September 25, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) –– Oil prices rose on concerns the intensifying conflict between Israel and Hezbollah may impact supply in the Middle East combined with expected tropical storm which may impact output in the U.S. later this week according to various reports .Israel’s military launched airstrikes against Hezbollah sites in Lebanon on Monday killing 492 people and making thousands to flee the country.
The US Commerce Department on Monday proposed prohibiting key Chinese software and hardware in connected vehicles on American roads due to national security concerns – a move that would effectively bar nearly all Chinese cars from entering the US market. Read More
Hyundai Motor Group (the Group) unveiled its end-to-end hydrogen solutions and roadmap at H2 MEET 2024[1], Korea’s largest hydrogen industry exhibition event, running from September 25 to 27 at the Korea International Exhibition Center (KINTEX) near Seoul.
Under the theme ‘Be a First Mover in Hydrogen,’ the Group introduced its hydrogen business and technology spanning the entire hydrogen value chain under the HTWO. This builds upon its hydrogen vision presentation made at this year’s Consumer Electronics Show (CES).
H2 MEET 2024 marks the first event in which all the Group’s affiliates are participating together under the HTWO brand. Participating affiliates include Hyundai Motor Company, Hyundai Rotem, Hyundai Steel, Hyundai Engineering, Hyundai E&C and Hyundai Glovis.
At its massive H2 MEET booth, the Group is showing four hydrogen value chain business solutions in four scenario-based exhibitions with staff available for explanation at each exhibition corner and digital docents available via smartphones.
The first scenario exhibition, ‘Energy Security,’ introduces the Group’s innovative resource-cycle hydrogen production technologies including W2H (Waste-to-Hydrogen) and P2H (Plastic-to-Hydrogen). W2H utilizes organic waste such as food and sewage sludge to produce hydrogen, while P2H utilizes non-recyclable plastic. The exhibition also showcases Korea’s very first W2H facility in Chungju that converts food waste into hydrogen and supplies hydrogen to nearby refueling stations.
Visitors will also be able to check on Hyundai Motor’s field-proven cell system and its reverse electrolysis technology – PEM electrolysis, which is ideal for producing high-purity hydrogen. The exhibit also features Korea’s very first PEM electrolysis production facility in Buan, operated by Hyundai E&C, alongside other business cases that run on the hydrogen produced. Read full article
Hyundai Motor Company and Kia Corporation announced a strategic technology partnership with Samsung Electronics to enhance the integration between software-defined vehicles (SDVs) and smartphones, aiming to secure a leading position in the mobility service ecosystem.
The signing ceremony was held today at Samsung Electronics Seoul R&D Campus, with attendees including Chang Song, President and Head of Hyundai Motor Group Advanced Vehicle Platform (AVP) Division; Haeyoung Kwon, Vice President and Head of Hyundai Motor Group Infotainment Development Center; Paul (Kyungwhoon) Cheun, President and Chief Technology Officer (CTO) of Device eXperience (DX) Division at Samsung Electronics and Head of Samsung Research; and Jinhee Choi, Senior Executive Vice President of 42dot.
Hyundai Motor and Kia are gearing up for the SDV era, anticipating a variety of in-vehicle services. To that end, they are working on a next-generation infotainment system and an open mobility ecosystem, in collaboration with Hyundai Motor Group’s global software center, 42dot. This development aims to provide a user-centered vehicle environment, enhancing the connectivity of the infotainment system set to be unveiled in 2026. Read full article
KBR announced it has been awarded an estimated $113 million task order to perform aeronautical systems research, development, test and evaluation for the Air Force Life Cycle Management Center Mobility Directorate (AFLCMC/WL) at Wright-Patterson Air Force Base, Ohio over a period of five years. KBR was awarded this contract under the Department of Defense Information Analysis Center’s (DoDIAC) multiple-award contract (MAC) vehicle. These IAC MAC task orders (TOs) are awarded by the U.S. Air Force’s 774th Enterprise Sourcing Squadron to develop and create new knowledge for the enhancement of the DTIC repository and the R&D and S&T community.
Under the terms of this new contract, KBR will provide program management analysis, engineering, logistics analysis, security and cybersecurity analysis, test and evaluation and administrative analysis. The team will review, update, create and coordinate various program-related products and documents necessary for the development and life cycle management of the Future Tankers Program Office (AFLCMC/WLY). This work will inform programs such as Next Generation Air-refueling System (NGAS) development and the future recapitalization of legacy tanker aircraft mission systems.
