September 18, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) –– Electricity generation from fossil fuels amounted to 422.7 TWh in June 2024, marking a decline of 0.6% compared to June 2023. OECD Europe witnessed the largest decrease for fossil fuels (-12.9% y-o-y), driven by lower generation from natural gas (-21.0% y-o-y). OECD Asia Oceania also followed a downward trend (-3.0% y-o-y), while the OECD Americas witnessed an increased electricity output from fossil fuels (+3.8% y-o-y), driven by both coal (+4.5% y-o-y) and natural gas (+3.2% y-o-y). Overall, fossil fuels accounted for 46.8% of the OECD’s electricity mix.
Electricity production from renewable sources amounted to 329.9 TWh in June 2024, increasing by 14.0% y-o-y compared to the same month last year. This growth was primarily driven by increased electricity generation from wind (+28.1% y-o-y), solar (+18.4% y-o-y) and hydro (+4.8% TWh) power. The OECD Americas witnessed the greatest increase (+17.5% y-o-y or 21.5 TWh), mainly driven by an increased output from wind (+35.8% y-o-y or 11.5 TWh) and solar (+30.0% y-o-y or 8.1 TWh). OECD Europe followed, experiencing an increase of 14.6% y-o-y, driven by wind (+26.4% or 7.4 TWh), hydro (+10.7% or 5.4 TWh) and solar (+12.9% or 4.7 TWh). Overall, electricity generated from renewable sources in the OECD increased by 8.5% y-t-d during the first two quarters of 2024 and, in June 2024, it represented 36.5% of the OECD electricity mix. Read More
In line with its strategy to grow its long-term liquefied natural gas (LNG) sales, TotalEnergies announces the signing of a Heads of Agreement (HoA) with BOTAŞ for the delivery of 1.1 million tons of LNG per year for ten years starting from 2027.
This agreement allows TotalEnergies to strengthen a long-term presence in the Turkish LNG market. Natural gas plays a crucial role as a transition energy, addressing the intermittency of renewable energy sources and reducing emissions by replacing coal in electricity generation.
“We are pleased to initiate a new long-term collaboration with BOTAŞ, a key partner for the Company in Türkiye. This agreement enables us to secure long-term sales and reduce our exposure to spot market gas price fluctuations,” said Gregory Joffroy, Senior Vice President, LNG at TotalEnergies. Read full article
Woodside has signed a sale and purchase agreement (SPA) with JERA for the long-term supply of liquefied natural gas (LNG) to Japan. Under the SPA, Woodside will supply approximately 0.4 million tonnes (six cargoes) of LNG per year over 10 years on a delivered basis, commencing in April 2026. LNG delivered to JERA under the SPA will be sourced from volumes across Woodside’s global portfolio. The execution follows the announcement in February whereby Woodside reached agreement for the sale to JERA of a 15.1% non-operating participating interest in the Scarborough Joint Venture.
Woodside Executive Vice President and Chief Commercial Officer Mark Abbotsford said the execution of the SPA strengthened the commitment to explore business opportunities alongside JERA. “This LNG offtake agreement is Woodside’s first long-term sale to JERA from our global portfolio and delivers on one of the core elements of our strategic relationship outlined earlier this year. “We understand the demand from our customers in the Asian region for reliable energy. LNG continues to be
an important energy source for Japan, one which can support the country’s efforts to decarbonise.” Woodside expects the Scarborough equity sale to JERA to be completed before the end of 2024. Read full article
Golar LNG Limited announces today that it has signed an Engineering, Procurement and Construction (“EPC”) agreement with CIMC Raffles (“CIMC”) for a MK II Floating LNG Production (“FLNG”) vessel with an annual liquefaction capacity of 3.5 million tons of LNG per annum (“MTPA”). Under the agreement with CIMC, Black & Veatch will provide its licensed PRICO® technology, perform detailed engineering and process design, specify and procure topside equipment and provide commissioning support for the FLNG topsides and liquefaction process, similar to Black & Veatch’s role in the construction of Golar’s existing assets, the FLNG Hilli and FLNG Gimi.
