London, December 20, 2024 (Oilandgaspress) –-The Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, recently revised their global oil demand growth forecast for 2024 downward for the fifth consecutive month. This downward adjustments is reflective of an uncertain global economic outlook, shaped by sluggish industrial output, inflationary pressures, and slowing consumer demand in major oil-consuming nations. The instability currently experienced in the Middle East can also not be overlooked.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $68.66 | Down |
| Crude Oil (Brent) | USD/bbl | $72.18 | Down |
| Bonny Light 19/12/24 CBN | USD/bbl | $75.11 | Down |
| Dubai | USD/bbl | $72.94 | Up |
| Natural Gas | USD/MMBtu | $3.64 | Up |
| Murban Crude | USD/bbl | $72.52 | Down |
| OPEC basket 19/12/24 | USD/bbl | $72.88 | Down |
Sweden is seeing red over Germany’s energy policy, which it says ends up punishing Swedish consumers. Sweden’s energy minister Ebba Busch has not minced words over what she thinks of Berlin’s “irresponsible” energy policy. Germany, then ruled by chancellor Angela Merkel, decided to close its last nuclear power stations in the wake of the Fukushima disaster in 2011 — a withdrawal completed in the spring of 2023.
Having largely converted to renewable energies, Europe’s largest economy is now dependent on the elements and importing energy from abroad.
That includes imports from Sweden, which was Europe’s second biggest net exporter of electricity last year — behind France — according to energy market website Montel. Read More
Hyundai Motor Group is proud to announce that a total of 22 models from Hyundai Motor Company, Kia Corporation and Genesis have been honored with the Insurance Institute of Highway Safety (IIHS) 2024 TOP SAFETY PICK (TSP) and TOP SAFETY PICK+ (TSP+) awards.
The Group’s total is more than any other automaker in the annual assessment, comprising 21 percent of the total 2024 awards. Moreover, Hyundai brand ranked second and Genesis ranked third tied with Honda and Mazda, respectively, among the brands with the most awards.
“The Group’s exceptional performance in the IIHS 2024 Top Safety awards is a testament to our unwavering focus on safety and continuous efforts to provide the highest level of protection for vehicle occupants and other road users,” said Brian Latouf, President and Global Chief Safety and Quality Officer at Hyundai Motor Group. “The results also reflect our strategy to maintain safety leadership for 2025 and years to come.”
Among the Group’s brands, Hyundai Motor secured nine awards (four TSP+ and five TSP), Genesis earned eight awards (seven TSP+ and one TSP), and Kia earned five awards (one TSP+ and four TSP). This recognition highlights the exceptional safety standards embedded in Hyundai, Kia and Genesis vehicles. All vehicles were 2024 model year unless otherwise specified.
For Hyundai Motor, the TSP+ winners included the IONIQ 5, KONA and TUCSON (models built after March 2024) small SUVs and IONIQ 6 midsize electric car. The TSP winners included the ELANTRA small car, SONATA midsize car, PALISADE and SANTA FE midsize SUVs, and SANTA CRUZ small pickup truck.
For Genesis, the TSP+ winners included the G80 (models built after October 2023), Electrified G80, and G90 (models built after October 2023) large luxury cars, GV60 small SUV, and GV70 (2025MY) (models built after April 2024), Electrified GV70 (models built after April 2024), and GV80 (models built after August 2023) midsize luxury SUVs. The TSP winner was the GV70 (models built after November 2023) midsize luxury SUV.
For Kia, the TSP+ winner was the TELLURIDE midsize SUV. The TSP winners included the K4 small car, SPORTAGE small SUV, and the EV9 (models built after January 2024) and SORENTO (2024-25MY) midsize SUVs. Read More
As the year closes in on its final lap, IONNA—the new-kid charging network with a vision as big as the open road—has a few tales to tell about its birth year. Fueled by vintage Americana spirit and a forward-thinking drive, we’re well on our way to electrifying North America’s highways and byways. So, buckle up as we fire-up the flux capacitor, revisit our milestones, and glance toward the future road ahead.
