London, 15 May 2024, (Oilandgaspress): –U.S Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of May 10. Inventories are now at 367.8 million barrels. Crude oil inventories in the United States fell this week by 3.104 million barrels for the week ending May 3, according to The American Petroleum Institute (API)
Brazil’s President Luiz Inacio Lula da Silva has fired Jean Paul Prates, the chief executive of state-owned oil company Petroleo Brasileiro SA, following a dispute over dividend payments. The decision was confirmed by people familiar with the matter, who asked not to be identified discussing private matters. Will replace Jean Paul Prates with Magda Chambriard, the former head of Brazilian oil and gas regulator ANP, according to a securities filing citing the Mines and Energy Ministry. Read More
UK’s Leading Training Provider in Energy Sector Secures $100M Financing
3t, a pioneering leader in the provision of training, learning technologies and simulation solutions for safety-critical industries, has achieved a significant milestone in its growth trajectory by successfully issuing bonds on the Norwegian Stock Market, raising USD $100mn in financing to aid planned strategic acquisitions.
The bond issuance represents a major move by 3t as it gears up for ambitious global expansion plans. With a clear vision for the future and a commitment to innovation in training and learning technology, 3t is now poised to capitalise on emerging growth opportunities that will see 3t deliver further value for its global customer base, prospective customers, and investors.
3t’s consistent growth highlights its commitment to the energy, marine and industrial markets, with training and development recognised as being key to securing a world-class workforce of the future. Through best-in-class training and immersive blended learning solutions, 3t is leading the way in re-skilling and up-skilling people and workforces internationally across safety-critical industries including energy, renewables, marine, construction, gas, power and water.
“This financing will provide us with the necessary resources to pursue strategic opportunities we have on the horizon complementing our existing capabilities. These plans will accelerate our expansion into growing markets, ultimately fortifying our position as the industry frontrunner,” said Kevin Franklin, CEO of 3t.
3t is backed by specialist investor, Bluewater, whose partnership model has helped drive the company’s ambitious growth strategy to where projected run-rate revenues will be in the region of $100mn as FY24 closes.
“This financing underscores the confidence of investors in 3t, our growth prospects and strategic vision,” added Kevin Franklin. “We are excited about the opportunities we have lined up for this year, and beyond, and remain committed to driving value for our customers throughout the world and to continue leading the way in addressing international skills shortages with our best-in-class training and learning solutions.” 3t partnered with Arctic Securities and Pareto Securities as joint backers, facilitating initial investor attraction. The bonds will be listed on the Norwegian Stock Exchange. Read More
Subsea 7 S.A. announced that, on 13 May 2024, Barclays Capital Securities Limited informed the Company that it had breached thresholds provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”) as follows:
• On 8 May 2024 the total number of voting rights in the Company according to Article 8 and 9 of the Transparency Law attached to shares was 8,374,589
• On 8 May 2024 the total number of voting rights in the Company attached to financial instruments with similar economic effect according to Article 12 (1) (a) of the Transparency Law (right to recall) was 6,931,614
• On 8 May 2024 the total number of voting rights in the Company attached to financial instruments with similar economic effect according to Article 12 (1) (b) of the Transparency Law (swaps) was 579,143
• When combined, the above positions equate to 5.22% of voting rights of Subsea 7 S.A. Read More
Eni reaffirms its commitment to promoting improved cooking systems on the occasion of the “Summit on Clean Cooking in Africa” organized by the International Energy Agency (IEA). Eni has also endorsed the “Clean Cooking Declaration: Making 2024 the pivotal year for Clean Cooking” to accelerate universal access to more modern cooking systems, essential to ensure access to affordable, reliable, and sustainable energy for all, as established by the United Nations Sustainable Development Goal 7. The declaration was signed by governments, the private sector, international organizations and civil society who attended the Summit, taking place in Paris.
According to the International Energy Agency, around 1 billion people in Africa still cook their meals through rudimentary cooking systems, breathing in the noxious smoke released by combustion. The lack of access to Clean Cooking systems has significant health, social, economic and environmental impacts, and contributes to 3.7 million premature deaths every year, especially to the detriment of women and children.
