London, January 06, 2025 (Oilandgaspress) –-Saudi Arabia’s ambitious and history-making Vision 2030 aims to transform the kingdom from an oil-dependent economy to an eco-friendly global investment powerhouse with a higher quality of life for all.
King Abdullah Economic City (KAEC) is yet another Saudi Arabian megacity project like The Line and Oxagon. However, the start-up city along the Red Sea Coast, about the size of Washington, DC, still struggles to carve out its niche and stand out to a broad demographic using traditional urban planning approaches.
Vision 2030 is more than an economic overhaul. It is a sustainable turn towards balancing over a century of heavy reliance on fossil fuels with ambitious environmental goals. These include planting 10 billion trees and achieving 50% of the country’s energy from renewable sources by 2030.
Moreover, Vision 2030 champions profound social reforms, particularly in gender dynamics. The initiative has improved women’s participation in the workforce, seeing a significant increase from 20% to 30% in just five years.
This is complemented by recent, progressive policy changes, such as allowing women to drive and actively participate in cultural and sporting events. These reforms are not just about enhancing rights but are integral to integrating the entire population into the fabric of new urban developments like KAEC. .. Read More
Offshore oil & gas markets saw mixed trends in 2024, with the Clarksons Offshore Index (tracking rig, OSV and subsea dayrates) rising to a record level of 122 points in July-24 (2017: 45, 2008: 114, 2013: 101), before falling by 5% from this level by year end (standing at 116 points at end-2024). This trend may continue into the early months of 2025, and the short and medium term outlook has become more uncertain.
• Slightly reduced project investment in 2024, following 3 stronger years, with $81bn of CAPEX for offshore oil and gas projects reaching FID last year (down 28% on the 10-year trend); we are projecting an uptick to $123bn for 2025.
• Offshore production is still growing overall; 2024 saw 25.2m bpd of oil (flat y-o-y amidst OPEC+ cuts, 27% of global oil output) and 132.3bn cfd of gas (up 3.7% y-o-y, 32% of global gas supply). The energy security focus is likely to remain supportive in the short and medium term (offshore oil and gas provides 16% of global energy supply), albeit energy transition trends will impact over the longer term. Read More
Gasl prices up as market feels impact of global fuel demand from colder weather in the Northern Hemisphere.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $73.48 | Down |
| Crude Oil (Brent) | USD/bbl | $76.24 | Down |
| Bonny Light 06/01/25 CBN | USD/bbl | $77.88 | Up |
| Dubai | USD/bbl | $73.23 | — |
| Natural Gas | USD/MMBtu | $3.68 | Up |
| Murban Crude | USD/bbl | $76.63 | Down |
| OPEC basket 02/01/25 | USD/bbl | $74.93 | Up |
POWWR, the respected energy software provider, today announces that it has promoted Andy Taylor to head of UK sales to build upon the successes it has seen in the past 12 months. The new role will see Taylor heading up the team of sales executives in the UK and report directly to its chief commercial officer Paul Hodnett.
Taylor has over 20 years’ experience in the energy market, working within both brokerage and suppliers. He began his journey at successful startup Economy Power, working in its account management team to recruit and manage brokers into the newly deregulated market. Successive company takeovers, first by Powergen and then by E.ON, saw him promoted to head up its third party intermediaries (TPI) sales department, which he grew from 10% of total sales to just over 60%.
After E.ON, Taylor became head of indirect sales at RWE npower. “During my time at npower, I became a POWWR customer and was instantly impressed by the difference it made to our operations. Growth was fast and strong, with the POWWR portal helping us recruit hundreds of new brokers into the company’s sales team, until TPI sales eventually made up 80% of total sales,” he explains. Read More
Simon Kidston was 21 years old when he had the opportunity to get his foot in the door in 1988 and applied for a junior role at Coys of Kensington auction house. “When I didn’t hear back, my cousin got involved and put in a good word for me.” And it worked. A three-month trial turned into eight years in the classic car auction world.
“I absolutely loved it,” says Kidston. “And because I spoke French and Italian, I could talk to European clients nobody else could.”
He next joined auction house Brooks (later Bonhams) and moved to Geneva to establish their European operations.
And then in 2006, unsurprisingly, Kidston founded his own company, Kidston SA, which operates from the stunning La Maison des Paons on Avenue Pictet-de-Rochemont. He applied what he had learned about the world of classic cars over the past 18 years to his own company – and soon established a reputation as one of the leading international dealers of rare collector vehicles.
