Energy / Automotive News May 21, 2025. Gas @ $3.438/MMBtu
London, May 21, 2025 (Oilandgaspress) –- Global oil demand in 2025 is expected to grow by 1.3 mb/d, y-o-y, unchanged from last month’s assessment. In April, the OPEC Reference Basket (ORB) value declined by $5.02, or 6.8% to average $68.98/b, as all ORB component values declined alongside their respective crude oil benchmarks.
The ICE Brent front-month contract declined by $5.01, or 7.0%, in April, to average $66.46/b, and
the NYMEX WTI front-month contract declined by $4.98, or 7.3%, to average $62.96/b.
GME Oman’s front-month contract declined in April by $4.65, or 6.4%, to average $67.85/b.
Crude spot prices averaged lower in April, extending the previous month’s losses, primarily driven by the decline in futures markets and weaker market sentiment due to evolving trade tensions, particularly between the US and China. This was further exacerbated by selling pressure from hedge funds and other money managers. However, physical market fundamentals remained firm amid renewed buying interest for May and June loading cargoes ahead of the summer driving season, as global refinery intake is expected to rebound from April lows caused by the planned refinery maintenance season. Higher refining margins, particularly for gasoline, in several regions, along with stronger crude differentials for various grades, also reflected the strength of the physical market. . Read More
new Chairman of the Board of Management of the Volkswagen Commercial Vehicles Stefan Mecha will become the new Chairman of the Brand Board of Management of Volkswagen Commercial Vehicles (VWN) in Hanover with effect from July 1, 2025. Mecha succeeds Prof. Dr. Carsten Intra, who is leaving the company for personal reasons as part of a retirement plan.
Stefan Mecha is currently Executive CEO of the Volkswagen Passenger Cars brand with responsibility for the China region. “With Stefan Mecha, one of our most internationally experienced managers is taking over the leadership of Volkswagen Commercial Vehicles. He has demonstrated in regions such as Brazil, South Africa, Russia and China that it is possible to achieve sustainable success even in challenging environments – through a good team spirit, pragmatism, and deep market insight. Incidentally, Stefan’s first position within the Volkswagen Group was in sales at the “Nutzis”. I am confident that, together with his highly capable team, he will lead the brand to new heights and further enhance cooperation within the Brand Group Core,” Thomas Schäfer continues
SSE invested £2.9bn in energy infrastructure over the last year SSE, the leading UK-based electricity infrastructure company, has published its full-year 2024/25 financial and operational performance. In it, it confirms a record investment of £2.9bn in energy infrastructure over the last year.
Setting out its results for the 2024/25 financial year, the Group has confirmed:
Adjusted operating profit of £2,419m.
Adjusted earnings per share of 160.9p, in line with guidance.
A revised capex programme of around £17.5bn over the five years to 2027.
In the last year, the group has:
Reached a milestone of 50% of turbines installed on Dogger Bank A, continuing progress on the 3.6GW offshore wind farm. Completion of Dogger Bank A is expected in the second half of the year.
Fully energised the Shetland HVDC link – a 260km cable linking Shetland to the GB grid – and completed the associated 443MW Viking wind farm, representing a combined investment of more than £1bn.
Started construction on the UK’s single largest electricity transmission project, Eastern Green Link 2 (EGL2). The project between SSE and National Grid involves the construction of a 500km subsea electricity transmission link between Peterhead in Aberdeenshire, Scotland, and Drax in North Yorkshire, England.
Submitted all major substation consents for ASTI and LOTI transmission projects, with remaining consents to be submitted in the summer.
Made progress in the construction of Eastern Green Link 2 ASTI project.
These projects are part of a programme which has delivered a record £2.9bn investment in energy infrastructure over the last twelve months. This equates to investing around £8m every day over the last year in vital energy infrastructure, supporting the UK government’s clean power mission.
Porsche AG keeps dividend stable Porsche AG holds its third Annual General Meeting on 21 May. CEO Dr Oliver Blume explains to shareholders the adjusted product and corporate planning with which the newly formed management team intends to lead the sports car manufacturer into a resilient and highly profitable future despite the major global challenges.Porsche AG is responding to the changed framework conditions with a comprehensive strategic realignment plan, which includes adapted product and corporate planning. In view of the significantly longer transition phase globally, on the journey to electric mobility, Porsche intends to strategically reposition its battery activities and expand its product portfolio to include additional models with combustion engines and plug-in hybrid-drive systems. In addition, the company has launched an extensive cost and rescaling programme. Around 3,900 jobs are to be cut by 2029. Furthermore, management and the works council will be negotiating a structural package in the second half of the year. This is intended to make Porsche even more efficient in the medium and long term. The realignment of battery activities and the extensive investments associated with the new product and corporate planning will result in total special expenses of 1.3 billion euros in the 2025 financial year. “This has a noticeable impact on our earnings, but we accept that,” says Dr Blume. “It is necessary to ensure that Porsche remains robust and highly profitable.”
