London, 23 October, 2023, (Oilandgaspress): – Shell Gas BV, a subsidiary of Shell plc, and partners in the Oman LNG LLC venture signed an amended shareholders’ agreement for Oman LNG LLC (Oman LNG) extending the business beyond 2024.
Oman LNG in turn signed various agreements to secure its gas supply until 2034. The signing ceremony was held under the patronage of His Excellency Eng. Salim Al Aufi, Oman’s Minister of Energy and Minerals. Under these agreements, Shell Gas will remain the largest private shareholder in Oman LNG, with a 30% shareholding, and continues its role as technical adviser. “Shell is proud of its role as the largest private shareholder, off-taker and technical adviser in Oman LNG,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director. “We believe liquefied natural gas’s (LNG) role in the energy system will continue to grow, and this milestone further demonstrates our commitment to our integrated gas business and to Oman as a key heartland to Shell.” In addition and based on previously signed term sheets, Shell International Trading Middle East FZE will purchase up to 1.6 million tonnes per annum of LNG from Oman LNG from 2025 to 2034, making Shell the largest LNG off-taker from Oman LNG. Read More
Solar power stocks drops after solar equipment maker SolarEdge Technologies warned of sliding European demand.
SolarEdge Technologies, Inc. provided selected preliminary unaudited financial results for the third quarter ended September 30, 2023.
“During the second part of the third quarter of 2023, we experienced substantial unexpected cancellations and pushouts of existing backlog from our European distributors,” said Zvi Lando, Chief Executive Officer of SolarEdge. “We attribute these cancellations and pushouts to higher than expected inventory in the channels and slower than expected installation rates. In particular, installation rates for the third quarter were much slower at the end of the summer and in September where traditionally there is a rise in installation rates.” As a result, third quarter revenue, gross margin and operating income will be below the low end of the prior guidance range. Additionally, the Company anticipates significantly lower revenues in the fourth quarter of 2023 as the inventory destocking process continues.
“The adjusted guidance is unrelated to the tragic events that have unfolded in Israel. While there has been some impact on daily routines at our headquarters, our offices and facilities are open worldwide, including in Israel, and we are manufacturing and providing customer support without interruption,” added Lando.
Third quarter revenue is now expected to be in the range of $720 million to $730 million, compared to the previous expectation of $880 million to $920 million.
GAAP gross margin is now expected to be within the range of 19% to 20%.
Non-GAAP gross margin* is now expected to be within the range of 20.1% to 21.1%, compared to the previous expectation of 28% to 31%.
GAAP operating loss is now expected to be within the range of $9 million to $28 million.
Non-GAAP operating income* is now expected to be within the range of $12 million to $31 million, compared to the previous expectation of $115 million to $135 million.
Non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures. Read full article
Korea National Oil Corporation (CEO Kim Dong-seop) announced on October 16 that it had discovered high-quality gas through exploratory drilling of the Earn promising structure in the 42/27 exploration block, in which its subsidiary, British Dana, is participating as the operator.
Previously, Dana acquired a 50% stake in exploration block 42/27 located in the southern North Sea through an international bidding in 2020 and secured independent operating rights. Dana started full-scale exploratory drilling in July of this year after deriving a promising structure based on oil development technology specialized in the North Sea region and discovered gas in the target reservoir by excavating to a final depth of 3,198m at the end of September. Dana once again proved its technological and operational capabilities by performing the entire process from deriving promising structures for drilling to exploratory drilling operations on its own.
After discovering the gas layer, Dana Company is conducting evaluation drilling to accurately assess the amount of resources in the earn structure and to obtain additional data for future mine development. Read full article
Korea National Oil Corp (KNOC) said on Monday that it has signed an oil storage agreement with Saudi Arabia’s oil giant Aramco to reserve 5.3 million barrels for five years. The agreement announced in a press release posted on KNOC’s company blog was sealed as South Korean President Yoon Suk Yeol is visiting Riyadh for talks with Saudi Crown Prince Mohammed bin Salman and to attend other business events. By storing Aramco’s oil in its reserves, KNOC said it would be able to enhance energy security. Aramco was not immediately reachable for comment. Read full article
Toyota Motor Corporation (TMC) will livestream the JAPAN MOBILITY SHOW 2023 Toyota Press Briefing from 8:45 a.m. on October 25.
Toyota to present JUU at the Japan Mobility Show 2023 Combining style and drivability, this electric wheelchair is a new concept mobility designed to offer the freedom to travel anywhere unassisted. The JUU expands the user’s world by enabling them to freely navigate places that are difficult to access by electric or regular wheelchairs.
