September 02, 2024 Latest Crude oil, Gas Price and News
London, (Oilandgaspress) –– Brent and WTI have posted losses for two consecutive months as the U.S. and Chinese demand concerns have outweighed recent disruptions in Libyan oil supply amid a dispute between government factions there and the tensions in the key Middle East producing region related to the Israel-Gaza conflict. OPEC+ will likely begin unwinding its production cuts in October according to reports.
DNO ASA, today announced the completion of the acquisition of stakes in five oil and gas fields, including an operatorship, in the Norne area in the Norwegian Sea from Vår Energi ASA. Following closing, DNO’s wholly-owned subsidiary DNO Norge AS holds interests in all producing and under development fields in the greater Norne area, making it a core area for the Company on the Norwegian Continental Shelf.
The transaction includes interests in four producing fields, Norne (6.9 percent), Skuld (11.5 percent), Urd (11.5 percent) and Marulk (20 percent and operatorship) plus the ongoing Verdande development (10 percent). Prior to the transaction, DNO held interests in Alve (32 percent), Marulk (17 percent), and Andvare development (32 percent) in the Norne area.
Adjusting for cash flow between effective transaction on 1 January 2024 and completion on 30 August 2024, the net cash consideration paid by DNO was approximately USD 24 million. The transfer of DNO’s 22.6 percent interest in Ringhorne East to Vår Energi, the other element of the swap, was completed on the same date.
The transaction adds more than eight million barrels of oil equivalent (MMboe) in reserves and resources net to DNO. In terms of production, the acquired assets delivered approximately 3,000 barrels of oil equivalent per day (boepd) in the first half of 2024, expected to rise to above 5,000 boepd in 2026 as the Verdande contribution kicks in.
All fields in the Norne area are tied back to the Equinor-operated Norne FPSO that came onstream in 1997. Oil produced in the area is loaded from the FPSO to tankers for export, while gas is exported by pipeline through the Åsgard Transport System. Planned hub lifetime extends to 2036. With its expanded area position, DNO has stepped up studies of near-field exploration targets and infill well opportunities. Read More
The U.S. Army has awarded Saab an Indefinite Delivery, Indefinite Quantity (IDIQ) contract, which allows the U.S. Army to place orders for up to $494 million over five years for the XM919 Individual Assault Munition (IAM) programme. Saab’s solution is the AT4CS TW (Confined Space Tandem Warhead).
Order values will be established individually when an order is placed under the IDIQ contract.
Saab’s new addition to the battle-tested AT4 family combines the capability of multiple existing shoulder-launched munitions while reducing soldier load, training complexity and logistics burden.
“At Saab, we continually adapt and improve our products to meet customer needs and protect the warfighter. Our new IAM solution enhances capabilities, removes combat burdens and is uniquely created to meet the U.S. customer’s needs,” said Erik Smith, president and CEO of Saab in the U.S. “Saab has leveraged a successful, combat-proven system to make it even more effective, ultimately ensuring our solution is the best fit for the end-user.”
The AT4 is a battle-tested, successful anti-armor weapon with more than one million systems produced for 15 countries around the world. Lightweight, man-portable, and fully disposable, the AT4 has been the U.S. Army’s squad weapon since 1985. Saab has delivered more than 700,000 AT4 systems to the United States. Read More
Neste announced on 2 May 2024, that the company’s Board of Directors has appointed Heikki Malinen as the President and CEO of Neste. Today, it has been agreed that Heikki Malinen will assume the role of Neste’s President and CEO on 15 October 2024. He succeeds Matti Lehmus, who will continue as the President and CEO of Neste until 14 October 2024 and then act as an advisor to the company and its management until mid-November 2024 to ensure a smooth transition.
“Heikki has a strong track record of successfully leading international businesses and creating stakeholder value even in challenging market conditions. During his career, he has built high-performing teams that have significantly improved business performance. I believe that he is the best possible CEO for Neste right now and I wish him success in his new demanding role,” says Matti Kähkönen, Chair of the Board, Neste. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $73.50 | Down |
| Crude Oil (Brent) | USD/bbl | $76.91 | Down |
| Bonny Light 30/08/24 | USD/bbl | $84.28 | Down |
| Dubai | USD/bbl | $77.54 | Down |
| Natural Gas | USD/MMBtu | $2.16 | Up |
| Murban Crude | USD/bbl | $76.54 | Down |
| OPEC basket 30/08/24 | USD/bbl | $78.75 | Up |
NIO Inc. today announced its August 2024 delivery results.
NIO delivered 20,176 vehicles in August 2024. The deliveries consisted of 11,923 premium smart electric SUVs, and 8,253 premium smart electric sedans. Cumulative deliveries of NIO vehicles reached 577,694 as of August 31, 2024. Read More
Hyundai Motor Company announced today it has won 17 Red Dot Award: Brand & Communications Design 2024 accolades, including three ‘Best of the Best’ and 14 ‘Winner’ awards across eight categories. The ‘Best of the Best’ honorees include ‘The Ad That Should Have Been’ print ad campaign, the ‘Autonomous Driving Technology by Hyundai IONIQ 5 Robotaxi’ advertising film, and the ‘Unveiling E-GMP’ brand experience exhibition.
‘The Ad That Should Have Been’ campaign celebrated the comeback of the Pony Coupe Concept, Hyundai Motor’s first concept car and a key part of the brand’s design heritage. The ad pays homage to the golden age of automotive advertising, incorporating vintage elements such as layout, logos and photo editing techniques.
The ‘Autonomous Driving Technology by Hyundai IONIQ 5 Robotaxi’ advertising film demonstrates the safety of Hyundai Motor’s autonomous driving technology and offers a vision of a future where everyone, including the visually impaired, enjoys freedom of movement through mobility solutions. The ad also won silver and bronze awards in Film Craft and Film respectively at the New York Festival Advertising Award 2024, as well as gold and crystal awards in PR Stars and Film Stars respectively at the MAD STARS 2024.
