London, 10, June 2024, (Oilandgaspress): – Oil prices responds in a downward spiral due to OPEC+ agreement to extend both voluntary and group-wide production cuts until 2025. Total cuts are 3.66 million barrels per day, while 2.2 million bpd of that is accounted for by the voluntary scheme.
Norwegian energy producer Equinor has chosen Emerson to provide advanced well completion monitoring systems for its Rosebank oil and gas field development offshore in the United Kingdom. Emerson’s suite of Roxar™ downhole monitoring tools will empower Equinor to use advanced oil recovery techniques, optimize reservoir performance and verify well integrity in real time. The Rosebank field is a key asset in the UK’s effort to provide energy security for its citizens. The Rosebank field is estimated to contain over 300 million barrels of recoverable oil resources. The first phase of development will utilize a refurbished, electrification-ready floating production storage and offloading vessel connected to a subsea production system. Continuous access to pressure and temperature data from active wells is a critical requirement to operate safely, optimize production, and maintain well integrity. Collecting this data is challenging, however, due to the harsh environment, limited onsite staff, and safety risks associated with active wells. To address this, Emerson is providing Equinor with its unique Roxar Integrated Downhole Network technology, in close cooperation with its local partners in the UK and Norway. The system will provide operational insight needed to assist Equinor in maintaining high production levels, manage risk, and meet regulatory requirements. Read More
Emerson (NYSE: EMR) announced today that it has entered into a definitive agreement to sell its remaining interests in the Copeland joint venture (formerly Emerson Climate Technologies) for a transaction value of approximately $3.5 billion, with pre-tax cash proceeds of $3.4 billion, net of the release of $0.1 billion of future indemnity obligations. Private equity funds managed by Blackstone (“Blackstone”) will purchase Emerson’s 40% common equity ownership in the joint venture, while Copeland will repurchase the seller’s note.The transactions have been unanimously approved by Emerson’s Board of Directors and are expected to close in the second half of calendar year 2024, subject to regulatory approvals and customary closing conditions. The transactions are expected to result in a net pretax gain of approximately $0.2 billion. Emerson intends to use the approximate $2.9 billion after-tax cash proceeds to pay down its existing debt obligations. A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and GIC will invest alongside Blackstone as part of the transaction. Read More
Global automation technology and software leader Emerson will sponsor the NAMUR 2024 Annual General Meeting Nov. 21-22 in Neuss, Germany. NAMUR is the international user association of automation technology and digitalization in the process industries and its influential two-day congress will host over 650 industry executives, expert users and automation suppliers who gather to learn the latest advancements in automation technology and software. In alignment with Emerson’s vision for Boundless Automation™, a next-generation automation architecture that enables companies to achieve new levels of performance and better utilize data and software for greater organizational agility and performance, the theme of NAMUR’s event is ‘Boundless Automation for Ecosystems in Action.’ The future automation architecture will connect the intelligent field, the edge, and cloud computing using open standards and protocols – such as Ethernet-APL (Advanced Physical Layer), PROFINET®, OPC-UA, WirelessHART®, 5G and others – across a unifying data fabric. This approach will empower companies to liberate silos of production, sustainability, reliability and safety data to extract maximum value through powerful analytics and optimization software. Read More
Opel Celebrates 125 Years of Automotive Production in Rüsselsheim
Opel is celebrating 125 years of automotive production at its headquarters in Rüsselsheim today, June 8. The motto of the festivities is “Forever forward since 1899”. The guests of honour at the ceremony in the Adam Opel Haus include German Chancellor Olaf Scholz, the Prime Minister of the Federal State of Hesse Boris Rhein as well as Stellantis Chairman John Elkann, CEO Carlos Tavares and Xavier Chéreau, Stellantis Chief Human Resources & Transformation Officer and Opel Supervisory Board Chairman. Together with Opel CEO Florian Huettl, they will visit, among other things, the production plant where the best-selling Opel Astra in all drive variants and the DS4 from its sister brand DS Automobiles are manufactured. Read More