“KBR is proud to support this new task order and continue to accelerate the U.S. Air Force’s digital transformation journey,” said Stuart Bradie, KBR President and CEO. “This win is indicative of KBR’s strategic commitment to be a leader in digital engineering initiatives and support defense modernization.”
KBR’s training will equip and foster a digital workforce to improve analysis and decision-making for successful Digital Material Management (DMM) implementation. KBR’s DMM approach aims to allow the program to achieve cost and schedule savings while producing lower-risk and higher-confidence military systems with shorter timelines. Read More
Aramco announced agreements with key Chinese partners during a visit to the Kingdom of Saudi Arabia by a senior delegation led by Chinese Premier Li Qiang.
The agreements reinforce Aramco’s ongoing contribution to China’s long-term energy security and development, support China’s participation in Saudi Arabia’s economic growth, and foster collaboration in new technology development.
They include preliminary documentation relating to a Development Framework Agreement with Rongsheng Petrochemical Co. Ltd. (Rongsheng) and a Strategic Cooperation Agreement with Hengli Group Co., Ltd. The agreement with Hengli Group Co., Ltd. advances talks relating to Aramco’s potential acquisition of a 10% stake in Hengli Petrochemical Co., Ltd., subject to due diligence and required regulatory clearances. It follows the signing of a Memorandum of Understanding (MoU) in April 2024 regarding the proposed transaction. Read More
CNOOC Limited announced that the Liuhua 11-1/4-1 Oilfield Secondary Development Project has commenced production.The project is located in eastern South China Sea and consists of 2 oilfields, Liuhua 11-1 and Liuhua 4-1, with an average water depth of approximately 305 meters. The main production facilities include a new deepwater jacket platform “Haiji-2” and a cylindrical FPSO “Haikui-1”. A total of 32 development wells are to be commissioned. The project is expected to achieve a peak production of approximately 17,900 barrels of oil equivalent per day in 2026. The oil property is heavy crude. CNOOC Limited holds 100% interest in this project and is the operator. Read full article
CNOOC Limited announced that Typhoon “Bebinca” did not have an impact on the Company.
Recently, Typhoon “Bebinca” crossed the East China Sea, becoming the strongest typhoon to make landfall in Shanghai since 1949. Adhering to its core values of health, safety and environmental protection (HSE), namely “Safety First, Environmental Paramount, People-oriented, and Equipment Intact”, CNOOC Limited work together with all the support personnel to promptly evacuate staffs working on offshore platform before the typhoon’s arrival to ensure their health and safety.
The “Typhoon Production” model of CNOOC Limited has once again withstood the challenge. During the passing of Typhoon “Bebinca”, through its onshore control under typhoon mode, the Company implemented remote control production of offshore platforms to ensure continuous and stable production during the typhoon. Upon the landing of the typhoon, the Company promptly initiated recovery efforts to ensure the steady operation and production of offshore oil and gas fields. Read Press Release
CNOOC Limited announced that it has drilled a natural gas well in the ultra-deepwater Liwan 4-1 structure in the Pearl River Mouth Basin. The well was tested to produce 430,000 cubic meters per day of absolute open flow natural gas, marking the first major exploration breakthrough in ultra-deepwater carbonate rocks offshore China. The well is located in Baiyun Sag, the largest hydrocarbon-rich sag in the Pearl River Mouth Basin, about 300 kilometers southeast of Shenzhen with a water depth of nearly 1,640 meters. The well was drilled to a vertical depth of nearly 3,000 meters, completed at a depth of nearly 4,400 meters, and encountered gas pay zone of approximately 650 meters in the horizontal section. The well has revealed promising exploration prospects in the ultra-deepwater Globigerinid limestone in China, and effectively promotes the natural gas exploration process in Baiyun Sag. Read Press Release
India’s biggest oil and gas bid round attracted four bidders that included state-owned ONGC and OIL and private sector Vedanta Ltd, with most blocks getting just two bids, according to Directorate General of Hydrocarbons (DGH).
