London, 25 March 2024, (Oilandgaspress):-The new 2024 edition of the EI Statistical Review of World Energy will be published on Thursday 20 June 2024, providing free-to-access data on global energy production, consumption, trade and emissions for the full year 2023.. Read More
The employees in the Vestas Group’s Danish companies have held the ordinary election for representatives for the Board of Directors according to the current Danish law on employee representation.
The following were elected for the next four years:
• Michael Abildgaard, Senior Shop Steward, Vestas Manufacturing A/S (re-elected)
• Claus Christensen, Service Engineer, Vestas Northern Europe A/S (re-elected)
The elected Group Representatives will join the Board of Directors of Vestas Wind Systems A/S following the Annual General Meeting on 9 April 2024.
About employee-elected board members
According to the Danish Companies Act, the employees of Vestas Northern Europe A/S, Vestas Manufacturing A/S, Vestas Wind Systems A/S, and Vestas Development A/S are entitled to be jointly represented by two employees in the Board of Directors of Vestas Wind Systems A/S. Employee-elected board members serve for a statutory four-year term and have the same rights, duties, and responsibilities as shareholder-elected board members. . Read More
Saab has received an order for the man-portable, multi-role weapon system Carl-Gustaf® from the NATO Support and Procurement Agency (NSPA). The order value is approximately EUR 60 million (SEK 700 million) and the contract period is 2024-2027.
The order is placed on behalf of four NATO member nations within a framework agreement between Saab and the NSPA regarding Carl-Gustaf, including ammunition and equipment. “We are honoured that the NSPA once again has chosen our trusted, reliable and effective Carl-Gustaf system,” says Görgen Johansson, head of Saab’s business area Dynamics. Proven to deliver results on the battlefield, Carl-Gustaf provides the effectiveness soldiers need. The wide range of ammunition types for Carl-Gustaf makes it flexible and able to handle any situation, whether it is to destroy an armoured vehicle or structure, or illuminating the battlefield during night operations. The Carl-Gustaf system is supplied to more than 40 countries around the world. Read More
Africa Oil Corp. announce that the Company repurchased a total of 1,213,100 Africa Oil common shares during the period of March 18, 2024 to March 22, 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 March 18, 2024 to March 22, 2024, the Company repurchased 388,100 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 825,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company. . . Read full article
Aquila European Renewables plc announces that the Norwegian Ministry of Energy (“Ministry”) has made a final decision with regards to the mitigating measures for The Rock which must be undertaken by the project company to facilitate reindeer migration. The Rock is an operating wind farm in Norway in which the Company has a 13.69% interest.
The mitigating measures include:
• that roads are kept open for animal transport during seasonal migration, subject to being given advance notice in reasonable time and subject to weather and snow conditions permitting such migration; and
• the project company may be requested to stop particular single turbines to the extent necessary for ensuring proper migration through the traditional migration path, albeit that no turbine shall be stopped for more than seven days per calendar year.
Additional measures relating to use of helicopters and feeding will remain with the relevant court in the upcoming Sami appraisal case, which is due to commence on 27 May 2024.
The Ministry has noted in its decision that for several seasons reindeer have been migrated through the site during the operational phase of The Rock, supporting the Ministry’s view that (i) the migration path cannot be considered to be closed; and (ii) the implementation of mitigating measures will have a positive contribution to the migration of reindeer through the site. The Investment Adviser welcomes the decision by the Ministry, which it believes will be an important factor in the upcoming appraisal case.
As communicated with shareholders previously, Eolus, the developer of The Rock remains responsible for handling the appraisal case and for the economic impact on the project company associated with the outcome of that case and as well as the economic impact associated with the mitigation measures noted above. The Company will continue to keep shareholders updated regarding any key developments. Read full article
Thermal energy storage may hold the key to fully electrifying UK domestic heating to cut emissions, according to research by Professor David Reiner of Cambridge Judge Business School. Despite Britain being a global leader in reducing emissions, there has been relatively little progress made in the heating sector which alongside power, transport and business dominates UK emissions. The government has committed to the net-zero carbon emissions target by 2050, so decarbonising the heating sector is becoming an urgent task.
“Decarbonising heat is often perceived as a daunting task since natural gas serves between 60 and 80% of the domestic heat sector in countries like UK, the Netherlands and United States with high consumer satisfaction,” says a recent study co-authored by David. “Domestic heat accounts for 14% of UK emissions in 2021, only fell by 17% over 1990-2020. So to reach zero, emissions reduction will need to increase 6 times as quickly as they have historically.”
