September 11, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) ––According to a Bloomberg report, adverse economic statistics from the United States (US) and China made public on Tuesday continues to stir fears about the demand for oil. Compounded by surging output in oil producing nations outside the Organisation of Petroleum Exporting Countries (OPEC). There is the likelihood of a surplus supply next year.
Elon Musk’s SpaceX has successfully launched a mission carrying a billionaire astronaut further from Earth than any human has travelled in half a century.
After several delays, the US space company blasted off at 5.23am local time from the Kennedy Space Center in Florida with four astronauts, including ultra-wealthy entrepreneur Jared Isaacman, aboard one of its Falcon 9 rockets on a five-day mission into space.
The Polaris Dawn mission will take the crew as far from Earth as any space flight since the end of the Apollo Moon landing programme in 1972, roughly 745 miles from earth and include a spacewalk by its crew.. Read More
KBR announced that it has been awarded a contract to continue to deliver technical design services at HMAS Stirling by the Security and Estate Group and the Australian Submarine Agency. This work will support the sovereign nuclear-powered submarines facilities and infrastructure program, enabling the Submarine Rotational Force (SRF) – West, and accelerating Australia’s ability to safely own, operate, maintain and sustain its own future nuclear powered submarine fleet.
Building on the design and construction work already underway, KBR will continue to integrate the unique capabilities of Frazer Nash Consultancy, a KBR company, to support a safety-led approach for nuclear technical solutions. KBR’s expertise involves developing solutions for maritime infrastructure, low-level radioactive waste management, submarine maintenance support facilities, estate planning, digital integration and systems engineering requirements.
The new work at HMAS Stirling follows KBR’s announcement that the company would provide concept design services for the new nuclear-powered submarine construction yard at Osborne in South Australia, which is critical to deliver the new SSN-AUKUS submarines to the Royal Australian Navy. Read full article
On Saturday, 7 September, Troll B and C became partly powered from shore. This reduces annual emissions from the Norwegian continental shelf (NCS) by 250,000 tonnes of CO2. This is in line with the plan for development and operation (PDO) for Troll West electrification (TWEL), which was approved by Norwegian authorities in 2021. “Troll B and C electrification marks an important milestone in the efforts to halve the emissions from our operations by 2030. The project reduces CO2 emissions by the equivalent of those from 125,000 fossil-fuelled cars,” says Geir Tungesvik, executive vice president for Projects, Drilling & Procurement.
The power to Troll B and C comes from Kollsnes, northwest of Bergen. From here it runs through a new electro building shared by the Troll and Oseberg fields out to Troll B in a 132 kV power cable, and from there to Troll C.
The project has installed new modules on Troll B and C that adjust the voltage to the systems on board. The processing systems and other energy-intensive systems on both platforms are now driven by electricity, except for the large export compressors, which are still gas-powered. Read full article
Stellantis entered the second half of the year with an 18% market share in EU29 markets year-to-date August and maintained its strong position as the second in the European ranking. Citroën, Dodge and Jeep® brands performed especially well, increasing in sales versus last year. The company is #1 in France, Italy and Portugal in August and year-to-date (YTD).
In France, Stellantis held 30% market share on an ytd basis, with four models (Peugeot 208, 308, 2008, and Citroën C3) in the top ten. Italy achieved over 32% market share with four models in the top ten, including Fiat Panda, Lancia Ypsilon, Citroën C3 and Jeep Avenger, jumping on the podium last month and consolidating its role as the most sold SUV in Italy. In Germany, sales increased by over 13%, with almost all brands recording double-digit growth versus last year and bringing market share to 14%. Opel Astra sold over 4,300 units in August, becoming one of the most sold C-Segment cars of the market. Bulgaria, Croatia, Czech Republic, Denmark, Ireland, and Slovenia all recorded significant sales growth, as well.
Stellantis Pro One is #1 in the CV market with almost 29% market share and a 1.4% year-over-year volume increase. In Germany, this growth was again particularly notable, with a 3.3-percentage point increase in market share and sales up by 29.5%. Sales growth also in the Netherlands (+13%), Spain (+17%) and Portugal (+6%), with Austria once again CV market leader last month. Read full article
The world’s oldest Bentley T-Series, a standard saloon in Shell Grey, has returned to Crewe after 59 years. Sensitively recommissioned and retaining much of its original componentry and running gear, it takes its place in the Bentley Heritage Collection of road- and race-cars that together describe all 105 years of Bentley’s history.