The OALP-IX bid round, where 28 blocks or areas spread over 1.36 lakh square kilometre were offered for finding and producing oil and gas, for the first time saw Reliance Industries Ltd-bp plc combine bidding together with ONGC for one block in Gujarat offshore. Read more at
Tata Power Delhi Distribution Limited (Tata Power-DDL), a leading power utility supplying electricity to over 2 million customers in North Delhi, has been granted the patent for its unique Self-regenerating Transformer Breather for a term of 20 years. The ‘Self-Regenerating Breather’ is a device that protects a transformer from moisture ingress and thus, increases the longevity of electric transformers.
The patented technology, which is another feather in the cap of Tata Power DDL’s glorious journey of innovations, is also expected to reduce the maintenance man-days for replacement of Silica gel in a transformer’s breather to protect it from moisture damage.
With the new technology, Silica gel will be required to be checked or replaced only during the transformer maintenance schedule, which is generally once in two years. In contrast, in the conventional design, Silica gel needs to be replaced 4-6 times before a maintenance schedule of 2 years.
Tata Power DDL’s Engineering team developed and successfully tested the ‘Self-Regenerating Breather’ in December 2015. The pilot installation of 20 breathers was done in 2016-17, which showed remarkable results. The company filed for a patent of ‘Self-Regenerating Breather’ technology in 2016.
The moisture in the air can cause outages and shorten the life of a transformer. The new technology utilizes waste heat from the top plate of the transformer to minimize moisture content in the air inlet to the Distribution Transformer (DT) Breather. The moisture absorbent Silica gel also gets recharged, thereby increasing the life of Silica gel by up to 3 years in outdoor applications. Read Press Release
Tata Power Delhi Distribution Limited (Tata Power-DDL), a leading power utility supplying electricity over 2 million customers in North Delhi and Nissin Electric Co. Ltd. – Kyoto (Japan) based leading electric equipment company will kick-start a demonstration project to supply electricity from India’s first Micro Substation with Power Voltage Transformer (PVT) to ensure stable power for areas without a power grid.
The project is a part of International Demonstration Project on Japan’s Energy Efficiency Technologies, publicly solicited by the New Energy and Industrial Technology Development Organization (NEDO). To commence this project, Tata Power-DDL and Nissin Electric signed a Project Agreement (PA) on Aug 21st, 2024.
The project aims to supply cost-effective and stable power to remote areas across India that are far from power grid or don’t have fully developed grid but they do have power transmission lines nearby. Instead of constructing a large network that requires substantial budget and large installation space, Micro Substation with PVT can convert high-voltage power directly from transmission lines to low voltage power suitable for residential consumers. For this demonstration project it will be a 100 kVA installation which will be directly stepping down the 3 phase 66 kilo Volts to 1 Phase 240 Volts power supply. The approximate area required for this installation will be only 40 sq. meters. All the necessary electrical equipment (protection & switchgears) will be customized for this specific installation. The introduction of this technology is primarily aimed at low cost and reliable power supply to remote load centres with challenging terrains. This micro-substation has the potential to contribute to disaster recovery. Read Press Release
Tata Motors, India’s largest commercial vehicle manufacturer, has signed a Memorandum of Understanding (MoU) with ESAF Small Finance Bank, to offer attractive financing solutions to its commercial vehicle customers. Initially focused on Small Commercial Vehicles (SCVs) and Light Commercial Vehicles (LCVs), the partnership will expand to include financing for Tata Motors’ entire commercial vehicle portfolio. Tata Motors offers extensive range of sub 1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater mass mobility solutions, ranging in small commercial vehicles and pickups, trucks and buses segments to address the evolving needs of logistics and mass mobility segments. The company ensures unparalleled quality and service commitment through its extensive network of 2500+ touchpoints, manned by trained specialists and backed by easy access to Tata Genuine Parts. Read More
The 2024 OPEC World Oil Outlook (WOO) was launched today at the ROG.E conference in Rio de Janeiro, Brazil. First published in 2007, and now in its 18th edition, the Organization’s flagship annual publication offers a detailed review and assessment of the medium- and long-term prospects for the global oil and energy sectors. This year’s publication sees the timeframe extended to 2050 with energy demand set to increase by 24% and oil demand reaching 120.1 million barrels a day by the end of the forecast period. The analysis and key findings take on board recent energy and economic-related developments, particularly the interplay between energy security, energy affordability and the need to reduce emissions, as well as the role of existing and new technologies being developed and deployed.