The authors conclude that full electrification of the UK domestic heating sector will be challenging, in large part due to slow uptake by some “domestic consumers, who will be sceptical of the technology and/or daunted by the capital expense” of newer techniques such as heat pumps. Read full article
Saab has received an order from the Swedish Defence Materiel Administration (FMV) regarding conceptual studies for future fighter systems. The contract period is 2024-2025. This includes conceptual studies of manned and unmanned solutions in a system of system perspective, technology development and demonstrations. Saab will collaborate closely with FMV, the Swedish Armed Forces, The Swedish Defence Research Agency, GKN Aerospace and other industry partners.
“Saab is in a strong position, and having recently developed Gripen E and GlobalEye we have the advanced technology and engineering know-how to take the future fighter concept forward. This means we will continue delivering innovative solutions to meet the future operational needs of the Swedish Armed Forces and other customers,” says Lars Tossman, head of Saab’s business area Aeronautics. Saab will further develop collaborations with stakeholders working with emerging and disruptive technologies, which will play an important part in future combat aircraft systems. Saab will also explore innovation platforms including the Swedish Government’s Defense Innovation Initiative and NATO’s Defense Innovation Accelerator for the North Atlantic. The concept studies included in this contract will take place in parallel with Saab upgrading Gripen C/D and introducing Gripen E in Sweden and Brazil. Read full article
(Reuters) – The underlying shift towards electric vehicles is continuing despite a recent slowdown in the pace of growth, Northvolt’s CEO said while presenting the Swedish battery maker’s investment plans for a new plant in Germany on Monday.
The Northvolt 3 battery cell factory in Heide, in the northern state of Schleswig-Holstein, is expected to produce climate-friendly battery cells for 1 million cars a year once completed later this decade, the company has said.. Read More
TOYOTA GAZOO Racing World Rally Team is targeting more success at the legendary Safari Rally Kenya when the only African round of the season takes place on March 28-31. This year, the team brings another strong line-up featuring three drivers who each have multiple Safari podiums to their name. Double world champion Kalle Rovanperä won the event in 2022 and finished a close second last year, while Elfyn Evans has the chance to add his name to the winners’ list after finishing second and third in the last two editions. Kenya has been a happy hunting ground for Takamoto Katsuta too, as the rally where he achieved his first two WRC podium finishes in 2021 and 2022. . Read full article
Toyota Motor Corporation will sign a new agreement with Keikyu Corporation in relation to the agreement signed in 2020 to serve as a joint operator in the development of the Shinagawa Station West Exit area. The new agreement relates to the transfer of a portion of land in the corresponding area as well as the joint construction and operation of a planned building to promote urban development.
Toyota will open a new Tokyo Head Office in FY2030 in the building, which is planned for construction in the Shinagawa Station West Exit vicinity. This area is expected to see improvements in urban functions with the opening of the maglev line and other projects going forward. As the automotive industry concept is being transformed by CASE* and other technological innovations, Toyota is being revamped into a mobility company to deliver smiles and happiness to people around the world through a variety of mobility services. To achieve this goal, Toyota believes that it is necessary to create new value through the integration of mobility with social systems by working to extend the value of mobility and achieve a sustainable coexistence between humanity and the earth, including carbon neutrality. The new Tokyo Head Office will be an important base for leading Toyota’s efforts focused on these new realms. It will serve as a place for collaborative creation where a diverse group of partners can gather, with software development functions and facilities necessary for demonstrations. Read full article
Subsea 7 S.A.) announced the publication of the Annual Report containing the Consolidated Financial Statements for the Subsea7 Group and the Financial Statements of Subsea 7 S.A., the Parent Company, for the year ended 31 December 2023. The Annual Report – in PDF and European Single Electronic Format (ESEF) – is attached to this press release and also available on the Group’s website, https://www.subsea7.com/en/investors/annual-report-2023.html. Read full article
Odfjell SE: Mandatory notification of trade
Pursuant to the terms of Odfjell SE’s Long-term Incentive Program, the Executive Management may receive a cash amount, where the net amount less tax shall be used to purchase A-shares in the Company.
On March 21, 2024, the Board of Directors decided, in accordance with the terms of such incentive program, to pay out a cash amount to members of the Executive Management which in turn (after tax) has been used to acquire a total of 32,353 Class A-shares in the Company on March 21, 2024.
The purchase price paid for the shares is NOK 111.00, corresponding to the volume-weighted average share price on the Oslo Stock Exchange in the last 14 trading days of 2023.
To facilitate the above-mentioned acquisition of shares, the Company has on March 21, 2024, sold 32,353 Class A-shares (treasury shares) to the eligible participants at a purchase price of NOK 111.00 per share. The acquired shares are restricted with a holding period of three years with certain customary exemptions.
The following primary insiders in the Company have acquired shares in connection with the above mentioned incentive plan, and have, following this, the following number of shares in the Company: . Read More
The Board of Directors of Odfjell SE has today approved the annual accounts for 2023.
