London, 04 June 2024, (Oilandgaspress): -OPEC+ is trying to agree new oil production capacity for its member countries by the end of 2024, an issue that has created tensions in the past because each nation’s output target is calculated from its notional capacity. The Organization of the Petroleum Exporting Countries led by Saudi Arabia and allies led by Russia, known as OPEC+, is currently cutting output by a total of 5.86 million barrels per day, equal to about 5.7% of global demand.
The cuts include 3.66 million bpd by OPEC+ members valid through to the end of 2024, and 2.2 million bpd of voluntary cuts by some members which expire at the end of June. according to media reports
(Reuters) – The U.S. National Highway Traffic Safety Administration said on Friday it is seeking more information in its investigation into Amazon.com’s (AMZN.O), opens new tab self-driving Zoox vehicles due to unexpected braking that led to two rear-end collisions.
The agency, which opened its probe into the crashes this month, said it is seeking video of the crashes and documents from Zoox related to the vehicles.
NHTSA said it “is concerned that vehicles exhibiting unexpected rapid braking may increase the risk of crash,” and added the “risk is particularly acute to road users behind the Zoox vehicles who are unable to reasonably anticipate or react to the unexpected sudden braking.” Read More
(Reuters) – Tesla (TSLA.O), opens new tab is recalling 125,227 vehicles in the United States due to a malfunction in its seat belt warning system that can increase the risk of injury in a collision, the National Highway Traffic Safety Administration said on Friday.
The regulator said the vehicles failed to comply with the federal safety requirements as their seat belt warning light and audible chime may not get activated when the driver is unbelted. The recall affects certain 2012-2024 Model S, 2015-2024 Model X, 2017-2023 Model 3 and 2020-2023 Model Y vehicles. Read More
(Reuters) – Nissan Motor (7201.T), opens new tab paid former Chief Operating Officer Ashwani Gupta $3.7 million in compensation following his sudden departure last year, the Japanese automaker disclosed in a notice for its annual general meeting.
Nissan said in the notice it had paid 582 million yen ($3.7 million) to an executive officer who left his position during the 2023 business year. Gupta was the only executive officer to leave during that period, a company spokesperson confirmed. Read More
Saudi Arabia’s government on Thursday filed papers to sell a new stake in state oil giant Aramco that could raise as much as $13.1 billion, a landmark deal to help fund Crown Prince Mohammed bin Salman’s plan to diversify the economy. In the main part of the deal, Saudi Arabia could raise $12 billion by offering about 1.545 billion Aramco shares, equivalent to about 0.64% of the company, if it prices the sale at the top end of a 26.7 ($7.12) to 29 riyals range, according to Aramco’s filing on Riyadh’s Saudi Exchange.
The deal’s value could rise to $13.1 billion at the top end under a so-called greenshoe option which would allow the sale of nearly 1.7 billion shares, or a 0.7% stake. That option allows bankers to use shares to stabilize the price of the offering.
Investors have long anticipated the share sale as the energy giant has sought to widen its base while generating funds to turbocharge Saudi Arabia’s economic diversification programme. Read More
Saudi Aramco has awarded a new contract worth SAR 186 million ($49.6 million) to spiral pipe maker Group Five Pipe Saudi Co.
The deal includes the manufacture and supply of spiral-welded steel pipes, Group Five said in a disclosure on the Saudi Stock Exchange (Tadawul), where its shares trade.
The materials are meant for one of the projects owned by Saudi Aramco, the firm said, without divulging further details.
The financial impact of the deal will be reflected starting from the second quarter of 2025. Read More
BMW has updated its big-selling 3-Series and has finally dumped diesel models for the UK. Meanwhile the PHEV has new bigger batteries which increase the official electric range to 63 miles – 22 miles more than the outgoing model. . Read More
The AA has become the first UK roadside assistance and recovery firm to introduce fully electric recovery trucks. The vehicles will join the firm’s 3000-strong fleet and are part of the AA’s “test and scale approach to fleet decarbonisation”, it said. The AA is testing alternative-fuelled vehicles in real-life settings.
