 months. Saudi Arabia has cut the price of the oil it sells to Asian buyers several times already since the start of the year to secure market share in a region that has become the largest importer of Russian crude. Read More
Bugatti Chiron Super Sport
At speeds above 400 km/h, phenomenal forces are exerted on every area of a car and the human body must learn to quickly adapt to a velocity at which it was never designed to be subjected. The tires alone must withstand around five tons of outward pressure, with a 44g sensor weighing the equivalent of 132 kg. It is, in every sense, an engineering marvel and a once-in-a-lifetime experience being made possible by Bugatti for a few close customers. Now Chiron Super Sport is aerodynamically ready to achieve its unmatched top speed. As the first driver takes to the runway, with left foot on the brake and the accelerator pressed all the way to the floor, Chiron Super Sport’s 1,600 PS W16 quad-turbo engine automatically finds the ideal revs for the perfect launch. And with the brake pedal released, it leaps forward with ferocious intent. Pinned back into the seat, the driver must hold tightly on to the steering wheel as the four huge tires transfer the car’s prodigious power to the tarmac. The Chiron Super Sport climbs through the gears of its bespoke seven-speed dual-clutch transmission and just 11 seconds later it’s travelling at 300 km/h. The howling wind begins to envelop the cabin, as the Chiron’s aerodynamically honed body pierces through the air but the driver’s focus remains straight ahead watching the horizon as it accelerates towards them.
And yet the Chiron continues to gain speed, holding on to sixth gear right past the 400 km/h mark and only finding its final ratio at 403 km/h. With the driver’s heart beating fast, eyes wide as the scenery flashes by, the accelerator remains pinned to the floor. Although the Super Sport has more to give, the 3 mile runway is fast running out, and the driver hits the brake pedal to call the large carbon ceramic brakes into action, pressed hard against the seatbelt. The roar of tires on asphalt, the howl of the wind and the noise of the mighty W16 all begin to fade away, and breathing hard the driver’s perception of speed has forever changed. Read More
Volkswagen ID. Buzz
Volkswagen of America, Inc. to share a glimpse of the three-row ID. Buzz a week prior to the world premiere. Please join us June 2nd at 12:30pm ET / 9:30am PT as we livestream the reveal from Huntington Beach, California. Read More
UAE: Petrol, diesel prices
The UAE fuel price committee on May 31 announced petrol and diesel prices for the month of June 2023.
Starting June 1, Super 98 petrol will cost Dh2.95 a litre, compared to Dh3.16 in May.
Special 95 petrol will cost Dh2.84 per litre, compared to Dh3.05 last month.
E-Plus 91 petrol will cost Dh2.76 a litre, compared to Dh2.97 a litre in May.
Diesel will be charged at Dh2.68 a litre compared to Dh3.03 last month. Read More
ADNOC L&S reports 79% rise in Q1 net profit
ADNOC Logistics & Services (ADNOC L&S), which is expected to list its shares on the Abu Dhabi Securities Market on Thursday following an IPO, reported Q1 2023 net profit of $144.9 million, up 79% compared with $16.2 million in the year-ago period.
Abu Dhabi National Oil Co. this month sold about 1.11 billion shares at 2.01 dirhams ($0.54) per share, raising $796 million and valuing the company at about $4.05 billion. Revenue for the period came in at $592.2 million versus $16.2 million in the prior period, the company said in a regulatory filing on ADX on Wednesday. Read More
Report on the purchase of treasury shares
During the period from May 23 and May 26, 2023, Eni acquired on the Euronext Milan no. 2,905,692 shares, at a weighted average price per share equal to 13.2287 euro, for a total consideration of 38,438,527.76 euro within the authorization to purchase treasury shares approved by the Shareholders’ Meeting on 10 May 2023, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999. On the basis of the information provided by the intermediary appointed to make the purchases, the following are details of transaction for the purchase of treasury shares on the Euronext Milan on a daily basis: Read More
Lamborghini The Real Race
Super Trofeo Esports season in 2023 marks the fourth edition of the highly-regarded virtual contest for Lamborghini fans worldwide. The vastly refreshed competition format, held on the Assetto Corsa Competizione platform, features new and exciting format changes and gives participants the chance to test themselves against the best talent in elite Esport competition across three continents. Featuring the latest Lamborghini Huracán Super Trofeo EVO2 race car, The Real Race – Super Trofeo Esports is Lamborghini’s most ambitious esports project yet and reflects the super sports car manufacturer’s values of authentic, brave and unexpected in the thrilling environment of Esports. Running alongside the circuit activations, drivers from the European region are invited to participate in a four-round online racing series, preceded by a hot-stint competition ahead of each standalone racing event. The NALA and APAC regions each have a single hot-stint qualification followed by a regional final featuring the 24 best drivers from each region.
