February 10, 2025 Latest Energy / Automotive News and Analysis
London, February 10, 2025 (Oilandgaspress) –- Brent crude futures climbed 40 cents, or 0.5%, to $75.06 a barrel by 0133 GMT while U.S. West Texas Intermediate crude was at $71.38 a barrel, up 38 cents, or 0.5%. Low crude oil inventories in some US areas, looming trade tariffs, OPEC+ continuing to limit production and US oil producers reaction to Trump interferance are factors that are likely to push up oil prices.
Central Petroleum Limited announced that Mr McCormack will step down and leave the board of Central on 30 April 2025. Following consultation with the board, Central’s current non-executive director, Dr Agu Kantsler, has been unanimously supported by the board to take up the role as Chair of Central.
Since being appointed as Chair on 28 November 2020, Mick’s leadership has seen Central’s financial position improve substantially through various initiatives in cluding completion of a strategic review, with highlights including:
The successful sale of Central’s interest in the Range Project for $12.5 million, with the proceeds being used to reduce net debt and strengthen the balance sheet.
Centr al now being in a position where all its firm gas production for 2025 through to the end of 2030 is being sold at a higher price than historical averages.
A medium-term focus on maximising cost and production efficiencies from our producing ass ets, together with pursuing any interest in developing our exploration acreage on a promoted basis.
Central, at the end of 2024, was in a positive net cash position for the first time in a decade.
The Company has a clear line of sight to being completely debt-free within 5 years.
Dr Kantsler has over 45 years of experience in the international and Australian upstream oil and gas industry and has spent over 20 years in senior leadership positions and 12 years serving on the boards of several listed and private companies including Oil Search Limited. Read More
Lithium Universe Limited announced the signing of a non-binding Memorandum of Understanding (MOU) with Lafarge Canada Inc. (“Lafarge”) for the exclusive supply of Aluminosilicate Secondary Product (ASCR) produced from the Becancour Lithium Refinery.
Highlights
MOU signed with strategic cement partner, Lafarge Canada Inc.
Canadian cement producer, part of the Holcim Group
Exclusive supply of all Aluminosilicate product (“ACSR”) from Becancour
ACSR is used as an additive to cement products
Improves cement durability, strength, and production costs
Significant growth in Canadian cement industry
ASCR, commonly used as an additive in the cement industry, significantly enhances compressive strength and reduces production costs. Lafarge, a strategic Canadian cement producer, is part of the Holcim Group. Both parties will now work towards finalizing a definitive supply and purchase agreement. Read More
Baltic states connected to electricity supplied via Finland, Sweden and Poland after disconnecting from Russia, which had supplied them electricity for decades. Latvia, Estonia and Lithuania all joined the European electricity system on Sunday with a ceremony highlighting the historical significance of no longer relying on Russia for its electricity.On Saturday, all remaining transmission lines between them and Russia, Belarus and the Russian exclave of Kaliningrad, wedged between EU members Poland and Lithuania and the sea, were switched off one by one. Lithuania first — where a specially-made 9-metre tall clock in downtown Vilnius had counted down the final seconds — then Latvia a few minutes later, followed by Estonia. Read More
Bluewater, the specialist energy private equity firm, has today signed a purchase agreement to sell Apex International Energy, a leading independent player in oil & gas exploration and production in the prolific Egyptian upstream market.
Pursuant to the purchase agreement, subject to the fulfilment of governmental approvals and customary conditions precedent, Apex will be bought by a subsidiary of United Energy Group Limited, a Hong Kong headquartered, and market listed, integrated energy group with major assets across the Middle East, North Africa, South Asia and Europe. Bluewater first invested in Apex in November 2018 as part of its second fund.
Led by President & CEO Tom Maher and Founder & Chairman Roger Plank, Apex International Energy has grown significantly in the last six years. Major milestones in the company’s growth trajectory include the January 2021 discovery of oil in its Southeast Meleiha concession, with first oil production in August of the same year, the January 2023 acquisition of six concessions in Egypt’s Western Desert from Italian energy company Eni S.p.A. and the commencement of natural gas production in September 2023.
