Energy / Automotive News July 02, 2025. Gas @ $3.47/MMBtu
London, July 01, 2025 (Oilandgaspress) –- Chinese refiners continue to buy high volumes of crude oil from Iran, with first-half imports at the major port clusters estimated at nearly 1.4 million barrels per day (bpd), according to oil flow tracking data from Kpler cited by Bloomberg.
Ports near industrial clusters Qingdao, Dalian, and Zhoushan are importing crude from Iran in several legs from the Persian Gulf via Malaysia with ship-to-ship (STS) transfers using shadow fleet vessels and tankers blacklisted by the United States.
Officially, China’s customs data show there haven’t been any crude imports from Iran since 2022. Unofficially, China buys nearly 90% of all of Iran’s crude exports in multiple-stage journeys and transfers from one tanker to another.. Read More
Shell to update 2023 and 2024 Form 20-Fs Ernst & Young LLP (“EY”) has advised Shell plc that, for the years ended December 31, 2023 and 2024, EY was not in compliance with the SEC auditor independence rules. As a result, Shell plc will today file an amendment to its filed Form 20-Fs for those years with new US audit opinions issued by EY. The financial statements for 2023 and 2024 remain unchanged. The EY audit opinions remain unqualified.
On July 1, 2025, EY, Shell plc’s independent registered public accounting firm, advised the Audit and Risk Committee of the Board that its US opinions on Shell plc’s previously issued audited consolidated financial statements and effectiveness of internal control over financial reporting (jointly the “previously issued financial statements”) for the years ended and as of December 31, 2023 and 2024 (the “applicable years”), respectively, should no longer be relied upon. After a review, EY concluded that it was not in compliance with the SEC’s auditor independence rules for the audits of the applicable years.
EY has determined that the partner who led the audit for the applicable years had exceeded the period allowed under SEC audit partner rotation rules and hence was not eligible to serve as lead engagement partner for those audits.
EY subsequently assigned a different partner to perform the role of lead audit partner with respect to the audits and concluded that no changes to the previously issued financial statements for the applicable years are necessary. EY has also concluded that the appropriate remediation has been completed, and it is capable of exercising objective and impartial judgment with respect to the US audit opinions included in the amended Form 20-Fs for the applicable years to be filed with the SEC.
The previously issued financial statements as prepared by Shell plc for the applicable years are unchanged. Shell plc will file amended Form 20-Fs for the applicable years later today.
TRATON Financial Services (TFS) has successfully completed the rollout of its integrated financial services platform across 14 strategic markets. This milestone marks a key step in strengthening the Group’s global financing capabilities based on a common backbone — enabling faster, more consistent, and customer-focused financial support across TRATON’s brands.
This rollout concludes a multi-year effort to establish a dedicated financial services structure that directly supports the commercial operations of the Group’s brands — Scania, MAN, International, and Volkswagen Truck & Bus — while ensuring alignment with local customer needs and market dynamics.
Now fully operational in South Africa, Sweden, Spain, Poland, Germany, Austria, South Korea, the United Kingdom, Ireland, France, Brazil, Italy, Mexico, and Portugal, the new setup ensures that each brand can rely on a unified and professional financing partner with shared systems, integrated governance, and local accountability.
The transition replaces previous contractual arrangements with Volkswagen Financial Services and Volkswagen Bank, providing greater visibility, responsiveness, and strategic control over how financing supports the Group’s commercial ambitions.
Mats Gunnarsson, CEO of TRATON Financial Services, commented: “This rollout is a foundational achievement for TFS and for the Group. We now have the core structure in place to support our brands with fast, reliable, and tailored financial solutions — always aligned with their commercial needs and customer relationships. As we move forward, TFS will be the trusted financing partner relying on a strong and common backbone across all TRATON brands, built for resilience, scale, and innovation.”
Looking ahead, TFS will continue to evolve in line with the Group’s transformation, expanding its geographical reach, advancing its sustainable funding strategy, and enabling new financial service models that reflect the changing landscape of transport and logistics.
The integrated setup also paves the way for innovation in key areas such as electric vehicle financing, usage-based offerings, and Vehicle-as-a-Service (VaaS), ensuring that financial services remain a key enabler of sustainable and future-ready transport solutions.
CEO of Eni meets the Prime Minister of Malaysia CEO of Eni Claudio Descalzi met this morning in Rome with the Prime Minister of Malaysia Anwar Ibrahim. The CEO of PETRONAS Tengku Muhammad Taufik also participated in the meeting.
During the meeting, the parties discussed the progress of the business combination between Eni’s and PETRONAS’s assets in Indonesia and Malaysia. The new company, which fits into Eni’s satellite model, will be equally owned and financially self-sufficient, and will ensure a sustainable production of 500 kboepd in the medium term, primarily of gas, leveraging total reserves of about 3 billion barrels of oil equivalent (boe) with an exploratory potential of 10 billion boe.
