London, 03, July 2024, (Oilandgaspress): – Growth in non-oil business activity in Saudi Arabia has slowed down to the lowest in two and a half years, based on the latest PMI data from the kingdom. The Riyad Bank Saudi Arabia Purchasing Managers’ Index reading for June came in at a seasonally adjusted 55, Reuters reported. This was down from 56.4 for May and while a decline, the reading demonstrated a healthy growth rate.
India’s oil imports from Russia rose to a record 2.1 million barrels per day in May. This is due to a decline in China’s demand for Russian oil, states Reuters.
In particular, this increased Russia’s share as the world’s third largest importer and consumer to almost 41% last month. At the same time, supplies from Saudi Arabia fell to a 10-month low after Saudi Aramco raised its term oil prices for a second month in May.According to Reuters, refineries in India have pounced on Russian oil, which is being sold at a discount after some European countries refused to buy from Moscow because of its invasion of Ukraine in February 2022. In addition, similar grades of oil from regions mainly in the Middle East are more expensive.
In May, India shipped about 5.1 million barrels per day of oil, which is about 5.6% more than in April. Imports of Russian oil to India in May increased by 14.7% compared to April and by 5.9% compared to last year.
Volvo’s electric trucks have driven more than 80 million kilometers or 2,000 laps around the world since Volvo launched its first electric truck models in 2019. These trucks have reduced CO2 emissions and at the same time improved the working environment for drivers significantly.New monitoring data for Volvo’s fleet of electric trucks reveal that they have driven more than 80 million kilometers in commercial traffic around the world since 2019. Covering the same distance with equivalent diesel-powered trucks would have consumed more than 25 million liters1 of diesel and tailpipe carbon dioxide emissions have been reduced by 68,000 tons2.
“I am happy to see how transport companies are embracing the benefits with electric trucks in daily operations. The transport sector represents 7% of global carbon emissions and battery-electric trucks is an important tool to reduce the climate footprint. Thanks to many early adopters we can already now see the huge potential with this technology”, says Roger Alm, President Volvo Trucks.
5 years of electric know-how
Volvo’s early entry in the electric truck segment has built a unique expertise in electric zero-emission transport – learnings that are used in the development of Volvo’s next-generation electric offers.
Battery-electric trucks for all transport needs
Volvo’s electric trucks meets the needs in a wide range of applications – from urban distribution and waste management to regional haul and construction. Over the five years of electrification, Volvo has also built a strong expertise in optimizing the use of installed energy, charging and servicing of electric trucks.
From 2019 until today, Volvo Trucks has gradually expanded its electric offering to today’s range which includes eight fully electric trucks.
The Volvo electric truck models on offer are the Volvo FL Electric, FE Electric, FM Electric, FM Low Entry, FMX Electric, FH Electric, FH Aero Electric and the VNR Electric. The top seller is the Volvo FH Electric which recently was selected for the prestigious International Truck of the Year Award for 2024. Read full article
The all-new 2025 INFINITI QX80 goes on sale at retailers across the U.S. at the end of July, with a starting MSRP1 of $82,450.
INFINITI’s new flagship brings a dominant, sophisticated design; first-class hospitality for all three rows of seating; seamless and intuitive technology; and a commanding, rewarding driving experience.
The U.S. start of sales follows a stunning, one-of-a-kind debut above Manhattan and media preview drive event in picturesque Napa Valley, California early this month.Exceptional craftsmanship inside and out elevates the look and feel of QX80. It is shaped by the newest iteration of INFINITI’s Artistry in Motion design language, which emphasizes minimalism while featuring extraordinary details. Natural, organic shapes inspired many elements, including a front grille mesh that recalls the appearance of bamboo forests, tail lights mimicking the reflections of light over rippled water and rubber inlays sculpted with the appearance of sand in a Japanese Zen garden.