The “grEEn-campus” project is making progress with the groundbreaking ceremony in Rüsselsheim planned for this year. The project at the Opel headquarters makes the location fit to help Stellantis achieve its target of becoming a carbon net zero company1 by 2038 and underlines the Company’s commitment to Opel as a German brand in the group. In the next few years, Stellantis will create a sustainable headquarters that is geared to the changing demands of employees in their workplace and reflects the new agile working models. The grEEn-campus, the centrepiece of the future Stellantis Germany and global Opel headquarters, will be modern, efficient, friendly and urban. Stellantis grEEn-campuses are located in core countries where Stellantis has a rich history. Rüsselsheim joins facilities in Poissy, France and Mirafiori, Italy in this transformation journey. The “EE” in grEEn-campus represents both Stellantis’ commitment to the Environment and the Employees: energy positive to protect the Environment as well as a mindset of constant education to deliver a great employee Experience. Read More
Lamborghini inaugurated its new dealership in Cologne by exhibiting Urus SE – the new plug-in hybrid super SUV recently presented at the Beijng Motor Show. Customers and enthusiasts can now experience the super sports car brand from Sant’Agata Bolognese in a new 2700 square metre building. Around 350 guests celebrated the official opening together with Stephan Winkelmann, President and CEO of Automobili Lamborghini; Federico Foschini, Chief Marketing and Sales Officer; and management of the Moll Group. The Lamborghini showroom at Vitalisstrasse 206 presents the brand’s current models in an 800 square metre facility, and offers all customers the opportunity to personalise the Lamborghini of their dreams with an almost limitless choice of colours and materials in an Ad Personam area. In the Selezione Lamborghini Certified Pre-Owned, customers can expect a range of pre-owned models, and all Lamborghinis are serviced by manufacturer-authorized technicians in a 1300 square metre service area. Read More
Moody’s upgrades rating of Norsk Hydro ASA to Baa2 with stable outlook
Moody’s Ratings (Moody’s) has on June 7, 2024, upgraded the long-term issuer rating of Norsk Hydro ASA to Baa2 from Baa3. Concurrently, Moody’s has upgraded the Baseline Credit Assessment (BCA) to Baa2 from Baa3, and the ratings of the EUR 500 million and EUR 300 million senior unsecured bonds due in 2025 and 2029, to Baa2 from Baa3. The outlook has changed to stable from positive. Read More
Africa Oil Corp. announce that the Company repurchased a total of 994,000 Africa Oil common shares during the period of June 3, 2024 to June 7, 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 3, 2024 to June 7, 2024, the Company repurchased 444,000 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 550,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company. Read full article
Saab will showcase the Compact Radar Module for the Giraffe 1X radar at Eurosatory 2024.
The Compact Radar Module is designed to offer an all-in-one solution. The antenna will by a press of a button fold down into the compact and lightweight radar module, which offers a versatile and highly mobile capability for fast operational requirements.
The well-known, battle proven and constantly software upgraded, lightweight Giraffe 1X radar can now be delivered together with the Compact Radar Module as one operational item. Its small footprint and large search volume (75 km) make it excellent for urgent operations with limited operational infrastructure.
“Giraffe 1X Compact Radar Module is an all-in-one solution, made with mobility and operational urgency as key user needs. The Compact Radar Module is the latest example of how we are leveraging the capabilities of the Giraffe 1X radar, giving customers a number of different ways to deploy Giraffe 1X wherever and however it can maximise their operational effectiveness,” says Carl-Johan Bergholm, head of Saab’s business area Surveillance.
Giraffe 1X provides commanders with quality air defence target data, drone detection for counter-UAS, and sense and warn capability simultaneously for rockets, artillery and mortars. Giraffe 1X also offers continuous software upgrades in order to meet emerging threats. . Read full article
Vestas has received a 72 MW order from Denker & Wulf AG for the wind energy project Holtsee in Schleswig-Holstein, Germany. Vestas will deliver ten V162-7.2 MW wind turbines, and the order includes supply, delivery, and commissioning of the turbines. “This order from customer Denker & Wulf AG underlines the efficient technology of our EnVentus platform, as the V162-7.2 MW is the perfect fit for the site providing high annual production and excellent cost of energy for our customer.”, says Sulai Fahimi, Vestas Vice President Sales Central. “We are delighted to have been awarded this project and thereby resuming our collaboration with Denker & Wulf, one of the biggest project developers in the German market and we are looking forward to successful future business together.”