Working interest production in 2024 averaged more than 11 thousand barrels of oil equivalent per day, an increase of 10% year-over year, putting Apex in the top ten producers in Egypt. In total, since production began in 2021, Apex has delivered over 10.3 million working interest barrels of oil equivalent (96% oil) to the Egyptian market for domestic use. Read More
(QNA) – The dollar firmed on Monday after US President Donald Trump said he was set to impose new 25% tariffs on all steel and aluminium imports, putting pressure on the euro and the commodity-focused Australian and New Zealand dollars.
The dollar index, which measures the US currency against six other units, was steady at 108.23 in early trading. Sterling was little changed at $1.23915, while the Japanese yen weakened 0.4% to around 152 per dollar.
The euro was 0.1% lower at $1.0317 in early trading. The Australian dollar was down 0.21% at $0.6264, while the kiwi eased 0.12% at $0.5649. The Canadian dollar weakened over 0.2% as Canada is the largest supplier of primary aluminium metal to the United States. Read More
Former professional footballer and Olympic champion Sergio Agüero will make a one-off appearance as a Formula E racing driver at the wheel of the Porsche 99X Electric. As the highlight of an innovative Formula E content series (“Evo Sessions”), numerous celebrities will be driving the current cars of the Formula E teams. The factory-owned TAG Heuer Porsche Formula E Team will take part with the former Manchester City star from Argentina and train him to be a racing driver in a quick run. The highlight of this adventure is a special Formula E event on a variant of the Grand Prix course in Miami (March 5 and 6): under the guidance of world champion Pascal Wehrlein, Agüero will drive the highly efficient Porsche 99X Electric of the latest generation GEN3 Evo, Wehrlein’s exact vehicle in the world championship.
“This is absolutely crazy: from footballer to racing driver in one of the fastest racing cars in the world,” says Agüero. “Every child is familiar with Porsche. The brand represents an iconic heritage, particularly in motorsport. With this in mind, I am absolutely delighted and would like to thank everyone involved for this unique opportunity. I want to learn as much as possible on my journey to Miami, and to represent the team as well as possible when we get there.” The all-electric Porsche 99X Electric accelerates from 0 to 100 km/h in just under 2 seconds. It possesses one of the most efficient electric drive trains in the world: roughly half the energy required for a race is generated by the car itself – through brake energy recuperation. The car’s clever software allows it to independently adjust its settings for every individual corner on a racetrack. The result: maximum e-performance. Read More
The Porsche Tennis Grand Prix will again be presenting the spectators with world-class tennis in the Easter week. “Sabalenka, Swiatek and Paolini’s confirmations all show the importance of the Porsche Tennis Grand Prix and are fantastically motivating for the whole team,” says tournament director Markus Günthardt. “We’re confident other top stars will sign-up for the tournament.”
Aryna Sabalenka, the world No. 1 and the WTA Player of the Year in 2024, kicked off the 2025 season by winning in Brisbane. After her successes in the two previous years at the Australian Open, she once again reached the final and only narrowly missed out on a hat-trick. As for Stuttgart, she still has unfinished business in the city. After appearing in the 2021, 2022 and 2023 finals, the dream of a victory and of the winner’s car has gone unfulfilled. „I am excited to play the Porsche Tennis Grand Prix 2025 in Stuttgart and hope to see many spectators,“ said the hard-hitting righthander – she won her third Grand Slam title at the 2024 US Open – before her fourth appearance in the Porsche Arena. The Porsche Tennis Grand Prix is the flagship of Porsche’s worldwide involvement in women’s tennis. First played in Filderstadt in 1978, the long-standing Stuttgart tournament has been held in the city’s Porsche Arena since 2006. It stands for tradition and innovation, as does the Porsche brand. As the most loyal sponsor of women’s international tennis, Porsche has accompanied the WTA’s oldest indoor event right from the start. Iga Swiatek and Maria Sakkari are “Friends of the Brand” in their home countries. As a premium partner of the “Deutsche Tennis Bund” (DTB – German Tennis Association) since 2012, the company fosters up-and-coming players in the Porsche Talent Team and the Porsche Junior Team. Read More
Volkswagen of America, Inc. is proud to announce that the 2025 Volkswagen ID. Buzz, the spiritual successor to the iconic Microbus, received the 2025 MotorWeek Drivers’ Choice award for Best EV.