Within the cabin, the driver and their passengers luxuriate in available semi-aniline leather upholstery and are greeted by the exceptional detailing of open-pore ash wood trim featuring laser-cut metal inlays. Available 64-color Personalized Ambient Lighting helps set the mood, with available first- and second-row massaging seats assisting in taking the edge off a long journey. QX80 provides a commanding, confident and comfortable driving experience thanks to carefully engineered powertrain and chassis technologies. All models feature a 3.5-liter twin-turbocharged engine, rated for 450 horsepower and 516 lb-ft of torque – increases of 50 horsepower and 103 lb-ft versus the outgoing QX80 – and a responsive 9-speed automatic transmission. Available Electronic Air Suspension provides varying vehicle heights for different scenarios, including lowering when parked for easier loading of cargo and people. And available Dynamic Digital Suspension constantly reads the road and adjusts damping force to deliver smoother and more in-control lane changes, and enhanced ride quality. Read More
FS Italiane Group and Eni have signed a Letter of Intent with the objective of developing joint initiatives aimed at accelerating the energy transition towards new energy sources. The collaboration between the two industrial groups will involve identifying new opportunities in the transport, energy and materials sectors through feasibility studies, analysis and experimentation with innovative technological solutions.
The three-year agreement, which renews a previous Letter of Intent, was signed by Roberto Tundo, Chief Technology, Innovation & Digital Officer of the FS Italiane Group, and Giuseppe Ricci, Energy Evolution Chief Operating Officer at Eni.
The use of biofuels in trains and buses is a key part of this strategy. Since July 2023, the FS Group and Eni have been experimenting with the use of pure HVO biofuel as a substitute for diesel, using the latest generation of Trenitalia Blues hybrid trains in service in Calabria. HVOlution, Enilive’s biofuel derived from renewable sources (in compliance with the EU RED II Directive), can contribute to a reduction of up to 80% in CO2eq emissions (calculated along the entire product value chain, depending on the raw material used, compared to the reference fossil mix).
Specifically, FS and Eni commit to work together to identify and develop new opportunities, such as the use of alternative fuels for transport, intermodal logistics solutions and best practices in energy efficiency. The agreement also includes the definition of regulations, methodologies and technical standards, as well as experimentation with new technologies related to sustainability and the circular economy.
“The understanding may be the subject of subsequent binding agreements that the parties will define in compliance with the applicable legislation, including that relating to transactions between related parties”. Read More
Nissan Motor Co., Ltd. held its 125th Ordinary General Meeting of Shareholders today at the company’s global headquarters here. The meeting was attended by 625 shareholders and ran for 1 hour and 47 minutes.
At the meeting, shareholders approved the company’s proposal to distribute surplus and elect 12 directors, due to the expiration of terms of 10 directors and the addition of two directors to enhance the structure.
18 shareholders spoke, with the main topics listed below:
Renault Group and Honda Motor Co., Ltd. partnerships
Price book-value ratio and share price improvement efforts
Japan product strategy
EV demand forecast
2024 sales target
Number of directors Read More
Hyundai Motor Company announced that its IONIQ 5 N models successfully completed the Broadmoor Pikes Peak International Hill Climb (PPIHC) on June 23, setting a record for the Electric Modified and Production SUV/Crossover categories. With this success, the company once again exceeded expectations with its high-performance EV.
Hyundai Motor competed in this year’s PPIHC with two IONIQ 5 N TA (Time Attack) Specs and one production IONIQ 5 N. All three models conquered a challenging 12.42-mile (20 km) course that ascends over 4,700 feet (1,438 meters) to the summit of Pikes Peak, facing 156 turns, unpredictable weather and high-altitude conditions that can affect both drivers and vehicles.
The IONIQ 5 N TA Spec, driven by Hyundai World Rally driver Dani Sordo, finished the race in 09:30.852 and winning the exhibition class. The second TA Spec driven by Randy Pobst, finished the race in 09:55.551.
The IONIQ 5 N TA Spec is designed to highlight the production-spec IONIQ 5 N’s strengths without significant modifications. Other than minor software tuning to increase the maximum motor output[1] and some high-performance part changes, including new shock absorbers, motorsport-spec brakes and slick tires[2], the TA Spec retains most of what production IONIQ 5 N offers to regular customers.
