London, 10 January 2024, (Oilandgaspress): – Crude oil inventories in the United States fell this week by 5.215 million barrels for the week ending January 5, according to The American Petroleum Institute (API)
EIA forecasts OPEC+ crude oil production will average 36.4 million barrels per day (b/d) in 2024 and 37.2 million b/d in 2025, both less than its pre-pandemic five-year (2015–19) average of 40.2 million b/d. These values do not include Angola, which left OPEC in January 2024.
OPEC+ lowered its production targets in the past year in response to weakening global oil demand and falling crude oil prices. The group’s latest agreement, announced on November 30, included 2.2 million b/d of new voluntary cuts to its crude oil production target through March 2024. These cuts are in addition to the existing voluntary cuts and lower production targets set at its June 2023 meeting. We expect OPEC+ will produce less than its currently stated targets in 2024. Non-OPEC+ countries, or those countries not in or affiliated with OPEC agreements, produced 52.0 million b/d of petroleum and other liquids in 2023. We expect non-OPEC+ production growth to decrease from 2.5 million b/d in 2023 to 1.1 million b/d in 2024 and 0.8 million b/d in 2025, driven by a slowdown in U.S. production growth.
Annual U.S. petroleum production increased 1.6 million b/d in 2023. We expect growth will slow to 0.4 million b/d in 2024 and 0.4 million b/d in 2025 because our crude oil price forecast reduces rig counts, the effects of which are offset by increases in well productivity. A previous STEO Perspectives analysis considered how different crude oil price paths can affect U.S. crude oil production. Read full article
Tethys Oil is increasing its operational activities on Block 56 onshore Oman. The drilling of the exploration well Menna-1 has been completed. The well logs indicate hydrocarbons in three separate zones and preparations for the testing operations are ongoing. Testing operations will also resume on the previously drilled Sarha-3 well, on which a workover has been completed. Both operations are an important part in the continued data compilation and preparation of a field development plan for Block 56. The Menna-1 well was drilled vertically to a total depth of approximately 1,600 meters. The well logs indicate hydrocarbons in the Al Khlata, Karim and Birba formations. Further evaluation and testing of the well will be carried out in the coming weeks. The Menna prospect is located some 30 kilometres south-west of the Al Jumd discovery, with which it shares similar characteristics. The prospect is one of several identified prospects on the Eastern Flank trend, stretching alongside the border of Block 6’s productive Karim Small Fields. Read full article
During the period from January 2 to January 5, 2024, Eni acquired on the Euronext Milan no. 4,640,950 shares (equal to 0.14% of the share capital), at a weighted average price per share equal to 15.5138 euro, for a total consideration of 71,998,563.30 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 10 May 2023, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999. On the basis of the information provided by the intermediary appointed to make the purchases, here below a synthesis of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis: Read full article
KBR announced today that its blue ammonia technology has been selected by Tokyo-based INPEX Corporation and Oklahoma City-based LSB Industries for a large, commercial-scale clean ammonia production and export project in the US Gulf Coast. Under the terms of the contract, KBR will provide technology licensing and proprietary engineering design for a 1.1 million tonnes per annum ammonia plant, designed to capture carbon while maximizing yields.
“We are honored to work with INPEX and LSB on this strategic project to implement our market-leading low-carbon blue ammonia technology,” said Doug Kelly, KBR President, Technology. “With this award, KBR continues its commitment to provide sustainable solutions that meet the evolving market needs while helping clients realize their decarbonization goals.” “KBR brings a wealth of experience, expertise and innovation to this world-scale, blue ammonia project,” said Mark Behrman, LSB Industries President and CEO. “We look forward to partnering with them to achieve a successful outcome, which will further support our strategy of becoming a leader in the global energy transition through the production of low-carbon products.” “We believe that KBR’s unwavering commitment to excellence and continuous improvement will enable us to achieve optimal low-carbon ammonia production with utmost efficiency, robustness and safety,” said Shoichi Kaganoi, Senior Vice President, Hydrogen & CCUS Development Division of INPEX. “We are delighted to collaborate with KBR, a company that shares our values of sustainability and technological advancement, as we work together to contribute to a more sustainable and innovative future.” Read full article
Decision related to mandatory offer for all shares in BW Energy from BW Group
Oslo, 10 January 2023 – Reference is made to the announcement made by BW Group Limited (the “Offeror”) on 13 December 2023 regarding the launch of a mandatory offer for all issued and outstanding common shares of BW Energy Limited (“BW Energy”) not already owned by the Offeror at a price of NOK 27 per share (the “Offer”), and the offer document for the Offer dated 13 December 2023. BW Offshore Limited (“BW Offshore” or the “Company”) owns 58,111,461 (22.52%) shares in BW Energy.
