London, (Oilandgaspress) –– Global oil demand is set to grow next year at a lower rate than previously expected, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) for October, It now expects global oil demand to grow by 1.3 million barrels per day (bpd) in 2025 They now expect Brent will average $78/b in 2025.
U.S. Rig Count is down 2 from last week to 585 with oil rigs down 5 to 479, gas rigs up 3 to 102 and miscellaneous rigs unchanged at 4.
The U.S. Energy Information Administration (EIA) expects most U.S. households, on average, will pay about the same to heat their homes as they did last winter. A notable exception is that EIA expects Midwestern homes heated by natural gas will pay about 11% more on average for heat than last winter.
In its 2024 Winter Fuels Outlook, EIA forecasts a colder winter, leading to more energy consumption for heat. With energy prices similar to or slightly lower than last winter, EIA expects spending for many households will be about the same as last winter.
“There’s a lot of uncertainty about the weather over an entire season—not to mention uncertainty over commodity prices,” said EIA Administrator Joe DeCarolis.
Comparing this winter’s forecast for the average U.S. household with last winter’s results, EIA expects a 1% increase in fuel bills for homes heated by natural gas, a 5% decrease for homes heated by heating oil, a 2% increase for homes heated by electricity, and a negligible change in costs for homes heated by propane. Because weather is a key source of uncertainty in the forecast, the report also includes a warmer and colder case to produce a range of possible expenditures by fuel type.
The Winter Fuels Outlook is a supplement to EIA’s October Short-Term Energy Outlook (STEO), and EIA will update it every month through February to reflect changes in commodity prices and temperatures. This year is the first year that EIA’s forecast distinguishes between primary heating fuels consumed for space heating and other end uses. Read More
IEA just released Renewables 2024, the latest edition of our flagship annual publication on the renewable energy sector. It features the latest forecasts and analysis, based on recent policies and market developments, while also exploring key challenges and barriers to faster growth.
This year’s edition finds that due to supportive policies and favourable economics, the world’s renewable power capacity is expected to surge over the rest of this decade, with global additions on course to roughly equal the current total power capacity of China, the European Union, India and the United States combined.
Here are some of the key findings:
• The world is set to add more than 5 500 gigawatts (GW) of new renewable energy capacity between 2024 and 2030 – almost three times the increase seen between 2017 and 2023. That includes 670 GW this year alone.
• Based on these trends, renewables are on course to generate close to half of global electricity by 2030. Solar PV and wind alone are set to double their share of the global electricity mix to 30% by the end of the decade.
• China is on course to account for almost 60% of all renewable capacity installed worldwide between now and 2030, based on current market trends and today’s policy settings by governments. That would make it home to almost half of the world’s total renewable power capacity by the end of this decade, up from a share of one third in 2010. While China is adding the biggest volumes of renewables, India is growing at the fastest rate among major economies.
• In terms of technologies, solar PV is forecast to account for 80% of the growth in global renewable capacity between now and 2030 – the result of the construction of new large solar power plants as well as an increase in rooftop solar installations by companies and households.
• Despite ongoing challenges, the wind sector is also poised for a recovery, with the rate of expansion doubling between 2024 and 2030, compared with the period between 2017 and 2023.
• Already, solar PV and wind are the cheapest options to add new electricity generation in almost every country.
• Renewables are being deployed so fast, they are outpacing governments’ own existing targets. Nearly 70 countries that collectively account for 80% of global renewable power capacity are poised to reach or surpass their current renewable ambitions for 2030.
• The current projected growth is not fully in line with reaching the goal set by nearly 200 governments at the COP28 climate change conference to triple the world’s renewable capacity this decade – the report forecasts global capacity will reach 2.7 times its 2022 level by 2030. But IEA analysis, as reflected in the report’s ‘accelerated case’ forecast, indicates that fully meeting the tripling target is entirely possible if governments take near-term opportunities for action.
Read the press release and explore the full report, Read More
Woodside has completed the acquisition of Tellurian Inc. (Tellurian) and its US Gulf Coast Driftwood LNG development opportunity. Woodside has acquired all issued and outstanding Tellurian common stock for approximately $900 million cash, or $1.00 per share. The implied enterprise value is approximately $1,200 million.
Woodside also announced it has renamed the Driftwood LNG development opportunity Woodside Louisiana LNG. Woodside Louisiana LNG is an under-construction, pre-final investment decision (FID), LNG production and export terminal in Calcasieu Parish, Louisiana. It is a high-quality, scalable development opportunity, with a total permitted capacity of 27.6 million tonnes per annum. Woodside CEO Meg O’Neill said bringing Woodside Louisiana LNG into the global portfolio represented a significant new chapter for the company.
