Daily Energy/Automotive News Headlines February 26th – Evening
London, February 26, 2025 (Oilandgaspress) –- bp is carrying out a strategic review of its Castrol business with the intention of accelerating Castrol’s next phase of value delivery. Castrol is a leading and trusted global lubricants brand, marketing premium products in more than 150 countries and serving customers and consumers in the automotive, marine, industrial and energy sectors.
Castrol has significant growth ambitions, including growing its core mobility businesses, expanding participation in industrial lubricants, enhancing its mobility services and diversifying into data centre fluids. The strategic review of Castrol will consider all options with a focus on value creation. Proceeds from any potential transaction that may arise as a result of the review will be allocated to strengthening bp’s balance sheet. . Read More
Porsche AG initiates a long-planned change to its Executive Board: on 26 February 2025, Jochen Breckner (47) will take over responsibility for Finance and IT, with Matthias Becker (54) becoming responsible for Sales and Marketing. They succeed Lutz Meschke (58) and Detlev von Platen (61), who are leaving the company by mutual agreement. Breckner previously headed Porsche’s General Secretariat and Corporate Development. Becker was most recently Head of the Overseas and Emerging Markets region at Porsche AG and has successfully developed it into one of Porsche’s strong sales pillars. Lutz Meschke is leaving the company after 24 years of service. He moved from Hugo Boss to Porsche AG in 2001, where he was initially responsible for accounting and later for controlling
The new members of the Executive Board of Porsche AG have been associated with the sports car manufacturer from Zuffenhausen for many years: Jochen Breckner has worked for Porsche since 2000 – first as an intern and diploma student, later as a doctoral student. . Read More
Saab has signed a contract with Damen Naval for the Colombian Navy. The order includes the 9LV Combat Management System and 9LV Fire Control System, sensors and radars for the new Plataforma Estratégica de Superficie (PES) frigate programme. Saab has signed a contract with the Dutch shipbuilder Damen Naval to deliver the combat system for the Colombian Navy’s new Plataforma Estratégica de Superficie (PES). The order includes the 9LV Combat Management and 9LV Fire Control System, Ceros 200 radar and optronic tracking fire control director, EOS 500 electro-optical fire control director, Sea Giraffe 4A radars as well as other Saab systems.
“The PES programme is state-of-the-art and we are honoured that the Colombian Navy has selected Saab to supply their combat system. Our partnership with Damen Naval marks an important collaboration in the naval domain. This is our first time working together,” says Carl-Johan Bergholm, Senior Vice President and Head of Business Area Surveillance.
The Colombian Navy’s new frigate will be built by Colombian shipbuilder COTECMAR in Cartagena and Damen Naval will deliver engineering, technical support and the shipbuilding material. The design for the Plataforma Estratégica de Superficie is based on the Damen Naval SIGMA 10514 series. The frigate is scheduled for delivery in 2030. Read More
Eni informs that on 20 February 2025 the second tranche of the buyback programme of the Company, started on 13 June 2024, terminated and, consequently, the buyback programme for the year 2024 totaling EUR 2 billion as last disclosed to the market on 25 October 2024.
During the second tranche of the buyback programme approved by the Shareholders’ Meeting on 15 May 2024, previously subject to disclosure to the market, for the purpose of paying to the Shareholders an additional remuneration compared to the distribution of dividends, Eni acquired on the Euronext Milan no. 137,725,411 shares (equal to 4.19% of the share capital), for a total consideration of 1,908,200,294.55 euro. These shares will be cancelled in accordance with the terms and timing resolved by the Shareholders’ Meeting on 15 May 2024. Considering the treasury shares already held and the purchases made from the beginning of the treasury shares buyback programme on 27 May 2024 and the free of charge shares granted to Eni’s employees (as provided by the “Long-Term Incentive Plan 2020-2022” approved by Eni’s Shareholders’ Meeting of 13 May 2020 and by the “Employee Stock Ownership Plan” approved by Eni’s Shareholders’ Meeting of 15 May 2024), Eni holds n. 229,335,738 shares equal to 6.98% of the share capital.
During the period from 17 to 20 February 2025, Eni acquired no. 2,886,272 shares (equal to 0.09% of the share capital), at a weighted average price per share equal to € 14.0788, for a total consideration of € 40,635,221.33 within the second tranche of the treasury shares programme. Read More
KBR announced today that it has been awarded a contract for Project Management Consultancy (PMC) services by AMUFERT to support the development of its fertilizer plant in Soyo, Angola.
As part of this transformative $2 billion project, KBR will provide project management services overseeing engineering, procurement, and construction phases. The 2,300 metric tons per day (MTPD) ammonia and 4,000 MTPD urea facility, is designed to enhance agricultural productivity, drive economic growth through job creation, and position Angola as a leading fertilizer producer in Africa. This contract is in addition to the technology license, proprietary engineering design, equipment and catalyst solution work KBR previously announced on the same project.
