October 07, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) ––Crude oil prices up as traders await the next development in the ongoing conflict between Israel and Iran
Equinor ASA has acquired 41,197,344 shares in Ørsted A/S (“Ørsted”), corresponding to 9.8% of the shares and votes in the company.
The transaction establishes Equinor as the second largest shareholder in Ørsted, after the Danish State, which holds a controlling stake in the company.
“Equinor has a long-term perspective and will be a supportive owner in Ørsted. This is a counter-cyclical investment in a leading developer, and a premium portfolio of operating offshore wind assets. The exposure to producing assets complements Equinor’s operated offshore wind portfolio of large projects under development”, says Anders Opedal, CEO of Equinor.
Equinor is supportive of Ørsted’s strategy and management, and is not seeking board representation.
“This investment is in line with Equinor’s strategy of value driven growth in renewables. The offshore wind industry is currently facing a set of challenges, but we remain confident in the long-term outlook for the sector, and the crucial role offshore wind will play in the energy transition”, says Opedal.
Ørsted has a net renewable generation capacity of around 10.4 GW, and a gross portfolio of offshore wind projects in execution of around 7 GW. The company’s ambition is to achieve a gross installed renewable capacity of around 35 to 38 GW by 2030. (1)
Equinor’s ownership position has been built over time, through a combination of market purchases and a block trade.
The current market value of Equinor’s holding in Ørsted is around USD 2.5bn, based on a closing price Friday 4 October of DKK 418 per share and a USD/DKK exchange rate of 6.8.
Subject to obtaining regulatory approvals under applicable Foreign Direct Investment regulations, Equinor intends to increase its ownership to 10%. There are currently no plans to further increase the stake.
The transaction will be executed within Equinor’s communicated financial framework. Read More
Africa Oil Corp. announce that leading proxy advisory firms Institutional Shareholder Services Inc. (“ISS”) and Glass Lewis & Co have recommended that Africa Oil shareholders vote “FOR” the resolution (“Amalgamation Resolution”) to approve the issuance of Common Shares to BTG Pactual Oil & Gas S.à r.l. in connection with the amalgamation of Africa Oil Papa Corp., a wholly owned subsidiary of Africa Oil, and BTG Pactual Holding S.à r.l. (“Amalgamation”)
This is for the purpose of consolidating 100% ownership of Prime Oil & Gas Coöperatief U.A. (“Prime”) in Africa Oil. Each of the directors and officers of Africa Oil, and Africa Oil’s largest Shareholder have agreed to vote their Common Shares in favor of the Amalgamation Resolution at the special meeting (“Meeting”) of Africa Oil shareholders that will be held on October 15, 2024. Read More
Equinor is the operator of 19 projects currently under development in Norway. In the proposed National Budget for 2025, the Ministry of Energy listed the status of 13 Equinor-operated projects currently under development or recently completed.
The projects in question have a total investment framework of 198 billion kroner, from commencement to commissioning.
“Equinor has a good portfolio of profitable projects being developed in Norway, which will contribute to long-term security of supply of oil and gas to Europe. In 2023, our developments contributed to high activity and 25 billion kroner to the Norwegian supplier industry. Together with our partners and the industry, we have completed six projects during the past year,” says Trond Bokn, head of project development in Equinor.
The reported projects have seen a cost increase of 6.5 billion 2024-NOK over the past year, which is about 3 per cent. The overall increase since the plans for development and operation (PDOs) is 32.9 billion 2024-NOK. Currency effects account for 12.4 billion of this. If the Johan Castberg project and currency effects are omitted, the cost increase for the reported projects is around 3 percent since PDOs.
Two of the projects, Johan Castberg and Oseberg gas compression and partial electrification, have experienced a post-PDO increase of more than 20 percent, and are therefore mentioned specifically in the proposed national budget.
Johan Castberg
The production ship is now anchored at the field and Johan Castberg is on track for start-up towards the end of the year.
The cost increase in the project is 2.2 billion 2024-NOK since last year. This is due to a longer stay than estimated at Aker Solutions at Stord, currency effects and a general cost increase. Of this, almost NOK 800 million is currency effects. Since the PDO, estimated costs have grown by 25.7 billion 2024-NOK. Currency effects account for 8.1 billion of this.
Oseberg gas phase 2 and power from shore (OGP)
OGP is composed of partial electrification of the Oseberg Field Centre and Oseberg sør, as well as installation of a new compressor module at the field centre.
