Global energy ,automotive news, commentary and analysis
European natural gas futures rebounded to €41.5/MWh on Thursday
London, March 06, 2025 (Oilandgaspress) –-European leaders are set to urge EU authorities and Ukraine to intensify talks over a possible resumption of Russian gas transit through Ukraine. Slovakia’s Prime Minister Robert Fico has revealed that he’s not ruling out the resumption of gas through Ukraine following the expiration of a 5-year transit deal between Moscow and Kyiv. Fico has been pushing President Volodymyr Zelenskiy to restart the transit, citing higher energy costs for Slovakia and the whole region. European Union leaders met on Thursday for an extraordinary summit to discuss Ukraine and European defence. Read More
A390: Alpine continues the development of its future 100% electric sport fastback in Swedish Lapland
Alpine engineering is central to the development of all the brand’s models. The A390 is no exception and is undergoing the final tests before its launch in a few months to fine-tune the technologies that will make it the brand’s next flagship model. These extreme climatic conditions make it possible to ensure the excellence of the future production model in terms of durability and reliability by reproducing conditions equivalent to five years of accelerated use.
With temperatures reaching -40°, tests on snowy roads or frozen lakes are necessary for the development teams to validate performance. Severely tested to ensure an exhilarating experience for future A390 owners, the aim is to achieve the performance level and agility expected of an Alpine, while remaining accessible and progressive to adapt to the level of the driver, with a level of repeatability that is essential when it comes to an electric vehicle and a critical development point for Alpine engineering.
Particular attention is paid to dynamic performance, which is key in developing any Alpine vehicle. Lapland is the perfect proving ground for testing the technologies that equip the A390, such as the 3 electric motor drive system and the A390’s 5 driving modes, including the new “Track Mode” and Alpine Active Torque Vectoring. These tests in actual conditions are an opportunity for future buyers of this model to experience the physical sensation of driving in extreme conditions and thus refine all the settings and interactions of the various systems to ensure an exceptional feel and road handling. Numerous features are also scrutinised, such as the heating, demisting, and defrosting quality, as well as the ESC (Electronic Stability Control) on snow. There are so many points that it is not possible to replicate perfectly in warmer conditions, which testing in extreme cold in actual conditions can only validate. Read More
On 5th of March 2025, the Ministry of Energy announced one area for CO2 storage pursuant to the CO2 Storage Regulations. This area comprises defined blocks in the North Sea.
This is the eighth time acreage is being announced for CO2 storage on the Norwegian Continental Shelf.
The Ministry of Energy’s press release: “Announcing one area related to CO2-storage”
The invitation provides a more detailed description of the authorities’ process for licensing acreage for CO2 storage on the Norwegian shelf.
Read more about the announcement and download relevant documentation.
The application deadline is 23. April 2025 at 12:00. Applicants are encouraged to submit their applications well before the deadline.
The CO2 Storage Regulations, Regulation No. 1517 of 5 December 2014 relating to exploitation of subsea reservoirs on the continental shelf for storage of CO2 and relating to transport of CO2 on the Norwegian Co . Read More
Baringa launches Energy Source – first integrated dashboard to assess, view and manage Power Purchase Agreements
Global management consultancy Baringa is launching the world’s first software to allow major energy users to view their entire energy portfolio in one dashboard, and make energy decisions with the same rigour as professional investors, developers and lenders.
Energy Source, Baringa’s first licensable software, allows large firms to evaluate the Power Purchase Agreements (PPAs) that govern the energy they buy. It also considers their demand profile, helping them better understand their overall portfolio position. This allows companies to make decisions, understand risk, calculate insights and report them to key stakeholders, and to save money through permitting instant and easily-understandable access to data that would previously have been complex and disconnected.
Henning Bottger, a partner at Baringa, said: “Large firms have been setting decarbonisation targets, but this is the easy part – the hard challenge is decarbonising their electricity to meet those targets.
“One of the largest levers companies can pull are PPAs – but typically information about PPAs exists on different spreadsheets in different geographies, sometimes on the servers of different suppliers. This lack of joined up data can lead to inefficiency in decarbonisation, and potentially to millions being wasted through poor allocation of resources.
“Energy Source exists to correct this. With one view of all Power Purchase Agreements, including all the demand and price modelling companies can need, companies can take better decisions about their electricity, saving money and carbon.”