The 57-year-old now no longer works as an auctioneer, but as a broker and classic car consultant – and thus continues to be at the center of numerous legendary classic car auctions. This includes the purchase of a Mercedes-Benz 300 SLR, the most expensive car of all time to date, which changed hands for 135 million euros at an auction held by Sotheby’s Europe in 2022. Kidston bid for the car on behalf of his client. His personal highlights, however, are the sports cars from Stuttgart-Zuffenhausen. Time and again he crosses paths with extraordinary models, resulting in some unforgettable moments.
One such example is the Porsche collection of former dealer and collector Vasek Polak, which went under Kidston’s hammer. Read More
A Mercedes-Benz 300 SLR Uhlenhaut Coupé from 1955 has been sold at auction for a record price of 135 million EUR to a private collector.
This icon of automotive history is an absolute rarity – one of just two prototypes built at the time. Named after its creator and chief engineer, Rudolf Uhlenhaut, it is considered to be one of the finest examples of automotive engineering and design by automotive experts and enthusiasts worldwide.
The sale of the 300 SLR Uhlenhaut Coupé took place on 5 May 2022 at an auction held at the Mercedes-Benz Museum in cooperation with renowned auctioneer RM Sotheby’s. The invitees were among selected Mercedes-Benz customers and international collectors of cars and art, who share the corporate values of Mercedes-Benz. The 300 SLR Uhlenhaut Coupé sold at auction was part of the non-public vehicle collection belonging to Mercedes-Benz Classic, comprising more than 100 automobiles from the invention of the automobile in 1886 until today. Read More
bp has begun flowing gas from wells at the GTA Phase1 liquefied natural gas (LNG) project to its floating production storage and offloading (FPSO) vessel for the next stage of commissioning. GTA, offshore Mauritania and Senegal, is one of the deepest offshore developments in Africa, with gas resources in water depths of up to 2,850 metres. Once fully commissioned, GTA Phase 1 is expected to produce around 2.3 million tonnes of LNG per year. In 2021, it was declared “a project of strategic national importance” by both host governments.
Today’s announcement marks an important milestone towards realising the potential of Mauritania’s and Senegal’s gas resources, with the possibility for the countries to become an important LNG production hub. “This is a fantastic landmark for this important megaproject. First gas flow is a material example of supporting the global energy demands of today and reiterates our commitment to help Mauritania and Senegal develop their natural resources,” said Gordon Birrell, EVP production & operations. Read More
In 2024, the Troll field in the North Sea produced more gas than ever before. At the same time, CO2 emissions were significantly reduced.
The Troll field in the North Sea has set a historic production record, delivering 42.5 billion standard cubic metres of natural gas in 2024.
This is the highest annual production ever for the field, and is an increase of almost ten percent from the previous record from 2022 (38.8 billion standard cubic metres). “With record-high production in 2024, the Troll field confirms its position as a pillar of Europe’s energy security. The field contributes to a stable gas supply for millions of households and is important for European industry. This milestone is the result of decades of targeted work to recover the Troll oil and gas resources in an efficient and sustainable manner. It is rewarding to be able to deliver such significant volumes of gas when Europe needs it most,” says Kjetil Hove, Equinor’s executive vice president for Exploration & Production Norway.
Troll A and the processing plant at Kollsnes have been electrified since the start-up in 1996. Gas on the Norwegian continental shelf (NCS) is locally sourced and has the industry’s lowest emissions from production and transport. Read More
Secured by Virginia Governor Glenn Youngkin with help from eastern seaboard utility company Dominion Energy, Chesterfield County will welcome Commonwealth Fusion Systems’ experimental ARC plant on the site of a decommissioned coal power plant.
Founded on the campus of MIT in Boston, Commonwealth Fusion Systems (CFS) is one of the world’s leaders in advancing the quest for commercial nuclear fusion energy—the ultimate energy source for humanity which replicates the process that forged our Sun to create emission-free, pollution-free energy.
Work will begin on the ARC plant next year, even before a smaller, prototype reactor is finished in Fort Devons, Massachusetts. Governor Youngkin said Virginia managed to attract CFS over 100 other global locations. Receiving $2 billion in funding from an estimated 60 private investors that include Google and the Italian oil and gas giant Eni Read More
.Varel Energy Solutions (“VES”) today announced it has acquired Ace Well Technology (“ACE”), an international leader in the supply of oilfield casing, cementing and completion products. This transaction further strengthens VES’s robust portfolio of primary cementing equipment, many of which are uniquely patented technology, while expanding smart completions offerings supporting the offshore and premium market sectors. This combination enables the organization to offer one of the industry’s leading sources of high-quality, value-driven solutions to its customers.
