London, 07 February 2024, (Oilandgaspress): -The UK is the first major economy to halve its emissions – having cut them by 50% between 1990 and 2022, while also growing its economy by 79% – new official statistics released today confirm. This compares to a 23% reduction in France and no change in the USA between 1990 and 2021.
With renewables now accounting for more than 40% of the country’s electricity – up from just 7% in 2010, this shows the UK is leading the way on cleaner energy.
These reductions are largely due to cutting emissions from energy generation, through the shift away from using coal to using renewables. In 2012, coal provided almost 40% of UK electricity, but later this year, this will be zero. The UK is over-delivering on its commitment to reduce emissions, having already slashed emissions by 50%. We have also cut emissions faster than any other G7 country over the last decade. This has allowed us to take a more realistic approach while reaching our green targets, to ease the burden on hardworking families. Read full article
Shearwater GeoServices Holding AS (Shearwater) is thrilled to announce its selection by the Oil and Natural Gas Corporation (ONGC) for a landmark Ocean Bottom Node (OBN) survey off the coast of India. This venture, spanning six months, showcases our Pearl node technology aboard the SW Tasman, a vessel reimagined for peak efficiency in executing advanced seismic source and dual ROV operations.
The deployment of our Pearl node technology is a testament to Shearwater’s unwavering quest to push the boundaries of OBN seismic exploration. The fusion of the Pearl node with the SW Tasman not only elevates survey efficiency and quality but also paves the way for groundbreaking seismic data collection in deepwater territories once deemed unreachable.. Read full article
QatarEnergy has announced a long-term condensate supply agreement with Mitsui & Co. Energy Trading Singapore Pte. Ltd., a wholly owned subsidiary of Mitsui & Co. Ltd. (“Mitsui”), a global conglomerate engaged in the energy sector and general trading, headquartered in Japan.
The 10-year supply agreement stipulates the supply of up to eleven million barrels of condensates per annum, starting from April 2024.
His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said: “We are delighted to announce the signing of this long-term sales agreement with one of our strategic Japanese partners, solidifying our decades-long relationship with Mitsui. This agreement marks a significant step in advancing synergy between our companies and fostering mutual growth and value for both parties.”
The agreement highlights QatarEnergy’s strategy of establishing longer-term strategic business relationship and cooperation. The terms of the supply agreement provide options for increasing the condensate volumes, as additional condensate volume is expected to be exported from the State of Qatar once the North Field East (NFE) and North Field South (NFS) expansion projects come online. QatarEnergy and Mitsui have a long-standing strategic partnership through several shared investments in the energy industry in Qatar.. Read full article
QatarEnergy announced that it has entered into a 20-year LNG Sale and Purchase Agreement (SPA) with Petronet LNG Limited for the supply of 7.5 million tons per annum (MTPA) of LNG destined to the Republic of India. Pursuant the terms of the SPA, the contracted LNG volumes from Qatar will be delivered ex-ship to terminals across India onboard QatarEnergy’s vast LNG fleet starting May 2028. The signing of the SPA was celebrated during a special ceremony held in Goa, India under the patronage of His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, and His Excellency Hardeep Singh Puri, the Minister of Petroleum & Natural Gas, and Housing & Urban Affairs in the Republic of India. In attendance were Mr. Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas and Chairman of Petronet LNG, Mr. Sandeep Kumar Gupta, the Chairman and Managing Director of GAIL (India) Limited, Mr. Shrikant Madhav Vaidya, the Chairman of Indian Oil Corporation, and Mr. Krishnakumar Gopalan, the Chairman and Managing Director of Bharat Petroleum Corporation Limited.
To mark this important achievement, a document commemorating the occasion was signed by Mr. Akshay Kumar Singh, the Managing Director & CEO of Petronet LNG Limited and Mr. Abdulla Ahmad Al-Hussaini, QatarEnergy’s Executive Vice President for Marketing.
In remarks welcoming the successful conclusion of this important SPA, His Excellency Mr. Saad Sherida Al-Kaabi said: “This agreement is another key milestone in the long-standing energy partnership between Qatar and India and comes on the heels of the 20th anniversary of the first LNG shipment to India.”
