London, 15 February 2024, (Oilandgaspress): -Singapore’s bunker sales could see more upside in the months ahead, fuelling the country’s imports. More vessels choosing to transit via the Cape of Good Hope instead of the Suez Canal and travelling at higher speed to reduce delivery times have led to increased bunker demand globally, with an expected outsized benefit to Singapore. Read full article
.Vortexa inviteS you to attend a Market Insights event during the International Energy (IE) week on Tuesday, 27 February 2024, taking place at the London Marriott Hotel Grosvenor Square. Join us for an insightful market analysis panel with Vortexa’s Chief Economist David Wech and the rest of our expert analysis team in a discussion over:
• A saga of sanctioned flows and dark vessels
• Americas Focus – what to expect from the biggest marginal supplier in 2024
• East of Suez: key insights into Middle East, China and the rest of Asia
• Best of Vortexa – What you need to know about the latest market trends
The presentation will be followed by drinks, canapés and networking. Pre-registration is required for this event and you can reserve your space now. Read full article
Disruptions to shipping in the Red Sea and via the Suez Canal are raising the prices of African and U.S. crude grades and expanding the backwardation in the global Brent crude benchmark, signaling tightening markets and a run-up in diesel prices in Europe.
Europe, which has been left exposed to more crude and fuel supplies from the Middle East and Asia since the embargoes on Russian petroleum took effect early last year, now finds itself looking for deliveries from nearby exporters. Growing volumes of petroleum products are now bypassing the Suez Canal – the shortest route from Asia and the Middle East to Europe – and are heading on the longer route via the Cape of Good Hope in Africa, which delays planned deliveries and raises shipping costs. As a result, Europe is buying more U.S. and West African crude. Increased appetite for the so-called Atlantic barrels in Europe is driving the price of Nigerian and U.S. crude grades and is steepening the backwardation in Brent Crude futures, traders tell Bloomberg. . Read full article
Hanna Maula, DSc (Econ), MSc (Soc), has been appointed Vice President, Communications and Brand and will start in the position by latest on 1 June 2024. She will report to Hannele Jakosuo-Jansson, Executive Vice President in HR, Safety and Communications, and transfers to Neste from UPM. . Read full article
An economic rebound after the COVID-19 pandemic has triggered price spikes for multiple commodities. The conflict in Ukraine has led to even further increasing energy prices and security-of-supply concerns. However, the transition to a lower-carbon energy system continues and accelerates, and the coming decades will likely see a rapidly-changing energy landscape. McKinsey’s Global Energy Perspective 2022 provides insights into the longer-term trends that will continue to be essential in shaping future energy systems. Read full article
Formula E is an exhilarating fusion of cutting-edge technology, sustainability and electrifying competition. Nissan believes Formula E is more than just a motorsport — it represents a profound shift toward a greener and smarter future. Nissan is fully committed to pushing the boundaries for both vehicles and drivers while also making meaningful contributions to society. Join our journey into the transformative world of Formula E, where we reveal fascinating facts that showcase the immense potential of this unique sport. . Read full article
.TechnipFMC has been awarded a substantial(1) contract by Shell plc (FTSE: SHEL) (AMS: SHELL) (NYSE: SHEL) for the first integrated Engineering, Procurement, Construction, and Installation (iEPCI™) project to use high-pressure subsea production systems rated up to 20,000 psi (20K). The Company will manufacture and install subsea production systems, umbilicals, risers, and flowlines for Shell’s Sparta development in the Gulf of Mexico. The tree systems will be Shell’s first to be qualified for 20K applications and are engineered to meet the high-pressure requirements of this greenfield development. Jonathan Landes, President, Subsea at TechnipFMC, commented: “Sparta will combine our leading-edge subsea technology with our proven integrated execution model, iEPCI™, providing improved project economics. We are excited to be working with Shell on 20K technology.”: Read full article
Saab has received an order from the Government of Canada for the short-range air defence system RBS 70 NG. The order value is approximately CAD 227 million (SEK 1.8 billion) with deliveries starting during 2024.
The order includes all necessary equipment to operate the RBS 70 NG, including firing units, missiles, transport vehicles, training and support. Following a competitive procurement process, Saab’s offer was chosen to meet the urgent operational requirement for Canada’s Soldier Portable Air Defence System Program. Through this programme, Saab will provide long term air defence support to the Canadian Armed Forces, with a specific focus on their Enhanced Forward Presence in Latvia. As part of its offer, Saab has committed to creating Canadian content through its local office and Canada-based partners and suppliers.
“We are pleased to deliver our proven and efficient air defence solution RBS 70 NG, which is a critical capability for nations in the current environment”, says Saab’s President and CEO Micael Johansson.
