October 15, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) ––Dana Incorporated will release its 2024 third-quarter financial results on Wednesday, Oct. 30, 2024. A press release will be issued at approximately 7 a.m. EDT, followed by a conference call and webcast at 9 a.m. EDT. Members of the company’s senior management team will be available at that time to discuss the results and answer related questions. Read More
Offshore Supply Vessel Coastal Liberty has set sail on the waters of the Wadden Sea. With the clear aim of minimising the environmental impact of its activities and driving forward the energy transition, the shipping company has decided to switch to green hydrogen as its main source of energy. End of February 2024 the refitted OSV received class certification by DNV for its newly installed hydrogen system on board. eCap Marine, contracted by Offshore Service Gesellschaft mbH, engineered the system enabling the vessel to operate without producing any emissions using hydrogen and batteries.
A safe hydrogen-electric power system Over two years, eCap Marine developed a containerized system featuring two Ballard FCwave (2x200kW) fuel cells, a maritime battery system from Lehmann Marine, a fire extinguishing system, tank units, a custom power management system, and all necessary cooling and safety equipment.
Lars Ravens, Managing Director of eCap Marine, states that this kind of system is a unique installation on board a seagoing ship and scalable up to megawatt-sized designs for larger commercial ships and longer voyages as well as smaller inland vessels.
Local hydrogen production
The green hydrogen for the installed fuel cells will be produced locally and sustainably, using offshore wind power on a electrolyser hydrogen plant a few kilometers from the vessel’s berth that was installed simultaneously to the fuel cell project. The electrolyser is designed to expand in case of a higher demands. eCap Marine designed the three swappable high pressure tank systems with the focus on safety, and in alignment with the rules and regulations resulting to the transport of the units between the vessel and the electrolyser by truck. eCap’s Head of Projects Frederike Engels confirms that switching, disconnecting and reconnecting the hydrogen tanks is very easy and safe, taking just a few minutes due to the toolless design and standard connections for crane and truck. Read More
Tesla’s, opens new tab reveal of a robotaxi designed as a low-slung, two-seater, sporty coupe – quite the opposite of a typical taxi with room for several passengers and luggage – flummoxed investors and analysts. CEO Elon Musk served up the cool design for the prototype of the Tesla robotaxi, dubbed Cybercab, at a much-hyped event, opens new tab near Los Angeles late on Thursday. These will go into production some time in 2026 and cost less than $30,000 a pop, he said. . Read full article
Nissan Formula E Team is excited to announce a four-year global partnership with Petromin Corporation, a leading mobility solutions provider in the Middle East. The partnership will be primarily focused on the company’s EV charging subsidiary, Electromin, as the business looks ahead to a wider adoption of electric mobility in the region.
This partnership builds on the strong relationship between Nissan and Petromin, notably through Petromin Nissan, an innovation partner in previous Diriyah races. Together, Nissan, Petromin, Electromin, and Petromin Nissan will focus on driving the adoption of electric mobility across the region. This collaboration highlights Nissan and Petromin’s shared vision of shaping the future of electric mobility with innovation and sustainability at the forefront. Read More
OMMICA Supports Middle East’s Largest Unconventional Gas Field
Achieving a new landmark after almost 15 years utilising its in-house chemical testing methodology, OMMICA has supplied portable testing kits to one of Saudi Arabia’s leading oil and gas producers.
A significant achievement for the Scottish chemical analysis expert, this marks the first project in which OMMICA has delivered solutions to Saudi Arabia. The specialist SME has supplied its methanol and monoethylene glycol (MEG) analysis kits to support one of the largest unconventional gas fields in the Middle East via a chemical engineering solutions provider acting as an intermediary.
The initial project is of five-figure value with anticipated repeat business generating six-figure revenue. Both figures are substantial for OMMICA and its skilled team who develop, manufacture, and distribute the fast-acting chemical analysis test kits from its Edinburgh-based headquarters.
Chosen for its cost-effective and proven solutions, OMMICA will work alongside the intermediary company to support the development and enhancement of lab operations in the gas field. The methanol and MEG testing kits – both of which have low capital and operating expenditure – will be used for on-site testing of condensate and water samples to ensure the optimal dosage of each chemical.
Through the accessible and accurate OMMICA testing method, the intermediary will gain in-field results within one hour to facilitate straightforward processing and avoid the risk of contaminated product samples. Delivery of the first order of testing kits occurred in early October with subsequent orders expected once the plant is fully operational in 2025. Issued on behalf of OMMICA by ThinkPR. For further information, contact Matthew Forsyth > matthew@thinkpr.co.uk Read More
OMMICA, the chemical analysis expert, has broken new ground in Central Asia’s oil and gas industry thanks to its innovative THPS testing kits. The Scottish firm, which manufactures, develops and distributes its range of chemical analysis products from its Edinburgh-based headquarters, used its expertise from 20 years in operation to support one of Northwest Kazakhstan’s leading oilfields to optimise a pipeline asset. A new market for OMMICA’s experienced team, the project also marked a new application use of OMMICA’s methodology. The THPS kit helped the Kazakhstan operator address iron sulphide issues in the pipeline, removing the harmful contaminants that were identified. Developed as a specialised quantitative test, the THPS kit helps operators identify the optimal in-field dosage for the tetrakis (hydroxymethyl) phosphonium sulfate (THPS) biocide. Commonly utilised in midstream oil and gas operations, the THPS biocide helps operators eliminate sulfate-reducing bacteria, minimising fouling, souring and corrosion. Delivering positive results in a 5-week turnaround, the THPS kit minimised the iron levels in the wastewater that the high-pressure system was producing. This led to greater efficiency and production for the client’s assets. Crucial in supporting its long-term global strategy, the OMMICA team is hopeful that the success of the project and its new application use will lead to increased output of the THPS kits in both local and international midstream markets. Since initially entering the market just over two years ago, the THPS kits have helped operators in diverse regions such as across Europe, the U.S., Oceania, the Middle East, and Southeast Asia. Read more at
Trans Mountain is the proud recipient of the 2024 American Society of Mechanical Engineers (ASME) Global Pipeline Award, reflecting our hard work and innovative efforts achieved through the Expansion Project.. The Global Pipeline Award recognizes those who apply pipeline technology in all phases of a project. It focuses on projects, products and systems encouraging pipeline engineering progress, education, cooperation and exchange of information. The award also considers projects promoting safety, public welfare, global environment preservation and public recognition of the pipeline industry.
