London, 23 May 2024, (Oilandgaspress): – WTI for June delivery, which expires on Tuesday, dropped 0.7% to settle at $79.26 a barrel in New York. Brent for July settlement fell 1% to $82.88 a barrel
Crude oil continues to trade range bound near a two-month low with prices being kept relatively low amid technical resistance above USD 84 in Brent and weakness in several market measures – such as falling premiums for spot Brent over futures, and weaker US refinery margins – pointing to a soft patch in the current demand outlook. Crude prices nevertheless trade up by around 12% year-to-date, supported by another year of expected robust demand growth and OPEC+ production restraint being only partly offset by strong non-OPEC supply.
The failure to hold onto the USD 90 handle, the preferred price area for most OPEC+ producers, and faced with loosening fundamentals, an extension of current production cuts at the upcoming OPEC+ June meeting will be the most likely outcome, however, with a price-supportive seasonal pickup in demand looming, we only see a limited risk of Saudi Arabia and friends being forced once again to defend their price line in the sand, somewhere below USD 75 per barrel Brent. Read More
Porsche 911 GT2
This 911 is no stranger to the Porsche world, though very few people are likely to have ever seen it in person. But if you type Coppa Florio and Porsche into an Internet search, you will encounter this GT2 immediately. There are official factory photos from the Exclusive Manufaktur, casual snapshots and even 1:18-scale model cars based on it. But the reality surpasses everything.
In 1996, a Porsche aficionado and textile manufacturer from Baden commissioned this highly customised 993-generation 911. The choice of the base vehicle was already a statement: the Turbo-based GT2 had an appearance that made it the most extreme car in the Porsche model range, as well as being the most expensive – with a base price of almost 280,000 Deutschmarks. A 911 Carrera cost less than half as much – so if a customer expressed a desire for customisations over and above the standard model, it was quite a bold move. But the GT2 was never a car for Porsche novices anyway.
Twin turbos and rear-wheel drive
Much like the legendary 911 Carrera RS 2.7, the underlying idea was to design a model suitable for recreational motorsport, a car designed for the road but with the requisite talent and the best possible technology for the track – in other words, a Porsche in the original sense of the word.
The development into a 911 with a designation new to the Porsche nomenclature started in 1994 and represented a resourceful combination of the best possible components: the twin-turbo flat-six from the 993 Turbo, boosted from 408 to 430 PS, the front spoiler and lightweight door panels from the RS, and bolted-on plastic wheel arch extensions, which could easily be replaced in the event of a collision on track. Read More
Aramco Trading (ATC) Fujairah and fuel retailer Gas & Oil Pakistan Ltd (GO Petroleum) have been granted a time-bound exemption by the state-backed Competition Commission of Pakistan (CCP) for importing and selling gasoline and diesel products to the Asian country.
ATC Fujairah, a wholly owned subsidiary of oil giant Saudi Aramco, is one of the world’s largest integrated energy and chemicals companies. Saudi Aramco also holds a 40% stake in GO Pakistan, which operates a network of retail outlets across the country that sell petrol, diesel, and lubricants. Under the referred agreement, ATC Fujairah intends to meet GO Petroleum’s demand for essential petroleum products for its outlets. The CCP further stated exemption on the product supply agreement has been granted with certain conditions, which stipulate that both parties must refrain from engaging in anti-competitive activities. Read More
BYD has presented what it calls a “viable” battery-electric offering in the shape of its BD11 double-decker bus, which was launched for the London market today.
The Chinese giant’s first complete bus for the UK is set to be in operation in the capital within the next few months, promising a competitive price point. A single-decker to meet Transport for London (TfL) specifications, as well as as single- and double-deck models for the provincial markets, will follow by the middle of 2025.
BYD declined to confirm details of the deal rumoured to be worth more than 100 units, although media reports have claimed it is with Go-Ahead and that the vehicles are around 25% cheaper than UK-manufactured equivalents. Featuring innovative Blade battery technology, the manufacturer of the 10.9m-long BYD BD11 promises lightweight efficiency and stability with “market-leading” battery capacity of up to 532kWh. Read More
Cazoo which was once valued at $8bn (£6.3bn) has collapsed into administration, putting 200 jobs at risk.
