London, 03 April 2024, (Oilandgaspress):- Exxon Mobil Corporation XOM and China National Offshore Oil Corporation (“CNOOC”) have merged their arbitration claims against Chevron Corporation’s CVX proposed takeover of Hess Corporation’s HES stake in the most prolific oil block offshore Guyana. The consolidation of their arbitration claims, approved after a recent application, signals a significant escalation in the battle for control over the lucrative oil reserves in the region.
According to a letter from Hess to its shareholders, included in a regulatory filing by Chevron on Thursday, the unified arbitration was greenlit following a Mar 26 application. Both ExxonMobil and CNOOC, who collectively hold a substantial 70% stake in the Stabroek Block, argue that they possess a preemptive right over Hess’ interest in the area. However, Chevron and Hess remain steadfast in their dismissal of these claims, stating in the filing that they believe ExxonMobil and CNOOC’s assertions lack merit. Hess has asserted its intention to vigorously defend its position in the arbitration proceedings, expressing confidence that the arbitration tribunal will rule in its favor. The company affirmed that the Stabroek right of first refusal clause does not extend to the proposed merger. Read More
ADNOC announced the start of crude oil production from its Belbazem offshore block, underscoring the company’s commitment to responsibly meet the world’s growing demand for energy. The Belbazem offshore block is operated by Al Yasat Petroleum, a joint venture between ADNOC and China National Petroleum Corporation (CNPC). ADNOC’s innovative approach in developing the block includes leveraging operational synergies with adjacent fields, artificial intelligence (AI) and digitalization to enhance efficiency and safety while reducing emissions and cost. Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director, said: “The start of crude oil production from the Belbazem offshore block is testament to the success of our strategic partnership with CNPC and the robust bilateral energy relationship between the UAE and China. ADNOC continues to maximize value from Abu Dhabi’s resources, while reducing our carbon footprint to ensure a secure, reliable, and responsible supply of energy to customers locally and internationally.” Production capacity at the Belbazem offshore block is set to progressively ramp up to 45,000 barrels per day (bpd) of light crude and 27 million standard cubic feet per day (mmscfd) of associated gas, contributing to ADNOC’s target of reaching 5 million bpd by 2027 and enabling UAE gas self-sufficiency for the UAE. . Read More
Occidental will announce its first quarter 2024 financial results after close of market on Tuesday, May 7, 2024, and will hold a conference call to discuss results on Wednesday, May 8, 2024, at 1 p.m. Eastern/12 p.m. Central.
The conference call may be accessed by calling 1-866-871-6512 (international callers dial 1-412-317-5417) or via webcast. Participants may pre-register for the conference call at https://dpregister.com/sreg/10186952/fbbd49d788.
First quarter 2024 financial results will be available through the Investor Relations section of the company’s website. A recording of the webcast will be posted on the website within several hours after the call is completed. Read More
Geometry, symmetry, rhythm and repetition – these are the topics of this year’s edition of the exhibition ‘The Art of Dreams’ in Milan (16 to 21 April). Inspired by the iconic Pepita pattern from Porsche, artists from a range of disciplines will be working with these topics. The centrepiece is the interactive sculpture ‘Lines of Flight’ by artist collective Numen/For Use. Porsche has a long history of setting design and style standards, with many cars from various eras recognised as classics. A wide range of textiles in car interiors have also become style icons. For example, the Pepita pattern of the 1960s has long since achieved cult status. The pattern is made up of small squares connected by diagonal stripes, and it provided the inspiration for the current, fifth edition of ‘The Art of Dreams’. This global initiative from Porsche is fostering the creation of art installations on the topic of dreaming. As part of Milan Design Week, the exhibition is on from 16 to 21 April 2024 at the Palazzo Clerici, the former city palace of the metropolis in northern Italy. Read More
27 different variants make up the current generation of the 911 model line-up. Chatting to its developers at a ‘speed dating’ event made one thing clear above all: each 911 has its own story. Chaos is the enemy of the engineer. Perhaps that would explain why there are usually empty seats in lecture theatres during talks on fluid mechanics. This topic is all about turbulence: one of the greatest challenges in mathematics. Complex partial differential equations, Navier-Stokes equations and inherent non-linearity are things you rarely hear about in everyday life – and perhaps for good reason.