In the 2024 financial year, Porsche AG achieved a solid result despite all the challenges. Group sales amounted to 40.1 billion euros. Group operating profit fell to 5.6 billion euros. The consolidated operating return on sales was 14.1 per cent. At 3.7 billion euros, net cash flow in automobiles was almost at the same level as the 2023 record year. Earnings per ordinary share amounted to 3.94 euros and earnings per preferred share to 3.95 euros.
Mercedes-Benz Unimog U 5000 for mobile clinic use in Madagascar Two off-road Mercedes-Benz Unimog have been in use as mobile clinics in Madagascar since this spring. The off-road vehicles, which have been converted for this purpose, are part of an aid project run by the DEICHMANN Foundation, which is working with volunteers in Madagascar.
Madagascar, the fourth largest island in the world, is located in south-eastern Africa and is home to around 30 million people. The country is one of the poorest in the world. More than half of the children are chronically malnourished. Access to healthcare is severely limited, especially in remote areas. Madagascar is regularly affected by tropical cyclones and droughts, which destroy the livelihoods of the population. In the south of the country, only around 30% of the population has access to clean drinking water, which further exacerbates the already difficult living situation.
The two high-terrain Unimog U 5000 were delivered in summer 2023, converted and then transferred to Antananarivo, Madagascar, where they are now in humanitarian use. In cooperation with the aid organization HoverAid and the DEICHMANN Foundation, the vehicles were specifically converted into mobile clinics. Among other things, the two Unimog have been fitted with container superstructures with medical equipment, air conditioning systems and modules for water treatment. In addition, the power take-off drives generators which, in conjunction with battery storage units, enable a completely self-sufficient power supply. The technical systems have been installed on site, tested and adapted to Madagascar’s specific climatic and logistical conditions.
Pony.ai surging robotaxi revenue Pony.ai reported strong unaudited financial results for the first quarter of 2025 on Tuesday, buoyed by a surge in robotaxi revenues and progress on cost-efficient mass deployment.
Total revenue in the quarter rose 12 percent year-on-year to $14 million, underpinned by a 200 percent increase in robotaxi service volume and an eightfold jump in fare-charging revenue, said the Toyota-backed autonomous driving company.
It said the strong growth rate was primarily attributable to the expansion of its public-facing fare-charging operations in tier-one cities in China and refined operational strategies for diverse user groups.
“2025 is the year of scaling up for Pony.ai and we embraced it with strong growth momentum,” said co-founder and CEO James Peng.
“The unveiling of our seventh-generation autonomous driving system marks a major step forward — reducing bill-of-materials costs by 70 percent compared to its predecessor — which positions us to expand our fleet to 1,000 vehicles by the end of this year,” he said.
The seventh-generation system is designed to be cheaper and more efficient, addressing one of the industry’s biggest challenges: scaling robotaxi operations without unsustainable capital outlays.
Chief Technology Officer Lou Tiancheng called the Gen 7 platform “the world’s first to achieve full-scenario Level 4 autonomous driving on automotive-grade chips”, a benchmark that the company claims extends vehicle lifespan and improves unit economics.
Golar LNG 2025 AGM Results Notification
Golar LNG Limited advises that the 2025 Annual General Meeting of the Company was held on May 20, 2024 at 10:00 am (Bermuda time) at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2024 were presented at the Meeting.
The following resolutions were passed:
To set the maximum number of Directors to be not more than eight.
To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorized to fill such vacancies as and when it deems fit.
To re-elect Tor Olav Trøim as a Director of the Company.
To re-elect Daniel W. Rabun as a Director of the Company.
To re-elect Carl E. Steen as a Director of the Company.
To re-elect Niels G. Stolt-Nielsen as a Director of the Company.
To re-elect Lori Wheeler Naess as a Director of the Company.
To elect Benoît de la Fouchardiere as a Director of the Company.
To elect Mi Hong Yoon as a Director of the Company.
To re-appoint Ernst & Young LLP of London, England as auditors and to authorise the Directors to determine their remuneration.
To approve remuneration of the Company’s Board of Directors of a total amount of fees not to exceed US$2,000,000.00 for the year ended December 31st, 2025.
All-New Nissan MICRA EV Designed at Nissan’s Design Europe (NDE) in London, the new MICRA boasts a refreshed and distinctive new exterior look – combining a premium exterior finish and a ton of attitude with an SUV-like design, simple and uncluttered surfaces, and subtle details throughout.