Descalzi and Taufik also illustrated to the Malaysian Prime Minister the progress of the biorefinery project that PETRONAS, Enilive, and Euglena are developing within PETRONAS’s Pengerang industrial site in Johor, Malaysia. The plant, built from scratch, will adopt the Ecofining™ technology developed by Eni, and will produce SAF for air transport and HVO diesel.
The parties also discussed further potential initiatives in the field of energy transition, particularly opportunities for Carbon Capture and Storage, an area where Eni has proven technological and industrial experience, as well as initiatives for producing agri-feedstock for biorefining, in line with Eni’s distinctive model of vertical integration of the supply chain.
Hyundai Motor Group Recognized by TIME Hyundai Motor Group (the Group) has been recognized by TIME magazine as an “Automotive Darkhorse” in “The 100 Most Influential Companies of 2025,” marking the Group’s first appearance on the prestigious annual list. The recognition highlights Hyundai Motor Group’s innovation leadership and transformative impact on the global automotive industry as it continues to drive sustainable mobility solutions and advanced vehicle technologies.
According to TIME, Hyundai Motor Group has demonstrated remarkable growth as it builds on its 2024 achievement as the third-largest global automotive group in sales. The publication notes that the South Korean automotive giant has become an industry leader in driving innovation in electrified vehicles and sustainable mobility.
TIME highlights that this impressive performance reflects strong consumer demand for the Group’s expanding lineup of electric and hybrid vehicles, with both the Hyundai Motor and Kia brands receiving industry recognition for their innovative EV and hybrid offerings.
Responding to evolving consumer preferences and market demands, Hyundai Motor Group has outlined an aggressive expansion plan for its hybrid vehicle portfolio. The Group is extending its reach beyond traditional compact and mid-size segments into the luxury vehicle market.
This strategic expansion positions the Group to capture a broader range of consumers while maintaining its competitive edge in the rapidly evolving automotive landscape.
In March 2025, Hyundai Motor Group announced a landmark $21 billion investment in U.S. manufacturing operations through 2028, representing the Group’s most significant commitment to American production in its history.
Hyundai Motor Group’s strategic initiatives reflect the Group’s commitment to maintaining its position among global automotive leaders while adapting to industry transformation. The combination of record financial performance, expanding electrified vehicle offerings, and substantial U.S. manufacturing investments positions the Group for sustained growth in key markets worldwide.
TIME solicited nominations across sectors to assemble the list and polled its global network of contributors, correspondents, and outside experts. Then, TIME editors evaluated each key factor, including impact, innovation, ambition, and success. The result is a diverse group of 105 businesses helping chart an essential path forward.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $65.66 | Up |
| Crude Oil (Brent) | USD/bbl | $67.39 | Up |
| Bonny Light 23/06/25 CBN | USD/bbl | $80.92 | — |
| Dubai | USD/bbl | $69.27 | Up |
| Natural Gas | USD/MMBtu | $3.47 | Up |
| Murban | USD/bbl | $68.87 | Up |
| OPEC basket 01/07/25 | USD/bbl | $68.06 | Down |
Hyundai Motor Group Opens ‘UX Studio Seoul’ Hyundai Motor Group (the Group) is opening the ‘UX Studio Seoul’ in Gangnam – an iconic Seoul district and tech startup hub – on July 3. The new participatory research center is designed to co-create future mobility experiences in collaboration with users, marking a significant milestone in the Group’s ongoing journey of innovation.
The UX Studio Seoul is one of the first open research platforms in the global automotive industry where customers can actively participate in the development of mobility user experience (UX) and apply their insights to UX concepts. Customers can freely explore various future mobility environments, take part in pioneering UX research, and experience firsthand how customer feedback influences vehicle features and their development.
“Our vision for the best UX goes beyond convenience to foster a truly inspiring mobility experience,” said Hyolin Kim, Vice President and Head of the Feature Strategy Group at Hyundai Motor Group. “At the heart of this vision is the voice of our customers. UX Studio Seoul is not about delivering a one-way experience – it’s a collaborative hub where customer insights are directly integrated into the actual vehicle development process.”
The opening of UX Studio Seoul reflects the Group’s commitment to revolutionizing user experiences amidst a paradigm shift driven by electrification and autonomous driving. The studio will showcase the Group’s ability to deliver differentiated value across all aspects of mobility, including driving performance, infotainment systems, and convenience features, ensuring that every touchpoint enhances customers’ mobility experience.
