November 04, 2024 Latest Energy / Automotive News
London, (Oilandgaspress) –– OPEC Secretariat noted that the eight OPEC+ countries Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April and November 2023, have agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month until the end of December 2024. In addition, the eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3rd 2024, and to fully compensate by September 2025 for the overproduced volumes since January 2024 in accordance with the compensation plans submitted to the OPEC Secretariat. The countries also noted the recent announcement made by Iraq and the joint statement made by Russia and Kazakhstan, in which they strongly reaffirmed their commitment to the agreement including the additional voluntary production adjustments and to their compensation schedules for the overproduced volumes since January 2024. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $71.57 | Up |
| Crude Oil (Brent) | USD/bbl | $75.15 | Up |
| Bonny Light 01/11/24 , CBN | USD/bbl | $75.70 | — |
| Dubai | USD/bbl | $74.94 | — |
| Natural Gas | USD/MMBtu | $2.62 | Down |
| Murban Crude | USD/bbl | $74.37 | Up |
| OPEC basket 01/11/24 | USD/bbl | $73.64 | Up |
Eni announces that it has achieved the closing for the sale to Hilcorp of 100% of the Nikaitchuq and Oooguruk assets owned in Alaska for a value of 1 billion USD. The transaction, which received the approval of all relevant authorities, is in line with Eni’s strategy focused on the rationalization of the upstream activities by rebalancing its portfolio and divesting non-strategic assets. Within Eni’s financial structure, supporting the Company’s distinctive growth-oriented strategy, Eni is committed to delivering a net €8 billion of net portfolio inflow over the 2024-27 Plan and considering completed deals and actions in progress Eni now expects to substantially achieve the target by 2025, in less than two years. Proceeds are anticipated to come from three main sources: high-grading the Upstream portfolio, diluting down high equity ownership exploration discoveries, and accessing new pools of capital via Eni’s satellite strategy to support the growth of its transition businesses while confirming progress in value creation. Eni will continue to be present in the USA in the upstream of Gulf of Mexico as well as in energy transition projects in the renewables, biofuels and magnetic fusion. Read More
SACE and Eni announce a strategic partnership to promote synergies through the Open-es alliance. The aim of the agreement is to strengthen support for Italian companies, especially SMEs, in their growth journey by combining sustainability and competitiveness. This includes the integration of the Open-es and SACE ESG Hub platforms. The transformation of Italian SMEs towards a sustainable business model is essential, and SACE aims to be at their side throughout this challenging process. To this end, SACE recently launched the SACE ESG Hub, a comprehensive ecosystem of services and resources to guide and support SMEs on their journey towards sustainability. SACE joins Open-es as a Strategic ESG Partner, strengthening the institutional foundation and national leadership of this alliance. The partnership promotes a collaborative approach among all the main Italian business associations and institutions to support the businesses, especially Italian SMEs, in adopting and strengthening sustainable business models. Read More
Volkswagen Group of America has partnered with Volkswagen Financial Services to launch VW Flex, a vehicle subscription service for Volkswagen vehicles in the Atlanta metro area. This all-new, month-to-month subscription service for select Volkswagen models bundles maintenance, insurance, and 24/7 roadside assistance into a single monthly payment, offering consumers a flexible and convenient mobility option. Beginning October 30, Atlanta-area consumers will be able to start their vehicle subscription memberships, selecting from a variety of Volkswagen’s most popular vehicles, including the Atlas, Atlas Cross Sport, Tiguan, Golf GTI, and Jetta.
Differing from conventional purchase and leasing options, VW Flex represents an innovative and flexible mobility solution. This subscription service model provides members simplicity, variety, and convenience in their mobility choices.
VW Flex debuts with true month-to-month terms, with a minimum commitment of just one month. The service offers nearly a full portfolio of VW models for members to choose from. Additionally, all maintenance is performed at authorized Volkswagen dealerships by Volkswagen-Certified Technicians, using OEM parts and processes. Through the entirely digital application process, prospective VW Flex members will enjoy an easy path which can be completed on a desktop or mobile device; no app needed. And because VW Flex is not a vehicle financing or lease offering, the application process is simpler. Read More
Hydrogen is a promising energy carrier with a number of advantages:
It is available in large quantities
Proven solutions exist for production, which can also be carbon-free (green hydrogen)
It can be stored in liquid form or under pressure in dedicated tanks.
Charging time is short at a hydrogen pump: one kilogram per minute (and even more in the future).
