Energy / Automotive News February 03, 2025

London, February 03, 2025 (Oilandgaspress) –- U.S. President Donald Trump set a Saturday deadline for imposing 25% tariffs on imports from Mexico and Canada unless the countries clamp down on illegal migration and shipments of the deadly opioid fentanyl into the United States. Trump has not exempted crude imports from the plan, which will hurt consumers, the energy industry and national security, the oil industry has warned. Canada and Mexico are the top sources of U.S. crude imports, together accounting for around one-quarter of the oil U.S. refiners process into fuels such as gasoline and heating oil, according to the U.S. Department of Energy.

Below is a list of the top countries that the United States imports crude from and the volumes supplied by each country:

CountryImport Volumes (000s of Barrels per Day)
Canada3,800
Mexico457
Saudi Arabia275
Venezuela*228
Brazil224
Colombia210
Iraq198
Nigeria139
Ecuador120
Source: Data from U.S. Energy Information Administration,

Trump’s move has sparked volatility in the commodities market. Here are some reactions from Goldman Sachs, Barclays, JP Morgan and Citi


Trump tariffs on Mexico and Canada
President Donald Trump said this week that tariffs on U.S. neighbors Canada and Mexico will arrive Saturday. The two nations are not only close geographically, but economically as well. The business between the North American nations now exceeds China, totaling $1.8 trillion in 2023. That is far greater than the $643 billion in commerce that the U.S. did with China in that same year.. Read More


Africa Oil Corp. announce that the Company repurchased a total of 864,200 Africa Oil common shares during the period of January 27, 2025 to January 31, 2025 under the previously announced share buyback program. During this period, the Company repurchased 314,200 Africa Oil common shares on the Toronto Stock Exchange (“TSX”) and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 550,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.

Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on December 4, 2024, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the TSX, Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
All common shares repurchased by Africa Oil under the share buyback program will be cancelled. Read More


Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems), a part of Mitsubishi Heavy Industries (MHI) Group, has received the Agency for Natural Resources and Energy Commissioner’s Award (Transportation Field) in the Best Products and Business Models category of the Energy Conservation Center, Japan’s (ECCJ) 2024 Energy Conservation Grand Prize Awards, for its TEJ35AM electric-driven transport refrigeration unit(Note1) integrated with the ELF EV, an electric truck made by Isuzu Motors Ltd. (Isuzu). The award was shared by MHI Thermal Systems and Isuzu. The winning unit was cited for its ability to maintain a constant temperature inside the cargo room, enabled by sharing of battery power by TEJ35AM and ELF EV, and for its simultaneous contributions to CO2 reduction and energy savings. The awards ceremony was held in Tokyo on January 29.

ECCJ’s Energy Conservation Grand Prize Awards are presented in recognition of outstanding energy-saving initiatives at businesses or workplaces that should serve as model examples for other companies, or superior energy-saving products or business models. The awards program was created to contribute to the formation of an energy-saving society by spreading energy conservation awareness throughout Japan and promoting the adoption of energy-saving products. Previously, in 2019 MHI Thermal Systems received ECCJ’s Energy Conservation Grand Prize in the Transportation Field for its TE20/TE30 Series of electric-driven refrigeration units Read More


In 2024, TotalEnergies have diversified and secured France’s supply of fuels and liquefied natural gas. Our refineries are an industrial tool that contributes to the country’s energy security. We are investing in them to ensure their modernization or transformation towards the production of biofuels, as in La Mède (Bouches-du-Rhône) and Grandpuits (Ile-de-France).

Our contribution to the decarbonization of our customers
We are one of the world’s leading producers of sustainable aviation fuels (SAF) with 3 production sites in France at La Mède, at the Normandy Platform, and at Grandpuits, whose biorefinery is starting up this year. In 2024, TotalEnergies has thus entered into a strategic partnership with Airbus and has revised upwards its supply agreement with Air France-KLM .

Thanks to the La Mède biorefinery, we are the only HVO producer in France. This 100% renewable biodiesel does not require any adaptation to engines and is distributed throughout France to decarbonize fleets of heavy goods vehicles, public transport, agricultural machinery, construction equipment and other equipment, such as snow groomers in ski resorts. We have more than 600 HVO100 professional customers in 2024 spread across the whole of France.

In October 2024, we signed a renewable electricity sales contract with Saint-Gobain which provides for the continuous supply of electricity to power Saint-Gobain’s industrial sites in France from 2026.

Our contribution to industrial decarbonization
In France, we have committed to halving the CO2 emissions of our refining and petrochemical sites by 2030 compared to 2015. Our sites have also already reduced their CO2 emissions by more than 40% between 2015 and 2023.

We are therefore actively contributing to the country’s decarbonisation objectives. We are reducing emissions from our industrial sites through the electrification of our facilities, renewable electricity and improving energy efficiency with more than €150 million invested. Efforts will be continued after 2025 through a new investment plan to maintain the continuous improvement of the energy efficiency of industrial sites. In France, in 2024, we have invested €1.8 billion, half of which in low-carbon energies which cover electricity, renewables, biofuels, biogas, plastic recycling, electromobility and renewable and low-carbon hydrogen.

In May 2024, we exceeded 2 gigawatts (GW) of installed renewable electricity production capacity in France, placing us in the top 3 renewable electricity companies in France. This electricity allows us in particular to support the electrification of the French vehicle fleet.

