London, 17, June 2024, (Oilandgaspress): – Russia became the biggest supplier of natural gas to Europe last month, for the first time since 2022, replacing the United States. European gas prices remain vulnerable to any perceived change in supply. Benchmark futures rose as much as 2.2% Tuesday Read More
SONATRACH and the company Chevron FEA International Ventures Ltd. proceeded to the signing of a Memorandum of Understanding at the headquarters of the General Management of SONATRACH, in the presence of the Chairman and Managing Director of SONATRACH , Mr. Rachid HACHICHI and the Vice-President of International Exploration of Chevron, Mrs. Liz SCHWARZE. This memorandum of understanding constitutes a platform for discussion on the possibilities for developing hydrocarbon resources in areas of interest identified in the Ahnet and Berkine basins. In this context, emphasis will be placed on operational efficiency, cutting-edge techniques and technologies, as well as best practices in environmental preservation and sustainability.
On the sidelines of this event, the Chairman and CEO of SONATRACH declared: “ We welcome this new cooperation initiated today with Chevron, one of the world leaders in the Oil & Gas industry. This signature allows us to glimpse promising horizons for the development of the national mining sector and reflects our common ambition to exploit our country’s hydrocarbon resources in a responsible and sustainable manner.
For her part, Chevron’s Vice-President of International Exploration, Mrs. Liz SCHWARZE, spoke about this signing: “Algeria has a world-class petroleum system with the potential for significant oil and gas resources. Given Chevron’s recognized capabilities and proven experience in the development of all forms of oil and gas, we are enthusiastic about the potential for synergies and partnerships that we can create with SONATRACH . This agreement constitutes an important step and a step forward which will allow us to collaborate, with the objective of developing hydrocarbon resources in Algeria. Read More
The ASMIDAL Industrial Group, a 100% subsidiary of SONATRACH and the Spanish group GRUPO VILLAR MIR (GVM), announce that they have reached an amicable settlement of their disagreement, which arose in 2018 following GVM’s desire to sell its shares in FERTIAL, which led to an arbitration procedure between the two parties since March 2021 and the award for which was rendered in June 2023.
This is how the re-established dialogue between the ASMIDAL Group and GVM resulted in the signing of a binding transactional memorandum of understanding, which led to the formalization, on June 12, 2024, of the transfer of all of the shares held by GVM in FERTIAL to the ASMIDAL Group, thus putting a definitive end to the dispute between them in international arbitration. From now on, the ASMIDAL Group has total control over the FERTIAL company.
It should be remembered that FERTIAL was until then 49% owned by GVM and 51% by the ASMIDAL Group. Read More
SONATRACH signed a memorandum of understanding with the telecommunications company Huawei Télécommunication Algérie, at the headquarters of the parent company Huawei, in Shenzhen in the People’s Republic of China.
This protocol will allow SONATRACH and HUAWEI Télécommunication Algeria to establish a conducive framework to initiate discussions which will focus on cooperation opportunities in the fields of digitalization and information technologies, encompassing a wide range of areas, including cloud computing, data centers, computer networks, telecommunications and cybersecurity.
The signing ceremony took place in the presence of Mr. Chairman and CEO of the SONATRACH Group , Mr. Rachid HACHICHI and his Huawei counterpart Mr. Hua LIANG.