His Excellency Minister Al-Kaabi added: “We believe that this new agreement, with our valued customers Petronet LNG and its esteemed shareholder companies, will further strengthen the relationship with India and support its vision to increase the contribution of natural gas in its energy mix.”
Petronet first entered into an agreement for the supply of LNG from Qatar in 1999 for the delivery of 7.5 MTPA. It was followed in 2015 by another agreement for the supply of an additional 1 MTPA of LNG, raising the total annual long-term volumes contracted between the two sides to 8.5 MTPA.. Read full article
Vestas achieved revenue of EUR 15,382m (outlook: EUR 14.5-15.5bn), with an EBIT margin before special items of 1.5 percent (outlook: 0-2 percent), and total investments1 of EUR 823m (outlook: approx. EUR 0.8bn). The value of the combined order backlog across Power Solutions and Service increased to EUR 60.1bn.
Our financial outlook for 2024 is as follows: Revenue is expected to range between EUR 16bn and 18bn, including Service revenue. Vestas expects to achieve an EBIT margin before special items of 4-6 percent, and total investments1 are expected to amount to approx. EUR 1.2bn in 2024.
The Service segment is expected to generate EBIT before special items in 2024 in the range of EUR 800m to 880m.
The Board of Directors of Vestas Wind Systems A/S proposes to the Annual General Meeting that no dividend payment will be distributed to the shareholders in 2024.
Key highlights
Vestas returned to profitability and achieved upper end of guidance
EBIT margin b.s.i. of 1.5 percent enables Vestas to pay employee bonus for the first time in four years.
Record order intake of 18.4 GW
Order intake driven by strong growth in both Offshore and Onshore, especially in the USA.
Revenue of EUR 15.4bn
The increase in revenue was driven by higher pricing, as well as continued growth in Service.
Low-emission steel towers announced in partnership with ArcelorMittal
New tower offering is a big step towards fully circular wind turbines and for customers and Vestas to achieve emission targets.
Strategic path unchanged
Vestas will sustain strong commercial discipline and ‘value over volume’ attitude to reach long-term ambitions.
Outlook for 2024
Revenue expected to range between EUR 16-18bn, EBIT margin b.s.i. expected to range between 4-6 percent Read full article
NIO Inc. Announces Board Change
NIO, a pioneer and a leading company in the premium smart electric vehicle market, today announced that Mr. Eddy Georges Skaf and Mr. Nicholas Paul Collins have been appointed as new directors by the Company’s board of directors (the “Board”), with effect from February 7, 2024. In addition, Mr. James Gordon Mitchell has resigned as a director of the Company, effective February 7, 2024.
Mr. Eddy Georges Skaf has held the position of chief investment officer at CYVN Holdings L.L.C since May 2023. He has also been a director of Foreight Limited and Forseven Limited since June 2023, and a director of CYVN Investments RSC Ltd. since July 2023. Previously, from August 2019 to May 2023, Mr. Skaf served as a senior advisor to Digital Infrastructure at Mubadala. Before this, he served as the chief strategy officer at Emirates Integrated Telecom Company (du) from August 2017 to May 2019. Mr. Skaf received his bachelor’s degree in computer and communication engineering from American University of Beirut in 1995, and his master’s degree of business administration in business administration and management and master’s degree of science in management information systems from Boston University in 2000.
Mr. Nicholas Paul Collins has served as the chief executive officer of Forseven Limited since January 2024. Prior to this role, Mr. Collins worked at Jaguar Land Rover from March 2015 to December 2023 in various capacities, including a director of both Jaguar Land Rover Limited and Jaguar Land Rover Holdings Limited, and an executive director of vehicle programs at Jaguar Land Rover Limited. Mr. Collins began his career in the automotive industry in 1993 and has extensive experience in global product development, product and business strategy, and vehicle development and launch across Ford Motor Company and Jaguar Land Rover. Mr. Collins received his master’s degree in mechanical engineering from University of Nottingham in 1998, and an MBA from Henley Management College in 2004. Read full article
Hyundai Motor Company today welcomed Moody’s Investors Service (Moody’s) upgrade of the company’s corporate rating to A3 with a stable outlook from a previous rating of Baa1 with a positive outlook.
