Global Energy/Automotive news, commentary and analysis | April 02
London, April 02, 2025 (Oilandgaspress) –-Donald Trump’s 25 per cent tariffs on US car imports from Wednesday could put 25,000 UK jobs in the automotive manufacturing sector at risk, a think tank has warned. The Institute for Public Policy Research (IPPR) said the US President’s levies on UK-made cars entering the United States – which could make Range Rovers almost $30,000 pricier when sold in the country – would put ‘extreme pressure’ on Britain’s car makers and ‘threaten jobs and economic growth’.Eight in ten motors produced in Britain are exported. And three quarters of the 603,565 cars built for overseas markets in 2024 were made for just three regions – one of these being the US.
While the EU accounted for 54 per cent of exports and China 6.6 per cent, some 16.9 per cent were destined for US ports.
It means some 102,000 cars – estimated to be worth £9billion – that came off British assembly lines ended up in the US last year. That accounts for one in eight (13 per cent) of all passenger cars made here in 2024.. Read Related News
(Reuters) U.S. President Donald Trump’s new tariff plan has the ocean shipping industry on edge as he stokes a trade war destined to stanch transport demand and send companies scrambling to manage the fallout. The Trump administration on Wednesday is set to announce “reciprocal tariffs” targeting nations that have duties on U.S. goods. That move would come after it slapped new import levies on products from Mexico, China and Canada – the top U.S. trading partners – as well as on goods including steel and autos. Major global container shipping firms like MSC, Maersk, CMA CGM and Hapag-Lloyd transport towering piles of colorful boxes stuffed with goods for U.S. customers like Walmart, Target and Home Depot. . Read Related News
Tesla is set to release its first-quarter car delivery figures on Wednesday, with analysts predicting a sharp decline in sales due to CEO Elon Musk’s political controversies, a slowdown in the electric vehicle (EV) market, and growing competition.
Tesla’s share price fell 36% in the first quarter, erasing approximately $460 billion in market value and wiping out all gains since the US election day. Speaking at a town hall event in Wisconsin, Musk remarked, “It’s costing me a lot to be in this job,” referring to his government position as the head of the Department of Government Efficiency (DOGE). On Monday, US President Donald Trump suggested that Musk’s tenure in government may soon end, as he is expected to return to running his companies full-time. Read Related News
LG Energy Solution (KRX: 373220) today announced that it has signed a Memorandum of Understanding (MoU) with Doosan Bobcat (KRX: 241560) to develop battery pack solutions for compact construction equipment, with the aim of accelerating electrification in this sector.
Through this agreement, the two companies will jointly develop standardized battery pack solutions that can be applied to various construction equipment products, such as skid-steer loaders and excavators, while working together to succeed in major markets such as North America. Both companies will also actively explore new opportunities to extend this partnership to the electrification of other applications, including grounds maintenance equipment like tractors. Additionally, the partners plan to apply LG Energy Solution’s cylindrical batteries to Doosan Bobcat’s flagship construction equipment models. The major driving force behind this collaboration was LG Energy Solution’s outstanding technological leadership. . Read Related News
LG Energy Solution announced today that it has signed an agreement with PGE, Poland’s largest energy sector company, to supply 981MWh of grid-scale ESS batteries between 2026 and 2027. Both companies will collaborate to establish a battery energy storage facility in Żarnowiec, Poland. PGE plans to commence the project’s commercial operation in 2027. LG Energy Solution will also provide a turnkey solution encompassing containerized battery systems, Engineering, Procurement and Construction (EPC) services with partners in Europe.