All new MICRA grades will come with 18-inch wheels, with three different options depending on grade: “active” wheel covers, “Iconic” and “Sport” alloy wheel designs. That large wheel dimension, combining with the dark wheel arch trim, contributes to the new MICRA’s strong and solid stance on the road.
Iconic headlamps greet the driver, protruding slightly from the clean inclined surface angling up from the numberplate to the hood. On unlocking the car, the lights perform a short choreographed “welcome wink” where the front lights pulse from left to right and then right to left. The same light show is performed on locking the car, acting as a ‘farewell’. At the rear, the taillamps are defined by a simple but ornate LED light design – boasting circular lighting elements.
Central to the new MICRA’s audacious personality is the palette of 14 exterior colour combinations. Depending on grade, two-tone colour options give the buyer the choice to combine the body colour with either a black or grey roof, ensuring there’s a specification and distinctive look for drivers of all tastes.
eight exclusive Abarth 695 models Stellantis Heritage and Club Italia present the Abarth 695 Club Italia, an exclusive eight-model series reserved to members of the prestigious association which preserves the creative legacy of Italian automobiles with a special emphasis on style, technology, design, craftsmanship, and sporting tradition. Uncoincidentally, these values are seamlessly aligned with the mission of Heritage, the department which preserves and promotes the immense heritage of the Group’s Italian car brands through its invaluable collection on display at the Heritage Hub in Turin, participation in international events, and an extensive range of exclusive services. Among its offerings are Certificates of Origin and Authenticity, full restorations, and the creation of bespoke models through the ‘Reloaded by Creators’ program, which restores the original beauty of classic Alfa Romeo, Fiat, Lancia, and Abarth vehicles and creates one-off or small-series collector’s cars.
The eight exclusive Abarth 695 Club Italia are also part of Stellantis Heritage’s “Reloaded by Creators” program, but with one key distinction: they are the result of the transformation of new, albeit discontinued, cars which have become one-of-a-kind collector’s pieces thanks to the experts of the Officine Classiche. Furthermore, Alessandro Ravera, Stellantis Heritage Special Vehicles Manager, stated that they were very much on the same page with Club Italia while developing the new special edition. Together, they created a vehicle that instantly reflected the Club’s distinctive style, including a livery inspired by sketches from Club Italia president, Stefano Macaluso.The vehicles belong to the final production combustion-engine run of the 695 and preserve the model’s technical and dynamic characteristics. Its exhilarating performance—acceleration from 0 to 100 in just 6.7 seconds and a 225 km/h top speed—is enhanced by the stacked Record Monza exhaust system, the Koni FSD suspensions, and the Brembo braking system with red calipers and floating discs.
Each Abarth 695 Club Italia will come with an Abarth Classiche Certificate of Authenticity with a metal label, a certification book, and two identification nameplates—one in the interiors and one in the engine compartment—with the owner’s name and the limited-edition number.
Leapmotor T03. Redefining Urban Mobility Leapmotor advances urban mobility with the T03 — an electric city-car engineered to enhance city driving experience through refined and joyful design, cutting-edge technology and a digitally integrated experience.
Smart Space – Designed Around You
Urban life demands flexibility, and Leapmotor T03 delivers it in spades. Whether you’re navigating tight parking spots or packing for a weekend escape, this vehicle adapts to your needs with ease.
Space flexibility is granted, thanks to its ingenious Magic Space system, the cargo area expands from a compact 242 liters to a generous 848 liters. That means you can carry everything from your daily essentials to your biggest passions — be it sports gear, musical instruments, or a spontaneous shopping spree. It’s not just about storage; it’s about freedom.
Leapmotor T03 has an exciting and joyful design and look. The new vibrant color, Mint Green embodies the essence of joy, good life and sustainability, bringing the drivers a sense of happiness, positivity and vitality.
Step inside and look up: the expansive 42-inch Panoramic Sunroof transforms every ride into a scenic experience, flooding the cabin with natural light and a sense of openness.
Subsea7 awarded contract offshore West Africa Subsea 7 today announced the award of a sizeable1 subsea contract in West Africa.
Subsea7 will be responsible for transporting and installing flexible pipelines, umbilicals, and associated subsea components for the connection of a floating production, storage and offloading (FPSO) vessel as well as the pre-laying activities for an upcoming drilling campaign.
Project management and engineering work will begin immediately at Subsea7’s offices in Sutton, UK and Suresnes, France, and offshore activity is expected to start in 2026.
Jerome Perrin, Vice President Africa, Middle East, and Türkiye for Subsea7, said: “Our close and agile collaboration with our clients allows us to make possible cost-effective and reliable offshore solutions for their needs. We are pleased to be able to support this client in executing such a strategically important project in West Africa. ”
No further details are disclosed at this time.
