London, November 27, 2024 (Oilandgaspress) –-Crude oil prices remain stable as ceasefire between Israel and Hezbollah takes effect. Crude production from Iraq, Kazakhstan, and Russia has declined in compliance with OPEC+ production cuts, supporting a modest near term upside to Brent prices, Goldman Sachs said. Saudi Arabia is more likely to extend oil production cuts because of the recent price drop and we now think that oil production cuts will last until April 2025 instead of January, the investment bank said in a note dated Tuesday.
Goldman Sachs maintained its average Brent price forecast for 2025 at $76 per barrel. OPEC+, which includes members of the OPEC and allies such as Russia, is discussing a further delay to a planned oil output hike that was due to start in January, two sources from the group said. At its most recent meeting on Nov. 3, OPEC+ agreed to delay a planned December output increase by a month. Read More
Bolk Transport procures two Mercedes-Benz Arocs 8×4 for use in heavy-duty transportation. They replace the predecessor models after eight years and around 500,000 kilometers driven. Equipped with 630 hp and a fluid coupling, the new additions to the fleet can handle a gross train weight of up to 250 tons.
Erik Maassen van der Brink, Fleet Manager of the freight forwarding company: “Even though our trucks generally have to cope with significantly tougher transport tasks than conventional trucks, they have impressively proven their durability. Technical reliability and our accumulated experience over many kilometers under full load are decisive criteria for us when purchasing new trucks.” The fact that the Arocs is available with a fluid coupling also helped fleet manager Erik Maassen van den Brink in his considerations: “These are 630 hp 8×4 Arocs. Among other things, they move heavy transformers and wind turbine components across Europe. Often these heavy goods also have to go up and down slopes. This means a lot of acceleration and braking. The fluid coupling has already demonstrated in recent years that with its support, drivers can do this work very smoothly and precisely. This also makes a significant difference when it comes to wear.” Read More
Prospex Energy plc (AIM:PXEN), the investment company focused on European gas and power projects, wishes to update shareholders on the schedule of the flow testing at the Viura-1B development well, which is expected early in December. The Viura-1B development well which has been drilled by HEYCO Energy Iberia S.L. (“HEI”) reached its revised targeted Total Depth (“TD”) of 4,500 metres, which is ≈4,100 metres True Vertical Depth (“TVD”), on 21 October 2024 in the 6-inch hole section of the bottom 450 metres of the well.
Prospex owns 7.2365% of the Viura field through its ownership of 7.5% of HEI. Prospex will receive 14.473% of the production income from the Viura gas field until payback of its initial capital investment from the acquisition in August 2024.
The Viura-1B well is currently being connected to the existing gas processing facilities on site in order to prepare for the imminent flow testing programme, thus immediately generating revenues, with production income expected early in December 2024. Following flow testing, the well will be placed on long-term production.
As previously reported, the Viura-1B well was deepened by 450 metres in order to appraise the undrilled Utrillas-B formation and assess if it was gas bearing. Having confirmed the presence of gas-bearing reservoir quality sandstones in the Utrillas-B, the operator completed this interval with a cemented 4½ inch liner. The flow testing program for the Utrillas B section will be performed during the planned plant shut-down in H2 2025.
The drilling rig has been moved from the Viura-1B well site location to the produced water disposal well Viura-3 site in order to re-instate its operability to better manage produced water from the existing Viura-1 ST3 production well.
Mark Routh, the CEO of Prospex, commented:
“The Viura-1B development well has been successful and we await confirmation of the anticipated flow rates from the substantial reservoir sections encountered in the main reservoir target of the so-called Utrillas-A formation. Analysis is ongoing to fully assess the implications of the well results to the recoverable reserves from the Viura field, the flow test numbers will enable confirmation that the project has met and hopefully exceeded its pre-drill objectives. Read More
Nissan Formula E Team is delighted to announce it has joined forces with Dynisma Ltd., in an agreement which will see the supply of a brand-new bespoke racing simulator prior to Season 12.
As the squad continues preparation for the 2024/25 ABB FIA Formula E World Championship, it is putting everything in place to ensure it will be as competitive as possible ahead of the GEN4 era.
