September 05, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) –– Crude oil inventories in the United States fell by 7.4 million barrels for the week ending August 30, according to The American Petroleum Institute (API).
According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by 14.4% from $14.3 billion in the fiscal year (FY) of 2023 to $16.5 billion in FY2024.
This $2.2 billion increase places Nigeria among the top three IDA debtors for the first time, a notable shift from its previous position as the fourth-largest borrower in 2023.
The fiscal year for 2024 runs from July 2023 to June 2024, which means that Nigeria has received at least $2.2 billion from the World Bank under the administration of President Bola Tinubu.
This debt is different from any outstanding loan from the World Bank’s International Bank for Reconstruction and Development (IBRD).
Bangladesh remains the largest IDA debtor, with its exposure increasing from $19.3 billion in 2023 to $20.5 billion in 2024. Pakistan follows, maintaining its second position with a stable exposure of $17.9 billion over the same period.
India, which was previously the third-largest borrower in 2023 with $17.9 billion, saw a decrease in its IDA exposure to $15.9 billion in 2024, allowing Nigeria to surpass it.
Other significant IDA borrowers include Ethiopia.
PetroChina Company Limited announced its operating results for the first half of 2024. The Company strengthened market analysis and proactively responded to multiple challenges. While pursuing high-quality development, it adhered to the principle of seeking progress in a steady manner. Coordinated efforts were made to drive business development and further enhance business quality and profitability, in tandem with the initiative to promote reform, innovation, safety and environmental protection. The core oil and gas businesses and other operations remained stable and profitable, with key production indicators growing steadily. The Company achieved record high first half operating results for three consecutive years. All businesses
were profitable, and the financial position remained sound. In accordance with IFRS, the Company posted operating income of RMB 1.6 trillion in the first half of 2024, representing a 5% year-on-year increase. Net profit attributable to equity holders of the Company reached RMB 88.61 billion, up 3.9% year-on-year.
The annualized average return on equity amounted to 10.4%. With continuous optimization of its asset-liability structure, the Company retained a robust financial position. The debt-to-asset ratio dropped by 1.4 percentage points to 39.4% from the end of the previous year. It was the lowest first half figure for the last 14 years. Read More
In the first half of the year, CNOOC Limited focused on increasing oil and gas reserves and production, continued to drive down the all-in cost, and hit a record high in net profit attributable to equity shareholders for the same period. With the steady progress of technological innovation and green development, the Company is better poised for sustainable development.
The Company continued to pursue the increase of reserves and production in an orderly manner and further expanded its resource base. In the first half of the year, the Company made 7 new discoveries and successfully appraised 18 oil and gas bearing structures. In offshore China, the Company discovered Lingshui 36-1, the first large-size ultra-shallow gas field in ultra-deep water. The proved in-place volume of the gas field exceeded 100 billion cubic meters, bringing the total proved gas in-place in the South China Sea to over a trillion cubic meters. Another two new discoveries with proved oil in-place over 100 million tonnes respectively were made, namely Qinhuangdao 27-3 oilfields in Bohai Bay and Kaiping South in the South China Sea. Bozhong 8-3 South was appraised, recording the highest tested daily production among the exploration wells in deep plays offshore China. Overseas, Bluefin was discovered at the Stabroek block in Guyana, further expanding the reserves in the southeastern portion of the block. The Company entered into petroleum exploration and production concession contracts (EPCCs) for 5 blocks in Mozambique, which brought about new exploration potentials.
CNOOC Limited accelerated the construction of major projects, while the oil and gas production in the first half reached a new record high. The net production was 362.6 million BOE, representing an increase of 9.3% YoY, hitting a historic high for the same period. The Company continued to optimise water injection plans and the natural decline rate in producing oilfields in offshore China continued to drop. Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project, Bozhong 19-6 Gas Field 13-2 Block 5 Well Site Development Project, Wushi 23-5 Oilfields Development Project have commenced production. Shenhai-1 Phase II Natural Gas Development Project, the Mero3 Project in Brazil and other key new projects progressed smoothly.
Technological breakthroughs made the Company more competitive in the market. Read More
Porsche and Pantone present the exclusive colour Turbonite. For New York Fashion Week, Pantone presents Turbonite. Since the end of 2023, Porsche has been sharpening the look of its Turbo derivatives with this elegant metallic grey tone.
Pantone presents Turbonite – the first time the report has featured a customized colour from an automotive brand. Since the end of 2023, Porsche has been sharpening the look of its Turbo derivatives with this elegant metallic grey tone. The sports car manufacturer and the colour specialist will celebrate the publication of ‘The Story of Turbonite’ with a high-profile event ahead of NYFW. Read More
OPEC+ is discussing delaying an oil output increase scheduled to start in October after oil prices hit their lowest in nine months, four sources from the producer group told Reuters on Wednesday. The move comes as oil prices have been falling together with other asset classes on concerns about a weak global economy and particularly soft data from China, the world’s biggest oil importer.
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $69.97 | Up |
| Crude Oil (Brent) | USD/bbl | $73.52 | Up |
| Bonny Light 30/08/24 | USD/bbl | $84.28 | — |
| Dubai | USD/bbl | $77.60 | — |
| Natural Gas | USD/MMBtu | $2.14 | Down |
| Murban Crude | USD/bbl | $73.62 | Up |
| OPEC basket 04/09/24 | USD/bbl | $73.67 | Down |
If producer group OPEC+ doesn’t reduce production further, the average price of oil could drop to $60 per barrel in 2025 due to reduced demand and increased supply from non-OPEC countries, Citi said in a note on Wednesday. Citi said that while a technical rebound was possible, the market could lose confidence in OPEC+ defending the $70/bbl level if the group doesn’t commit to extending current output cuts indefinitely.(Reuters). Read More
LetterOne (owned in part by sanctioned Russian oligarchs Petr Aven and Mikhail Fridman), has recently acquired a minority stake of 14.87% in Harbour Energy. UK’s biggest oil and gas company which has operations in Norway, Southeast Asia, Germany, North Africa and Argentina, . Source,
(Reuters) -Germany’s coalition government has agreed to a proposal for tax reductions to promote the use of electric cars, after last year abruptly ending a subsidy programme designed to help speed up the green transition.Under the draft approved by Chancellor Olaf Scholz’s cabinet on Wednesday, companies would be able to deduct up to 40% of the value of newly purchased electric and qualifying zero-emission vehicles from their tax bill in the year of their purchase, falling progressively to 6%.
