Global Energy/Automotive news, commentary and analysis | May 06, 2025
London, May 06, 2025 (Oilandgaspress) –- Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and adjust production upward. The eight OPEC+ countries who had previously announced additional voluntary adjustments in April and November 2023 met virtually on 3 May 2025, to review global market conditions and outlook. They reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3rd 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024. They promised to hold monthly meetings to review market conditions, conformity, and compensation and will meet on 1 June 2025 to decide on July production levels. Read from source
OPEC+ production strategy, uncertain chinese demand , U.S. tariff risks, and price forecasts are impacting heavily on the broader energy price movement
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $58.73 | Up |
| Crude Oil (Brent) | USD/bbl | $61.88 | Up |
| Bonny Light 02/05/25 CBN | USD/bbl | $63.75 | — |
| Dubai | USD/bbl | $67.74 | — |
| Natural Gas | USD/MMBtu | $3.62 | Up |
| Murban Crude | USD/bbl | $62.15 | Up |
| OPEC basket 05/05/25 | USD/bbl | $59.86 | Down |
Eni CEO meets the Prime Minister of the Libyan Government of National Unity The Prime Minister of the Libyan Government of National Unity, Abdul Hamid Mohammed Dbeibeh, and Eni’s CEO, Claudio Descalzi, met in Tripoli today to review the progress of activities in the Country, namely the three projects sanctioned in 2023: Sabratha Compression, Bouri Gas Utilization Project and Bahr Essalam Structures A&E.
The Sabratha Compression project is scheduled to be completed by the end of the year, contributing to support field production from Bahr Essalam. The Bouri Gas utilisation Project is progressing and start up is expected in 2026. Finally, the contracting strategy for Structures A&E is in execution, and the drilling of wells started in April. The meeting was also the occasion to discuss Eni’s exploration activities in the Country, as well as the potential opportunities projected by the recently launched bid round. The parties emphasized the role of these initiatives in contributing to sustain and increase gas production in the country while reducing carbon footprint as well as the development of local Human capital and technology sharing.
Renault presents a new 1.8l full hybrid E-Tech 160 hp powertrain with a 1.4 kWh battery Renault developed this innovative full hybrid E-Tech powertrain in 2021. Over 150 patents have been filed for this technology, which taps into Renault’s expertise in Formula 1, particularly in energy recovery and regeneration. It is already meeting high standards of performance and efficiency on many range models, from Clio to Rafale.
Renault has sold over 750,000 vehicles equipped with this full hybrid E-Tech powertrain since its launch in 2021. The brand currently ranks number two for hybrid (HEV) sales in Europe, with hybrid vehicles increasing their share of the sales mix by 7.8% in first-quarter 2025 compared with the same period in 2024. This trend underlines growing customer interest in hybrid technology as a solution for the energy and economic transition. For customers who are not yet ready to make the switch to an EV, full hybrid E-Tech powertrains deliver all the benefits of electric motors: silent start-up, all-electric driving at low speeds in and around cities, as well as battery regeneration through deceleration and braking, for even greater driveability.
More power and full hybrid performance for Captur and Symbioz
In the same way as with the previous generation, the series-parallel hybrid architecture of this new powertrain combines two electric motors (a 36 kW e-motor and a 15 kW HSG – High-Voltage Starter Generator) with a 1.8l 4-cylinder petrol engine of 80 kW or 109 hp (69 kW and 94 hp for the previous engine) mated to a new intelligent multi-mode clutchless dog box and a 1.4 kWh battery. The dog box delivers fast precise gear changes with minimum power loss. It is also simpler from a mechanical standpoint, making it more reliable.
Pressure on UK Government to change net zero stance Ed Miliband’s net zero drive will damage growth while making “no difference” to overall carbon emissions, the boss of Britain’s biggest long-term savings firm has warned. Sir Nicholas Lyons, chairman of Standard Life owner Phoenix, said the Government’s decision to back away from North Sea oil and gas had made Britain less secure and more vulnerable to economic shocks.
High energy costs and a dependence on foreign imports have left Britain at a “competitive disadvantage”, according to the FTSE 100 chairman. He warned that the transition to net zero would weigh on the economy and urged Labour to reopen the North Sea to help lower energy prices.
