London, (Oilandgaspress) ––The global oil demand growth forecast for 2024 was revised down by 106 tb/d to 1.9 mb/d, y-o-y, still well above the historical average of 1.4 mb/d. The adjustment reflects actual data received, combined with slightly lower expectations for some regions. OECD oil demand is expected to grow by more than 0.1 mb/d, y-o-y, in 2024, with the OECD Americas driving growth. Non-OECD oil demand is forecast to grow by 1.8 mb/d, y-o-y, this year. The OECD demand is forecast to expand by about 0.1 mb/d, y-o-y, with OECD Americas providing most of the contribution. Read More
Horisont Energi has agreed with a leading global technology company to cooperate on the development of carbon capture and storage (CCS) projects in Europe (outside Norway). The collaboration includes joint development of end-to-end CCS projects where Horisont Energi is intended to take the role as carbon storage project developer and operator. Horisont Energi established a new company structure earlier this year with three separate subsidiaries namely Horisont Ammoniakk, Horisont Karbon and Horisont Infra, to facilitate pureplay industrial partnerships. Horisont Karbon is the subsidiary in which the new industrial CCS collaboration will be developed.
“We are now seeing the effect of the significant competence, know-how and organisational capabilities Horisont Energi has built within CCS over the last five years. Our collaboration with a company with trusted experience, innovative technologies, and execution capabilities will facilitate new market entries, strengthen and complement our capabilities, and contribute to the development of new pioneering projects in Europe,” say Horisont Energi’s Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad.
The collaboration may over time also positively impact value creation for our Norwegian projects and contribute to risk mitigation in support of project realisation.
CCS is a crucial technology for reducing CO2 emissions and plays an essential role in achieving our shared climate goals. The market potential is significant, and to advance the CCS market, it is vital to establish well-coordinated value chains and frameworks. These will ensure alignment of timelines across the various stakeholders, from the capture phase through to carbon sequestration. Read More
McDermott has been awarded Platinum status in the Used Garnet Return Rewards Program by GMA Middle East, marking a decade-long successful partnership between the two companies. As the first recipient of this award in the region, McDermott is being recognized for its commitment to sustainability and environmental responsibility through the return of garnet used in its fabrication paint blasting operations.
This initiative, which aligns with McDermott’s efforts to divert solid waste from landfills, has allowed GMA to process approximately 32,000 tons of used garnet from McDermott alone.
“This recognition underscores McDermott’s commitment to achieving our sustainability targets and creating long-term value for our stakeholders while integrating circularity into our operations,” said Sadaf Hameed, McDermott’s Manager, Sustainability. “Recycling garnet is a powerful example of how we can extend the life of materials, reduce waste, and lessen our environmental impact. We view initiatives like this as essential in transitioning to more sustainable engineering, procurement, construction, and installation practices.”
“McDermott’s leadership in garnet recycling sets a benchmark for environmental stewardship in the industry,” said Grant Cox, GMA CEO. “Their return of used garnet over the past decade has contributed significantly to reducing landfill waste, and we are proud to recognize their role in advancing sustainability in the region. We look forward to continuing our partnership and exploring new ways to innovate together.” Read More
Hyundai Motor Company’s high-performance division, Hyundai N, has announced a global partnership with KUNOS Simulazioni – creators of the popular game Assetto Corsa – to expand its high-performance driving experience into the virtual space.
Through its collaboration with KUNOS Simulazioni, unveiled today at the ADAC SimRacing Expo in Dortmund, Germany, Hyundai N is set to launch the Hyundai N Virtual Cup (HNVC). This initiative will allow motorsports enthusiasts to experience Hyundai N’s high-performance driving through the immersive world of eSports sim racing.
“This partnership represents a significant step forward in bringing together Hyundai N brand fans and eSports enthusiasts,” said Joon Park, Vice President and Head of N Brand Management Group. “With the Hyundai N Virtual Cup, we aim to enhance the Hyundai N brand’s recognition and spotlight our high-performance models while providing our customers and fans with a unique opportunity to digitally experience our high-performance models through sim racing.”
The introduction of the HNVC builds on Hyundai Motor’s momentum in high-performance driving. The company recently achieved a record by winning the TCR class at the Nürburgring 24H for the fourth consecutive year. Additionally, its IONIQ 5 N – the N brand’s first high-performance electric vehicle (EV) – has gained global recognition, signaling a shift in high-performance EVs and highlighting Hyundai Motor’s ongoing investment in both motorsport and high-performance vehicles, including internal combustion engines (ICE) and EVs.
The HNVC is an innovative venture that brings together Hyundai N’s commitment to high-performance driving and the immersive world of sim racing. The tournament will be hosted on KUNOS Simulazioni’s acclaimed Assetto Corsa platform, renowned for its realistic racing experience.