Our submission highlighted the many unique challenges and successes we experienced throughout the Project, including geohazard mitigation, trenchless crossings, water crossing techniques, steep slope management, stove pipe construction, high water table management, metal leeching, acid rock management, urban pipelining, task force planning and owner-contractor collaboration. Read More
Trans Mountain has entered into an agreement with Hifi Engineering (Hifi) to deploy a High-fidelity Distributed Sensing (HDS™) fibre optic network for comprehensive monitoring and enhanced leak detection on the Trans Mountain Expansion Project. The hybrid fibre optic network consists of a telecommunications cable paired with Hifi’s specialized optical sensing fibre and dual micro duct conduit. In addition to installing the fibre optic system for enhanced leak detection and intrusion monitoring, Trans Mountain and Hifi have signed a 10-year monitoring agreement. Under this agreement, Hifi will provide real-time monitoring support from its 24/7 operations centre.The Trans Mountain and Hifi initiative marks the world’s longest fully distributed fibre optic sensing deployment on a multi-product liquids pipeline. Read Press Release
Anthony Veder proudly announces the launch of two VentoFoils sails onboard of Ethylene carrier Coral Patula, delivered by Econowind. With this installation, Anthony Veder is the first worldwide to install sails onboard a gas carrier. Later this year sister ship Coral Pearl will be equipped with two similar sails. By retrofitting existing gas carriers the company unlocks the potential of wind propulsion as a sustainable solution for the maritime industry.
By retrofitting 2 Ethylene carrier in its fleet with Econowind VentoFoils, Anthony Veder will be using wind energy to significantly reduce fuel consumption of vessels. The system is designed to work alongside existing engines, providing a boost in propulsion through the power of wind. Based on IMO wind conditions, we anticipate fuel savings of around 5%, with the potential of more than 10% in optimal wind conditions. By using less fuel, the company not only cuts down on the energy bill, but more important on greenhouse gas emissions. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.63 | Down |
| Crude Oil (Brent) | USD/bbl | $74.21 | Down |
| Bonny Light 11/10/24 , CBN | USD/bbl | $80.82 | — |
| Dubai | USD/bbl | $77.74 | Down |
| Natural Gas | USD/MMBtu | $2.45 | Down |
| Murban Crude | USD/bbl | $74.26 | Down |
| OPEC basket 11/10/24 | USD/bbl | $77.18 | Down |
OPEC lowered its 2024 and 2025 forecasts for world oil demand on Monday, largely as a consequence of concerns about China’s economic outlook. OPEC now assumes that the global average daily oil demand will rise by around 1.9 million barrels (each containing 159 litres) to 104.1 million barrels this year. Just a month ago, the Saudi-led cartel had forecast an increase of more than 2 million barrels..The growth forecast for 2025 was lowered from 1.7 million barrels per day to 1.6 million barrels.
OPEC members and other oil exporters like Russia are trying to boost prices by cutting back on output. Read More
Hyundai Motor asked, “How can cities become more sustainable?”
Hyundai Motor, in collaboration with sustainability broadcaster James Stewart and Voice for Nature, established by David de Rothschild, set out on an enlightening journey. Driving Hyundai IONIQ 5 and IONIQ 6 electric vehicles (EVs), they visited the diverse cities of London, Frankfurt, Jakarta, and Los Angeles (LA).
“We are proud to spotlight global environmental initiatives and demonstrate Hyundai Motor’s commitment to a sustainable future for both humans and the planet,” said Sungwon Jee, Senior Vice President and Global Chief Marketing Officer of Hyundai Motor Company. “This series represents our pursuit of innovative solutions to urban challenges, underscoring the role of sustainable mobility in creating a positive, lasting impact on our world.”
The London episode highlights the significance of urban green spaces that improve air and water quality and the well-being of humans and wildlife. To this goal, SUGi, a global non-profit organization, creates ‘pocket forests’ in the city and engages children in tree planting to continue this initiative to the next generations. Hyundai Motor also has been expanding sustainable forests around the world through the Hyundai IONIQ Forest project launched in 2016.
The Frankfurt episode explores the German city’s commitment to sustainable urban planning. With the goal of becoming climate-neutral by 2035 and fully renewable by 2050, the city accommodates various sustainable mobility options – cycling routes, electric bike rentals, hydrogen trains, autonomous electric buses and passenger EVs, such as IONIQ 5 and IONIQ 6, with an extensive electric charging infrastructure. Additionally, the city’s houses are built to actively draw renewable energy from solar, wind, and geothermal powers, going beyond conserving energy.. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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