December 29, 2024 Latest Energy / Automotive News and Analysis
(Oilandgaspress) –- U.S. Energy Information Administration reported a large draw in crude oil inventories for the week to December 20.
The change compares with a modest inventory dip of 900,000 barrels for the previous week and a draw of 3.2 million barrels as estimated by the American Petroleum Institute for the week to December 20. Total motor gasoline inventories added 1.6 million barrels in the period, with production averaging 9.9 million barrels daily. This compared with a build of 2.3 million barrels for the previous week when gasoline production stood at an average 9.9 million barrels. Read More
Neste, the world’s leading producer of renewable diesel and sustainable aviation fuel, has been selected for the Dow Jones Sustainability Indices (DJSI) for the 18th consecutive year. This achievement underscores Neste’s continual commitment to sustainability and its position as a strong contributor in the transition to a lower-carbon economy and society.
Neste was included in both the DJSI World and DJSI Europe indices, placing Neste among the top performers in its industry. Compared to its industry peer group, the company received particularly good results for its performance in areas such as human rights, biodiversity, climate strategy and supply chain management.
“Being recognized by the DJSI as one of the leading sustainable companies in the world is an honor for all of us in the company. During 2024, our renewable and circular solutions have contributed globally to running societies more sustainably and helping our customers and partners achieve their sustainability goals. This recognition inspires us to continue our persistent work in making our own operations and the entire industry more sustainable,” says Päivi Makkonen, Neste’s Vice President of Sustainability.
The Dow Jones Sustainability Indices (DJSI) are a globally recognized family of indices evaluating thousands of companies based on their economic, environmental and social performance. Companies are selected for the DJSI based on a comprehensive assessment by S&P Global through their S&P Global Corporate Sustainability Assessment (CSA). Only the top ranked companies within each industry are selected for inclusion in the DJSI. The assessment this year is based on the companies’ performance in 2023. Read More
Vestas has received a 315 MW order for the Oga Katagami Akita Offshore Wind Project in Akita Prefecture, Japan. The project is being developed by Oga Katagami Akita Offshore Green Energy LLC., a consortium consisting of JERA Co., Inc., Electric Power Development Co., Ltd. (J-POWER), Tohoku Electric Power Co., Inc. (Tohoku EPCO), and ITOCHU Corp.
The order includes 21 V236-15.0 MW turbines as well as a long-term service agreement designed to ensure optimised performance of the assets. This marks Vestas’ first firm order for its industry-leading V236-15.0 MW turbine in the Asia Pacific region, as well as our first firm order for a project to be developed under the Japanese government’s offshore wind auctions based on the Renewable Energy Sea Area Utilization Act.
“We are honoured to partner with JERA, J-POWER, Tohoku EPCO, and ITOCHU on this landmark project for Asia Pacific’s offshore wind industry and provide them with our flagship offshore wind technology. This milestone reflects our ongoing commitment to advancing clean energy solutions and building the long-term future of the offshore wind market in the Asia Pacific region,” said Purvin Patel, President of Vestas Asia Pacific.
Atsushi Yuihara, Representative Executive Officer of Oga Katagami Akita Offshore Green Energy LLC. commented “We are delighted to work with Vestas for this significant project. Through successful delivery and operation of the project, we will contribute to a carbon neutral society in Japan and the revitalisation of Akita’ local economy.”
Vestas’ flagship offshore wind turbine, the V236-15.0 MW is built on proven, world-class technology and received its type certification last year, ensuring safety and quality. Since its launch, Vestas has secured more than 6 GW of firm orders globally, proving the turbine variant’s competitiveness across offshore markets.
The project site is located off the coast of Oga city, Katagami city, and Akita city in Akita prefecture. Deliveries are expected to begin in 2026, while commissioning is planned in 2027. The wind farm is scheduled to begin operations in June 2028. Read More
Another study has shown that combining solar panels with agriculture can significantly boost crop yields, while conserving water and generating renewable energy for areas vulnerable to climate change, a new study has shown.
Research led by the University of Sheffield reveals that ‘agrivoltaics’—the practice of using the same land for farming and producing solar electricity—leads to greater crop yields with less water, compared to crops grown in open fields.
The international team, which included the University of Arizona, along with the Center for International Forestry Research and World Agroforestry (CIFOR-ICRAF), found certain crops, such as maize, Swiss chard and beans, thrived under the partial shade provided by solar panels.
