London, (Oilandgaspress) –– OPEC+ delayed output hike combined with pending US election caused a surge in oil prices, although some analysts believe the increase may not be sustainable.
ADNOC Drilling Company PJSC and Alpha Dhabi Holding PJSC announced that their joint venture Enersol has agreed to acquire a 95% equity stake in Deep Well Services (DWS), for approximately $223 million1 including performance-based payments. Completion of the transaction is subject to obtaining the necessary regulatory approvals and other customary conditions precedent.
Established in the United Sates in 2008, DWS specializes in several advanced technologies and services within the energy sector. Its patented Hydraulic Completion Units (HCU) are designed for high-pressure, long lateral, and multi-well completion operations, enabled by its data analytics software, BoreSite® and its training and development, which offers globally accredited programs that enhance operational safety and efficiency. DWS has additionally established joint venture; AutoSep Technologies, which focuses on automating flowback operations. DWS works in numerous basins across North America and its services has been adopted by over 70 E&P companies ranging from small-private operators to large-cap national energy companies.
DWS, through Enersol, will play a role in contributing to the development of the UAE’s conventional and unconventional energy resources. Enersol companies will support the delivery of ADNOC Drilling’s recent $1.7 billion contract award to deliver 144 unconventional wells to ADNOC Group by leveraging the various technologies available to it. . Read More
Saab’s fighter jet is a highlight at CRUZEX 2024, the largest multinational operational training exercise in Latin America, organised by the Brazilian Air Force (FAB). Over two thousand military personnel from Brazil and 15 other nations from across Latin America, Africa, Europe and the United States are gathered for one of the largest operational air exercises in the Southern Hemisphere, CRUZEX 2024.
Held from 3 to 15 November at the Natal Air Base in Rio Grande do Norte, Brazil, the exercise features over 100 combat aircraft. The main highlight of this edition is the debut of the F-39E Gripen in high-complexity scenarios.
“It is a true honour to see Gripen E’s debut at CRUZEX. We have eagerly awaited this moment marking Gripen E’s first participation in a multinational military exercise. We are delighted that this impressive inaugural event is hosted by our valued customer and partner, the Brazilian Air Force,” said Micael Johansson, President and CEO of Saab.
As the most advanced fighter in service in Latin America, F-39E Gripen will execute a broad range of tasks in Composite Air Operations (COMAO), where a large number of aircraft with different objectives operate simultaneously against an enemy to saturate its defences, enhancing mission efficiency. Read More
Intelligent power management company Eaton today announced the launch of its new xEnergy Elite low voltage motor control and power distribution centre for loads up to 7500 A and 690 VAC. It provides greater uptime and flexibility, with maintenance cost savings, for business-critical applications in oil and gas, mining, and other industrial environments.
The xEnergy Elite motor control centre (MCC) complies with the relevant International Electrotechnical Commission (IEC) standards and is designed for maximum power availability and protection of operating as well as maintenance staff. It incorporates advanced motor control and protection technologies that optimise performance while protecting personnel and equipment, for instance by minimising the dangers associated with an arc flash event beyond the requirements of IEC TR 61641. The MCC’s fully segregated dropper busbars, optional fully isolated main busbars and Elite patented contact system for withdrawable motor starters and energy feeders are specially designed to prevent an arc flash from occurring.
The Elite contact system allows for operation while the compartment door is closed, increasing personnel safety. With the use of a key, the units can be placed in the disconnect, test or connected position. The incoming air circuit breaker (ACB) is equipped with Eaton’s unique Arc Flash Reduction Maintenance System™, which significantly reduces incident energy during maintenance. It is only active when required, thereby preserving the protection against overcurrent under normal operating conditions.
The reliable and sturdy design of the xEnergy Elite MCC improves uptime and reduces the need for maintenance. Thanks to the unique rotating contact technology of the Elite drawer units, contact wear on the vertical busbar is reduced to an absolute minimum. This ensures that the electrical connections are ideally positioned even in the event of a short-circuit or a heavy starting load to avoid sparking.
Since July 1, 2023, the use of Super Premium Efficiency motors (IE4) has become mandatory for motors with a rated output between 75 kW and 200 kW. The xEnergy Elite withdrawable motor starter units support the new utilisation categories for Premium Efficiency (IE3) and Super Premium Efficiency (IE4) motor switching and can be exchanged from the front without shutting down the system, enabling it to be serviced and expanded without interrupting production. This plug-and-play solution is tested for more than 1,000 mechanical operations, significantly higher than the IEC standard of 200.