Following the Offeror’s announcement on 30 November 2023 of its intention to launch the Offer, BW Offshore engaged Arctic Securities AS as its independent financial advisor to assist the Company in assessing the Offer. Based on careful assessment of the Offer, and after having taken into consideration valuation advice received from Arctic Securities AS, BW Offshore’s strategy and such other factors as the Company deemed relevant, BW Offshore has resolved not to accept the Offer.
Andreas Sohmen-Pao who is the Chairman of the Offeror, the Company and BW Energy, and Carl Krogh Arnet, CEO of BW Energy and a board member of the Company, have not participated in BW Offshore’s discussions and decisions relating to the Offer. Read full article
BW Catcher FPSO is owned and operated by BW Offshore and is leased out under a seven-year fixed term contract, with extension options for an additional 18 years. The original seven-year base term of the contract expires on 6 January 2025 and from 6 January 2024 the contract is subject to a rolling 12-month termination right. Until such a termination notice is received, the contract automatically extends on a day-to-day basis beyond 6 January 2025 into the option period. The Catcher field partnership is made up of Premier Oil UK Limited (Harbour Energy) (50%), Waldorf CNS (I) Limited, Waldorf Production UK PLC (40%) and ONE-Dyas E&P Limited (10%). Read full article
Hyundai is undergoing a software-driven transformation led by the entire Group. As a provider of smart mobility solutions, Hyundai recognizes the importance of software and AI in creating a user-centric mobility ecosystem. At CES, the company announced its ‘Software-defined Everything’ (SDx) strategy, which aims to transform all moving devices, fleets and ecosystems into valuable assets through advanced software and AI.
Through its SDx strategy, the Group seeks to develop a mobility ecosystem that meets the needs of users anytime and anywhere. To achieve this, the Group is transitioning everything into a software-defined approach, from vehicle development to building the entire mobility ecosystem. It believes software and AI are enablers of achieving this vision through providing holistic user experience without limitations and is dedicated to delivering mobility services and solutions that prioritize convenience and safety. The Group’s strategy begins with developing ‘software-defined vehicle’ (SDV). This means to incorporate software development methods to automotive development which means to decouple hardware and software to enable independent updates and advancement of each. The network and controllers are designed within the SDV framework, enhancing development agility and efficiency. This increases the flexibility and scalability of the vehicle development system, enabling faster updates of user-centric features and continuous improvement of device. To enhance the user experience, the Group plans to develop a new infotainment system that supports a vehicle app market. They will also provide software development kits (SDKs) for developers to create killer apps. Additionally, the Group aims to integrate its own large language model (LLM) into their AI assistant and navigation system. This integration will enable more natural and convenient user interaction and experience with enhanced user safety. Read full article
Blocking out the sun while keeping the passenger compartment light and the temperature right isn’t easy with a traditional glass roof. But it’s not a problem in the recent Renault Rafale E-Tech full hybrid and Scenic E-Tech electric models, which come with an innovative panoramic roof that turns opaque or transparent, all the way or half the way, on request, and keeps the indoor temperature comfortable in summer as well as winter. This opacifying sunroof, Solarbay, is a joint development by Renault and Saint-Gobain Sekurit, and now a key feature in the “voitures à vivre” philosophy that the brand holds dear. Anne-Chloé Kort, Scenic E-Tech Electric Product Leader, and Gregory Launay, Rafale Product Performance Leader, tell us how Solarbay was designed to delight everyone in the car.The people who will benefit the most from the pioneering Solarbay are the ones in Rafale or Scenic. The driver, of course, who doesn’t have to stretch all the way back to pull the sunshade when the sun is too bright, but also the passengers in the rear – especially children. They can play or sleep protected from the sun, and the driver and passenger in the front can enjoy the light when you dim the rear and leave the front transparent.
