London, 11, June 2024, (Oilandgaspress): – Oil prices rose across the board in response to news of additional sanctions on Iran’s shipping sector amongst other factors. WTI for July delivery rose 2.9% to settle at $77.74 a barrel in New York.
Brent for August settlement gained 2.5% to settle at $81.63 a barrel.
At the XXVII St. Petersburg International Economic Forum, Rosneft and the Tourism Agency of the Krasnoyarsk Territory signed a Memorandum of Cooperation to promote domestic tourism.
The document provides for cooperation to boost the demand for domestic automobile tourism, promote the tourist potential of the region, including improvement of motorway service and Rosneft retail network infrastructure.
The parties plan to undertake a number of actions aimed at improving the comfort of automobile travelers, including motorway service at the Rosneft filling stations.
Development of the motorway service facilities and improvement of the customer services provided at Rosneft filling stations is one of the Company’s priorities. The Company retail network is not only the largest in Russia in terms of geographical coverage and number of filling stations (around 3,000 stations), but also one of the leaders in terms of fuel brand recognition and quality.
Rosneft undertakes a number of measures aimed at creating comfortable conditions for automobile travelers. Earlier, the Company, together with a number of regional authorities, has presented joint tourist routes running through the Rosneft filling stations in the Republic of Karelia, as well as the Tula, Arkhangelsk, and Ulyanovsk Regions, and the key routes between Moscow and Krasnaya Polyana, and between the two capitals. Read More
Rosneft and 1C signed a Strategic Cooperation Agreement in the IT area at the XXVII St. Petersburg International Economic Forum (SPIEF).
The document defines the main areas of cooperation in development, implementation and promotion of software solutions based on the 1C:Enterprise 8 platform. These include business applications, as well as operational, metrological, and managerial products.
Over the years, Rosneft has been continuously developing and scaling up 1C-based information systems. In particular, the company has automated the processes for retail sales of petroleum products, HR management, health and safety, financial and business activities.
The signed Agreement will serve as an additional driver for enhanced partnership relations between Rosneft and 1C, and facilitate development of the efficient and effective process solutions to support digitalization of all segments of the Company operations. Read More
Igor Sechin, Chief Executive Officer of Rosneft, assessed the potential price of oil in the medium term during the Energy Panel at the 27th St. Petersburg International Economic Forum.
Head of Rosneft recalled that the recent OPEC+ decision was not followed by the stabilization of oil prices and its growth, but on the contrary – its decline.
“This suggests that the market takes into account other factors that affect the global industry. And yet, whatever the price, it should ensure a return on invested capital, and take into account the interests of both consumers and producers,” Igor Sechin said, answering a question from the moderator of the Energy Panel.
Then the stability necessary for energy security will be guaranteed, head of Rosneft supped up.
“But you also need to understand what the alternative is. The alternative is reflected in the quote we put on the slide, it’s from Dante’s Divine Comedy: “Abandon hope all ye who enter here”. It is written on the gates of hell,” Igor Sechin noted. “Therefore, we shall act responsibly and look for compromises and consensus based on objective approaches,” he added. Read More
A new energy supply strategy shall be developed with account for the needs of developing countries, stated Rosneft Chief Executive Officer Igor Sechin speaking on an Energy Panel at the 27th St. Petersburg International Economic Forum.
“ Now that the failure of the “green transition” concept is evident, we have to develop a new strategy for a reliable and secure energy supply at fair prices tailored to the needs of developing countries,” head of Rosneft noted.
“We have no doubts about the ability of the Russian energy complex to provide the required volume of energy resources for Russian consumers, and nothing will prevent us from fulfilling our contractual obligations to all our partners”, Igor Sechin summarized. Read More
On Saturday, Opel celebrated 125 years of automobile manufacturing under the motto “Forever forward since 1899” and invited the public to the open day in Rüsselsheim. Thousands of Opel fans from near and far took the opportunity to delve deep into the history of the brand with the Blitz and, above all, to gain an insight into how Opel has positioned itself for the electrified automotive future and wants to shape it sustainably. In addition, many visitors used the day to look “behind the scenes” of automobile production. 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.
“The grEEn-campus project in Russelsheim is part of our commitment to corporate social and environmental responsibility at Stellantis. With this project, our approach goes far beyond a place to work: we want to invent what tomorrow’s workspaces will be, eco-responsible and fully adapted to our new hybrid and flexible ways of working, on site and remotely. It’s an ambitious project, both for the company and for our employees and future generations, contributing to our goal of carbon neutrality,” said Xavier Chéreau, Stellantis Chief Human Resources & Transformation Officer.