Through this endorsement, Eni reiterates its commitment to continue promoting access to more modern cooking systems in Africa, bringing benefits in terms of health, productivity, gender equality, forest conservation, biodiversity and emissions reduction. Read More
Enabled by its partnership with Neste, Signature Aviation, who operates the world’s largest network of business aviation terminals, is now providing only blended Neste MY Sustainable Aviation Fuel™ to all aircraft refueling at its terminal at Los Angeles International Airport (LAX).
Since April 1, Signature’s LAX terminal has become the second business aviation terminal worldwide, joining Signature’s terminal at San Francisco International Airport, to offer only blended SAF to business aviation customers. The blended fuel provided by Signature to their customers at LAX consists of 30% SAF and 70% conventional jet fuel. This enables customers using the blended fuel to achieve up to a 24%* reduction in greenhouse gas (GHG) emissions from their air travel compared to flights powered by conventional fossil jet fuel.
“We are proud to continue to expand our collaboration with committed partners like Signature Aviation, who recognize the key role sustainable aviation fuel can play in reducing GHG emissions from air travel. Offering blended Neste MY Sustainable Aviation Fuel to all of its customers at LAX is a shining example of how the business aviation community can work together with fuel producers to accelerate SAF adoption and emission reductions,” says Carrie Song, Senior Vice President Commercial, Renewable Products at Neste.
“This is a transformative time for Signature, and our partnership with Neste is helping us take another significant step towards net zero by providing a 100% supply of blended SAF at our Los Angeles location,” said Derek DeCross, Chief Commercial Officer at Signature Aviation. “This collaboration exemplifies how we’re working together with both our guests and our partners to accelerate the adoption of environmentally friendly practices and paving the way for a more sustainable future in aviation.”
Today’s announcement builds on the partnership between Signature and Neste to accelerate SAF adoption that dates back to 2020. In October 2022, Signature expanded the availability of Neste MY SAF to all of its locations in California enabled by Neste’s growing SAF production and supply capabilities. Neste will increase its global SAF production capability to 515 million gallons of SAF (1.5 million metric tons) per annum in 2024 and has been working with industry partners to expand the availability of its renewable products. In 2023, Neste commissioned terminal capacity at Vopak’s Los Angeles terminal in California for storing SAF and renewable diesel, enabling GHG emission reductions in the transportation sector and supporting the energy transition in the region. Read More
Renault Group’s autonomous vehicle strategy
There is an international consensus around 6 levels on “automated and autonomous driving”, ranging from level L0 without any driving assistance, to level L5, the ultimate level in which the vehicle would be fully autonomous, in all situations and without any on-board operator.
In the case of individual vehicles, Renault Group is concentrating its efforts on the L2 or even L2+ level, with several driving assistances that are at the top level of the market and make its vehicles safe and pleasant to drive with confidence, such as contextual cruise control or lane keeping assist, or soon the automatic overtaking function. Although assisted, the driver remains responsible for driving.
There is a significant technological complexity gap between level L2 automation and level L3 autonomy, because the vehicle must be able to operate safely in complex environments with limited driver supervision. At this stage, the induced cost to be borne by customers, in relation to the driving benefits, would make demand insufficient or even anecdotal.
At the same time, the Group is making sure that the architecture of its vehicles can evolve towards the autonomous car if expectations, regulations, or the cost of technologies make this breakthrough feasible.
On the other hand, when it comes to public transportation, Renault Group sees the relevance of offering autonomous vehicles, with an annual need estimated at several thousand miniBuses over the next few years.
The autonomous miniBus, a relevant and necessary solution for public transport
In Europe, more than 400 major cities will gradually become low emission zones, while still having to ensure the mobility of their populations.
Convinced of the benefits of autonomous public transportation, Renault Group has been conducting trials for several years to define the best response to the needs of local authorities, such as the “Mach 2 project” announced in 2023, which from 2026 will see a fleet of automated electric minibuses integrated into the public transportation network of Chateauroux Metropole (France).