Launched on Thursday, March 6 2025 and available as a web application, Energy Source provides valuation of current power purchase agreements, analysis and decision-making of current and future contracts, and reporting and audit of this information. It supports customers from initial development of energy procurement strategy, through to assessing offers during tender processes, and finally to managing the company’s portfolio on an ongoing basis. Read More
The chief executive of Rolls-Royce, Tufan Erginbilgic, has seen his pay slashed by almost £10m despite transforming the fortunes of the FTSE 100 giant. The CEO took home a pay packet of £4.1m for the Derby-headquartered group’s latest financial year, down from the £13.6m he received in the prior 12 months. Erginbilgic’s previous remuneration package was bolstered by a one-off £7.5m he was given to compensate him for lost earnings from a previous job. Read More
BP has ditched its ambitions to construct a green hydrogen production facility on Teesside, abandoning the HyGreen project that was expected to generate 660 jobs during its build and another 100 upon completion. The energy giant had envisioned the initiative producing hydrogen through the electrolysis of water, powered by renewable sources like solar or wind energy. A spokesperson for BP explained the change in direction: “We’ve been clear in our recent strategy reset announcement that we’re focused on high-graded projects in hydrogen and carbon capture, prioritising 5-7 projects for this decade.” Read More
The European Commission has announced an action plan to support the European car industry’s access to key strategic technologies, including batteries, software and autonomous driving, along with cutting regulatory burdens. The Commissioner for Sustainable Transport and Tourism, Apostolos Tzitzikostas, presented the plan on Wednesday.
It lists five flagship initiatives to support the ailing car industry, which provides 7% of the EU’s GDP and employs around 14 million people across the bloc. Read More
The chief executive of BP has taken a £2.3m pay cut as profit was slashed at the FTSE 100 giant.
Murray Auchincloss received a pay packet of £5.4m for 2024, down from the £7.7m he received in 2023.
The drop came amid a more than £1.1m cut to his bonus to £734,000, and a £1.6m fall in share-related payments to £2.8m. Read More
The U.S. government’s EV fleet, worth $300 million, is about to flood the market.
But selling that many cars at once will drive prices down, forcing the government to take a 25% loss just to get rid of them. That alone would mean a $225 million hit, according to anonymous government sources cited by Politico.
Then there’s the charging infrastructure.
Trump has ordered thousands of charging stations—installed at government offices and public buildings—to be removed.
This alone is estimated to cost $100 million. Read More
Nissan commissioned Economist Impact on a survey that targets the future mobility choices of young urban dwellers*. The findings, based on responses from 3,750 participants across 15 global cities , reveal younger generations’ preference for electric vehicles, reinforcing Nissan’s ongoing efforts in electrification and commitment to sustainable solutions to meet evolving needs.
Key respondent findings include:
The majority (57%) of young city residents are willing to change their travel habits to reduce carbon footprint; those in emerging cities see environmental concerns an urgency for their mobility choices.
Electric vehicles (EVs) emerge as the preferred mode of mobility; EV ownership among respondents is expected to climb from 23% today to more than 35% in the next decade.
Enthusiasm is strongest in emerging cities, with 44% envisioning driving EVs in the next five years, compared to 31% in developed cities; the realities of pollution pushing them to consider sustainability.
Younger urbanites reveal strong interest in innovations such as energy storage, alternative fuels and vehicle to everything (V-to-X), with roughly half (more than 40%) indicating that these technologies will influence their mobility choices. Read More
On February 25, the Japan Culture and Entertainment Industry Promotion Association (CEIPA) and the Toyota Group announced the launch of the Music Way Project. This collaboration will drive the global and sustainable growth of Japan’s music industry.
CEIPA* was set up to promote Japan’s music and entertainment industry to the world. The association’s work includes digitization and the development of talent in the country’s arts and cultural industries. The project will seek to hone talent for international success by funding student courses, training young musicians, and holding workshops with creators.
In terms of creating opportunities, the Music Way Project will provide platforms for artists through collaborations with the Toyota Group’s global facilities, including the Toyota Arena Tokyo, scheduled to open this fall. Read More
Harbour Energy plc today announces its results for the year ended 31 December 2024. Actuals to 31 December 2024 reflect the completion of the Wintershall Dea transaction on 3 September 2024 and include approximately four months of contribution from the acquired portfolio.
