London, December 09, 2024 (Oilandgaspress) –- Saudi Arabia has cut the official selling price for its crude oil for deliveries to Asia in January in a move that was largely expected amid depressed global prices. Saudi crude for delivery next month will be the cheapest in four years, according to Reuters
Equinor has closed transactions exiting the upstream businesses in Azerbaijan and Nigeria, with a total estimated consideration of up to USD 2 billion. After more than 30 years as a business partner in Azerbaijan and Nigeria, transactions leading to Equinor exiting the countries have now been closed on 29 November and 6 December respectively. For the divestment of the full portfolio in Azerbaijan, Equinor will receive a total cash consideration of USD 745 million. The value of the transaction in Nigeria amounts to up to USD 1.2 billion, consisting of a purchase price of USD 710 million and the remainder in contingent payments.The divestments of assets and exits from operations in Azerbaijan and Nigeria were announced in 2023 and are in line with the strategy of optimising the oil and gas portfolio. The exits enable investments to deepen further in countries where Equinor can add the most value and build a more focused and robust international portfolio.
The total equity production from the assets in Azerbaijan and Nigeria has been on average 24,600 and 18,700 barrels of oil per day, respectively, in the first three quarters of 2024. The closing of these transactions will have a positive impact on the cash flow for fourth quarter 2024. Read More
Hitachi Energy is investing in a new renewable energy generation plant, adjacent to its factory, which is another step toward becoming carbon neutral in its own operations.
The new renewable energy facility provides a sustainable and long-term solution for the Figeholm factory – producing cellulose-based insulation materials for power transformers – in line with the Hitachi Energy Sustainability 2030 Strategy to be carbon-neutral in its own operations by the year 2030. Wood pellets obtained from sustainable sources following globally recognized standards on sustainable biofuels, will be used as an energy source. The process includes a heating installation with a steam boiler, which supplies energy to the presses that will now utilize wood pellets. The transition from heavy oil to pellets will contribute to significantly reducing the factory’s direct Scope 1 GHG1 carbon emissions and thus lower the carbon footprint of the insulation material produced. .. Read More
Following a competitive tender process, px Group, the Teesside based infrastructure solutions business, has been awarded an operations and maintenance contract by Atlantic Fuel Supply Company (AFSC) at its fuel terminal in Foynes, Ireland, due to their experience and approach to safety standards. AFSC, which is a joint venture between Inver Energy and the East Cork Oil Company, imports, blends, and distributes over 700 million litres of fuel each year across Ireland.
The state-of-the-art fuel terminal has a capacity of 82,000 m3, with 18 storage tanks on site, and is capable of handling a range of fuels and a wide range of biofuels. Its strategic infrastructure guarantees security of supply and blend flexibility, ensuring that it is a reliable source for the rising demand for lower-carbon fuels. The terminal can import products from two berths in Foynes Harbour, the only deepwater harbour on the West Coast of Ireland.
px Group will have responsibility for the operations, maintenance and monitoring of the site, delivering a range of optimisation services and managing the terminal’s 8 employees.
px Group has over 25 years of experience managing and operating strategic industrial assets and this will be the second fuel terminal added to px Group’s portfolio after operating the Northampton Fuel Terminal since 2018.
Neil Grimley, Managing Director of Downstream Operations at px Group said: “We are delighted to be awarded this opportunity by AFSC and extend our O&M expertise in Ireland as part of our European growth strategy. We don’t just provide a service – we operate facilities as if they are our own and look forward to working with the on-site and wider AFSC team to ensure the highest levels of safety and efficiency.” . Read More
Africa Oil Corp. announce that the Company repurchased a total of 815,000 Africa Oil common shares during the period of December 2, 2024 to December 6, 2024 under the two previously announced share buyback programs.
During the period dated December 2, 2024 to December 6, 2024, the Company repurchased 320,000 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 495,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company. Read More
.DNO ASA, the Norwegian oil and gas operator, today announced that its operated Trym field in the Norwegian North Sea license PL147 (DNO 50 percent) is back on production after a five-year shutdown during which TotalEnergies redeveloped the Tyra field infrastructure in the Danish North Sea to which Trym is tied back. First commissioned in 2011, Trym is expected to contribute 3,000 barrels of oil equivalent per day (boepd) net to DNO at plateau. Remaining reserves are estimated at two million barrels of oil equivalent (MMboe) net to DNO. Available capacity at the Trym subsea template represents further opportunities. The Company is currently assessing a development of the 2013 Trym Sør discovery containing recoverable resources of around two MMboe net to DNO, possibly adding production from early 2027. In addition, DNO has identified nearby exploration prospects that may be drilled from the Trym subsea template, potentially extending its lifetime. Read More
Baker Hughes Rig Count: U.S. +7 to 592 Canada -11 to 194
U.S. Rig Count is up 7 from last week to 589 with oil rigs up 5 to 482, gas rigs up 2 to 102 and miscellaneous rigs unchanged at 5.