February: Hitting the Ground Running
The year began in-gear as IONNA officially launched operations. Seth Cutler was announced as our CEO, steering the team towards a clear vision and mission: open North America’s roads to electric vehicles with the coverage drivers need, the reliability they deserve, and the amenities they crave. Read More
Nigerian government approved a divestment by Shell that it had been refusing to greenlight for almost a year. Shell wanted to sell onshore and shallow-water assets valued at around $2.4 billion to Renaissance Group but the Nigerian government was against the deal. Now, the FT sources are claiming that the approval of the Renaissance Group deal was contingent on the final investment decision for the Bonga North project. Shell secured the Nigerian government’s approval of a major asset sale in the country by committing to a fresh large-scale investment in the Bonga North field Read More
British car production has plunged to its lowest level in more than 40 years as automakers struggle to deal with falling demand.
It comes as ministers come under increasing pressure to relax electric vehicle targets amid warnings from the industry that it could result in factory closures and job losses. Around 64,216 new cars rolled off UK production lines last month, down 30 per cent from last year, according to industry body the Society of Motor Manufacturers and Traders (SMMT).
It was the worst monthly performance for the industry since 1980 when Britain was gripped by industrial unrest and soaring inflation.
The SMMT highlighted that all major automakers in the UK have seen production decline, with output of electric vehicles falling nearly 46 per cent.
So far this year, car production is down nearly 13 per cent on 2023 at 734,562 vehicles.‘ Read More
Britain’s wind turbines have set a new record for electricity generation, just days after the record was last broken, data shows. Onshore and offshore wind farms set a record of more than 22.5 gigawatts (GW) of power on Wednesday, providing 68.3% of the country’s electricity. . Read More
(Reuters) – U.S. officials doubled down on their appeal to EU counterparts to ensure liquefied natural gas shipments that meet current U.S. methane regulations also automatically comply with Europe’s new standards for gas imports, a letter seen by Reuters on Thursday showed. Read More
(Reuters) – Prax and Shell have decided not to proceed with the sale of Shell’s share in the PCK Schwedt oil refinery in Germany to Prax, they said on Friday. Shell agreed to sell its 37.5% stake in the refinery to Prax last December.
The deal faced delays because of lawsuits brought by third parties. The German government’s stripping of Russian oil giant Rosneft’s control, but not shares, in the refinery also complicated matters, following the severing of energy ties between Berlin and Moscow in 2022. Read More
Petrol and diesel cars account for almost a quarter of all carbon dioxide emissions in the UK each year, according to government figures.
Electric cars are one solution, and are likely to be the one most people have heard about, but what about hydrogen-powered cars?
If the hydrogen is produced in a sustainable way, these vehicles release zero emissions and could be a better alternative to powering cars using big, lithium batteries. In this article, we’ll explore whether hydrogen-powered cars are actually the future of transportation, what barriers there are to them in the UK, and when they’ll be widely available.There are currently just two hydrogen cars available to purchase — the Toyota Mirai and Hyundai Nexo. They’re not cheap either, with the ‘more affordable’ Mirai setting you back £65,000, and the Nexo costing an eye-watering £68,000. Read More
(Reuters) – Germany’s lower house of parliament on Friday passed a change to energy law entailing a waiver from Jan. 1, 2025, of a domestic market gas storage fee on border points and virtual trading hubs, thus freeing foreign consumers of a costly price element.
The law change, driven by non-compatibility of the levy with European energy solidarity and aimed at helping especially south-western neighbours diversify gas procurement away from reliance on Russian gas, received a parliamentary majority.
It can enter into force from January 1, 2025, when the levy, applied to domestic gas buyers by system operator Trading Hub Europe (THE), will see a hike by 20% to 2.99 euros a megawatt hour (MWh). Read More
Plans for a solar farm on part of a former landfill site near Carmarthen have been approved. Twenty two rows of solar panels will be installed on land at Nantycaws waste management site, which is run by a council arm’s-length body called Cwm Environmental Ltd.
The electricity they generate will help power the facility, with gas captured from the old landfill and used on site due to run out shortly. Carmarthenshire Council’s planning committee was told that the nearest properties to the proposed solar farm were 450m away, that there was a line of trees to the east of the site, and that a new hedgerow would be planted along the western side. Read More
Savannah Energy South Sudan Acquisition Update
Further to its announcement on 3 December 2024, the Company advises that its ordinary shares remain suspended from trading on AIM pending publication of an AIM Admission Document setting out, inter alia, details of a proposed alternative transaction in respect of the ex-PETRONAS assets in South Sudan, should it be concluded, or confirmation is provided that a proposed alternative transaction is not proceeding.
