London, (Oilandgaspress) –– Crude oil inventories in the United States fell by 7.4 million barrels for the week ending August 30, according to The American Petroleum Institute (API). Oil prices held near a 14-month low on Thursday as bearish worries about demand in the U.S. and China and a likely rise in supplies out of Libya offset a big, bullish withdrawal from U.S. inventories and a delay to output increases by OPEC+ producers.
Sales of new cars in Germany declined sharply in August compared to the same month last year, largely as a result of weak demand for electric vehicles, figures released by the Federal Motor Transport Authority (KBA) showed on Wednesday. Overall registrations of new vehicles declined by 27.8%, with electric car licensing down by a staggering 69%, caused partly by a statistical effect. Diesel licensing was down 24.4% and petrol-powered cars were down 7.4%.. Read More
EnQuest H1 2024 performance
Reported cash generated from operations was $368.9 million (2023: $370.4 million); with cash capital expenditure of $95.0 million (2023: $80.0 million) and cash abandonment expenditure of $31.5 million (2023: $29.3 million).
Net production averaged 42,771 Boepd (2023: 45,480 Boepd); strong uptime across the portfolio offset by minor delays to the Magnus five-yearly rig recertification programme and the failure of an infill well on the non-operated Golden Eagle asset.
Revenue and other operating income totalled $586.0 million (2023: $770.4 million). Oil revenue was largely flat ($523.1 million; 2023: $540.1 million). Gas revenue fell on lower prices and reduced third party volumes transported over Magnus – the impact of which was offset in cost of sales.
Reported profit after tax was $30.3 million (2023: loss of $21.2 million).
EnQuest net debt was reduced by $159.9 million, to $321.0 million at 30 June 2024. The Group fully repaid its RBL and EnQuest maintained strong liquidity – with total cash and available facilities of $566.0 million (end 2023: $498.8 million).
EnQuest’s net debt to EBITDA ratio at 30 June was 0.4x – moving beyond the Group’s stated leverage target of 0.5x.
This provides a platform for transformational transactional growth, enhanced by the Group’s advantaged UK tax position.
EnQuest’s $15 million share buy back programme commenced in April, with share purchases totalling c.$2.5 million at 30 June 2024. Planned Treasury repurchases were completed in August – all additional shares purchased will now be cancelled. Read full article
Electric vehicles (EVs) accounted for almost a quarter of new car sales in August as manufacturers resorted to cutting prices and rationing petrol cars to hit their net zero targets.
The market share of EVs rose to 22.6pc last month, up from 20.1pc a year earlier, according to the Society of Motor Manufacturers & Traders (SMMT). Total EV sales rose by 11pc to 19,113. New car sales across the market declined by 1.3pc, with petrol and diesel cars falling by 10pc and 7pc respectively. Manufacturers are scrambling to avoid fines for missing the Government’s zero emission vehicle (ZEV) mandate targets – which run to £15,000 per car sold above the limits on petrol and diesel. The Government requires that 22pc of all cars sold by a manufacturer are electric.. Read full article
The amount of electricity in Northern Ireland generated by renewable sources has fallen by 5% in the last two years, new figures show.
It comes at a time when green power in the Britain and the Republic has hit record highs, and with the clock counting down towards 2023, when the Climate Change Act target is to ensure that at least 80% of electricity consumption is from renewable sources.
And the numbers have prompted renewables chief Steven Agnew to admit that Northern Ireland “has gone from leaders to laggards” and is the region has become an unattractive place for renewable investment. Read full article
African nations are losing up to 5% of their GDP every year as they bear a heavier burden than the rest of the world from climate change, a new report said Monday after one of the continent’s hottest years on record. The World Meteorological Organization said many African nations are spending up to 9% of their budgets for climate adaptation policies.Africa is responsible for less than 10% of global greenhouse gas emissions. But it is the most vulnerable region to extreme weather events including droughts, floods and heatwaves, the WMO said.. Read More
Date Crude Oil Price (Bonny Light) US$/Barrel
9/5/2024 77.000
9/4/2024 77.320
9/3/2024 78.910
9/2/2024 80.270
8/30/2024 83.000
8/29/2024 84.350
8/28/2024 82.810
8/27/2024 84.310
8/23/2024 83.120
8/22/2024 81.600
Data & Statistics | All CBN Publications
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $69.51 | Down |
| Crude Oil (Brent) | USD/bbl | $73.05 | Down |
| Bonny Light 05/09/24 | USD/bbl | $77.00 | Down |
| Dubai | USD/bbl | $77.60 | — |
| Natural Gas | USD/MMBtu | $2.27 | Up |
| Murban Crude | USD/bbl | $73.30 | Down |
| OPEC basket 05/09/24 | USD/bbl | $73.68 | Up |
The OPEC+ countries, which previously announced additional voluntary cuts in April and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on September 5th, 2024, during which the eight member countries emphasized their collective resolve to ensure full compliance with the voluntary production adjustments. The group includes Iraq and Kazakhstan, who have overproduced since January 2024, but have strongly reaffirmed their commitment to the agreement and to their compensation schedules submitted to the OPEC Secretariat as agreed under the 53rd meeting of the JMMC on April 3rd 2024.
In August 2024, Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, and Oman, conducted two ministerial discussions with Iraq and Kazakhstan. Both countries were urged to achieve full conformity and compensate for the overproduced volumes since January 2024. Iraq and Kazakhstan committed to engage with secondary sources to outline their plans for production adjustments to achieve compliance and meet the compensation schedules they submitted to the OPEC Secretariat on August 22nd.