Mr Miliband has argued that the best way to secure Britain’s energy system is to cut its reliance on oil and gas by shifting to a clean power system running on renewables by 2030. Labour has banned all new drilling licences in the North Sea as part of a pledge to hit net zero by 2050.
Polestar 3 Factory-Fitted with Continental Tires. Polestar is relying on Continental’s SportContact 7 as original equipment for its Polestar 3 model. The tire manufacturer has received original equipment approval in the 21-inch tire size for the electric SUV. In addition to high driving stability and excellent grip, the SportContact 7 also impresses with its high energy efficiency and quiet rolling noise.
The SportContact 7 is a high-performance tire for high-powered sporty vehicles with electric or conventional drives. In addition to high driving stability and excellent grip levels, the tire offers long range or high fuel efficiency, along with quiet rolling noise. When developing the SportContact 7, the focus was on combining ultimate driving enjoyment with maximum safety. Accordingly, the tire achieves an 8 percent shorter braking distance on wet roads compared with its predecessor model. On dry roads, the braking distance is reduced by 6 percent, and the mileage increased by 17 percent.
DFDS, relies on Continental tire solutions for its electric fleet Continental and the Danish transport company DFDS are driving forward the development of sustainable logistics with great commitment. The Danish specialist for global supply chain solutions currently operates the largest fleet of heavy-duty electric trucks in Europe. The company relies on Conti Eco Gen 5 tires with optimized rolling resistance and high mileage and the ContiConnect digital tire management system for continuous monitoring. “We are currently replacing our diesel trucks with electric trucks. We want to drive the transition to more sustainable road transportation and show that zero-emission transport is already a viable solution today,” says Niklas Andersson, Executive Vice President and Head of Logistics, DFDS. “The expansion of our e-truck fleet helps to support more companies in decarbonizing their supply chains and underlines our commitment to lead this development.” DFDS and Continental have been working together successfully since the beginning of 2023. “Together, we are focusing on sustainability and working to keep costs as low as possible for everyone involved,” adds Georg Nielsen, Head of Sales Truck Tires, Fleet Solutions and OE Trailer Subregion Nordics, Continental Daek Danmark A/S. With their modular portfolio, both companies offer their customers flexible and customized solutions.
Continental Reports Consolidated sales of €9.7 billion (Q1 2024: €9.8 billion, -0.8 percent) Continental made a solid start to the year. As expected, its first quarter of 2025 was significantly better than its first quarter of 2024. Despite declining automotive production in Europe and North America, the Automotive group sector achieved significantly higher earnings year-on-year. Tires also recorded a strong improvement in earnings in the first quarter. ContiTech posted an adjusted operating result roughly on a par with the previous year despite weak industrial demand.
Geopolitical tensions and the potential impact of trade restrictions are causing a high degree of uncertainty about global economic development in the current fiscal year. In the first quarter of 2025, Continental achieved consolidated sales of €9.7 billion (Q1 2024: €9.8 billion, -0.8 percent). Its adjusted operating result increased to €639 million, corresponding to an adjusted EBIT margin of 6.6 percent. Without the application of IFRS 5, the adjusted operating result would have been €586 million (Q1 2024: €201 million) and the adjusted EBIT margin would have been 6.0 percent (Q1 2024: 2.1 percent). Due to the planned spin-off of the Automotive group sector, the accounting standard IFRS 5 (Non-current Assets Held for Sale and Discontinued Operations) has been applied as required. Consequently, since the Supervisory Board approved the spin-off on March 12, 2025, depreciation on those parts of the business earmarked for spin-off has no longer been taken into account.
Net income in the first quarter was €68 million (Q1 2024: -€53 million). Adjusted free cash flow was significantly higher than in the previous year but, due to the seasonal nature of the business, was still negative at -€304 million (Q1 2024: -€1.1 billion).