Our contribution to electric mobility
As the leading player in ultra-fast charging on motorways and expressways in France, this year we have reached nearly 1,600 high-power charging points installed. Since 2024, we have been supporting new cities and metropolises to install and operate charging points such as in Rungis , Lyon , Lille and Bordeaux . Overall, we operate nearly 25,000 charging points (communities, company fleets, home charging stations for individuals, public charging stations on the road, car parks and stations or hubs). Read More


KBR announced today its participation in upcoming February 2025 investor conferences.
TD Cowen 46th Annual Aerospace and Defense Conference: Mark Sopp, Executive Vice President & Chief Financial Officer, and Jamie DuBray, Vice President of Investor Relations, will participate in a fireside chat on Wednesday, February 12, 2025, at 11:30 a.m. ET. A live webcast will be available through the Investor Relations section of KBR’s website at investors.kbr.com.

Citi’s 2025 Global Industrial Tech and Mobility Conference: Jamie DuBray, Vice President of Investor Relations, will participate in investor meetings on Wednesday, February 19, 2025. Read More


Daimler Coaches North America LLC delivers 15 Mercedes-Benz Tourrider Premium motorcoaches to “Yankee Line”. With this purchase the Boston, Massachusetts-based company becomes the first US customer to operate 50 of the new Mercedes-Benz Tourrider coaches designed specifically for the North American market. Since 2022, the Mercedes-Benz motorcoach has been setting new standards in the USA and Canada in terms of design, comfort, technology and individuality. The three-axle vehicles are offered as Tourrider Business for high-end requirements and as luxury touring coaches in the Premium version for the first-class segment.. Read More


Ukrainian drone attacks on Russian oil refineries are raising concerns about Russia’s ability to maintain its fuel production capacity, Bloomberg reports. The attacks, which have intensified over the past eight days, targeted three major refineries in central and southern Russia, including facilities operated by industry giants Lukoil PJSC and Rosneft PJSC. The most recent strike occurred on 31 January at Lukoil’s Volgograd refinery, following attacks on the Ryazan and Nizhny Novgorod facilities. The Ryazan refinery, located approximately 120 miles southeast of Moscow, has reportedly halted operations, though the impact of the Volgograd attack remains unclear. Read More


Oil and Gas BlendsUnitsOil PriceChange
Crude Oil (WTI)USD/bbl$74.51Up
Crude Oil (Brent)USD/bbl$76.99Up
Bonny Light 31/01/25 CBNUSD/bbl$79.37Down
DubaiUSD/bbl$80.54
Natural GasUSD/MMBtu$3.31Up
Murban CrudeUSD/bbl$78.76Up
OPEC basket 31/01/25USD/bbl$78.49Down
At press time February 03, 2025 , The price of OPEC basket of twelve crudes according to OPEC Secretariat calculations


Baker Hughes Rig Count: U.S. +6 to 582 Canada +13 to 258
U.S. Rig Count is up 6 from last week to 582 with oil rigs up 7 to 479, gas rigs down 1 to 98 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 13 from last week to 258, with oil rigs up 12 to 186, gas rigs up 1 to 72 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.

RegionPeriodRig CountChange
U.S.A31 January 2025582+6
Canada31 January 2025258+13
InternationalDecember 2024909-10
Baker Hughes

Tullow Oil plc (Tullow) issues Trading Statement and Operational Update: Revenue of c.$1.5 billion (including c.$74 million hedge costs) at an average realised oil price (pre-hedging) of $80.2/bbl.

Group working interest production expected to average between 50 to 55 kboepd, including c.6 kboepd of gas and inclusive of a two-week maintenance shutdown planned on the Jubilee field in the first half of the year, with a c.4% impact on Jubilee annual production.
Water injection capacity on Jubilee was increased to 300 kbwpd late in 2024. Combined with an improvement in water injection system reliability, Tullow expects decline rates at Jubilee in 2025 to be lower than in the second half of 2024.
A 4D seismic survey is underway across the Jubilee and TEN fields to identify future well locations, optimise the 2025-26 drill programme and develop a better picture of pressure and fluid movement in the reservoirs.
Ghana drilling programme to commence in May 2025 with the Noble Venturer rig with two Jubilee wells (one producer and one injector) expected to come onstream in the third quarter of 2025. The rig will then undergo planned maintenance and restart drilling at the beginning of 2026, which will help drive an increase in production.
Continued progress to maximise value from TEN, including focus on reducing the cost base to improve economics, and maturing further infill potential with the aid of 4D seismic data.
In Gabon, the Falcon NE infrastructure led exploration (ILX) prospect on the DE8 licence will be drilled during the first half of the year. Read More


Operations in the Port Harcourt and Warri refineries seem to be in full swing as the Petroleum Products Retail Outlet Owners Association of Nigeria disclosed that its members are now loading their trucks there.

According to PETROAN, this dispels earlier skepticism over the Nigerian National Petroleum Company Limited’s refineries’ partial operation.The spokesman noted that the Port Harcourt refinery is currently selling petrol, diesel, and kerosene to retailers while the Warri refinery is supplying only diesel and kerosene, as reported by the Punch.Newspaper Read More


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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.

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