London, (Oilandgaspress) –– Crude oil prices were climbing on Thursday morning following the Fed’s announcement of a 0.5% cut in interest rates on Wednesday. The U.S. Energy Information Administration reported an estimated inventory draw of 1.6 million barrels for the week to September 13.
Geopolitical uncertainty continues to affect oil prices with explosions in Lebanon adding to issues.
Naturgy and the Instituto Tecnológico de Canarias (ITC), a public R&D&I centre ran by the Government of the Canary Islands, will share their knowledge and experience to validate the performance of an innovative electrolysis technology to produce green hydrogen. The aim of this partnership is to install and test an experimental 2 kW electrolyser prototype to analyse the unit’s design and compare the results with current commercial systems.
This project is expected to increase the efficiency and reduce the cost of producing green hydrogen as fewer scarce and exhaustible materials such as noble metals are required. Moreover, the technology can be easily adapted to the variability of renewable energies, allowing for great flexibility and a rapid response.
This technology, known as an anion exchange membrane (AEM), has been developed by the Singapore-based start-up Sungreen. Naturgy has been working alongside this company since September 2022. As part of Naturgy’s collaboration with Sungreen and the ITC, a second phase of the pilot project with a 50 kW electrolyser is planned for early 2025 in Gran Canaria, which will be optimised with improvements and the results obtained with the 2 kW unit currently undergoing testing. Read More
TotalEnergies announces a 5-year extension of its sales and purchase agreement (SPA) with CNOOC, for the delivery of 1.25 million tons of LNG per year to China until 2034. Thanks to this agreement, TotalEnergies strengthens its long-term positions in the growing Chinese market. In China, natural gas serves as a crucial transition energy, mitigating the intermittency of renewable energy sources and reducing emissions when used as a substitute for coal in electricity generation. Read full article
Prospex Energy Plc, announced its unaudited Interim Results for the six months ended 30 June 2024.
Corporate and Operational Overview:
• The Company’s investment portfolio projects continued to operate on a fully self-funded basis.
• No serious Health and Safety incidents or environmental issues across both its operations in Italy and Spain.
• Annulment of Italy’s Plan of Areas, which had previously limited the extent of hydrocarbon prospecting, exploration and production in Italy, signals a commitment to promote and enable more domestic gas production.
• Actively advancing the permitting of 5 new wells on the El Romeral concessions in order to bring the utilised electricity production capacity of the gas-to-power plant to 100% (currently at 33%).
Post period
• Acquisition of 7.2365% in the Viura gas field in northern Spain (“Viura”), its third onshore producing and revenue generating well.
• Successful fundraise of approximately £4.2m via the issue of 69,955,393 new shares at 6p each. The funds raised were used to acquire 7.5% of HEYCO Energy Iberia S.L. (“HEI”) which has majority ownership in the Viura gas field in northern Spain.
o Prospex is funding 15% of the cost of the development programme to earn 7.5% of HEI. The Company will earn a 10% coupon on its capital investment and will be repaid its capital investment from 15% of the HEI production income (after OPEX and taxes), until payback at which point Prospex’s share of net income reverts to 7.5%.
• Ten-year extension of the natural gas exploitation concessions at “El Romeral 1, 2 and 3” to July 2034.
• 12-month extension to Selva Malvezzi’s gas supply contract with BP Gas Marketing Ltd.
Financial Overview
• All interest-bearing debt outstanding plus accrued interest has been repaid.
• Well positioned for growth, cash generative with no debt.
• The Company reports a £275,120 loss after taxation from continuing operations for the six-months ended 30 June 2024 (H1 2023 loss: £888,473).
• This includes a £nil unrealised gain/loss on revaluation of financial assets at fair value (H1 2023 unrealised loss: £489,037).
• The valuation undertaken at 30 June 2024 resulted in no change in the net book value of investments. Forward gas prices and exchange rates at 30 June 2024 were taken into consideration as well as gas produced from the assets in reaching this conclusion.