Subsea7 awarded contract offshore Norway Subsea 7 announced the award of a contract by the operator ConocoPhillips Skandinavia AS (ConocoPhillips) for a front-end engineering and design (FEED) study for the Previously Produced Fields (PPF) development project, offshore Norway.
The project is granted under a new Framework Agreement between ConocoPhillips and Subsea7.
The FEED study will finalise the technical definition of the proposed subsea development. Work will commence immediately in our office in Norway.
If the development project passes final investment decision and is approved by the authorities, the operator can exercise an option to a large1 award of the subsea structures, umbilicals, risers and flowlines (SURF) scope under the Framework Agreement to Subsea7. Offshore installation activities associated with this contract would be scheduled for 2026 to 2029.
The Previously Produced Fields are located in the Greater Ekofisk Area, approximately 290 kilometres southwest of Stavanger, Norway. The PPF development will be connected to the existing Ekofisk Complex.
All-New Toyota RAV4 World Premiere It was developed on the concept of a “Robust Accurate Vehicle with 4 Wheel Drive” as a sophisticated blend of the power and utility of an SUV. It also adopted a new platform based on the Toyota New Global Architecture (TNGA), Toyota’s structural innovation within the automobile manufacturing process. It delivered responsive driving performance with maneuverability and stability for any road surface.
Under the concept of “Life is an Adventure, this sixth-generation RAV4 seeks to become a vehicle that allows any driver to enjoy an active lifestyle. The unique driving experience of the RAV4, which was further improved in the 5th generation, has been advanced with a newly developed hybrid system that enhances acceleration. The result is an evolved RAV4 that feels like it can go anywhere and do anything, with functionality and cutting-edge intelligent technology focused on ease-of use for the driver. The key to advancing vehicle intelligence is Arene, Toyota’s first software development platform. By utilizing Arene, Toyota aims to achieve a greater level of safety and peace of mind, as well as enrich the mobility experience to make the new RAV4 a companion that fits seamlessly into various lifestyles, whether in urban living or outdoor adventures.
A RAV4 that was even more confident in its abilities…
The new RAV4 uses, for the first time at Toyota, the Arene software development platform, developed by Woven by Toyota, Inc. By adopting Arene, Toyota is swinging its development of software-defined vehicles (SDVs) into full gear. Toyota’s vision of the value that SDVs can provide goes beyond simple entertainment and convenience to also include a safe future that offers peace of mind with zero traffic accidents. Arene has realized two industry-leading functions that enable people to enjoy their mobility with peace of mind and to love their cars even more.
New-generation multimedia system used for the first time by Toyota
The new-generation multimedia system comes with a customizable home screen for improved operation tailored to each individual. It also includes faster and more accurate voice recognition for more comfortable interactions.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $62.55 | Up |
| Crude Oil (Brent) | USD/bbl | $65.88 | Up |
| Bonny Light 20/05/25 CBN | USD/bbl | $67.50 | Up |
| Dubai | USD/bbl | $64.03 | Down |
| Natural Gas | USD/MMBtu | $3.438 | Up |
| Sahara Blend | USD/bbl | $65.38 | Down |
| OPEC basket 20/05/25 | USD/bbl | $65.01 | Up |
Baker Hughes Rig Count: U.S. -2 to 576 Canada +7 to 121
U.S. Rig Count is down 2 from last week to 576 with oil rigs down 1 to 473, gas rigs down 1 to 100 and miscellaneous rigs unchanged at 3..
Canada Rig Count is up 7 from last week to 121, with oil rigs up 6 to 74, gas rigs up 1 to 47 and miscellaneous rigs unchanged at 0.
| Region | Period | Rig Count | Change |
| U.S.A | 16 May 2025 | 576 | -2 |
| Canada | 16 May 2025 | 121 | +7 |
| International | April 2025 | 891 | -8 |
| Baker Hughes |
Major Shift to Electric Trucks in China Half of China’s truck sales are set to be electric vehicles by 2028, according to the top executive of Chinese battery giant CATL, which holds more than a third of the global EV battery market. Trucks with CATL batteries could cut cost per ton-kilometer by 35% versus trucks running with internal combustion engine, CATL’s chairman and chief executive officer, Robin Zeng, told the Financial Times in an interview. More than a dozen truck manufacturers in China are using a CATL standardized battery on about 30 electric truck models, Zeng says. The battery manufacturer is currently building a network of stations in China to allow drivers to swap out the batteries for recharging.
If Zeng’s forecast of the surge in Chinese electric truck sales pans out, this would lead to a major disruption on the Chinese and global automotive and fuel markets.
Chinese fuel demand is already leveling off due to the surge in electric passenger car sales and the growing number of LNG-powered trucks. If electric trucks become as dominant as CATL expects, demand could begin to drop faster than previously thought.
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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