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
Hyundai Motor America was recently named a Gold Winner for the 2024 Merit Awards for Corporate Social Responsibility (CSR) in HR for its philanthropic and youth development program. Hyundai and its employee resource group (ERG), Amigos Unidos, were recognized for the Career Experience Program, an annual program that seeks to generate interest and raise awareness of the various and diverse career opportunities available in the automotive industry. Available to middle school and first- and second-year college students, the Career Experience Program is an opportunity for students to hear from employees in various departments and to participate in workshops highlighting these careers. Read More
Hyundai Motor Company (Hyundai Motor) and Healthy Seas have launched an extensive clean-up operation along the western coast of Greece to kick off their 2024 activities. Targeting abandoned fish farms, this yearlong commitment began with a 10-day intensive clean-up as well as education and community involvement activities, aiming to reclaim polluted and dangerous waters and foster healthier marine environments for local communities.
Building on their renewed partnership, Hyundai Motor and Healthy Seas are expanding their efforts to address marine pollution on a larger scale. Dedicated to a sustainable future, they will work together to combat marine pollution, restore marine ecosystems, and promote a circular economy through a series of global clean-ups and educational initiatives throughout the year.
“It is inspiring to witness the profound impact of our collaboration with Healthy Seas. Our joint efforts in 2024 aim to extend our reach, addressing the global challenge of marine pollution,” said Michael Cole, President and CEO at Hyundai Motor Europe. “This mission goes back to the very beginnings of our partnership and underscores the remarkable outcomes that can be achieved when diverse stakeholders unite for a more sustainable future.” Read full article
Rolls-Royce has been selected to supply the world’s first twin MT30-powered hybrid electro-mechanical propulsion arrangement to power Japan’s Aegis System Equipped Vessel (ASEV), a Japanese destroyer programme.
The unique power density of the MT30 GT will ensure ship performance is not compromised and will meet the top ship speed requirements associated with the Japan Maritime Self-Defense Force (JMSDF) destroyers.
Other benefits of this latest generation marine gas turbine technology include ultra-low on-board maintenance compared to legacy engines, facilitating crew reductions such as allowing for a smaller engineering department.KHI will build, assemble and test the MT30 into what is referred to as the ‘compact package engine enclosure’ and will also conduct tests on the whole of the propulsion system.
The MT30 is the world’s most power dense marine gas turbine in service, providing high power in a minimum space while meeting the operation power demand of the future. The MT30 is operating or has been selected for all conceivable propulsion arrangements – mechanical, hybrid and integrated-electric, with power delivered to water-jets, controllable and fixed-pitch propellers, depending on application. Read full article
Rolls-Royce Deutschland and ITP Aero today jointly announced that they have signed a Memorandum of Understanding (MoU) to explore a partnership to design, develop, manufacture and support a Wingman Engine, a state-of-the-art, powerful solution for large remote carriers.
As part of the MoU signature ceremony, a mock-up of a Wingman Engine concept was unveiled with the power and propulsion solution being presented to a wide audience at ILA Berlin Airshow. The MoU between Rolls-Royce Deutschland and ITP Aero will foster a German-Spanish approach, leveraging a long-lasting relationship between both companies that has spanned more than a decade.
The MoU was signed by Dr. Dirk Geisinger, Chairman Rolls-Royce Deutschland, and Carlos Alzola, Managing Director ITP Aero, on 5th June 2024 at ILA Berlin Airshow and was attended by representatives from both nations’ Ministry of Defence, government representatives, politicians and industry, celebrating the initiative of providing a European power and propulsion solution that underpins the unique engine design and manufacturing capabilities in Germany and Spain. Read full article
Rolls-Royce has received an order from its distributor Smith Power Products to provide two 1,500kW mtu Kinetic PowerPacks (KPPs) for NOVVA Data Centers, the pioneers of sustainable, secure colocation in the Western United States. The two KPPs will provide emergency backup power for an expansion at the company’s Colorado Springs data center. The Power Systems division of Rolls-Royce has already delivered over 50MW of mtu emergency diesel gensets for NOVVA’s various locations through Smith Power Products. NOVVA Data Centers places a strong emphasis on conservation and sustainability, so choosing a backup power system that fit this vision was also a significant consideration. The KPP’s battery-free design and ability to run on hydrotreated vegetable oil (HVO)/ renewable diesel fits in perfectly with NOVVA’s environmental approach. Additionally, Smith Power will be providing a selective catalytic reduction (SCR) system to nearly eliminate the emission of nitrogen oxides when the system is running. Also included in the scope of supply are custom enclosures for the units, including 24-hour fuel storage. Read More
Rolls-Royce supplies mtu propulsion and on-board power systems for three new Polish Navy frigates. The mtu propulsion engines and four marine gensets for the propulsion and power supply of the first of three new Miecznik multipurpose frigates for the Polish Navy are currently being built at Rolls-Royce in Friedrichshafen, Germany. Four mtu 20V8000 main propulsion engines with 8,200 kW each and four mtu 12V4000 on-board generators with 1650 kW mechanical power each will be installed on each ship.