T-Series chassis number SBH1001 was used as a company trials car and featured in the original press coverage following the model launch at the 1965 Paris Salon de l’Auto. When found under a cover in storage, the car had not run for decades and was missing several key areas – including its entire interior. The car’s significance as the first T-Series – or equivalent Rolls Royce Silver Shadow – off the production line prompted the decision to recommission it, preserving as much of the original car as possible. Read More
EnQuest, owner and operator of the Greater Kittiwake Area (‘GKA’) fields, along with Shell U.K. and Dana Petroleum, are responsible for the decommissioning of the GKA fields. Recognising EnQuest’s ability to deliver safe results, market-leading decommissioning performance and cost and schedule efficiencies, the joint venture has appointed EnQuest to continue as GKA operator for the full decommissioning scope with Shell transferring its decommissioning management role to EnQuest. Note: Shell had retained operator responsibility for decommissioning the Kittiwake platform and the Mallard field, a subsea tie-back to the Kittiwake platform, when it divested the GKA fields.
The GKA infrastructure is expected to continue production into the late 2020’s with EnQuest proactively planning for a managed decommissioning programme post cessation of production. Read More
During the period from 2 to 6 September 2024, Eni acquired on the Euronext Milan no. 4,007,068 shares (equal to 0.12% of the share capital), at a weighted average price per share equal to 14.3480 euro, for a total consideration of 57,493,384.69 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 15 May 2024, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999, for the purpose of paying to the Shareholders an additional remuneration compared to the distribution of dividends. Read More
Neste revises downwards its 2024 guidance for Renewable Products. Renewable Products’ sales prices have been negatively affected by a substantial decrease in diesel price during the third quarter. At the same time, waste and residue feedstock prices have not decreased and renewable product market price premiums have remained weak. Neste also revises its Renewable Products’ total sales volume and SAF sales volume forecasts based on its latest sales outlook. Neste will optimize its production capacity utilization in Renewable Products according to the market situation.
The revised 2024 guidance for Renewable Products is: “Renewable Products’ total sales volume is expected to increase from 2023 and to reach approximately 3.9 Mt (+/- 5%) in 2024, out of which SAF sales volume is expected to be 0.35–0.55 Mton. Renewable Products’ full-year 2024 average comparable sales margin is expected to be in the range of USD 360–480/ton”. The previous 2024 guidance for Renewable Products was: “Renewable Products’ total sales volume is expected to increase from 2023 and to reach approximately 4.4 Mt (+/- 10%) in 2024, out of which SAF sales volume is expected to be 0.5–0.7 Mton. Renewable Products’ full-year 2024 average comparable sales margin is expected to be in the range of USD 480–580/ton”. Oil Products’ guidance for 2024 remains unchanged. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $67.36 | Down |
| Crude Oil (Brent) | USD/bbl | $70.62 | Down |
| Bonny Light 10/09/24 | USD/bbl | $74.20 | Down |
| Dubai | USD/bbl | $72.68 | Up |
| Natural Gas | USD/MMBtu | $2.24 | Up |
| Murban Crude | USD/bbl | $71.02 | Down |
| OPEC basket 10/09/24 | USD/bbl | $71.41 | Down |
EnQuest Reported cash generated from operations was $368.9 million (2023: $370.4 million); with cash capital expenditure of $95.0 million (2023: $80.0 million) and cash abandonment expenditure of $31.5 million (2023: $29.3 million).
Net production averaged 42,771 Boepd (2023: 45,480 Boepd); strong uptime across the portfolio offset by minor delays to the Magnus five-yearly rig recertification programme and the failure of an infill well on the non-operated Golden Eagle asset.
Revenue and other operating income totalled $586.0 million (2023: $770.4 million). Oil revenue was largely flat ($523.1 million; 2023: $540.1 million). Gas revenue fell on lower prices and reduced third party volumes transported over Magnus – the impact of which was offset in cost of sales.
Reported profit after tax was $30.3 million (2023: loss of $21.2 million).
EnQuest net debt was reduced by $159.9 million, to $321.0 million at 30 June 2024. The Group fully repaid its RBL and EnQuest maintained strong liquidity – with total cash and available facilities of $566.0 million (end 2023: $498.8 million).
EnQuest’s net debt to EBITDA ratio at 30 June was 0.4x – moving beyond the Group’s stated leverage target of 0.5x.
This provides a platform for transformational transactional growth, enhanced by the Group’s advantaged UK tax position.
EnQuest’s $15 million share buy back programme commenced in April, with share purchases totalling c.$2.5 million at 30 June 2024. Planned Treasury repurchases were completed in August – all additional shares purchased will now be cancelled.
2024 guidance and outlook
The Group remains on track to deliver net production within the guidance range of 41,000 to 45,000 Boepd set at the start of the year. In H1 2024 the Magnus five yearly rig recertification was completed successfully but a minor delay and remedial works meant Magnus drilling and well interventions recommenced later than planned. This, and the previously reported failure of an infill well on the non-operated Golden Eagle field, mean full year production is now expected to be in the lower half of the guided range.
