London, 24 May 2024, (Oilandgaspress): – Crude oil prices are on the slide again this week, with Brent set to end the week with a loss of some 3%, according to Reuters, and West Texas Intermediate on its way to shed about 4%
Aston Martin’s new Vantage GT3 continues to build competitive momentum following its strong start to the FIA World Endurance Championship [WEC] season in Lusail (QAT) and Imola (ITA), as the series returns to action in Spa-Francorchamps (BEL), with the TotalEnergies 6 Hours of Spa on Saturday, 11 May.
One of the most famous of European endurance races, the 6 Hours of Spa marks the final opportunity for Aston Martin’s partner teams D’station Racing and Heart of Racing [HoR] to fine-tune their battle readiness in WEC race conditions ahead of the season showpiece, the 24 Hours of Le Mans (FRA), which takes place on the 15/16 June. Both teams sit inside the top five in the LMGT3 championship standings and both have already recorded a podium finish already this season, while HoR’s team principal and driver Ian James (GBR) has not qualified lower than fifth so far in 2024, and started on the class front row at Imola, last month. Read More
Eni announces that, following the authorization granted by the Shareholders’ Meeting held on 15 May 2024, the first tranche of the new share buyback program (the “First Tranche “) will be launched in the next days.
The First Tranche will concern up to a maximum of 6.4 million of Eni’s shares (approximately 0.2% of share capital), up to a total maximum of €150 million to be used for the implementation of the 2024-2026 Employee Stock Ownership Plan.
The purchases will be executed on the Euronext Milan through an authorized agent, who will act independently, also in relation to the timing of transactions and will be disclosed to the market in accordance with the terms and conditions set out in the laws and regulations in force.
As announced on 24th April 2024 in the context of the presentation of the first quarter 2024 results, Eni confirms that the 2024 share buyback program, to be executed by April 2025, will have a total amount of €1.6 billion. This amount may be increased up to a total maximum of €3.5 billion, in case of upside scenarios. Read More
Hyundai and its U.S. Hispanic marketing agency, Lopez Negrete Communications, launched a new creative campaign for the all-new 2024 Santa Fe SUV. The campaign titled “Under a Different Light” – “Un nuevo punto de vista” – encourages Hispanic consumers to embrace a unique perspective on both the journey and life itself through the lens of the all-new Santa Fe. The campaign, available in both Spanish and English for bilingual audiences, includes 15- and 30- second TV commercials, radio spots, streaming audio, digital and social media.
Hyundai Santa Fe Campaign “Under a Different Light” | Screen grab of Hyundai’s TV ad with Lopez Negrete Communications, Feb. 8-9, 2024.
“At Hyundai, we are dedicated to fostering authentic and meaningful relationships with our diverse customer base, embracing inclusivity both culturally and linguistically,” said Angela Zepeda, chief marketing officer, Hyundai Motor America. “With our third bilingual campaign, centered around the all-new Santa Fe, we empower Hispanic consumers to create new experiences that feed their craving for excitement and exploration to forge enduring memories. The Santa Fe, with its bold design, advanced technology, seamless connectivity and rugged performance, embodies the resilient and adventurous spirit of Hispanic consumers.”
The new Hyundai Santa Fe Hispanic campaign unfolds the narrative of a father returning home from work to find his children longing for excitement. Equipped with UV flashlights and the very capable Santa Fe SUV, the family embarks on a journey to embrace adventure from a fresh perspective. Upon reaching their destination, a sense of exhilaration and exploration envelops the family as they delve into the forest with their UV flashlights, uncovering the vivid hues of nature and a previously unseen realm of wonder. The spot adds additional cultural cues with the newly released single, “Gran Día,” from multi-platinum award winning, Latin pop and urban music duo, Mau y Ricky’s new album “Hotel Caracas.”
“Exploration and a pioneering spirit run deep within Hispanic culture, echoing across generations. With our new Santa Fe campaign, we aim to fortify Hyundai’s bond with the Hispanic community by infusing these cherished values and traditions into our creative messaging,” said Erik Thomas, director, experiential and multicultural marketing, Hyundai Motor America. “The campaign authentically captures the essence of this dynamic through the lens of a father and his children embarking on a journey of discovery and quality time together. In doing so, we aim to resonate with Hispanic consumers, presenting our SUV as the epitome of ruggedness and a vehicle for shared adventures.” Read More
KBR announced it has been selected as one of 11 awardees for a multiple-award, indefinite-delivery/indefinite-quantity contract by the Defense Health Agency to provide health and wellness support for military personnel and their families. KBR will have the opportunity to bid on task orders under the Medical Q Coded Support and Services Next Generation (MQS2-NG) contract, which contains a ceiling of $43 billion.