Backed by growth capital and poised to build a strong foundation for high-performance manufacturing solutions, VES and ACE will leverage their combined strengths of customer intimacy, operational footprint, and supply chain efficiency to deliver value and improved economics around the world even more effectively.
“Varel Energy Solutions is extremely honored to add the extraordinary people and impressive high-performance culture of Ace Well Technology to our organization,” said Derek Nixon, President & CEO of VES. “We exist to become the Industry’s Maker of consumable downhole products across the oil and gas and renewable energy sector. We are excited to service our customers more broadly in the offshore and smart completions markets through the proven and credible offerings within the ACE portfolio. Together, I believe we will create more customer value than ever before while bolstering the foundation for a long-standing, sustainable energy products manufacturing business.”
The acquisition of ACE incorporates best-in-class engineering, supply chain, technical customer support around the world. Now combined with VES, the enterprise positions one of the industry’s strongest product portfolios designed to address the challenges of well installation and completions in increasingly complex and cost-sensitive environments. . Read More
Alunorte has invested NOK 580 million in implementing electric boilers for steam production at the alumina refinery. This will reduce CO2 emissions by up to 550,000 tonnes per year. Alunorte is the world’s largest single plant alumina refinery located in northern Brazil and has started operating two new electric boilers to produce steam. The new boilers are based on renewable energy and replace coal fired boilers. These come in addition to one electric boiler installed in 2022. The conversion from coal to renewable electricity will reduce up to 550,000 tonnes of CO2 per year, an investment of NOK 580 million. This reinforces Alunorte’s position as one of the lowest emission plants in the alumina industry.
The electrical boilers can produce 270 tonnes of steam per hour. The energy will come from renewable energy projects, and Alunorte has signed long-term power purchase contracts with the Brazilian Mendubim solar plant and the Ventos de São Zacarias wind farm.
The electrical boilers are part of the refinery’s plan to reduce up to 70 percent of carbon emissions in its operation by 2030, in line with Hydro’s global commitment to decarbonization. Read More
Rig markets faced a mixed 2024. The sector weathered uncertainty surrounding ‘white space’ in the floater backlog and Saudi jack-up redeliveries relatively well through the majority of the year (with rates rising in the year to July), though increased availability moving into 2025 weighed upon dayrates in the latter months of the year. Indeed, rates fell ~5% on average across 2H 2024, with particular weakness seen in the SEA high-spec jack-up market (where assessments dropped ~32% across July-Dec as various units redelivered by Aramco began competing for tenders). Deployment remained resilient through 2024 (JU: +9 units, FL: flat) despite uncertainty, while utilisation ticked up to 91% by the end of the year. Underlying supply constraints should remain supportive; the orderbook is small (10 JUs/15 FLs) and there is little interest in newbuilding, recent NOC charter-backed enquiries aside.
o OSV: The OSV sector faced seasonal pressures in the latter half of 2024, following record markets earlier in the year. The number of active units (AHTS >4,000 BHP, PSV >1,000 dwt) rose to 2,570 by start-July, before softening to 2,437 by the end of 2024 (still ~500 units above 2020 levels). OSV utilisation was slightly higher across the year. Meanwhile, our OSV Rate Index rose to a record level of 201 points at end-July, though has since softened 4%. Generally strong markets drove an uptick in ordering last year, particularly in the large PSV sector (37 orders, the most since 2014); however, speculative contracting seems to have slowed in recent months. Read More
Baker Hughes Rig Count: U.S. unchanged at 589 Canada -1 to 94
U.S. Rig Count is unchanged from last week at 589 with oil rigs unchanged at 483, gas rigs unchanged at 102 and miscellaneous rigs unchanged at 4.
Canada Rig Count is down 1 from last week to 94, with oil rigs unchanged at 44, gas rigs down 1 to 50 and miscellaneous rigs unchanged at 0.
International Rig Count is down 10 rigs from last month to 909 with land rigs unchanged at 712, offshore rigs down 10 to 197. International Rig Count is down 46 rigs from last year’s count of 955, with land rigs down 23, offshore rigs down 13.
The U.S. Offshore Rig Count is unchanged at 14, down 5 year-over-year.
The Worldwide Rig Count for October was 1,754, up 4 from the 1,751 counted in September 2024, and down 22, from the 1,776 counted in October 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 03 January 2025 | 589 | 0 |
| Canada | 03 January 2025 | 94 | -1 |
| International | December 2024 | 909 | -10 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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