London, August 13, 2024, (Oilandgaspress) –– According to the EIA, OPEC+ production cuts are expected to reduce global oil inventories over the next three quarters, thereby pushing oil prices higher. In June, OPEC and its allies agreed to extend production cuts of 3.66 million barrels per day until the end of 2025, with additional voluntary cuts of 2.2 million barrels per day continuing until September this year.
Global sales of fully electric and plug-in hybrid vehicles rose by a yearly 21% in July, thanks to China’s strongest growth this year and despite dropping demand in Europe, market research firm Rho Motion said Monday. In the European Union MG Motor, owned by China’s SAIC Motor Corp, expects to be hit hardest by provisional tariffs imposed on EVs imported from China, Rho Motion data manager Charles Lester told Reuters.
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $79.75 | Up |
| Crude Oil (Brent) | USD/bbl | $81.94 | Up |
| Bonny Light 12/08/24 | USD/bbl | $84.55 | Up |
| Dubai | USD/bbl | $77.39 | Down |
| Natural Gas | USD/MMBtu | $2.16 | Down |
| Murban Crude | USD/bbl | $80.40 | Down |
| OPEC basket 12/08/24 | USD/bbl | $79.80 | Up |
BYD signed a Memorandum of Understanding (MoU) with Ayvens, a leading global sustainable mobility player. The MoU, formally agreed during a signing ceremony at BYD’s global headquarters in Shenzhen, China on 2nd July 2024, brings together the two high-profile brands to support the distribution of new energy passenger cars and light commercial vehicles, for corporate and retail customers in Europe. Read full article
Scientists at Oxford University have developed a revolutionary approach which could generate solar generated electricity without the need for solar panels.
The new approach involves coating a new power-generating material onto the surfaces of everyday objects such as rucksacks, cars, and mobile phones, the university said. The versatility of the new ultra-thin and flexible material is also key. “At just over one micron thick, it is almost 150 times thinner than a silicon wafer,” the university further stated. Source,
Volkswagen has pushed back the launch of a new ID.4 model from its next generation Trinity EV project to the early 2030s as part of a reshuffling of plans for the delayed programme, a person close to the company said late on Monday.
The German automaker had been due to release the new ID.4, and later another electric SUV, under the Trinity project using its new SSP platform, the brainchild of former CEO Herbert Diess aimed at uniting the group’s EV platforms. Read full article
Vestas narrows the financial outlook for 2024 on revenue to EUR 16.5bn-17.5bn (from EUR 16bn-18bn) and EBIT margin before special items to 4-5 percent (from 4-6 percent) based on adjustments to planned costs in the Service segment.
Inflation indexation remains a key mechanism to protect profitability in the order backlog. However, adjustments to planned costs impact current profitability in Vestas’ Service segment. As a result of this adjustment, for second quarter 2024, the Group EBIT margin before special items will amount to (5.6) percent with revenue at EUR 3.3bn, according to preliminary numbers.
Due to percentage-of-completion (POC) accounting, the adjustment to planned costs in Service affects EBIT in the second quarter of 2024 with a negative accounting effect of approx. EUR 300m. Preliminary Service EBIT before special items for the quarter is negative EUR 107m.
Our Service business remains a highly profitable segment. Disregarding the negative adjustment in second quarter 2024, our profitability is on par with recent quarters, and we expect it to continue to stay on that level in the future with an upward trajectory.
The adjustment has no significant effect on the value of the Service order backlog (preliminary figure Q2 2024: EUR 34.9bn) or adjusted free cash flow (preliminary figure Q2 2024: EUR 0.5bn).
The adjustment in Service is made on the background of a combination of sustained inflation within specific inflation components, indirect effects of increased repairs and upgrades, as well as operational inefficiencies, partly offset by expected future efficiency achievements and cost-out initiatives.
In the Power Solutions segment, the turnaround is on track with an EBIT margin improvement of almost 8 percentage points year-on-year, and a quarterly order intake of 3.6 GW.
Although the momentum and results in Power Solutions are ahead of schedule, the lower-than-expected profitability in Service results in the narrowing of full-year outlook on Group revenue and EBIT margin. Further, we now expect the Service segment to generate EBIT before special items of around EUR 500m (previously EUR 800m-880m).
The outlook for total investments*) is unchanged at approx. EUR 1.2bn.
Outlook 2024
| New guidance | Initial guidance | |
| Revenue (bnEUR) | 16.5-17.5 | 16-18 |
| EBIT margin (%) b.s.i. | 4-5 | 4-6 |
| Total investments*) (bnEUR) | approx.1.2 | approx.1.2 |
Tourmaline Oil Corp. announced that it has entered into a definitive arrangement agreement with Crew Energy Inc. (“Crew”) to acquire all of the issued and outstanding common shares of Crew in exchange for 18.778 million Tourmaline common shares and the assumption of net debt of approximately $240 million, including all transaction costs, for total consideration of approximately $1.3 billion. The Acquisition is expected to close in early October 2024, subject to customary closing conditions. The Acquisition represents a further important component of the Company’s continuing NEBC consolidation strategy that builds on its long-term EP organic growth plan. It provides a significant high-quality addition to Tourmaline’s South Montney asset base and is immediately accretive to the Company’s key financial and reserve metrics, adding over $200 million to Tourmaline’s anticipated 2025 free cash flow (“FCF”). The Crew assets provide a significant future growth opportunity which, coupled with Tourmaline’s extensive, well-defined BC Montney development inventory, will facilitate the Company evolving into Canada’s largest and most efficient Montney producer. Tourmaline already is the largest Alberta Deep Basin producer; the BC/AB Montney and the Alberta Deep Basin are widely regarded as Canada’s two premier natural gas
plays. In addition, the Acquisition complements Tourmaline’s continued growth towards a 750,000 boepd Canadian senior producer over the next five years, with further growth opportunities extending into the next decade.
The Company plans to sequence the timing of major capital projects, and associated volume growth, with improving commodity markets and will continue to prioritize total shareholder returns. Tourmaline believes this is an opportune time for consolidating natural gas assets prior to imminent major growth in the North American LNG business and acceleration of natural gas-powered electrical generation requirements across the continent. Read full article