The cost increase over the past year is 1.2 billion 2024-NOK. Since the PDO, the cost increase is about NOK 2.5 billion in 2024-NOK. Since the PDO, estimated costs have grown by around 2.5 billion 2024-NOK. This is a result of longer delivery times for new transformers that were destroyed in a fire at Hitachi’s factory in Vaasa in 2023, as well as delays related to increased complexity. Planned commissioning has been postponed from 2026 to late 2027. Read full article
The U.S. Energy Information Administration (EIA) will host a webinar on Wednesday, October 9, to discuss price, consumption, and expenditure trends for major heating fuels for U.S. households for the upcoming winter. EIA’s Winter Fuels Outlook includes U.S. national and regional forecasts for electric heat, natural gas, heating oil, and propane. We will publish the Winter Fuels Outlook forecasts on Tuesday, October 8, as part of the Short-Term Energy Outlook.
EIA Administrator Joe DeCarolis will share EIA’s Winter Fuels Outlook forecasts, and a panel of EIA experts will answer questions from attendees.
The webinar is open to the public, but registration is required.
What: Winter Fuels Outlook discussion of forecasts
When: Wednesday, October 9, 2024, at 11:00 a.m. eastern time
Where: Virtual event
Who: Joe DeCarolis, Administrator, EIA
Matt French, Short-Term Integrated Products Team Lead, EIA Read More
IBRIDA, Alfa Romeo returns to the Mondial de l’Auto in Paris
Alfa Romeo returns to the Mondial de l’Auto in Paris with its full line-up and three high-profile previews, exuding the typical charm of a brand with over a century of history that never ceases to amaze. At the show, the brand will be setting up a large, spectacular stand to take visitors on an immersive journey into the heart of Made in Italy, celebrating craftsmanship excellence and its cultural tradition. The concept of the exhibition area, known as “Bottega,” will go beyond a mere display of cars, offering a comprehensive multisensory experience, made possible by collaborations with some of the most famous and outstanding names in Italy, including Alcantara, ART, Lavazza, Magna Pars, Poltrona Frau, and Schedoni.
The 136-hp Junior Speciale Ibrida is making its worldwide debut on the Alfa Romeo stand, the top-of-the-range version that includes a targeted selection of the highest specifications in the line-up, in a unique configuration. Also available with a 156-hp electric motor, this exclusive version synthesizes sportiness, technology, and comfort. In particular, the new Junior Speciale Ibrida on show in Paris offers a 136-hp 48-V Hybrid VGT (Variable-Geometry Turbo) architecture. The internal combustion engine takes on the 1.2-liter 3-cylinder Miller cycle engine with variable-geometry turbo and distribution chain for maximum reliability. The electrical component consists of a 48-volt lithium-ion battery and a 21-kW electric motor built into the innovative 6-speed dual-clutch gearbox, which works together with the inverter and transmission control unit to ensure maximum efficiency. Junior Ibrida therefore offers an extremely smooth driving experience to move around the city in electric mode more than 50% of the time; electric driving is guaranteed not only during parking maneuvers or at low speeds in urban areas, but also out of town with a limited load at up to 150 km/h. In terms of aesthetics, the standout features of the Junior Speciale Ibrida on display at the Paris motor show are the new reinterpretation of the “Legend” badge, the bold dual tailpipe, the matte sports finishes with accents in the new and already iconic Brera red, and 18” “Fori” alloy wheels. The interior is embellished with sporty features and exclusive specifications such as the leather steering wheel and Sabelt sports seats featuring an enveloping backrest that combines high mechanical resistance, perfect ergonomics, and structural lightness. Attention to detail is also ensured by the elegant and distinctive 8-color interior lighting marking out the air vents, central tunnel, and the iconic Telescope. To round off an already very high-end trim, the safety features as standard include level 2 autonomous driving, connected navigation, 180° rear camera, handsfree electric tailgate, and keyless system with proximity access technology as standard. Read Press Release
Leapmotor, the new Stellantis Group automotive brand specializing in electric mobility, is making its debut in the European market with its launch campaign, “The Leap.”
A strategic partnership for accessible electric mobility
Leapmotor International, the result of the joint venture between Stellantis and Leapmotor, combines Leapmotor’s technological innovation and production capacity with the Stellantis distribution network and its commercial support. This synergy is enabling the brand to bring high-performance and cost-efficient electric vehicles to Europe.
With the T03 and C10 models, Leapmotor aims to offer safe, technologically advanced and affordable mobility, aiming to conquer the European market with its combination of innovation and convenience.
“The Leap” campaign
The launch campaign, created by Publicis Collective, takes its cue from the brand name itself and revolves around the concept of A Leap Forward.
