London, August 27, 2024, (Oilandgaspress) –– The news of Israel launching strikes against Hezbollah in Lebanon, Russia launching a major missile and drone attack on Ukraine, and the Libyan government in Benghazi declaring force majeure on all oil facilities drove oil prices up dramatically.
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.01 | Up |
| Crude Oil (Brent) | USD/bbl | $81.08 | Up |
| Bonny Light 27/08/24 | USD/bbl | $85.21 | Up |
| Dubai | USD/bbl | $77.53 | Up |
| Natural Gas | USD/MMBtu | $1.92 | Down |
| Murban Crude | USD/bbl | $80.30 | Up |
| OPEC basket 26/08/24 | USD/bbl | $79.43 | Up |
On August 19, CNPC Chairman Dai Houliang met with Mr. Maksat Babayev, State Minister of Turkmenistan and Chairman of the State Concern “Turkmengas”. The two sides exchanged in-depth views on strengthening natural gas cooperation. Mr. Parahat Durdyev, Ambassador of Turkmenistan to China, Mr. Huang Yongzhang, Vice-President of CNPC, and Mr. Wan Jun, Vice-President of PetroChina also attended the event. Source,
Dana Incorporated announced the appointment of Craig Price as Senior Vice President and President of Dana’s Off-Highway (OH) Drive and Motion Systems, effective September 1. Mr. Price succeeds Jeroen Decleer, who unfortunately passed away earlier this month following a brief illness. A 20-year veteran of the company, Jeroen was a people-first leader with tremendous business acumen and understanding of the industry. He represented the very best of Dana, and he will be remembered far beyond his professional achievements and greatly missed by the collective Dana family. Read full article
Baker Hughes Rig Count: U.S. -1 to 585 Canada +2 to 219
U.S. Rig Count is down 1 from last week to 585 with oil rigs unchanged at 483, gas rigs down 1 to 97 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 2 from last week to 219, with oil rigs up 2 to 153, gas rigs unchanged at 66.
The Worldwide Rig Count for July was 1,713, up 7 from the 1,707 counted in June 2024, and down 106, from the 1,819 counted in July 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 23 August 2024 | 585 | -1 |
| Canada | 23 August 2024 | 219 | +2 |
| International | July 2024 | 934. | -23 |
Africa Oil Corp. announced that it has signed a call and put option agreement with three shareholders (“Selling Shareholders”) in Impact Oil and Gas Limited (“Impact”) to purchase a material 7.0% interest in Impact (“Option Agreement”). If exercised, the Option Agreement will increase Africa Oil’s Impact shareholding to 39.5%. . Under the Option Agreement, the Company has the right to acquire an additional 80,160,198 shares in Impact at an exercise price of GBP 0.57 per share for a period of up to six months (“Option Period”) from the Option Agreement’s signing date of August 27, 2024 (“Signing Date”). The Company has purchased the call option feature at a price of GBP 0.08 per underlying Impact share. If Africa Oil has not exercised its call option by the end of the fourth month post the Signing Date, Selling Shareholders have the right to put their Impact shares to Africa Oil at an exercise price of GBP 0.57 until the expiry of the Option Period. If the Option Agreement is exercised, Africa Oil will hold 449,464,396 shares in Impact representing a 39.5% shareholding position on a fully diluted basis. Read full article
UK car manufacturer JLR is driving ahead with an initiative to increase driver awareness of critical advanced driving assistance (ADAS) systems, after its survey found many drivers are not clear about the technologies.
Latest vehicles are highly technologically advanced and now incorporate more ADAS features than ever before as standard, to support the driver, yet a JLR survey found 41 per cent of respondents are not clear what their ADAS systems do.
The survey also found large numbers of drivers do not realise safety critical ADAS systems, such as autonomous emergency braking or reversing collision detection systems can switch off when their cars’ sensors are obscured by dirt or other debris.
JLR has been working with the Driver and Vehicle Standards Agency (DVSA) to increase awareness and the DVSA has updated its driver guidebooks** and other literature with information about ADAS systems and is issuing public guidance to increase awareness of the issue. Read full article
As part of its energy transition, TotalEnergies has expanded its range of energy products to include electricity and gas and wants its customers in France to benefit from this multi-energy strategy. This is why TotalEnergies is launching a unique offer that gives its Electricity & Gas customers an additional advantage on fuels. Thus, from September 2, all TotalEnergies Electricity & Gas individual customers in France will benefit from a ceiling price of €1.94/L instead of €1.99/L for all fuels at stations .
With this new sustainable and innovative commercial offer, TotalEnergies is acting directly for the purchasing power of its customers, taking advantage of being the only major energy company to be present in all the energies of the daily life of the French: electricity & gas at home but also fuels & electricity for their cars.
As of August 26, this ceiling of €1.94/L concerns more than 1,000 TotalEnergies stations out of 3,300, the majority of which are located in rural areas and on highways, where fuel supply costs are higher for logistical and operating reasons.
For all its other customers, TotalEnergies maintains its commitment to a ceiling price of €1.99/L in all of its 3,300 service stations throughout the country. Read full article
Hyundai today released pricing details for the 2025 Elantra family, emphasizing the brand’s commitment to providing a compelling blend of safety, performance, technology, fuel efficiency and advanced standard features for a wide range of customers. Elantra Hybrid Blue is now available with a starting MSRP of $26,250[i] including destination—an impressive $1,150 reduction from the 2024 model. The 2025 Elantra lineup also introduces a new SEL Sport trim available with ICE or hybrid powertrains. This SEL Sport trim level combines athletic aesthetic touches with helpful cabin features. The ICE variant is priced from $24,150 including destination and the hybrid starts at $28,225 including destination. Read full article
Shell on Monday said it plans to shut-in different portions of its Zydeco pipeline system for maintenance for three to four days starting Sept 24.
The Zydeco pipeline system, which spans over 350 miles and has a mainline capacity of about 375,000 barrels per day, has four segment and ships crude oil from Houston, Texas to St. James, Louisiana. Read full article