This project will feature the first grid-scale ESS batteries to be manufactured at LG Energy Solution’s production facility in Poland. The company will supply high-capacity LFP[1] long-cell batteries with enhanced energy efficiency and safety, high energy density compared to conventional LFP solutions, and Liquid Cooling technology that optimizes performance and reliability. “This project is one of the largest ESS initiatives led by LG Energy Solution in Europe,” said Hyung Kim, Head of the ESS Battery Division at LG Energy Solution. “By launching LFP-based products designed specifically for the European market and leveraging our local production capabilities, we have maximized customer value.” He continued, “We are honored to support Poland’s energy transition through this agreement. Moving forward, we will continue to provide optimal solutions for our customers and accelerate the expansion of our ESS business in Europe.” As a renowned state-owned company in Poland’s energy sector, PGE supplies electricity to nearly six million households, businesses, and institutions across the country. . Read Related News
The Central Bank of Nigeria (CBN) has announced a comprehensive review of the allocation of terminals to Pre-Shipment Inspection Agents (PIAs) and their oversight by Monitoring and Evaluation Agents (MEAs) in the crude oil and gas sector. The move, which takes immediate effect, is part of the Federal Government’s efforts to enhance efficiency in the sector and ensure transparency in crude oil exports. Read Related News
The latest release of the Battery StorageTech Bankability Ratings report has been completed with forecasts out to the end of 2025, taking into account each supplier’s current operations and full-year estimated performance. Although geopolitical uncertainties are a constant threat, many countries are still pushing towards their energy storage goals, and it is predicted that 2025 will remain a strong year for energy storage systems (ESS) deployment and suppliers as a whole. However, the decline in battery prices and increased competition could undermine this growth and suppliers should be looking towards cost-cutting measures if they want to remain financially sound. In this article, the changes in the latest report release are evaluated and discussed, in addition to a review of the manufacturing landscape for 2025 and an exploration into the top bankable companies within the sector. Read Related News
Petrofac’s Asset Solutions division has been awarded a collection of scope expansions and new contracts in the first quarter of 2025, totalling US$500 million. The awards – which realise growth in Asset Solutions’ core markets and target growth geographies, including the UK, Europe, Middle East, Africa, Asia Pacific and US – span late-life asset management, decommissioning and integrated services.
Commenting, Chief Operating Officer John Pearson said:
“Following a strong year for awards in 2024, our Asset Solutions business has had a great start to 2025 with half a billion dollars’ worth of scopes and contract expansions secured already, and a strong pipeline of opportunities across a range of geographies during the remainder of the year.
“These awards, with a range of clients, demonstrate the strength in our mature asset management and decommissioning offering, and form part of our strategy to expand our services into selected new geographies. We look forward to continuing this trajectory throughout the remainder of 2025 and beyond.” Read Related News
BYD, the world’s leading manufacturer of new-energy vehicles, has released its 2024 financial report with all core operational indicators reaching record highs. In 2024 revenue reached 777.1 billion yuan, marking a 29% year-on-year increase, while net profit attributable to shareholders hit 40.25 billion yuan, up 34% year on year.
In 2024 BYD sold 4.27 million vehicles, generating 777.1 billion yuan in revenue, including 221.9 billion yuan from overseas markets. The company’s R&D investment stood at 54.2 billion yuan and cash reserves (including but not limited to cash and cash equivalents, and trading financial assets) hit 154.9 billion yuan, with net operating cash flow reaching 133.5 billion yuan.
Record investment in research and development
In 2024, BYD’s global vehicle sales reached 4.27 million units, a 41% year-on-year increase, ranking fourth globally among all auto brands. This rapid sales growth is driven by continuous investment in research and development. BYD’s R&D expenditure reached 54.2 billion yuan in 2024, an increase of 36% year on year and far in excess of its net profit. During the past 14 years (2011–2024), BYD has invested more in R&D than its net annual profit 13 times. To date, BYD’s cumulative R&D investment has exceeded 180 billion yuan, enabling groundbreaking technologies such as the fifth-generation DM hybrid system, the e3 platform with triple-motor powertrain, the DiSus Intelligent Body Control System, and the recently announced Super e-Platform.
Strengthened financial stability
Strong business growth has fuelled ample cash flow, further strengthening BYD’s financial position. As of the end of 2024, BYD’s cash reserves reached a record 154.9 billion yuan, while interest-bearing debt decreased from 36.55 billion yuan in 2023 to 28.58 billion yuan, accounting for just 4.9% of total liabilities, one of the lowest levels in the industry.
In early March 2024, BYD completed a HK$43.5 billion accelerated share placement, marking the largest equity refinancing in the global auto industry over the past decade.
Commitment to social responsibility
While achieving rapid growth, BYD remains committed to social responsibility, with domestic tax payments totalling 51 billion yuan – over 10 billion yuan more than its net profit for the same period.. . Read Related News
BYD sold 377,420 new energy vehicles (NEVs) last month alone. Like most Chinese automakers, BYD reports NEV sales, including plug-in hybrids (PHEVs) and fully electric vehicles (EVs). Of the 371,419 passenger vehicles BYD sold in March, 166,109 were EVs, and the other 205,310 were PHEVs. Combined, BYD’s sales were up 23% compared to last year.