The IONIQ 5 N production model was driven by Ron Zaras, a PPIHC rookie and automotive media personality. Zaras finished with a time of 10:49.267, showcasing the model’s leading capabilities without modifications. “We are absolutely thrilled to set a new record at Pikes Peak and our performance overall,” said Till Wartenberg, Vice President and Head of N Brand and Motorsport at Hyundai Motor Company. “Going forward, we plan to continue leveraging exciting motorsports activities such as Pikes Peak to showcase the superior performance of our mass-produced vehicles and continue to develop technology that not only meets customer needs but exceeds their expectations.” IONIQ 5 N’s outstanding run at Pikes Peak underlines the Hyundai N’s dedication to continuously challenging its electric vehicle (EV) technologies to advance its performance capabilities.
Hyundai N is committed to expanding the possibilities of high-performance EVs, not only with the production IONIQ 5 N, but also with variants, such as the IONIQ 5 N eN1 Cup Car and IONIQ 5 N TA Spec. Hyundai N will continue to launch special specification models to broaden the horizon of EV motorsports. Read More
All new cars sold in Europe are required to be equipped with speed limiters from this week – and UK models are likely to have them installed too.
As of Sunday 7 July 2024, new vehicles will need to have Intelligent Speed Assistance (ISA) systems fitted as standard as part of an EU safety regulation mandate.
While the same law does not apply in Britain, most models sold in the UK will ultimately have the same speed-limiting technology installed by manufacturers. Read More
Neste will supply sustainable aviation fuel (SAF) to Hotelplan Group, a globally active Swiss travel group in the leisure and business travel sector, to enable Hotelplan to expand the use of SAF across the whole group. Hotelplan purchases unblended, i.e. “neat”, sustainable aviation fuel for a total value of 300,000 Swiss Francs (CHF) via Neste Impact, a solution that enables companies to credibly reduce the carbon footprint of air travel activities.
The purchase of Neste’s SAF is a next step in Hotelplan Group’s broader sustainability strategy, that includes promoting the use of SAF and the removal of CO2 from the atmosphere via innovative technologies such as direct air capture. Flights taken by Hotelplan Group’s customers are the main source of its greenhouse gas (CO2e) emissions, accounting for 87% of such emissions. The SAF purchase from Neste will help Hotelplan Group expand the availability of SAF to its customers as part of booking trips with flights to enable them to choose to travel more sustainably. Hotelplan Group also uses SAF for some of its own business trips.
“We don’t yet have all the answers to the issues related to more sustainable development of tourism. But we are adopting a proactive approach to develop our sustainability strategy, focusing on innovative solutions and actively seeking ways to assume responsibility. SAF is currently only available in limited quantities and is more expensive to produce than conventional jet fuel. By purchasing for the entire Hotelplan Group, we can secure larger volumes of SAF and make it available to our customers. This will also allow us to support the ongoing development and scaling of this innovative technology,” said Laura Meyer, CEO of Hotelplan Group.
“We are excited Hotelplan Group is purchasing SAF via our Neste Impact solution, enabling them to reduce the greenhouse gas emissions from their aviation activities and to offer their customers a lower-emission alternative for traveling for business or leisure. Neste Impact provides Hotelplan a solution ensuring emissions are credibly reduced, which is important considering the ever-increasing reporting requirements and public demand for transparency,” said Kimmo Salminen, Vice President, Market Development & Strategy at Neste’s Renewable Products business. Read More
On 14 May 2024, the annual general meeting in Equinor ASA decided that the company’s share capital shall be reduced by NOK 525,808,437.50 from NOK 7,507,761,512.50 to NOK 6,981,953,075.00, through cancellation and redemption of a total of 210,323,375 shares.
The creditor deadline for the capital reduction has expired and the capital reduction was registered effective with the Norwegian Register of Business Enterprises today, 2 July 2024. Following completion of the capital reduction the share capital of the company is NOK 6,981,953,075.00 divided into 2,792,781,230 shares. Read More
Capricorn intends to announce its half-year results on 19 September 2024. In advance of these results, the Company is providing an update on recent operations and the Group’s production guidance for 2024. This information is unaudited and subject to further review.