The Solarbay opacifying sunroof also keeps the indoor temperature comfortable. As Anne-Chloé Kort puts it, “Solarbay doesn’t just keep the sunrays out: it also keeps the temperature inside stable. With its various glass layers, it doesn’t matter if it’s -5°C or +30°C outdoors: the temperature indoors will be the same!” So that feeling of stepping into a freezer in winter and a sauna in summer is also a thing of the past. Read full article
Chinese carmakers are expected to sell 5 million vehicles overseas in 2024, with much of the demand coming from developing markets such as Southeast Asia and firmly establishing China as the world’s No 1 exporter, according to the latest forecast by UBS.Battery-powered vehicles will account for 30 per cent of China’s total car exports this year, UBS analyst Paul Gong said at a media briefing on Tuesday.China was already on track to becoming the world’s largest car exporter in 2023, having exported 4.4 million units in the first 11 months, an increase of 58 per cent from 2022, according to data from the China Association of Automobile Manufacturers.In the same period, Japanese carmakers, the world’s top exporters in 2022, sold 3.99 million units abroad, according to data from the Japan Automobile Industry Association. It would be the first time that China, the world’s largest automotive and EV market, becomes the No 1 exporter. Read full article
Plenitude, through its US subsidiary Eni New Energy US Inc., has signed an agreement with global energy leader EDP Renováveis, S.A. (“EDPR”), to purchase an 80% equity stake in a portfolio of operational photovoltaic plants located in the United States.
The Cattlemen (Texas), Timber Road (Ohio), and Blue Harvest (Ohio) solar parks have a total installed capacity of 340 MWac (478 MWdc), of which 272 MWac (382 MWdc) corresponding to Plenitude share, cover an area of more than 1,500 hectares of land, and will generate more than 800 MWh of renewable energy annually.
Stefano Goberti, CEO of Plenitude, said, “This transaction represents Plenitude’s entry into the PJM[1] energy market in Ohio with already operational, medium to large size projects and consolidates the company’s presence in Texas. The agreement allows Plenitude to reach over 1,2 GW of installed capacity in the U.S. contributing to the goal of reaching 7 GW worldwide by 2026.”
“We are pleased to reach this agreement which is a clear sign of the quality of our assets and the added value that EDP’s expertise brings,” stated Miguel Stilwell d’Andrade, CEO of EDP Renewables. “With this transaction, we have executed more than 25% of the target announced for our asset rotation program for 2023-26. We remain committed to delivering our business plan with a solid investment in renewables and focus on sustainable growth”.
Plenitude is a Benefit Corp (Società Benefit) controlled by Eni that integrates 100% renewable energy production, energy sales and services, and an extensive network of electric vehicle charging points. The company currently supplies energy to about 10 million European customers in the retail market with the goal of reaching more than 11 million customers by 2026 and installing more than 30,000 electric mobility charging points. The company currently has an installed capacity from renewable sources of about 3 GW, plans to exceed 15 GW by 2030 and to reach zero net Scope1, 2 and 3 CO2 emissions by 2040. EDP Renewables (Euronext: EDPR) is a global leader in renewable energy development with a presence in 28 regions in Europe, North America, South America and Asia-Pacific. . Read full article
TotalEnergies has signed an agreement to acquire from Impact Oil and Gas Namibia (Pty) Ltd (“Impact”) an additional 10.5% participating interest in block 2913B and an additional 9.39% participating interest in block 2912, both operated by TotalEnergies in Namibia. TotalEnergies’ intention is to share this additional participating interest with its strategic partner and joint venture member QatarEnergy.
After completion of these transactions, which will be subject to customary third-party approvals from the Namibian authorities and joint venture parties,
TotalEnergies would own a 45.25% interest in block 2913B containing the Venus discovery, and a 42.5% interest in block 2912. Impact will retain a 9.5% interest in each license. As per this agreement, Impact will be reimbursed for the past costs incurred for these interests, through a $99 million payment at closing. Impact will also be carried for its remaining interests until Impact receives the first sales proceeds from hydrocarbon production, secured via a repayment mechanism based on Impact’s share of production. Read More
The all-electric Kia EV9 3-row SUV was named North American Utility Vehicle of the Year™ by the North American Car of the Year (NACTOY) jury. This is the third occasion in five years that the NACTOY jury has named a Kia vehicle as its top choice in the category, and the second win for a Kia electric vehicle (EV).