Continental to Discontinue Tyre Production at Alor Setar, Malaysia plant by the end of 2025 The manufacturing facility produces passenger car and light truck tyres for the Asia Pacific Market, as well as motorcycle tyres. A total of 950 employees work at the Alor Setar facility. The company’s priority is to support its employees by providing assistance and support such as career counselling as well as exploring potential employment opportunities inside and outside of Continental. The decision to close the Alor Setar tyre plant follows a comprehensive business review to safeguard the company’s competitiveness and business performance in the APAC region. Adapting to changing customer demand, the company seeks to optimise its local product portfolio and its manufacturing footprint.
Malaysia continues to be a key market for Continental in the Asia-Pacific region. The company reaffirms its commitment to its customers and partners in Malaysia, emphasising that long-term relationships and trust continue to be at the heart of its business in the country.
Vestas Announce Quarterly revenue of EUR 3.5bn, First Quarter 2025 with an EBIT margin before special items of 0.4 percent. Order intake of EUR 3.9bn and combined order backlog of EUR 69.8bn. Full-year guidance maintained.
In the first quarter of 2025, Vestas generated revenue of EUR 3,468m – an increase of 29.4 percent compared to the year-earlier period. EBIT before special items amounted to EUR 14m, resulting in an EBIT margin before special items of 0.4 percent, compared to (2.5) percent in the first quarter of 2024.
Adjusted free cash flow amounted to EUR (325)m compared to EUR (997)m in the first quarter of 2024.
The quarterly intake of firm and unconditional wind turbine orders amounted to 3,135 MW, a 36 percent increase from first quarter 2024. The value of the wind turbine order backlog was EUR 32.9bn as at 31 March 2025.
In addition to the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of EUR 36.9bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 69.8bn – an increase of EUR 8.8bn compared to the year-earlier period.
The full-year guidance is maintained: Revenue is expected to range between EUR 18bn and 20bn including Service revenue. Vestas expects to achieve an EBIT margin before special items for the Group of 4-7 percent, and total investments1) are expected to amount to approx. EUR 1.2bn in 2025.
Group President & CEO Henrik Andersen said: “In the first quarter of 2025, Vestas’ performance continued to improve, although new events contributed to further geopolitical uncertainty and regionalisation. Compared to the first quarter of 2024, our revenue increased 29 percent to EUR 3.5bn, while our EBIT margin landed at 0.4 percent, representing an increase of 2.9 percentage points despite impact from seasonality and manufacturing ramp-up in both Offshore and Onshore. Our order intake increased more than 70 percent to EUR 3.9bn due to strong momentum in Offshore and EMEA onshore, but specific markets were impacted by external factors. In Service, we continue to progress on our recovery plan, which will run until end of 2026, and we remain on track to achieve our 2025 outlook. We want to thank our customers, partners and colleagues for their continued engagement and support in building secure, affordable and sustainable energy systems.”
Key highlights
Revenue of EUR 3.5bn
Increase of 29 percent YoY driven by higher activity and higher average pricing in Power Solutions.
EBIT margin b.s.i. of 0.4 percent
Positive operating profit in Q1 despite seasonal low activity, driven revenue growth and higher project profitability.
Order intake of 3.1 GW
Order intake increased by 36 percent YoY driven by strong momentum in Offshore and EMEA onshore.
Manufacturing ramp-up and Service recovery plan remain key
Onshore and Offshore ramp-up is progressing, and Service completes first quarter of recovery plan.
New CFO to start 1 June 2025
Onboarding of Jakob Wegge-Larsen in planning, ready to join investor roadshow post Q2 in August.
Heat from TotalEnergies’ Le Havre Sud heating network TotalEnergies, Dalkia and the Le Havre Seine Métropole Urban Community inaugurated the extension of the Le Havre Sud heating network, called RésOcéane, in the presence of Jean-Baptiste Gastinne , 1st Deputy Mayor of Le Havre, 1st Vice -President of the Le Havre Seine Métropole Urban Community, Sylvie Jéhanno , Chairwoman and CEO of Dalkia, and Jean-Marc Durand , Director of Refining-Petrochemicals Europe at TotalEnergies.