The vehicles comprise a Volvo FE Boniface Slidebed, an Iveco eDaily 7.2T Dyson Powerload and an Iveco eDaily 7.2T Dyson Powerload. Read More
JLR’s new support policy will provide employees with menopause symptoms with support and guidance. The policy was developed with help and feedback from colleagues, employee-led diversity networks and was agreed upon jointly with the trade union.
Under the new policy JLR employees experiencing symptoms of menopause have the right to seek support at any time and from day one of their employment. There is no requirement for a medical certificate or other evidence in order to qualify for leave or workplace adjustments.
The policy, which was developed as part of JLR’s commitment to supporting a safe and inclusive workplace that reflects the health and wellbeing of colleagues at every stage of life, and includes workplace adjustments such as flexible working, access to fans, additional breaks, changes to workwear as well as sick leave for menopause symptoms.
It’s the latest in a suite of inclusive policies rolled out at JLR which are helping to foster a diverse and equitable culture at its UK facilities by offering time off for life events beyond standard maternity and paternity policies. Read full article
Dodge Europe is starting a new collaboration with Andrea Iannone, top WorldSBK rider, becoming the newest Dodge Brand Ambassador. The great personality of Andrea Iannone and his unique affinities with the Brand were crucial aspects of the operation.
To kick-off the partnership, Andrea Iannone paid a special visit to the Heritage HUB, the home of Stellantis’ historic car collection. After experiencing the exhibition of many memorable sporting cars, including a close look at other legendary Safety Cars produced by the Group, the rider got to discover his new supercharged daily drive: Dodge Challenger SRT® Hellcat Redeye powered by the iconic HEMI® V8 SRT® Engine delivering 807hp, one of the rarest “Last Call” edition models available in Europe.
Andrea Iannone was first introduced to the Dodge European online community during the second season of IN//OUT, the Brand’s web series aimed at amplifying its iconic values and fearless challenges, online few weeks ago. In the first episode of the new season, he made a special appearance with Team Go Eleven, participating in a playful drag race against Brand Ambassador Ida Zetterström at the TT Circuit Assen, a stunt done for the first time at a WorldSBK racing weekend. Read full article
World’s biggest solar plant has come online in China
The world’s largest solar farm, nearly powerful enough to meet the entire electricity demand of Luxembourg, has reportedly been brought online in the desert in northwest China. The 5GW solar farm, spread over 200,000 acres, came online on Monday, reports Reuters, citing a notice from the asset regulator for the Chinese province of Xinjiang. The facility will reportedly generate about 6.09 terawatt hours of electricity each year. That is nearly enough to meet the entire electricity demand of Luxembourg – a country of around 650,000 people – which used 6.6 terawatt hours of electricity in 2022. Read full article
Trillium Renewable Chemicals announced the selection of INEOS Nitriles’ Green Lake facility in Port Lavaca, Texas to establish the world’s first demonstration plant for converting plant-based glycerol into acrylonitrile. The demonstration plant is named “Project Falcon.”
Trillium Renewable Chemicals has developed a groundbreaking technology for producing sustainable acrylonitrile, a key raw material in numerous industries, including toys, auto parts, aerospace components, medical supplies, and apparel. Selecting INEOS – the world’s leading global manufacturer of petrochemicals – underscores Trillium’s ambition to scale up its technology in an industrial environment to accelerate progress.
“Trillium is thrilled that INEOS Nitriles Green Lake, home to America’s largest acrylonitrile production plant, will serve as the home for Project Falcon,” said Corey Tyree, CEO of Trillium Renewable Chemicals. “This milestone is a significant step forwards in bringing our technology to market and producing sustainable bio-based acrylonitrile at scale.”
Following a $10.6M Series A financing round in December 2022 and $2.5 million award from the Department of Energy’s Advanced Manufacturing Office in June 2022, Trillium constructed a pilot plant that successfully produced acrylonitrile from glycerol. Trillium’s sustainable acrylonitrile offers a lower carbon footprint than standard acrylonitrile based on the Sohio propylene process. The company’s innovative approach addresses growing customer demand for greener bio-based raw materials.
Trillium continues to operate a pilot plant and has successfully provided samples to customers. Pilot operations also have contributed valuable insights for the design of the Falcon plant, which will be operated at the INEOS Nitriles Green Lake site.