The signing of this memorandum of understanding demonstrates SONATRACH ‘s stated ambitions to develop cooperation in the field of digital transformation, considering it as an essential lever which will allow it to optimize its processes, fully exploit its potential and adapt to current challenges. Read More
Vallourec announces its effective membership in Dii Desert Energy, a global organization dedicated to energy in the desert regions of the Middle East and North Africa (MENA). Consequently, the Group also joins the MENA Hydrogen Alliance, a collaborative network committed to the development of green hydrogen projects across this region. Created in 2020 by Dii Desert Energy, the MENA Hydrogen Alliance supports initiatives aimed at developing the hydrogen value chain. It brings together private and public industrial players as well as scientists and academics to stimulate the growth of the green hydrogen market. The network serves as a valuable resource for the entire hydrogen ecosystem, including by providing expert guidance, developing feasibility studies, structuring R&D projects, and facilitating roundtable discussions. Additionally, the Alliance offers a platform for partners to connect and meet. Vallourec’s membership reflects its unwavering commitment to reducing emissions and promoting low-carbon energy solutions alongside international partners. As part of the Dii Partner Meeting, taking place in France from June 5 to 7, Vallourec is hosting 27 members of the organization for a visit to its R&D facilities, as well as the demonstrator of its Delphy hydrogen storage solution. This visit, organized today, will showcase Vallourec’s expertise and innovative, sustainable solutions in the hydrogen sector. Vallourec’s membership in the MENA Hydrogen Alliance underscores its ambition to further strengthen its industrial and commercial performance in New Energies. Read More
Vallourec has secured a contract to supply Petrobras with 1,800 tonnes of premium carbon steel tubes with Glass Reinforced Epoxy liners (GRE technology), together with the associated top-of-the-range CRA (Corrosion Resistant Alloy) accessories. These products will be used in various offshore development wells, mainly off the Brazilian coastline in the Campos pre-salt basin. This contract is in addition to the 3-year long-term agreement with Petrobras for the supply of OCTG tubes announced in January 2023. The agreement between Vallourec and Petrobras also includes a wide range of services, such as stock management, rig preparation and transportation, as well as comprehensive integrated field services: receiving, inspecting and supervising pipe strings’ installation. The finished products will be manufactured at Vallourec’s Brazilian plant in Barreiro (Minas Gerais). The GRE technology offered in partnership with Tuboscope NOV, a global product and service provider to the energy industry specialized in the supply of equipment and technology to the oil and gas sector, has been tried and tested in numerous applications across the world. . Read More
Capricorn today announces the recommencement of the US$25million share buyback programme initially announced on 4 May 2023, of which US$21million has been repurchased to date. Merrill Lynch International (‘BofA Securities’) is appointed to manage the share repurchase programme and to purchase Ordinary Shares on its behalf. In advance of moving into any closed periods Capricorn will enter into irrevocable commitments with BofA Securities to execute the share buyback through non-discretionary programmes repurchasing shares within certain pre-set parameters, with BofA Securities making their trading decisions independently of, and uninfluenced by, Capricorn.
Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volume. The purpose of the share buyback is to reduce the share capital of Capricorn, with the purchased shares to be held in treasury.
Any purchases of Ordinary Shares contemplated by this announcement will be executed in accordance with the relevant regulations (including but not limited to the Listing Rules) and Capricorn’s existing general authority to make market purchases of Shares (and any subsequent authority granted by shareholders). The maximum number of existing Ordinary Shares that the Company is authorised to purchase under its existing general authority is 10,815,854 (14.99% of the issued ordinary share capital of the Company (excluding treasury shares), i.e. 72,153,802) as proposed and approved at the general meeting of the Company on the 17 April 2024. Read More
Africa Oil Corp. announced that the Company repurchased a total of 1,244,300 Africa Oil common shares during the period of June 10, 2024 to June 14, 2024 under the previously announced share buyback program. The launch of Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws. During the period dated June 10, 2024 to June 14, 2024, the Company repurchased 456,800 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 787,500 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $78.76 | Down |
| Crude Oil (Brent) | USD/bbl | $82.93 | Down |
| Bonny Light | USD/bbl | $82.81 | Up |
| Saharan Blend | USD/bbl | $81.45 | Up |
| Natural Gas | USD/MMBtu | $2.80 | Down |
| Murban Crude | USD/bbl | $82.44 | Down |
| OPEC basket 13/06/24 | USD/bbl | $82.81 | — |
ADNOC Drilling Company PJSC and Alpha Dhabi Holding PJSC announced that their joint venture Enersol RSC LTD has agreed to acquire an additional 42.206% equity stake in Gordon Technologies LLC (“Gordon’’) for consideration of approximately $270 million, making Enersol the majority equity holder. The consideration is based on a valuation in line with the one underpinning the initial 25% stake purchase announced in January 2024.
