September 07, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) –– International Rig Count is down 3 rigs from last month to 931 with land rigs unchanged at 720, offshore rigs down 3 to 211.
International Rig Count is down 21 rigs from last year’s count of 952, with land rigs up 3, offshore rigs down 24.
The average U.S. Rig Count for August was 586 unchanged from last month count of 586 and down 61 year-over-year.
The average Canada Rig Count for August was 218 up 25 rigs from last month count of 193 and up 29 year-over-year.
The Worldwide Rig Count for August was 1,735, up 22 from the 1,713 counted in July 2024, and down 53, from the 1,788 counted in August 2023
The authorities have received applications from 21 companies in the Awards in predefined areas (APA) 2024. The deadline for applications was 3 September.
“It’s gratifying to see the continued significant interest in exploring new acreage in mature areas on the Norwegian continental shelf (NCS), even in light of the many awards in recent APA rounds,” says Kalmar Ildstad, Director licence management in the Norwegian Offshore Directorate.
We note that most of the companies that are active on the NCS have submitted applications in this year’s APA round, and the applications confirm considerable interest in exploration near existing fields and infrastructure. The Norwegian Offshore Directorate is now working to evaluate the applications, with emphasis on geological comprehension and plans for exploration of the areas. When production licences are awarded, emphasis is also placed on the companies’ technical expertise and experience, as well as financial strength.
The authorities aim to award new production licences in the announced areas in early 2025. Read More
Total combined crude/condensates exports from the ‘Big-3’ (Saudi Arabia, Russia and the US) stood at 12.7mbd in August, down almost 700kbd m-o-m. Amongst the big three, US exports fell the most sharply m-o-m, down by around 540kbd, while Saudi and Russian declines were more modest at 110kbd and 40kbd respectively.
But despite each of the ‘Big-3’ countries lowering exports in August, total global crude exports (excluding Iran and Venezuela) fell by only 260kbd m-o-m as other countries boosted exports. This is seen most prominently in August data, but in reality, this trend of diverging ‘Big 3’ vs rest of world’s exports can be traced back to Q1 this year. Read full article
China’s seaborne crude imports surged 11% m-o-m in August, reaching a 10-month high of 10.3mbd. This rebound occurred as refiners boosted run rates to meet the demand seasonal peak expected around September. Chinese oil majors increased their baseline imports from the Middle East (excluding Iran), Russia, and West Africa, with Iraqi imports leading the gains, up by 40% m-o-m. Additionally, Russian crude imports by sea rose by 15%, despite private refiners in East China maintaining stable import volumes. Besides this surge in crude imports, China’s onshore crude inventories remained stagnant throughout the month. According to analysis derived from Vortexa flow and inventory data, China’s implied refinery runs rebounded to a 6-month high of 15.3 mbd. Read full article
Porsche Asia Pacific, the Sonderwunsch experts at Porsche Exclusive Manufaktur have created an extraordinary Taycan Turbo S. A special pigmented paint gives the fully electric sports car its incredible look. The colour shifts with the light and from different angles. Fascinating metamorphosis: In the depths of the Earth, a miraculous transformation takes place that produces the precious gemstone of jade. Over thousands of years, minerals in the Earth’s crust heat up and are subjected to great pressure before they crystallise and fuse together. Minor changes in temperature or pressure leave their mark on the rock, creating patterns of green, yellow, gold, white, and sometimes blue. This unique journey from their mineral origins to master artisans, from multi-faceted natural stone to jewellery, is the foundation of the timeless appeal of jade. Inspired by this precious gemstone, the Taycan Turbo S Celestial Jade, an extraordinary one-off, was created through the Sonderwunsch programme. Together with the Porsche Asia Pacific team, the designers and paint experts at Porsche Exclusive Manufaktur sought to reflect the vibrance and innovation of the Southeast Asia in their own craftsmanship, paying tribute to this important region with bespoke touches and mythical symbols. Read full article
The first series production 911 with a turbo engine was destined to be a birthday present for the grande dame of the Porsche and Piëch family in 1974. The birthday present was unique, a one-off. The birthday girl can be considered a unique individual, too. Ferry Porsche gave his sister Louise Piëch a special prototype from the development center in Weissach for her 70th birthday on August 29, 1974: the 911 Turbo “No. 1” – the first 911 for the road with a turbocharger, a technical highlight. Read More
Data & Statistics | All CBN Publications
Date Crude Oil Price (Bonny Light) US$/Barrel
9/5/2024 77.000
9/4/2024 77.320
9/3/2024 78.910
9/2/2024 80.270
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $67.67 | Down |
| Crude Oil (Brent) | USD/bbl | $71.06 | Down |
| Bonny Light 05/09/24 | USD/bbl | $77.00 | Down |
| Dubai | USD/bbl | $73.14 | — |
| Natural Gas | USD/MMBtu | $2.27 | — |
| Murban Crude | USD/bbl | $71.41 | Down |
| OPEC basket 05/09/24 | USD/bbl | $73.68 | — |
Baker Hughes Rig Count: U.S. -1 to 582 Canada +0 to 220
U.S. Rig Count is down 1 from last week to 582 with oil rigs unchanged at 483, gas rigs down 1 to 94 and miscellaneous rigs unchanged at 5.
Canada Rig Count is unchanged from last week to 220, with oil rigs down 1 at 152, gas rigs unchanged to 67.
The Worldwide Rig Count for August was 1,735, up 22 from the 1,713 counted in July 2024, and down 53, from the 1,788 counted in August 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 06 September 2024 | 582 | -1 |
| Canada | 06 September 2024 | 220 | — |
| International | August 2024 | 931. | -3 |
The Aston Martin Formula One team is to set a new valuation benchmark by selling a large stake to two of the world’s most prominent investment funds.
Sky News can exclusively reveal that HPS Investment Partners, a US-based firm which manages roughly $115bn (£87.6bn) in assets, and Accel, one of the giants of the Silicon Valley venture capital sector, are on the verge of investing hundreds of millions of pounds into the team’s holding company.. Read full article
U.S. Environmental Protection Agency issued an Enforcement Alert regarding its work under the American Innovation and Manufacturing Act (AIM Act) to phase down production and consumption of hydrofluorocarbons (HFCs). The agency’s new alert provides information on common compliance issues observed with the importation of bulk HFCs and highlights recent civil and criminal enforcement actions. The alert is intended to help address the climate crisis and ensure that companies comply with the law and take the necessary steps to avoid potential EPA enforcement actions.
HFCs are potent, super polluting greenhouse gases with a global warming potential that can be hundreds to thousands of times greater than carbon dioxide that are commonly used in refrigeration, air conditioning, and other sectors. EPA’s efforts under the AIM Act are part of a global HFC phasedown that when fully implemented, is expected to reduce global warming by up to 0.5 degrees Celsius. . Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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