Financial highlights
Revenue and EBITDAX of $6.2 billion (2023: $3.7 billion) and $4.0 billion (2023: $2.7 billion), up c.65 per cent and c.50 per cent respectively, versus 2023 Profit before tax of $1.2 billion (2023: $0.6 billion) impacted by c.$0.8 billion of period specific predominantly non-cash accounting charges largely driven by adverse changes to the UK fiscal regime Loss after tax of $93 million (2023: $45 million profit) reflecting a 108% effective tax rate (2023 restated:
93%) Free cash flow of $0.1 billion (2023: $1.0 billion), including a $0.5 billion negative working capital movement and before one-off acquisition-related costs and shareholder distributions. Proposed final dividend of $227.5 million (13.19 cents per ordinary share), in line with Harbour’s increased annual dividend policy of $455 million ($380 million to be paid on the ordinary shares)
Net debt before unamortised fees of $4.7 billion (2023: $0.2 billion); year-end leverage (net debt before
unamortised fees/pro forma EBITDAX) of 0.7x (2023: 0.1x) Corporate and senior unsecured issue credit ratings upgraded to investment grade Baa2, BBB- and BBB- from Moody’s, S&P and Fitch, respectively Read More
Uganda’s oil and gas development has reached a point of no return with several major milestones achieved, Minister of Energy and Mineral Development Hon. Dr. Ruth Nankabirwa Ssentamu announced today at the 11th East African Petroleum Conference and Exhibition (EAPCE).
Speaking at the conference, themed “Unlocking Investment in Future Energy,” Minister Nankabirwa emphasized Uganda’s unwavering commitment to developing its petroleum resources.
“The significant progress made in exploration, particularly in the Kasuruban Contract Area, confirms that Uganda is firmly on the path to sustainable development,” said Minister Nankabirwa. “We have taken irreversible steps toward realizing our petroleum potential, with robust regulatory mechanisms ensuring compliance with the highest industry standards.”
A primary focus of Uganda’s exploration strategy is the Kasuruban Contract Area (KSCA), where the Uganda National Oil Company (UNOC) currently holds the exploration license. Recent achievements in this area include:
§ Completed petrophysical analysis and reservoir characterization, providing critical insights into the area’s petroleum resource potential
§ Finalized basin and petroleum systems analysis, refining understanding of the region’s geological formations and hydrocarbon potential
§ Reprocessed 70% of available 2D seismic data, significantly enhancing the accuracy of geological models and exploration strategies
The event was informed that in addition:
§ A new 150-line-kilometer 2D seismic data acquisition campaign will commence in June 2025
§ The Kasuruban Exploration License has been successfully renewed for its second phase
These achievements reflect not only technical progress but also Uganda’s determination to ensure energy security and economic growth through responsible resource development. The oil and gas sector remains a cornerstone of Uganda’s national development strategy, with benefits expected to extend across multiple sectors of the economy.
The Petroleum Authority of Uganda (PAU) has implemented comprehensive monitoring and regulatory frameworks that safeguard both environmental integrity and the long-term interests of Ugandan citizens. These measures have facilitated major advancements in the Tilenga and Kingfisher production areas and accelerated exploration across the country’s contract areas.
Contact: Afsa Unutesi at afsa@zebek.co.uk Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $66.16 | Down |
| Crude Oil (Brent) | USD/bbl | $69.25 | Down |
| Bonny Light 06/03/25 CBN | USD/bbl | $72.83 | Down |
| Dubai | USD/bbl | $77.92 | — |
| Natural Gas | USD/MMBtu | $4.33 | Up |
| Murban Crude | USD/bbl | $70.13 | Down |
| OPEC basket 05/03/25 | USD/bbl | $72.50 | Up |
India’s state-run refiners will fully commission the world’s longest liquefied petroleum gas pipeline by June, significantly reducing transportation and costs and minimizing road accidents. The $1.3 billion project spans 2,800 kilometers from Kandla to Gorakhpur and wil transport about 8.3 million tons of LPG annually, addressing increased fuel demand and lessening reliance on trucks. Read More
Pemex is seeking markets in Asia and Europe for its crude exports following President Donald Trump’s recent imposition of tariffs on Mexican goods, according to Reuters. Trump implemented a 25% tariff on Mexican products earlier this week, while Canadian crude received a reduced 10% levy. The move has prompted Pemex to explore alternatives to the US market, which currently receives about 75% of the company’s Maya heavy crude exports. Two sources from PMI, Pemex’s trading arm, indicated that India, China, South Korea and Japan would be suitable alternative markets for Mexican heavy crude. One PMI source stated that ‘only Asia’ could absorb the volume currently sent to the US, as refineries there are equipped to process this type of petroleum. Read More
Baker Hughes Rig Count: U.S. +1 to 593 Canada +4 to 248
U.S. Rig Count is up 1 from last week to 593 with oil rigs down 2 to 486, gas rigs up 3 to 102 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 4 from last week to 248, with oil rigs up 3 to 177, gas rigs up 1 to 71 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.
| Region | Period | Rig Count | Change |
| U.S.A | 28 February 2025 | 593 | +1 |
| Canada | 28 February 2025 | 248 | +4 |
| International | January 2025 | 905 | -4 |
| Baker Hughes |
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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