The digital tournament will feature several Hyundai Motor models, including IONIQ 5 N, i20 N, i30 N, Elantra N TCR and others. As the most successful touring car currently competing in global motorsport having won 10 titles alone in the 2023 season, the Elantra N TCR will be available as the in-game racing vehicle in the new Assetto Corsa EVO game, set to launch in 2025.
The tournament will consist of online regional qualification and semi-final competitions linked to four Regional HQs: Korea, USA, Europe and China. The HNVC will begin with pre-qualification rounds held online from October 21 to November 11, during which the top 40 players from each region will be selected, totaling 160 players.
This will be followed by regional qualification rounds from November 20 to December 1, narrowing the field to the top 20 players per region for a total of 80 players. The regional semi-finals will take place online from December 7 to 15, with the top five players from each region selected for a total of 20 players. The tournament will culminate in the World Final, held offline on January 11, 2025. The total prize money for the competition is set at $100,000, with the overall winner receiving $20,000. Read full article
Lancia moves forward with its strategic renaissance, unveiling the New Ypsilon, the first of three vehicles set to redefine the future of the brand. This project celebrates the timeless elegance and technological innovation that have made Lancia a symbol of Italian and international automotive excellence. The New Ypsilon marks the first step in the brand’s revival.
Available in both hybrid and 100% electric versions, the Ypsilon positions itself at the top of the premium B-segment, thanks to its versatility and cutting-edge technology. With a design that blends tradition and modernity, the New Ypsilon offers a unique driving experience, characterized by sustainability, comfort, and efficiency.
A key element of Lancia’s revival is the return to high performance. Each new model will be accompanied by an HF version, embodying the power and agility of the legendary sports cars that have defined the brand’s history, such as the Stratos and Delta. This combination of power and elegance is set to solidify Lancia’s position in the European premium market.. Read full article
Hyundai Motor Company and Kia Corporation are hosting E-FOREST TECH DAY 2024, a new technology exhibition to share innovative smart factory manufacturing technologies. The fifth annual event also serves as a platform for presenting Hyundai Motor and Kia’s vision for the future transition to a Software-Defined Factory (SDF).
E-FOREST TECH DAY was established with the aim to share research and development achievements and broaden the areas of technical application. This year’s event will be held from October 22 to October 24 at the Hyundai Motor and Kia Uiwang Research Institute.
Six Hyundai Motor Group companies, including Hyundai Motor, Kia, Hyundai Mobis, Hyundai Rotem, Hyundai Wia, Hyundai Autoever, Hyundai Glovis, and Hyundai Transys, are participating in the event. They will present over 200 new manufacturing technologies across four theme halls — SDF, AAM (advanced air mobility), Robotics, and Startups — suggesting the direction for future developments.
Hyundai Motor and Kia have also organized a new manufacturing technology presentation conference, a software user conference, and seminars for professional partners and startups to facilitate participants’ smooth sharing of information and communication.E-FOREST TECH DAY 2024 aims to create new value by integrating SDFs and innovative mobility under Hyundai Motor and Kia’s E-FOREST smart factory brand. The event encourages technological exchange and mutual growth among Group companies and partners. This is primarily facilitated through an exhibition that showcases manufacturing technologies tied to open innovation.
Hyundai Motor and Kia’s E-FOREST smart factory brand pursues innovation in manufacturing systems by organically connecting everything to realize value for customers. It introduces automation technologies using artificial intelligence (AI) and robots, as well as human-friendly smart technologies, to innovate manufacturing systems. It aims to upgrade the entire mobility industry. Read More
Chevron aims to increase its U.S. Gulf of Mexico production to 300,000 net barrels of oil-equivalent (BOE) per day by 2026, and two projects that recently started operations could help it get there. In September, Chevron announced that it began water injection at its St. Malo offshore field. This is Chevron’s first waterflood project in the deepwater Wilcox trend.
The project, which was completed under budget, is expected to recover approximately 175 million gross BOE. That’s in addition to the almost 400 million gross BOE produced to date from the Jack and St. Malo fields.
Less than 100 miles away, Chevron’s Tahiti facility—which has produced more than 500 million gross BOE since 2009—has also expanded waterflood operations to boost production. Read Press Release
Suppliers, Not Subcontractors
To grasp the current state of Toyota’s suppliers, let’s start by understanding the carmaker’s supply chain.
Since a single car is said to contain some 30,000 parts, naturally not all of them can be made in-house. Instead, the production process involves many different parts manufacturers.
Take, for instance, a single headlight. At Toyota, headlights are produced by Tier1 suppliers, with lenses manufactured by Tier2, which involves surface finishing by Tier3, using coatings made by Tier4… and so on. Components such as rubber covers and brackets must also be procured from Tier2 suppliers.