“Just as the original Microbus embodied a spirit of freedom and adventure, the ID. Buzz captures the imagination of a new generation, inspiring joy and excitement for the future of electric mobility,” said Andrew Savvas, Chief Sales & Marketing Officer, North American Region. “Its retro-inspired design, paired with advanced technology and commitment to sustainability through zero-direct emissions are resonating strongly with today’s drivers who prioritize functionality, innovation, and environmental responsibility.”
In selecting the annual Drivers’ Choice Awards, MotorWeek’s editorial team assesses more than 150 vehicles annually through rigorous testing and research. Each Drivers’ Choice Award winner is selected based on comprehensive criteria, including performance, design, value, and alignment with evolving consumer needs. Read More
Volkswagen of America, Inc. today announced that PARENTS has named the 2025 Volkswagen ID. Buzz, the spiritual successor to the iconic Microbus, to its list of Best Family Cars Awards as the Best Electric 3-row SUV/Van.
“The ID. Buzz represents the perfect mix of nostalgia and modernity for parents who seek adventure, practicality, and cutting-edge technology,” said Andrew Savvas, Chief Sales & Marketing Officer, North American Region. “With its spacious three-row interior, advanced features and a retro design that sparks joy, it’s the ultimate choice for families eager to hit the road and make memories together.”
PARENTS reviewed more than 140 vehicles to select the Best Family Cars of 2025, assessing features like flexible seating, powertrain options, and family-focused design. The publication prioritized vehicles with multiple LATCH systems, standard safety equipment, and latest and greatest technology, awarding credit to brands that include these features without extra cost.
Available in three trims—Pro S, Pro S Plus, and a launch-only 1st Edition—the ID. Buzz offers flexibility with rear-wheel-drive and 4Motion® all-wheel-drive configurations. Rear-wheel-drive variants deliver 282 horsepower with an EPA-estimated range of 234 miles, while 4Motion models offer 335 horsepower and an EPA-estimated range of 231 miles. With three rows of seats accommodating up to seven passengers and ample cargo space, the ID. Buzz combines practicality and performance. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $72.03 | Up |
| Crude Oil (Brent) | USD/bbl | $75.70 | Up |
| Bonny Light 06/02/25 CBN | USD/bbl | $76.86 | Down |
| Dubai | USD/bbl | $77.04 | — |
| Natural Gas | USD/MMBtu | $3.43 | Up |
| Murban Crude | USD/bbl | $78.22 | Up |
| OPEC basket 07/02/25 | USD/bbl | $76.71 | Up |
Baker Hughes Rig Count: U.S. +4 to 586 Canada -9 to 249
U.S. Rig Count is up 4 from last week to 586 with oil rigs up 1 to 480, gas rigs up 2 to 100 and miscellaneous rigs up 1 to 6.
Canada Rig Count is down 9 from last week to 249, with oil rigs down 9 to 177, gas rigs unchanged at 72 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.
The Worldwide Rig Count for January was 1,696, up 36 from the 1,660 counted in December 2024, and down 87, from the 1,783 counted in January 2024.
| Region | Period | Rig Count | Change |
| U.S.A | 07 February 2025 | 586 | +4 |
| Canada | 07 February 2025 | 249 | -9 |
| International | January 2025 | 905 | -4 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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