London, (Oilandgaspress) –-OPEC and Russia highlight the importance of oil and energy markets stability in driving economic growth
Eni announces the launch of the hull of the Nguya Floating Liquefied Natural Gas (FLNG) facility in Wison shipyard in Nantong, China. The state-of-the-art FLNG will have a liquefaction capacity of 2.4 million tons per annum (MTPA), and will complement the existing Tango FLNG, which is operational since December 2023 with a capacity of 0.6 MTPA, bringing the total liquefaction capacity of Congo LNG project to 3 MTPA by the end of 2025. The ceremony was attended by the Minister of Hydrocarbons of the Republic of Congo, Bruno Jean Richard Itoua.
Guido Brusco, Eni’s Chief Operating Officer, Global Natural Resources, said: “We celebrate this milestone together with our partners as a testament of the solid collaboration between Eni and the Republic of Congo. We have been the first to believe in the value of Congo’s gas, primarily for domestic power generation, and then for export. With the successful launch of the Nguya FLNG hull, the Congo LNG Project has reached an impressive milestone of 40 million hours worked without any Lost Time Injuries. This achievement underscores the project’s ongoing progress in valorizing Congo’s gas resources, while capitalizing on local and international opportunities to deliver further value for our stakeholders”.
The timely launch of the hull confirms the company’s industry-leading time-to-market performances. Completion activities for Nguya FLNG have progressed at 80%, while overall Phase 2 timing – from FLNG contract award to startup – is expected to amount to less than 3 years, leveraging Eni’s fast-track approach that allows the execution of engineering, construction and commissioning activities seamlessly to rapidly develop new projects. Nguya FLNG has a reduced carbon footprint thanks to its design and technology, and to its zero-flaring approach, in line with Eni’s decarbonisation strategy. Read More
The Monochromatic artistic collaboration Alpine x Mathieu Cesar brings to life an A110 S rendered in Black & White. The Alpine x Mathieu Cesar collaboration was conceived and developed as a co-creation, combining the artist’s intentions with the brand’s savoir-faire. The Monochromatic project offers an automotive vision in which simplicity becomes synonymous with sophistication. The monochromatic design accentuates the timelessness and sleek curves of the iconic A110 S while highlighting its power under the bonnet (300 bhp, 0-100 km/h in 4.2 seconds, power-to-weight ratio of 3.7 kg/hp). Inspired by the iconic Berlinette, the design of the A110 S is a synthesis of sportiness. Sketched in a single stroke, it matches the mechanical components as closely as possible, revealing an assertive character for road and track driving. Read More
Baker Hughes Rig Count: U.S. -1 to 583 Canada +1 to 201
U.S. Rig Count is down 1 from last week to 583 with oil rigs up 1 to 479, gas rigs down 2 to 99 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 1 from last week to 201, with oil rigs down 4 to 133, gas rigs up 4 to 67 and miscellaneous rigs up 1 to 1.
International Rig Count is up 3 rigs from last month to 950 with land rigs down 9 to 726, offshore rigs up 12 to 224.
The U.S. Offshore Rig Count is unchanged at 16, down 5 year-over-year.
The Worldwide Rig Count for October was 1,754, up 4 from the 1,751 counted in September 2024, and down 22, from the 1,776 counted in October 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 23 November 2024 | 583 | -1 |
| Canada | 23 November 2024 | 201 | +1 |
| International | October 2024 | 950 | +3 |
The 2025 Hyundai Santa Cruz XRT has been named the Compact Truck of Texas at the Texas Auto Writers Association (TAWA) annual Truck Rodeo held Sept. 26-27, 2024. The TAWA Texas Truck Rodeo is a prominent annual event where top automotive media evaluate new vehicles based on performance, value, and overall appeal. Competing against strong contenders, the updated 2025 Santa Cruz XRT impressed judges with its rugged design, advanced technology, and enhanced off-road capability. The 2025 Santa Cruz XRT, featuring a new aggressive front design, XRT-exclusive enhancements including front tow hooks, all-terrain tires, and wrench-inspired wheels, sets a new standard. The model’s updated interior boasts a panoramic curved display with an available 12.3-inch driver information cluster and infotainment touchscreen display, alongside standard wireless Apple CarPlay® and Android Auto™, providing an intuitive driving experience. Read More
Hyundai Santa Fe has been named Family Vehicle of the Year by the 2025 Hispanic Motor Press Awards. The fifteenth-annual awards program recognizes the best vehicles for Hispanic consumers based on advancements in technology, safety, infotainment, styling, driving satisfaction, value, and more.The award was presented by the Hispanic Motor Press at AutoMobility 2024 at the 2024 Los Angeles Auto Show. The top vehicles were chosen by a distinguished jury panel of Hispanic automotive journalists, content creators, and industry experts. Hyundai’s Santa Fe stood out among finalists for its innovative design, advanced safety features, and family-friendly appeal. Read More
U.S. Environmental Protection Agency proposed to strengthen limits on emissions of nitrogen oxides (NOx) from most new, modified, and reconstructed fossil fuel-fired stationary combustion turbines, reducing exposure to dangerous air pollution for nearby communities. The proposal would ensure that new turbines built at power plants or industrial facilities — especially large ones that could operate for decades — would be among the most efficient and lowest-emitting turbines ever built. The proposal provides regulatory certainty for the power sector, while supporting the continued delivery of reliable and affordable electricity. NOx contributes to harmful health effects, such as asthma and respiratory infections, and reacts with other volatile organic compounds to form ozone (i.e., smog) and fine particulate matter. Children, the elderly, and people with chronic heart, lung, or other cardiopulmonary diseases are most at risk.