• Loan capital repayments in the period were £168,487 and interest payments were £6,753. All debt finance and interest accrued from the Convertible Loan Notes issued in September 2022 was settled from accumulated cash within the Company during the reporting period. No further debt-finance has been raised subsequently.
• At 30 June 2024, the Company held cash and cash equivalents of £10,991 (30 June 2023: £395,202). Prospex’s net share of Cash and cash equivalents held in Euros in its non-consolidated investment and joint venture companies amounted to €794,762.
• The bulk of the decrease in trade and other receivables of £505,890 comprises debt repayments to the Company by its investment vehicles on investment loans made during the exploration and development phases of its projects.
• The Company and its investment vehicles are expected to have sufficient funds to meet existing commitments. Read full article
Capricorn Energy PLC Half-Year Report Announcement
$50m returned to shareholders in June and ~$21m of the $25m share buyback repurchased
Revenue in Egypt of $80m with realised oil price of $78.6 per bbl and gas price of $2.97 per mscf
Material improvement of collections against Capricorn’s Egypt accounts receivable since YE/23 with cash receipts of $93m in H1/24 compared to $50m in H1/23
Egypt receivables due have reduced from $169m at YE/23 to $155m at H1/24, with a further ~$20m received to date Q3/24
Operating cost per boe of $4.7 on WI basis
Sangomar Field first oil condition satisfied: $50m contingent payment anticipated early 2025 subject to satisfying oil price and performance conditions
Balance sheet: Group cash $148m, net cash $40m after debt
Development & Production capex of $32m
Drilling resumed in Egypt with a liquids focused strategy
Egypt H1 2024 WI production averaged 26,200 boepd
New Non-Executive Chair and Non-Executive Director appointed Read full article
The board of directors of Touchstone notes Trinity’s announcement on 18 September 2024 that the board of directors of Trinity (the “Trinity Board”) are seeking the permission of the Court to formally withdraw the Scheme (“Withdrawal”) at a Court hearing which has been scheduled for 25 September 2024
Notwithstanding withdrawal of the Scheme, the Touchstone Board confirms that it does not intend to exercise its right to implement the Acquisition by way of a Takeover Offer for the Trinity Shares as an alternative to the Scheme (as provided for under paragraph 10 of Part B of Part Three of the Touchstone Scheme Document).
Consequently, the Touchstone Board has requested the Takeover Panel’s consent for the Acquisition to lapse upon Withdrawal taking effect, which consent has been granted.
As stated in the Announcement, assuming the Court grants its permission for Withdrawal at the Withdrawal Hearing, Withdrawal will take effect immediately following the Withdrawal Hearing, at which time the Acquisition will also lapse with immediate effect. Please see the attached presentation.
New car sales in the European Union fell 18.3% in August to their lowest in three years, dragged by double-digit losses in major markets Germany, France and Italy, data from Europe’s auto industry body showed on Thursday.Sales of fully electric cars slumped 43.9% in August, falling for the fourth consecutive month, as the bloc’s biggest EV markets Germany and France recorded drops of 68.8% and 33.1% respectively, the European Automobile Manufacturers Association (ACEA) said. Read More
Hyundai Motor Group (the Group) and Rhode Island School of Design (RISD) are pleased to announce the launch of the Regeneration Studio, the latest phase of work in an ambitious multiyear research partnership exploring the relationship between nature, art and design, and the future of mobility.
From research into biological forms such as insect wings and seed pods, to understanding how whole ecosystems function, deep engagement with nature’s design promotes innovation that creates environmental as well as technical wins. This space of regeneration, where creativity fosters progress for humanity while respecting the planet’s boundaries, leads to advanced design solutions that seek to restore our relationship with living systems.
Now in its fifth year, the 2024–25 collaboration brings together RISD faculty members and student researchers with Hyundai Motor, Genesis and Kia designers to design around the theme of Future Structures. The Regeneration Studio, led by an advanced scientific team in RISD’s Edna W. Lawrence Nature Lab, aims to develop entirely new concepts for bio-innovation. The programming for the year comprises a fall biomimicry seminar, spring studio courses and extended research into the summer, including week-long intensives and fellowships for Hyundai Motor Group designers and engineers. Read full article
Stellantis Pro One celebrated a major milestone today, inaugurating its new global commercial vehicles hub at the Mirafiori Automotive Park 2030 in Turin, Italy. The hub brings together all functions that align the strategy and guidelines of the business unit to increase efficiency and speed in decision-making.