“New, efficient technologies are needed to best meet the changing challenges in the rapidly growing wind energy market,” says Torsten Levsen, CEO of Denker & Wulf AG. “With the new EnVentus platform, Vestas can meet our requirements of handling economic challenges with technical brilliance.” Upon completion, Vestas will service the turbines under a 20-year Active Output Management 5000 (AOM 5000) service agreement designed to ensure optimised performance of the assets.
Turbine delivery is expected to begin in the fourth quarter of 2025 with commissioning scheduled for completion in the first half of 2026. Read full article
Technology Day 2024 turned out to be exactly what the Norwegian Offshore Directorate was hoping for, with presentations and discussions about acquiring subsurface data, challenging barrels and next-generation production systems.
Technology Day 2024 was organised for the third time on Thursday, 6 June in the Norwegian Offshore Directorate’s offices in Stavanger. The objective was to share experience, as well as to inspire and exchange ideas. Clear objectives in the Directorate’s technology strategy include improving exploration, increasing recovery and reducing emissions. Technology Day 2024 was centred around these three main areas. An active crowd with representatives from many companies on the Norwegian shelf contributed good presentations and input for discussions. Many participants let us know that they want to see a continued strong focus and technology initiative from the Norwegian Offshore Directorate. Arne Jacobsen, assistant director subsurface and technology, has stated that, “we are totally dependent on developing and implementing new technology if we are to realise the values on the shelf.” Read More
Shares of Saudi Arabia’s Aramco rose on Sunday following a stock sale that’s set to raise the state oil company around $11.2 billion.
Shares were trading around 28.85 Saudi riyals ($7.69) on the Tadāwul Saudi stock exchange at 1:40 p.m. local time (6:40 a.m. ET), above the stock sale offer price of 27.25 Saudi riyals. Pricing was at the lower end of the initial 26.70-29 Saudi-riyal range. There appears to have been no lack of demand for the secondary offering, which was announced on May 30. Citing sources, Reuters reported that demand for the offering topped $65 billion, and Aramco placed over half of the sale with foreign investors. CNBC was unable to verify the reporting. It comes as Saudi Arabia pushes ahead with ambitious plans to diversify its economy away from oil under Crown Prince Mohammed bin Salman’s Vision 2030 program. Read More
Porsche Penske Motorsport has completed its preparations for the upcoming 24 Hours of Le Mans on the official test day. In the two sessions on the Circuit des 24 Heures, the three Porsche 963 fielded by the works team turned a total of 196 laps during the six hours of track time. This is equivalent to 2,671 kilometres. Despite favourable track conditions, the three-hour sessions were repeatedly interrupted by red flags. Both runs ended early due to incidents. The one chance to test ahead of the season highlight at Le Mans was held in perfect weather conditions and pleasant temperatures of just over 20 degrees Celsius. Porsche Penske Motorsport and the customer teams made the most of this opportunity. The works team’s three Porsche 963 turned extremely steady laps over the long run and occupied first, second and fourth in the time sheets. The fastest lap of the entire test day was set by works driver Kévin Estre from France in 3:26.807 minutes. Read More
Opel, the German brand has been producing automobiles for 125 years. Since 1899, the carmaker has made mobility affordable for millions of people – and at the same time continuously inspired the public with innovative models. Today, the Blitz emblem stands for the progressive electrification as well as the emotional, electrifying side of the brand. The design is primarily responsible for how a car can delight at first glance. And here Opel laid the pioneering foundations exactly 60 years ago: in 1964, the Opel Design Studio in Rüsselsheim, the first automobile design centre of its kind in Europe, was opened. Since then, it has not only been responsible for the constantly evolving design philosophy of the Opel production models. The designers have also created groundbreaking concept vehicles that provide a glimpse of the brand’s future – from the legendary Opel Experimental GT in 1965 to the most recent breathtaking Opel Experimental brand study, which had its sensational world premiere last year. And so, on Saturday, June 8, 2024, Opel celebrated two anniversaries with customers, employees and other high-ranking guests: 125 years of automobile production at Opel and 60 years of the Opel Design Center.