Randy Neely, Chief Executive, Capricorn PLC said:
“The Company enters the second half of 2024 offering a clear value opportunity against the backdrop of an improving fiscal landscape and re-start of drilling operations in Egypt, and the potential to grow a non-operated production base to capitalise on our advantaged legacy position in the UK North Sea.
We were pleased with Woodside Energy’s announcement that they had successfully brought the Senegal project on-line and met the first oil condition on 10 June 2024, triggering a potential $50m contingent payment due in early 2025. Additionally, we note the recent announcement by Waldorf Production UK PLC regarding a new bond issuance and a new liquidity facility.”
During the period from YE/23 to date, Capricorn collected $107.8m against its Egyptian accounts receivable inclusive of a $15m payment on 1 July 2024. The Company’s Egyptian receivables position has improved from $169m at YE/23 to $145m year to date. After expected credit loss adjustments debt outstanding reduced from $114m to $108m. Despite good progress during the period, timely collections of the Company’s accounts receivable remain a key priority for management.
Against the backdrop of an improved fiscal environment in Egypt, Capricorn approved an Egypt budget for 2024 in May with a total net capex spend forecast to be $56.6m. Capricorn’s cash position has decreased from $209m at 30 April 2024 to $148.6m, as well as $108m debt. Aside from normal operations, the cash balance was impacted by the $50m dividend paid in June and the $25m Egypt contingent payment paid to Shell.
To the end of June 2024, working interest (WI) production across the four main concession areas in the Western Desert averaged 25.4 mboepd (45% liquids) expected to be consistent with the full year guidance range for 2024 of 20.0-24.0 mboepd. Production has been underpinned by solid asset performance in the first half of the year despite a hiatus in drilling activity. Two new wells, completed at the start of the year in the Badr El Din (BED) concession (Capricorn 50% WI), have recently been brought online and delivered rates at the upper end of expectations.
Drilling activity recommenced at the end of June with three rigs under contract. A drilling sequence for the remainder of the year has been approved by Capricorn and is expected to deliver seven development wells in the BED concession area and enable the fulfilment of commitments on the exploration concessions starting with two wells in 2024. In addition, drilling will also target development opportunities in the Alam El Shawish Concession (Capricorn 20% WI). Read More
Occidental will announce its second quarter 2024 financial results after close of market on Wednesday, August 7, 2024, and will hold a conference call to discuss the results on Thursday, August 8, 2024, at 1 p.m. Eastern/12 p.m. Central.
Second quarter 2024 financial results will be available through the Investor Relations section of the company’s website. A recording of the webcast will be posted on the website within several hours after the call is completed. Read full article
px Group has announced ambitious growth plans for North America, bringing its sustainability expertise to industry throughout the region. North America is currently facing energy security challenges and px Group will be focused on empowering industry to bring momentum to their decarbonization plans.
The px Americas team will be headed by Lorcan O Carroll and will bring focused project delivery and Operations & Maintenance expertise to a range of sectors including Energy Intensive Industries, chemical parks, energy ports and critical energy infrastructure.
With extensive capability in engineering, commissioning, advanced manufacturing and technical advisory the team’s specialist end-to-end services will support industrial partners to drive sustainability, achieve predictable performance and comply with regulatory requirements.
Strategic bases in Houston and Calgary will also give the team the best possible resource capability across North America, whilst also leveraging its global engineering community to bring the right solutions to complex projects.
The group already has experience in North America, delivering engineering and material handling systems for the Port of Miami tunnel scheme and for major salt and potash projects in Saskatoon, Halifax and Ontario, as well as a food waste to renewable energy project in California.
The Americas team will also leverage and deploy the group’s hydrogen expertise following the recent acquisition of hydrogen engineering specialists LIFTE H2 and the recent partnership with HYDS Hydrogen Solutions which focuses on developing, building and operating green hydrogen production plants. Read full article
United States Environmental Protection Agency released the Fifth Edition of Climate Change Indicators in the United States. The report highlights new data showing the continuing and far-reaching impacts of climate change on the people and environment of the United States. New to the report this year are an indicator on Marine Heat Waves (showing trends related to multi-day high ocean temperatures) and a feature on Heat-Related Workplace Deaths.