In this regard, since the last announcement, an affiliate of Savannah has signed an agreement with another energy company to discuss collaboration in relation to the potential alternative transaction. A further update on progress,and associated matters, is expected to be made by the end of February 2025. Read More
Savannah Energy Operational and Financial Update Highlights
Average gross daily production of 22.7 Kboepd for 10M 2024, in line with 10M 2023 (22.9 Kboepd);
US$45 million Uquo Central Processing Facility (“Uquo CPF”) compression project in Nigeria on track for
completion of construction before year-end, with commissioning taking place in Q1 2025;
Three gas contracts with customers agreed and extended in the year-to-date for a total of up to 105 MMscfpd;
Conversion of both the Uquo Marginal Field (the “Uquo Field”) and the Stubb Creek Marginal Field (the “Stubb
Creek Field”) oil mining leases to new 20-year petroleum mining leases, both effective 1 December 2023, in
accordance with the Republic of Nigeria’s Petroleum Industry Act 2021;
Plans underway to commence a two-well drilling campaign on the Uquo Field in H2 2025, with an additional gas development well expected to add up to 80 MMscfpd of incremental production capability and an exploration well targeting an Unrisked Gross gas initially in place (“GIIP”) of 154 Bscf of incremental gas resources.
Progress continues on the planned acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited, whose principal asset is a 49% non-operated interest in the Stubb Creek Field (the “SIPEC Acquisition”), consolidating our interest in the field, with regulatory approval being targeted in early 2025;
US$60 million reserve-based lending (“RBL”) facility signed in October 2024 with The Standard Bank of South Africa Limited and Stanbic IBTC Bank Limited to fund the SIPEC Acquisition;
Up to 696 MW of renewable energy projects currently in motion, including the up to 250 MW Parc Eolien de la Tarka wind farm project in Niger and the up to 95 MW Bini a Warak hybrid hydroelectric and solar project in Cameroon;
The Company continues to target a portfolio of up to 2 GW+ of renewable energy projects in motion by end
2026;
10M 2024 Total Income1 of US$320.3 million (10M 2023: US$231.0 million) and 10M 2024 cash collections of US$239.8 million (10M 2023: US$189.2 million). As at 31 October 2024, cash balances were US$53.4 million (31 December 2023: US$107.0 million) and net debt stood at US$568.7 million (31 December 2023: US$473.7million);
Financial guidance for 2024 is reiterated at:
o Total Revenues2 ‘greater than US$245 million’;
o Operating expenses plus administrative expenses3 ‘up to US$75 million’; and
o Capital expenditure ‘up to US$50 million’; and Continuing to progress a potential alternative transaction structure to acquire a material stake in producing oil and gas assets in South Sudan. Read More
Middle East diesel producers find placing their barrels in Europe increasingly challenging. US Gulf Coast (USGC) diesel/gasoil exports to Europe have picked up, averaging 310kbd in the third quarter and are on track to surpass those levels in the fourth quarter this year. USGC diesel exports have increased due to slowing domestic demand, high refinery utilisation rates and stock accumulation. (Read more from our USGC blog)
Europe drastically reduced its diesel/gasoil imports from the Middle East and Asia in the first 16 days of December, lowering the European diesel share of imports from the Middle East and Asia from 19% to 8% and 9% to 4%, respectively. The sharp decline in imports from the East of Suez is driven by narrowing ultra-low sulphur diesel (ULSD) spreads between Northwest Europe (NWE) and the Middle East Gulf (MEG) (Argus), reducing the incentive for traders to move diesel to the West of Suez markets. Middle East diesel producers have redirected their supplies towards Asia to quench increased seasonal demand. Middle East diesel/gasoil exports to Asia have risen for the fifth consecutive month, reaching a 19-month high of over 230kbd in the first 16 days of December. Concurrently, diesel exports to Europe fell to a 3-month low of 260kbd.
Asia’s jet/kerosene imports surged to record highs in the first 16 days of December due to increased Northeast Asia’s kerosene demand for heating and higher seasonal travel demand. The rise in jet fuel demand strengthened the Asian jet regrade (Argus), which has flipped to positive from mid-October to early December. As a result, refiners prioritised jet fuel production at the expense of diesel, tightening diesel supplies somewhat. A drop in motor fuel exports from China due to reduced value-added tax rebates has also tightened Asian supplies. Hence, Asian diesel imports have rebounded to the 8-year average in the first 16 days of December. Read More
Saab has received an additional order for the Gripen C/D contract from FMV, valued at SEK 466 million. This extension includes several important updates and studies of upcoming air-to-air and air-to-ground missiles.