For many years, Renault Group has been conducting research into fuel cells. This technology combines the range of two energy sources – a battery and a hydrogen tank – to deliver an increased vehicle range. This is the solution adopted by HYVIA for new Renault Master H2 Tech. A solution suited to LCVs that can be taken even further for passenger cars.For passenger cars, Renault is working on the development of dual-energy battery-hydrogen technology. The electric motor is powered by electricity stored in a battery and/or created by a hydrogen fuel cell. The key aspect here is that each of the two energy sources has a balanced power delivery that is sufficient to keep the vehicle on the road. Read More
In the 8 Hours of Bahrain, Ferrari – AF Corse’s 499Ps will start from third and fifth positions, courtesy of the times set by Antonio Giovinazzi and Antonio Fuoco during Hyperpole. On the other hand, Yifei Ye finished 12th in the Giallo Modena-liveried Ferrari number 83, entered by AF Corse. Here are the drivers’ comments following the timed sessions. Read More
The two Ferrari 296 LMGT3 cars from Vista AF Corse will start from the second and fourth rows at the 8 Hours of Bahrain, the final round of the FIA World Endurance Championship season. François Heriau placed the number 55 car, which he shares with Simon Mann and official driver Alessio Rovera, in third position at the end of the Hyperpole session, while Thomas Flohr qualified seventh in the number 54, which he shares with Francesco Castellacci and official driver Davide Rigon, following their success in the previous round at Fuji. The eight-hour Bahrain race will start on Saturday, 2 November at 2 p.m. local time.
The two Bronze-licensed drivers took to the track in the first qualifying session, held on Friday afternoon, 1 November, in dry conditions and with moderate heat, the air at 28°C and the track at 32°C. Heriau secured second place, just 0.147 seconds off the fastest time, while Flohr finished fourth, just under four-tenths behind: both advanced to the following Hyperpole session reserved for the ten fastest cars.
In the decisive pole position session, François Heriau again showed form following his pole at Fuji, recording the third-best time at 2’02.367, 0.166 seconds from first place set by the number 95 McLaren.
Thomas Flohr, however, was unable to improve on his lap time, finishing seventh with a lap of 2’03.033, 0.832 seconds from the top, in a session where the ten cars were separated by just over a second.
The 8 Hours of Bahrain, the closing round of the FIA WEC season, will get underway on Saturday, 2 November at 2 p.m. (local time). Read More
Rig Count: U.S. unchanged at 585 Canada -3 to 213
U.S. Rig Count is unchanged from last week at 585 with oil rigs down 1 to 479, gas rigs up 1 to 102 and miscellaneous rigs unchanged at 4.
Canada Rig Count is down 3 from last week to 213, with oil rigs down 4 to 146, gas rigs up 1 to 67 and miscellaneous rigs unchanged at 0.
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 | 01 November 2024 | 585 | — |
| Canada | 01 November 2024 | 213 | -3 |
| International | October 2024 | 950 | +3 |
Lithium Universe Ltd recently announced the results of its Preliminary Feasibility Study (PFS) for the Becancour Lithium Carbonate Refinery in Quebec, Canada. The PFS confirms the viability of a strong lithium con version project, even within a below-average pricing environment.
The Company plans to build a reliable, low-risk lithium conversion refinery with an annual capacity of up to 18,270 tonnes, utilizing proven expertise from the Jiangsu processing m odel.
The facility will produce environmentally friendly, battery-grade lithium carbonate. The Company aims to establish a Canadian-based lithium chemicals business, purchasing spodumene feedstock from both domestic suppliers and international ma rkets, including Brazil and Africa and producing a battery grade lithium carbonate product. This aligns with the Company’s broader vision of contributing to the North Atlantic lithium supply chain and closing the Lithium Conversion Gap. The proje ct’s economics are highly favourable, even with conservative price assumptions. The refinery is economically viable with a pre-tax Net Present Value (NPV) of approximately US$779 million, using an 8% discount rate, and a pre-tax Internal Rate of Retu rn (IRR) of around 23.5%. Read More
Reference is made to the announcement by BW Energy Limited on 7 June 2024 about the successful completion of a new senior unsecured bond issue with an initial issue amount of USD 100 million with ISIN NO 0013259663 (the “Bonds”).
The Financial Supervisory Authority of Norway has today approved a prospectus prepared by the Company in connection with the application for admission to trading and listing of the Bonds on the Euronext Oslo Børs. The admission to listing of the bonds is expected on or about 4 November 2024. Read More
Saab UK announces that the Seaeye SR20 eWROV, its most advanced fully-electric work-class remotely operated vehicle, has successfully completed inshore water testing.
The SR20 successfully completed a dedicated period of water trials last month, marking a significant milestone for the robotic vehicle’s development.