“EPA’s Climate Change Indicators report is an authoritative resource of how the climate crisis is affecting every American right now and with increasing intensity,” said EPA Administrator Michael S. Regan. “Extreme heat, flooding, and wildfires have become more common, harming human health, threatening livelihoods, and causing costly damage. Regular updates to the data in the Climate Indicators website and report help us track these unprecedented changes so we are better informed in our shared work to confront the crisis.”
The Fifth Edition presents highlights from a subset of EPA’s total of 57 indicators, which include historical data and observed trends related to either the causes or effects of climate change. The report explores the interconnected nature of observed changes in climate with chapters thematically organized around Greenhouse Gases, Heat on the Rise, Extreme Events, Water Resources at Risk, Changing Seasons, Ocean Impacts, Rising Seas, and Alaska’s Warming Climate. Since publishing the first edition in 2010, EPA has maintained an up-to-date online resource of climate change indicators and regularly released updated publications that present the latest data.
EPA partners with more than 50 data contributors from various U.S. and international government agencies, academic institutions, and other organizations to compile these key indicators of climate change. EPA’s indicators show multiple lines of compelling evidence that climate change is increasingly affecting people’s health, society, and ecosystems in numerous ways. For example:
• Global and U.S. Temperature – Worldwide, 2023 was the warmest year on record, 2016 was the second warmest, and 2014–2023 was the warmest decade on record since thermometer-based observations began. In the U.S., unusually hot summer days have become more common over the last few decades, and unusually hot summer nights have increased at an even faster rate, indicating less “cooling off” at night.
• Heat Waves in U.S. Cities – Heat waves are occurring more often in major cities across the United States. Their frequency has steadily increased, from an average of two heat waves per year during the 1960s to six per year during the 2010s and 2020s. The average length of the heat wave season across the U.S. cities is 46 days longer now than it was in the 1960s and, in recent years, the average heat wave in major U.S. urban areas has lasted about four days.
• A Closer Look – Heat-Related Workplace Deaths – From 1992 to 2022, a total of 986 workers across all industry sectors in the United States died from exposure to heat of which the construction sector accounted for about 34 percent of all occupational heat-related deaths. During this time frame, 334 construction workers died due to heat exposure on the job.
• Sea Surface Temperature – Over the past century, sea surface temperature has increased and continues to rise. Sea surface temperature has been consistently higher during the past three decades than at any other time since reliable observations began in 1880.
• Marine Heat Waves – Between 1982 and 2023, the annual cumulative intensity of marine heat waves has increased in most coastal U.S. waters, with the largest changes in waters off the Northeastern U.S. and Alaskan coasts. When a location experiences an increase in annual cumulative intensity over time, that means marine heat waves are becoming either more common, longer, more intense (hotter), or some combination of the three.
• Marine Species Distribution – In conjunction with warming ocean waters, many marine species off U.S. coasts are shifting northward and are moving to deeper waters. Since the 1980s, shifts have occurred among several economically important fish and shellfish species. For example, American lobster, black sea bass, and red hake in the Northeast have moved northward by an average of 145 miles.
• Coastal Flooding – Tidal flooding is becoming more frequent along the U.S. coastline. Most sites with long-term data experienced an increase in tidal flooding since the 1950s. At more than half of these sites, floods are now at least five times more common than they were in the 1950s. The rate of increase of flood events per year is largest at most locations in Hawai’i, and along the East and Gulf coasts.
• Wildfires – The extent of area burned by wildfires in the United States has increased since the 1980s, with the largest increases occurring in the West and Southwest. Of the 10 years with the largest acreage burned, all have occurred since 2004, including peak years in 2015 and 2020. This period coincides with many of the warmest years on record nationwide.
• Length of the Growing Season – The average length of the growing season in the contiguous 48 states has increased by more than two weeks since the beginning of the 20th century. A particularly large and steady increase has occurred since the 1970s. States in the West (like Washington and California) have seen the most dramatic increase.