“Our production models delight our customers with their Bold and Pure design. From the Experimental GT, Opel has revealed iconic concepts that have shown our automotive future, with the Opel Design Center as the home of this creativity. Our designers have been bringing automotive dreams to life and making them real for a wide audience for six decades now,” said Mark Adams, Vice President Design of Opel/Vauxhall. Read More
The start of the 42nd historical re-enactment of the “1000 Miglia,” the renowned regularity race for vintage cars, reserved for models that raced the historical 1000 Miglia speed race or were produced in the same period (between 1927 and 1957). Again this year, to maintain tradition, this wonderful “museum in motion” will kick off from Brescia on Tuesday, June 11, to return there on Saturday, June 15 after visiting some of the most evocative locations in Italy. For the first time in the history of the re-enactment of the “1000 Miglia,”, this year’s convoy will also be stopping off in Turin, a city that symbolizes Italian motoring culture. The Savoy capital welcomes the Red Arrow after 76 years: only in 1947 and 1948, at the time of the speed race, in fact, the Piedmontese capital was the setting for the 1000 Miglia.
Like always part race and part adventure, a symbol of boldness and the spirit of discovery, the 1000 Miglia will involve over 400 priceless vintage cars, including three gems belonging to the collection of classic cars owned by Stellantis: the Lancia Aurelia B20GT (1951), the Alfa Romeo 1900 Sport Spider (1954), and the 1900C Super Sprint (1956). Stellantis Heritage, tasked with protecting and disseminating the timeless values of its Italian car brands, with a collection of over 300 vintage cars at the Heritage Hub in Turin, has provided three models that epitomize the sporting tradition of the Alfa Romeo and Lancia brands, which have made history in Italian motor racing. Let’s deepen their characteristics together: Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $75.51 | Down |
| Crude Oil (Brent) | USD/bbl | $79.66 | Down |
| Bonny Light | USD/bbl | $78.92 | Down |
| Saharan Blend | USD/bbl | $78.33 | Down |
| Natural Gas | USD/MMBtu | $2.969 | Up |
| Murban Crude | USD/bbl | $79.86 | Down |
| OPEC basket 07/06/24 | USD/bbl | $80.37 | Up |
Argentine oil driller Petrolera Aconcagua Energia SA is looking to finance an expansion with an initial public offering as President Javier Milei’s reforms entice capital back to Argentine markets, according to a person familiar with the matter.
The company is in the early stages of planning for the listing and would be ready to sell equity next year, said the person, who couldn’t be named discussing internal deliberations. Read full article
The EU is expected to notify China that it will impose tariffs on electric vehicle imports this week, firing the starting gun on a potential summer trade war with Beijing.
A formal pre-disclosure of tariffs could happen as early as Wednesday, after a lengthy investigation into China’s state subsidies for its car manufacturing, which is predicted to conclude that massive support continues to be concentrated on the EV sector. After meeting the Chinese president, Xi Jingping, in Paris last month, the European Commission president, Ursula von der Leyen, warned that “the world cannot absorb China’s surplus production”, saying the EU would “not waver” from protecting industries and jobs inside the bloc.
The anti-subsidy investigation was launched last October amid suspicions that China was flooding the EU with cheaper EVs as a result of overcapacity and dampened domestic consumer demand.Experts have called for the return of the 2030 ban on petrol and diesel cars to help force drivers to switch to electric cars.
The original mandate for the ban of new petrol and diesel cars was supposed to come into effect in 2030, but the Government delayed in until 2035.
The delay was to give the car industry enough time to get production in order or it could see them heavily fined under new regulations.
The ban on petrol and diesel cars comes as the Government aims to hit its ambitious net zero goals. Read full article
Volvo Car AB (publ)’s distribution of a portion of the shareholding in Polestar Automotive Holding UK PLC (“Polestar”) to Volvo Cars’ shareholders has resulted in a decrease in the number of shares and votes in Volvo Cars. As of 31 May 2024, the total number of shares and votes in the company amounts to 2,979,524,179. On 26 March 2024, the Annual General Meeting of Volvo Cars resolved, in accordance with the Board of Directors’ proposal, to distribute a portion of Volvo Cars’ shareholding in Polestar to Volvo Cars’ shareholders by way of a share split, followed by an automatic share redemption. On 5 April 2024, the Board of Directors decided on the final terms and timetable for the distribution. The distribution involved a share split (2:1), whereby each existing share of series B were split into two new shares of series B. As a result of the share split, the number of series B shares and the number of votes in Volvo Cars increased temporarily by 2,979,524,179 during April 2024. The 2,979,524,179 new shares of series B were redemption shares which were redeemed as part of the automatic share redemption in May 2024. Consequently, as of 31 May 2024, the total number of shares and votes in Volvo Cars amounts to 2,979,524,179, which is the same number as prior to the distribution. Read more
Nissan has commenced demonstrations of a prototype vehicle equipped with its in-house-developed, autonomous drive technologies – showcasing progress in its goal towards rolling out autonomous mobility services within fiscal year 2027.