Jay Ibrahim, KBR President, Sustainable Technology Solutions said: “We are proud to provide our PMC services for AMUFERT’s landmark project, which aims to boost the national and regional food security of Angola and the neighboring countries. KBR provides end-to-end solutions across the asset lifecycle making us the partners of choice for clients.”
KBR is a world leader in ammonia technology and has been at the forefront of innovation in the ammonia market for decades. Since 1943, KBR has licensed, engineered or constructed over 260 grassroot ammonia plants worldwide. Read More
bp today introduced a fundamentally reset strategy, with significant capital reallocation, and plans to drive improved performance, aimed at growing free cash flow, returns and long-term shareholder value. This strategy will see bp grow its upstream oil and gas business, focus its downstream business, and invest with increasing discipline into the transition. It builds on bp’s distinct strengths and competitive advantages as an integrated energy company – with a world-class portfolio with top tier oil and gas businesses in attractive basins and leading integrated positions and brands across value chains, all underpinned by trading, technology, and partnerships. Read More
BW Energy today published its annual report for the financial year ended 31 December 2024. BW Energy also published the Board-approved report on payments to governments and the annual statement of reserves for 2024. Read More
Saab and Aalto University announce the extension of their research collaboration for an additional 10 years, until 2036. The new agreement includes a minimum investment of 10 MEUR, aimed at ensuring the continuity of research in key areas vital to Saab’s business. In 2017, Saab launched a substantial research collaboration with Aalto University focusing on the areas of antenna technology, micro-electronics, radar signal processing, artificial intelligence, and hydroacoustic sensing. Today, Saab and Aalto University announce the continuation of the collaboration with a minimum investment of 10 MEUR, covering the period 2027-2036. “Saab’s successful history is built on constant innovation. In order to maintain that position, we must understand and benefit from the emerging technologies at the frontline of current research. The collaboration with Aalto University clearly shows the benefits of cooperation between academia, industry and government to address our common needs,” says Micael Johansson, President and CEO of Saab. . Read More
Hyundai Motor Company announced today that it has successfully completed a pilot project for Private 5G (P-5G) RedCap (Reduced Capability) technology in partnership with Samsung Electronics Co., Ltd. The company will showcase the technology at MWC25 Barcelona, the world’s largest IT and electronics exhibition, which will be held in Spain from March 3rd to 6th.
As a leader in future mobility, Hyundai Motor advances smart mobility solutions through electrification, software-driven capabilities, and smart manufacturing technologies. To achieve this, the company has collaborated with Samsung, a global leader in network solutions, to become the first in the mobility manufacturing sector to verify P-5G RedCap technology. P-5G is a dedicated system installed onsite using a specific frequency band, ensuring no external interference and seamless data transmission — essential for smart manufacturing with centralized control of industrial robots and devices. It can be tailored for optimized environments and stable communication, though challenges like complex design and high power consumption remain. Read More
Seplat Energy Plc, a leading Nigerian energy company listed on both the Nigerian Exchange Limited and the London Stock Exchange, has clinched the ‘Deal of the Year’ Award at the recently held New Telegraph Newspaper Awards. Seplat Energy completed the deal on the acquisition of Mobil Producing Nigeria Unlimited – renamed Seplat Energy Producing Nigeria Unlimited (SEPNU) from ExxonMobil in December 2024.
The Award ceremony was not just a ceremony but a heartfelt tribute to outstanding organisations and individuals that have made significant contributions across various sectors, including governance, business, education, and technology. The event honoured those who have excelled in their fields and inspired others through their work. Read More
.Seplat Energy Plc, Nigeria’s leading indigenous oil and gas producer, has expressed its commitment to partnering with the Akwa Ibom State Government for sustainable development. This was disclosed during a courtesy visit to the State Governor, His Excellency, Pastor Umo Eno, by a Seplat delegation led by the Board Chairman, Senator Udo Udoma, in Uyo. The Seplat delegation used the occasion to formally brief the Governor on the recent completion of the acquisition of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited, clarifying that the entity will now be known as Seplat Energy Producing Nigeria Unlimited (SEPNU), retaining all assets and liabilities of the previous company. Read More
Zepp.solutions, a Dutch pioneer in hydrogen fuel cell technology, has been selected as the fuel cell system supplier for the NERA-H2 project. This initiative, largely funded by the Dutch Maritime Master Plan, aims to introduce hydrogen as a clean energy source in the river cruise industry by developing a fully zero-emission demonstration vessel. With cities such as Amsterdam, Basel, and Vienna enforcing increasingly stringent emissions regulations for vessels, the river cruise sector faces a major sustainability challenge. The NERA-H2 project seeks to address this by retrofitting existing vessels with a hydrogen fuel cell-based propulsion system, accelerating the energy transition within inland waterways.