It depicts a metaphorical, conscious leap that can change lives, through the ability to overcome the habits and beliefs of a lifetime. With that leap forward, the future is now even closer, and above all, within everyone’s reach. Read more at
Jeep Sales in Europe Exceed 100,000 vehicles
The commercial results at the end of September 2024 show a volume of registrations of 100,700 units with an increase of 3.5% and representing a market share of 1% (on the passenger car industry) up by 0,03 percentage points compared to the same period in 2023. Jeep’s excellent results are well distributed across the Old Continent, impacting numerous countries at various latitudes. Of the nearly 50% of volumes registered outside of Italy, the home market for Jeep, notable results emerge from France, with registrations nearing 9,000 units—an impressive 61% increase compared to last year—and a market share of 0.6% (up 0.2 percentage points from the previous year).
The UK saw over 6,000 registrations, with an extraordinary year-on-year increase of 155% and a rising market share of 0.3%, reflecting a growth of 0.2 percentage points. In the Netherlands, registrations grew by 81% compared to 2023, and market share increased by 0.3 percentage points to reach 0.7%. Read More
Ford Performance is announcing an exciting and dynamic new program called the Ford Performance Junior Program intended to unearth the next generation of racing talent. The Junior Team program will bring together some of the most exciting new drivers and guide them towards a possible career in sports car racing around the world as part of the extended Ford Performance sports car family.
“At Ford Performance, we are always on the lookout for fresh new racing talent and with the new Ford Performance Junior Team program, we think we have a great solution for the future,” said Mark Rushbrook, global director, Ford Performance Motorsport. “This program is all about creating opportunities for the next generation of Mustang racing talent. We want to give these drivers the tools and support they need to reach their full potential, and we’re excited to see what they can achieve.”
Eligible Drivers
Ford Performance will evaluate participants from series such as Mustang Challenge, Mustang Cup and Mustang GT4 series globally. Key factors in the selection process will include: average stats compared to other leading drivers, current performance, feedback from sanctioning bodies, temperament and year-over-year driving improvement. The program will be open to drivers globally and will be available for a select group of drivers in any one calendar year. Read Press Release
Bentley Motors has unveiled the Bentayga Extended Wheelbase (EWB) Azure Riviera Collection, the latest expression of luxury, comfort and bespoke design. Following in the tracks of the first Riviera Collection of Continental GTC launched in 2023, this new collection reimagines Bentley’s iconic Bentayga in its long wheelbase model, in a way that pays tribute to the sophistication and serenity of modern yachting.
The Bentayga EWB Azure Riviera Collection epitomises Bentley’s commitment to luxury, innovation and wellbeing, embodied by the inclusion of Bentley’s revolutionary airline seats, which offer an unprecedented level of comfort and personalisation. This blends the finest materials, craftsmanship, and advanced technologies, ensuring a serene and indulgent driving experience.
Exterior design: Elegance Inspired by the sea
Drawing inspiration from the yachting world, the Bentayga EWB Azure Riviera Collection showcases a striking Aegean Blue exterior, echoing the deep hues of the Mediterranean as found on the French Riviera.
The elegant design is complemented by bespoke 22” five-spoke polished wheels with black-painted pockets as well as Aegean Blue painted lower brightware, front apron, and roof rail inserts. These, together with the Blackline Specification, highlight the vehicle’s refined silhouette and were deliberately chosen to emphasise the clean modern exterior design of modern luxury yachts. Read More
Baker Hughes Rig Count: U.S. -2 to 585 Canada +5 to 223
U.S. Rig Count is down 2 from last week to 585 with oil rigs down 5 to 479, gas rigs up 3 to 102 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 5 from last week to 223, with oil rigs up 5 to 157, gas rigs down 2 to 63 and miscellaneous rigs up 2 to 3.
International Rig Count is up 16 rigs from last month to 947 with land rigs up 15 to 735, offshore rigs up 1 to 212.
The Worldwide Rig Count for September was 1,751, up 15 from the 1,735 counted in August 2024, and down 8, from the 1,759 counted in September 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 04 October 2024 | 585 | -2 |
| Canada | 04 October 2024 | 223 | +5 |
| International | September 2024 | 947. | +16 |
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $76.56 | Up |
| Crude Oil (Brent) | USD/bbl | $80.15 | Up |
| Bonny Light 04/10/24 , CBN | USD/bbl | $80.71 | Up |
| Dubai | USD/bbl | $76.77 | Up |
| Natural Gas | USD/MMBtu | $2.74 | Down |
| Murban Crude | USD/bbl | $79.75 | Up |
| OPEC basket 04/10/24 | USD/bbl | $77.66 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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