Ultimately, these trials will lead Renault Group to offer a robotised electric miniBus platform based on the New Renault Master, able to integrate automation solutions from specialist partners such as EasyMile, Milla and WeRide. Read More
Automobili Lamborghini and Sonus faber will collaborate to offer Sonus faber’s automotive audio system in the Lamborghini Revuelto. Available as an optional specification on the Revuelto[1] from May 2024, the collaboration delivers an in-car system featuring Italian artistry, high-quality craftsmanship and a rich tradition of excellence. The new Revuelto will be the first Lamborghini vehicle available to customize with Sonus faber’s inimitable automotive audio system, which was born out of the joint efforts of Sonus faber’s R&D and Design department and Lamborghini Centro Stile.“The Sonus faber audio system for the Lamborghini Revuelto combines technology, design and performance as well as the Made in Italy trademark, reflecting the heritage of both our brands and delivering our clients with a uniquely tuned in-car audio immersion.” Read More
Horisont Energi has sharpened its focus in the first quarter, following the corporate restructuring into the three separate entities Horisont Ammoniakk, Horisont Karbon, and Horisont Infra. The restructuring is expected to facilitate the development of existing partnerships and the establishment of new ones, as the company continues to move the projects forward towards realisation.
“Horisont Energi is approaching a series of important milestones for each of its new subsidiaries. The new organisational structure has been well received and has contributed to constructive partner dialogues during the first months of 2024,” comments Horisont Energi’s Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad.
The company’s cash position at the end of the quarter of NOK 167.0 million supports planned activities into 2025, and the company is exploring additional sourcing of capital and discussing partnership alternatives as the projects are successfully reaching key milestones.
Highlights Q1 2024:
The Norwegian Ministry of Energy approved PGNiG Upstream Norway as operator and partner with Horisont Energi in the CO2 storage licence Polaris • New company structure registered in the Norwegian Register of Business Enterprises, and new management team in place • Granted several CCS patents
Subsequent events:
Obtained status as EU Project of Mutual Interest (PMI) for the Gismarvik CO2 hub • Extended option agreement with Haugaland Næringspark for the realisation of the Gismarvik CO2 hub • Reservation of power supply confirmed by Fagne 10 MW covering the first phase of the Gismarvik CO2 hub project • New third-party Polaris licence assessment confirms that Barents Blue volumes of 2 Mtpa can be injected without any appraisal programme
Financial highlights:
Total operating income of NOK 0.4 million in Q1 2024, related to a study requested from a potential customer at the planned Gismarvik terminal • Net loss of NOK 35.6 million in Q1 2024 compared to net loss of NOK 75.1 million in Q1 2023, primarily due to lower project costs and sharpened cost focus • Cash and cash equivalents of NOK 167.0 million at the end of Q1 2024 supports planned activities into 2025 • Horisont Energi is exploring additional sourcing of capital to contribute to the funding as the projects are successfully reaching key milestones Read More
On 14 May 2024, the annual general meeting in Equinor ASA approved the annual report and accounts for Equinor ASA and the Equinor group for 2023, as proposed by the board of directors.
Further, the annual general meeting approved an ordinary dividend of US dollar (USD) 0.35 per share and an extraordinary dividend of USD 0.35 to be distributed for the fourth quarter of 2023.
The fourth quarter 2023 dividend accrues to the shareholders as registered in Equinor’s shareholder register with the Norwegian Central Securities Depository (VPS) as of expiry of 16 May 2024. Subject to ordinary settlement in VPS, this implies that the right to dividend accrues to shareholders as of 14 May 2024. The shares will be traded ex-dividend on the Oslo Stock Exchange (Oslo Børs) from and including 15 May 2024. Same dates will also apply for the dividend under the US ADR (American Depository Receipts) program. Shareholders whose shares trade on Oslo Børs will receive their dividend in Norwegian kroner (NOK). The NOK dividend will be communicated on 24 May 2024. The payment date for the dividend in NOK and in USD under the ADR program is 28 May 2024.
The general meeting authorised the board of directors to resolve dividend payments based on the company’s approved annual accounts for 2023. The authorisation is valid until the next annual general meeting, but no later than 30 June 2025.