TotalEnergies Expands its Partnership with AES TotalEnergies announces the closing of its acquisition of a 50% stake in the solar, wind and Battery Energy Storage Systems (BESS) portfolio of AES Dominicana Renewables Energy. This deal follows TotalEnergies’ 2024 acquisition of a 30% share in AES solar and battery assets currently under construction in Puerto Rico. The combined portfolio now exceeds 1.5 GW of renewable energy and BESS capacity across the Caribbean.
These transactions advance TotalEnergies’ multi-energy strategy in a region where it is a key player in the liquefied natural gas (LNG) value chain.
Dominican Republic: TotalEnergies acquires 50% of AES renewables portfolio
AES’ renewables portfolio includes over 1 GW of contracted wind, solar, and BESS projects, of which 410 MW is already operational or under construction, supplying electricity under long-term Power Purchase Agreements (PPAs). The portfolio also includes over 500 MW of solar and wind capacity in development, alongside BESS projects, which will be integrated into solar plants to mitigate intermittency and enhance grid stability.
This acquisition will allow TotalEnergies to expand its renewables business in the Dominican Republic, where the Company already has a partially solarized network of 184 service stations, natural gas distribution and a 103 MW solar plant under construction.
Puerto Rico: TotalEnergies already holds 30% of a portfolio of AES renewables
The AES’ renewables portfolio includes 485 MW of contracted solar and BESS projects, comprising 200 MW of solar and 285 MW/1,140 MWh of BESS projects currently under construction.
TotalEnergies is Selling 50% of a Portfolio of Renewable Assets in Portugal TotalEnergies announces the completion of the sale of 50% of its 604 MW wind, solar and hydro portfolio in Portugal to the Consortium composed of MM Capital Partners 2 Co., Ltd., Daiwa Energy & Infrastructure Co. Ltd., and Mizuho Leasing Co., Ltd. for a consideration of 178,5 million euros, equivalent to an enterprise value of €550 m.
Following this transaction, TotalEnergies will retain a 50% stake and continue to operate the assets. Additionally, once the regulated tariffs they benefit from expire, TotalEnergies will purchase the production of these assets, which have an average age of 16 years, and will handle their commercialization.
We are pleased with this partnership in Portugal, a country where TotalEnergies intends to continue its development in renewables. In line with our strategy, this transaction allows us to optimize our capital allocation in our integrated electricity activities and contribute to improving the sector’s profitability, said Olivier Jouny, SVP Renewables at TotalEnergies.
Volkswagen Group Award 2025: Honoring supplier excellence and strenghtening strategic collaboration . The 21st Volkswagen Group Award recognized outstanding performance and long-term collaboration within the supplier network. Before the ceremony, Volkswagen AG welcomed around 120 key suppliers to the Autostadt in Wolfsburg for a Supplier Management Conference. The event, held under the motto „Mission: Possible”, focused on upcoming sourcing projects and new cooperation models designed to further improve transparency and strengthen collaboration in an increasingly complex environment.
Collaboration within the supply chain is a strategic priority, connecting Volkswagen Group with external expertise in development, operations, and innovation. Long-term cooperations drive efficiency and improve resilience in a complex environment. Global scale is combined with local flexibility and creates an industrial ecosystem designed to meet a wide range of customer and market requirements.
“The coming years will bring both challenges and significant opportunities for the Volkswagen Group and for our partners. The Volkswagen Group Award highlights our focus on operational excellence, strategic alignment across the supplier network and commitment to performance-driven, future-ready partnerships,” says Dirk Große-Loheide, Member of the Extended Executive Committee and Member of the Volkswagen Brand Board of Management responsible for Procurement. “With more than 30 models planned in 2025 alone, across regions, brands, platforms, and technologies, we will continue to rely on close collaboration. We are proud to recognize and thank those partners whose contributions are vital to our shared success,” he added.
Volkswagen Group Award 2025
Underlining the importance of strong collaboration, the Group recognized outstanding supplier performance across 10 strategic categories. The award categories reflect the priorities of the Procurement Strategy, which remains the guiding framework and supports the Group’s performance program. Honoured contributions include effective risk management systems, rapid solutions deployment, strategic support in global projects, or the transition to electrified product lines. Awards were presented by Members of the Board of Management and Procurement Sponsors to the following partners:
Baker Hughes Rig Count: U.S.-7 to 547 Canada +1 to 140
U.S. Rig Count is down 7 from last week to 547 with oil rigs down 6 to 432, gas rigs down 2 to 109 and miscellaneous rigs up 1 to 6.