Germany, Europe’s largest economy, is aiming to improve the uptake of EVs, new registrations of which fell by 36.8% in July year-on-year, official data show. . Read More
Audi enhances S6 and S7 with new Nardo Sport Editions
Audi of America today announced the availability of a new Nardo Sport Edition package for the 2025 S6 4-door sedan and 2025 S7 5-door liftback. Inspired by Audi Sport, the new package adds an exclusive exterior color and unique interior designs to form a subtle yet purposeful palette. The Nardo Sport Edition enhances the sporting appeal of the potent S models, each of which are propelled by a 444-horsepower, 2.9L biturbo TFSI® V6 and quattro® all-wheel drive.
The 2025 S6 Nardo Sport Edition and S7 Nardo Sport Edition will arrive in an Audi exclusive Nardo Gray exterior color, and feature a black roof, darkened headlight structures, and carbon fiber mirror housings. The High-gloss Black package with black badges is included, and both the S6 and S7 Nardo Sport Edition receive 21” gloss black Audi Sport wheels: 5-V-spoke structure design on the S6; and 5-V-spoke trapezoid design for the S7. The 2.9-liter biturbo TFSI V6 in all 2025 Audi S6 and S7 models is rated at 444 horsepower and 443 lb-ft of torque, and features a separate electronic compressor paired with the engine’s two turbos to sharpen throttle response. Brought to the U.S. market for the first time in S6 and S7 models, the electric powered compressor (EPC) system comprises an electric motor with a small turbine that helps quickly build the twin turbo system’s boost pressure, sharpening throttle response and reducing any noticeable turbo “lag”. When the V6 TFSI engine is operating at higher speeds, a valve for the EPC system closes, leaving a parallel path for air to move through the engine. However, the EPC system is always operating, even at idle, ready to respond to the driver’s needs for increased power. Read full article
About 1,000 workers at a General Motors joint venture electric vehicle battery plant in Spring Hill, Tennessee, will get big pay raises now that they have joined the United Auto Workers union. GM and LG Energy Solution of Korea, which jointly run the plant, agreed to recognize the union after a majority of workers signed cards saying they wanted to join, the UAW said Wednesday.. Read full article
R17 electric restomod x Ora Ïto: the fourth collaboration in four years
In 2021, as part of the celebrations for the sixtieth anniversary of Renault 4, the brand asked designer Mathieu Lehanneur to reinvent its iconic vehicle. The result was SUITE N°4, an original concept resembling a nomadic hotel suite. read the PR
In 2022, Renault teamed up with designer Pierre Gonalons to celebrate the fiftieth anniversary of R5 with an amazing electric show car, the 5 Diamant prototype. A fresh take on the essential city car. read the PR
In 2023, Renault presented the Twingo electric show car created by renowned Dutch designer and artist Sabine Marcelis. read the PR
This year, Renault is presenting an original collaboration between the brand’s designers and Ora Ïto. Their brief was to create a unique restomod show car based on the legendary Renault 17. A two-door coupé with a tailgate, Renault 17 featured a sporty design accentuated by four round headlamps, frameless doors, a body with no central pillar, fully opening rear side windows and second quarter windows with louvers.
Based on the monocoque structure of the original, R17 electric restomod x Ora Ïto has the same cabin, doors, windows, glazing, seals and underbody.
The body is 17 cm wider for better roadholding. The design of the wings and wheels give it a look that is both spectacular and elegant.
R17 electric restomod x Ora Ïto is very much a modern vehicle. The headlamps take the form of four rectangular modules with rounded corners, while the rear lights forming a single strip. It also features an all-electric 270 hp powertrain at the rear. The carbon fibre chassis with its flush lines keeps the weight down to just 1.4 tonnes. The Galactic Brown body colour is an original shade developed specially for the show car. 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 |
Nexergy, a leading sustainable energy investment firm, made a significant stride in its partnership with Cassandra, a Swedish environmental company focusing on oil and gas recycling, during a shareholder meeting held in central Stockholm on 29th August 2024. The event, led by Cassandra’s CEO Anders Olsson, displayed the integration between Nexergy and Cassandra, solidifying a strategic alliance for the future.
The shareholder meeting highlighted important updates on the ongoing process for Cassandra shareholders to be a part of Nexergy as shareholders. Nexergy’s participation brought valuable insights into their vision for the collaboration and their commitment to driving innovation in Cassandra’s operations.
At the meeting, the Nexergy team outlined their strategic vision for the near and long-term future. They presented a five-year plan that leverages Cassandra’s innovative technology, aiming to expand operations from a single site in the United Kingdom to 16 sites across the region. This expansion is a key component of Nexergy’s growth strategy. In addition to Nexergy’s plans, Cassandra unveiled its complementary five-year strategy, which includes further site developments beyond the 16 planned by Nexergy. Together, these plans underscore the synergistic potential of the partnership, paving the way for significant…. Read full article
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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: @OilAndGasPress on Twitter |
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
Subscribe to Oil, Gas, Energy News Release Service