The publication also underlines the need for all energies to address future energy needs, the significance of ensuring that necessary investments are made, which is linked to providing the right enabling environment, and the importance of bringing modern energy services to billions that continue to go without.
OPEC Secretary General, HE Haitham Al Ghais, said it was a great honour to launch the WOO 2024 in Brazil at such a major energy conference. “It all highlights the positive and ever-expanding cooperation between Brazil and OPEC, which is further underscored through the Charter of Cooperation (CoC) between OPEC and non-OPEC countries.”
HE Al Ghais also offered support for Brazil’s Presidency of the G20 in 2024 and its hosting of COP30 in 2025, stating that the back-to-back events “demonstrated Brazil’s unwavering commitment to finding solutions to issues of great importance and scale.” Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $71.11 | Down |
| Crude Oil (Brent) | USD/bbl | $74.83 | Down |
| Bonny Light 24/09/24 | USD/bbl | $77.05 | Down |
| Dubai | USD/bbl | $73.52 | Down |
| Natural Gas | USD/MMBtu | $2.58 | Down |
| Murban Crude | USD/bbl | $74.49 | Down |
| OPEC basket 24/09/24 | USD/bbl | $75.12 | Up |
Following initial steps taken as part of its strategic review, Northvolt today outlines a revised scope of operations in Sweden to ensure that its resources are focused on accelerating production in large-scale cell manufacturing at Northvolt Ett. These measures are expected to result in the redundancy of approximately 1,600 Northvolt employees, split across Skellefteå (1,000 positions), Västerås (400 positions) and Stockholm (200 positions). All redundancies are subject to ongoing union negotiations.
In adjusting its near-term ambitions and focusing on the ramp-up of the first 16 GWh phase of Northvolt Ett, Northvolt positions itself to prioritize commitments to its current automotive customers. This priority is further being supported by a recently introduced acceleration program geared to further increase levels of production. The program is already demonstrating results and contributed to Northvolt Ett cell production increasing threefold since the beginning of this year.
Peter Carlsson, CEO and Co-Founder of Northvolt, commented: “While overall momentum for electrification remains strong, we need to make sure that we take the right actions at the right time in response to headwinds in the automotive market, and wider industrial climate. We now need to focus all energy and investments into our core business. Success in the ramp-up of production at Northvolt Ett is critical for delivering to our customers and enabling sustainable business operations. Recent production records at Northvolt Ett show that we are on the right path, but the decisions we’re taking today, however tough, are required for Northvolt’s future.” Acknowledging the impacts that the resizing of Northvolt’s workforce will have, especially at Northvolt Ett and for the city of Skellefteå in northern Sweden, Northvolt has engaged its partners and stakeholders to support in efforts to mitigate impacts to the greatest extent possible.
Northvolt’s internal resources have been mobilized to support impacted employees in several areas, including the search for new employment and assistance in matters relating to relocation. Further to this, Northvolt is establishing a taskforce together with external partners to provide additional support to employees on work visas, and their families. Read More
Neste Corporation has today received a notification under Chapter 9, Section 10 of the Finnish Securities Market Act (FSMA). According to the notification by BlackRock, Inc., the aggregate holdings of the entities referred to therein excluding financial instruments according to SMA 9:6a have on 20 September 2024 decreased to below 5% of the total number of shares and voting rights of Neste Corporation. The aggregate holdings including financial instruments according to SMA 9:6a owned by BlackRock, Inc. and the entities referred to above amounts to 5.33% of the total number of shares of Neste Corporation. The share stock of Neste Corporation consists of 769,211,058 shares, each entitling one vote. Source,
Horisont Energi announced that it has, in conjunction with its Board of Directors and major shareholders, initiated a strategic review to explore several options for its project portfolio within CCS and clean ammonia.
The aim is to identify and evaluate opportunities that will maximize shareholder value and ensure that the Company is well-positioned to secure the requisite funding essential for meeting the Company’s key project milestones and the successful execution of its long-term strategy.
Further updates regarding the outcomes of this strategic review and its implications for the Company’s operations and strategic direction will be communicated in due course.
Danske Bank, Norwegian Branch, has been appointed as financial advisor. 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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