“This is a major growth opportunity that significantly expands our US LNG position, enabling us to better serve global customers and capture further marketing optimisation opportunities across both
the Atlantic and Pacific Basins. “Our acquisition provides a new strategic direction for this development. Woodside’s world class expertise in project execution, operations and marketing means we are well-positioned to unlock the development and generate value. “Woodside Louisiana LNG is a competitively advantaged opportunity. It is fully permitted, front-end engineering design is complete, and site civil works are well advanced. “Woodside is targeting FID readiness from the first quarter of 2025, with the experienced Tellurian team and engineering, procurement and construction contractor Bechtel having completed substantial work to advance the opportunity to this stage. “We are also pleased with the inbounds received from multiple parties looking to enter the opportunity
as a strategic partner.” Read full article
Mitsubishi Power has completed construction of the eighth and final M701JAC unit of a 5,300MW natural gas-fired power plant project in Thailand. The project, a joint venture between Gulf Energy Development Public Company Limited, one of Thailand’s largest independent power producers (IPP), and Mitsui & Co., Ltd. (Mitsui & Co.), a Japanese trading company, successfully commenced full commercial operations on October 1, 2024. The milestone marks the on-time completion of a multi-phase project awarded in 2018, featuring two gas turbine combined cycle (GTCC) plants in Chonburi and Rayong Provinces, key hubs for technological manufacturing and services, with a total installed capacity of 5,300 MW. Each plant is equipped with four M701JAC gas turbines, steam turbines, and heat recovery steam generators, ensuring a reliable and sustainable energy supply critical for Thailand’s energy security and economic growth. On October 1, the first seven units installed in Chonburi and Rayong have collectively logged 100,000 actual operating hours (AOH), reinforcing their proven reliability. The project’s first phase at the Chonburi power plant* marked a significant milestone as the site of Mitsubishi Power’s inaugural J-Series Air-Cooled (JAC) gas turbine installation in Southeast Asia in 2021. The plant was fully completed in October 2022 and received the prestigious “Power Plant of the Year”‘ award at the Power and Energy Awards, presented during the annual Enlit Asia 2023 conference and exhibition. The units were delivered by Mitsubishi Power in close cooperation with its customers and construction partners, with constant application of learnings and improvements from previous units applied to enhance the quality of the project. Read More
Dacia is out to conquer the C-segment. Already Europe’s leading B-segment brand, Dacia is entering the C-SUV segment with Bigster, an all-new vehicle illustrating Dacia values – Essential but Cool, Eco-Smart, Robust and Outdoor.
All-New Bigster is tailored to the specific requirements of a steadily growing market. Spiralling costs are an issue for many C-SUV segment buyers, who want to buy a new car without compromising on comfort, performance and space. Dacia is entering the C-SUV segment with a carefully planned product strategy. All-New Bigster will be followed by two other vehicles. Dacia’s values are a close fit with the requirements of the C-SUV segment. The design of All-New Bigster showcases its robust styling and ability to support customers in their work, leisure and family activities. Generous dimensions are accentuated by taut, geometric shapes and volumes whose simple lines go straight to the essentials. The large wings over the wheels, and the position of the headlamps and rear lights at the far edges of the vehicle, reinforce Bigster’s assertive on-road stance. Read Press Release
Hyundai Motor Group has signed a collaborative research agreement with Nanyang Technological University, Singapore (NTU) in the field of new energy. The partnership will encompass a three-year research collaboration, focusing on the areas of hydrogen energy business and advanced energy system.
This collaboration between the Group and NTU, a globally renowned university, aims to take a step closer to achieving carbon neutrality. The focus of the partnership will be on developing alternative energy sources leveraging the Group’s advanced energy technologies that are suitable for Singapore’s unique characteristics.
“HMGICS is a global hub for Hyundai Motor Group’s future mobility innovation,” said Hyun Sung Park, Vice President and CEO of Hyundai Motor Group Innovation Center Singapore (HMGICS). “Through this partnership, we aim to accelerate our research in the field of innovative technologies, ultimately enhancing the commercial viability of our sustainable mobility solutions.”
The signing ceremony, which took place at the Singapore-Korea Business Forum, Ritz Carlton Singapore, on October 8, was attended by Jaehoon Chang, President and CEO of Hyundai Motor Company; Young-Joon Yoon, President and CEO of Hyundai Engineering & Construction (Hyundai E&C); Hyun Sung Park, Vice President and CEO of HMGICS; Professor Lam Khin Yong, Vice President (Industry) of NTU; Professor Madhavi Srinivasan, Executive Director of Energy Research Institute at NTU; Duk-geun Ahn, Minister of Trade, Industry and Energy of the Republic of Korea; and Dr. Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry of Singapore.