With limited testing and track time, a state-of-the-art simulator is a huge part of allowing the team to grow. With the support of Dynisma, drivers will experience more accurate and realistic preparation for races, and the team’s engineers will be able to further optimize set-up and technical changes ahead of the events. The UK-based company is a world leader in simulator technology and will supply the most up-to-date Dynisma DMG-1 system to allow both car and driver to perform at the highest level.
Nissan Formula E Team and Dynisma will work together over the coming months to ensure the hardware and software of the simulator is tailored exactly to the squad’s requirements, allowing for the unique systems used in Formula E. A team of engineers will be deeply involved, making sure the simulator is fully functional in the build-up to Season 12. Read More
Hyundai and Toyota competed at Rally Japan 2024 held for November 21-24 in Aichi and Gifu prefectures. This October, the two companies jointly hosted the Hyundai N x TOYOTA GAZOO Racing Festival in Korea.
This collaboration with Hyundai is a first for Toyota. At the start of this year, Morizo met with Hyundai Executive Chair Euisun Chung in Japan, and the wheels were set in motion. On site, Hyundai showed off its latest high-performance electric vehicle, the RN24, and held demo runs by the drivers appeared at Rally Japan in front of a thrilled crowd.
Morizo drove his Yaris WRC, showing off his donuts. In the passenger seat was none other than Executive Chair Chung! Read More
How the limited-edition models of the Porsche 911 are created
They are the Turbo 50 Years, the Dakar and the S/T, and they are current limited-edition models of the Porsche 911. These exclusive models of the sports car icon combine outstanding design, special drive and chassis components as well as individual equipment details to create a unique driving experience. Special production processes and steps apply for the production of the limited-edition 911 models at the Zuffenhausen site. The construction of the limited-edition 911 models combines the highest levels of exclusivity and manufacturing precision with the art of personalisation. In the case of the limited-edition 911 models, the manual assembly steps in particular make the difference: production in the Exclusive Manufaktur takes us from the application of special leather and fabric covers in the interior to refinement by means of various trims and decorative elements in the exterior, and even individually personalised design elements. In the Sonderwunsch Manufaktur, even the most unusual wishes become reality – right up to the production of one-of-a-kind items.Read More
Utrecht is taking a bold step towards more sustainable mobility with this groundbreaking collaboration. This initiative aims to facilitate the large-scale availability of electric shared mobility while offering an innovative way to balance the city’s electric grid through bi-directional charging technology. The Netherlands has become a world leader in the roll-out of solar and wind energy, causing challenges on the electricity grid. Utrecht is one of the most advanced European cities in using renewable energy, with already 35% of all rooftops covered with solar panels.
As part of the agreement signed yesterday at the Dutch embassy in Paris, the partners would deploy a fleet of 500 Renault electric vehicles in Utrecht, initially consisting of the iconic Renault 5. These vehicles, available through a car-sharing service operated by MyWheels, would utilize V2G bi-directional charging technology developed by Mobilize, Renault Group’s brand dedicated to new mobilities. This would mark the first time this technology is used to benefit public infrastructure. 500 bidirectional cars could provide 10% of the needed flexibility in Utrecht Region to balance solar- and wind energy for usage during peak-hours.
The fleet could eventually feature the Renault 4 E-Tech electric, Megane E-Tech electric and Scenic E-Tech electric further demonstrating Renault Group’s commitment to sustainable mobility and innovation. Their compact design and advanced technology make them ideal for urban car-sharing programs in cities transitioning to more sustainable mobility solutions. The use of Mobilize’s V2G technology would represent a significant step forward, allowing We Drive Solar’s public infrastructure and services to contribute to a more resilient and sustainable energy system on a large scale.
Renault’s vehicles equipped with Mobilize’s V2G technology would enable users to charge their vehicles with clean energy and feed power back into the grid during high demand. This not only reduces overall electricity costs but also helps stabilize the grid and further integrate renewable energy sources. We Drive Solar, an international leader in smart charging, would provide its advanced bidirectional charging solutions. Starting in Utrecht, all new bidirectional public AC chargers would be rolled-out to support the V2G access toolkit provided by Mobilize. Renault’s vehicles would be operated by MyWheels, the largest car-sharing company in the Netherlands. With this initiative, MyWheels would set a new standard for car-sharing services by integrating mobility and energy solutions to address modern urban challenges.