The Golar MK II design is an evolution of the MK I design of FLNG Hilli and FLNG Gimi and is also based on the conversion of an existing LNG carrier to an FLNG. The MK II design allows for a modularization of the construction process as well as further efficiency and operability advances based on learnings from previous experience on constructing and operating our existing FLNG assets. The project will utilize the Golar owned LNG carrier Fuji LNG with a storage capacity of 148,500 m3. The total EPC price is US$ 1.6 billion. The total budget for the MK II FLNG conversion is US$ 2.2 billion, inclusive of the conversion vessel, yard supervision, spares, crew, training, contingencies, initial bunker supply and voyage related costs to deliver the FLNG to its operational site, excluding financing costs. The MK II FLNG is expected to be delivered in Q4 2027. Out of the total conversion price, Golar has already spent US$ 0.3 billion to date inclusive of the conversion candidate, engineering and long lead items which are now 63% complete.
Yard selection for the MK II FLNG conversion was concluded two years ago. CIMC, Black & Veatch and Golar have subsequently spent approximately 350,000 man-hours optimizing the conversion process and de-risking project execution. As part of the EPC agreement Golar has also secured an option for a second MK II FLNG conversion slot at CIMC for delivery within 2028. The 2027 delivery makes the MK II FLNG the earliest available floating liquefaction capacity globally. Based on potential charter terms in line with the most recent long term FLNG charter agreements, the MK II FLNG has earnings potential of approximately US$ 0.5 billion of adjusted annual EBITDA, before commodity exposure. Read full article
Africa Oil Corp. announces a special meeting of the holders (the “Shareholders”) of common shares of Africa Oil. The meeting will be held:
Date and Time:
October 15, 2024
9:00 a.m. (Pacific time) / 6:00 p.m. (CET)
Location:
Bennett Jones LLP
Fraser Boardroom, Park Place, 666
Burrard St #2500, Vancouver V6C 2X8
The purpose of the Meeting is as follows:
- to consider and, if deemed advisable, to approve an ordinary resolution (the “Amalgamation Resolution”) approving the issuance of Common Shares to BTG Pactual Oil & Gas S.à r.l.in connection with the amalgamation of Africa Oil Papa Corp., a wholly owned subsidiary of Africa Oil, and BTG Pactual Holding S.à r.l.; and
- to transact such other business as may properly come before the Meeting or any adjournment or postponement thereof.
The record date for the Meeting is September 13, 2024. The notice of the Meeting, the management information circular (the “Circular”), and the proxy form are being distributed to the Shareholders. Read More
U.S. Environmental Protection Agency announced the Green Power Leadership Award winners for 2024, honoring four leading organizations in EPA’s Green Power Partnership: Microsoft Corporation, MilliporeSigma, Phipps Conservatory and Botanical Gardens and Signature Aviation. The 2024 winners go above and beyond simply procuring green power. Actions by these winners push boundaries in the green power market and demonstrate projects that can be replicated by a range of organizations across the economy. They exemplify the partnership’s goals of driving innovative procurement strategies, enabling green power access and accelerating the transition to a pollution-free electricity sector. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $70.72 | Up |
| Crude Oil (Brent) | USD/bbl | $73.30 | Up |
| Bonny Light 13/09/24 | USD/bbl | $75.96 | — |
| Dubai | USD/bbl | $73.11 | Up |
| Natural Gas | USD/MMBtu | $2.31 | Down |
| Murban Crude | USD/bbl | $73.61 | Up |
| OPEC basket 17/09/24 | USD/bbl | $73.57 | Up |
India is already one of the biggest drivers of energy demand growth and a top energy importer. Earlier this year, the U.S. Energy Information Administration forecast that the country’s industrial expansion and energy demand was going to drive a threefold increase in natural gas demand.
In 2022, India’s natural gas consumption amounted to 7.0 billion cubic feet per day, with over 70% of the demand coming from the industrial sector. By 2050, India’s natural gas consumption is set to more than triple to 23.2 Bcf/d, according to EIA’s estimates.