Eight proposals from shareholders were up for voting. The shareholders’ supporting statements and the board of directors’ responses are available at www.equinor.com/agm. None of the shareholder proposals were adopted. Details are included in the attached minutes.
The general meeting endorsed the board’s report on Corporate Governance and the board of directors’ 2023 Remuneration report.
The shares in Equinor ASA (OSE: EQNR; NYSE: EQNR) will as from today be traded exclusive the fourth quarter 2023 cash dividend as detailed below.
Ex. date: 15 May 2024
Ordinary cash dividend amount: 0.35
Extraordinary cash dividend amount: 0.35
Announced currency: USD Read full article
Neste revises downwards its 2024 comparable sales margin guidance for Renewable Products.
The revised 2024 comparable sales margin guidance for Renewable Products is: “Renewable Products’ full-year 2024 average comparable sales margin is expected to be in the range of USD 480–650/ton.”
The previous 2024 comparable sales margin guidance for Renewable Products was: “Renewable Products’ full-year 2024 average comparable sales margin is expected to be in the range of USD 600–800/ton”.
The rest of the guidance for Renewable Products as well as the guidance for Oil Products remain unchanged.
Renewable Products’ sales price outlook is affected by a decrease in the diesel market price and a continued decrease in US bioticket and renewable credit prices during the second quarter, while waste and residue feedstock prices have remained stable. Read full article
Enabled by its partnership with Neste, Signature Aviation, who operates the world’s largest network of business aviation terminals, is now providing only blended Neste MY Sustainable Aviation Fuel™ to all aircraft refueling at its terminal at Los Angeles International Airport (LAX).
Since April 1, Signature’s LAX terminal has become the second business aviation terminal worldwide, joining Signature’s terminal at San Francisco International Airport, to offer only blended SAF to business aviation customers. The blended fuel provided by Signature to their customers at LAX consists of 30% SAF and 70% conventional jet fuel. This enables customers using the blended fuel to achieve up to a 24%* reduction in greenhouse gas (GHG) emissions from their air travel compared to flights powered by conventional fossil jet fuel. Read full article
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $78.58 | Down |
| Crude Oil (Brent) | USD/bbl | $82.91 | Down |
| Bonny Light | USD/bbl | $82.53 | Down |
| Saharan Blend | USD/bbl | $81.56 | Down |
| Natural Gas | USD/MMBtu | $2.37 | Up |
| Murban Crude | USD/bbl | $83.15 | Down |
| OPEC basket 14/05/24 | USD/bbl | $83.08 | Down |
Dubai is one of the wealthiest city in the Middle East, with the number of millionaires surging by nearly 80% over the last decade, according to a new study.
The number of individuals living in Dubai with liquid investable wealth of $1 million or more surged by 78% to 72,500 between 2013 and 2023, according to the World’s Wealthiest Cities Report 2024 from Henley & Partners in collaboration with New World Wealth.The city is also home to 212 centi-millionaires, or those with $100 million or more, and 15 billionaires.
Dubai takes the crown as the richest city in the region and the 21st wealthiest in the world, with a millionaire population larger than in major cities like Munich, Rome, Amsterdam, Osaka, Vancouver, Madrid, Washington and Brisbane, among many others. Read More
Baker Hughes Rig Count: : U.S. -2 to 603 Canada -4 to 116
U.S. Rig Count is down 2 from last week to 603 with oil rigs down 3 to 496, gas rigs up 1 to 103 and miscellaneous rigs unchanged at 4.
Canada Rig Count is down 4 from last week to 116, with oil rigs unchanged at 60, and gas rigs down 4 to 56.
International Rig Count is up 7 rigs from last month to 978 with land rigs up 7 to 743, offshore rigs unchanged at 235
The Worldwide Rig Count for April was 1,726, down 67 from the 1,793 counted in March 2024, and down 82,from the 1,808 counted in April 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 10 May 2024 | 603 | -2 |
| Canada | 10 May 2024 | 116 | -4 |
| International | April 2024 | 978. | +7 |
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