According to the report from Moody’s, the rating upgrade reflects Hyundai Motor’s continued profitability and balance sheet improvements, underpinned by the company’s strengthened product competitiveness and strong free cash flow generation. Moody’s also cited that Hyundai Motor’s profitability will remain robust and the company’s substantial financial buffer will stay largely intact over the next one to two years, notwithstanding the increasing difficulties in the global automotive industry.
“This credit rating upgrade is significant and acknowledges our stable financial foundations amid challenging global economic conditions,” said Seung Jo Lee, Senior Vice President, CFO and Head of Planning & Finance Division at Hyundai Motor Company. “Hyundai Motor will pursue more substantial growth in the future, focusing efforts towards achieving its business goals for this year.”
Furthermore, Moody’s also mentioned that the A3 rating reflects Hyundai Motor’s strong position in the Korean automotive market, competitiveness in key overseas markets, high degree of geographic diversification, very low financial leverage and strong balance sheet.
In the meantime, Kia Corporation and Hyundai Mobis also received an upgrade of the companies’ corporate rating from Baa1 with a positive outlook to A3 with a stable outlook. . Read full article
Hyundai’s all-new 2024 Kona Electric has today been named the Vincentric Best Value in America™ winner in the Subcompact SUV segment. Vincentric Best Value awards are determined using a statistical analysis model that incorporates the current market price and total cost of ownership of all 2024 model year vehicles. As part of the awards determination process, Vincentric also identified the 2024 Hyundai Venue as having the lowest total cost of ownership in the Subcompact SUV class.
“The all-new Kona Electric is larger and more refined than its predecessor, incorporating advanced features like battery preconditioning, Digital Key 2 Touch and available Vehicle-to-Load bidirectional charging capability,” said Ricky Lao, director, product planning, Hyundai Motor North America. “As economic uncertainty continues to be a factor in today’s marketplace, we recognize the importance of providing attainable vehicles that go beyond merely meeting customers’ needs to deliver surprise-and-delight ownership experiences.” Read full article
Equinor will on 8 February 2024 commence the first tranche of up to USD 1.2 billion of the share buy-back programme for 2024, as announced at the Capital Market Update 7 February 2024. In this first tranche of the share buy-back programme for 2024, shares for up to USD 396 million will be purchased in the market, implying a total first tranche of up to USD 1.2 billion including shares to be redeemed from the Norwegian State. The tranche will end no later than 5 April 2024.
Equinor announces a two-year share buy-back programme of total USD 10-12 billion for 2024-2025, with up to USD 6 billion for 2024, including shares to be redeemed from the Norwegian State. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the first tranche in 2024, Equinor is entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.
Commencement of new share buy-back tranches after the first tranche in 2024 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to existing and new board authorisations for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below). Read full article
Key information relating to the proposed cash dividends to be paid by Equinor for fourth quarter 2023.
Ordinary cash dividend amount: 0.35
Extraordinary cash dividend amount: 0.35
Announced currency: USD
Last day including rights: 14 May 2024
Ex-date: 15 May 2024
Record date: 16 May 2024
Payment date: 28 May 2024
Date of approval: the proposed cash dividends are subject to approval by the annual general meeting of Equinor ASA on 14 May 2024.
Other information: The cash dividends per share in NOK will be communicated 24 May 2024.. Read More
Deltic Energy, the AIM-quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern North Sea, has entered into an agreement in respect of the farm-out of a 25% interest in Licence P2437, containing the Selene Prospect, to Dana Petroleum (E&P). This transaction, in combination with the existing Shell UK carry, results in Deltic retaining a 25% non-operated interest in Licence P2437 and having no exposure to 2024 drilling and testing costs up to a cap in excess of current success case well cost estimates provided by the Operator. Read More
ADNOC Distribution, UAE’s largest fuel and convenience retailer, which is listed on the Abu Dhabi Securities Exchange (ADX), today reported robust results for 2023, recording a 4.6% year-on-year growth in earnings before interest, tax, depreciation and amortization (EBITDA) to $1.002 billion (AED3.68 billion). With this, the Company has successfully delivered on the five-year target it communicated to the market during its first Capital Markets Day in May 2019
In addition, the underlying EBITDA for 2023, excluding the impact of inventory movements, increased by 15.4% year-on-year. This growth was fueled by a double-digit increase in fuel volumes and non-fuel business, along with a rising contribution from international operations. The EBITDA also benefited from the Company’s efficiency improvement initiatives, leading to like-for-like operating expenditure (OPEX) savings of $28 million (AED103 million).