RBS 70 NG is a short-range air defence system manufactured by Saab. It is characterised by its unjammable laser-beam guidance and auto-tracking technology. Saab has RBS 70 NG customers globally, including Brazil, the Czech Republic and Latvia. Read More
On 15 February at 13:00 CET, Equinor received reports of smoke from an electrical kiosk at the Mongstad refinery near Bergen.
The fire was reported extinguished at 15.36 CET. Emergency personnel were routinely sent for medical follow-up.
The plant was closed and evacuated for non-critical personnel. There were 950 people at the facility when the incident occurred. It is too early to say anything about the cause of the incident. Equinor’s emergency organisation was mustered, and authorities were notified. Read More
Eni’s Board of Directors, chaired by Giuseppe Zafarana, today resolved to distribute to Shareholders the third of the four tranches of the provision in place of the 2023 dividend from Eni S.p.A. available reserves[1] of € 0.24 (compared to a total annual provision, in place of the dividend, equal to € 0.94) per share outstanding at the ex-dividend date as of 18 March 2024[2], payable on 20 March 2024[3], as resolved by the Shareholders’ Meeting of 10 May 2023.
Holders of ADRs, outstanding at the record date of 19 March 2024, will receive € 0.48 per ADR, payable on 8 April 2024[4], with each ADR listed on the New York Stock Exchange representing two Eni shares.. Read More
Waymo voluntarily filed a recall report with the National Highway Traffic Safety Administration (NHTSA) for software that was previously on our fleet. We chose to do this after consultation with NHTSA and our own internal review of two incidents that occurred in a rare scenario in Phoenix on December 11, 2023, which resulted in no injuries and minor vehicle damage. Our entire fleet was updated with software to address this rare issue between December 20, 2023 and January 12, 2024. Our ride-hailing service is not and has not been interrupted by this update.
Why a voluntary recall?
Typically a recall serves to inform the owner of a vehicle of a required repair. In our case, we’ve filed a recall notice, which serves to inform the public of a software update that we began to deploy across our fleet in December 2023. This voluntary recall reflects how seriously we take our responsibility to safely deploy our technology and to transparently communicate with the public. There are hundreds of recall reports submitted annually to NHTSA and we respect the importance of this road safety framework and our relevant legal obligations. Read More
.Automobili Lamborghini and Bologna FC 1909 strengthen their collaborative relationship and sign a sponsorship agreement until June 2025 for the women’s football team. For the occasion, Automobili Lamborghini welcomed the entire delegation of the first women’s team including players and technical staff, to its museum in Sant’Agata Bolognese. During the tour the athletes explored the history of Lamborghini through the super sports cars exhibited in the museum and had the opportunity to test drive the Lamborghini Urus. Already a historic institutional partner of Bologna FC 1909, Automobili Lamborghini further strengthens the relationship between the automotive world and that of sport, adding projects dedicated to the women’s team for the next two seasons. Initiatives linked to the men’s team will be joined by those communicating and raising awareness of the association’s themes around diversity, equity and inclusion. . Read More
The latest IEA’s Monthly Electricity Statistics report including November 2023 data shows that: In the OECD, the total net electricity production was 862.0 TWh in November 2023, up by 1.6% compared to November 2022. Electricity production from fossil fuel sources continued to decline (-2.8% year-on-year), largely due to reduced production from coal fired power plants (-8.8% y-o-y). Specifically, the reduction in production from the United States (-8.7% y-o-y), Germany (-26.7% y-o-y), Poland (-18.7% y-o-y), Japan (-7.7% y-o-y) and the Republic of Türkiye (-10.7%) drove the overall trend of this decrease in coal-fired electricity generation.
Conversely, net electricity production from renewable energy remained higher than the same period last year (+6.0% y-o-y), a trend that has been consistent since July 2023, driven by higher production from wind (+5.1% y-o-y) and solar power (+10.9%). In OECD Europe, hydro power was also a large contributor to the increase of renewables in the electricity mix (+32.9%), as the region experienced a wetter late summer and fall than in 2022. Electricity production from nuclear power increased by 6.0% y-o-y, as production in France rebounded from the low levels of 2022 (+27.7% y-o-y) but remained shy of 2021 levels. In OECD Asia Oceania, Japan and Korea also showed a large increase in generation from nuclear power plants compared to 2022 (+45.1% and 12.2% y-o-y, respectively). . Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.73 | Up |
| Crude Oil (Brent) | USD/bbl | $82.21 | Up |
| Bonny Light | USD/bbl | $85.11 | Up |
| Saharan Blend | USD/bbl | $84.67 | Up |
| Natural Gas | USD/MMBtu | $1.59 | Down |
| OPEC basket 15/02/24 | USD/bbl | $81.36 | Down |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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