• Snowpack – From 1982 to 2023, the snowpack season became shorter at 80% of the sites measured. Across all sites, the length of the snowpack season decreased by an average of about 15 days and peak snowpack has shifted earlier by an average of nearly seven days since 1982.
• Arctic Sea Ice – The September 2023 sea ice extent was the fifth smallest on record. It was about 789,000 square miles less than the historical 1981-2010 average for that month – a difference almost three times the size of Texas. Since 1979, the length of the melt season for Arctic sea ice has grown by 37 days. On average, Arctic sea ice now starts melting seven days earlier and starts refreezing 30 days later than it has historically. Read More
HBC Group has recently purchased Saab’s Seaeye Cougar-XTi, a state-of-the-art remotely operated vehicle (ROV) known for its advanced capabilities.
Saab’s Seaeye Cougar-XTi stood out due to its remarkable carrying capacity, a crucial factor for HBC Group’s operations. The Cougar-XTi is a highly flexible and extremely powerful electric ROV, depth rated to 2000m. The ROV is fitted with six 500 Volt, DC thrusters that provide exceptional thrust for stable vehicle operations in high current environments.
These features allow the transport of survey equipment that was previously too large for HBC Group’s existing ROVs, catering to the specific needs of clients, particularly those in offshore wind farms.
The versatility of the Cougar-XTi extends to carrying specialised tools for hydrographics and geophysical services. HBC Group utilises PMAC Group’s system for cathodic protection measurements, and the manipulator arms play a crucial role in non-destructive testing. Read More
Neste, the world announced a partnership with the Township of North Brunswick in New Jersey. The partnership enables all of North Brunswick’s diesel vehicles and equipment to switch to running on renewable diesel. This partnership makes North Brunswick the first township in the state to use renewable diesel for its fleet operations.
“Renewable diesel can play an essential part in reducing greenhouse gas emissions from municipal fleets,” says Carrie Song, Senior Vice President, Commercial, Renewable Products at Neste. “Our partnership with the Township of North Brunswick and fuel distributor KW Rastall Oil is a shining example of how lower-emission solutions like renewable diesel are helping municipalities with sustainability ambitions to reach their goals.”
The township’s initial trial of switching fossil diesel to renewable diesel was conducted in early May, 2024. Neste MY Renewable Diesel™ was used during the trial in the township’s Department of Public Works (DPW) trucks. Made from 100% renewable raw materials such as used cooking oil and animal fat waste, the use of Neste MY Renewable Diesel helps reduce greenhouse gas emissions by up to 75%* over its life cycle compared to fossil diesel. Additionally, since Neste MY Renewable Diesel is compatible with all diesel engines and delivers the same performance as fossil diesel, North Brunswick was able to seamlessly transition to this fuel without the need for new fueling infrastructure or investment into fleet modifications.
Now North Brunswick’s entire fleet with diesel engines, including emergency medical services vehicles, fire trucks, public works vehicles, school buses, and backup generators are powered by Neste’s renewable diesel. These vehicles and equipment will use over 48,000 gallons (141 tons) of renewable diesel annually, which can help reduce GHG emissions by up to 470 tons* annually compared to the use of fossil diesel. This is equal to the annual direct GHG emissions from more than 110 passenger vehicles according to the EPA Greenhouse Gas Equivalencies Calculator.
The delivery of Neste’s renewable diesel is made possible by Diesel Direct and KW Rastall Oil, leading providers of fuel services in New Jersey. In April 2024, KW Rastall Oil opened New Jersey’s first public renewable diesel fueling station in North Brunswick. Francis Mac Womack, Mayor of North Brunswick Township and the Township Council all welcome the transition to renewable diesel, which will have a positive impact on reducing the municipal carbon footprint. Read More
Kent announces that it has secured 1.2 billion USD in new contracts in the first half of 2024. This achievement underscores the company’s strong market presence and its continued growth across multiple regions worldwide.