The MCC’s small footprint offers increased flexibility based on high-density micro-drawer configurations. The busbars are virtually maintenance-free, and all functions can be accessed from the front of the switchgear, so that the need for rear access is greatly reduced (both with the main busbar located at the back and on top). As a result, xEnergy Elite can be placed against the wall (requiring only 5 cm of clearance for ventilation purposes), which can save up to 2 m2 per section, freeing up valuable floor space. Additionally, the system offers a shared main busbars solution, which further minimizes the footprint and reduces the amount of copper used.
Furthermore, the specific requirements of customers needing rear cable compartments can be met with the latest development introduced to the system, featuring busbars located on top.
“Given that motor failure may cause production downtime, costly repairs and serious safety issues for personnel, the powerful control and protection provided by xEnergy Elite is a core element of a dependable and safe system”, says Lukasz Przybecki, product manager for low voltage IEC assemblies at Eaton. Read More
Saab presents Autonomous Ocean Core, a ready-to-use autonomous control system to provide autonomy capabilities to surface and subsurface naval platforms in military and civilian missions.
Autonomous Ocean Core is a vessel agnostic control system with an open architecture, designed to make vessels autonomous to enhance their mission success at sea. It provides baseline autonomy, including vessel control, to platforms on or below the ocean surface and allows operators to add additional capabilities continuously without losing built-in safety functions. With Autonomous Ocean Core integrated, un-crewed vessels can operate on missions such as mine detection and clearance, intelligence, surveillance and reconnaissance, as well as electronic warfare.
The system has different modes for maneuvering on a mission, each supporting precise control and operational flexibility based on the mission’s need. Furthermore, the system can be can be configured to operate in three different manners, each tailored to specific operational needs and safety requirements.
The system is ready to perform tasks right out of the box, with or without added functionality. With safety assured, it provides a solid foundation for expanding autonomy capabilities through Saab’s continuous development and third-party collaborations. Read More
Thousands of colourful lights will once again illuminate Neckarpark in Stuttgart on 11 November 2024 from 5 pm during the big lantern parade. For the second time after the successful premiere in 2023, the Mercedes-Benz Museum is inviting children to the event together with VfB Stuttgart and its Fritzle Club, the parents’ newspaper “Luftballon” and the radio station DIE NEUE 107.7. The event culminates with everyone entering the MHP Arena together while singing lantern songs, and a colourful event programme in the stadium. Participation in the event is free of charge, The event begins at 5 pm on the hill of the Mercedes-Benz Museum, with musical accompaniment by the Bad Cannstatt music club. The parade sets off at 5 pm, led by the light figures of the artist group “DUNDU – The Giants of Light” as well as the mascots Carlotta, Fritzle (VfB Stuttgart) and Luftikus (parents’ newspaper “Luftballon”) and a replica of the Benz Patent-Motorwagen from 1886. The programme at the stadium itself starts at 6 pm with a show by “DUNDU – The Giants of Light”, a performance by singer Pauline and an interview with VfB legend Cacau. As a highlight, traditional lantern songs will be sung together moderated by VfB stadium announcer Holger Laser and presenter Nikolaus Böhm of the radio station DIE NEUE 107.7. Drinks and snacks will be available from 7 pm. Read More
Mercedes-Benz Classic completed this year’s RM Sotheby’s London to Brighton Veteran Car Run with a Mercedes-Simplex 28/32 hp from 1904 on 3 November 2024. This run is traditionally held on the first Sunday of November. The rare vehicle from the company’s own vehicle collection covered the 96-kilometre route with ease in about five hours. At the wheel: Marcus Breitschwerdt, CEO of Mercedes-Benz Heritage GmbH, accompanied by various media representatives. The vehicle was prepared and serviced on site by experts from the Mercedes-Benz Classic Center.
The two Classic Centers in Fellbach, Germany, and Long Beach, USA, are the premiere addresses for all the vehicles from the company’s almost 140-year-long history, from gems dating back to the early days all the way to the brand’s young classics.