Canada Rig Count is down 11 from last week to 194, with oil rigs down 10 to 124, gas rigs unchanged at 70 and miscellaneous rigs down 1 to 0.
International Rig Count is down 31 rigs from last month to 919 with land rigs down 14 to 712, offshore rigs down 17 to 207. International Rig Count is down 59 rigs from last year’s count of 978, with land rigs down 46, offshore rigs down 13.
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 | 06 December 2024 | 589 | +7 |
| Canada | 06 December 2024 | 194 | -11 |
| International | November 2024 | 919 | -31 |
Adani Power Ltd., a part of Adani portfolio companies, today said that it has achieved an exceptional score of 67 (out of 100) in the Corporate Sustainability Assessment (CSA) by global rating agency S&P Global for FY 2023-24.
This compares to the sectoral average of 42 and APL’s own FY23 score of 48.
With this score, Adani Power is in the top 80 percentile of all global electric utilities. In several elements of CSA score like Human Rights, Transparency & Reporting, Water, and Waste & Pollution, it is in the top 100 percentile.
In three more – Energy, Occupational Health & Safety, and Community Relationship – it is in 90 percentile or above category.
The S&P Global CSA Score is the S&P Global ESG Score – a measure of a company’s performance and management of material ESG risks, opportunities, and impacts informed by a combination of its disclosures, media and stakeholder analysis – without any modelling approaches. APL’s S&P Global ESG Score is also 67. Read More
Nissan Formula E Team demonstrated excellent pace and led the São Paulo E-Prix for the majority of the event, before penalties denied the team points at a dramatic 2024/25 ABB FIA Formula E World Championship curtain raiser.
An excellent qualifying for the squad saw Oliver Rowland line up on the front row for the first race of the GEN3 Evo era, with Nato close behind in sixth. The British driver’s fantastic getaway launched him into the lead, which he held for several laps. Meanwhile, Frenchman Nato was battling hard in the points-paying positions, and had worked his way to the front before a drive-through penalty for overpower dropped him down the order.
After exchanging positions during the Attack Mode phase, Rowland re-gained the lead just before a red flag interruption. Unfortunately, due to the timing of the stoppage, Rowland lost more than two minutes of his extra power and was relegated to second for the restart. However, another superb start meant he would re-claim the lead and pull away from the chasing pack, before he also received a drive-through penalty for overpower.
Nato had worked his way back up the order strongly, and was inside the top-10 before the second red flag intervention. At the final restart, Nato fought hard with those around him, coming across the line in sixth, before a post-race penalty for not being in the correct position at the restart dropped him to 13th, while Rowland came home in 14th. Read More
Abarth keeps celebrating its 75th anniversary by launching a stunning special edition Merchandise Collection inspired by the Abarth 695 75° Anniversario for its appealing look and performance, designed and produced by Audes Group, a leading company in the design and development of high-quality merchandising collections.
To commemorate this exceptional milestone, the Scorpion brand created a special selection that encapsulates the passion, innovation, and boldness that mark Abarth’s history and vehicles.
Central to this commemorative collection lies a meticulously crafted limited-edition hoodie, available in an exclusive run of 75 pieces. This distinctive piece, crafted with premium materials, combines contemporary style with timeless Abarth aesthetics and is dedicated to collectors and enthusiasts seeking a piece of Abarth’s legacy.
A second item is at the heart of this collection, resulting from a groundbreaking collaboration between Brembo, the world-renowned leader in high-performance braking systems, and Abarth. Two symbols of performance engineering came together to create the one-of-a-kind Abarth + Brembo T-shirt, emphasizing the synergy between the Scorpion brand’s legacy and Brembo’s expertise with bold co-branding and cutting-edge design. The Abarth 695 75° Anniversario-inspired exclusive collection, representative of Abarth’s essence, also includes a selection of premium apparel and accessories expressing exceptional design and unparalleled craftsmanship. From now on, enthusiasts can both drive and wear the Scorpion’s heritage. The entire selection, in limited quantities, is available at the Abarth Store, where fans can secure their favourite items before they sell out. Read More
Leapmotor C10 immediately conquers Europe: the new electric D-SUV earns the prestigious five stars in the new Euro NCAP program, confirming the outstanding qualities of the first model in the 51:49 joint venture between Stellantis and Leapmotor, which aims to accelerate and expand the sales of affordable high-tech products outside China, benefiting from Stellantis’ established business presence in international markets.