Under the terms of the MQS2-NG, KBR would help provide dental, physician and nurse medical support services for Department of Defense Military Treatment Facilities (MTFs) located throughout the continental United States and strategic overseas locations. This work has a period of performance of 10 years with options from 2024 through 2034. It includes managing and staffing MTFs around the country to support the treatment, recovery and well-being of U.S. service members and their families..MQS2-NG is a continuation of KBR’s five decades of vital health services support to individuals who perform in complex and multifaceted positions, including hundreds of astronauts via NASA’s Human Health and Performance Contract (HHPC) and the U.S. Special Operations Forces as a part of the military’s Preservation of the Force and Family (POTFF) contract. Read More
The Ohio State/Wilberforce University Team has been named the Year Two champion of the EcoCAR Electric Vehicle (EV) Challenge, followed by Georgia Tech in second place and McMaster University (CA) in third place. The Year Two competition challenged teams to complete a series of vehicle events, comparable to tests automakers conduct, to ensure the vehicles perform as expected. Teams also presented to judges in several categories.
A leader in automotive engineering education, the EcoCAR EV Challenge is a cross-disciplinary competition among 15 North American universities designed to build an EV talent pipeline and is managed by Argonne National Laboratory and sponsored by the U.S. Department of Energy (DOE), General Motors (GM), and MathWorks. In Fall 2023, teams received their 2023 Cadillac LYRIQ that they are reengineering to complete complex, real-world technical EV challenges, including enhancing the propulsion system to optimize energy efficiency, while maintaining consumer expectations for performance and driving experience for the remainder of the EV Challenge.Vehicles are expected to pass an On-Road Safety Evaluation (ORSE), acceleration test, endurance and energy consumption (EEC) test and longitudinal control test to evaluate the vehicle’s dynamic handling characteristics and verify the ability of the vehicle to safely perform maneuvers it would face in real-world driving situations. Teams also identified any areas of improvement as they look ahead to year three.
The Ohio State University and Wilberforce University EcoCAR team partnered together to compete in the EcoCAR EV Challenge, and the team strives to provide students with the skills and experience necessary to push the envelope of vehicle and sustainable technology, embrace diversity and foster a competitive spirit in both the competition and in their future careers. The winning team scored 781 out of 1,000 total points. Georgia Tech received 756 points and McMaster University trailed by just six points with 750 points. Read More
More than a fifth of shareholders voted against Shell’s current climate strategy during the company’s annual general meeting (AGM) in London yesterday.
At the same time, they rejected a climate resolution filed by shareholder activist group Follow This. The NGO, which unites shareholders in oil and gas companies to support climate resolutions, called for the company to align its targets with Paris Agreement goals.
It is the first AGM since Shell scaled back several climate commitments earlier this year. 21.8 per cent of shareholders voted against a resolution to approve the updated energy transition strategy.
Under the UK corporate governance code, an opposing vote of 20 per cent requires Shell to explain how it intends to consult shareholders about their views and report back within six months. Read More
Nissan Motor Co., Ltd. announced the following senior management changes. The new appointments to the leadership team will further support the execution of the company’s business plan, The Arc. Atul Pasricha, senior vice president, M&A, Partnership Finance, Alliance Projects, will be transitioning towards retirement this summer. His successor will be announced at a future date and Pasricha will continue to provide support during the transition period with his successor.
Yasunobu Matoba, corporate vice president, chief information officer (CIO), Global IS/IT will be retiring as of June 30, 2024.
Jan Brecht will be appointed as chief digital information officer (CDIO) effective July 1. He will report to Stephen Ma, chief financial officer and will be based in Japan. Brecht joins Nissan from Mercedes Benz where he served as CIO since 2015. His expertise as CIO coupled with his track record in digitalization will be valuable to deliver Nissan’s long-term goals. Read More
Equinor and the Troll partners have decided to invest just over NOK 12 billion to further develop the gas infrastructure in the Troll West gas province.
This will accelerate production from the reservoir and thus maintain the current high gas export levels from the Troll and Kollsnes value chain leading up to 2030.
Stage 2 of the Troll Phase 3 project includes eight new wells from two new templates with subsea controls extended from existing templates. A new gas flowline will be laid as a tie-back to the Troll A platform, and the project will also perform modification work on Troll A.The first wells are scheduled to come on stream at the end of 2026. The new infrastructure will accelerate production from the reservoir equivalent to about 55 billion standard cubic metres of gas. At its peak, the annual contribution from the new development will amount to around 7 billion standard cubic metres of gas. Read More
Equinor ASA announced on 7 February 2024 an ordinary cash dividend per share of USD 0.35 and an extraordinary cash dividend per share of USD 0.35 for fourth quarter 2023. The NOK cash dividend per share is based on average USDNOK fixing rate from Norges Bank in the period plus/minus three business days from record date 16 May 2024, in total seven business days.