The proposed New Source Performance Standards (NSPS) are based on the application of combustion controls and selective catalytic reduction (SCR), a cost-reasonable and widely used add-on control technology that limits emissions of NOx. In addition, EPA is proposing to maintain the current limits for sulfur dioxide, which is well-controlled in this sector based on the long-term required use of low-sulfur natural gas and distillate fuels. The proposed stronger standards for NOx would apply to facilities that begin construction, reconstruction, or modification after the date of publication of the proposed standards in the Federal Register.
EPA estimates this proposed rule would reduce NOx emissions by 198 tons in 2027 and 2,659 tons in 2032. The present value of net benefits to society is estimated at up to $340 million, with an equivalent value of up to $46.4 million per year. Read More
CME Group announced that Henry Hub Natural Gas options reached a single day volume record of 561,379 contracts on November 21, surpassing the previous record of 506,500 contracts traded on November 14, 2018.
“The U.S. is entering the winter season while production is falling, creating price volatility and risk that needs to be managed in natural gas markets,” said Peter Keavey, Global Head of Energy and Environmental Products at CME Group. “Market participants continue to flock to the most liquid and efficient on-screen options market to manage their Henry Hub exposure. Within total options volume, a record 395,952 contracts traded electronically on Thursday. Of that, more than half of the volume was transacted on CME Direct, an all-time record, reflecting growing demand for our market-leading front-end solution.”
In addition to the single day options record, Thursday was also the highest volume day in 2024 for Natural Gas futures and options, reaching a combined 1,721,017 contracts traded. Henry Hub futures volume reached 1,007,308 contracts on Thursday, an all-year high.
Henry Hub Natural Gas futures and options are listed by and subject to the rules of NYMEX. Read full article
Doug Ostermann, Stellantis Chief Financial Officer, will participate in a fireside chat on Wednesday, December 4, 2024, from 1:20 p.m. GMT to 1:55 p.m. GMT at Goldman Sachs 16th Annual Industrials & Autos Week. Read More
All of Pony Xpress’ Ford vehicles are hooked up to Ford Pro™ Telematics1 software, which Tony Ferrante, founder and owner of Pony Xpress, says they use “religiously.”
Having a reliable fleet means getting ahead of preventative maintenance and knowing how vehicles are performing. Since Pony Xpress implemented Telematics software in 2022, the tool has given Ferrante the ability to track fleet maintenance needs and locate vehicles in real time—capabilities that have proven valuable not only for keeping trucks on the road but also for supporting employees’ well-being.
“We’ve had a couple of medical situations where we’ve had to locate drivers in their vans,” Ferrante said. “Having [Ford Pro Telematics] at our fingertips allows us to locate their exact coordinates to get there quickly and provide support.” Read Press Release
Few, if any, other cars bring more pure motorsport technology to the road than the Porsche 911 GT3 RS. The new Manthey Kit can further enhance the on-track performance of this top-of-the-range sports car through improved aerodynamic efficiency, modified suspension and optimised braking components. Porsche is offering a Manthey Kit for the current 911 GT3 RS (992) for even higher performance on track. The kit provides significantly increased contact pressure and, as a result, higher cornering speeds. The suspension has been specially adapted for driving on the racetrack, while the brakes are optimised for the particularly high demands of track-day driving. The new Manthey Kit was developed as part of a close collaboration between the Porsche Development Centre in Weissach and the Manthey engineers in Meuspath. These track-focused components will be distributed via Porsche Centres. Read more
The e-tron GT family now includes an S e-tron GT model as the entry to the 2025 line up. The new model builds on the dynamic credentials of the 2024 RS e-tron GT and goes a step further to deliver more power and more range. Also new for this year is an even more extreme RS e-tron GT performance derivative. As the first fully electric ‘RS performance’ model and the electric halo performance car for Audi, the 2025 RS e-tron GT performance sets all-time milestones for the brand in both power and acceleration. Part of the two-car 2025 e-tron GT electric super sedan lineup in the U.S., the RS e-tron GT performance is joined by the new S e-tron GT model, maintaining excellent performance and all of the design aesthetic that the electric grand tourer is known for. Through significant upgrades in power, battery capacity, design, and materials, along with a host of chassis upgrades, the e-tron GT model line is capable of delivering a level of performance that rivals supercars.