Approximately 80% of the consideration for the 42.206% additional stake acquired by Enersol will be funded upon closing. The remaining part of the consideration is expected to be paid in the next two years, subject to certain performance conditions. Closing of the transaction is subject to customary regulatory approvals and closing adjustments. Gordon is debt-free, and its acquisition is economically accretive to Enersol from a profitability, valuation multiple, cash flow generation and dividend potential standpoint, along with a FY2023 free cash flow yield of more than 10%.
Enersol is actively advancing plans to acquire and/or invest in multiple businesses, subject to regulatory approvals, and foster a scalable ecosystem that will enhance market value and improve operational efficiencies. A major driver of investment decisions will be the ability of those investments to support the UAE’s wider energy security ambitions, net zero agenda and ongoing economic diversification efforts. Gordon is a leading provider of measurement while drilling (‘’MWD’’) technology to the oil and gas industry. MWD technology measures key information near the drill bit and transmits data to the surface without interrupting normal drilling operations. Gordon completed setting up its Abu Dhabi business with the intention to start field operations in the MENA region in Q2 2024.
Positioned as one of the industry’s leading fully integrated MWD providers with one of the largest fleets of modern MWD systems, Gordon enables a faster, more robust, and efficient MWD system allowing operators to achieve industry foremost performance and reliability in both conventional and unconventional as well as standard temperature and high temperature applications. With a relentless customer focus and commitment to technological innovation, Gordon recently launched rotary steerable interconnectivity systems which is continuing to drive the company’s growth. Read More
McDermott Selected by Abraxas Power for Canada’s First Commercial Green Hydrogen and Ammonia Production Facility McDermott has been awarded an Early Contractor Involvement (ECI) agreement from Abraxas Power Corporation for the Exploits Valley Renewable Energy Corporation (EVREC) project located in Central Newfoundland.
The project represents Canada’s first commercial green hydrogen and ammonia production facility and will include the development of up to 530-turbine wind farm with the ability to generate 3.5 gigawatt (GW) of electricity and 150 megawatt (MW) solar photo voltaic (PV). The facility will have the capacity to produce 165kta of hydrogen and 5000 metric tons per day of ammonia.
“The agreement is testament to McDermott’s industry-leading delivery and installation expertise, and the breadth of our capabilities across the energy transition,” said Rob Shaul, McDermott’s Senior Vice President, Low Carbon Solutions. “Our century of experience, from concept to completion, and integrated delivery model, means we can offer Abraxas a repeatable modular implementation solution that is expected to drive cost savings, reduce risk and provide quality assurance.”
Under the scope of the agreement, McDermott will provide front-end engineering design (FEED), engineering, procurement, and construction (EPC) execution planning services, and open book EPC cost estimate for the hydrogen production, ammonia processing, and product storage portion of the project.
The work will be led from McDermott’s Houston office with support from its Gurgaon office in India. Read full article
Vestas has secured a conditional agreement to supply 112 V236-15.0 MW wind turbines for Vattenfall’s and BASF’s Nordlicht 1 and 2 offshore wind projects, as already communicated in Vestas’ Company Announcement 10/2024 of 13 June 2024. Within the scope of the contract is furthermore a 5-year service and warranty agreement followed by an operational support agreement until year 30.
The companies are also underlining their ambitions to reduce their CO2e emissions along the entire value chain. The top sections of 56 out of 112 towers will be made with low-emission steel, accounting for 24 percent of the mass of the heavy steel plates used for the wind farm area and leading to a 16 percent reduction in the towers’ overall carbon footprint.
The Nordlicht wind farm area is located 85 kilometres north off the island of Borkum in the German North Sea and consists of two separate locations: Nordlicht 1 and Nordlicht 2. Once fully operational, electricity production is expected to total around 6 terawatt hours (TWh) per year, which is equivalent to the electricity consumption of 1.6 million German households.
The construction of Nordlicht 1 and 2 is scheduled to start in 2026. According to the current state of planning, the wind turbines are to be installed in 2027 (Nordlicht 1) and 2028 (Nordlicht 2). The wind farms are expected to be fully operational in 2028.