“The Kia EV9 represents a new paradigm in the three-row SUV segment,” said Seungkyu (Sean) Yoon, president and CEO, Kia North America and Kia America. “For the second consecutive year, the three finalists have been EVs or included EVs as part of a larger lineup, which illustrates where the segment is headed. This win proves that EV9 is not only a top utility vehicle, but also an exemplary EV.” The EV9 was selected by 50 automotive experts from print, online, radio, and broadcast media. As part of the evaluation process, NACTOY jurors tested vehicles ranging from sports cars to pickup trucks, and assessed criteria including automotive innovation, design, safety features, performance, technology, driver satisfaction, user experience, and value.
Following on the heels of the Kia EV6 winning the prestigious accolade last year, the all-new Kia EV9 signifies the first mass-market three row EV SUV in the U.S. With a starting MSRP of just $54,900 and an EPA-estimated 304 miles of all electric range on the Light Long Range RWD, the 2024 Kia EV9 the 2024 Kia EV9 is on sale now with limited inventory available and will be available in all 50 states. A true SUV with an available 7.8 inches of ground clearance, up to 81.9 cu.-ft. of cargo room with the second and third rows folded and an available 5,000 lbs. of towing capacity. Later this year, the Kia EV9 is expected to be assembled in the U.S. at Kia’s manufacturing facility in West Point, Georgia. Read More
Kia has revealed its Platform Beyond Vehicle (PBV) future strategy at the 2024 Consumer Electronics Show (CES) in Las Vegas. Kia’s PBV business will initially be based around the introduction of an all-new, modular vehicle, previewed by the Kia Concept PV5.
This future vision was presented alongside a multi-phase plan that will see PBVs revolutionize the mobility industry while helping to advance Hyundai Motor Group’s ambitions in robotics, Advanced Air Mobility (AAM), and autonomous driving.
Kia PBVs are a total mobility solution that combines fit-for-purpose EVs with advanced software solutions based on the Hyundai Motor Group’s software-to-everything, or SDx, strategy. As a Platform Beyond Vehicle, Kia PBVs will open the door to new businesses and lifestyles by redefining the concept of space thanks to advanced, tailored interiors that provide ultimate freedom and flexibility.
“Kia’s PBV business represents our vision of going beyond the traditional concept of automobiles by fulfilling the unmet needs of diverse customers and communities through optimized vehicles and services catering to specific market and business circumstances,” said Ho Sung Song, Kia President and CEO.
“Kia PBVs will be an enabler of business innovation thanks to our customer-centric management system, EV mass production expertise, and the Hyundai Motor Group’s rapidly developing SDx strategy and related future businesses. We are excited to show that we are fully prepared to become the first mover in the global PBV market,” he added.
A vision for future mobility
The launch of Kia’s PBV business will see the brand commit to providing a varied range of customized vehicle types to meet customers’ individual requirements. Determined to overcome all existing restrictive and one-dimensional industry product line-up offerings, Kia believes its new approach to PBVs can help solve the mobility challenges encountered by individuals and organizations with limited transportation options.
Kia’s PBV offering is the embodiment of a genuine customer-centric approach and will be built around a dedicated business system, integrating vehicles, software, and future technologies to deliver added value.
The brand’s PBV roadmap, divided into three distinct phases, illustrates how Kia PBVs will be pivotal in realizing the Group’s SDx vision as devices that offer tailored solutions according to customer usage patterns. Read More
Hyundai Motor Group’s Advanced Air Mobility (AAM) company unveiled S-A2, its electric vertical takeoff and landing (eVTOL) vehicle product concept at CES 2024. The pilot-plus-four-passenger vehicle marks the latest milestone in Supernal’s roadmap to commercialize safe, efficient and affordable everyday passenger air travel.