Administrators at Teneo have been appointed to the business, which was founded by Alex Chesterman, the serial entrepreneur who also launched property site Zoopla and Netflix forerunner LoveFilm. Teneo is now on the hunt for a buyer for Cazoo’s remaining assets, including its online marketplace. Read More
Flexible, practical and ultra-modern – this is the new generation of light commercial vehicles from Opel. But can the new Combo Electric, Vivaro Electric and Movano Electric also arouse emotions? The extraordinary new LCV campaign, which Opel developed together with creative partner agency Jung von Matt, answers this question with a clear “Yes”. The motto of the international 360-degree campaign puts it in a nutshell: “The new Opel 100 % electric vans. Carriers of possibilities.” Since the all-electric commercial vehicle trio with the characteristic lightning bolt not only shines with best-in-class load capacities and innovative technologies making the everyday work of tradesmen, delivery services and co. easier. Above all the Opel carriers of possibilities make dreams come true – from delivering gas for the kitchen, the internet connection or products and toys ordered online. Opel commercial vehicles even make moves or large deliveries of technology and furniture possible. The campaign focuses on the core competencies of the new generation of Opel Combo, Vivaro and Movano – and illustrates in words and pictures what they make possible. The battery-electric LCV versions offer class-leading driving range – with the new Movano Electric able to cover up to 420 kilometres on a single charge (according to WLTP1). In addition, the Movano brings up to 17 m3 of cargo volume and can carry – depending on drive train – up to 2 tons. That is more than enough to transport the entire children’s room or bedroom at once, making family dreams come true. The same applies to the new Vivaro Electric: highly flexible and with a height of usually just around 1.90 metres, it is fully suitable for underground parking and can deliver the ordered goods directly “in-house”. The new generation of the Opel Combo, Vivaro and Movano are also leaders when it comes to driver assistance systems. Read More
Dolphin Drilling AS refers to the 10 May 2024 and 15 May 2024 announcements regarding the termination of the drilling contract with General Hydrocarbons Limited (GHL), and the request for arbitration to pursue the recovery of sums remaining due by GHL. As reported on 15 May 2024, a mutually acceptable sole arbitrator has been appointed by the Nigerian courts. On 20 May 2024, the court directed that an existing interim injunction, to maintain status quo, continue in force pending orders by the arbitrator. The Company shall be making submissions for consideration by the arbitrator, seeking the discharge of the interim injunction, in the course of this week.
The Company also wishes to inform that it has today received service of Nigerian court proceedings in an action brought by Technova Africa International Limited (Technova). Technova has obtained an ex parte order of arrestment against the Blackford Dolphin. The Company is in process of reviewing the court proceedings and confirms that it considers the claims of Technova to be without merit. The Company shall be taking immediate steps to contest the court proceedings including to contest the said order. The Company will continue to update the market on any material developments in each of the above matters as they occur. Read More
On April 25, CATL and Star Charge signed an agreement for strategic cooperation on superfast charging in Beijing, China. The two parties will extensively cooperate in high-power charging, R&D for the integration of charging and inspection technologies, charging infrastructure, and co-branding of superfast charging stations, and jointly build an advanced superfast charging network through the interconnection of equipment, platforms, and data. They will also provide all-in-one energy refueling services that incorporate “identifying, guiding, charging, inspection, maintenance, settlement, and payment” to allow efficient and top-notch superfast charging for new energy vehicle owners. As a unicorn company of smart energy solution in Asia and one of the three major charging station operators in China, Star Charge can provide global customers with charging, discharging, and energy storage equipment, smart platforms, user and data operations, as well as services for the intelliegent BESS charging station, and the operation of virtual power plants. Based on their respective technological strengths and market resources, Star Charge and CATL will join hands to boost the development of charging infrastructure and service innovation that mainly involves superfast charging, and keep improving battery and vehicle safety through the development and application of technologies for the integration of battery charging and inspection. Read More
CATL enters partnership with Macao SAR
On May 22nd, CATL signed a cooperation framework agreement with the Macao SAR Government and the Executive Committee of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin respectively in Macao. According to the agreement, the Macao SAR and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin are dedicated to promoting the green development and appropriate economic diversification of these two regions by making full use of CATL’s advantages in scale, market, technology and talent in the new energy industry globally.
In response to the green, low-carbon and high-quality development pursuit of Macao and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, CATL will fully leverage its advantages to carry out in-depth cooperation with the two regions in the field of new energy, so as to inject new impetus into the diversified development of local economy and help open up a new chapter of green development of the two regions. Read full article
JLR is making a multi-million-pound investment to transform the workplace experience for production workers at its manufacturing facilities.
The luxury car manufacturer has launched a rollout of radios at its manufacturing facilities. Following two years of extensive research, testing and development, the radios were switched on at its Solihull plant in Birmingham last week.
Working in any manufacturing environment can be challenging due to shift work, repetitive tasks, noise and strict health and safety regulations.