BYD’s Dynasty and Ocean series accounted for 350,615, while its luxury Denza brand sold 12,620, Fang Cheng Bao had 8,051, and its ultra-luxury Yangwang brand sold another 133 models. Through the first three months of 2025, BYD sold over one million (1,000,804) NEVs. That’s up 60% from the 626,263 sold in Q1 2024. Fully electric models accounted for 416,388 while PHEV sales reached 569,710, an increase of 39% and 76% from last year, respectively. BYD’s overseas sales reached a new record last month, with 72,723 vehicles sold in markets outside of China. Through March, BYD has sold over 206,000 NEVs overseas, more than double (+110%) the number it sold last year.. Read More
Hyundai Motor Company today announced its collaboration with Gameloft’s popular racing game, Asphalt Legends Unite launching its famous high-performance models on digital racing tracks. The game, available across multiple platforms including consoles, PC, and mobile, is an award-winning title that enjoys widespread global popularity. This initiative is part of Hyundai Motor’s efforts to connect with younger audiences through gaming. “Last year, we launched content-driven marketing through the short film ‘Night Fishing’, focusing on storytelling as a way to breakthrough the decline of traditional advertising,” said Sungwon Jee, Global Chief Marketing Officer of Hyundai Motor Company. “This year, we are expanding our brand storytelling into gaming through our partnership with Asphalt Legends Unite to connect younger generations in a space they love.”
Hyundai Motor is pioneering its content marketing strategy to align with the evolving media landscape and changing content trends among younger generations. Last year, the company took a fresh approach of releasing a short film ‘Night Fishing’, and this year, it is expanding into gaming through the partnership with Asphalt Legends Unite. The company will continue to collaborate with various global game titles to grow young fan base and present creative content marketing campaigns.
Starting April 2, with the release of Update 43, players can drive the IONIQ 5 N high-performance electric vehicle (EV) and the N Vision 74 high-performance hydrogen fuel cell-hybrid concept car.
From April 3 to April 30, Hyundai Motor will host a four-week in-game event, featuring both vehicles. In each event, the fastest player will be honored as a winner and a total of three winners will be invited to South Korea to explore landmarks in Seoul and brand spaces. They will also have the opportunity to test drive the IONIQ 5 N and visit the N Festival 2025, the biggest one-make race in Korea. Read More
The Centre for Deep Sea Research at the University of Bergen (UiB) and the Norwegian Offshore Directorate have discovered a new sulphide location on the Knipovich Ridge, west of Svalbard. “A sulphide sample was collected during an expedition along the Knipovich Ridge in December 2024. Further mapping of the area was conducted in March of this year, and we are now certain that we’ve discovered a new sulphide deposit,” says Hilde Braut, Assistent director of the new industries in the Norwegian Offshore Directorate.
Details about the expeditions
Both expeditions were carried out by the RV Kronprins Haakon research vessel. The expedition that collected the sulphide sample was conducted on scientific survey licence 905/2024. The expedition that confirmed the “Gygra” sulphide deposit is part of scientific survey licence 911/2025.
Data collected by the Norwegian Offshore Directorate in previous surveys formed the basis for the survey of these selected areas. Read More
CNOOC Limited announced its 2024 annual results for the year ended December 31, 2024.
Reserves and production both grew by over 7% and net profit attributable to equity shareholders increased by 11.4%
Full-year dividend at HK$1.40 per share (tax inclusive), a 12% increase year-on-year (“YoY”)
CNOOC Limited continued to capture high-quality growth over 2024. Despite the challenging macroeconomic trends, CNOOC Limited stuck to its strategy of increasing reserves and production while strictly controlling costs. The Company’s capability of value creation has been enhanced and breakthroughs in technological innovation and green development have been attained.CNOOC Limited adopted multiple measures to tap into its production potential. New records of production have been set for multiple years in a row. In 2024, the Company recorded a net oil and gas production of 726.8 million barrels of oil equivalent (“BOE”), a YoY increase of 7.2%. In China, thanks to the contributions from Bozhong 19-6 oilfield and other oil and gas fields, net production rose by 5.6% YoY. Overseas, the commissioning of projects including Payara project in Guyana drove the net production to surge by 10.8% YoY.