Canada Rig Count is up 1 from last week to 140, with oil rigs up 1 to 94, gas rigs unchanged at 46 and miscellaneous rigs unchanged at 0.
| Region | Period | Rig Count | Change |
| U.S.A | June 27, 2025 | 547 | -7 |
| Canada | June 27, 2025 | 140 | +1 |
| International | May 2025 | 886 | -5 |
Eni report on the purchase of treasury shares . During the period from 23 to 27 June 2025, Eni acquired on the Euronext Milan no. 4,238,114 shares (equal to 0.13% of the share capital), at a weighted average price per share equal to 13.8828 euro, for a total consideration of 58,836,802.46 euro within the treasury shares program approved by the Shareholders’ Meeting on 14 May 2025, previously subject to disclosure in accordance with applicable legislation.
On the basis of the information provided by the intermediary appointed to make the purchases, here below a synthesis of transactions for the purchase of treasury shares on the Euronext Milan on a daily basis:
3t Appoints Patty Eid as COO . 3t, leading global provider of training and blended learning solutions for high-hazard industries, has announced the appointment of Patty Eid as its new Chief Operating Officer (COO), effective June 2nd.
Bringing over 20 years of executive leadership experience in global markets, Patty will spearhead the company’s operational strategies and growth initiatives, with immediate responsibility for 3t’s Training Services and Workforce Solutions service lines. In her new role as COO, she has a clear mission to lead the development and expansion of the company’s training programs and operational capabilities, designed to support the energy sector’s workforce needs.
This appointment represents a strategically significant step for the future of 3t, as Patty will play a vital part in contributing towards the future of the global energy workforce and accelerating the company’s strategic expansion.
Patty Eid, new COO of 3t, said: “The energy sector is undergoing profound change, and with that comes both challenge and opportunity. At 3t, I’m committed to turning today’s challenges into tomorrow’s breakthroughs by leading with innovation, collaboration, and operational excellence. Together, we will deliver world-class training solutions that not only support our clients’ immediate needs but also build the talent foundation for a more resilient, future-ready energy industry global workforce. I’m proud to be part of 3t’s bold mission to shape what comes next.”
Patty’s distinguished career includes a 17-year tenure at Petrofac, where she held senior roles such as Global Head of Commercial Asset Solutions and Global CEO of Petrofac Training Solutions. Her leadership was key in expanding business units into new markets, negotiating high-value commercial contracts, and achieving significant revenue growth, even amid challenging market conditions.
3t to Deliver Offshore Safety Training for Future Energy Leaders . The Energy Institute Young Professionals Network (EIYPN) and leading UK training specialist 3t, recently delivered an immersive offshore safety and survival training session designed to equip early-career professionals with vital industry skills.
Hosted at 3t’s state-of-the-art training centre in Dyce, Aberdeen, the event provided a unique opportunity for participants to step into the realities of offshore safety. Through hands-on training exercises, attendees experienced essential modules including BOSIET fire training using both water and CO₂ extinguishers, and smoke chamber drills that tested their response to simulated low-visibility emergencies. The challenging “smoke house shuffle,” along with the use of protective hoods, added to the realism of the experience, giving participants practical insight into the demands of offshore environments.
The event also included valuable contributions from experienced industry professionals, who shared insights on the importance of a strong safety culture and the role individuals play in maintaining high standards offshore. Delegates explored the practical and procedural aspects of emergency response while engaging in team-based activities that reinforced the importance of coordination and communication in high-pressure situations.
KBR Supports Axiom Mission 4 Launch to International Space Station . KBR supported the successful launch and execution of Axiom Mission 4 (Ax-4), the fourth private astronaut mission to the International Space Station, marking a significant milestone in the company’s expanding role in commercial spaceflight.
KBR provided comprehensive International Space Station systems and medical training to the four Ax-4 crew members, enabling them to live and work aboard the space station during their two-week mission. This training represents the fourth private astronaut mission KBR has supported through its Reimbursable Space Act Agreements with NASA, using its experience and expertise from the Integrated Mission Operations Contract III (IMOC III) and Health and Human Performance Contract (HHPC).
In a first for the company, KBR also embedded four flight controllers into Axiom Space’s mission control center, providing real-time operational support throughout the mission.
“KBR is proud to continue supporting NASA and commercial partners as we push the boundaries of human space exploration,” said Mark Kavanaugh, KBR’s President, Defense, Intel and Space. “This milestone marks an exciting step forward that reflects both our growing footprint in the evolving private space sector and our reputation as a trusted partner in human spaceflight operations.”
Ax-4 launched on June 25 and continues KBR’s legacy of supporting private astronaut missions, following its contributions to Axiom Mission 1, Axiom Mission 2, and Axiom Mission 3.
KBR has worked with every U.S. astronaut since 1968 – from training, health, mission and satellite operations to human spaceflight ground control and extravehicular support.
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole , victor@oilandgaspress
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