Kent has seen substantial success in regions all over the world. In the UAE, Kent has been awarded multiple Front-End Engineering Design (FEED) and Project Management Consultancy (PMC) contracts. These projects contribute to the Nation’s ambitious initiative to decarbonise operations and achieve a 25% reduction in carbon intensity by 2030. Kent’s work in Saudi Arabia continues to grow, executing scopes under existing long-term framework agreements. Additionally, Kent has been awarded contract extensions with long-term clients in Iraq to continue delivering consultancy and construction management services, as well as new Engineering, Procurement, and Construction Management (EPCM) contracts in the country.
Kent’s commissioning business has seen major wins with global framework agreements, with projects starting across the Americas, Europe, and APAC. In the Asia Pacific region, we continue to expand our remit with key clients, being awarded Engineering, Procurement, and Construction (EPC) contracts following FEED completion.
“We are incredibly proud of the progress and growth we have achieved in the first half of 2024. Securing over $1 billion in new contracts, not including new Framework Agreements, is a testament to the hard work and dedication of our team and the trust our clients place in us,” said Simon Lyons, Chief Business Development Officer at Kent. “Our expansion in Europe and America, along with our success in key regions such as the Middle East and Asia Pacific highlights our commitment to delivering exceptional value and engineering solutions to our clients worldwide.” Read More
Nel ASA: Receives purchase order for electrolyser equipment
A subsidiary of Nel ASA (Nel, OSE:NEL), has received a follow-on equipment order of more than EUR 7 million for a European project. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $82.77 | Up |
| Crude Oil (Brent) | USD/bbl | $86.22 | Up |
| Bonny Light | USD/bbl | $86.00 | Down |
| Saharan Blend | USD/bbl | $85.61 | Up |
| Natural Gas | USD/MMBtu | $2.43 | Down |
| Murban Crude | USD/bbl | $86.34 | Down |
| OPEC basket 02/07/24 | USD/bbl | $87.43 | Up |
Vestas has secured a 99 MW order from Aquila Clean Energy to deliver a full engineering, procurement, and construction (EPC) solution for the wind energy project Akmene II in Lithuania. Aside from delivery and installation of the wind turbines, Vestas is also responsible for the project’s civil and electrical works.
The project consists of 16 V162-6.2 MW wind turbines together with a 35-year full Active Output Management 5000 (AOM 5000) service agreement to maximise annual energy production. The project is the extension of the Akmene I 74 MW EPC project with 12 V162-6.2 MW turbines, which have been commissioned during 2023.
“We are pleased to announce yet another project in Lithuania with our long-term and valued customer Aquila Clean Energy. We look forward to taking on this extended scope to support our customer with a reliable and efficient installation in the Baltic region”, states Jens Pinderup, Vice President Sales East of Vestas Northern & Central Europe. “The project marks a significant step for the energy independence in Lithuania with more renewable electricity connected in the region and emphasises how our technical solutions contribute to the country’s sustainable energy ambitions. We are proud to further extend our leading position in the Baltic region with this project.”
Construction is expected to start at the end of 2024, and turbine delivery and commissioning are expected for the first quarter of 2026. Read full article
Expert Reveals Issues Causing Uncertainty in the Oil & Gas Sector
According to the statistics released by the UK government, the total revenues from UK oil and gas production between 2022 to 2023 increased by £7.6 billion versus 2021 to 2022. While this outlines the strength and importance of oil and gas as both a fuel and an industry to the economy, there are trends that are posing serious concerns to the supply chain and the wider health of the sector.
Scott Gilmour, Account Manager, from HTL Group, the leading supplier of handheld hydraulic cutters for several industries, has offered insight into the issues facing the sector, and how best to strengthen to mitigate potential threats to its success.
The impact of geopolitical conflicts
One of the most significant disruptors to the oil and gas industry is geopolitical concerns creating uncertainty. Geopolitical tension can have a huge impact on the supply and distribution of oil and gas. We only need to look as far as Eastern Europe, where Russia is ranked in the top ten oil-producing countries in the world for 2024. However, when the conflict between Russia and Ukraine began, the sanction placed on Russia by other global powers caused a notable surge in the price of WTI crude oil to $133.46 (£106.89) per barrel and Brent crude oil to $139.10 (£111.43) per barrel, which is the highest price since July 2008.