Iraq and Kazakhstan reinforced their commitment during the OPEC Secretary General’s visits in late August, conducted in coordination with Saudi Arabia’s Minister of Energy and the Chairman of the OPEC and non-OPEC Ministerial Meetings. During those visits, the OPEC Secretariat organized workshops with the secondary sources where both countries provided extensive details on the immediate and concrete measures they are implementing to achieve full conformity with the required production levels and to meet their compensation schedules for August and for September. These measures included advancing field maintenance plans and reducing production alongside with delaying and canceling spot sales for the month of August. Moreover, the countries committed to adjust compensation plans for any over produced volumes in August.
In recognition of this strengthened resolve and renewed firm commitment, the eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024, after which these cuts will be gradually phased out on a monthly basis starting December 1st, 2024, according to the attached schedule, with the flexibility to pause or reverse the adjustments as necessary. The overproducing countries also reconfirmed their commitment that the entire overproduced volume will be fully compensated for by September 2025. Read More
Nexergy, a leading sustainable energy investment firm, made a significant stride in its partnership with Cassandra, a Swedish environmental company focusing on oil and gas recycling, during a shareholder meeting held in central Stockholm on 29th August 2024. The event, led by Cassandra’s CEO Anders Olsson, displayed the integration between Nexergy and Cassandra, solidifying a strategic alliance for the future.
The shareholder meeting highlighted important updates on the ongoing process for Cassandra shareholders to be a part of Nexergy as shareholders. Nexergy’s participation brought valuable insights into their vision for the collaboration and their commitment to driving innovation in Cassandra’s operations.
. Read More
The Lancia brand is taking part in Chantilly Arts & Élégance Richard Mille 2024, one of the world’s leading events, focusing on automotive beauty, due to take place this year from September 12 to 15 in the gardens of the Château de Chantilly.
New Lancia Ypsilon is on display & available for test drives for the first time in France since the official presentation last July at the Italian Embassy in Paris.
Lancia Pu+Ra HPE, the brand’s manifesto for the next 10 years, is registered for the Chantilly Concours d’Élégance, which highlights the pairing between fashion and the future of motoring with hundreds of cars and premium brands participating.. Source,
New 33 Stradale, manifesto of Alfa Romeo Made in Italy, pays homage to “Chantilly Arts & Élégance Richard Mille” Concours d’Élégance Alfa Romeo is taking part in the seventh edition of the exclusive event that pairs the automotive world with that of art and elegance, in the fabulous setting of the Château de Chantilly, Hauts-de-France.Due to take place from September 12 to 15
For the first time, the French public will be able to admire the new 33 Stradale, the authentic ‘manifesto’ of the Italian brand’s capabilities – now and in the future – in terms of style and driving experience.
The spotlight is on the 1971 33 Spider Cuneo prototype, usually on show at the Alfa Romeo History Museum in Arese, and on the new Junior that is bringing the brand back into the largest segment in Europe. . Read More
BW Group Limited (“BW Group”) has acquired 5,440,887 shares in BW Energy Limited (“BW Energy”) at a price of NOK 25 per share, and has agreed to sell the same number of shares at the same price to BW Energy Holdings Limited (“BWE Holdings”). Following these transactions BWE Holdings will own 197,343,997 shares (approximately 76.49%) in BW Energy. BW Group will not hold any shares in BW Energy. BW Group and BWE Holdings are close associates of Andreas Sohmen-Pao, Chairman of the board of directors of BW Energy. . Read full article
Mercedes-Benz has launched the first ever fully-electric Maybach in India. Called the Maybach EQS 680 SUV, it is the flagship model in Merc’s global portfolio and priced at a whopping Rs 2.25 crore (ex-showroom). The luxury electric SUV comes to India as a fully-imported CBU model.
This makes it the fifth battery-powered model in the German marque’s India lineup after EQA, EQB, EQE SUV, and the EQS sedan. It is based on the standard EQS SUV and also shares the same powertrain. In all other respects, the Maybach EQS SUV is different from the standard EQS. Powering the Mercedes-Maybach EQS SUV is a dual-motor setup drawing energy from a 122 kWh battery pack which returns peak output of 484 kW and 950 Nm of torque. The battery returns a peak range of 611 kilometres (WLTP) on a single charge. Using a 200 kW DC fast charger, 300 km charge can be topped up within 20 minutes. Read full article
Golar LNG Limited (the “Company”) has today successfully priced USD 300 million in senior unsecured bonds in the Nordic bond market. The bonds will mature in September 2029 and bear interest at 7.75% per annum. Net proceeds from the bond issue will be applied towards capital expenditure, refinancing of debt and general corporate purposes. An application will be made for the bonds to be listed on the Oslo Stock Exchange.
DNB Markets and Pareto Securities acted as Global Coordinators and Joint Bookrunners, and Clarksons Securities and Fearnley Securities as Joint Bookrunners in the bond issue. Read full article
Baker Hughes Rig Count: U.S. -2 to 583 Canada +1 to 220
U.S. Rig Count is down 2 from last week to 583 with oil rigs unchanged at 483, gas rigs down 2 to 95 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 1 from last week to 220, with oil rigs unchanged at 153, gas rigs up 1 to 67.
The Worldwide Rig Count for July was 1,713, up 7 from the 1,707 counted in June 2024, and down 106, from the 1,819 counted in July 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 30 August 2024 | 583 | -2 |
| Canada | 30 August 2024 | 220 | +1 |
| International | July 2024 | 934. | -23 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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