The European institution awarded the model a score of 89 percent for adult protection, 85 percent for child protection, 77 percent for vulnerable road users, and 76 percent for driving aids. The outstanding result reflects careful engineering design and rigorous safety testing throughout the vehicle genesis. In addition to first-class safety systems, Leapmotor C10 boasts premium equipment and a best-in-class driving experience. Read More
Hyundai Motor Company’s first high-performance electric vehicle (EV), IONIQ 5 N, made its digital debut at the Gran Turismo (GT) World Series 2024 World Finals Esports tournament held in Amsterdam, Netherlands, from December 7 to 8.
IONIQ 5 N ran in the GT World Series’ Qualifying Time Trial session of the Nations Cup World Final ahead of its official debut in ‘Gran Turismo 7’ in January 2025 update. The GT World Series is the global championship of the renowned racing simulation now in its seventh year.
As the first high-performance EV from the Hyundai N brand, IONIQ 5 N symbolizes the execution of the company’s electrification strategy, the ‘Hyundai Way’, which promotes flexible electrification.
The car uses Hyundai Motor’s advanced electrification technology to maximize driving performance. With its high-performance four-wheel drive system, IONIQ 5 N boasts a maximum output of 478 kW (650 horsepower, based on N Grin Boost mode) and a maximum torque output of 770 Nm (based on N Grin Boost mode) from its front and rear motors. Its 84 kWh high-output battery and a high-performance EV-specific thermal management control system help to provide consistent driving performance.
Adding to the excitement, the in-game IONIQ 5 N was offered as a special reward as part of the Viewers Gift campaign, running in tandem with the World Finals. While the reward will be distributed after Gran Turismo 7’s January update, players were able to secure their in-game IONIQ 5 N simply by tuning in to the Nations Cup via the campaign banner in the World Map of Gran Turismo. . Read more
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $68.07 | Up |
| Crude Oil (Brent) | USD/bbl | $71.91 | Up |
| Bonny Light 06/12/24 CBN | USD/bbl | $73.51 | Down |
| Dubai | USD/bbl | $72.16 | Down |
| Natural Gas | USD/MMBtu | $3.24 | Up |
| Murban Crude | USD/bbl | $71.75 | Up |
| OPEC basket 06/12/24 | USD/bbl | $71.67 | Down |
CB&I, the world’s foremost designer and builder of storage facilities, tanks and terminals for energy and industrial markets, today announced the completion of its acquisition by a consortium of financial investors led by Mason Capital Management LLC (“Mason”) in partnership with IES Holdings, Inc. (Nasdaq: IESC), Nut Tree Capital Management, LP, 683 Capital Management, LLC, First Pacific Advisors, and other investors. The closing of this transaction positions CB&I, formerly a wholly owned unrestricted subsidiary of McDermott International, Ltd, as a strong, independent company with no funded debt.. Read More
McDermott announced it has completed the sale of its CB&I storage business (CB&I) to a consortium of financial investors led by Mason Capital Management. Under the terms of the agreement announced October 7, 2024, McDermott will receive $475 million of proceeds before taxes and transaction expenses.
“This transaction achieves a strategic goal set in motion last year and fully completes the separation of CB&I from McDermott,” said Michael McKelvy, President and Chief Executive Officer of McDermott. “We will always have a shared history and know they will continue to lead the storage business under their new ownership.”
Pursuant to the terms of McDermott’s credit agreement, proceeds from the sale will be used to repay CB&I’s existing term loan, cash collateralize certain McDermott letters of credit, and reduce an existing McDermott term loan.
CB&I has a global footprint and is a leading designer and builder of storage facilities, tanks and terminals. It became part of McDermott in 2018 when the two companies combined. In 2023, McDermott completed actions to strengthen the storage business, including providing a dedicated capital structure.
Goldman Sachs & Co. LLC is serving as the exclusive financial advisor for the transaction to McDermott. Kirkland & Ellis LLP is serving as legal counsel to McDermott. Citi is acting as exclusive Financial Advisor to Mason. Cadwalader, Wickersham & Taft LLP is serving as legal counsel to Mason Capital Management. Read More
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
OilandGasPress.com is a website that provides news, updates, and information related to the oil and gas industry. It covers a wide range of topics, including exploration, production, refining, transportation, distribution, and automotive market trends within the global energy sector. Visitors to the site can find articles, press releases, reports, and other resources relevant to professionals and enthusiasts interested in the energy, oil and gas industry.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: on Twitter | Instagram
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