Conflicts in the Middle East, for instance, have historically roiled oil markets, causing spikes in prices and supply disruptions. Shifting alliances, trade disputes, and sanctions regimes further complicate the operating environment for oil and gas companies, forcing them to navigate a geopolitical minefield fraught with risks and uncertainties.
Renewable energy
The emergence of renewable energy technologies presents a huge challenge to the traditional dominance of fossil fuels. The growing concerns about being sustainable, coupled with advancements in solar, wind, and battery storage technologies, are reshaping the energy landscape.
As governments worldwide ramp up efforts to combat climate change, renewable energy sources are gaining momentum, posing a threat to the long-term viability of the oil and gas industry. Companies are thus confronted with the urgent need to diversify their portfolios and embrace cleaner, more sustainable energy alternatives or risk obsolescence in a rapidly evolving market.
Inflating costs and macroeconomics
The sector also sees considerable uncertainties because of the wider macroeconomic fluctuations being seen, with inflation significantly threatening the progression of activity. In fact, a poll by GlobalData found that as many as 34% of respondents believe there’s a high chance of projects being stalled or completely cancelled due to cost inflation.
Costs will become an even greater consideration for businesses within the industry going forward, particularly in wider macroeconomics. Fluctuations in global economic growth, inflation rates, and currency values can send ripples through the industry. Events can show the sector’s vulnerability to external economic forces, leaving companies scrambling to adapt to rapidly changing market conditions.
Emerging technologies and the supply chain
In addition to renewable energy, technological innovation is disrupting traditional processes within the oil and gas sector itself. The emergence of automation, artificial intelligence, and data analytics is streamlining operations, enhancing efficiency, and reducing costs. However, many established players in the industry find themselves with legacy systems and entrenched in outdated practices, hindering their ability to fully capitalise on these technologies. Failure to adapt to this technological revolution could leave companies vulnerable to more agile competitors and erode their competitive edge in an increasingly digitised marketplace.
One thing remains clear, which is that adaptability is paramount for survival in the oil and gas sector. Companies must embrace agility and innovation, proactively addressing macroeconomic shifts, geopolitical risks, and technological disruptions. This entails diversifying energy portfolios, investing in renewable energy initiatives, and leveraging cutting-edge technologies to optimise operations and drive sustainable growth. Source, HTL Group
Indonesia’s first production plant for battery cells for electric vehicles was officially launched on Wednesday by South Korean carmaker Hyundai Motor Group and battery manufacturer LG Energy Solution as the Southeast Asian country looks to take advantage of its raw material supply to move up the EV value chain.
Hyundai Motor Group partnered in 2021 with LG Energy Solution to build an EV battery cell plant in Karawang, near the Indonesian capital Jakarta. The companies invested $1.1 billion in the plant and each owns a 50% stake in the joint venture. The factory will have an annual capacity of 10 gigawatt hours (GWh) worth of battery cells, enough for over 150,000 battery electric vehicles.
According to Hyundai’s plans, the battery cell JV will help Hyundai and Kia secure a stable supply of EV batteries at a competitive price for upcoming battery electric vehicles (BEVs). The EV battery plant is integrated with Hyundai’s car manufacturing plant, where it expects to begin production of 50,000 units per year of Kona Electric, an SUV that would use Indonesian-made batteries. Read full article
Baker Hughes Rig Count: U.S. -7 to 581 Canada +10 to 176
U.S. Rig Count is down 7 from last week to 581 with oil rigs down 6 to 479, gas rigs down 1 to 97 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 10 from last week to 176, with oil rigs up 7 to 116, gas rigs up 2 to 59 and miscellaneous rigs up 1.
International Rig Count is down 25 rigs from last month to 953 with land rigs down 3 to 740, offshore rigs down 22 to 213. International Rig Count is down 12 rigs from last year’s count of 965, with land rigs up 11, offshore rigs down 23.
The Worldwide Rig Count for April was 1,726, down 67 from the 1,793 counted in March 2024, and down 82,from the 1,808 counted in April 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 28 June 2024 | 581 | -7 |
| Canada | 28 June 2024 | 176 | +10 |
| International | May 2024 | 953. | -25 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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