London, 06 November, 2023, (Oilandgaspress): – Saudi Ministry of Energy has announced that the kingdom will continue the voluntary cut of one million barrels per day, which went into implementation as per Opec Plus decision in July and was later extended until the end of December 2023, reported SPA.
This will take the kingdom’s total production for the month of December to approximately 9 million barrels per day,
First photos of the all-new BMW X2 went around the world: Now, it is rolling off the assembly line at BMW Group Plant Regensburg. From now on, different types of drive train will be flexibly manufactured in Regensburg on a single production line – from models with internal combustion engines, to plug-in hybrids, to fully-electric vehicles. Up to 1,000 BMW 1 Series, BMW X1 and BMW X2 models are currently coming off the production line at BMW Group Plant Regensburg every workday – destined for customers worldwide. BMW iX2 xDrive30:
Power consumption combined (WLTP): 17.7-16.3 kWh/100 km, fuel consumption combined (NEDC): –, CO2 emissions: 0 g/km, (NEDC): –, Range: 417-449 km (WLTP).
BMW X2 M35i xDrive:
Fuel consumption combined (WLTP): 8.0-7.7 l/100km, Fuel consumption combined (NEDC): – ,CO2 emissions combined (WLTP): 181-174 g/km, CO2 emissions combined (NEDC): Read full article
Tata Motors announced that it has supplied the first batch of state-of-the art Ultra EV air-conditioned electric buses to Srinagar Smart City Limited, via TML Smart City Mobility Solutions (J&K) Pvt Ltd, a Tata Motors Group company. The delivery of the electric buses is a part of its larger order to supply, maintain and operate 100 electric buses in Srinagar and 100 electric buses in Jammu, for a period 12-years for Jammu and Srinagar Smart City projects. The collaboration is a part of an initiative of Housing and Urban Development Department, Government of Jammu & Kashmir to establish an environmentally and financially sustainable network of public transport for Srinagar. The zero-emission buses are indigenously built on a next-gen architecture, equipped with latest features, and powered by advanced battery systems. They are designed to provide a safe, comfortable and convenient intra-city commute across the city of Srinagar. Read full article
Neptune Energy today welcomed the successful start-up of the Seagull field in the UK North Sea, announced today by BP.
The Seagull project was developed by Neptune in partnership with BP and JAPEX and is tied back to the BP-operated central processing facility of the Eastern Tough Area Project in the Central North Sea.
Neptune’s UK Country Director, Alan Muirhead, said: “As the operator of the project, Seagull is an excellent example of what can be achieved through close collaboration.
“From the beginning, the partners have taken an innovative approach to ensure we can collectively maximise the recovery of domestic energy resources while extending the life of existing subsea infrastructure to reduce development costs.” Read full article
Substantial oil discovery made in the Hibiscus South prospect
BW Energy is pleased to announce that the DHBSM-1 appraisal well has encountered commercial volumes of oil in the Hibiscus South satellite prospect. The Company plans to return to the well to complete it as a production well in early 2024.
The DHBSM-1 well was drilled from the MaBoMo production platform to a total depth of 6,002 meters. The target area is located approximately 5 kilometres southwest of the MaBoMo and was drilled by the Borr Norve jack-up rig. Evaluation of logging data, sample examination and formation pressure measurements confirm approximately 20 meters of pay in an overall hydrocarbon column of 26.5 meters in the Gamba formation.
The well data confirms that the Hibiscus South structure is a separate accumulation with a deeper oil-water contact than the nearby Hibiscus Field. This will enable the Company to book additional reserves not currently included in its annual statement of reserves and provide the opportunity to drill one or more additional production wells from the MaBoMo facility.
“The successful appraisal of the Hibiscus South satellite structure represents a low-cost and low-risk expansion of the Dussafu production and reserve base. We look forward to rapidly bringing these high-value barrels into production,” said Carl K. Arnet CEO of BW Energy. “The result also confirms the significant potential of the Dussafu licence where we have multiple additional future prospects.”
Preliminary evaluation indicates gross recoverable reserves of 6 to 7 million barrels of oil and approximately 16 million barrels of oil in place, in line with the mid-case pre-drill expectations reported prior to the commencement of drilling operations. Read full article
Woodside is now among the Australia’s largest taxpayers. Since 2011, we have paid more than A$18 billion in Australian taxes and royalties. Woodside paid A$3.7 billion in taxes and royalties to the Australian Commonwealth and State governments in the first half of 2023. We also reported a 42% all-in effective tax rate in respect of our global profits (excluding one-off items) in the first half of 2023.