Launched in February 2023, this ambitious project will recover the heat generated by TotalEnergies’ industrial site facilities to power RésOcéane and thus reduce the use of gas in heat production. This virtuous technology will make it possible to heat more than 12,000 homes in Le Havre with cleaner, local energy and avoid the emission of 16,000 tonnes of CO2 per year.
Operated by Dalkia, this network now uses 80% heat from renewable sources and recovered industrial heat.
Renault 4 E-Tech electric The success of the original Renault 4, in France and around the world, can be attributed largely to its ability to demonstrate this level of versatility. It racked up truly phenomenal figures throughout its career, selling 8,135,424 units on five continents and in over a hundred countries between 1961 and 1992, making it Renault’s best-selling model at global level. Renault 4 was built in Europe (Belgium, Spain, etc.), South America (Argentina, Colombia, Peru, etc.), Africa (Algeria, Morocco, South Africa, etc.) and even in Oceania. It is the fourth best-selling vehicle of all time and, not surprisingly, an international cultural icon. Renault 4 E-Tech electric is not overawed by this success. It has even set itself an additional challenge: to contribute to mainstreaming electric vehicles across Europe. While Renault 5 E-Tech electric is aimed more at urban customers, Renault 4 E-Tech electric is targeting a broader audience, including young families.
To achieve this, it will rely on the same key quality as its forerunner: versatility. This is what will appeal to users, whether for the daily commute, weekends away or leisure pursuits, alone or with the family, in the city, in the countryside, in the mountains or on the motorway.
Reflecting this versatility, Renault 4 E-Tech electric sets new class standards in interior space, modular design and boot capacity. It has 420 cubic litres of space, a low load sill, ingenious storage compartments, a folding rear bench seat and even a flat-folding passenger seat – a first for a Renault electric vehicle! It is also ready to take on muddy or bumpy roads with its increased ground clearance and advanced Extended Grip traction control system. At the same time, it makes everyday driving easier with the One Pedal function, maximising regenerative braking to bring the vehicle to a complete stop.
BW Energy: First quarter results 2025 BW Energy, operator of the Dussafu Marin licence in Gabon and the Golfinho cluster offshore Brazil, reported a record quarterly EBITDA of USD 182.1 million for the first quarter of 2025. This was up 31% from USD 141.6 million in the previous quarter on increased oil sales following all-time-high production in Gabon and higher output in Brazil. The net production was ~36,000 bbls/day, including the Tortue, Hibiscus, and Hibiscus South fields in the Dussafu licence (73.5% working interest or “WI”) and the Golfinho field (100% WI).
HIGHLIGHTS
• Record Q1 EBITDA of USD 182.1 million, net profit of USD 83 million
• Operational cash-flow of USD 154.7 million in the quarter
• Q1 gross production of 4.2 mmbbls with 3.2 mmbbls net to BW Energy
• Highest quarterly production since inception from the Dussafu licence
• Maintained a strong balance sheet with cash position of USD 286.9 million
• Substantial oil discovery in the Bourdon prospect
• Maromba development FID unlocking path to more than doubling production and potential for future dividends
BW Energy Makes FID on Maromba field development in Brazil . BW Energy is pleased to announce the final investment decision (FID) for the Maromba development offshore Brazil based on a capex-efficient development with an integrated drilling and wellhead platform (WHP) and a refurbished FPSO. The development targets 500 million barrels of oil in place in the highly delineated and tested Maastrichtian sands. First oil is planned by end-2027 with expected plateau production of 60,000 barrels of oil per day. The development will more than double BW Energy’s total net production by 2028 and has short pay-back time.
Project highlights:
• Initial six production wells from the WHP
• The WHP will be a converted drilling jack-up with up to 16 well slots and production- and test-flowlines connected to the redeployed FPSO BW Maromba (ex. Polvo)
• A second six-well drilling campaign will fully leverage the established field infrastructure and allow for appraisal and testing of other reservoir horizons
• BW Maromba refurbishment and life extension work is already underway at the COSCO yard in China
• Total investments of USD ~1.5 billion, split USD ~1.2 billion for the initial development and a further USD ~0.3 billion for the secondary drilling campaign
“We have spent time on optimising the Maromba development plan and concluded on a highly competitive concept with a repurposed jack-up platform and FPSO, repeating the approach we very successfully applied in Gabon. Maromba will enable BW Energy to deliver industry-leading organic production growth and position the Company for further low-cost developments of known potential developments. We expect to unlock significant shareholder value in all realistic oil price scenarios,” said Carl K. Arnet, the CEO of BW Energy.