The shade helped to reduce water loss through evaporation, while additionally using the rainwater harvested from the panels to supplement irrigation needs. Read More
NIO Inc. , a pioneer and a leading company in the global smart electric vehicle market, announced that it is notifying holders of its 0.50% Convertible Senior Notes due 2027 (CUSIP No. 62914VAF3) (the “Notes”) that pursuant to the Indenture dated as of January 15, 2021 (the “Indenture”) relating to the Notes by and between the Company and The Deutsche Bank Trust Company Americas, as trustee, each holder has the right, at the option of such holder, to require the Company to repurchase all of such holder’s Notes or any portion thereof that is an integral multiple of US$1,000 principal amount for cash on February 1, 2025 (the “Repurchase Right”). The Repurchase Right expires at 5:00 p.m., New York City time, on Thursday, January 30, 2025.
As required by rules of the United States Securities and Exchange Commission (the “SEC”), the Company will file a Tender Offer Statement on Schedule TO. In addition, documents specifying the terms, conditions and procedures for exercising the Repurchase Right will be available through the Depository Trust Company and the paying agent, which is The Deutsche Bank Trust Company Americas. None of the Company, its board of directors or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the Repurchase Right.
The Repurchase Right entitles each holder of the Notes to require the Company to repurchase all of such holder’s Notes or any portion thereof that is an integral multiple of US$1,000 principal amount. The repurchase price for such Notes will be equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid additional interest, if any, to, but excluding, February 1, 2025, which is the date specified for repurchase in the Indenture (the “Repurchase Date”), subject to the terms and conditions of the Indenture and the Notes. The Repurchase Date is an interest payment date under the terms of the Indenture and the Notes. As February 1, 2025 is a Saturday, pursuant to the Indenture and the Notes, on Monday, February 3, 2025, which is the next succeeding business day, the Company will pay accrued and unpaid interest on all of the Notes through January 31, 2025 to all holders who were holders of record as of close of business on Wednesday, January 15, 2025. As of December 25, 2024, there was US$378,525,000.00 in aggregate principal amount of the Notes outstanding. If all outstanding Notes are surrendered for repurchase through exercise of the Repurchase Right, the aggregate cash purchase price will be US$378,525,000.00. Read More
Iberdrola has placed a 99 MW order of for the repowering of the Molar de Molinar and Isabela wind parks, located in Castilla-La Mancha, Spain. The contracts include the supply and installation of 11 V150-4.5 MW wind turbines and 11 V136-4.5 MW wind turbines respectively, as well as a 10-year Active Output Management (AOM 4000) service agreement.
The 22 new wind turbines will replace 139 legacy models currently powering the sites, increasing their energy output by around 30 percent.
‘Thanks to the grants awarded by the Spanish Institute for the Diversification and Saving of Energy (IDAE), through a competitive process, Iberdrola has been able to start these pioneering investments in repowering. The projects required to dismantle the old wind farms, and to adapt the foundations and electrical connections to host larger machines. The installation of more modern wind turbines will allow us to make better use of the wind resource, reducing the environmental impact’, says José González Bujanda, Head of Project Development at Iberdrola Renewable Energy.
“We are very proud to partner with Iberdrola for the repowering of these projects. This order underlines the great potential in repowering older onshore turbines with new and efficient technology. It also showcases the suitability of our 4 MW portfolio for the Spanish market. Its full converter technology provides our customers with the reliability they need to operate in the Spanish grid, marked by an increasing participation of renewable sources”, says José Luis del Cerro, Vestas Spain Country Manager.
With over 9.9 GW of wind turbines turning 20 years old or more in 2025, Spain’s repowering market is expected to become a driving force of its energy transition in the coming years. Replacing legacy turbines with current technology also allows to considerably increase the onshore wind capacity with fewer turbines, reducing the environmental impact and the use of ground at the site.
Turbine delivery is expected by the second quarter of 2025 whilst commissioning is planned by the fourth quarter of 2025.
Once operational, both wind parks combined will now prevent 53,000 tonnes of CO2 from being emitted into the atmosphere per year. The project’s CO2 footprint will also benefit from Vestas’ strong presence in Spain. The company currently manufactures onshore blades in its factory in Daimiel by Ciudad Real. The wind turbine towers will also be manufactured locally. Since 1991, when Vestas installed its first wind turbine in Spain, the company has accumulated over 5.3 GW of installed capacity in the country Read More
TOYOTA GAZOO Racing (TGR) plans to exhibit at Tokyo Auto Salon 2025* to be held at Makuhari Messe (in Chiba City, Japan) for three days from January 10 to 12, 2025. Chairman Akio Toyoda, aka Master Driver Morizo, is due to present at a press conference scheduled to start at 9:30 a.m. on January 10 under the main theme of “Car-making at Nürburgring”, which is the starting point of TGR and Morizo.