On the day before the event, at the St James’s Motoring Spectacle, the event organiser presented the participating vehicles as well as other automobiles on the prestigious Pall Mall. The event was held in the London district of the same name, in the immediate vicinity of Buckingham Palace and the Royal Automobile Club. Mercedes-Benz Classic showed other vehicles there, in addition to the Mercedes-Simplex 28/32 hp from 1904: a show car of the Mercedes-Benz W 196 R Formula One race car with streamlined body from 1955 and a Mercedes-AMG GT from 2024. Read More
Falkenklev Logistik from Sweden is converting its city traffic in Malmö to electric drive with the new FUSO eCanter. With a total of six new FUSO eCanter 9C18e, the Swedish company Falkenklev Logistik AB is expanding its electric truck fleet. The bright yellow light trucks will be used exclusively for DHL transport operations on the southern coast of Sweden in the Skåne region and, in particular, in the city of Malmö, and are branded accordingly. Falkenklev Logistik is a long-standing partner of DHL.
Six eCanter for urban distribution
The compact 8.55-tonne vehicles have a wheelbase of 4,750 mm and a maximum body length of 7.2 m, offering up to 15 pallet spaces. “They fill the gap between vans and heavy-duty delivery trucks, and are exactly what we were looking for to electrify our daily deliveries for DHL in the center of Malmö,” says Victor Falkenklev, CEO of Falkenklev Logistik AB, describing the requirements. The entrepreneur was totally convinced of the suitability of the FUSO eCanter for his intended use and ordered the vehicles without any test drive or even seeing the vehicles at the dealership. With around 20 to 30 stops to deliver and collect goods and an average length of just under 20 kilometers, the routes are perfect for using purely electric vehicles. In contrast to diesel vehicles, which are not very efficient when used constantly in stop-and-go traffic. With the size M-battery pack, which consists of two batteries and promises a range of up to 140 kilometers, the new eCanter is therefore more than ideal. Read More
The two new 5-star double-decker coaches of Hörmann Reisen GmbH are each equipped with 68 specially upholstered seats and a panoramic glass roof. On the lower deck, passengers can relax in the spacious on-board kitchen, which offers plenty of storage space and cooling options. The service staff prepares here small snacks while travelling.
The family-owned company from Augsburg was according to their own information the first climate-positive coach tour operator to receive the seal of approval from the industry-independent sustainability consultancy Fokus Zukunft and helps to preserve the environment with voluntary climate protection contributions.
Hörmann Reisen GmbH offers among other things long-distance, round-trip, city and day tours and takes its guests on seaside and wellness holidays as well as providing transfers to various cruise ports. The company currently has 14 Setra vehicles in use.
Two new bistro coaches for Stewa Touristik
Stewa Touristik GmbH has taken ownership of two new S 531 DT coaches – and thereby rejuvenates Germany’s largest Setra bistro coach fleet. The company from Kleinostheim in Lower Franconia now owns a total of 23 double-decker coaches of the brand.
The vehicles with panoramic roof have been awarded the 5-star Superior classification by the Gütegemeinschaft Buskomfort e.V. This means: the coaches, each equipped with 48 passenger seats, have extended seat spacing by four centimetres to meet the 5-star requirement.
They also offer among others additional padding for the backrests as well as adjustable neck, head and calf supports. The table trays always ensure horizontal stability, regardless of the position of the seat in front.
Travellers can relax on the lower deck in the exquisitely designed bistro on 16 full-leather seats at four vis-à-vis tables – the trademark of the tour operator. With over 180 employees, Stewa Touristik GmbH is one of the leading coach tour operators in the Rhine-Main region. In addition to a wide range of experiences, tours and study trips, the operator also offers a variety of health spa, wellness and hiking trips as well as ocean and river cruises. Read More
The total tax contribution for Equinor amounted to USD 33,9 billion in 2023. The year was marked by volatile prices driven by geopolitical uncertainty, and energy markets developing with increased complexity and lower predictability.
“Progress for society is part of our purpose and at the core of Equinor. Being a good corporate citizen, paying our taxes where value is created and pushing for transparency on tax is an important part of driving this progress. 2023 was a year with strong financial results, followed by substantial tax contributions,” says CFO Torgrim Reitan.
In 2023, Equinor group companies contributed with tax, host government entitlement, royalty and fee payments of USD 33,9 billion globally. Of this, USD 29.7 billion was paid to Norway, where Equinor has the largest operations.
Equinor delivered strong financial results for 2023, on the back of solid global operational performance and high production.
Tax payments from Equinor provides governments and authorities with opportunities to increase welfare and strengthen their societies. The Tax Contribution Report provides information about the corporate income tax Equinor paid in countries and locations in where we create value across all our businesses. The report discloses Equinor’s approach to tax and tax strategy, compliance, and governance. Read More
SABIC announced its financial results for the third quarter of 2024, with a total net profit of SAR 1.00 billion compared to SAR -2.88 billion in the third quarter 2023. Revenues in the third quarter 2024 amounted to SAR 36.88 billion, an increase of 3% compared to the same quarter in 2023.