Shell, Reliance, and ONGC set benchmark with India’s first offshore facilities decommissioning project In a landmark achievement for India’s energy sector, the Panna-Mukta and Tapti (PMT) joint venture partners – Shell (through BGEPIL), Reliance Industries Limited (RIL), and Oil and Natural Gas Corporation Limited (ONGC) have successfully completed the country’s first offshore facilities decommissioning project with the safe removal of mid and south Tapti field facilities. The PMT JV, operator of the Tapti fields under a production sharing contract with the Government of India, comprises of ONGC with a 40% participating interest, and RIL and BG Exploration & Production India Ltd (BGEPIL-Shell) with 30% each.
The milestone project involved removal of five wellhead platforms, associated infield pipelines, load-in at the onshore dismantling yard and the safe plugging and abandonment of 38 wells—all executed in line with the approved decommissioning plan. Production from the Tapti fields ceased in March 2016, and this project demonstrates a high level of planning, coordination, and compliance with regulatory frameworks while upholding the highest safety and environmental standards.
Quor becomes Quoreka STG, a US-based private equity firm focused on software and software-enabled tech services companies, announces the strategic acquisition of Eka Software Solutions (“Eka”), a global provider of commodity management solutions with a speciality in the soft ags and energies markets. For nearly two decades, Eka has been providing commodities trade and risk management (“CTRM”) and supply chain solutions, consistently delivering innovation to its customers while building a robust and modern vertical SaaS platform.
STG will merge Eka with the Quor Group (“Quor”), an existing STG portfolio company that specializes in CTRM offerings within the metals ecosystem. The combination of Eka and Quor is a material step forward for the CTRM industry, providing a broad software suite that addresses a spectrum of customer needs across asset classes globally.
Eka, leveraging its innovative approach and cutting-edge technology, joins Quor to provide the combined entity’s customers with a broad ability to navigate the complexities of the commodity markets, including increasing end market volatility and customers’ desire to hedge their corresponding risk profile. Together, Quor and Eka are poised to address customers’ greatest needs, accelerate innovation, and set new benchmarks within the industry.
“We have been extremely impressed by the breadth and depth of the products that make up the Eka platform. Their CTRM / ETRM and supply chain products have consistently delivered for their impressive customer base” said William Chisholm, Managing Partner of STG. “We are committed to supporting Quor and Eka through further investments in innovation with the ultimate goal of continuing to provide exceptional value to their clients,” added Ishan Manaktala, Operating Partner at STG.
Manav Garg, founder and CEO of Eka, will continue to play a pivotal role in guiding the vision and strategic direction of the combined company as a Board Advisor. His industry insight and leadership will be invaluable as Quor embarks on its next phase of growth. Manav comments, “the merger could not happen at a more opportune time – we have seen increased volatility across asset classes, greater desire of customers to hedge their risk, and substantial supply chain disruption; all of which leaves the market yearning for solutions from Eka and Quor.”
Steve Hughes, CEO of Quor, commented on the strategic synergies, stating, “I believe joining forces with Eka is a game-changer for us and our customers. I am keen to partner with Manav and his decades of knowledge to drive the CTRM industry forward into a new era of growth and success.” Jefferies LLC acted as financial advisor and DLA acted as legal advisor to STG. Tree Line Capital Partners provided debt financing to support the acquisition.
Energy-sector experts join WFW strategic expansion Watson Farley & Williams (“WFW”) announced that leading energy law experts Carolyn Dong, Neil Macdonald and Russell Wilkinson are joining the firm in Hong Kong. Carolyn has over 35 years’ experience advising on cross-border transactions involving China, most notably with major Chinese state-owned enterprises (“SOEs”) and private companies on outbound M&A transactions, acquisition financing, joint ventures with international partners and project development, including large-scale and complex oil and gas, petrochemical and mining projects worldwide. Neil advises on the development, acquisition and disposal of energy, mining and other natural resources assets and projects, with extensive experience assisting clients across the LNG and oil and gas supply chains.