Average Norges Bank fixing rate for this period was 10.7254. Total cash dividend for fourth quarter 2023 of USD 0.70 per share is consequently NOK 7.5078 per share.
On 28 May 2024, the cash dividend will be paid to relevant shareholders on Oslo Børs (Oslo Stock Exchange) and to holders of American Depositary Receipts (“ADRs”) on New York Stock Exchange. Read full article
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $76.73 | Down |
| Crude Oil (Brent) | USD/bbl | $81.24 | Down |
| Bonny Light | USD/bbl | $80.81 | Down |
| Saharan Blend | USD/bbl | $80.97 | Down |
| Natural Gas | USD/MMBtu | $2.69 | Down |
| Murban Crude | USD/bbl | $82.79 | Down |
| OPEC basket 23/05/24 | USD/bbl | $82.41 | Down |
Allocation of shares to certain primary insiders and their close associates in Equinor under Equinor’s share saving plan and long-term incentive programme.
Certain primary insiders, and their close associates, participating in Equinor’s share saving plan, have on 21 May 2024 been allocated shares.
Further, certain primary insiders participating in Equinor’s long term incentive programme, have on 21 May 2024 been allocated shares at a share price of NOK 302.08 per share in connection with the company’s long-term incentive programme.
The long-term incentive programme is a fixed, monetary compensation calculated as a portion of the participant’s base salary, ranging from 20-25 per cent depending on the individual’s position. The net annual amount is invested in Equinor shares. The shares are subject to a three-year lock-in period.
Details on individual allocation of shares to the primary insiders and their close associates are set forth in the attached overview. Read full article
BW Energy, operator of the Dussafu Marin licence in Gabon and the Golfinho cluster offshore Brazil, reported EBITDA for the first quarter of 2024 of USD 109.7 million, down from USD 133.4 million in the fourth quarter of 2023, mainly due to lower oil sales in the quarter.
Net production from the operated assets was ~27,300 barrels of oil per day in the quarter, slightly up from the previous quarter. This includes production from the Tortue, Hibiscus and Hibiscus South fields in the Dussafu licence (73.5% working interest) and the Golfinho field (100% working interest) after assuming ownership in late August 2023.
“BW Energy continues to progress the Hibiscus / Ruche drilling program, optimising available rig time to increase production and reserves through low-cost, low-risk development activity and efficient ESP replacements once equipment becomes available,” said Carl K. Arnet, the CEO of BW Energy. “In Brazil, the Golfinho field is producing in line with expectations as we prepare for the planned infill drilling campaign, and in Namibia, the potential of the Orange Basin and our Kudu asset is reaffirmed by another major new oil discovery.”
DUSSAFU
BW Energy completed two liftings in the first quarter at an average realised price of USD 83 per barrel. BW Energy’s share of gross production was approximately 1.66 million barrels of oil. The net sold volume, which is the basis for revenue recognition in the financial statements, was approximately 1.7 million barrels including 97,500 barrels of DMO deliveries and 203,800 barrels of state profit oil with an over-lift position of 167,800 barrels at the end of the period. Proceeds in the amount of approximately USD 50 million from the second lifting in March were received in April 2024.
Net production from the Dussafu licence averaged 18,260 barrels of oil per day in the quarter. Production was impacted by the previously communicated electrical issues affecting the ESPs (electrical submersible pumps) on the Hibiscus field. First quarter production cost (excluding royalties) was 17% lower than the prior quarter at approximately USD 23 per barrel. The decrease reflected improved operational efficiency and production.
In March, production started from the DHBSM-1H well in the Hibiscus South field five months after the initial discovery in November 2023.
The Company continues the work on resolving the electrical integrity issues affecting the ESPs. Currently, the DHIBM-6H well is producing on natural flow. The DHIBM-3H, DHIBM-4H and DHBSM-1H wells are producing on ESP. The programme of diagnosis, repair and replacement of the ESPs is well underway.
In May and June, the FPSO BW Adolo will undergo annual scheduled maintenance, resulting in a planned shutdown for approximately three weeks. Read full article
PEUGEOT has decided to place EDUCATION at the heart of its responsibility strategy and focus its contribution on concrete educational actions that impact the environment. To this end, major partnerships have been formed with two associations: Under the Pole and Born Free. PEUGEOT extends this commitment by partnering with Captain Cause, a mission-driven company supporting organisations with social and environmental impact globally, to support the educational and environmental causes close to PEUGEOT’s heart.