The Nissan LEAF prototype vehicle incorporates 14 cameras, 10 radars and 6 LIDAR sensors. It demonstrates Nissan’s progress in the field of autonomous driving, particularly within complex urban environments. Compared to earlier prototypes the company has demonstrated, the latest test vehicle features an array of roof-mounted sensors, significantly expanding the detection area and enabling more accurate detection of its surroundings.
As a result, recognition performance, behavioral prediction, and judgment functions, as well as control functions have been enhanced, delivering smooth operation in a variety of complex scenarios. Around the busy streets of Yokohama, close to Nissan’s global headquarters in Japan, the LEAF prototype is able to smoothly demonstrate its ability to predict the behavior of pedestrians, conduct lane changes when merging, and judge when to safely enter intersections.
Nissan has been studying business models for future mobility services since fiscal year 2017. While the current demonstration is being conducted at SAE Level 2 equivalent with a safety driver present, the company aims to continue to expand functionality and to begin offering autonomous-drive mobility services within Japan, starting in fiscal year 2027*, working with third parties such as local authorities and transport operators. In the fourth quarter of this fiscal year, Nissan aims to begin trials in the Minato Mirai area, and plans to progress to service demonstration tests within fiscal year 2025. During the trials, the level of autonomous driving functionality will be gradually increased while assessing customer acceptance, with the aim to provide driverless services. Read full article
Noble Corporation plc and Diamond Offshore Drilling, Inc announced today that they have entered into a definitive merger agreement under which Noble will acquire Diamond in a stock plus cash transaction. As part of the transaction, Diamond shareholders will receive 0.2316 shares of Noble, plus cash consideration of $5.65 per share for each share of Diamond stock, representing an 11.4% premium to closing stock prices on June 7, 2024. Upon closing, Diamond shareholders will own approximately 14.5% of Noble’s outstanding shares. Noble’s President and Chief Executive Officer, Robert Eifler, said, “This acquisition enables Noble to continue our journey of delivering superior innovation and value to a broad range of the leading offshore operators across the world. Our position will be strengthened with the addition of four 7th generation drillships and one of the most high-spec harsh environment semisubmersible rigs in the world. Additionally, Diamond’s five conventional deepwater and midwater rigs have averaged above 85% utilization over the last 3 years and currently have strong forward contract coverage. Supported by Diamond’s $2.1 billion of backlog and $100 million of anticipated cost synergies, we expect the transaction to be immediately accretive to our free cash flow per share and contribute to accelerated growth in our return of capital to shareholders.” Diamond’s President and Chief Executive Officer, Bernie Wolford, said, “This combination is an ideal outcome that provides Diamond shareholders both immediate and long-term upside potential as part of a more fully scaled platform that can deliver customer and shareholder value on a through-cycle basis, more visibly and accessibly,while gaining access to Noble’s robust dividend program. Noble’s operational strength, service posture and proven integration capabilities make this a natural match for Diamond. I would like to thank the entire Diamond team for delivering terrific results for our customers and shareholders. Your daily commitment to our uncompromising standards will be a perfect fit within Noble, and we look forward to continued success for our teams together on this strengthened, world class platform.” Read full article
Baker Hughes Rig Count: U.S. -6 to 594 Canada +15 to 143
U.S. Rig Count is down 6 from last week to 594 with oil rigs down 4 to 492, gas rigs down 2 to 98 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 15 from last week to 143, with oil rigs up 15 to 89, and gas rigs unchanged at 54.
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 | 07 June 2024 | 594 | -6 |
| Canada | 07 June 2024 | 143 | +15 |
| International | May 2024 | 953. | -25 |
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