The design aspects of the 2025 e-tron GT have been revised to help further distinguish the RS model, including unique new front and rear fascias, new wheel designs, the new B-pillar naming strategy, and four new exterior colors. The interior features a new steering wheel integrating satellite control buttons including push-to-pass (boost mode) for the performance model, along with an all-new available glass roof with transparency control. This unique structure is embedded with a liquid crystal film that permits seamless adjustability of nine individual segments, from slightly tinted to fully frosted using controls in the MMI display. The e-tron GT battery pack has been upgraded to 105 kWh, a 12% increase over the previous 93.4 kWh, while its weight has decreased by 25 pounds. DC fast charging capability has also been increased, from 270 kW to 320 kW, resulting in a 10-80% charge time of about 18 minutes (previously 21.5 minutes) under ideal conditions. Even with the significant power increases, the EPA-estimated driving range of the 2025 S e-tron GT exceeds that of the 2024 e-tron GT, and 2024 RS e-tron GT. Read More
Organization of the Petroleum Exporting Countries (OPEC) and the Russian Federation held the Ninth High-level Meeting of the OPEC-Russia Energy Dialogue on 22 November 2024, in Moscow, the Russian Federation.
The Meeting was co-chaired by HE Alexander Novak, Deputy Prime Minister of the Russian Federation, and HE Haitham Al Ghais, Secretary General of OPEC.
HE Alexander Novak said: “Russia will continue to be a key player in the oil market, maintaining its status as a reliable supplier. The OPEC+ member countries are in constant contact, monitor the market situation and are ready to flexibly and promptly respond to any changes in market conditions. The current mechanism for implementing the OPEC+ Agreement is the most effective tool for maximizing the efficiency of oil production and state revenues.”
HE Al Ghais highlighted the important partnership between the Russian Federation and OPEC at all levels and commended the leadership role exerted by the Russian Federation in the ‘Declaration of Cooperation’ framework as a co- chair of the OPEC and non-OPEC Ministerial Meetings (ONOMM) and the Meetings of the Joint Ministerial Monitoring Committee (JMMC). The Secretary General also praised the OPEC-Russia Energy Dialogue as a dynamic platform that facilitates discussion, knowledge sharing and exchange of views between the two parties.
The Meeting constitutes an important milestone in the energy dialogue. It emphasized the strategic importance of cooperation between OPEC and the Russian Federation, including through the frameworks of the ‘Declaration of Cooperation’ and the ‘Charter of Cooperation’.
Discussions revolved around developments in the global oil and energy markets and the outcome of the recent climate change negotiations at COP29, which was held in Baku, Azerbaijan, on 11-22 November 2024, as well as various issues related to the oil and energy industries, such as energy security, risk of underinvestment and the importance of market stability in driving global economic growth. The Meeting also examined the short-, medium-, and long- term outlooks for energy markets.
The valuable ongoing cooperation between OPEC and the Russian Federation at the technical and research level was additionally highlighted. In this context, the Meeting noted the positive outcome of the Fifth Technical Meeting of the OPEC- Russia Energy Dialogue held on 15 November 2024 via videoconference. The OPEC-Russia Energy Dialogue is one of the key dialogues the Organization’s cohosts with numerous producing and consuming nations and international institutions to gain insights, explore emerging trends and examine industry issues.
It was agreed that the next High-level Meeting of the OPEC-Russia Energy Dialogue will take place in the course of 2025 in Vienna, Austria. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $71.24 | Up |
| Crude Oil (Brent) | USD/bbl | $75.17 | Up |
| Bonny Light 22/11/24 , CBN | USD/bbl | $76.52 | Up |
| Dubai | USD/bbl | $72.83 | Up |
| Natural Gas | USD/MMBtu | $3.12 | Down |
| Murban Crude | USD/bbl | $74.33 | Up |
| OPEC basket 21/11/24 | USD/bbl | $73.32 | — |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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