Supports the independence of people with physical impairments who regularly use electric or regular wheelchairs, increasing their opportunities for outings and employment. When climbing or descending a stairway, the two large powered wheels (main wheels) on the JUU’s sides traverse the steps, while the retractable tail flips down from behind the backrest to prevent tipping and stabilize the wheelchair. The JUU automatically maintains an optimal posture and can negotiate steps up to 16 cm tall.
The drive system employs motors used in cars. Utilizing automotive components ensures high quality and reliability.
Toyota is also exploring advanced functions that would enable the JUU to autonomously move and load itself into the rear of a car after the user has boarded the vehicle, and return to the driver’s seat when the user wants to alight. Read full article
Toyota to present EPU at the Japan Mobility Show 2023
Next-generation mid-size pickup truck concept, with a monocoque body delivering high durability to create a practical yet stylish BEV. At just over 5 meters long with a double cab design, the EPU’s monocoque structure also allows for a versatile deck space that caters to a broader range of user applications.
The rear of the cabin links boldly with the deck to accommodate diverse user preferences, supporting a wide range of mobility lifestyles, including outdoor activities. BEV quietness is accompanied by packaging with a low center of gravity for superior handling stability and ride comfort. Read full article
Toyota to present LAND CRUISER Se at the Japan Mobility Show 2023 Offers the high-torque driving performance unique to BEVs, together with an elegant, stylish design. Toyota further broadens the Land Cruiser brand’s appeal with a three-row SUV that caters to the world’s diverse needs. BEV quietness helps create a comfortable cabin space when driving in urban areas and other on-road situations.
A monocoque body also offers highly responsive handling and confidence in tackling rough terrain. Read full article
Toyota encourages a life of discovery where new adventures are always waiting. The first-ever Toyota Truck family campaign, “Outlast Outlive,” highlights that message, featuring five body-on-frame vehicles – Tundra, 4Runner, Tacoma, Sequoia and Land Cruiser. The campaign showcases the Toyota Trucks that are built tough with performance and capability as the basis of every design.
The “Outlast Outlive” campaign celebrates the thrill-chasers and the limitless possibilities that await them. The campaign’s two TV spots feature vignettes of people conquering goals through outdoor sports and exploration, even in the face of unexpected challenges. Read full article
Tesla (TSLA.O) said on Monday its capital expenditure for 2023 would exceed the $7 billion to $9 billion target it had laid out earlier this year, as the electric vehicle maker ramps up output at its factories and gears up to roll out new models.
The automaker is expected to start shipments of its revamped Model 3 compact sedan and the “Blade Runner”-inspired Cybertruck in the last three months of the year, after factory retooling in the third quarter that sapped deliveries and ate into earnings. (Reuters) Read full article
Harland & Wolff has been awarded a £61m base contract to deliver the mid-life upgrade contract of the SeaRose Floating Production Storage and Offloading (FPSO) vessel. The contract is with Cenovus Energy, an international integrated oil and natural gas company headquartered in Calgary, Canada, with a market capitalisation of circa CA$54bn. The vessel is expected to arrive at the company’s Belfast Yard in early 2024 and will be in the Building Dock for over three months. This will be the second time that Harland & Wolff has welcomed the SeaRose to Belfast, the previous visit being in 2012. This recent experience coupled with the ability to apply the latest technologies and innovations to the vessel upgrade helped to win the major contract for the group. Read full article
Baker Hughes Rig Count: U.S. +2 to 624 Canada +5 to 198
U.S. Rig Count is up 2 from last week to 624 with oil rigs up 1 to 502, gas rigs up 1 to 118 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 5 from last week to 198, with oil rigs up 5 to 121 gas rigs up 1 to 77 and miscellaneous down 1.
| Region | Period | Rig Count | Change |
| U.S.A | 20 October 2023 | 624 | +2 |
| Canada | 20 October 2023 | 198 | +13 |
| International | September 2023 | 940 | -12 |
drilling operations on a given well
VinFast Auto Ltd. announced that it has entered into a standby equity subscription agreement (“Subscription Agreement”) with YA II PN, Ltd. (“Yorkville”).
Subscription Agreement Highlights:
VinFast has the option, but not the obligation, to require Yorkville to subscribe for up to $1.0 billion of ordinary shares in VinFast at any time during the term of the Subscription Agreement, subject to certain conditions and limitations
The Subscription Agreement has a term of 36 months
Mr. David Mansfield, CFO of VinFast, said: “This new source of equity funding provides us with valuable optionality and access to capital to continue to expand our business on a global scale. While we are under no obligation to draw on the full amount, the transaction aligns with our goals of opportunistic capital raising while adding liquidity to our shares over time. In addition to existing funding commitments, it provides financial flexibility to fund our growth. We will continue to evaluate other capital markets transactions and sources of fundraising as VinFast continues to grow.”