The ongoing ‘Unveiling E-GMP’ exhibition at the IONIQ Lab brand experience center in Bangkok, Thailand, showcases the technology and beauty of Hyundai Motor Group’s dedicated EV platform, E-GMP, through a ‘live’ robotic performance. Source,
Nigeria’s decades-old oil pipelines are vital for transporting crude, but most are now corroded and vulnerable to leaks and vandalism. The Nigerian National Petroleum Corporation says it lacks the funds to fix these pipelines, sparking concerns about Nigeria’s oil production.
Oil fuels Nigeria’s economy, making up more than 90% of its export value. Pipelines are the veins transporting crude from production sites to ports and refineries.
But those pipelines have lost more than 3 million barrels of oil in the first five months of this year, according to data from the Nigerian Upstream Petroleum Regulatory Commission. That amounts to about $265 million or N400 billion, based on an average of $88 a barrel.
Nigerian National Petroleum Corporation’s recent disclosure of a funding shortfall for pipeline maintenance could have serious consequences. Read More
Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, has delivered its 2,000 th electric, zero-emission school bus marking an industry-leading milestone. Clark County School District (CCSD) in Nevada received Blue Bird’s 2,000 th electric vehicle (EV) to help the nation’s fifth largest school district transition its school bus fleet to clean student transportation.
Blue Bird delivered its 2,000th electric, zero-emission school bus marking an industry-leading milestone. Clark County School District in Nevada, the nation’s fifth-largest school district, received Blue Bird’s 2,000th electric school bus to help the district transition its school bus fleet to clean student transportation.
Blue Bird delivered its 2,000th electric, zero-emission school bus marking an industry-leading milestone. Clark County School District in Nevada, the nation’s fifth-largest school district, received Blue Bird’s 2,000th electric school bus to help the district transition its school bus fleet to clean student transportation. (Photo: Business Wire)
CCSD operates 373 schools serving more than 300,000 students. The district maintains a bus fleet of more than 1,900 vehicles. CCSD transports over 123,000 students each school day on more than 1,400 bus routes. Read full article
Hyundai is set to revolutionize the automobile market yet again with its Extended Range Electric Vehicle (EREV). Equipped with Hyundai’s hybrid technology, this one will combine the output of an internal combustion engine with an electric motor. The motor can provide a long driving range.
Quite different from traditional EVs, this EREV leverages an internal combustion engine which is designed for recharging the battery. The EREV can travel up to 900 kilometers at a full charge and will drive in the regions of the US, China, and Canada owing to their vast land areas. Hyundai plans to launch the new model in 2027, and will also begin the mass production of EREVs in North America and China by 2026. Read full article
Baker Hughes Rig Count: U.S. -2 to 583 Canada +1 to 220
U.S. Rig Count is down 2 from last week to 583 with oil rigs unchanged at 483, gas rigs down 2 to 95 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 1 from last week to 220, with oil rigs unchanged at 153, gas rigs up 1 to 67.
The Worldwide Rig Count for July was 1,713, up 7 from the 1,707 counted in June 2024, and down 106, from the 1,819 counted in July 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 30 August 2024 | 583 | -2 |
| Canada | 30 August 2024 | 220 | +1 |
| International | July 2024 | 934. | -23 |
One of the most popular LCVs on the roads is the Car-Derived Van (CDV).
As the name suggests, car-derived vans are vehicles based on a car’s chassis design, specifically the passenger hatchback. At the front, they have a fixed cab that usually seats 2-3 people, while the rear features a large cargo area that is accessed by sliding side doors.
They’re generally lighter than other vans and, therefore, boast superior fuel economy. CDVs are also one of the smallest LCV vehicles, so they’re easy to navigate through narrow city streets or manoeuvre into tight parking spots.
Combining the compactness of cars with a large cargo space, car-derived vans tend to be a popular choice among traders and couriers for transporting smaller goods and equipment.. Read full article
Novatron, a private fusion energy company, is making big strides in the clean energy arena with its innovative technology.
Researchers and institutions across the world are working on successfully achieving nuclear fusion, the process which powers the sun, on the Earth. However, achieving a controlled and sustained fusion reaction has yet to be realized. “The new innovative Novatron reactor design is a new solution for stable plasma confinement and a significant step towards fusion power generation,” says the company. Read full article
Global light-sweet crude imports rose 2% m-o-m in August to 8mbd, recovering from July levels but around similar levels as of Aug-23. Majority of these barrels, around 66% arrived in the Atlantic Basin where most of these barrels also originated. Slowing shale production in the US along with shut-down of Libyan production should lead to a rush for buying WTI barrels translating to a drawdown in inventories Read More
The California department of motor vehicles (DMV) on Friday issued draft regulations on the operation of autonomous vehicles on highways, paving the way for self-driving trucks to start long-haul deliveries.
The Autonomous Vehicle Industry Association welcomed the draft order, saying it is “an important step for the future of roadway safety and supply chain resiliency in California”.
The draft came a day after two autonomous vehicle safety bills were passed by the California assembly. The bills require human operators in driver-less trucks, and mandate autonomous vehicle manufacturers to report any vehicle collisions, traffic violations among others.
California governor Gavin Newsom will have to sign the bills for them to become law. .
A possible partial reversal of OPEC production cuts sent crude oil prices sliding early on Monday after Reuters cited six unnamed sources from the cartel as saying members were going to add 180,000 bpd to total production beginning in October.
The possibility for a rollback of the production cuts agreed in 2023 was floated by OPEC earlier this year, with the caveat that market conditions had to be right, meaning oil prices had to be high enough. Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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