This collaboration is a testament to the power of public-private partnerships in driving the transition to more sustainable and efficient urban mobility solutions. Read More
Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) today announced its preliminary financial results for the three months ended 30 September 2024
Q3 2024 highlights and subsequent events
• Q3 2024 results and highlights: Operating revenues of USD 16.5 million and EBITDA of USD (22.1) million. Earnings per share of USD (0.10) in the third quarter of 2024.
• Paul B. Loyd, Jr, strong uptime: In her second full quarter under Dolphin Drilling operations and responsibility Paul B. Loyd, Jr successfully completed operations at Harbour Energy’s North West Seymour well. The rig moved to the Gilderoy well to commence exploration works. Recorded average uptime for the quarter was 96%
• Blackford Dolphin enroute to India and contract start in Q4: In October 2024 Blackford Dolphin arrived in India for its next drilling campaign after departing Nigeria in July. Following customs clearance and client acceptance the Blackford Dolphin commenced contract on 11 November 2024.
• Borgland Dolphin contract cancelled for convenience: As notified on 20 November, EnQuest elected to terminate for convenience the contract for the Borgland Dolphin. An agreement was reached to pay USD 20.75 million to Dolphin which was received on 25 November. The Borgland Dolphin is currently located in Las Palmas Gran Canaria and is being actively tendered to multiple opportunities across geographies.
• Sale of Dolphin Leader: The cold-stacked Dolphin Leader was sold in July 2024 resulting in a net USD 5.9 million cash to the company, a decision influenced by the increasing uncertainty surrounding future activity levels in the UK. The rig shall be recycled in a responsible manner.
• Firm revenue backlog of USD 371 million as of reporting date. USD 153.8 million Oil India contract was confirmed in an official signing ceremony in India during July 2024, the same value was previously recorded in backlog as a Letter of Award. The value associated with the Borgland EnQuest contract has been removed.
The preliminary earnings report and company presentation are enclosed. The results will be presented on 27 November 2024 through an audiocast starting 15:00 CET. The presentation will be held by CEO Bjørnar Iversen and CFO Stephen Cox. Read More
You could receive $7,500 credit on Rivian R1T and R1S purchase in the US.
Thinking about bringing on a fully electric vehicle for your business? If you purchase or lease R1T or R1S for your company, you could qualify for the Commercial Clean Vehicle Credit under Internal Revenue Code 45W.
The Commercial Clean Vehicle Credit1 is a tax credit for businesses and tax-exempt organizations that purchase or lease qualified clean vehicles for business use. Rivian vehicles qualify for a credit of $7,500 under the program with no MSRP cap, income limits or battery and mineral sourcing requirements. Read More
Hydro is advancing on its 2030 strategy to seize opportunities from the green transition, driving growth in aluminium recycling and extrusions, and executing on renewable power generation and sustainability ambitions. These topics will be key for Hydro’s Capital Markets Day 2024.
Key highlights
Launching new improvement program to deliver NOK 6.5 billion in improvements by 2030
Improvement efforts to strengthen Recycling and Extrusions execution towards 2030, reconfirming 2030 adjusted EBITDA potential despite market challenges
Battery and Havrand businesses to be phased out
Hydro REDUXA and Hydro CIRCAL sales increasing by more than 20 percent in 2024, amid weak European and North American markets, building capabilities for future contributions with partners
Reconfirming 2025 and medium-term annual capex guiding of NOK 15 billion, with additional annual flexibility up to NOK 1-2 billion
Estimating NOK 29 billion working capital by 2024 and additional NOK 1 billion build in 2025, from higher upstream prices and weaker NOK offsetting improved performance Read More
Hydro’s Alumetal recycling plant in Kety, Poland, will increase the use of renewable energy to produce low-carbon, recycled aluminium products for the European green transition. The solar panels being installed at Alumetal will generate 1,000 MWh of electricity each year and are expected to be in operation during the second quarter 2025.
“Power is an important input factor for the aluminium industry and switching to renewable energy is critical to decarbonize our value chain. Even if aluminium recycling only requires five percent of the energy used to produce primary metal in a smelter, every step matters to get to net-zero. The solar panels in Kety are yet another step in the right direction,” says Hanne Simensen, Executive Vice President in Hydro Aluminium Metal.