The new hub, made of more than 80 experts, will integrate multiple cross-brand functions including engineering, marketing, product development, sales, logistics, communication, finance, human resources, purchasing, recreational vehicles, manufacturing and other customer-focused activities. Also, it will act as a “steering center” for all employees involved in the global commercial vehicle business. These teams will coordinate with competence centers and production facilities worldwide, supporting Stellantis Pro One’s mission to strengthen its global leadership in commercial vehicles.
“The Stellantis Pro One global commercial vehicles hub is all about taking the best of our dedicated teams, based across our regions, to achieve our ambition on a very profitable segment that represents one-third of our revenues,” said Stellantis CEO Carlos Tavares. “The decision to set this hub in Mirafiori is another testament to our deep commitment to Italy.” This year, Stellantis Pro One marked other significant milestones: Read Press Release
Stellantis’ Factory Booster Day is a crucial initiative aimed at enhancing its manufacturing processes by leveraging external innovations and emerging technologies. Now in its ninth year, the 2024 edition, held on September 18 at the Stellantis Mirafiori Complex in Turin, Italy, showcased 93 innovations. This event uses an “Open Challenge” model, where plant leaders invite proposals from suppliers and startups for potential factory floor solutions.
The goal of Factory Booster Day is to discover ways to maximize workers’ talents, improve product quality, and boost production efficiency while minimizing environmental impact. Over the last three years, more than 300 proposals have been reviewed by Stellantis, underscoring the company’s commitment to continuous improvement and collaboration in adapting to the demands of modern automotive manufacturing. Read Press Release
Mitsubishi Shipbuilding Co., Ltd., part of Mitsubishi Heavy Industries (MHI) Group, along with several major Japanese maritime and industrial companies, including Kawasaki Kisen Kaisha, Ltd. (“K” LINE), Mitsui O.S.K. Lines, Ltd. (MOL), Nihon Shipyard Co., Ltd., Nippon Yusen Kabushiki Kaisha (NYK Line), Mitsui & Co., Ltd., and Mitsubishi Corporation, have jointly received Approval in Principle (AiP) for two low-pressure liquefied CO2 (LCO2) carrier designs. The approval was granted by both the American Bureau of Shipping (ABS) and Nippon Kaiji Kyokai (ClassNK), recognizing the technical feasibility of the carriers.
This joint development is a significant step toward advancing CO2 transportation technologies, crucial for carbon capture, utilization, and storage (CCUS) initiatives aimed at reducing global emissions. The presentation ceremony for the AiP took place on September 17, 2024, during Gastech 2024, a leading international energy and environmental conference in Houston, Texas. Gastech 2024 focused on topics like natural gas, liquefied natural gas (LNG), hydrogen, and the growing role of carbon capture in achieving climate goals. Read Press Release
Mitsubishi Heavy Industries, Ltd. (MHI)’s proprietary KM CDR Process™ carbon capture technology is playing a pivotal role in Europe’s first fully operational post-combustion carbon capture plant, part of the Ravenna Carbon Capture and Storage project near Ravenna, Italy. This plant, launched by Eni and Snam, successfully captures approximately 25,000 tonnes of CO2 annually at Eni’s Casalborsetti natural gas treatment facility. MHI, in collaboration with NEXTCHEM, a subsidiary of MAIRE focused on energy transition, integrated the carbon capture technology, while KT, another MAIRE subsidiary, completed the Engineering, Procurement, and Construction (EPC) work. MHI supplied the Process Design Package (PDP) and licensed the technology. The process targets low-CO2 flue gas from a natural gas turbine that powers a turbo compressor, achieving a 90% CO2 reduction, with peaks reaching 96%. Given the low CO2 concentration levels (less than 3%) and the low atmospheric pressure of the exhaust, this is a remarkable achievement for industrial-scale carbon capture. It marks a significant advancement that could be replicated in other industries emitting low-CO2 flue gas, offering substantial potential for reducing global carbon emissions. Read Press Release
Eutelsat Group and Mitsubishi Heavy Industries Ltd. (MHI) have signed a new agreement for multiple satellite launches using MHI’s H3 launch vehicle, with launches scheduled to begin in 2027. This marks the first partnership between the two companies and further strengthens Eutelsat’s access to reliable satellite launch services.