As a city-state, Singapore faces challenges in achieving carbon neutrality due to its limited natural resources and heavy reliance on natural gas, accounting for 95% of its power generation. Singapore is expected to see a growing role for hydrogen energy and advanced energy system in its efforts to achieve carbon neutrality.
One of the key areas of focus will be studying the adoption of hydrogen production technologies and businesses in Singapore. This includes the implementation of Hyundai Motor Group’s innovative resource-cycle hydrogen production technologies: Plastic-to-Hydrogen (P2H) and Waste-to-Hydrogen (W2H) systems. W2H utilizes organic waste such as food and sewage sludge to produce hydrogen, while P2H utilizes non-recyclable plastic.
In the field of advanced energy system research, the Group and NTU have set their sights on developing a solution that is well-suited for urban countries like Singapore. The advanced energy system offers the advantages of easy installation and high safety levels thanks to its modular design, playing a vital role in achieving carbon neutrality in Singapore.
On the same day, HMGICS also held a joint signing ceremony for the establishment of a tripartite research center with NTU and the Agency for Science, Technology, and Research (A*STAR). The Corporate Lab Program is set to conduct research in innovative manufacturing domains such as AI, robotics and 3D printing. Read more
Kia America announced immediate assistance programs to help in recovery efforts following the destruction caused last week by Hurricane Helene in the Southeastern U.S. The first is a customer assistance program for Kia customers in Florida, Georgia, South Carolina and North Carolina who need to replace a vehicle damaged beyond repair because of Hurricane Helene. Customers with an insurance claim for loss of a vehicle because of the storm will be eligible to receive $500 in support for the purchase or lease of select new Kia vehicles between October 4, 2024, and January 2, 2025.[1] Customers should consult with their dealer for full program details.
In addition to the payment assistance program, Kia America has partnered with Kia Georgia, Inc., to donate $250,000 to the American Red Cross to assist with disaster relief efforts throughout the region. Read More
Hyundai Motor Company, in collaboration with Toyota Motor Corporation, announced today the brands will host a unique motorsport event, the ‘Hyundai N x TOYOTA GAZOO Racing Festival’. Scheduled for October 27, 2024 at the Everland Speedway in Yong-in, South Korea, the event represents the inaugural collaboration between Hyundai N and TOYOTA GAZOO Racing in Korea. It aims to showcase high-performance models and racing cars from both companies, while also providing Korean fans with unparalleled opportunities to experience the thrilling world of motorsport.
Hyundai Motor Company and Toyota Motor Corporation will host a ‘Track Day’ event where customers can immerse themselves in high-performance culture and witness Hyundai N and Toyota GR vehicles in action.
The highlight of the event will be a thrilling demo drive, reminiscent of an actual rally, featuring racing cars and professional drivers from each company’s World Rally Team. Customers can also experience the performance of these competition vehicles firsthand through a unique test ride. This special collaboration aims to propel Korean motorsport culture to new heights. Read Press Release
During the period from 30 September to 4 October 2024, Eni acquired on the Euronext Milan no. 2,909,826 shares (equal to 0.09% of the share capital), at a weighted average price per share equal to 14.0214 euro, for a total consideration of 40,799,699.54 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 15 May 2024, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999, for the purpose of paying to the Shareholders an additional remuneration compared to the distribution of dividends. Read More
Toyota To Invest $500 Million in Joby Aviation
Toyota Motor Corporation (Toyota; NYSE: TM) and Joby Aviation, Inc. (Joby; NYSE:JOBY), a company developing electric air taxis for commercial passenger service, today announced that Toyota will invest an additional $500 million to support the certification and commercial production of Joby’s electric air taxi, with the aim of realizing the two companies’ shared vision of air mobility.
The investment, which will be made in two equal tranches, is subject to standard regulatory approvals and certain other conditions, finalization of collaborative and commercial agreements and, with respect to the second tranche, the finalization of terms related to a strategic alliance focused on commercial manufacturing and certain other conditions. The investment, which will bring Toyota Motor Corporation’s total investment in Joby to $894 million, will be made in the form of cash for common stock, with the first tranche targeted to close later this year and the second in 2025. Further details of the investment are available via the companies’ regulatory filings with the SEC.
Will bring total investment from Toyota Motor Corporation in Joby to $894 million Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $73.26 | Down |
| Crude Oil (Brent) | USD/bbl | $76.94 | Down |
| Bonny Light 04/10/24 , CBN | USD/bbl | $80.71 | Up |
| Dubai | USD/bbl | $78.92 | Up |
| Natural Gas | USD/MMBtu | $2.70 | Down |
| Murban Crude | USD/bbl | $76.94 | Down |
| OPEC basket 08/10/24 | USD/bbl | $78.26 | Down |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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