There are no changes in the final accounts compared with the preliminary financial statements published on February 8, 2024. Odfjell SE’s complete Annual Report for 2023 will be released on Tuesday, March 26. Read More
Russia attacked an underground natural gas storage site in the Ukraine, but the Ukrainian state energy company Naftogaz said that supply had not been disrupted.
“We have sufficient backup capacities in place to mitigate any immediate impacts. The supply of natural gas to Ukrainian consumers remains unaffected by the attack,” the chief executive of Naftogaz, Oleksiy Chernyshov said on Facebook, as quoted by the Kiyv Independent. The attack is the latest in a string of hits targeting energy infrastructure that plunged several cities into rolling blackouts as power utilities rushed to restore supply. Read More
RAM Trucks Europe and Red Bull KTM Factory Racing announce their partnership will be extended into the 2024 season. This year the collaboration will be focused on the FIM Motocross World Championship, in which the American brand will join Red Bull KTM Factory Racing as official team sponsor.
The collaboration this year is characterised by a more creative declination: RAM Trucks Europe in fact provides Andrea Adamo and Liam Everts, spearheads of the Red Bull KTM Factory Racing team, with two iconic RAM Trucks 1500 with a dedicated and special wrapping, customised according to the spirit and colours of the Austrian brand. The two riders will then take on the role of RAM Trucks Europe Brand Ambassadors throughout the season, moving around with the powerful RAM vehicles both on the racetracks, for official travel during the season’s races, and off them for their own personal adventures, functionally carrying the motorcycles inside the truck beds, in coherence with the RAM Brand tagline “Built to Serve”. The two vehicles also will be showcased during some events throughout the season. Lastly, the agreement once again includes the presence of the RAM Trucks Europe logo on riders’ motorcycles and racing jersey as well as on all of KTM Factory Racing’s social media channels—Facebook, Instagram and YouTube. Read More
After a first full season in the FIA World Endurance Championship, including an encouraging performance at Le Mans and a maiden podium (3rd) at Monza, and having spent much of the opening race of the 2024 season at the front in Losail, the PEUGEOT 9X8 has been fitted with several substantial upgrades as it looks to play a leading role this year in what is set to be an incredibly competitive Hypercar class featuring nine manufacturers and nineteen prototypes.
In its initial version, the PEUGEOT 9X8 was designed using a set of specifications that met the technical regulations drawn up in 2020/2021. However, between the design phase of the car and its competitive bow in the summer of 2022, the regulations changed, opening up the potential for improving performance in certain areas. Some design settings were therefore revised in order to maximise their potential and meet the ambitious targets set by Team Peugeot TotalEnergies. The decision was taken in March 2023 to introduce some radical upgrades to the car for the 2024 season. Everyone at Peugeot Sport worked tirelessly to redesign the car at the same time as taking part in the 2023 WEC campaign. “It was a project within a project, which increased the team’s workload substantially,” continued Olivier Jansonnie. “But we were able to rely on the unwavering commitment of Team Peugeot TotalEnergies and we’re now really looking forward to showing off the result of their hard work. The target is clearly to get back among the frontrunners, fight regularly for podiums and even challenge for race wins.” Read More
Porsche is orchestrating parts of its logistics within the Zuffenhausen plant, and these are now controlled via the MHP FleetExecuter. The process automation is intended to increase efficiency and flexibility in production. This is the first time in the company’s history that a centralised fleet management system has been used. Integrated into the existing IT infrastructure, this cloud solution is in use at the main plants in Zuffenhausen, where it serves as a functional core for automating the logistics process. Further roll-outs are intended in the near future for manufacturing the Taycan, for example. Plans include numerous projects in which a total of several hundred vehicles will be deployed in various AGV fleets with over 300 functions. The Porsche AG subsidiary MHP is responsible for consulting, implementation, product development, service and support.