As the chart below shows, the supply chain’s tiers expand as we move outward from Toyota, the final assembler of vehicles. In Tier1 alone, Toyota buys parts from some 400 domestic companies; across the entire supply chain, the total reaches around 60,000, with annual orders worth approximately 7 trillion yen. Read more
A trade association representing some of the biggest oil and gas drilling companies has ambitious aspirations — and in many cases, concrete plans — to dismantle Biden administration environmental regulations and overturn components of the Democrats’ 2022 climate law.
Those plans — contained in a tranche of confidential documents obtained by watchdog group Fieldnotes and shared with POLITICO’s E&E News — include draft executive orders former President Donald Trump could sign soon after entering office, should he win another term this November, and a blueprint for advancing key priorities on Capitol Hill. Read More
The Jeep® brand and The North Face have partnered to create Jeep Avenger 4xe The North Face Edition, a unique vehicle that embodies their shared values of adventure and exploration. This collaboration combines innovative techniques and materials from both brands, designed to tackle the toughest challenges.
Both brands promote exploration—The North Face encourages pushing personal limits, while Jeep embodies freedom, passion, and authenticity. Together, they celebrate the journey of discovery, inspiring individuals to break free from routines and embrace adventures, exploring new landscapes, cultures, and ideas.. Read full article
In launching its World Energy Outlook 2024 (WEO), the IEA stated that “the future of the global energy system is electric.” This follows its assertion that demand for coal, oil and gas will peak by the end of the decade. Furthermore, the IEA’s Executive Director stated, “In energy history, we’ve witnessed the Age of Coal and the Age of Oil – and we’re now moving at speed into the Age of Electricity, which will define the global energy system.” The idea that the energy system can be ‘defined’ by one energy source does not correspond with the IEA’s own analysis, or indeed with today’s energy reality in which coal, oil and gas together make up about 80% of the global energy mix.
Additionally, reducing the history of energy to a series of succession events, with energy sources constantly locked in a battle of competition and replacement, overlooks the reality that energy sources exist in a mutually dependent relationship. It distorts the past and present, calling into question some of the fundamental assumptions underpinning the IEA’s vision of our energy future.
Regarding the ‘Age of Coal’ being in the past, it is worth noting that the IEA’s Report, ‘Coal Mid-Year Update – July 2024’ stated, “global coal demand grew by 2.6% in 2023, to reach a new record of 8.7 billion tonnes”, which is notable for being an all-time high. Furthermore, the IEA report, “Coal 2023 Analysis and forecast to 2026”, published in December 2023, stated that “coal remains the largest energy source for electricity generation, steelmaking and cement production.”
The IEA has also implied that the ‘Age of Oil’ is a thing of the past. Yet, as the WEO 2024 states, “[Oil] demand in 2023 surpassed the previous peak set in 2019.” Indeed, in the WEO 2024, the IEA has actually revised upwards its forecasts in the Stated Energy Policies Scenario (STEPS) for the cumulative share of coal, oil and gas in the energy mix in 2030 to 75% from 73% in WEO 2023, bringing it more into line with OPEC’s assessment.
It is also worth highlighting what other recent IEA reports say about the share of coal, oil and gas in the energy mix. Just last week, on 9 October 2024, the IEA launched its report ‘Renewables 2024’ in which it stated that “almost 80% of global energy demand will still be met by fossil fuels” in 2030. In the WEO 2024, the IEA stated that this share will be 75% in the Stated Energy Policies Scenario. Even bearing in mind that the policy setup in these two cases might differ somewhat, this is a significant difference.
The ‘Age of Electricity’ that the IEA believes we are ‘moving at speed’ towards faces a series of diverse challenges. For example, mass expansion in electricity requires an exponential increase in demand for critical minerals. However, as the WEO 2024 states, “growth in the availability of critical minerals from the pipeline of announced projects – many of which have significant lead times – is set to be slower than expected growth in manufacturing capacity for a number of critical minerals.”
This growth in electricity demand will also require an unprecedented expansion of grid capacity. As the IEA has written in its report ‘Electricity 2024’, to achieve national energy and climate goals, 80 million kilometres of overhead power lines and underground cables need to be added by 2040. This is almost the same capacity that has been built over the last hundred years, which would need to be accomplished in 15 years.
Additionally, it is worth bearing in mind how essential petroleum-derived products are for both the critical minerals mining sector, namely mining vehicles and equipment powered by diesel, as well as throughout the electricity grid, from products like material for insulating cables and transformer oils, as well as transportation of vital equipment. Furthermore, mass electrification also necessitates large quantities of steel and cement – products that often require coal in the production process.
The IEA has urged policy makers to use its analysis to understand how the energy landscape is changing. It has also urged investors to stop investing in new oil and gas projects. In discussing that landscape, due regard should be given to consequences of underinvestment in the oil and gas industries, especially those related to energy security.
