September 23, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) –– A Norwegian Offshore Directorate analysis of exploration activity over the last 20 years (2004-2023) shows that the discoveries are valued at three times the costs expended. The Norwegian Offshore Directorate has calculated the overall net cash flow for exploration activity during the 2004-2023 period at about NOK 3800 billion. In current value (total net present value), this amounts to more than NOK 2000 billion.
The discoveries are valued at three times the costs expended.
All exploration investments from this period have already been repaid by the discoveries that have come on stream. About 50 of 190 discoveries have been developed and are producing. This means that around three-quarters of the resources discovered during these years have yet to be produced. These investments will remain profitable as more fields come on stream. Read More
TotalEnergies and Air France-KLM have signed an agreement for TotalEnergies to supply up to 1.5 million tons of more sustainable aviation fuel (SAF) to Air France-KLM Group airlines over a 10-year period, until 2035.
This agreement marks one the largest SAF purchase contracts signed by Air France-KLM to date. In 2022 and 2023, Air France-KLM was the world’s leading SAF user, representing 17% and 16% of total global production respectively.
Accelerating the decarbonization of air transport in Europe
This contract builds on a memorandum of understanding (MoU) signed in 2022 for the supply of 800,000 tons of SAF. By re-evaluating this agreement today, the two groups are reaffirming their objective to curb the environmental impact of the air transport sector as quickly as possible by reducing CO2 emissions.
By 2030, Air France-KLM aims to reduce its CO2 emissions per passenger/km by 30% compared with 2019 levels. The Group aims to achieve this goal through a combination of fleet renewal, operational measures such as eco-piloting, and the incorporation of at least 10% of more sustainable aviation fuel on all its flights. These ambitious targets go beyond regulatory obligations. The SAF supplied to Air France-KLM will be made from waste and residues from the circular economy and will be produced in TotalEnergies’ French and European biorefineries and refineries by coprocessing. This SAF will be used to fuel flights operated by Air France-KLM’s airlines on departure from France, the Netherlands, and other European countries. The development of SAF is at the heart of TotalEnergies’ transition strategy to meet demand from the aviation sector. Air France-KLM has implemented a strict sourcing policy, purchasing only second-generation SAF that does not compete with global food production, and that is RSB or ISCC+ certified for its sustainability. SAF allows for a reduction in CO₂ emissions of at least 75% and up to 90% over the entire fuel life cycle, compared with fossil fuel equivalents. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $71.86 | Up |
| Crude Oil (Brent) | USD/bbl | $74.67 | Up |
| Bonny Light 19/09/24 | USD/bbl | $77.18 | Up |
| Dubai | USD/bbl | $73.60 | Up |
| Natural Gas | USD/MMBtu | $2.31 | — |
| Murban Crude | USD/bbl | $74.76 | Up |
| OPEC basket 20/09/24 | USD/bbl | $74.74 | Up |
Lotus has unveiled Theory 1, its first concept car that embodies the future of intelligent performance vehicles.
As part of this, Lotus is launching The Lotus Theory, the company’s new design manifesto that will form the foundation for all future Lotus cars, encapsulated through three core principles – Digital, Natural and Analogue (DNA):
Digital, which represents the immersive, intelligent, and intuitive experience.
Natural, brings to life emotional, connected, human-centric design.
Analogue, which is the brand’s continuous advancement of performance engineering.
By seamlessly blending together these core design principles with the latest design innovations from Lotus, as well as cutting-edge technologies, Lotus is able to simplify and enhance how a car should feel and perform. Theory 1 harmoniously fits around the driver and is able to adapt based on their needs – delivering the ultimate driver experie Read full article
10 key energy actions to help safeguard Ukraine’s energy security
With Ukrainian energy infrastructure under huge strain, IEA report outlines immediate steps for country and its partners to tackle vulnerabilities as temperatures drop
A step change in the intensity of Russia’s attacks on Ukraine’s energy sector has created serious risks as winter approaches – requiring swift action and additional support to ensure Ukrainian citizens have reliable access to power and heating through the coming months, according to a new report from the IEA.
The report, Ukraine’s Energy Security and the Coming Winter, proposes 10 immediate actions that Ukraine and its partners can take to address the country’s urgent energy security vulnerabilities and bolster longer-term energy resilience.
Ukraine’s energy system has endured two successive winters since Russia’s invasion in February 2022. But following a significant escalation of attacks since spring 2024 on power plants, heat plants, transmission networks and more, the country’s energy infrastructure is under huge strain.
Even before an unprecedented wave of attacks in late August, more than two-thirds of Ukraine’s pre-war power generation capacity was not available because it was destroyed, damaged or under occupation. Over the summer, rolling blackouts and other unscheduled interruptions to supply became the norm, with knock-on effects for all aspects of daily life, including water supplies.
Yet the situation could become even more dire as the days get shorter and colder. According to the report, a yawning gap between available electricity supply and peak demand risks emerging – bringing the threat of even more severe disruptions to hospitals, schools and other key institutions in the depths of winter. Heat supply to Ukraine’s major cities is also at risk, and lower-than-average temperatures could strain domestic supplies of natural gas.. Read full article
Baker Hughes Rig Count: U.S. -2 to 588 Canada -7 to 211
U.S. Rig Count is down 2 from last week to 588 with oil rigs unchanged at 488, gas rigs down 1 to 96 and miscellaneous rigs down 1 to 4.
Canada Rig Count is down 7 from last week to 211, with oil rigs down 6 to 144, gas rigs down 1 to 66 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 | 20 September 2024 | 588 | -2 |
| Canada | 20 September 2024 | 211 | -7 |
| International | August 2024 | 931. | -3 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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