MHP FleetExecuter coordinates lifts, gates and systems at Porsche
There are currently 27 Automated Guided Vehicles (AGVs) carrying out up to 1600 material transports per day – including loading runs – over a distance of 750 metres. The MHP FleetExecuter coordinates various new and older assets, such as lifts, high-speed doors and existing systems. The AGVs also negotiate four automatic gates, a double lift system and four intersecting third-party systems en route between the various high-bay racks. Read More
Swede Jesper Svensson secures the win in the first ever Porsche Singapore Classic in a play-off against Kiradech Aphibarnrat from Thailand. The 28-year-old’s impressive performance crowns a fabulous event at the Laguna National Golf Resort Club. The wide range of golf and Porsche attractions also included the Porsche Panamera Turbo E-Hybrid as the first hole-in-one vehicle from Porsche on the DP World Tour in Asia.. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $81.02 | Down |
| Crude Oil (Brent) | USD/bbl | $85.79 | Down |
| Bonny Light | USD/bbl | $87.46 | Down |
| Saharan Blend | USD/bbl | $85.99 | Down |
| Natural Gas | USD/MMBtu | $1.62 | Down |
| Murban Crude | USD/bbl | $85.72 | Up |
| OPEC basket 19/03/24 | USD/bbl | $84.88 | Down |
The Porsche Penske Motorsport works team and the winner of 53 Formula 1 Grands Prix, Sebastian Vettel, are looking forward to putting the Porsche 963 through its paces. This coming week, the German will take the wheel of the hypercar at the Motorland Aragón. Read full article
Bentley Motors announced two new supported charities in the luxury marque’s global sustainability initiative. Blue Marine Foundation and everwave have joined the Bentley Environmental Foundation on World Water Day, the annual event run by the United Nations to highlight the importance and responsible use of water. Bentley Environmental Foundation was launched in June last year as part of the company’s Beyond100 strategy. It has joined organisations working on innovative solutions to help regenerate the planet and the urgently-needed drawdown of greenhouse gases. The Foundation has been co-creating impactful environmental projects with leading NGOs and charities who are pressing for systematic change that promote an equitable future for all, as well as driving sustainable luxury, focussed on the improved sustainability of materials, crafts and manufacturing processes. These latest charities, Blue Marine Foundation and everwave, take the total number of NGOs and charities supported by the Foundation to seven, including four dedicated to water-based causes, as leading scientists emphasise the key role our waterways and oceans play in mitigating climate change. Read more
Adrian Hallmark is leaving Bentley Motors at his own request and by mutual consent. He is preparing for new tasks outside the Volkswagen Group with immediate effect. In February 2018 Adrian Hallmark took on the role of chairman and CEO of Bentley Motors in a challenging business situation. During his time as CEO, leading new luxury models were launched and the strategic aim was formed of making Bentley the most sustainable brand of luxury vehicles by 2030. Before taking over the position of CEO, between 1999 and 2005 Hallmark was board member for sales and marketing at Bentley. For 25 years he has worked at board level for international automotive companies in the United Kingdom, the USA and Asia. Gernot Döllner, chairman of the executive board of Audi and responsible for the Progressive Brand Group, which includes Lamborghini, Bentley and Ducati, within the Volkswagen Group states that “Adrian Hallmark has achieved a great deal at Bentley. In his six years as chairman and CEO, he has made his mark on Bentley Motors, and along with his team in Crewe has successfully pushed ahead the development of the company. On the path to carbon-neutral electric vehicles in the luxury segment, he has taken important steps towards the long-term success of the company. I would like to thank Adrian Hallmark for his significant commitment over the last years and wish him well in his personal and professional future.“ Read full article
The first customer Bentley Speed Six in 93 years is now taking shape in the workshops of Mulliner, Bentley’s in-house bespoke and coachbuilding division. Its creation unites the skills of British engineering and restoration specialists with those of Mulliner’s team of master technicians. Twelve Continuation Series Speed Sixes will be built, using period-correct materials and techniques to ensure total fidelity to W.O. Bentley’s original design.
The Bentley Speed Six Continuation Series follows the successful completion of twelve Bentley 4½ Litre Supercharged ‘Blower’ Continuation models, the world’s first pre-war continuation series. All twelve Speed Six Continuation Series have been pre-sold, and customers will be able to specify their vehicles from a choice of period-correct finishes and materials. The build of each car will take a total of ten months from start to finish. The first prototype of the Continuation Series – known as Car Zero – has had a busy schedule over the last six month, completing a series of engineering development work. 40 hours of engine testing has been followed by 10,000 km of durability running on a variety of surfaces, and the car recently completed top speed testing, achieving 112 mph – exactly as the originals would have. Read full article
Baker Hughes Rig Count: U.S. -5 to 624 Canada -38 to 169
U.S. Rig Count is down 5 from last week to 624 with oil rigs down 1 to 509, gas rigs down 4 to 112 and miscellaneous rigs unchanged at 3.
Canada Rig Count is down 38 from last week to 169, with oil rigs down 37 to 91, and gas rigs down 1 to 78.
International Rig Count is down 7 rigs from last month to 958 with land rigs down 5 to 735, offshore rigs down 2 to 223.
The Worldwide Rig Count for February was 1,813, up 30 from the 1,784 counted in January 2024, and down 108, from the 1,921 counted in February 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 22 March 2024 | 624 | -5 |
| Canada | 22 March 2024 | 169 | -38 |
| International | February 2024 | 958. | – 7 |
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