Hans Casier, CEO of INEOS Nitriles, highlighted the significance of Trillium’s decision, stating, “INEOS Nitriles is very pleased to be working with Trillium to advance technology for the production of sustainable bio-based acrylonitrile. Our support of this project, which is part of our wider sustainability strategy, emphasises our commitment as the world’s largest producer of acrylonitrile, to reducing the carbon footprint of the industry. We look forward to working closely with Trillium to help achieve this objective.”
The operation of Project Falcon will help to validate commercial-scale economics and product carbon footprint at scale. Emphasis will be placed on achieving process performance criteria such as plant uptime, demonstrating key equipment in its final form, and securing qualification as a supplier of bio-based acrylonitrile. Set to commence operations in early 2025, the project will run through early 2026. Read More
Equinor divests interests in the Gina Krog area
Equinor is selling 19.5% interests in production licenses PL 048E, which is the Eirin field, and PL 1201 to PGNiG Upstream Norway AS (PGNiG). With this, the ownership between Equinor and PGNiG in these licenses will be balanced with the Gina Krog field.
The plan for development and operation (PDO) for Eirin was approved in January 2024, and the field will be developed as a subsea facility tied back to the Gina Krog platform. The subsea template is under construction in Egersund and is scheduled for installation in the summer of 2024. Read More
GTA LNG project reaches significant milestone with arrival of FPSO vessel
The floating production storage and offloading (FPSO) vessel, a key component of the Greater Tortue Ahmeyim (GTA) Phase 1 LNG development, has arrived at its final location offshore on the maritime border of Mauritania and Senegal.
The FPSO vessel is currently being moored at the site 40km offshore in a water depth of 120m. It will be operated by bp, on behalf of the project’s partners: bp, Kosmos Energy, PETROSEN and SMH. The project will produce gas from reservoirs in deep water, approximately 120km offshore, through a subsea system.
Following completion of its construction at the COSCO Qidong Shipyard, China, the FPSO has travelled more than 12,000 nautical miles to the GTA site. The GTA Phase 1 development is expected to produce around 2.3 million tonnes of LNG annually for more than 20 years. It is the first gas development in this new basin offshore Mauritania and Senegal. With wells located in water depths of up to 2,850m, the GTA Phase 1 development has the deepest subsea infrastructure in Africa. The multibillion-dollar investment has been granted the status of National Project of Strategic Importance by the Presidents of both Mauritania and Senegal. Read More
The green industrial transition taking place in northern Sweden will significantly increase the demand for renewable power in that region. Hydro Rein is now partnering with Pajala Almänning to develop a large scale wind power project in this area.
The parties have signed a land lease agreement for the development of wind power. The agreement covers an area of more than 7,000 hectares in price area SE1.
The site, named Karhuvaara, is in the southern part of the Pajala municipality, and is noted for favorable wind conditions and few conflicting interests. Hydro Rein plans to conduct further investigations for a project that could include up to 50 wind turbines. Karhuvaara is an important addition to Hydro Rein’s rapidly expanding portfolio in the Nordics. In Sweden, Hydro Rein is involved in the development of over 30 wind power projects in various stages. With this latest addition, Hydro Rein now has developments underway in all Swedish price areas. Read More
TotalEnergies announces the signing of two new LNG medium- and long-term contracts in Asia:
a sales and purchase agreement (SPA) with Indian Oil Corporation (IOCL) for the delivery to India of up to 800,000 tons per year of LNG for ten years from 2026; and
an agreement (HoA) with Korea South-East Power for the delivery to South Korea of up to around 500,000 tons per year of LNG for five years from 2027.
These agreements allow TotalEnergies to secure medium-term outlets for its global LNG supply portfolio. They also strengthen the Company’s footprint in Asian markets, where it is particularly committed to supporting its customers with their decarbonization strategies. Read More
Toyota Motor Corporation (Toyota) investigated its model certification applications as per instructions from the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) on January 26 this year. Although the investigation is still in progress, seven models, including some that have already been discontinued since 2014, were tested using methods that differed from the government standards, and we reported this to MLIT on May 31.
The model certification applications in question involve inadequate data in pedestrian and occupant protection tests for three production models (Corolla Fielder / Axio and Yaris Cross) and errors in crash tests and other test methods for four discontinued models (Crown, Isis, Sienta, and RX).