PEUGEOT is funding a donation campaign for its employees, allowing them to donate to these causes. A first campaign of ‘difts’ (a prefinanced donation) will be carried out in June 2024 for PEUGEOT employees, utilising the Captain Cause platform. It will allow them to concretely support, in just a few clicks, four impactful projects in the name of the Brand, including those of its partners Born Free (awareness about the protection of wild species and natural spaces) and Under the Pole (scientific exploration and awareness program about the oceans). Read More
As Bugatti’s inaugural Super Sport, the Type 55 not only marked the foundation of a new category but it also served as the blueprint for all modern-day Super Sport models, redefining grand touring – seamlessly blending comfort with a remarkable top speed of 180 km/h.The Type 55 Super Sport – a marvel of motorsport inspiration – boasted a 2.3-liter straight-eight engine derived from the formidable Type 51 racer. What set it apart, however, was the sought-after two-seater roadster body of Jean Bugatti’s design. The Type 55 Super Sport is a rare gem, with only 38 units ever crafted. Its scarcity only adds to its status as a coveted collectors’ piece. Its legacy, as the pioneer of the Grand Prix car for the road segment, captured the imagination of a Chiron Super Sport¹ customer and the Sur Mesure team. Read More
Toyota Motor Corporation (Toyota) will enter the ENEOS Super Taikyu Series 2024 Empowered by BRIDGESTONE Round 2 NAPAC Fuji SUPER TEC 24 Hours Race, to be held from May 24 to 26, with the #32 ORC ROOKIE GR Corolla H2 Concept, a hydrogen-powered GR Corolla running on liquid hydrogen.
Toyota will continue to refine cars and people in the challenging world of motorsports and evolve together with its partners to achieve carbon neutrality.The durability of the pump, which boosts the pressure of liquid hydrogen before sending it to the engine, has been greatly improved in the hopes of completing the 24 Hours Race without the need for replacement. The pump was replaced twice during last year’s 24 Hours Race.
The liquid hydrogen-powered engine generates power by injecting hydrogen, the fuel, directly into the engine for combustion. The liquid hydrogen-powered GR Corolla uses a reciprocating pump that pumps the fuel, converted to a gas inside the car, through the reciprocating motion of a piston when transferring hydrogen from the fuel tank to the engine. Because of the high pressure range this pump generates, the bearings which allow smooth rotation of the shaft and gears on one side of the crank, which transfers torque to the motor by converting reciprocating motion into rotational motion, were unevenly loaded, causing them to wear out and degrade quickly.
This time, a dual-drive crank mechanism has been implemented to improve the pump’s durability. The application of motor torque from both ends of the crank enables the boosting piston to move in a well-balanced manner, thereby significantly increasing pump durability. Read More
On May 7, CNOOC Limited announced that Bozhong 19-6 Gas Field 13-2 Block 5 Well Site Development Project has commenced production.
The project is located in central Bohai Sea, with an average water depth of approximately 23 meters. The main production facilities include a wellhead platform, with 10 development wells planned to be commissioned. The project is expected to achieve a peak production of approximately 5,800 barrels of oil equivalent per day in 2026.
CNOOC Limited holds 100% interest in this project and acts as the operator. Read More
On May 24, CNOOC Limited announced that its wholly owned subsidiaries have entered into petroleum exploration and production concession contracts (EPCCs) with the Ministry of Mineral Resources and Energy of Mozambique (MIREME) and Empresa Nacional de Hidrocarbonetos (ENH) for 5 offshore blocks in Mozambique.
The contracts were signed for a total of 5 blocks, S6-A, S6-B, A6-D, A6-E and A6-G, all located offshore Mozambique. The total area is approximately 29,000 square kilometers, with water depths from 500 to 2,500 meters.
According to the terms of the contracts, the first stage of the exploration period of the blocks shall be 4 years. The 5 wholly owned subsidiaries of CNOOC Limited shall act as the operators in the exploration and development phases and independently owns the operating interests in the 5 blocks (S6-A 70%, S6-B 77.5%, A6-D 77.5%, A6-E 80%, A6-G 79.5%). ENH owns the remaining non-operating interests (S6-A 30%, S6-B 22.5%, A6-D 22.5%, A6-E 20%, A6-G 20.5%). Read More
OMV informs that in its role as leading gas marketing and trading company, it is obliged to inform the energy market via an Urgent Market Message of any actions that could impact its ability to receive gas from its suppliers. OMV Gas Marketing & Trading GmbH (OGMT) has learned about a foreign court decision obtained by a major European energy company which, if enforced in Austria against OGMT, would require OGMT to make payments under its gas supply contract with Gazprom Export to such European energy company (instead of Gazprom Export). In this respect, it is currently not known to OGMT whether and when such an enforcement might occur.