When defining the future of energy systems, the needs of those who lack access to the amenities that so many take for granted should be at the fore. The energy priorities of the 685 million people who still have no access to electricity and the 2.1 billion people who continue to rely on unsafe fuels for cooking differ vastly to those advocating which energy type to choose.
Much ink has been spilled in the past about ‘peaks’ in the energy system that never came to pass. Disproven by realities, such notions are truly past their peak. The reality of the matter is that today the world is consuming more oil, coal, gas and electricity than ever before.
For the just and sustainable energy future that we all aspire to, OPEC continues to advocate for an ‘all-peoples, all-energies and all-technologies’ approach. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.01 | Down |
| Crude Oil (Brent) | USD/bbl | $73.73 | Down |
| Bonny Light 18/10/24 , CBN | USD/bbl | $75.51 | Up |
| Dubai | USD/bbl | $75.16 | Down |
| Natural Gas | USD/MMBtu | $2.27 | Down |
| Murban Crude | USD/bbl | $73.55 | Down |
| OPEC basket 18/10/24 | USD/bbl | $73.21 | Down |
FIAT confirms its European leadership in the “core” segment of city cars with Fiat Panda and 500e. Two true icons of Made in Italy, the undisputed leaders in the city car segment and in the electric city car market in Europe. Thanks to these iconic models FIAT is the brand that represents urban sustainable mobility, for both hybrid and electric segments.
Thanks to its immense popularity, the beloved Panda has achieved a remarkable milestone: over 100,000 units sold since the start of the year. In September, the iconic Panda achieved a 24% market share, reflecting a 4-percentage point increase compared to September 2023, and a 26% year-to-date share. In Italy, it saw remarkable growth in its market share, reaching 60% for the month and 56% year-to-date, solidifying its position as the absolute market leader.
The Fiat 500e has emerged as the top-selling electric city car in its segment across Europe, boasting a market share of 63% in September and 45% year-to-date. Furthermore, FIAT’s electric jewel leads sales in Italy with a 29% share, in France with 49%, in Germany with 48%, and in the UK, where it has the highest share at 80%.
The two models are true FIAT’s historic icons of Made in Italy, produced in the country, and they provide two complementary solutions for electrified urban mobility, where the brand continues to lead and is recognized as an unparalleled trendsetter.. Read full article
Baker Hughes Rig Count: U.S. -1 to 585 Canada -2 to 217
U.S. Rig Count is down 1 from last week to 585 with oil rigs up 1 to 482, gas rigs down 2 to 99 and miscellaneous rigs unchanged at 4. Canada Rig Count is down 2 from last week to 217, with oil rigs down 1 to 153, gas rigs down 1 to 64 and miscellaneous rigs unchanged at 0. International Rig Count is up 16 rigs from last month to 947 with land rigs up 15 to 735, offshore rigs up 1 to 212. The U.S. Offshore Rig Count is unchanged at 18, down 6 year-over-year. The Worldwide Rig Count for September was 1,751, up 15 from the 1,735 counted in August 2024, and down 8, from the 1,759 counted in September 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 18 October 2024 | 585 | -1 |
| Canada | 18 October 2024 | 217 | -2 |
| International | September 2024 | 947. | +16 |
Kia Corporation (Kia) is introducing its ‘Opposites United: Intersections Beyond Boundaries’ exhibition in Seoul, Korea. Hosted at SPACE S1 in Seongsu-dong from October 19th to November 2nd, 2024, the showcase follows the success of the Design Cultural Communication Project featured at Milan Design Week in April this year.
Inspired by Kia’s forward-thinking ‘Opposites United’ design philosophy – the bold design language driving Kia’s mobility vision – the Seoul exhibition expands on the creative installation that debuted in Milan, with the same renowned artists presenting their works to a new audience.
Developed in collaboration with artists from various fields, this immersive media installation explores cultural creativity, inviting visitors to enter a world beyond boundaries, realms, and authority. Through installations and performances, Kia has created a platform encouraging visitors to envision a world free from imaginative limits.
Drawing on contrasts found in nature and humanity, the ‘Opposites United: Intersections Beyond Boundaries’ exhibition reflects Kia’s commitment to fostering collaboration and creativity across disciplines. This is facilitated through two distinct art styles: Personal and Collective, and Finite and Infinite.
The Personal and Collective sphere explores two opposing ways of approaching life and understanding the world. This is expressed through Anna Galtarossa’s kaleidoscopic, multi-sensory installation, ‘The Spirit of Disco,’ paired with Riccardo Benassi’s conceptual ‘Daily Dense Dance Desiderio’. Read full article
Golar LNG’s 3rd Quarter 2024 results will be released before the NASDAQ opens on Tuesday, November 12, 2024. In connection with this a webcast presentation will be held at 1:00 P.M (London Time) on Tuesday November 12, 2024.. Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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