Our Australian taxes are paid by a number of Woodside entities: Woodside Energy Group Limited; the 90%- owned ‘Burrup’ entities, Burrup Facilities Company Pty Ltd and Burrup Train 1 Pty Ltd, which support our Pluto Project; Woodside Energy (Bass Strait) Pty Ltd; and Woodside Energy (Australia) Pty Ltd. The data to be reported in the Australian Taxation Office (ATO) 2021-22 Report of entity tax information will show that in respect of the financial year ended 30 June 2022, Woodside corporate entities had a combined income tax and Petroleum Resource Rent Tax (PRRT) payable amount totalling A$1.4 billion. As one of Australia’s largest taxpayers, Woodside is subject to the ATO’s Justified Trust program, designed to assure that companies are paying the right amount of tax. Woodside’s tax transparency has also been
recognised as being within the leading group of our industry peers. Read full article
Reuters Automotive USA conference in Detroit, Nov. 8-9. The schedule is packed, and I will be on stage interviewing executives from Stellantis, Ford and General Motors – and the President of the United Auto Workers, Shawn Fain. Read More
Equinor has made a commercially viable gas discovery by the Gina Krog field in the North Sea. The discovery is small, but gas production can start as early as 2023.
The recoverable volumes are estimated to be between5 og 16 million barrels of oil equivalent. The well was drilled by the Noble Lloyd Noble rig. Equinor is the operator with KUFPEC and PGNiG as partners.
The discovery is considered commercially viable, partly because it can make use of existing infrastructure by the Gina Krog platform. The well has been drilled as a development well with exploration target, and the plan is to put the well into production during the fourth quarter of 2023.
Preparations have already been carried out on Gina Krog so that the well can quickly start production. Read More
Excelerate Technology has further strengthened its global offering with the appointment of Glynn Wagg as director of sales in its Oil and Gas Division. This strategic appointment is set to drive growth and unlock new opportunities on a global scale.
Excelerate has been delivering fully integrated and ‘hybrid’ connectivity solutions, bonding satellite, cellular and WIFI for first responder sector, utilities and Government organisations for more than 20 years. As the Cardiff-based company has expanded into new industries where failsafe voice, data and video services are fundamental, it has seen its technology deployed in a variety of new market sectors, not least Oil & Gas and utilities.
Glynn brings a wealth of experience to Excelerate, having previously held pivotal positions with Axess Networks. His arrival comes at a significant moment as the company is experiencing unprecedented demand from not only the oil and gas industry but various other sectors including logistics, healthcare, defence and more.
David Savage, CEO, and Founder of Excelerate, warmly welcomed Glynn to the team, expressing his enthusiasm about the impact his appointment will have on Excelerate’s growth. He said: “We are committed to driving innovation wherever our solutions are needed, and Glynn’s addition marks a significant enhancement to our team, particularly for the Oil and Gas sector.”
Glynn also shared his excitement about the new role, and said: “Stepping into the role of director of sales at Excelerate fills me with immense excitement. It’s a fantastic opportunity to join a talented team, drive growth, and forge impactful partnerships.
“Excelerate’s extensive product portfolio not only enhances the quality of services provided, but also reinforces the resilience of critical operations in remote and demanding oil and gas locations around the world.” Read More
Neste is partnering with PTL Marine to provide Neste MY Renewable Diesel™ to the marine sector across the State of California. PTL Marine, a division of Pilot Thomas Logistics, is a leading provider of maritime fuel and lubricants, supplies and last-mile logistics. Through this collaboration the state’s marine industry will have easier access to renewable diesel.
California’s Commercial Harbor Craft (CHC) regulation, established by the California Air Resources Board (CARB), took effect on January 1, 2023. This regulation requires commercial harbor craft vessels in the state to use renewable diesel (also known locally as R99 or R100) instead of ultra-low sulphur diesel (ULSD), to limit emissions such as particulate matter and nitrogen oxides for vessels operating in the state’s ports and near the coast. The regulation applies to the use of on-water diesel fuels in California harbors, ports, navigable waterways, marinas and marine navigation districts.
“Our partnership with PTL Marine demonstrates renewable diesel’s wide range of applications in the heavy-duty sectors,” says Carrie Song, Vice President, Renewable Road Transportation, Americas at Neste. “We are excited to see California actively encouraging the use of renewable diesel outside of road transportation to reduce emissions, especially from older engines. With strategic partners like PTL Marine, we look forward to helping California’s marine industry have easier access to this more sustainable alternative.”
Ports are important for the US economy, but port-related emissions from fossil fuel use impact public health and the climate, according to the US Environmental Protection Agency (EPA). A CARB research found that renewable diesel, when compared with fossil diesel, can provide up to a 26.6% reduction in fine particulate emissions and up to 11.8% reduction in the emissions of nitrogen oxides (NOx) in harbor crafts equipped with a Tier 2 marine-certified engine. Read More
Mitsubishi Heavy Industries announced that order intake rose 55.4% year-over-year to ¥3,137.0 billion in the half-year ended September 30, 2023. Revenue rose 10.3% to ¥2,069.2 billion year-over-year, resulting in profit from business activities (business profit) of ¥100.9 billion, an 84.1% increase from the previous fiscal year, which represents a profit margin of 4.9%. Profit attributable to owners of parent (net income) was ¥91.9 billion, an increase of 69.8% year-over-year, with a profit margin of 4.4%. EBITDA was ¥168.9 billion, a 38.2% increase from 1H FY2022, with an EBITDA margin of 8.2%, up 1.7 percentage points year-over-year.