If and when the agreement with Vattenfall and BASF materialises in firm and unconditional orders for Vestas, the company will disclose these in accordance with its disclosure policy. Read full article
Hyundai led with two favorite vehicle awards at the Midwest Automotive Media Associations’ (MAMA) recent Spring Rally in Elkhart Lake, WI. The award-winning, all-electric 2025 IONIQ 5 N was named Favorite Performance Vehicle, and the Hyundai Santa Fe was named Favorite Family Vehicle by MAMA’s attending 100 media members. Each of the vehicles are now candidates for MAMA’s Favorite Vehicle of the Year to be announced at the 2025 Chicago Auto Show. Around 80 new vehicles were evaluated at the Spring Rally by MAMA members.
“As we continue to celebrate Hyundai EVs being the most awarded in the industry, we are humbled to also be recognized for our redesigned Santa Fe,” said Ricky Lao, director, product planning, Hyundai Motor North America. “Having the opportunity to showcase our newest vehicles at the recent MAMA Spring Rally provides Hyundai access to automotive press who represent hundreds of media outlets; we appreciate receiving two ‘favorite vehicle’ votes as a result.” . Read full article
Baker Hughes (NASDAQ: BKR) will announce the results of the second quarter ending June 30, 2024, via press release at 5 p.m. Eastern Time (4 p.m. Central Time) on Thursday, July 25, 2024. A webcast to discuss the results will be held Friday, July 26, 2024, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Read More
Lancia is back in Europe, starting in Belgium, Luxembourg, and the Netherlands. Our 10-year strategic plan has a very clear aim: to make Lancia a desirable, respected, and credible brand in the European premium segment. Thanks to the support of our new distribution network and a dedicated sales force, we will strive to keep our promises and bring Lancia back to both markets!” stated Luca Napolitano, Lancia CEO.
“Yesterday marked a significant milestone for Lancia: the opening of its first six showrooms in Belgium and Luxembourg. This expansion is part of Lancia strategic initiative to establish a robust presence in Belgium and Luxembourg, the Belux area, with the network set to grow to ten showrooms by the end of 2024,” explained Milosz Tomanek, Director of Premium Brands, Stellantis BeLux.
Lancia return to Belgium and Luxembourg is a key component of the brand ambitious 10-year strategic plan, which includes the introduction of three new models, one every other year. The strategy is clearly scheduled in terms of electrification, aiming to bring the brand back to Europe and to develop a network of over 70 new dealerships in the same number of major cities. Read More
With his second win of the season, Luca Pröglhöf has extended his overall lead in the ADAC Opel Electric Rally Cup “powered by GSe”. Alongside his co-driver Christina Ettel, the 24-year-old Austrian won at the Rallye Vosges Grand-Est ahead of the two local teams Julien Casale/Pierre Delorme and Anthony and Adrien Rott. In fourth and fifth place, two women’s teams, Emma Chalvin/Emy Ailloud-Perraud (France) and Lyssia Baudet/Pauline Denis (Belgium), braved the adverse conditions on the challenging roads around Gérardmer. The skies opened their floodgates again and again, which made the choice of tyres a tricky matter.
The exciting duel between Pröglhöf and guest driver Casale was decided on the penultimate special stage by a puncture on the Opel Corsa Rally Electric of the 29-year-old from Merville, who is competing in the Stellantis Rally Cup France this season. The result of the fourth special stage on Sunday morning showed just how close it was at the top: after 26.02 extremely demanding kilometres, Pröglhöf and Casale were separated by just three tenths of a second. Read More
Baker Hughes Rig Count: U.S. -4 to 590 Canada +17 to 160
U.S. Rig Count is down 4 from last week to 590 with oil rigs down 4 to 488, gas rigs unchanged at 98 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 17 from last week to 160, with oil rigs up 15 to 104, and gas rigs up 1 to 55 and miscellaneous rigs up 1 to 1.
International Rig Count is down 25 rigs from last month to 953 with land rigs down 3 to 740, offshore rigs down 22 to 213. International Rig Count is down 12 rigs from last year’s count of 965, with land rigs up 11, offshore rigs down 23.
The Worldwide Rig Count for April was 1,726, down 67 from the 1,793 counted in March 2024, and down 82,from the 1,808 counted in April 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 14 June 2024 | 590 | -4 |
| Canada | 14 June 2024 | 160 | +17 |
| International | May 2024 | 953. | -25 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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