TGR is set to exhibit this time, along with Daihatsu Motor Co., Ltd., at Makuhari Messe’s North Hall. TGR’s booth will include the “LAND CRUISER BASE” display for promoting the fun of customizing the Toyota Land Cruiser, which was hitherto put on separately by Toyota Auto Body Co., Ltd. This coming together by members of the Toyota Group aims to boost excitement at Tokyo Auto Salon 2025. Read More
On November 1, the eVTOL—in other words, a flying car—developed by Toyota’s collaborative partner, American company Joby Aviation, took its first test flight over Japan. Joby CEO JoeBen Bevirt and Chairman Akio Toyoda met in 2019 as two people sharing dreams of making the world better through air mobility, and their collaborative relationship has continued to deepen to the present day.
This flight was the first outside of the United States. At the press conference the following day, the two leaders confirmed to one another that “Today is the real start” and vowed to strengthen their collaboration further. *eVTOL stands for Electric Vertical Take-Off and Landing. With elements of a helicopter, drone, and small airplane, it is expected to operate as a flying taxi for commuting, business trips, leisure travel, and more. They are exceptionally quiet, safe, and environmentally friendly (zero emissions).. Read More
Toyota Motor Corporation announces its sales, production, and export results for November 2024 as well as the cumulative total from January to November 2024, including those for subsidiaries Daihatsu Motor Co., Ltd. and Hino Motors, Ltd. Read More
The future of the UK’s petrol and diesel car ban plans could change with major updates to stop the sale of new combustion vehicles set to be introduced even sooner. A new consultation is seeking the views of experts in the motor industry, with firms to be asked how the UK can revert back to the original 2030 petrol and diesel car ban target. The new consultation proposes major updates to the Zero Emissions Vehicle (ZEV) Mandate rules which determine exactly how many electric cars need to be produced in factories.The policy states that at least 22% of cars built in UK factories are zero-emission models, with targets rising every year. Read More
Golar LNG Limited announce that the company has acquired Seatrium’s and Black & Veatch’s minority ownership interests in the FLNG Hilli. The acquisitions comprise all third-party interests in the asset, including a total of 5.45% common units, 10.9% Series A shares and 10.9% Series B shares. The transaction is equivalent to ~8% of the full FLNG capacity. The total consideration for the acquisitions is $90.2 million, of which $59.9m is in equity and $30.3 million is a pro-rata share in the existing FLNG Hilli debt facility. The full economic interest of the increased ownership in FLNG Hilli will be effective from 1st of January 2025.
The FLNG Hilli is currently contracted to Perenco in Cameroon, until contract expiry in July 2026. The asset is then intended to relocate to Argentina to start a 20-year contract for Southern Energy, a consortium of leading natural gas producers in Argentina. The Southern Energy contract remains subject to defined conditions precedent, including an export license, environmental assessment and Final Investment Decision by Southern Energy.
Since her contract start-up in 2018 the FLNG Hilli has demonstrated market leading operational uptime for FLNGs globally. The asset has delivered 124 LNG cargoes and offloaded more than 8.5 million tons of LNG.
In addition, Seatrium and Golar have agreed to resolve other remaining open items, resulting in a $7 million payment by Golar to Seatrium in relation to a Hilli Train 3 utilization bonus and settlement of historical work related to former Golar owned LNGC, the Golar Gandria. Following these resolutions there are no outstanding contractual arrangements between Seatrium and Golar related to existing assets. Read More
.Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) announces positive outcome in the arbitration vs General Hydrocarbons Limited.
Dolphin is in receipt of the Final Award, which awards certain subsidiary entities of the Group sums of approximately $100 Million. Dolphin will immediately commence collection efforts. Read More
Nissan Motor Co., Ltd. announced that Nissan Automobile Technical College students will exhibit their custom cars at Tokyo Auto Salon 2025. Nissan Automobile Technical College operates five campuses across Japan (Tochigi, Yokohama, Aichi, Kyoto, Ehime). In addition to offering standard courses aimed at achieving national qualifications in automotive maintenance, the college provides specialized programs in motorsports and vehicle bodywork, including panel beating and coating.
Students from the Aichi and Kyoto campuses, which have bodywork programs, will present three custom vehicles that represent the culmination of their studies. Read More
Hyundai Motor Company’s award-winning Hyundai IONIQ 5 took part in a prestigious GUINNESS WORLD RECORDS™ title attempt for the Greatest altitude change by an electric car.
The record attempt was organized by Hyundai Motor India Limited (HMIL) and driven by the professional team from Evo India, with the Hyundai IONIQ 5 setting the remarkable record by registering an altitude change of 5,802 m. The journey began at India’s highest drivable point, Umling La in Leh Ladakh, located 5,799 m above sea level, and finished in Kuttanad, Kerala, situated three meters below sea level.