MHI, known for its exceptional track record in launch services, has successfully executed over 50 consecutive launches with a success rate exceeding 98%, utilizing its H-IIA and H-IIB launch vehicles. The H3 Launch Vehicle, which builds on the legacy of these predecessors, offers enhanced capabilities to meet a broader range of customer requirements. The third successful launch of the H3 vehicle took place on July 1, 2024.
Arlen Kassighian, Chief Engineering Officer of Eutelsat Group, emphasized the importance of this partnership, stating, “Access to Space is critical for operators like Eutelsat, and we are excited to add MHI to our portfolio of launches, knowing that we can rely on its outstanding track record and technology to deliver our satellites into orbit.” This collaboration with MHI provides Eutelsat with additional flexibility and diversity in its satellite launch strategy for the coming years. Read Press Release
Toyota Motor Corporation participated in seven categories at the 47th WorldSkills Competition1, held from September 11 to 14 in Lyon, France, winning gold medals in two categories, silver medals in two categories2, and Medallions for Excellence in three categories.
Gold Medal Winners
Autobody Repair, Takaya Koishi
Field Autobody Repair
Division Technical Development & Prototype Div.
Car Painting, Yuto Hoshino
Field Car Painting
Division Design Management Div.
Silver Medal Winners
Mechatronics, Yuki Kitagawa
Field Mechatronics
Division Kamigo / Shimoyama Plant Manufacturing Support Div. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $71.86 | Up |
| Crude Oil (Brent) | USD/bbl | $74.67 | Up |
| Bonny Light 13/09/24 | USD/bbl | $75.96 | Up |
| Dubai | USD/bbl | $73.60 | Up |
| Natural Gas | USD/MMBtu | $2.31 | — |
| Murban Crude | USD/bbl | $74.76 | Up |
| OPEC basket 18/09/24 | USD/bbl | $73.65 | Up |
The Prax Group has announced that it has signed a Sales and Purchase Agreement (SPA) to acquire a 37.5% interest in PCK Schwedt Refinery (“PCK”) and its associated logistic assets from Shell Deutschland GmbH. PCK is jointly owned by Shell Deutschland GmbH (37.5%), Rosneft Deutschland GmbH (“RDG”) (37.5%) and AET (25%). AET is owned by ENI (1/3) and Rosneft Refining and Marketing GmbH (“RNRM”) (2/3). The transaction is subject to the necessary customary approvals and consents. Located in the Berlin-Brandenburg region, PCK is one of Germany’s largest refineries (with a capacity of 245K bpd) and is a national strategic asset, responsible for supplying c.90% of Berlin’s demand, and servicing the broader East German region. In addition, the refinery plays an important role supplying oil products to Poland, and other neighbouring European countries.
The transaction aligns strategically with the Prax Group’s recently completed acquisition of the OIL! Tankstellen petrol retail network, substantially enhancing the Group’s customer offering on continental Europe. This will in turn see the Prax Group become a significant presence in the German market and a major player in the European refining sector. Read More
Vertical Aerospace has achieved another significant milestone. Its latest VX4 has completed the first phase of its piloted flight test programme at the Vertical Flight Test Centre. During Phase 1, the VX4 prototype conducted multiple piloted tethered flights and ground runs, across 20 piloted test sorties, completing a total of 70 individual test points. Together, these tests simulated various aspects of flight and operational situations needed to validate the prototype’s safety in real-world flight scenarios, including those outside of its expected operating conditions. By intentionally testing the aircraft’s ability to handle failures, Vertical demonstrated the underlying safety of its design.