Full year expectations for operating, cash capital and abandonment expenditures remain unchanged from the Group’s original guidance at c. $415 million, $200 million and $70 million, respectively. Read More
Africa Energy Corp. announces that the joint venture partners in respect of Block 11B/12B, Offshore the Republic of South Africa, have obtained an extension to the deadline for the submission of the Environmental Impact Assessment Report (“EIAR”) to May 19, 2025.
In light of the withdrawal of the joint venture partners as announced July 29, 2024, the Company is currently assessing the best way forward in respect to the Environmental Application process. The approval of the Production Right application will not occur until after the Block 11B/12B joint venture receives environmental authorization in respect to the EIAR.
The Company, through its investment in Main Street 1549 Pty Ltd., which currently holds a 10% interest in Block 11B/12B, does not intend to withdraw. The withdrawal of the joint venture partners from Block 11B/12B is subject to all relevant regulatory approvals by South African authorities. Subject to all relevant regulatory approvals, Main Street 1549 Pty Ltd. expects to hold 100% interest in Block 11B/12B. Source,
Prospera Energy has announced a 17% working interest (WI) increase in its core heavy oil assets in Western Canada. As part of this strategic initiative, Prospera Energy has executed agreements with two joint venture partners. Restructured Prospera has elevated its ownership from an average of 35% WI to the current average 95% WI.
Acquisition of 7% Working Interest:
Prospera Energy has acquired an additional 7% working interest in the Hearts Hill, Luseland, and Cuthbert properties from a joint venture partner. In exchange, Prospera Energy has agreed to forgive all outstanding debts totaling $1,233,000 owed by the partner, and a 100% working interest on the non-core Red Earth property, including all associated liabilities.
Acquisition of 10% Working Interest:
Additionally, Prospera Energy has finalized the acquisition of a 10% working interest in the Cuthbert, Luseland, and Hearts Hill assets from another joint venture partner. The total purchase price for this transaction is $600,000 CAD, consisting of $400,000 in cash to be paid over 16 months and $200,000 in equity through the issuance of 3,076,923 PEI.V common shares at a price of $0.065 per share. These shares will be subject to a six-month hold period and TSX approval. Furthermore, 3,076,923 warrants will be issued, allowing the holder to acquire one PEI.V common share at a price of $0.10 in the first year and $0.15 in the second year until expiry, also subject to TSX approval. As part of this agreement, Prospera Energy has agreed to forgive all outstanding debts totaling $215,628 owed by the joint venture partner.
Now, Prospera has 100% ownership of the Luseland asset that has largest oil reserve of an estimated 280 million barrels of Original Oil in Place (OOIP). Read More
Hartshead Update on 33rd Licensing Round
Hartshead Resources NL provided an update on the results of the 33rd Licensing Round Applications. The Company has received from the North Sea transition Authority (NSTA), as the regulatory body for oil and gas exploration in the UK, Letters of offer and License documentation covering six (6) new oil and gas Licenses
which cover ten (10) offshore Blocks. Three (3) of these Licenses have now been fully executed and formally awarded to Hartshead.
These Licenses all contain discovered hydrocarbons and present a range of re-development, development and appraisal opportunities Read full article
Operational Update – Spud of Heron-2; Petro Matad announces that on 8th September it spudded the Heron-2 development well in the Tamsag Basin of eastern Mongolia. This is the first development well to be drilled on the Petro Matad operated Heron Field, which has total oil in place potential of c. 190 million barrels and which was discovered when the Heron-1 well was drilled and tested in 2019. Heron-2 is being drilled by the DQE International rig 40106 and is located c. 800m south of the original Heron discovery well. It is targeting the same reservoir units of the Cretaceous Lower Tsagaantsav Formation that were proven productive in Heron-1. Heron-1 flowed at a maximum rate of 821 barrels of oil per day on test from a 12m interval between 2,834m and 2,846m in an overall oil column of some 70m. This was the third best test rate ever recorded in Mongolia. Heron-2 has been located to investigate the extension of the productive reservoir zone seen in the discovery well and will be drilled to a total depth (TD) of c. 2,900m. The reservoir is expected to be encountered at a similar depth to that in Heron-1 based on interpretation of the high quality 3D seismic data covering this portion of the Heron structure. Read full article
Ignitis Renewables is expanding its operations in Latvia. The investment decision foresees an investment up to EUR 106 million in the development of the 174 megawatt (MW) Tume solar farm, which will be one of the largest of its kind in the Baltics. This will be the third Ignitis Renewables solar project in Latvia and demonstrates the company’s commitment to accelerating the region’s drive towards a greener and more sustainable future.