Strong demand for both new installations and after-sales services in Gas Turbine Combined Cycle (GTCC) drove large order intake growth in Energy, with seven large frame GTCC units booked in 1H. Business profit in the segment increased by ¥15.7 billion YoY due to a reduction in one-time items in the Thermal Power businesses as well as revenue growth and margin improvements in GTCC, which offset a one-time charge in Aero Engines associated with the PW1100G-JM Engine Program.
Revenue in P&I grew by ¥58.5 billion YoY due to strength in Metals Machinery and Engineering. Business profit increased by ¥9.6 billion thanks to topline expansion and foreign exchange effects in Metals Machinery together with improvements in Engineering project margins.
LT&D saw large YoY increases in order intake and revenue, at ¥71.9 billion and ¥69.9 billion, respectively. This was mainly due to organic growth in the Logistics Systems and Heating, Ventilation & Air Conditioning (HVAC) businesses. Revenue increases, price optimization to offset cost inflation, and foreign exchange effects helped to raise segment business profit by ¥28.2 billion YoY.
ADS achieved a record-breaking ¥791.6 billion YoY increase in order intake due almost exclusively to growth in Defense & Space, which booked several large stand-off defense-related projects from the Japan Ministry of Defense. Revenue increased in both Defense & Space and Commercial Aviation, while business profit rose by ¥7.6 billion YoY thanks in part to the depreciation of the yen and a slight uptick in Aero Structures deliveries.
FY2023 Earnings Forecast:
MHI revised its guidance for the period ending March 31, 2024, increasing order intake by ¥1.0 trillion versus the previous announcement made August 4, 2023. This reflects strength in the orders environment in the Energy and ADS segments. No changes were made to totals in the other financial indicators, although adjustments were made to business profit targets for LT&D, ADS, and C&E informed by results in the first half of this fiscal year. Read More
Brussels Airlines, Belgium’s national airline and member of the Lufthansa Group, has taken delivery of its first out of five new A320neo aircraft.
The A320neo is part of the airline’s fleet renewal strategy to operate the latest state of the art, efficient aircraft in order to meet Brussels Airlines’ ambitious sustainability targets. The A320neo incorporates the latest technologies, including new-generation CFM International LEAP-1A engines for more efficiency and Sharklets for improved aerodynamics, which together reduce fuel burn and CO2 emissions by at least 20 per cent. The aircraft is also a good neighbour at airports with a 50 per cent lower noise footprint compared to previous generation aircraft. The Brussels Airlines A320neo features a single class layout with 180 seats.
Equipped with the Airbus Airspace cabin, the A320neo will take the passenger experience to new highs in comfort, ambience and service. Unique and customisable lighting sets the mood for all phases of the flight, maximising passenger relaxation in the widest and quietest cabin in its class. The new A320neo will join Brussels Airlines’ all Airbus fleet of 43 aircraft, including 34 A320 Family aircraft and nine A330-300s. Perfectly sized for the European market, the new aircraft will enter into service on the carrier’s short- to medium-haul network. With over 9,700 orders from more than 130 customers worldwide, the A320 Family is the world’s most popular aircraft. Read More
Toyota Motor Corporation (TMC) has reached a cumulative global production total of 300 million cars, Including production numbers for September 2023.
This number was achieved 88 years and two months after Toyota’s very first cars, the Model G1 truck, was produced by the Automotive Production Division of Toyoda Automatic Loom Works, Ltd. (later Toyota Industries Corporation) in August 1935. It includes domestic and international production, with 180.52 million cars produced domestically, and 119.6 million produced abroad (as of end September 2023). The model with the highest total production is the Corolla, with the Corolla series achieving cumulative global production of 53.399 million (as of the end September 2023). Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $81.71 | Down |
| Crude Oil (Brent) | USD/bbl | $85.96 | Down |
| Bonny Light | USD/bbl | $87.06 | Down |
| Saharan Blend | USD/bbl | $87.37 | Down |
| Natural Gas | USD/MMBtu | $3.25 | Down |
| OPEC basket 03/11/23 | USD/bbl | $89.80 | Down |
(Reuters) Tesla (TSLA.O) plans to build a 25,000-euro ($26,838) car at its factory near Berlin, a source with knowledge of the matter said on Monday, in a long-awaited development for the electric vehicle maker which is aiming for mass uptake of its cars.
The source, who declined to be named, did not say when production would begin.
Tesla declined to comment. Its shares were up 3% in pre-market trading in the United States at 0910 GMT. Read full article
Baker Hughes Rig Count: U.S. -7 to 618 Canada 196
U.S. Rig Count is down 7 from last week to 618 with oil rigs down 8 to 496, gas rigs up 1 to 118 and miscellaneous rigs unchanged at 4.
Canada Rig Count is unchanged from last week at 196, with oil rigs unchanged at 122, and gas rigs unchanged at 74.
International Rig Count is up 22 rigs from last month to 962 with land rigs up 27 to 743, offshore rigs down 5 to 219.
| Region | Period | Rig Count | Change |
| U.S.A | 03 November 2023 | 618 | -7 |
| Canada | 03 November 2023 | 196 | 0 |
| International | October 2023 | 962 | +22 |
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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