Research into music increasing productivity and morale first started in the 1930s, and to date, much research since has shown a relationship between music and better mental health and efficiency in the workplace. But the real driver for JLR was the voice of their workforce who overwhelmingly expressed that music would help their mental well-being and drive a happier working environment and culture, this was also reflected in JLR’s wellbeing survey last year which provided valuable insights that have helped to improve the psychological and emotional health of its people. Read full article
Expressing French flair for excellence and bold design, the name Rafale connects with Renault’s prestigious past in the French aviation industry, and the records notched up by the Caudron-Renault Rafale, which reached a speed of 445 km/h in 1934.
Rafale’s assertive character is visible in its styling. Sculpted lines and high-tech features express Renault’s new design language. With its attention to detail and play of light and texture, it is a car to surprise, amaze and captivate the onlooker. Rafale is a true premium voiture à vivre, delivering an enhanced experience in driving and travelling pleasure. It is packed with the best of Renault technology in safety, performance and driveability, without neglecting on-board comfort. With its generous interior space and wide range of high-tech features, Rafale offers an exceptional onboard experience for everyone. Alongside the 200 hp E-Tech hybrid powertrain with its proven performance/efficiency ratio, already available with Austral and Espace, Rafale also ships with a new 300 hp E-Tech 4×4 powertrain. Embodying the very best of Renault E-Tech technology, this ground-breaking plug-in hybrid powertrain adds a new electric motor to the rear axle for more power and permanent four-wheel drive operation. With the Atelier Alpine finish, this version will include specific settings for the chassis and driving modes, along with an active suspension system connected to a camera for predictive control, delivering the ultimate driving experience. Read full article
Vestas will pilot Sustainable Aviation Fuel (SAF) at the Baltic Eagle Wind Farm in the Baltic Sea during 2024. The pilot project entails Vestas technicians and jack-up vessel crew using helicopters partly powered by SAF to transport themselves to and from the Baltic Eagle wind farm during the construction phase of 50 offshore wind turbines. SAF is a fuel produced from bio-waste materials such as used cooking oil or tallow. Because SAF can help reduce lifecycle greenhouse gas emissions associated with air travel, it is generally considered a more sustainable alternative to conventional jet fuel.
The pilot project is scheduled to take place until September 2024. Helicopter service provider HeliService, will use helicopters from Leonardo S.p.a. flying on approximately 40 percent SAF provided by DCC & Shell Aviation Denmark A/S. A blend rate of 40 percent SAF is close to the highest possible blend rate permitted today and it is the first time that SAF-fueled helicopters with such a high blend rate are used for an entire part during the construction phase of an offshore wind farm operation. CO2 savings of approximately 32 percent per flight are expected compared to using a standard helicopter powered by conventional jet fuel. Vestas will assess the impact of the SAF following the end of the pilot project.
The initiative is in line with Vestas’ sustainability strategy which includes becoming carbon neutral in our own operations by 2030 and reducing emissions in our supply chain by 45 percent per MWh generated. In relative terms, offshore wind projects experience higher CO2-emissions from construction and service operations than onshore wind projects due to the need of vessels and helicopters, and we need to develop new solutions for offshore wind to become carbon neutral. Read More
Aker Solutions’ consultancy has today announced plans to double its revenues and headcount by 2030 as it introduces its new name, Entr.
Entr’s growth is driven by an increased demand for Aker Solutions’ early phase offerings and the need to adapt its services for new and existing markets. Entr’s growth will be achieved through a significant increase in core headcount from 300 to more than 600 employees across its global hubs in Norway, the UK, Canada, the US, India, and Malaysia. In the last quarter, Entr has secured more than 170 studies across several markets including low carbon solutions for oil and gas production, CCUS, hydrogen, offshore wind, electrical transmission, and aquaculture.
The new brand reflects Aker Solutions’ evolution and ongoing commitment to support customers in an increasingly complex and fast-moving energy landscape, building on the company’s long and successful history of engineering innovation, project development and delivery to provide a broader set of advisory services.
Entr works with operators, developers, governments, and investors to de-risk the commercial, technical, supply chain, and environmental, social and governance (ESG) aspects of energy projects. Read More
Volvo Trucks is developing trucks with combustion engines that run on hydrogen. On-road tests with trucks using hydrogen in combustion engines will begin in 2026, and the commercial launch is planned towards the end of this decade. Trucks that run on green hydrogen provide a significant step for Volvo to achieve its net zero goal and support customers to reach their decarbonization targets. Trucks that run on green hydrogen instead of fossil fuels provide one way to decarbonize transport. Hydrogen trucks will be especially suitable over longer distances and in regions where there is limited charging infrastructure, or time for, recharging of batteries.