However, there are also the people who thrive in this field. These people can describe in an abstract way how the velocity of air changes in space and time when you vary the viscosity, pressure, density and external forces. They can apply these aerodynamic theories to create numerical solutions that enable state-of-the-art simulation algorithms to perform in the most effective way possible. However, this is still not enough to get closer to a truly accurate result. This is because one of the tricky parts of this higher-level mathematics is its butterfly effect – small changes in the initial conditions can lead to large differences in the results. Read More
Lamborghini began its quest for the British GT Championship title in fine fashion, with Barwell Motorsport taking both wins in the season opener at Oulton Park. The #63 crew of Rob and Ricky Collard braved the wet conditions to win the first race of the day while the #78 of Sandy Mitchell and Alex Martin completed the clean sweep in a safety car affected second encounter.
The double triumph means that Lamborghini has now won eight British GT races at the Cheshire circuit since first partnering with Barwell Motorsport in 2016 – as well as claiming its first clean sweep at the track since 2017 – and takes a handy championship lead into the next round at Silverstone.
The weekend began strongly for the pair of Lamborghini Huracán GT3 EVO2s, with the #78 pacing the opening free practice session on Saturday morning, setting a best time of 1m32.942. Setting the tone for the first round of the season, the sister #63 car was second fastest, 0.580s in arrears and finishing the second session fourth quickest.
The #63 of Rob Collard then left it until the very last lap in the first qualifying session to grab pole position for race one, registering a time of 1m35.102 and beating the #18 Mercedes by just under a quarter of a second. The #78 in the hands of Martin qualified fourth on the gird. In the second session, the positions were swapped, as Mitchell took pole for race two in the #78, with Ricky Collard fourth in the #63. Read More
Saab has received an order from the Swedish Defence Materiel Administration (FMV) for the procurement of additional LITENING 5 target designator pods, including maintenance capabilities. The order is valued at SEK 390 million. LITENING 5 is used in the precision designation of targets through laser targeting and target tracking. FMV previously ordered this version of LDP for Gripen E, and are also now integrated on Gripen C/D. This order comprises the additional pods, maintenance and spare parts. “By building up a maintenance capability for this version of target designation pod, Saab is ensuring that the Swedish Armed Forces can maintain them within Sweden’s borders,” says Lars Tossman, head of Saab’s Aeronautics business area. The pods and maintenance capabilities will be delivered to FMV in 2026. Read full article
The 2024 Hyundai Santa Fe and 2024 Kona SUVs have been named to Autotrader’s Best New Cars for 2024 list. This impressive recognition by the editorial team of one of America’s biggest in-market automotive consumer websites underscores how both models stand out in their respective segments for their combination of style, performance, safety, and practicality. This year, the Santa Fe and Kona stand among a select group of 11 cars, trucks, and SUVs to receive this prestigious acknowledgment. In order to arrive at its Best New Cars list, Autotrader’s expert editorial team evaluated new 2024 vehicles from across the auto industry, considering various factors including interior comfort, safety and cabin technology, attainability, and driving experience. The Best New Cars for 2024 comprises 11 vehicles selected by a team of experts at Autotrader. A team of expert editors selected the models after testing and scoring new vehicles. Each chosen winner has features and attributes that go above and beyond to resonate with buyers in their respective segments, including interior comfort, build quality, technology, driving experience, and more. Autotrader’s editors focus on vehicles that are groundbreaking or offer significant value. Because many vehicles are new or redesigned for 2024, the team only considered models available for purchase within the next nine months. Read full article
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $85.89 | Up |
| Crude Oil (Brent) | USD/bbl | $89.67 | Up |
| Bonny Light | USD/bbl | $91.37 | Up |
| Saharan Blend | USD/bbl | $90.48 | Up |
| Natural Gas | USD/MMBtu | $1.87 | Up |
| Murban Crude | USD/bbl | $90.12 | Up |
| OPEC basket 02/04/24 | USD/bbl | $88.97 | Up |
Baker Hughes Rig Count: : U.S. -3 to 621 Canada -18 to 151
U.S. Rig Count is down 3 from last week to 621 with oil rigs down 3 to 506, gas rigs unchanged at 112 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 18 from last week to 151, with oil rigs down 16 to 75, and gas rigs down 2 to 76.
International Rig Count is down 7 rigs from last month to 958 with land rigs down 5 to 735, offshore rigs down 2 to 223.
The Worldwide Rig Count for February was 1,813, up 30 from the 1,784 counted in January 2024, and down 108, from the 1,921 counted in February 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 28 March 2024 | 621 | -3 |
| Canada | 28 March 2024 | 151 | -18 |
| International | February 2024 | 958. | – 7 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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