CNOOC Limited adhered to a value-driven exploration strategy, and expanded its resource base. 11 oil and gas discoveries were made throughout the year and 30 oil and gas structures were successfully appraised. By the end of 2024, the net proved reserves reached 7.27 billion BOE, up by 7.2% YoY. The reserve life of the Company remained at 10 years. CNOOC Limited continued to innovate exploration theories and technologies. In China, multiple discoveries were made under the guidance of the exploration theories, including Longkou 7-1, Qinhuangdao 29-6, Huizhou 19-6, and Lingshui 36-1. Overseas, the Company expanded its global exploration footprint along the Atlantic rim and the “Belt and Road” countries. This year, CNOOC Limited was awarded petroleum contracts for 10 exploration blocks in Mozambique, Brazil and Iraq. CNOOC Limited maintained lean management, kept profitability at a high level and navigated through oil price cycles with outstanding performance. In 2024, the oil and gas sales of the Company was RMB355.6 billion and the net profit attributable to equity shareholders reached RMB137.9 billion, up by 11.4% YoY. The all-in cost was US$28.52 per BOE, a decrease of 1.1% YoY, further reinforcing its cost-competitive advantage. To share the achievements of development with shareholders, the Board of Directors has recommended a final dividend of HK$0.66 per share (tax inclusive). The annual dividend is HK$1.40 per share (tax inclusive). The dividend payout ratio stood at 44.7%, fulfilling the company’s dividend commitment to a high standard. Read More
CNOOC Limited Subsidiary Completed the Transaction with INEOS Energy
CNOOC Limited announces that its wholly owned subsidiary, CNOOC International Limited, has completed closing of the Stock Purchase Agreement with INEOS Energy. Read More
BW Energy granted extension to the Golfinho licence production phase to 2042 by ANP
BW Energy is pleased to announce the extension of the Golfinho licence by Brazilian oil and gas regulator ANP. The production phase under the Golfinho concession contract has been extended to 2042 from previously 2031, following ANP’s approval of the Company’s field development plan in November 2024. “The extension supports our long-term plans for developing the Golfinho field, initially through improved operational performance of existing infrastructure and later targeting several proven low risk in-field development opportunities. We see a significant potential for long-term value creation at Golfinho” said Carl K. Arnet, the CEO of BW Energy. BW Energy is the operator with 100% working interest in the Golfinho licence following the August 2023 acquisition of the Golfinho and Camarupim Clusters. It is located in the Espírito Santo Basin with water depths between 1,300 and 2,200 metres. Hydrocarbons are produced to the FPSO Cidade de Vitória, which BW Energy acquired and has operated since November 2023. The field has been producing since 2007. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.90 | Down |
| Crude Oil (Brent) | USD/bbl | $74.15 | Down |
| Bonny Light 02/04/25 CBN | USD/bbl | $79.38 | Up |
| Dubai | USD/bbl | $72.49 | – |
| Natural Gas | USD/MMBtu | $4.01 | Down |
| Murban Crude | USD/bbl | $75.96 | Down |
| OPEC basket 01/04/25 | USD/bbl | $76.89 | Up |
An all-electric FUSO eCanter 9C18e skip loader has been added to the truck fleet at TIT Imhof AG in the Swiss canton of Thurgau. The 8.55-tonne light-duty truck is the first fully electric series-produced vehicle for the transport, construction and disposal company from Kreuzlingen, which has been deeply committed to electric mobility for several years.
The 37-year-old owner Dominic Imhof runs the company, which has currently around 150 employees and almost 70 vehicles, together with his sister and describes himself as an electric mobility enthusiast. TIT Imhof’s portfolio includes construction site logistics, special transportation, crane services, excavation and demolition, as well as disposal and recycling for commercial, industrial and private customers. This includes, among other things, the container service, which is where the FUSO eCanter comes into its own at TIT Imhof. The 9C18e, with a type AK4V skip loader from Meier-Ratio, transports empty containers to customers and disposes of the contents of the full containers at its own disposal center in Kreuzlingen. With its short 3.400 mm wheelbase, the eCanter is particularly compact and maneuverable for use in the city and surrounding communities. With the M-battery pack, it has a range of up to 140 kilometers on a single charge. “The eCanter perfectly meets our requirements and, above all, the payload of 3.3 tons is ideal for container transports,” confirms Dominic Imhof. Read More
Denis Güven (42), currently Head of Product and Strategy at Daimler Truck Asia in Tokyo, Japan, will become the new Head of Mercedes-Benz do Brasil Ltda. responsible for the Latin America region of Mercedes-Benz Trucks and Buses, with a planned start date in August 2025. He will succeed Achim Puchert who became Member of the Board of Management of Daimler Truck AG as CEO Mercedes-Benz Trucks on December 1, 2024.