Volvo will begin customer tests with trucks using hydrogen in combustion engines in 2026, and the trucks will be commercially available towards the end of this decade. Already, testing in labs and in vehicles is ongoing. The hydrogen-powered combustion engine trucks will complement Volvo’s offering of other alternatives, such as battery electric trucks, fuel cell electric trucks and trucks that run on renewable fuels, like biogas and HVO (Hydrotreated Vegetable Oil). Read More
On 17 April 2024 Capricorn announced details of a proposed special dividend of 43 pence per Existing Ordinary Share, amounting to a return of approximately US$50m to shareholders and a consolidation of Capricorn’s ordinary share capital.
The consolidation ratio for the Share Consolidation will be 62 New Ordinary Shares for every 79 Existing Ordinary Shares held at the Record Time. The nominal value of the New Ordinary Shares will be 799/122 pence per New Ordinary Share. The Share Consolidation will reduce the number of Capricorn’s issued ordinary shares by an amount that reflects the value of the 2024 Return of Cash to shareholders relative to the market capitalisation of Capricorn prior to the 2024 Return of Cash. The aim of this is to ensure, so far as possible, the market price of an ordinary share remains approximately the same before and after the proposed 2024 Return of Cash and to maintain comparability of historical and future per share data. The Share Consolidation will reduce the number of ordinary shares in Capricorn which shareholders own, but not the proportion (subject to allowance for fractional entitlements). Read More
Randy Neely, Chief Executive of Capricorn Energy PLC, will make the following statement at the Company’s Annual General Meeting for shareholders at 11am on May 23, 2024. The Company will announce half-year results on September 19, 2024.
The significant efforts of the team over the past year have strengthened Capricorn’s ability to effectively execute its strategy to create value for shareholders through maximising the efficient development of the Egyptian production and development base and realising the potential value of other held assets. Today the Company offers investors a clear and compelling investment proposition with a significant value opportunity underpinned by our Egypt portfolio.
The return of excess capital to shareholders will continue to be a focus of the Board, and the recently announced special dividend of $50m is expected to be paid on 7 June 2024. Subject to shareholder approval, the dividend payment will be accompanied by a share consolidation.
We continue to work with our partner in Egypt to develop and optimise our asset base, and we are eager to progress discussions with the Egyptian General Petroleum Corporation (EGPC) regarding an amendment to the terms of our Production Sharing Contracts. Improved terms will support further investment and growth in country, ultimately increasing both Egyptian Government and Capricorn’s revenues.
Reducing the Company’s receivables position remains a key priority, and we were pleased to report progress on this following a $30m payment from EGPC in March. Inclusive of that payment, this brings total receipts over the first four months of 2024 to $71m. With an improved fiscal landscape in Egypt, we are confident that we will see regular and predictable cash flows going forward.
With increased confidence in the Government to deliver regular and material payments, the Company has approved a 2024 capital budget of $57m, which includes various infrastructure projects and the drilling of 12 development and three committed exploration wells. We expect investment in Egypt will continue to be aligned with funds available to Capricorn in-country.
The Company has considerably improved its understanding of the Egyptian asset portfolio over the past year through in-depth technical analysis, and we have provided detail of this on our website in the form of an external reserves evaluator-generated competent persons report.
Average production for the year to date is in line with the midpoint of guidance for 2024 of 20,000-24,000 boepd. An update on production performance will be provided later in the year once we have a clear understanding of the impact our near-term return to drilling activities will have over the remainder of 2024. Our expectations are that this year’s development activities will have a greater impact on 2025 production than 2024. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.56 | Down |
| Crude Oil (Brent) | USD/bbl | $81.92 | Down |
| Bonny Light | USD/bbl | $81.68 | Down |
| Saharan Blend | USD/bbl | $80.97 | Down |
| Natural Gas | USD/MMBtu | $2.79 | Up |
| Murban Crude | USD/bbl | $83.26 | Down |
| OPEC basket 22/05/24 | USD/bbl | $83.27 | Down |
Stellantis N.V. announced today that pursuant to its Share Buyback Program (or the “Program”) announced on February 15, 2024, covering up to €3 billion (total purchase price excluding ancillary costs) to be executed in the open market, Stellantis has signed a share buyback agreement for the second tranche of its Program with an investment firm that will make its trading decisions concerning the timing of purchases independently of Stellantis.
This agreement will cover a maximum amount of up to €1 billion (of the €3 billion Share Buyback Program). The second tranche of the Program shall start on May 23, 2024, and end no later than August 30, 2024.