Oil demand on the subcontinent is also on the rise, which has prompted plans to boost refining capacity significantly. At the end of last year, the country’s petroleum ministry announced plans to expand refining capacity by 1.12 million bpd every year until 2028. Read More
Mercedes-Benz has called it quit from its Chinese electric vehicle joint venture with BYD, the German luxury car brand has said Tuesday. Mercedes-Benz has sold the remaining 10 per cent stake it had held after unloading the bulk of its stake of the joint venture back in 2021. With this move, the Chinese electric vehicle manufacturer BYD has taken the full control of the venture. Under this joint venture, Mercedes-Benz and BYD were developing and manufacturing luxury electric cars under the Denza brand, which is now wholly owned by the Chinese auto major. Mercedes-Benz has stated that its technology has not been incorporated into the current Denza cars. Read More
Baker Hughes Rig Count: U.S. +8 to 590 Canada -2 to 218
U.S. Rig Count is up 8 from last week to 590 with oil rigs up 5 to 488, gas rigs up 3 to 97 and miscellaneous rigs unchanged at 5.
Canada Rig Count is down 2 from last week to 218, with oil rigs down 2 at 150, gas rigs unchanged to 67 and miscellaneous rigs unchanged at 1..
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 | 13 September 2024 | 590 | +8 |
| Canada | 13 September 2024 | 218 | -2 |
| International | August 2024 | 931. | -3 |
Kia is set to make a significant impact on the European van market with its upcoming lineup of electric vehicles.
Kia’s new vans will be built on the PBV-Platform Beyond Vehicle, which allows for various body lengths and wheelbases, making it adaptable for different segments. The vehicles will offer rapid charging capabilities — up to 150 kW, with a 10-80% charge achievable in just 30 minutes — and AC charging up to 22 kW.
They will also support Vehicle-to-Load (V2L) and Vehicle-to-Grid (V2G) technologies, enhancing their utility and energy efficiency.
Additionally, Kia has partnered with Geotab to provide advanced telematics services, optimizing fleet management and route planning. The company is also working with specialists to offer diverse vehicle modifications, from refrigerated units to accessible transport and mobile workshops. Source,
Hyundai and its U.S. Hispanic marketing agency, Lopez Negrete Communications, launched a new creative campaign for the enhanced 2025 Tucson SUV. The campaign is designed to empower Latino consumers across all age and demographic segments to right-size their ride without sacrificing or settling in a sea of underwhelming safe-bet alternatives. Titled “Rightsizing,” the campaign is brought to life in both Spanish and English and highlights the Tucson’s bold design, innovative technology, connectivity and safety features, that perfectly fit Hispanic lifestyles. The new Hyundai Tucson “Rightsizing” commercial creatively captures the concept of finding the perfect fit in life. The ad begins with a series of relatable moments where everyday objects, like a cookie, a couch, or a return package, fail to fit just right in their intended places. These visuals set the stage for the introduction of the new Hyundai Tucson, which is presented as the vehicle that “fits your lifestyle to perfection”, when a woman effortlessly unlocks the Tucson with her smartwatch, using the advanced features to seamlessly integrate the vehicle into her life. The closing message, “Isn’t it exciting when everything in your life simply fits?” reinforces the Tucson as the ideal choice for those seeking a vehicle that aligns with their lifestyle without compromise. “The 2025 Tucson is a perfect reflection of our commitment to providing vehicles that meet the diverse needs of our Hispanic consumers,” said Sean Gilpin, chief marketing officer, Hyundai Motor America. “This campaign emphasizes not just the advanced technology, safety, and bold design of the Tucson, but also its ability to seamlessly fit into the varied lifestyles of Latino drivers across the nation. By focusing on ‘rightsizing,’ we’re empowering Hispanic consumers to choose a vehicle that doesn’t require them to compromise on their vision or needs, ensuring they can confidently embrace their journey in a vehicle that truly resonates with who they are.” Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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