ADNOC Distribution capitalized on new opportunities in both domestic and international markets by strategically allocating capital for growth. In 2023, the Company generated a strong free cash flow of $1.1 billion (AED4.0 billion) while maintaining a robust balance sheet with a net debt-to-EBITDA ratio of 0.62x as of 31 December 2023. This strong financial standing positions the Company favorably for future growth and shareholder value creation. The Company’s total fuel volumes recorded an 11.8% year-on-year growth in 2023 in the GCC markets, with retail volumes growing by 9.6% and commercial volumes up by 16.2% year-on-year. This growth was underpinned by the Company’s ongoing network expansion, sustained momentum in the region’s economic growth, and higher mobility Read More
In May 2024 the new BMW i5 Touring celebrates its market launch in Europe. The fully electric addition to the BMW 5 Series family is the perfect companion for drivers for a whole host of reasons – whether day-to-day or on longer journeys.
First unveiled at the IAA Frankfurt in 1991, the BMW 5 Series Touring has always known how to win hearts and minds. Back then, appearing on stage alongside the Sedan unveiled 3 years earlier, it was the first independent but no less stylish variant on the 5 Series and successfully embodied the driving comfort and sporty handling of the Sedan. The next chapter of the 5 Series success story is set for May 2024: now in its sixth generation, the model family will welcome its first ever fully electric member: the BMW i5 Touring. This takes fully electric mobility into the upper mid-size premium segment for the very first time. Like the new Sedan, the 5 Series Touring is based on a flexible drive architecture. This means it’s available with a choice of highly efficient petrol and diesel engines – including 48-volt mild hybrid technology – as well as various plug-in hybrid systems or a fully electric drive. All of these variants are made on one and the same production line, at BMW Group Plant Dingolfing.
With a range of 483–560 km (WLTP), the BMW i5 eDrive40 Touring (power consumption combined, WLTP: 19.3 – 16.5 kWh/100 km) proves that sheer driving pleasure can be fully electric too. Another winning feature is the simple, convenient charging, whether at home, at work or on the road: the BMW i5 Touring offers AC charging with up to 11 kW as standard and up to 22 kW as an option. Fast-charging stations are also efficient to use with this fully electric car, for DC charging at up to 205 kW. This means it takes just 10 minutes, tops, to add another 149 km to the range of the BMW i5 eDrive40 Touring, or another 142 km in the BMW i5 M60 xDrive.
The fully electric variants of the new BMW 5 Series Touring are among the first BMW vehicles to feature the Plug & Charge Multi Contract. This makes charging at compatible public charging points even more convenient, doing away with the need for digital authentication via app or Charging card. In addition, the BMW i5 Touring and plug-in hybrids now come with the Connected Home Charging Package for the very first time, paving the way for lower-cost charging at home. What’s more, by reducing the load on the grid, the new package reduces the need for power from fossil fuels. Read More
The aerodynamic journey undertaken by Bugatti has been intrinsic in shaping the development of the W16 Mistral1. It’s a journey that commenced in the realm of simulation, where digital development allowed engineers and designers to create pioneering airflow designs that could then be perfected in the real world. At such high speeds and with such lofty standards, only empirical and meticulous experience can provide the necessary levels of performance required by Bugatti.
Following highly detailed engineering analysis embedded in advanced Computational Fluid Dynamics (CFD) software, the critical wind tunnel phase awaited the W16 Mistral. The virtual development phase paid off, with the carefully honed aerodynamic body performing almost exactly as expected; a balance of beauty, thermodynamics and a stability between lift and downforce at incomparable speed.For Bugatti, a roadster’s maximum speed – in this case in excess of 420km/h – should never compromise interior comfort and luxury. Instead, these two core attributes must unite seamlessly to create the ultimate roadster.