The extraordinary feat was accomplished over 14 days, with the route covering a distance of more than 4,900 km, tackling challenging terrain and extreme climatic conditions and truly demonstrating the Hyundai IONIQ 5’s resilience, advanced technology, and superior performance.
Throughout the journey, the Hyundai IONIQ 5 reaffirmed its position as a benchmark in electric mobility, seamlessly navigating harsh environments, from freezing temperatures and steep mountain passes in the Himalayas to humid coastal regions in Kerala.
Speaking on the achievement, Mr. Unsoo Kim, Managing Director, Hyundai Motor India Limited said, “We are incredibly proud to see the Hyundai IONIQ 5 create history by achieving the Guinness World Record™ for the Greatest altitude change by an electric car. This achievement is a testament to Hyundai’s unwavering commitment to innovation, technological excellence, and sustainability. The IONIQ 5’s performance in such extreme conditions reflects its engineering prowess and durability. At Hyundai, we are dedicated to pushing boundaries and setting new benchmarks in e-mobility, and this record further reinforces our vision of ‘Progress for Humanity’.”
The Hyundai IONIQ 5, developed on the state-of-the-art Electric-Global Modular Platform (E-GMP), has been designed to redefine smart mobility experiences. It features a futuristic and progressive design, inspired by Hyundai’s iconic PONY, as a revolutionary step towards a new era of electric mobility.
Equipped with a high-capacity 72.6 kWh battery, the Hyundai IONIQ 5 delivers exceptional driving range, advanced safety, and cutting-edge smart technologies, offering customers an exhilarating and versatile e-mobility experience.
The Hyundai IONIQ 5 has once again proven its capabilities, setting a new standard in the electric vehicle segment while offering an unmatched combination of performance, safety, technology, and design. Hyundai Motor India remains committed to delivering advanced mobility solutions and shaping a sustainable future for all. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.60 | Up |
| Crude Oil (Brent) | USD/bbl | $74.17 | Up |
| Bonny Light 24/12/24 CBN | USD/bbl | $73.58 | Up |
| Dubai | USD/bbl | $72.94 | Up |
| Natural Gas | USD/MMBtu | $3.83 | Up |
| Murban Crude | USD/bbl | $76.01 | Up |
| OPEC basket 19/12/24 | USD/bbl | $72.88 | — |
Xiaopeng Motors’ first high-end pure electric MPV, Xiaopeng X9, won the title of the Sixth World’s Top Ten Smart Cars. This honor is a comprehensive recognition of Xiaopeng X9’s technologies in intelligent driving, human-computer interaction, and intelligent parking. Xiaopeng X9 has subverted the product experience of traditional MPVs in intelligent driving and intelligent cockpits. And monthly OTA allows users to continue to enjoy the truly intelligent car experience of a new car, fully demonstrating Xiaopeng Motors’ strong strength and continuous innovation capabilities in the field of smart cars. Thanks to its excellent product performance, Xiaopeng X9 achieved a delivery milestone of 20,000 units in less than a year, setting the fastest delivery record for high-end pure electric seven-seaters, and has long been the sales champion.
The 6th World Top Ten Smart Cars Evaluation Activity was hosted by the Automotive Evaluation Institute. The theme of this forum is “The First Year of Urban NOA, AI Acceleration: New Trends in Smart Car Brand Competition”, which aims to promote the innovative development of auto companies, provide consumers with car purchase references, and explore the future development direction of the smart car industry. Xiaopeng Motors has actively participated in previous selections and won awards, constantly refreshing Xiaopeng Motors with the industry’s top standards to bring users cutting-edge smart car experience. Last year, Xiaopeng G9 won the fifth annual smart navigation model. This year, with the acceleration of AI technology, it has expanded from leading smart navigation to leading AI smart driving, further demonstrating Xiaopeng Motors’ rapid progress in the field of intelligence. Read More
Xpeng Motors completed the delivery of its 10,000th vehicle in Europe in Ebersberg, Germany. Mr. Ekkehard, CEO of a German hardware technology company, became the new owner of the Xpeng G6 and the 10,000th owner of Xpeng Motors in Europe. Xpeng Motors has thus become the first Chinese pure electric new power brand to achieve 10,000 vehicle deliveries in Europe.. Read More
Baker Hughes Rig Count: U.S. unchanged at 589 Canada -71 to 95
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 71 from last week to 95, with oil rigs down 66 to 44, gas rigs down 5 to 51 and miscellaneous rigs unchanged at 0.
International Rig Count is down 31 rigs from last month to 919 with land rigs down 14 to 712, offshore rigs down 17 to 207. International Rig Count is down 59 rigs from last year’s count of 978, with land rigs down 46, 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 | 27 December 2024 | 589 | 0 |
| Canada | 27 December 2024 | 95 | -71 |
| International | November 2024 | 919 | -31 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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