The four main propulsion engines of the CODAD propulsion system, two per propeller, can be used flexibly in different combinations – from single engine operation for slow patrols to high-speed operation at over 20 knots (37 km/h) with all four engines. At a cruising speed of 12 knots (approx. 22 km/h), the Miecznik-class ships have a range of around 8,000 nautical miles (almost 15,000 kilometers).
The four mtu on-board power generators feed the electrical power grid for ship and mission operations independently of the propulsion engines. The frigates are equipped with weapon and mission systems to monitor and control sea areas, protect naval bases and attack surface, underwater, land and air targets.
The first ship of the Miecznik (swordfish) class, which is based on the British Arrowhead 140 concept, is currently being built at the state-owned PGZ shipyard in Gdynia. The first ship is scheduled to be launched in 2026 and commissioned in 2030, with the other two ships to be handed over to the Polish Navy by 2031. Read More
Cullinan built a new legacy for Rolls-Royce Motor Cars, shaped in collaboration with a bold and uncompromising generation of super-luxury consumers. Cullinan Series II evolves and builds on this motor car’s place in the brand, proving once more that the future of this marque will be shaped in partnership with its clients and characterised by exquisite contemporary crafts. Rolls-Royce presents Cullinan Series II: a bold evolution of the world’s pre-eminent super-luxury SUV
Integrates advanced digital interface, SPIRIT, and private members app, Whispers
New Clock Cabinet vitrine incorporates Spirit of Ecstasy figurine into Cullinan’s interior
Interior palette includes new botanical materials and modern craft techniques
Duality Twill seating incorporates 2.2 million stitches and up to 11 miles of thread
New Placed Perforation seat pattern inspired by clouds over the Home of Rolls-Royce and comprises up to 107,000 individual perforations
Cullinan Series II directly responds to changing codes of luxury and client use cases
Cullinan remains the most requested Rolls-Royce within the marque’s product portfolio
Black Badge Cullinan Series II available at launch, tailored to those seeking a more visceral interpretation of Rolls-Royce Read More
2024 marks the 120th anniversary of the introductory meeting between Henry Royce and The Hon. Charles Stewart Rolls in 1904. The second instalment of the ‘Models of the Marque’ series celebrates the Rolls-Royce 40/50 H.P. – the ‘Silver Ghost’. Launched in 1906, its legendary performances in the great motor trials of the early 20th Century cemented Rolls-Royce’s reputation as creators of ‘the best car in the world’.A brief history of the Rolls-Royce 40/50 H.P. – generally known as the ‘Silver Ghost’ – launched in 1906 Legendary performances in the great motor trials of the early 20th Century cemented Rolls-Royce’s reputation as creators of ‘the best car in the world’ Second in a series celebrating a landmark model from each decade of the marque’s history, from its foundational years in the 1900s to the contemporary Goodwood era
The selected motor cars represent significant developments in design, construction, engineering and technology that continue to influence the marque’s products today Read More
Woodside has achieved first oil from the Sangomar field offshore Senegal, marking the safe delivery
of the country’s first offshore oil project. The Sangomar Field Development Phase 1 is a deepwater project including a stand-alone floating production storage and offloading (FPSO) facility with a nameplate capacity of 100,000 barrels/day, and subsea infrastructure that is designed to allow subsequent development phases. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $77.71 | Up |
| Crude Oil (Brent) | USD/bbl | $81.57 | Up |
| Bonny Light | USD/bbl | $80.23 | Up |
| Saharan Blend | USD/bbl | $79.79 | Up |
| Natural Gas | USD/MMBtu | $3.03 | Up |
| Murban Crude | USD/bbl | $81.89 | Up |
| OPEC basket 10/06/24 | USD/bbl | $80.93 | Up |
Capricorn notes Woodside Energy’s (“Woodside”) announcement today confirming that first production from the Sangomar Field development offshore Senegal has commenced. The Company has received confirmation from Woodside that the first oil condition under the sale and purchase agreement has been satisfied.
As previously noted, Capricorn may be entitled to a contingent payment of either $25m or $50m if the average Brent oil price during the first six months of production exceeds the $55 per barrel or $60 per barrel thresholds and first oil is achieved in the first half of 2024. The contingent payment is anticipated in early 2025 once the average oil price has been determined and there has been 30 days of continuous production.
Capricorn remains committed to returning any available proceeds of this contingent payment to its shareholders. 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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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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