In addition, the Lamborghini Abu Dhabi and Dubai dealers have become the first globally to partner in the Real Race programme, by organizing a simulator tour around leading schools and universities in Abu Dhabi and Dubai to scout for the best student racing ‘drivers’ in the Emirates. The best three students will represent the UAE in the tournament final. For the European drivers, the challenge will be to qualify for each race via a leaderboard hot-stint competition, with the fastest 24 drivers from the qualifiers progressing to a standalone race, using the widely-regarded Assetto Corsa Competizione simulation to determine the top four finishers who progress to the on-site final at the Nürburgring Grand Prix Circuit. Read More
Porsche Scopes comes to Stockholm
With more than 65 artists and pioneers from the fields of music, design, art, tech and social issues, Stockholm’s creative scene put its impressive diversity on display at the Porsche Scopes festival.Over 35 performances, fashion shows, workshops and panel talks were in the mix with more than ten permanent installations, curated at the end of May in a 5,000-square-metre space in the Värmeverket, a former heating plant in Stockholm.The Porsche Scopes festival also featured a number of panel talks and workshops on the topics of sustainability in the textile industry, the influence of artificial intelligence on culture, and exclusivity in the art world. Among the participants was Felix von Bahder, one of the founders of sustainable fashion label Deadwood Studios, which collaborated with the Porsche trim shop in Stuttgart especially for Scopes. Read More
New Natural Gas Sales and Purchase Agreement signed
Savannah Energy PLC, announced that the Company’s 80% indirectly owned subsidiary, Accugas Limited, has entered into a Natural Gas Sales and Purchase Agreement (the “NGSPA”) with Amalgamated Oil Company Nigeria Limited (“AMOCON”) for gas produced in the OML 156 sole risk petroleum lease area, for onward sale to its customers.
Accugas focuses on the marketing, processing, distribution and sale of gas to the domestic Nigerian market. In 2022, Accugas processed and transported an average of 145 MMscfpd of gas through its pipeline network, with all gas sourced from Savannah’s 80% indirectly owned Uquo gas field1
. Gas is processed at Accugas’ 200 MMscfpd Uquo central processing facility (“Uquo CPF”) for onward transportation to customers through its c.260km, up to c.600 MMscfpd transportation capacity pipeline network. The NGSPA with AMOCON represents the first time that Accugas will be supplying gas to its customers that has not been produced from the Uquo gas field. Gas purchased from AMOCON does not require processing by Accugas and
therefore does not utilise available capacity at the Uquo CPF.
Under the terms of the NGSPA, Accugas has agreed to purchase up to 20 MMscfpd of gas from AMOCON over the course of the next ten years. The cost of connection to Accugas’ infrastructure has been borne by AMOCON, with the gas being delivered from a new AMOCONowned 140m pipeline connecting AMOCON’s Early Production Facility (“EPF”) to Accugas’ existing pipeline network. Under the terms of the NGSPA, all capital expenditure required for the AMOCON EPF-to-Accugas pipeline was borne by AMOCON and Accugas has not incurred any additional capital expenditure in relation to this project. The contract is already operational and gas supply to Accugas has stabilised at approximately 20 MMscfpd. Read More
Worley signs enterprise framework agreement
Shell Global Solutions International has awarded Worley an enterprise framework agreement (EFA) to provide services to Shell’s projects across the globe. The term of the EFA is three years with options for two one-year extensions. This EFA follows a previous 5-year framework agreement announced on 22 May 2017. Under the EFA, Worley will provide engineering, procurement and integrated project management services for Shell’s projects covering all of Shell’s businesses. The project execution teams will deliver services with a focus on digitalization and replication.
The services will be provided by a number of Worley locations including Canada, United States, Europe, Middle East, South East Asia and Australia. The contract outlines incentive mechanisms that reward excellence in project execution. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $68.99 | Down |
| Crude Oil (Brent) | USD/bbl | $73.01 | Down |
| Bonny Light | USD/bbl | $73.79 | Down |
| Saharan Blend | USD/bbl | $74.06 | Down |
| Natural Gas | USD/MMBtu | $2.31 | Down |
| OPEC basket 30/05/23 | USD/bbl | $75.19 | Down |
PGS has secured industry pre-funding for another large multi-season MultiClient survey in the Norwegian Sea. The first phase of the survey will be acquired in 2023 by the Ramform Hyperion. Acquisition is scheduled to start late June with a duration of approximately 75 days. The second phase of the survey will be completed in the 2024 season with a further approximately 70 days of acquisition. Read More
Ithaca Energy today announced its unaudited financial results for the three months ended 31 March 2023. Group adjusted EBITDAX up 9% to $518.1 million (Q1 2022: $474.2 million), driven by higher production and despite lower average oil and gas prices
Adjusted net income of $158.4 million broadly flat (Q1 2022: $161.3 million)
Net cash flow from operating activities up 24% to $351.4 million (Q1 2022: $283.7 million)
Realised oil and gas prices of $83/bbl (Q1 2022: $100/bbl) and 137p/therm before hedging (Q1 2022: 227p/therm)
Strong cost control, delivering unit operating costs of $137 million ($20.3/boe (Q1 2022: $18.9/boe)), at the lower end of guidance range of $130-$150 million for the quarter
Producing asset capex of $90 million, at the lower end of guidance range of $90-$110 million for the quarter
Balance sheet remains strong with further deleveraging in the quarter. Net debt of $899.6 million at 31 March 2023 (31 December 2022: $971.2 million; 31 March 2022: $703.1 million) representing a Group leverage position of 0.46x net debt to adjusted EBITDAX (31 March 2022: 0.55x) despite material M&A activity over the past 12 months At 31 March 2023, 10.7 million barrels of oil equivalent (68% oil) hedged from Q2 2023 into 2025 at an average price floor of $70/bbl for oil and 189p/therm for gas Read More
Baker Hughes Rig Count:
U.S. Rig Count is down 9 from last week to 711 with oil rigs down 5 to 570, gas rigs down 4 to 137 and miscellaneous rigs unchanged at 4.
Baker Hughes Rig Count: Canada is up 2 to 87 rigs.
Canada Rig Count is up 2 from last week to 87, with oil rigs up 3 to 42, gas rigs down 1 to 45.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 26 May 2023 | 711 | -9 |
| Canada | 26 May 2023 | 87 | +2 |
| International | April 2023 | 947 | +17 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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