The EUR 870,000 investment will help the plant switch parts of its energy supply to local, self-generated renewable energy. The project is in line with Hydro’s decarbonization roadmap and commitment to a 30 percent reduction in the company’s carbon emissions by 2030, with a goal of achieving net-zero in scope 1 and 2 carbon emissions by 2050.
The investment also includes a modernization of the plant’s main security and electrical energy measurement system.
Renewable energy benefitting the local society in Kety
The 1,000 MWh of electricity produced from renewable solar energy will meet 15 percent of the plant’s annual electricity needs, which is enough to power around 100 average European households for a year. Read More
Gautam Adani has been charged in the United States for alleged securities law violations and faces potential fines but has not been charged under the U.S. Foreign Corrupt Practices Act, Adani Green Energy said on Wednesday.
US authorities last week accused Adani, his nephew and executive director Sagar Adani and managing director of Adani Green, Vneet S. Jaain, of being part of a scheme to pay bribes of $265 million to secure Indian power supply contracts and misleading U.S. investors.
The company said in a statement that the U.S. SEC complaint “prays for an order directing the defendants to pay civil monetary penalties (but) it does not quantify the amount of penalty”.
The civil case brought by the Securities and Exchange Commission is a parallel case to an indictment against Adani and others by U.S. federal prosecutors. Read more
Kuwait is planning to build solar power plants in partnership with Chinese companies at a cost of more than $800 million, a newspaper reported on Wednesday. The IPP (Independent Power Producer) project involves Shagaya 3 and 4 solar power plants and will be a joint venture between the Kuwaiti and Chinese governments as well as a company listed on Kuwait’s bourse, Alqabas Arabic language daily said. Read More
Serica Energy plc issues the following trading and operations update in respect of the third quarter and first nine months of 2024. Chris Cox, Serica’s CEO, stated: “Our ability to unlock production from mature fields has been illustrated through the positive drilling campaign at Triton and well work on Bruce. With the successful results from the B-6 well on Bittern expected to be followed shortly by the Gannet GE-05 well, our key focus is now working to translate these results into more robust production performance than we have seen in recent months. The Autumn Budget has provided much needed clarity over future investment allowances. The remainder of the Triton well campaign will continue to benefit from full tax relief, and the retention of allowances opens up opportunities in the wider portfolio. Our subsurface team are continuing to work up options for the untapped potential around the Bruce Hub. Our portfolio is set to provide material cash generation going forward and we are confident of growing both organically and through acquisitions, delivering significant returns to shareholders.” Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $69.12 | Down |
| Crude Oil (Brent) | USD/bbl | $73.26 | Down |
| Bonny Light 26/11/24 CBN | USD/bbl | $75.65 | Up |
| Dubai | USD/bbl | $72.60 | Down |
| Natural Gas | USD/MMBtu | $3.34 | Down |
| Murban Crude | USD/bbl | $72.19 | Down |
| OPEC basket 26/11/24 | USD/bbl | $72.96 | Down |
Abu Dhabi National Oil Company the current majority shareholder of 90% of the ordinary shares in ADNOC Gas plc( notes recent media reports about a potential capital market transaction involving ADNOC Gas.
ADNOC continuously explores strategic opportunities to drive further growth, prioritize shareholder value, including in ADNOC Gas, and reiterates its ongoing commitment to enhance the Abu Dhabi equity capital market while generating sustainable returns for investors across its listed portfolio.
ADNOC sees significant value creation potential in ADNOC Gas, which could be further enhanced by broader indexation, driving liquidity and shareholder base diversification. This would require a higher free float at current market capitalization levels. At this time, no decision has been taken about an additional share sale, including the timing or sizing of such a sale.
ADNOC will provide an update as and when appropriate. Read full article
Baker Hughes Rig Count: U.S. -1 to 583 Canada +1 to 201
U.S. Rig Count is down 1 from last week to 583 with oil rigs up 1 to 479, gas rigs down 2 to 99 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 1 from last week to 201, with oil rigs down 4 to 133, gas rigs up 4 to 67 and miscellaneous rigs up 1 to 1.
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 | 23 November 2024 | 583 | -1 |
| Canada | 23 November 2024 | 201 | +1 |
| International | October 2024 | 950 | +3 |
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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