Russell works across the upstream, midstream and downstream oil and gas/LNG sectors, acting on the development and sale/purchase of energy infrastructure, resources and businesses, and their financing. That includes one of the stronger LNG practices, with exceptional experience of floating and land-based LNG terminals and LNG sales and shipping.
WFW Global Energy Sector Head Henry Stewart commented: “I am thrilled to welcome Russell, Carolyn, Neil and their team to WFW. With his impressive expertise in LNG, Russell will be key to enhancing our energy practice in Asia and worldwide. Carolyn’s unrivalled experience advising SOEs unlocks fantastic new opportunities for the firm advising on big-ticket projects spanning our core sectors of energy, infrastructure and transport, similar to the Simandou mega-project. These hires represent the largest expansion of our Asia Pacific Energy practice since the arrival of Clarinda Tija-Dharmadi and Partner Merrick White in April 2024”.
Russell said: “We’re excited to be joining a WFW team delivering excellence in the energy sector around the globe. We look forward to working with our new colleagues to continue building our world-class energy practice”.
Carolyn added: “With our team of dedicated energy and natural resources specialists joining in Hong Kong, WFW strengthens the breadth and depth of its energy and natural resources practice across the Asia Pacific region, enhancing its ability to advise on ground-breaking, first-of-their-kind projects”.
Neil concurred: “WFW’s sector focus complements our strengths in LNG, upstream project development and M&A, providing a compelling platform to deliver exceptional client service and maximise opportunities for our clients and the firm”.
Prior to joining WFW, Russell and Carolyn were Head of Energy (Asia) and Head of Energy Sector China at DLA Piper respectively. Neil was previously based in DLA Piper’s Abu Dhabi and Perth offices and returns to Hong Kong where he previously spent 12 years advising clients on matters across the Asia Pacific.
Baker Hughes Rig Count: U.S. -3 to 584 Canada -8 to 120
U.S. Rig Count is down 3 from last week to 584 with oil rigs down 4 to 479, gas rigs up 2 to 101 and miscellaneous rigs down 1 to 4.
Canada Rig Count is down 8 from last week to 120, with oil rigs down 7 to 74, gas rigs down 1 to 46 and miscellaneous rigs unchanged at 0.
| Region | Period | Rig Count | Change |
| U.S.A | 02 May 2025 | 584 | -3 |
| Canada | 02 May 2025 | 120 | – 8 |
| International | April 2025 | 891 | -8 |
WFW strengthens Hong Kong maritime disputes practice with new partner hire Watson Farley & Williams announce that maritime disputes expert Andrew Rigden Green has joined the firm as a partner in Hong Kong. He was previously at Stephenson Harwood in the same city. Andrew has over 20 years’ disputes experience having begun his career focussing on arbitration and London High Court litigation. In 2012, he relocated to Hong Kong to grow Stephenson Harwood’s maritime disputes practice and establish its international arbitration practice.
With expertise spanning corporate and commercial disputes, international arbitration and shipping, Andrew’s practice includes shareholder, corporate, trust and private wealth, joint venture, trade and asset finance and sale and purchase disputes across several industries including aviation, LNG, oil and gas and commodity trading.
His clients include most of the IG P&I Clubs, shipowners, Chinese SOEs, Japanese trading houses and corporates in the oil and gas sector, Hong Kong and Singapore-based UHNWIs, Chinese, Taiwanese and Hong Kong privately owned companies, European and US companies operating in Asia and environmental NGOs.
WFW Global Maritime Sector Head George Macheras commented: “I am delighted to welcome Andrew to the firm. His long-standing reputation for excellence in the region strengthens our global network of disputes partners, especially following our other key hires in this space recently”.
Andrew added: “I am thrilled to join WFW whose reputation in the maritime sector is unrivalled globally. This is a terrific opportunity to enhance the services I can provide to my clients. I look forward to representing some of the most respected names in the shipping industry and growing WFW’s disputes practice”.
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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