Mark Angelo, Founder and President of Yorkville, commented: “VinFast is a true leader in EVs. We are excited for this opportunity to be a part of VinFast’s growth and development, and we look forward to seeing VinFast’s continued success in the EV market. We couldn’t be prouder of our partnership with VinFast in its mission for a greener future.” Read More
Vingroup’s Chairman, Mr. Pham Nhat Vuong, announces that he will donate 99.8 percent of VinES Energy Solutions Joint Stock Company’s shares to VinFast. The merger is designed to enhance VinFast’s self-sufficiency in battery technology and its production chain, while increasing its competitive edge in the ever-growing electric vehicle market. Following the donation, VinES will be merged into VinFast to enhance its self-efficiency in battery technology and leverage resources to increase battery research and development for its vehicles.
VinES is a member company of Vingroup with legal capital of VND 6,500 billion ($270 million). The company specializes in researching, developing, and manufacturing advanced lithium-ion batteries for mobility and energy storage applications. VinES also cooperates with leading global battery technology partners and seeks to become a comprehensive energy solution provider. Read More
Russia’s government on Friday published a list of domestically-produced cars that state officials should buy, all either Russian or Chinese brands, highlighting Beijing’s infiltration of Russia’s automobile industry since the Ukraine war.
Chinese carmakers have seized market share, after producers such as Renault (RENA.PA) and Nissan (7201.T) departed.
As the West shuns Russia, Russia has shunned Western corporations. (Reuters) Read More
Chevron-Hess deal takes Oil and Gas M&A to highest YTD total since 2014
Lucille Jones, Senior Manager at LSEG Deals Intelligence, comments:
“Chevron’s acquisition of US oil & gas producer, Hess Corporation, is valued at US$52.7 billion and follows ExxonMobil’s US$65.4 billion acquisition of Pioneer Natural Resources less than 2 weeks ago. It is the 2nd largest deal announced so far this year globally, across all sectors and the 9th largest oil & gas M&A deal on record as well as Chevron’s all-time largest acquisition.
“The acquisition puts M&A in the oil & gas sector to a total of US$254 billion globally so far during 2023, up 49% compared to the same period last year and the highest year-to-date total since 2014.
“It further secures Energy & Power as the most active sector for M&A so far this year, with deals in the sector totalling US$417.5 billion, accounting for 18% of all M&A globally so far during 2023. “Advising on the deal are Morgan Stanley and Evercore (advising Chevron) and Goldman Sachs and JP Morgan (advising Hess).” Read More
The U.S. Justice Department has sought documents and issued subpoenas to Tesla (TSLA.O) as it scrutinizes the automaker’s driver assistance system Autopilot and vehicle driving range, among other issues, the company said on Monday.
Tesla said in a regulatory filing it has received requests for information “including subpoenas, from the DOJ. These have included requests for documents related to Tesla’s Autopilot and FSD features” and other requests “associated with personal benefits, related parties, vehicle range and personnel decisions.” (Reuters) Read More
Volvo Group North America commends the California Legislature and Governor Gavin Newsom for enacting Senate Bill 410, the “Powering Up Californians Act.” This important legislation emphasizes aligning the provision of electric power to electric vehicle charging depots and stations with California’s zero-emission goals and regulatory timelines.
Volvo Group North America was pleased to work with lawmakers, manufacturers, environmental NGOs, medical and health organizations, environmental entrepreneurs, and other stakeholder groups across the private and public sectors in advancing this legislation. The “Powering Up Californians Act” supports the ongoing development of zero-emission vehicles for the commercial trucking industry, while contributing to helping the state achieve its climate goals and carbon emissions reduction targets.Volvo Group North America shares California’s commitment to the environment, and to the goal of accelerating adoption of zero-emission vehicles in the marketplace. In 2020, the Volvo Group made a global pledge to achieve 100% fossil-free product sales by 2040, with an interim objective of 35% zero-emission product sales by 2030. Achieving these objectives necessitates supportive public policies that facilitate charging infrastructure availability and offer incentives to offset initial vehicle and infrastructure costs. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $87.56 | Down |
| Crude Oil (Brent) | USD/bbl | $91.79 | Down |
| Bonny Light | USD/bbl | $95.29 | Up |
| Saharan Blend | USD/bbl | $95.11 | Up |
| Natural Gas | USD/MMBtu | $2.90 | Down |
| OPEC basket 20/10/23 | USD/bbl | $95.72 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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