Achim Puchert, Member of the Board of Management of Daimler Truck, CEO Mercedes-Benz Trucks: “Denis Güven is a reflected and modern leader, passionate to drive change. He is an internationally experienced manager who places great importance on empowerment in shaping strong diverse teams with a clear focus on customers. He has demonstrated his strategic skills, especially on the product side, throughout his career and most recently in his role as Head of Product and Strategy at Daimler Truck Asia. I’ve known Denis for many years and look forward to continuing working with him in his new responsibility.”The succession of Denis Güven will be decided and communicated in due course. Read More
At the 100,000th MONA M03 roll-off event, He Xiaopeng, Chairman and CEO of Xpeng Motors, announced that the Zhaoqing factory will be officially open to the public for appointments in June, marking the official entry of Xpeng Motors into a new era of “full transparency in car manufacturing”. On the day of the event, Xpeng Motors also held the first “Xpeng Factory Open Day” owner event, where He Xiaopeng and car owners experienced the full process of the Zhaoqing factory’s smart manufacturing chain up close. The Xiaopeng Motors Zhaoqing Factory is located in the Zhaoqing High-tech Zone. This smart factory, which has evolved from a fish pond, not only carries the manufacturing dream of Xiaopeng Motors, but also shows the world the core competitiveness of China’s smart manufacturing with cutting-edge technology and innovative spirit. The factory has five production workshops including stamping, welding, painting, assembly, and resin, equipped with 389 ABB robots and supporting buildings and facilities such as the PDI quality assurance building, comprehensive R&D building, and test track. These advanced production facilities and technical means have formed a complete automobile production system, enabling Xiaopeng Motors to achieve a 100% automation rate for the first and second level assemblies, and a car can roll off the production line every 90 seconds. Read More
Dubai headquartered safety seal manufacturer Roxtec Middle East FZE is reporting its best year of trading in the power industries across the region. The Jebel Ali Freezone based company has grown its power division by 20 per cent and its headcount to 20 with three new hires in the last year. This comes after the company won a number of high-profile power contracts. This includes supplying Project Lightning, the first subsea cable project in the Middle East. The $3.8billion project provides a high-voltage direct-current (HVDC) transmission system for Abu Dhabi National Oil Co (ADNOC) offshore operations to the onshore power grid in the United Arab Emirates.
The project required Roxtec to design bespoke cable sealing solutions to manage the HVDC switching from AC to DC power between sea and land. The Roxtec seals are designed to provide water ingress and electromagnetic interference protection for four subsea cable seals carrying power of up to 400 kilovolt (Kv) stretching over 100km on the seabed. The project which connects low-carbon power from the mainland grid to ADNOC’s production operations will reduce the carbon footprint of the offshore facilities by up to 30 percent.
Roxtec power and processing manager Ihab Zourob said the company will be showcasing its wide range of cable sealing products at the forthcoming Energy Middle East trade show at Dubai World Trade Center April 7-9.
Mr Zourob said Roxtec is seeing increasing demand for its seals in the clean energy sector in the MENA region including for batteries, solar, green hydrogen, nuclear, windfarms, HVDC projects as well as traditional oil and gas facilities. He pointed to the UAE leading the world in its Energy Strategy 2050 which aims to achieve net-zero emissions by 2050. This includes tripling renewable energy capacity and increasing the share of clean energy in the total energy mix to 30% by 2030, and 50% by 2050. Roxtec is again helping with this decarbonization drive working with ADNOC on its first carbon capture project at the Habshan gas plant. Here Roxtec’s multidiameter technology is being used as the cable sealing solution protecting the facility from a range of hazards. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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