“The extension of the Gripen C/D contract marks an important step forward for our defence,” says Lars Tossman, Head of Saab’s Aeronautics business area. “The integration of new advanced missile systems demonstrates our commitment to delivering high-quality solutions. We are proud to contribute to Sweden’s defence capability through this contract.”
The integration of new missile systems significantly improves Gripen C/D’s operational capabilities. This contract extension will serve to ensure that Gripen C/D remains a cornerstone of Sweden’s military capabilities for many years to come. Read More
China is testing a supersonic jet that’s even faster than the ‘Son of Concorde’ – and it could whizz passengers from London to New York in less than 2 hours A Beijing-based company called Space Transportation is working on a supersonic jet that’s even faster than NASA’s ‘Son of Concorde’.
In tests, the jet’s engine reached Mach 4 or 3,045mph – four times the speed of sound – at altitudes of more than 65,600 feet, reports South China Morning Post. Read More
As sustainability-aware investors look ahead to 2025, six themes are likely to dominate their lists. They include environmental, social, and governance regulations, carbon-transition investing, sustainable bonds, the reshaping of the global ESG fund landscape, biodiversity finance, and the ethics of artificial intelligence. We discuss them below.
A Testing Year for ESG Regulations
We expect 2025 to be a critical juncture for the EU’s credibility, particularly with the forthcoming results of the Sustainable Finance Disclosure Regulation review and the first wave of Corporate Sustainability Reporting Directive reporting. Corporates and politicians are putting pressure on EU regulators to demonstrate the value and efficacy of ESG policies.
In the US, the new Trump administration is widely expected to roll back ESG initiatives, posing challenges for the low-carbon transition and sustainable investments. For example, Trump is likely to exit the Paris Agreement again, Congress may reduce or eliminate some of the clean energy subsidies in the Inflation Reduction Act, while the SEC may reverse the rules requiring public companies to disclose greenhouse gas emissions and climate-related risks.
The Reshaping of the Global ESG Fund Landscape
Global ESG Fund Assets
Transition Investing: From Targets to Tangible Action
Sustainable Bonds: Lower Interest Rates Will Bolster Issuance to USD 1 Trillion
Green, Social, Sustainable, and Sustainability-Linked Bonds Issuance
Biodiversity Finance: Time to Scale
AI Rapid Adoption Increases Environmental and Social Risks Read More
Morningstar’s research finds that the biggest ESG risk is in energy and utilities, with the smallest in technology and real estate.
A company’s approach to sustainability demonstrates how it anticipates and addresses these long-term risks. Companies that mishandle ESG issues could incur significant economic costs that jeopardize their ability to earn long-term, maintainable profits.
Morningstar Sustainalytics measures this with the Sustainalytics ESG Risk Rating. It considers two main factors—exposure, or a company’s vulnerability to ESG risk, and management, which describes the actions taken by a company to manage a particular ESG issue—and blends them into a single score. The lower the number, the lower the risk.88 companies that made the cut, ranked by their ESG Risk Rating scores. Read More
Vestas announces three new orders for a total of 92 MW in Japan
News release from Vestas Asia Pacific
Vestas is proud to announce the following orders as part of our Q4 order intake:
| Country | Region | Customer | Project name | MW | Turbine variant | Service agreement | Delivery & commissioning |
| Japan | APAC | Undisclosed | Undisclosed project | 38 | 9 x V117-4.2 MW | Long-term service agreement | Delivery and commissioning in 2026 |
| Japan | APAC | Undisclosed | Undisclosed projects | 34 | 8 x V117-4.2 MW | Long-term service agreement | Delivery and commissioning in 2026 |
| Japan | APAC | GK JRE Shin Sakata Furyoku (Jointly owned by ENEOS Renewable Energy Corporation and Tohoku Electric Power Co., Inc) | JRE Sakata Wind Farm Replace | 21 | 5 x V136-4.2 MW | Long-term AOM 5000 service agreement | Delivery and commissioning in 2026 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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