The testing was a key part of the verification and validation work package, testing against the specification, measuring performance, and stressing the Remotely Operated Vehicle (ROV) as a system. In particular, the SR20 demonstrated its high degree of precise manoeuvrability and dexterity, using both manual joystick control and automation. This testing has paved the way for sea trials which will take place in spring 2025.
Andy Fraser, Managing Director at Saab UK, said:
“The SR20 going to water trials is a huge milestone in Saab UK’s journey to take electric ROV capabilities to the next level, focusing on eco-responsibility and greater efficiency. We’re thrilled that the trials were a success and I look forward to seeing what the next step is for this ground-breaking vehicle.”
The SR20 is Saab UK’s highly capable and environmentally-conscious work-class underwater vehicle, which is designed for operational concepts such as resident deployment and over-the-horizon control. The all-electric vehicle, which uses limited oil (reducing its environmental footprint), sets itself apart with its exceptional thrust and performance, electric manipulators, and impressive efficiency compared to hydraulic systems.
Ocean Infinity is the SR20’s launch customer, transforming operations using innovative technology as they develop a fleet of uncrewed robotic vessels. Read More
SeaO₂ secures EUR 2+ mln investment funds
This investment enables the realisation of a pilot plant to get their carbon removal technology (from seawater) fully operational.
SeaO₂’s technology returns carbon-free water to the ocean, enhancing its ability to absorb CO₂ from the atmosphere. SeaO2’s goal: to extract 1 gigaton of CO₂ out of the sea by 2045. With offices at Amsterdam and Leeuwarden and an R&D facility at the Afsluitdijk, the company’s technology has attracted the attention of investors such as DOEN Participaties, Future Tech Ventures, Eduard Talman and others (see press release for all partners). Read More
TechnipFMC and Prysmian announced the two companies have signed a collaboration agreement to further accelerate the global development of floating offshore wind to help meet growing demand for renewable electricity.
The collaboration agreement brings together the technologies and competencies of these two offshore industry leaders, providing the unique capabilities to pioneer a complete water column solution, from seabed to ocean surface. The collaboration will leverage the unparalleled expertise of TechnipFMC’s system design and integration capabilities in dynamic offshore applications with Prysmian’s global leadership in the production and installation of submarine power cable systems.
The companies aim to deliver the optimized solution through a fully integrated Engineering, Procurement, Construction and Installation (iEPCI™) commercial model. Integrated execution of this new solution—which includes mooring and anchoring and both dynamic inter-array and export cable systems—will improve project economics and derisk execution plans. Read More
3t, the industry leader in the provision of safety-critical training for high-hazard industries, has appointed Hani Sagr as its new Managing Director for the Middle East & North Africa (MENA).
With over 15 years of senior leadership experience in the region and a proven track record across oil & gas, mining, and energy sectors, Sagr will lead 3t’s mission to drive skills development and innovations in training and learning across MENA.
Sagr’s extensive regional expertise, developed through senior leadership roles at prominent organizations such as Schneider Electric, Schlumberger, Welltec and Eurasian Resources Group, positions him to deepen 3t’s partnerships with key regional stakeholders. His background equips him with a unique perspective on regional dynamics, enabling him to drive strategic growth, foster collaborative opportunities, and fortify 3t’s presence across the MENA region.
He will be integral to helping MENA meet its ambitious workforce upskilling goals, aligning closely with national priorities, including Saudi Arabia’s Vision 2030 and the UAE’s vision of becoming a global innovation and technology hub. In his role, Sagr will also focus on advancing workforce readiness in renewable energy sectors, supporting the region’s transition toward sustainable energy solutions and ensuring that local talent is prepared to meet the growing demand for skills in both traditional and emerging industries.
Following 3t’s recent acquisition of GTSC, the largest energy sector training provider in the Middle East, the company is set to deepen its impact across the region with its three training centers located in Abu Dhabi, Egypt, and Saudi Arabia. This strategic combination leverages GTSC’s comprehensive, industry-accredited training capabilities with 3t’s cutting-edge training technologies, including immersive digital learning platforms, virtual reality scenarios and advanced simulators. Together, these resources position 3t to deliver unparalleled solutions that meet the evolving, critical safety needs of the region’s energy sector. Read Press Release
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
OilandGasPress.com is a website that provides news, updates, and information related to the oil and gas industry. It covers a wide range of topics, including exploration, production, refining, transportation, distribution, and automotive market trends within the global energy sector. Visitors to the site can find articles, press releases, reports, and other resources relevant to professionals and enthusiasts interested in the energy, oil and gas industry.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: on Twitter | Instagram
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