S-A2 builds on the Company’s vision concept, S-A1, which it debuted at CES 2020, bringing together the innovative aerospace engineering and Hyundai Motor Group automotive aesthetic design to create a new mode of transportation to get people in urban areas from point A to point B faster. Supernal will achieve commercial aviation safety levels and enable affordable manufacturing of its vehicles as it prepares to enter the market in 2028. Read More
The decline in oil rigs in Nigeria is threatening the government’s move to raise oil production to 1.7 million barrels per day (bpd) this year. The country’s oil and gas sector, which has generated a significant chunk of government revenue and foreign exchange earnings for many years, is in desperate need of rescue.
Data obtained from Baker Hughes Incorporated and the Organization of Petroleum Exporting Countries (OPEC) showed that all through 2023, Nigeria’s rig count, which depicts the level of oil production activities by operators, averaged 14, a sharp decline from 35 in 2018.
According to Austin Avuru, executive chairman of AA Holdings, Nigeria’s oil industry is facing a stark reality check as it needs 45 new rigs to reach “normal” production levels of 2.1 million barrels per day (bpd). Read More
Toyota Motor Corporation’s plant operation schedule for January 15 onwards.
It has been decided that we will continue production operations at our vehicle plants in Japan as scheduled on and after the week of January 15. In addition to utilizing parts in stock outside of the Noto Peninsula Earthquake-devastated areas, operations will be continued based on the restoration status of some of the affected plants. As there are still many aftershocks, we will keep closely monitoring the situation, placing the highest priority on the safety of those involved and the restoration of the region. For the week of January 22 onwards, it is assumed operations will continue, and we will make an announcement if there are any changes in the situation. We sincerely hope for a quick recovery of the affected areas. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $71.80 | Down |
| Crude Oil (Brent) | USD/bbl | $77.15 | Down |
| Bonny Light | USD/bbl | $78.46 | Down |
| Saharan Blend | USD/bbl | $79.26 | Down |
| Natural Gas | USD/MMBtu | $3.01 | Up |
| OPEC basket 09/01/24 | USD/bbl | $78.28 | Down |
On Thursday February 1st, 2024 at 07:00 GMT (08:00 CET and 02:00 EST) Shell plc will release its fourth quarter results and fourth quarter interim dividend announcement for 2023. Read full article
Battery storage capacity in the United States could jump by 89% this year compared to 2023 if developers meet the deadlines of all energy storage systems they plan to bring online this year, the U.S. Energy Information Administration (EIA) said on Tuesday. U.S. battery storage capacity has been growing since 2021 and could increase by 89% by the end of 2024 if developers bring all of the energy storage systems they have planned on line by their intended commercial operation dates. Developers currently plan to expand U.S. battery capacity to more than 30 gigawatts (GW) by the end of 2024, a capacity that would exceed those of petroleum liquids, geothermal, wood and wood waste, or landfill gas.
Two states with rapidly growing wind and solar generating fleets account for the bulk of the capacity additions. California has the most installed battery storage capacity of any state, with 7.3 GW, followed by Texas with 3.2 GW. The rapid growth of variable solar and wind capacity in states such as California and Texas supports growth in battery storage, which works by storing excess power in periods of low electricity demand and releasing power when electricity demand is high. The remaining states have a total of around of 3.5 GW of installed battery storage capacity. Planned and currently operational U.S. utility-scale battery capacity totaled around 16 GW at the end of 2023. Developers plan to add another 15 GW in 2024 and around 9 GW in 2025, according to our latest Preliminary Monthly Electric Generator Inventory. Read full article
U.S. Rig Count is down 1 from last week to 621 with oil rigs up 1 to 501, gas rigs down 2 to 118 and miscellaneous rigs unchanged at 2.
Canada Rig Count is up 39 from last week to 125, with oil rigs up 31 to 58, and gas rigs up 8 to 67.
International Rig Count is down 23 rigs from last month to 955 with land rigs down 23 to 735, offshore rigs unchanged at 220.
The Worldwide Rig Count for December was 1,739, down 55 from the 1,794 counted in November 2023, and down 95, from the 1,834 counted in December 2022.
| Region | Period | Rig Count | Change |
| U.S.A | 05 January 2024 | 621 | -1 |
| Canada | 05 January 2024 | 125 | +39 |
| International | December 2023 | 955 | -25 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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