We are ambitiously working to expand the renewable energy segment and develop new projects in Latvia, as Ignitis Renewables sees huge growth potential in this region. Expanding our portfolio of solar energy projects is a significant benefit for households, businesses and for supporting local community initiatives in the region where we are developing renewable energy projects. It also allows us to move closer to implementing Ignitis Group’s strategic priority to deliver 4–5 GW of installed green capacities by 2030,” stated Thierry Aelens, CEO at Ignitis Renewables.
The Tume solar farm will be located in the Tume parish of Tukums municipality. The targeted total capacity of the project will reach 174 MW, being able to supply up to 85,000 households with electricity per year. This will be the first Ignitis Renewables project to use tracker technology, which automatically tracks the sun’s movement, increasing the production efficiency of the sun panels, resulting in more electricity being generated.
The initial construction phase of the project is scheduled to start later this year, with commercial operation scheduled for 2026. Read full article
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 |
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
The Hyundai IONIQ 5 N has been selected to the 2024 Wards 10 Best Engines & Propulsion Systems award list. The IONIQ 5 N is powered by Hyundai’s exclusive Electric-Global Modular Platform (E-GMP) that allows for dual motors, maximum interior space, and optimized performance with the added N technologies. Hyundai has earned 17 Wards 10 Best Engines & Propulsion Systems recognitions since the annual awards’ inception in 1995.
The focus of the Wards 10 Best Engines & Propulsion Systems competition is to identify those products that standout with improved performance in range, fuel economy and advanced technologies with compelling powertrain advancements that are all-new or significantly improved. “The 2024 IONIQ 5 N has surpassed all internal expectations for Hyundai’s first electric performance vehicle,” said Ricky Lao, director, product planning, Hyundai Motor North America. “The vehicles’ ability to provide an eco-friendly alternative to daily driving as well as added ‘N’ attributes leveraging motorsport-bred technologies, are placing this vehicle as a strong contender in the competitive EV marketplace.”
Wards Editor-in-Chief and judge Bob Gritzinger asks “What’s not to love? This is a stellar example of what an engineering team can do with a battery-electric vehicle when given carte blanche to make it look, feel, sound and perform like its internal-combustion brethren. It may be simulated, but the ICE sounds, power delivery, dual-clutch-transmission-like ‘shifts’ and related tachometer readings provide such visceral performance feedback that it’s an absolute joy to drive.”
Adds judge Christie Schweinsberg, succinctly: “Holy cow – the G forces on my body! Yowza! Crazy! I felt like I was getting a facelift.”
Evaluations of nominated vehicles for the 2024 Wards 10 Best Engines & Propulsion Systems took place during the summer 2024, with judges experiencing the vehicles during their daily driving. Judges rate new or heavily refreshed vehicles by performance and enhancements to powertrains or propulsion systems. There is no price cap, but overall value is a consideration. This marks the 30th year for Wards 10 Best Engines & Propulsion Systems, a competition created to recognize outstanding powertrain achievement and highlight the teams that create them. This year, 34 nominees competed for the prestigious awards. All-new or significantly updated propulsion systems qualify for consideration, along with winners from the 2023 class. . Read full article
.Renault Group and Bruitparif have just signed a partnership agreement to establish the very first real map of the acoustic condition of roads in the Ile-de-France region
Equipped with sensors and the Apache device developed by Renault Group engineering, some thirty Megane E-Tech vehicles will be measuring the noise levels of the roads they travel on, to the nearest metre, over a 2-year period, as their owners move about.
The intensity of a road’s noise reflects its state of deterioration, even if it is not visible. Between a recent pavement with good sound-absorbing properties and a dilapidated or severely degraded one, the rolling noise of a vehicle can vary by a factor of 1 to 10.
A deteriorating road also increases rolling resistance, and therefore energy consumption, CO2 emissions and pollutant particles from combustion-powered vehicles, as well as tire abrasion. Having a detailed map of road acoustics will give local authorities a better understanding of the actual condition of the pavements under their responsibility and enable them to monitor progress. With this information, previously unavailable in exhaustive form, they will be able to better define their road repair decisions and intervene in priority areas, thus contributing directly to the reduction of noise pollution from all road traffic and its impact on health. Environmental benefits are not overlooked either, with reduced energy consumption and lower emissions (CO2, tire particles, etc.) from all vehicles. Read full article
BW Energy is presenting at the Pareto Securities’ Energy Conference today.
The presentation references current gross production at the Dussafu field of approximately 35,000 barrels per day. Please see the attached presentation.
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