SABIC also maintained stable margins due to resilience in addressing the regional supply chain challenges and surrounding conditions, reflecting its agility and capability to innovate, ability to adapt to changing circumstances under growing challenges, and its success in meeting the requirements of global customers.
Commenting on the results, Abdulrahman Al-Fageeh, SABIC CEO said, “The increase in the 3rd quarter’s profits compared to the same quarter last year is attributable to higher average selling prices of some key products, and a decrease in total losses on non-continuing operations. Despite current market challenges, we maintained a stable EBITDA margin.”
The company achieved SHE rate of 0.21 in the third quarter of this year, reflecting a 60% increase compared to the same period last year.
Al-Fageeh also stressed that SABIC’s growth projects are underway as planned, including the Fujian Petrochemical Complex and the MTBE plant in Petrokemya, as well as the capacity increase at SK NEXLENE.
He expressed his pride over SABIC being named as Saudi Arabia’s Sustainability Leader in Petrochemicals by the Ministry of Economy and Planning.
SABIC recently inaugurated the world’s largest solar power plant powered by circular panels in Genk, Belgium, where SABIC collaborated with Solarge to develop 4,600 innovative 100% recyclable solar panels. These panels are much lighter than traditional ones, thanks to the use of SABIC’s innovative polymers.
Meanwhile, as part of its emissions-reduction efforts, SABIC has completed the mechanical works of the pyrolysis oil demonstration plant in Geleen, in collaboration with its partners. This is a key step in the company’s objective to deliver sustainable solutions as part of its TRUCIRCLE™ portfolio.
In addition, SABIC won the ICIS Innovation Awards for “Best Process Innovation” for the world’s first large-scale electrically heated cracking furnace. SABIC also won the R&D 100 award in the Mechanical/Material Technology category for its LNP™ STAT-KON™ compound that enables lightweight, cost-effective energy-storage technologies. Read full article
SABIC has joined forces with iyris (formerly RedSea), a sustainable AgriClimate Tech business and Napco National, a vertically integrated Saudi manufacturer of flexible film and packaging products, to create a high-tech durable greenhouse roofing solution using certified circular polyethylene from SABIC’s TRUCIRCLE™ portfolio. The greenhouse roof has been used in the National Food Production Initiative (NFPI), together with other leading champions from the public and private sector in the Kingdom of Saudi Arabia, designed to improve the sustainability of Saudi Arabia’s agriculture and food security in the region.
In this collaboration, SABIC® linear low-density polyethylene (LLDPE) resin is used in the roofing of large agricultural greenhouses. The polymer material is manufactured with certified circular feedstock from mixed post-consumer used plastics and forms part of the company’s TRUCIRCLE™ portfolio and services for circular solutions.
The mixed-used plastic is converted into pyrolysis oil in an advanced recycling process, which is then used in the production of new polymer resins, such as LLDPE formulations, with the same purity and quality as traditional virgin plastics at SABIC’s plant in Jubail, KSA. Napco National uses the certified circular LLDPE to manufacture a durable greenhouse roofing film. Read More
BW Energy Limited – First day of trading of bonds
Reference is made to the stock exchange announcement by BW Energy Limited (the “Company”) on 31 October 2024 regarding the approval and publication of the Company’s prospectus in connection with the listing of a new senior unsecured bond issue with an initial issue amount of USD 100 million with ISIN NO0013259663 on the Oslo Stock Exchange.
As of today, the bonds start trading on Euronext Oslo Børs under the ticker code “BWE01”. Read Press Release
Aramco’s Q3 2024 Net income: $27.6 billion (Q3 2023: $32.6 billion)
Cash flow from operating activities: $35.2 billion (Q3 2023: $31.4 billion)
Free cash flow1: $22.0 billion (Q3 2023: $20.3 billion)
Gearing ratio1: 1.9% as at September 30, 2024, compared to -6.3% at end of 2023
Q3 2024 base dividend of $20.3 billion and performance-linked dividend of $10.8 billion declared for distribution in the fourth quarter
Q3 2024 net income in line with analyst consensus, despite certain non-cash charges of c.$0.9 billion
Capital expenditures totaling $13.2 billion in Q3 support long-term strategic growth
Strong demand for $3.0 billion international sukuk issuance, which further diversifies investor base and enhances liquidity profile
Upstream developments enhance production flexibility and progress gas expansion
Renewables program progresses with financial close for three solar PV projects, with anticipated combined capacity of 5.5 GW2
Aramco paid a base dividend of $20.3 billion and has declared a performance-linked dividend of $10.8 billion for distribution in Q4. Read more
ADNOC and 44.01 have announced plans to scale-up their carbon-to-rock project in the Emirate of Fujairah, following the successful completion of their pilot, in partnership with the Fujairah Natural Resources Corporation (FNRC) and Abu Dhabi Future Energy Company (Masdar). The announcement was made at ADIPEC, currently taking place in Abu Dhabi.