Zepp.solutions will supply the fuel cell systems used in the retrofit of an existing cruise vessel with a fully modular hydrogen and battery-electric drivetrain. The hydrogen fuel cell systems will deliver a power output exceeding 1MW, using Zepp’s X150 fuel cell modules – a system that has already proven itself in heavy-duty applications such as hydrogen-powered trucks. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $68.81 | Down |
| Crude Oil (Brent) | USD/bbl | $72.75 | Down |
| Bonny Light 25/02/25 CBN | USD/bbl | $74.60 | Down |
| Dubai | USD/bbl | $77.75 | Down |
| Natural Gas | USD/MMBtu | $3.99 | Down |
| Murban Crude | USD/bbl | $74.64 | Down |
| OPEC basket 25/02/25 | USD/bbl | $75.93 | Down |
Vitol and Glencore will receive $380m in compensation after their gas supplier, trading firm Taleveras, won a legal battle in a London court against Nigeria’s sole liquefied natural gas producer for non-delivery of cargoes, court documents seen by Reuters showed. The report on Tuesday said the case heard in London’s High Court and Court of Appeal is the latest in a string of lawsuits brought by buyers against sellers and producers for non-delivery of cargoes after gas rallied from lows during the COVID pandemic when Russia invaded Ukraine in February 2022. It said the court proceedings focused on 19 cargoes that NLNG had been due to deliver to Taleveras in 2020-2021. Taleveras sued the Nigerian venture, known as NLNG, involving Shell TotalEnergies, and Eni, as partners, four years ago.. Read More
At the Board of Directors meeting held today, Toyota Motor Corporation (“TMC”) resolved to transition from a company with an Audit and Supervisory Board to a company with an Audit and Supervisory Committee, following approval at the 121st Ordinary General Meeting of Shareholders to be held in June 2025.
As a result of this transition, Toyota will establish the role of Members of the Board of Directors serving as the Audit and Supervisory Committee Members, who will maintain voting rights in the Board of Directors. In addition, Independent Outside Directors will comprise five out of the total ten directors―fully half of the board―and three of the four Members of the Board of Directors serving as the Audit and Supervisory Committee Members. To transform into a mobility company, Toyota seeks to reinvigorate the Board of Directors through a combination of Directors who practice management based on products and regions, and Independent Outside Directors who can provide advice from a wider perspective.
Toyota believes that in order to remain a company that is always chosen by stakeholders, it needs a Board of Directors that maximizes the knowledge and expertise of its directors and contributes to growth along with all the stakeholders supporting the automotive industry as it moves towards the future we hope to create. With this transition, all members of the Board of Directors may join discussions without constraint based on inside/outside roles or titles. This will encourage full participation and reinvigorate the Board. Additionally, Toyota will promote faster decision-making by delegating authority to executive management and strengthen the monitoring functions of the Board of Directors. Read More
Embraer’s Phenom 300 series is once again the world’s best-selling, most delivered light jet for the 13th consecutive year, according to data released by the General Aviation Manufacturers Association (GAMA). The data also confirmed the light jet as the most delivered twin-engine jet for the fifth year in a row. To achieve this distinction, the company delivered 65 Phenom 300 series aircraft throughout 2024, ending the year with the industry’s highest book-to-bill.
With more than 830 deliveries worldwide, operations in 40 countries and over 2.5 million flight hours, the Phenom 300 series, certified for single-pilot operation, is known for its best-in-class capabilities, delivering the most value, reliability and utilization to its loyal customers globally. Maintaining the highest residual value in the industry, the platform is a testament to Embraer’s commitment to efficiency, innovation and engineering excellence.
The Phenom 300E, the fastest light jet in production, has a high-speed cruise of 464 knots and a five-occupant range of 2,010 nautical miles (3,724 km) with NBAA IFR reserves. The aircraft features advanced avionics, including a Runway Overrun Awareness and Alerting System (ROAAS)—the first to be developed and certified in business aviation—as well as autothrottle, coupled go-around, Emergency Descent Mode (EDM), and more.
Looking beyond the light jet segment, the data released by GAMA indicates increased market adoption for the company’s medium cabin aircraft. The Praetor 500 now captures over 40 percent of the midsize market share, while deliveries of the Praetor jet family grew by 34 percent year-over-year, highlighting both the Praetor 500 and Praetor 600 aircraft’s popularity among corporate flight departments and fleet operations. Read More
Baker Hughes Rig Count: U.S. +4 to 592 Canada -1 to 244
U.S. Rig Count is up 4 from last week to 592 with oil rigs up 7 to 488, gas rigs down 2 to 99 and miscellaneous rigs down 1 to 5.
Canada Rig Count is down 1 from last week to 244, with oil rigs unchanged at 174, gas rigs down 1 to 70 and miscellaneous rigs unchanged at 0.
International Rig Count is down 4 rigs from last month to 905 with land rigs up 1 to 713, offshore rigs up 5 to 197. International Rig Count is down 60 rigs from last year’s count of 965, with land rigs down 27, offshore rigs down 33.
| Region | Period | Rig Count | Change |
| U.S.A | 21 February 2025 | 592 | +4 |
| Canada | 21 February 2025 | 244 | -1 |
| International | January 2025 | 905 | -4 |
| Baker Hughes |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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