September 17, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) –– WTI (Oct) $68.65 -32c, Brent (Nov) $71.61 -36c, Diff -$2.96 -4c
One of Germany’s biggest refineries is set to receive crude oil from Kazakhstan for a longer period of time, the German Economy Ministry confirmed on Monday as Chancellor Scholz visited the Central Asian nation.
The PCK refinery in Brandenburg sources some of its crude oil from Kazakhstan but has been running at lower capacity since 2023 when Germany switched away from using Russian oil. Read More
Viking Completion Technology (Viking) has announced the successful completion of a landmark gas storage project.
Having supported the global energy industry for more than 25 years, this project marks the first occasion in which the UAE-based specialized team has delivered equipment to Europe’s utilities and energy market.
Adapting to the challenge of the large bore and low-temperature requirements of underground gas storage applications, Viking’s in-house engineering team designed a bespoke 13-3/8” x 9-5/8” (11.600” OD) API 11D1 V0-R Cut to Release Packer, suitable for 0-100C Temperature Range. The specialized packer was then delivered on time and successfully installed in Germany.
The success of this project has uniquely positioned Viking for a variety of similar projects in Germany – with further scope for parallel projects across Europe, Oceania, and Asia. Viking’s strategic diversification into the new energy sector aligns with evolving industry trends following an increased demand for suitably validated completion equipment for Gas Storage Applications – equipment that Viking has a track record of supplying to suit varying casing weights.
Welcoming the opportunity to break into a new market, Viking Managing Director Willie Morrison commented: “As a result of the success of this initial project, Viking is focused on Gas Storage as a unique opportunity for business growth by engaging and supporting new customers in non-traditional energy markets. As more businesses across the globe focus on energy security and balancing energy demands that vary with environmental conditions, this landscape will continue to expand. Viking is ideally placed to provide the level of excellence and flexibility that these applications and customers require.”
Technical Support Manager Simon Leiper commended Viking’s technical expertise as a reason for the project’s success, commenting: “These projects bring their own unique considerations and challenges. We are an engineering company with an incredibly strong operational background which we consistently leverage to create solutions that meet and optimize the technical and operational requirements. In the past, end users for Gas Storage applications may have opted for a two-trip completion, utilizing a permanent packer and anchor latch, with no validation. Our solution of an API 11D1 V0-R validated Cut to Release packer significantly levels up the specifications and improves operational efficiency, by removing a run, while giving the flexibility to retrieve the completion later.” Read full article
At Toyota Motor Corporation, eight competitors participated in seven categories at the 47th WorldSkills Competition1, held from September 11 to 14 in Lyon, France, winning gold medals in two categories, silver medals in two categories2, and Medallions for Excellence in three categories. Read full article
Saab delivers fifth GlobalEye to the United Arab Emirates
The recent delivery is the fifth in the series of five GlobalEye Airborne Early Warning and Control (AEW&C) aircraft delivered to the UAE since 2020.
“In close partnership with the UAE Air Force, Saab has developed, produced and delivered a fleet of five state-of-the-art GlobalEye aircraft, all in a period of less than 10 years. This further reinforces Saab’s position as leading provider in the airborne early warning and control segment,” says Carl-Johan Bergholm, head of Saab’s business area Surveillance.
GlobalEye is an advanced multi-domain AEW&C solution with an array of active and passive sensors that provide long-range detection and identification of objects in the air, at sea and over land. By providing real-time information to units in the air force, army and navy, GlobalEye enables enhanced situational awareness of the surrounding areas and early detection of threats. Read full article
Dangote mega-refinery made its first gasoline deliveries on Sunday, September 15, marking a key step toward the country’s energy self-sufficiency.
On Monday, the Nigerian National Petroleum Company Ltd. (NNPC) increased fuel prices by 11%, following its purchase from the Dangote refinery.
After eight years of construction, delays, and negotiations, the Dangote refinery finally began operations.
Around 500 tanker trucks, sent by NNPC, transported 25 million liters of gasoline (Premium Motor Spirit) from the refinery, located 70 km east of Lagos. The $20 billion facility, with a future capacity of 650,000 barrels per day, is designed to meet Nigeria’s fuel demand and export the surplus. Dangote gasoline is expected to be available at fuel stations starting October 1. Related News
Mercedes-Benz and Factorial introduce a new solid-state battery to power the German automaker’s next-generation EVs. Mercedes, Hyundai, and Stellantis all chipped in Factorial’s $200 million fundraiser in 2022, which has secured Mercedes a front-row seat during the solid-state revolution.The new EV battery is based on the company’s FEST (Factorial Electrolyte System Technology) platform, a proprietary technology for solid-state cells. The first pre-production samples were delivered to Mercedes this summer.
The new design aims to improve range by 80%, reduce weight by 40% and size by 33% compared to the currently available battery tech. It’s also a lot safer too. The electrolytes can operate just as well at over 90°C, which might eliminate the need for cooling systems.
The new battery pack promises 450 Wh/kg energy density, which is well over the 300 Wh/kg density promised by most other solid-state battery manufacturers. In addition to all the efficiency improvements, Mercedes-Benz believes it can deliver an EV that can go over 600 miles on a single charge. Read More
According to Pakistan’s Energy Minister Mohammad Ali, Pakistan has 235 trillion cubic feet (tcf) of gas reserves, and an investment of $25 billion to $30 billion would be enough to extract 10% of those reserves over the next decade to reverse the current declining gas production and replace the import of energy. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $70.44 | Up |
| Crude Oil (Brent) | USD/bbl | $72.94 | Down |
| Bonny Light 13/09/24 | USD/bbl | $75.96 | Up |
| Dubai | USD/bbl | $72.64 | Up |
| Natural Gas | USD/MMBtu | $2.39 | Up |
| Murban Crude | USD/bbl | $73.44 | Up |
| OPEC basket 16/09/24 | USD/bbl | $72.77 | Up |
The floating production, storage and offloading vessel (FPSO) is now securely anchored on the Johan Castberg field in the Barents Sea.
The hook-up of the FPSO to the subsea facilities, preparing it for production start-up towards the end of the year, will now start.
“This is an important milestone for Equinor and its partners Vår Energi and Petoro.Johan Castberg strengthens Norway’s role as a reliable, long-term energy supplier. The field will create great value for society, and long-term ripple effects and jobs. I would like to thank everyone who has contributed,” says Trond Bokn, Equinor’s senior vice president for project management control. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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