In case of such an enforcement, OGMT considers it likely that Gazprom Export will halt supplying gas under the gas supply contract with OGMT, thereby affecting the Austrian gas market. This assessment is based on Gazprom Export’s conduct in similar situations.
In the case of such a scenario, OGMT would still be able to supply its contractual customers with gas from alternative, non-Russian sources, through its extensive diversification efforts over the last several years. OMV sources natural gas from its own production facilities in Norway and Austria, as well as from international natural gas producers. It also has long-term LNG supply contracts, which are imported into Europe via OMV’s LNG regasification capacities at the GATE terminal in Rotterdam. OMV also participates as a potential buyer in the auctions of the EU’s common gas purchasing platform (“EU Energy Platform”). In addition, OMV has access to all major central and north-west European gas trading and capacity marketplaces and has the corresponding transport capacities. Read More
Repsol’s Chairman, Antonio Brufau, at the company’s General Shareholders’ Meeting defended the need to make changes to and rethink European policies to achieve a competitive landscape in Europe that is on an equal footing with the United States and China. Antonio Brufau has called on Europe to react to the loss of its industrial might. In 2023, the European Union’s industrial GDP stood at 17.5%, far short of the 20% target set for 2020, while it is growing in the United States and China. “Industry is an essential driver of Europe’s economic prosperity and social well-being. This strategic sector leads technological development and innovation, but it also stands out for its ability to create quality jobs, its pull on other areas of the economy, and its positive impact on the balance of trade,” he added.
In his speech, the Chairman of Repsol explained that the loss of industrial might is due to complex over-regulation and excessive emphasis on sustainability, without taking into account other essential aspects, such as security of supply. Meanwhile, China and the United States promote, protect, and encourage their industries.
The Chairman said that the European Union must continue to lead the process of energy transition but placing industrial policies at the forefront of its strategic priorities: “The balance between security of energy supply, competitiveness, and sustainability, the energy trilemma, is critical for the development and prosperity in our region”. As an example, he pointed to energy prices: in 2023 the price of electricity for industry in Europe was 2.6 times higher than that of the United States, and the price of natural gas was 5.8 times higher. Read More
TOYOTA GAZOO Racing World Rally Team aims to rise to another tough gravel challenge when Rally Italia Sardegna hosts round six of the 2024 season from May 31 to June 2.After victories in the last three events in Kenya, Croatia and Portugal, TGR-WRT will once more target a strong result on the Italian island of Sardinia as it looks to fight back in the championship – with just four points separating it from the lead in the manufacturers’ standings.
Sébastien Ogier will contend for a third win from as many rounds in Sardinia, where he has triumphed four times previously – most recently with TGR-WRT in 2021. He’s joined in the line-up by Elfyn Evans, who finished second to his team-mate on that occasion, and Takamoto Katsuta, who has placed as high as fourth on the event previously. Read More
NIO Inc. today published a notice to announce that it will hold an annual general meeting (the “AGM”) of shareholders (the “Notice of AGM”) at 10:30 am, Beijing time, on June 25, 2024 at Building 19, No. 1355, Caobao Road, Minhang District, Shanghai, People’s Republic of China, for the purposes of considering and, if thought fit, passing the proposed resolutions set forth in the Notice of AGM (the “Proposed Resolutions”). The Notice of AGM and form of proxy for the AGM are available on the Company’s website at https://ir.nio.com/generalmeeting. The board of directors of NIO fully supports the Proposed Resolutions and recommends that shareholders and holders of ADSs vote in favor of the Proposed Resolutions.
Holders of record of ordinary shares of the Company at the close of business on May 24, 2024 (Hong Kong time) are entitled to attend and vote at the AGM or any adjournment or postponement thereof. Holders of the Company’s American depositary shares (“ADSs”) as of the close of business on May 24, 2024 (New York time) who wish to exercise their voting rights for the underlying Class A ordinary shares must act through the depositary of the Company’s ADS program, Deutsche Bank Trust Company Americas. Holders of Class A ordinary shares which are held through (either directly or through depository agents) securities accounts maintained with The Central Depository (Pte) Limited (“CDP”) (Singapore) (the “NIO CDP Depositors”) may be appointed as CDP’s proxy to attend and cast votes at the AGM, or provide instructions as to voting, or abstentions from voting to CDP. NIO CDP Depositors may refer to the Notice of AGM for further information on attendance and voting arrangements.. Read More
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