The initial pilot of 44.01’s Earthshot prize-winning mineralization technology commenced in 2023 and permanently mineralized 10 tonnes of carbon dioxide (CO2) within Fujairah’s peridotite rock formations in under 100 days. Building on this achievement, the first phase of scale-up will inject more than 300 tonnes of CO2 over a longer duration to demonstrate the potential of the technology to be deployed at scale in the UAE.The Emirate of Fujairah was selected for this pilot due to its abundance of peridotite, a form of rock that naturally reacts with CO2 to mineralize it. At scale, peridotite mineralization could eliminate billions of tons of carbon emissions, helping decarbonize vital industries and remove CO2 from the atmosphere.. Read More
On October 22, the Guidelines for Green Manufacturing and Low-Carbon Emissions of Oil and Gas Field Equipment and Materials (hereafter referred to as “the Guidelines”) were officially published, with CNPC Tubular Goods Research Institute serving as the leading developer. As the first international standard of the oil and gas industry on green and low-carbon development, the document, proposed and led by CNPC, marks a significant step in the low-carbon transition and high-quality development of the global energy industry.
In 2019, CNPC submitted the proposal on formulating the Guidelines to the International Organization for Standardization (ISO). The proposal was approved in May 2023. Thereafter, the international standard was successfully developed through collaborative efforts of experts and scholars from over 10 countries, including China, Canada, Russia, the United States and France.
For the first time, the Guidelines clarified the definitions and connotations of green manufacturing and low-carbon emissions. It also specified the green and low-carbon attributes of oil and gas field equipment and materials, and set out the provisions and requirements for their design, manufacturing, remanufacturing, evaluation and management. With recommendations and best practices on the green and low-carbon transition of the oil and gas industry, the document established a standardized framework for the green and low-carbon development of oil and gas field equipment and materials, providing guidance and reference for relevant standardization and formulation of other similar international standards in the future. Read More
Oil prices rose by more than $1 in early trading on Monday after OPEC+ said on Sunday it would delay a planned December output hike by one month due to soft demand and rising supply outside the group.. OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, was due to increase output by 180,000 barrels per day (bpd) from December
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $71.84 | Up |
| Crude Oil (Brent) | USD/bbl | $75.48 | Up |
| Bonny Light 05/11/24 , CBN | USD/bbl | $76.15 | Up |
| Dubai | USD/bbl | $74.94 | — |
| Natural Gas | USD/MMBtu | $2.76 | Up |
| Murban Crude | USD/bbl | $74.69 | Up |
| OPEC basket 04/11/24 | USD/bbl | $74.02 | Up |
Vestas secures 203 MW order in the USA
Vestas is proud to announce the following order as part of our Q4 order intake:
| Country | Region | Customer | Project name | MW | Turbine variant | Service agreement | Delivery & commissioning |
| USA | Americas | Apex Clean Energy, Inc. | Lotus | 203 | V163-4.5 MW | 10-year AOM 5000 service agreement | Delivery in Q4 2025, commissioning scheduled in Q1 2026 |
Baker Hughes Rig Count: U.S. unchanged at 585 Canada -3 to 213
U.S. Rig Count is unchanged from last week at 585 with oil rigs down 1 to 479, gas rigs up 1 to 102 and miscellaneous rigs unchanged at 4.
Canada Rig Count is down 3 from last week to 213, with oil rigs down 4 to 146, gas rigs up 1 to 67 and miscellaneous rigs unchanged at 0.
International Rig Count is up 3 rigs from last month to 950 with land rigs down 9 to 726, offshore rigs up 12 to 224.
The U.S. Offshore Rig Count is unchanged at 16, down 5 year-over-year.
The Worldwide Rig Count for October was 1,754, up 4 from the 1,751 counted in September 2024, and down 22, from the 1,776 counted in October 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 01 November 2024 | 585 | — |
| Canada | 01 November 2024 | 213 | -3 |
| International | October 2024 | 950 | +3 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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