As such, the Bugatti team faced this critical challenge head-on by successfully crafting a sophisticated aero-inspired design in combination with highly advanced technical additions. The intelligent design circumnavigates air away from occupants while ensuring the iconic 16-cylinder powertrain breathes freely – it is a delicate ballet of action airflow in real-time and at high-speeds.
Conducting this airflow symphony is the W16 Mistral’s roof spoiler, a central feature fusing the art of aerodynamics with the science of aero acoustics. The spoiler, positioned at the top of the windshield, seamlessly channels airflow away from the driver and passenger whilst at the same time ensuring it efficiently reaches the rear wing to maximize full downforce. Read More
The worldwide Porsche Experience Centres offer a fully rounded experience, from the curves of the demanding routes to the diverse world of brand experiences and tailor-made training courses.The tenth experience centre of this kind is now being built. Its opening is scheduled for 2024 in Toronto, the fastest growing city in North America with its ever-increasing community of sports car fans from Zuffenhausen. PECs turn dreams into real world experiences for all of the senses. The soul of the Porsche brand can be experienced here, whether they own a car with the crest or not (yet).
The PEC world is diverse and one-of-a-kind in the automotive industry. Every centre is different, uniquely integrated into the specific culture and landscape of the location, and yet still carries the same genes. Toronto will be the first city version, located just 30 minutes by car from the downtown area in a very urban environment. Driving is part of the experience here, too. Porsche is building a two-kilometre track that, like all PECs, can offer year-round driving and instructor-led training. The building was designed by HOK, the global architecture, engineering and planning firm. It is known for projects such as the Apple campus in Cupertino, the Dali Museum in Florida and the headquarter of Porsche Cars North America in Atlanta. This PEC is also geared towards sustainability through the use of innovative technologies. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $73.88 | Up |
| Crude Oil (Brent) | USD/bbl | $79.18 | Up |
| Bonny Light | USD/bbl | $80.17 | Up |
| Saharan Blend | USD/bbl | $80.39 | Up |
| Natural Gas | USD/MMBtu | $2.01 | Down |
| OPEC basket 06/02/24 | USD/bbl | $78.36 | Up |
During the period from 29 January to 2 February 2024, Eni acquired on the Euronext Milan no. 2,018,535 shares (equal to 0.06% of the share capital), at a weighted average price per share equal to 14.8551 euro, for a total consideration of 29,985,497.53 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 10 May 2023, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999.
On the basis of the information provided by the intermediary appointed to make the purchases, here below a synthesis of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read full article
Solid-state batteries have emerged as a promising technological advancement that could potentially revolutionize the EV industry. Solid-state batteries have a lower carbon footprint while providing longer lifespans, so they’re a more durable and sustainable EV option. Emagazine.com reported that solid-state batteries use fewer materials, and could reduce climate impacts by 39% compared to lithium-ion batteries, according to Scott Gorman at the Centre for Process Innovation.
Our climate would significantly benefit from a move to solid-state batteries, especially because EV sales are skyrocketing, as the cars (and lithium-ion batteries) get cheaper. Read full article
Rig Count: U.S. -2 to 619 Canada +2 to 232
U.S. Rig Count is down 2 from last week to 619 with oil rigs unchanged at 499, gas rigs down 2 to 117 and miscellaneous rigs unchanged at 3.
Canada Rig Count is up 2 from last week to 232, with oil rigs down 3 to 141, and gas rigs up 5 to 91.
International Rig Count is up 10 rigs from last month to 965 with land rigs up 5 to 740, offshore rigs up 5 to 225. International Rig Count is up 64 rigs from last year’s count of 901, with land rigs up 65, offshore rigs down 1.
The Worldwide Rig Count for January was 1,784, up 45 from the 1,739 counted in December 2023, and down 115, from the 1,899 counted in January 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 02 February 2024 | 619 | -2 |
| Canada | 02 February 2024 | 232 | +2 |
| International | January 2024 | 965 | +10 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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