Global energy ,automotive news, commentary and analysis
London, January 25, 2025 (Oilandgaspress) –-Nigeria has emerged from a years-long crude output slump due to improved security, reaching 1.48 million barrels a day last month. Analysts predict further growth in Africa’s biggest crude producer’s output this year, and a possible showdown with OPEC+ over the country’s quota. Bloomberg’s Ondiro Oganga reports. Read More
President Trump’s administration has frozen the Department of Energy’s (DOE) activities pending a comprehensive review of its alignment with his priorities. According to a memo from acting Energy Secretary Ingrid Kolb, the freeze affects grants, loans, procurement, studies, and even personnel decisions, effectively bringing the agency’s $50 billion budget to a standstill.The Interior Department issued a similar freeze on wind and solar project leases on federal lands and waters.
While the Trump administration’s goal is to “unleash” American energy by cutting red tape, critics argue that freezing investments in innovative technologies jeopardizes long-term energy security. For now, the DOE and the clean energy sector are left in limbo pending the results of a review that could redefine the nation’s energy landscape. Read More
Saudi Arabia’s Aramco reportedly bought its first cargo of WTI Midland, a U.S. crude oil grade that underpins the global Brent benchmark, oil-index publisher S&P Global Commodity Insights said on Wednesday.
Aramco, the world’s largest oil firm, snapped up the cargo on Tuesday in the so-called Platts trading window, buying from trading firm Gunvor. Platts is a division of S&P Global. WTI Midland is one of six crude oil grades assessed by Platts that can set the value of dated Brent, part of the wider Brent complex used to price more than three-quarters of the world’s traded oil.(Reuters) Read More
JERA Co., Ltd. and East Japan Railway Company (“JR East”) concluded a basic agreement on 14 January 2024 aimed at implementing an offsite corporate power purchasing agreement (a mechanism for supplying environmental value1 from an offsite power generation facility to an electricity consumer). As a specific initiative, JERA as solar power producer, JERA Cross Inc. (“JERA Cross”) as aggregator2, and East Japan Railway Trading Co., Ltd. (“East Japan Railway Trading”) as electricity retailer will supply renewable energy to Atre Oimachi and Lumine Yokohama beginning 1 February 2025. In addition, East Japan Railway Trading will also supply electricity derived from food waste. This initiative to supply station buildings with a combination of multiple renewable energy sources is a first for the JR East Group. Both the JERA Group and the JR East Group are committed to contributing to achieving a decarbonized society through the effective use of renewable energy. Read More
Kia is recalling more than 80,000 electric and hybrid vehicles in the United States because of improper airbag and seat belt deployment, the U.S. National Highway Traffic Safety Administration said on Saturday.
The affected vehicles are the Kia Niro from 2023-2025, Niro EV from 2023-2025 and the Niro plug-in hybrid from 2023-2025. According to the NHTSA, the floor wiring assembly beneath the front passenger seat may become damaged, which can then prevent front airbags and seat belts from deploying properly. Read More
Venture Global, Inc. announced the pricing of its initial public offering of 70,000,000 shares of its Class A common stock, par value $0.01 (“Class A common stock”) at a public offering price of $25.00 per share. In connection with the offering, Venture Global has granted the underwriters a 30-day option to purchase up to an additional 10,500,000 shares of Class A common stock. The shares of Class A common stock are expected to begin trading on the New York Stock Exchange on January 24, 2025 under the symbol “VG”.
The closing of the offering is expected to occur on January 27, 2025, subject to the satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC, J.P. Morgan (each listed alphabetically) and BofA Securities are acting as joint lead book-running managers. ING, RBC Capital Markets, Scotiabank, Mizuho, Santander, SMBC Nikko, MUFG, BBVA, Loop Capital Markets, Natixis, Deutsche Bank Securities, Wells Fargo Securities and Truist Securities are acting as joint book-running managers for the offering. National Bank of Canada Financial Markets, Raymond James, Regions Securities LLC, Guggenheim Securities and Tuohy Brothers are acting as co-managers for the offering.
A registration statement on Form S-1 relating to the offering has been filed with the Securities and Exchange Commission and was declared effective on January 23, 2025. Read More
Chevron expects 1 million barrels of oil equivalent per day from Kazakhstan’s Tengiz oil field, which is among the world’s biggest.
The U.S. energy giant expects Kazakhstan’s Tengiz oil field, one of the largest of its kind in the world, to produce 1 million barrels of oil equivalent per day. The company reportedly said that its 50%-owned affiliate Tengizchevroil LLP began pumping oil from an expansion project at Tengiz. That project is eventually expected to boost crude output by 260,000 barrels per day at full capacity, and the 1 million-barrel milestone is seen later this year. Chevron said the Tengiz oil field, which has been in operation for decades, is “the world’s deepest producing supergiant oil field and the largest single-trap producing reservoir in existence.” Kazakhstan is among the group of OPEC allies that have joined with the oil cartel to form OPEC+. The Central Asian country pumped about 1.8 million barrels per day late last year. Read More
Ford is recalling more than 270,000 cars across the U.S. after customers reported battery failures that have affected functions including the steering and hazard lights. Models affected by the recall include 2021-2023 Bronco Sport SUVs and 2022-2023 Maverick trucks, according to the National Highway Traffic Safety Administration (NHTSA). The number of vehicles in need of inspection and potential repair is 272,817, the NHTSA said, adding: “Ford Motor Company (Ford) is recalling certain 2021-2023 Bronco Sport and 2022-2023 Maverick vehicles. The 12-volt battery may experience degradation and suddenly fail.” Dealers will inspect and if necessary replace the battery, free of charge. It is the latest in a series of recalls by the motor manufacturer due to power loss concerns. Read More
Baker Hughes Rig Count: -4 to 576 Canada +16 to 245
U.S. Rig Count is down 4 from last week to 576 with oil rigs down 6 to 472, gas rigs up 1 to 99 and miscellaneous rigs up 1 to 5.
U.S. Rig Count is down 45 rigs from last year’s count of 621 with oil rigs down 27, gas rigs down 20 and miscellaneous up 2.
Canada Rig Count is up 16 from last week to 245, with oil rigs up 18 to 174, gas rigs down 2 to 71 and miscellaneous rigs unchanged at 0.
Canada Rig Count is up 15 rigs from last year’s count of 230 with oil rigs up 30, gas rigs down 15 and miscellaneous rigs unchanged.
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 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 | 24 January 2025 | 576 | -4 |
| Canada | 24 January 2025 | 245 | +16 |
| International | December 2024 | 909 | -10 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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