We sincerely apologize for any concern or inconvenience this may cause to our customers and stakeholders who have placed their trust in Toyota. We take it seriously that the problem was discovered at Toyota following the recent discovery of certification issues at Hino Motors, Ltd. and Daihatsu Motor Co., Ltd. and Toyota Industries Corporation.
Following comprehensive internal verifications on the affected vehicles, including those that are no longer in production, we can confirm that there are no performance issues that contravene laws and regulations. Therefore, there is no need to stop using the affected vehicles. However, considering these findings, we have taken action to temporarily halt shipments and sales of three models currently produced in Japan (Corolla Fielder, Corolla Axio, and Yaris Cross), effective today. We will continue to provide detailed explanations to the authorities and expedite appropriate measures, including conducting testing in the presence of witnesses. Read More
Hydro leads North American Extrusion Industry with detailed environmental study
Aluminium and renewable energy company, Hydro, believes customers and partners should know the environmental impact of materials and products they purchase. That is why Hydro published environmental data for 22 of its manufacturing sites in the U.S. and Canada. The data is available in Environmental Product Declarations (EPDs), which have been verified by an independent third-party. Read more
Zion Oil & Gas, Inc. Announces Start of Recompletion Operations for our MJ-01 Well in Israel
Zion Oil & Gas, Inc. announce the start of recompletion operations for the MJ-01 well in Israel. Crews are mobilizing, and boots are officially on the ground, marking an exciting step forward in our journey towards Israel’s onshore energy potential. Amidst the ongoing conflict in Israel, Zion is thankful that our location is safe and ready for operations. Thus far, there have not been any security concerns at our location and the project has not been significantly delayed despite unprecedented challenges.
The operations have, however, faced some logistical challenges due to the war; the biggest being the unexpected embargo that Turkey placed on trade with Israel. In early May, after Zion had commercially contracted services, equipment, and material from Turkey, the Turkish government announced that no equipment or material would be allowed to leave Turkey destined for Israeli ports. Consequently, the operations team was required to find alternate vendors and contractors on short notice to move forward.
Zion was able to secure contractual services from vendors located in Romania, Greece, and the United States with minimal impact and delay to the overall program timeline. This event and realignment of contractors on short notice is a challenge Zion was able to overcome. This is just one of numerous examples of God’s provisions as Zion has continued to press forward during this trying time in Israel.
“Our rig crew has assembled in Israel and will begin repair and maintenance on our drilling rig over the next couple of weeks,” said Monty Kness, VP of Operations. “Afterwards, the crew will rig down and have the rig’s critical components inspected and recertified prior to moving over MJ-01 and rigging back up. This is estimated to take an additional two to three weeks. While this is ongoing, the crew will mobilize the equipment necessary to re-open the MJ-01 well.”
After opening the well, Zion will implement cutting-edge technologies and innovative stimulation techniques on the MJ-01 well to potentially unlock hydrocarbon flows in both previously and newly identified zones of interest. The recompletion operations, involving a comprehensive work plan approved by the Israeli Ministry of Energy, are set to proceed through Q3 2024.
“Operations have officially kicked off, and our crew is fully engaged in safety testing and moving the rig,” said Zion Oil & Gas CEO, Rob Dunn. “We are ensuring all plans are followed to maximize the potential of the MJ-01 well.” Read More
Vestas has received a 124 MW order for a wind energy project in Telsiai in Lithuania. Vestas will deliver 20 V162-6.2 MW wind turbines, and the order includes supply, delivery, and commissioning of the turbines. The order was placed by Utilitas Wind and Latvenergo AS.
Upon completion, Vestas will service the turbines throughout their life cycle under an Active Output Management 5000 (AOM 5000) service agreement designed to ensure optimised performance of the assets.
Utilitas Wind and Latvenergo AS have signed an agreement for Latvenergo AS to build, own and operate the wind project. Read More
Africa Oil Corp. announce that the Company repurchased a total of 1,138,400 Africa Oil common shares during the period of May 27, 2024 to May 31, 2024 under the previously announced share buyback program. The launch of Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated May 27, 2024 to May 31, 2024, the Company repurchased 450,900 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 687,500 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company. Read More
37th OPEC and non-OPEC Ministerial MeetingNo 08/2024
Vienna, Austria
In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market, and in line with the approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to:
Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019.
Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as per the attached table starting 1 January 2025 until 31 December 2025.
Extend the assessment period by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels.
Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months.
Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference.
Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
Reaffirm that the DoC conformity is to be monitored considering crude oil production, using the average of the approved seven secondary sources, and according to the methodology applied for OPEC Member Countries.
Reiterate the critical importance of adhering to full conformity and compensation mechanism.
Hold the 38th OPEC and non-OPEC Ministerial Meeting on 1 December 2024. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $73.25 | Down |
| Crude Oil (Brent) | USD/bbl | $77.18 | Down |
| Bonny Light | USD/bbl | $77.49 | Down |
| Saharan Blend | USD/bbl | $76.96 | Down |
| Natural Gas | USD/MMBtu | $2.58 | Up |
| Murban Crude | USD/bbl | $77.81 | Down |
| OPEC basket 03/06/24 | USD/bbl | $81.30 | Down |
Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met in person in Riyadh on the sidelines of the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) Read full article
BW Energy: Appraisal confirms material Hibiscus field reserve increase
Reference is made to the stock exchange notice by BW Energy on 20 May 2024 announcing a substantial oil discovery on the northern flank of the Hibiscus field.
BW Energy has now concluded the drilling and the logging of the DHIBM-7P pilot well, confirming a substantial oil discovery with good reservoir quality and a material uplift to the Hibiscus area.
The Company’s preliminary evaluation indicates an increase in Hibiscus gross recoverable reserves (mid-case) of approximately 8 million barrels of oil to 12 million barrels of oil. The Company plans to complete the well as a development well later in 2024.
The DHIBM-7P pilot was drilled from the MaBoMo production platform to a total depth of 3,941 metres. The target area is located approximately 1.5 kilometres north-northwest of the MaBoMo and was drilled by the Borr Norve jack-up rig. Notably, the hydrocarbon column extends across the boundary between the Gamba and the underlying Dentale formation. This is the first example of a common Gamba-Dentale hydrocarbon accumulation in Hibiscus Field.
The current operation in Dussafu is to complete the development well (DHBSM-2H) in the northern flank of the Hibiscus South field that was recently successfully appraised. Read full article
The Woodside Board announce the appointment of Mr Anthony (Tony) O’Neill as a nonexecutive Director, effective 3 June 2024. “We continually review our Board composition to ensure that Woodside’s Board is best placed to support Woodside’s global operations and strategic growth opportunities. Tony O’Neill has a distinguished reputation for his transformational work in the global mining industry and has worked
extensively on climate, decarbonisation and sustainability initiatives. His experience in delivering outstanding operational performance along with his strategic thinking will be invaluable to Woodside. We are delighted to welcome Tony to the Woodside Board.” Woodside Chair, Mr Richard Goyder said.
Mr O’Neill’s career started as an engineer in Australian nickel mines and he has worked in leadership and executive roles across many countries and commodities. He retired from Anglo American as Group Executive Director of Technical and Sustainability in December 2022 after a career which saw him oversee Anglo American’s technology ventures including the world’s first in-field deployment of hydrogen-powered mining trucks. Mr O’Neill has been involved in many mining industry leading sustainability initiatives, including Anglo American’s FutureSmart Mining, the Waterless Mine, the Living Mine and 2040 Net Zero strategy.
Mr O’Neill holds a Bachelor of Applied Science (Mining Technology) from Western Australia’s Curtin University and holds an MBA from the University of Melbourne. Mr O’Neill is a Fellow of the Royal Academy of Engineering and a Fellow of the Institute of Materials, Minerals and Mining. Read more
Baker Hughes Rig Count: : U.S. unchanged at 600 Canada +8 to 128
U.S. Rig Count is unchanged from last week at 600 with oil rigs down 1 to 496, gas rigs up 1 to 100 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 8 from last week to 128, with oil rigs up 10 to 74, and gas rigs down 2 to 54.
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 | 31 May 2024 | 600 | 0 |
| Canada | 31 May 2024 | 128 | +8 |
| International | April 2024 | 978. | +7 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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