The Company intends to cancel the common shares acquired through its €3 billion Share Buyback Program apart from a portion of up to €0.5 billion, which will be utilized to execute future employee stock purchase plan activities and equity-based compensation. This is intended to support the benefits of expanding and strengthening the ownership culture of our teams, while avoiding dilution of existing shareholders. The buyback of common shares in relation to this announcement will be carried out under the authority granted by the general meeting of shareholders held on April 16, 2024, up to a maximum of 10% of the Company’s capital, or any renewed or extended authorization to be granted at a future general meeting of the Company. The purchase price per common share will be no higher than an amount equal to 110% of the market price of the shares on the NYSE, Euronext Milan or Euronext Paris (as the case may be). The market price will be calculated as the average of the highest price on each of the five days of trading prior to the date on which the acquisition is made, as shown in the official price list of the NYSE, Euronext Milan or Euronext Paris. The share buybacks will be carried out subject to market conditions and in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052. Read More
Volkswagen is committed to making market-driven choices while listening to our customers. As market dynamics continue to change, Volkswagen is delaying the introduction of the ID.7 sedan in the U.S. and Canada. In Europe, the ID.7 has been on sale since 2023 and has become an industry standard, winning various international awards and comparison tests. After the introduction of the ID.7 Tourer, customer demand for the models is higher than expected, especially in Germany.
In North America, the brand experienced strong sales in Q1, with 27.5% growth, driven by its SUV segment. We remain committed to electric mobility—this year we have enhanced the range and performance on our all-electric 2024 ID.4 SUV, and we are thrilled to welcome the iconic Microbus back into our lineup with the arrival of the 2025 ID. Buzz in Q4. Read More
Episode 26 of the 9:11 Magazine is dedicated to the new, all-electric Macan.
Virtual testing is an increasingly important factor when it comes to safeguarding a vehicle against all potential challenges. Topics such as driving dynamics, virtual experience and water management are the main pillars of the test area, which is carried out before the real testing in the field. The new Macan has benefited from this in particular. The Premium Platform Electric (PPE) is by no means the only technical innovation that characterizes the Macan. Active rear-axle steering and the adapted weight distribution are additional features that elevate the SUV driving experience to a whole new level.Around the premiere of the new Macan, the city of the future was presented in all its facets. In order to capture themes such as tradition, sustainability and diversity as vividly as possible, artist and photographer Frank Kayser set out to explore the metropolis. An impressive collage of images. Read More
New strategic cooperation to increase green hydrogen usage in Europe
px Group has developed a partnership with Hydrogen Solutions (HYDS), a leading Norwegian company specialising in developing, building and operating green hydrogen production plants. The collaboration between the two leading players within the renewable technologies and solutions market will aim to speed up the energy transition to a low-carbon future.
“There is an imminent need for an integrated engineering and operating provider specialising in hydrogen and hydrogen derivatives, specifically in the Nordic region. We are now looking forward to taking on this role together with HYDS whilst also exploring further decarbonisation partnerships and development opportunities throughout the region,” says Geoff Holmes, CEO of px Group.
The partnership will accelerate the development of low-carbon, renewable fuels and power. The Nordic region will be the initial focus with future expansion planned throughout Europe and beyond.
“We have already cooperated for more than a year, during which we have noticed a set of common values, especially the joint focus on safety. Through our experience from developing, building and operating hydrogen production plants we foresee the need to secure capacity to handle balance of plant of our own projects. Additionally, we realise the significance of this and the potential that gives us to develop, build and operate also for others, both within our countries and internationally”, says Thor-Henrik W. Hagen, CEO of HYDS.
“Our shared values of safety, putting talented people at the heart of our operations, and commitment to decarbonisation make the relationship between HYDS and px Group an exciting one.” says Raymond Smebye, Business Development Director Scandinavia at px Group.
As well as being responsible for multiple strategic and critical energy and infrastructure assets in the UK, px Group is already operating in Norway and is developing activities elsewhere in Europe, including Netherlands, Germany, and Nordics. HYDS operates Stord Hydrogen and Kaupanes Hydrogen, both in Norway.
Today’s announcement is the second strategic development in the hydrogen space in as many months for px Group. In April, px Group acquired a majority stake in Lifte H2, the German hydrogen engineering solutions business. HYDS is already in the process of developing several new projects. Through this partnership the parties will draw on their common strengths when they optimize the plant designs HYDS will use going forward and prepare for operation of larger hydrogen production plants. HYDS has several projects where this standard design will be put to use, where several of them are already in the feasibility stage. Concrete agreements and announcements will be announced shortly and the first FIDs are expected in the first half of 2025. Read full article
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