One of the most important tests successfully carried out included simulating the failure of one Electric Propulsion Unit (EPU) – inoperative testing – while in piloted tethered flight, to ensure the aircraft responds correctly and continues to be safe while in flight conditions. These tests have enabled Vertical engineers to collect and measure 35,000 flight and system parameters and verify that all systems are operating correctly and safely in different conditions ahead of further expanding the flight test envelope to piloted thrustborne flight. Source,
Vertical Aerospace Ltd. announced its financial results for the first half of the year ended June 30, 2024. Vertical has also issued a shareholder letter in conjunction with the filing of its first half-year results• Vertical maintained its industry-leading capital efficiency with an H1 2024 operating loss of £20 million ($25 million). The operating loss for the period primarily reflects the spend to successfully complete Vertical’s second full-scale prototype aircraft.
In May 2024, Vertical mutually agreed to exit Rolls-Royce’s contract to design an Electric Propulsion Unit (EPU). Under the agreement, Vertical received $34 million from Rolls-Royce which is expected to cover the anticipated costs of an alternative EPU design contract and provided an extension to the cash runway.
This followed Rolls-Royce’s announcement in November 2023 of its intention to seek a partner or buyer for its advanced air mobility activities. Vertical is already working with other EPU suppliers and does not anticipate this having any impact on the completion of their prototypes.
Over the half, Vertical was awarded an £8 million ($10 million) UK Government grant from the Aerospace Technology Institute (ATI) for its next-generation propeller development. Vertical also received a cash amount of $25 million from Imagination Aero Investments Ltd., a company owned by Vertical founder,
Stephen Fitzpatrick, in connection with an investment agreement dated February 22, 2024 (the “Investment Agreement”). Vertical is in discussion with regards to the second $25 million tranche of the investment committed under the Investment Agreement. Read More
Neste, ITOCHU and GS Caltex have collaborated to make the first batch of CORSIA-eligible ISCC-certified sustainable aviation fuel (SAF) available for purchase at Narita International Airport in Japan. This is the first time that CORSIA-certified SAF was made available for airlines’ regular purchase at commercial scale, well ahead of the start of CORSIA’s mandatory phase in 2027.
As part of the collaboration, Neste supplied over 1,000 tons of neat (i.e. unblended) CORSIA-eligible and ISCC-certified Neste MY Sustainable Aviation Fuel™ to the refinery of GS Caltex in Yeosu, South Korea to be blended with conventional jet fuel. This marked the first time SAF was blended locally in South Korea. The blended SAF was then transported to Japan for ITOCHU to supply it into the fuel storage facilities at Narita International Airport. The first batch of the fuel will be offered to All Nippon Airlines (ANA) and Japan Airlines (JAL). Read full article
Embraer, a global leader in the aerospace industry, will showcase its C-390 Millennium multi-mission aircraft at the Africa Aerospace & Defence (AAD) expo from 18 to 22 September 2024, at Waterkloof Air Force Base in Pretoria.
As a strategic asset, the C-390 Millennium performs a wide spectrum of military and support missions serving and assisting armed forces and other government departments. With a carrying capacity of 26 tons, a speed of 470 knots, and state-of-the-art avionics, the C-390 is the best aircraft in its class. Its powerful engines, large cargo hold equipped with a rear ramp and robust landing gear enable it to carry out the most demanding missions from unpaved runways. A true strategic asset for its end users, the C-390 Millenium can perform a wide range of military and civilian missions such as Transport of freight, personnel and vehicles for peace keeping operations, Special operations, Humanitarian support, Medical Evacuation, Search and Rescue, Maritime Surveillance, Fire Fighting, Air to air refueling, Disaster management.
Recently, the C-390 equipped with a roll-on/roll-off Intensive Care Unit capability, entered service with the Hungarian Air Force, enabling it to support critical medical evacuation (MEDEVAC) and humanitarian missions. Read full article
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