Global Energy/Automotive news, commentary and analysis | May 13, 2025
London, May 13, 2025 (Oilandgaspress) –- Oil prices rose with gains capped by rising supplies and caution over whether the pause in the U.S.-China trade war will lead to a longer-term deal. Barclays lowered its Brent oil price forecast by $4 per barrel to $66/bbl for 2025 and by $2 to $60/bbl for 2026, citing the decision by OPEC+ to accelerate oil production hikes.
Nissan’s contribution to Renault’s first quarter 2025 earnings Nissan’s results, published in Japanese accounting standards, for the fourth quarter of fiscal year 2024/2025 (January 1st to March 31st, 2025), after IFRS restatements, have a negative contribution to Renault Group’s first quarter 2025 net income estimated at -€2,204 million. This negative contribution includes impairments and restructuring costs necessary for effective turnaround initiatives communicated by Nissan on April 24, 2025.
As a reminder, following the sales by Renault Group of Nissan shares and the cancellation of the acquired shares as part of the buyback by Nissan, Renault Group’s holding position as of today amounts to 35.71% of Nissan’s capital (17.05% of Nissan shares are held directly and 18.66% are held in the French trust of which Renault Group is the beneficiary).
Nissan reports financial results for fiscal year 2024 Nissan Motor Co., Ltd. today announced financial results for the full year and the fourth quarter of fiscal year 2024, ending March 31, 2025.
Full year financial results
In FY2024, global sales remained at 3.346 million units impacted by intensified sales competition. Nissan’s consolidated net revenue was 12.6 trillion yen, resulting in an operating profit of 69.8 billion yen with an operating margin of 0.6%.
Net loss1 was 670.9 billion yen. While free cash flow and operating profit in the automotive business were both in negative, automotive net cash was 1.498 trillion yen.
TSE report basis – China JV equity basis2
| Yen in billions | FY 2023 | FY 2024 | Variance vs FY23 |
| Revenue | 12,685.7 | 12,633.2 | -52.5 |
| Operating profit | 568.7 | 69.8 | -498.9 |
| Operating margin % | 4.5% | 0.6% | -3.9 pt |
| Ordinary profit | 702.2 | 210.2 | -492.0 |
| Net income1 | 426.6 | -670.9 | -1,097.5 |
Based on average foreign exchange rates of 153 JPY /USD and 164 JPY /EUR for FY2024
Fourth quarter financial highlights
In the fourth quarter of fiscal year 2024, consolidated net revenue was 3.490 trillion yen, consolidated operating profit was 5.8 billion yen, and operating profit margin was 0.2%. Net loss1 in the fourth quarter was 676 billion yen.
TSE report basis – China JV equity basis2
| Yen in billions | FY23 4Q | FY24 4Q | Variance vs FY23 |
| Revenue | 3,514.3 | 3,490.0 | -24.3 |
| Operating profit | 90.3 | 5.8 | -84.6 |
| Net income1 | 101.3 | -676.0 | -777.3 |
Based on average foreign exchange rates of 153 JPY/USD and 161 JPY/EUR for FY24 Q4
Vestas announces 48 MW order in Germany
Vestas is proud to announce the following order as part of our Q2 order intake:
| Country | Region | Customer | Project name | MW | Turbine variant | Service agreement | Delivery & commissioning |
| Germany | EMEA | ABO Energy | Schierenberg | 48 | V150-6.0 MW | 20-year AOM5000 Service Agreement | Delivery and commissioning are planned for 2026 |
Baker Hughes Rig Count: U.S. U.S. -6 to 578 Canada -6 to 114
U.S. Rig Count is down 6 from last week to 578 with oil rigs down 5 to 474, gas rigs unchanged at 101 and miscellaneous rigs down 1 to 3.
Canada Rig Count is down 6 from last week to 114, with oil rigs down 6 to 68, gas rigs unchanged at 46 and miscellaneous rigs unchanged at 0.
| Region | Period | Rig Count | Change |
| U.S.A | 09 May 2025 | 578 | -6 |
| Canada | 02 May 2025 | 114 | – 6 |
| International | April 2025 | 891 | -8 |
Vestas wins two orders in Germany Vestas has received two firm orders in Germany, for the 22 MW Weisendorf project and 14 MW Bernau Albertshof II project. With these orders, Vestas surpasses 1 GW of firm orders for its 7+ MW onshore wind turbine variants, including the V172-7.2 MW and V162-7.2 MW.
“We are delighted to celebrate this 1 GW order intake milestone for our 7+ MW wind turbine variants. It shows that these variants have evolved into our customers’ preferred choice, especially in Germany”, says Jens Kück, Senior Vice President, NCE Sales Onshore. “Leveraging the modular design approach of the proven EnVentus platform, our 7+ MW variants offer efficient energy production and a great business case in low to medium wind conditions. We are very happy with the performance of our four prototypes in the field in Denmark and Germany and are excited to begin installation of our customers turbines in Europe.”
As part of our ongoing testing and validation program, the V162-7.2 MW prototype was commissioned in 2023, followed by the V172-7.2 MW in 2024. Two additional prototypes have since been commissioned, advancing our focus on performance and reliability. Building on these developments, the first commercial units are now being installed in Germany in 2025.
Both variants have achieved multiple certifications—including the Maschinengutachten, Design Evaluation Conformity Statement, and Provisional Type Certificate—reflecting their technical maturity and readiness for deployment in Germany and broader global markets.
Since the launch of the EnVentus platform in 2019, Vestas has secured more than 19 GW of firm orders in 28 markets and installed more than 10 GW of EnVentus wind turbines, underlining its competitiveness across the world.
Aker Property Group acquires ownership interest in Public Property Invest ASA and Samhällsbyggnadsbolaget i Norden AB Aker Property Group (“APG”), a wholly owned subsidiary of Aker ASA (“Aker”), announces today that it has signed agreements to acquire a strategic ownership interest in Public Property Invest ASA (OSE: PUBLI) (“PPI”) and Samhällsbyggnadsbolaget i Norden AB
The transaction includes:
TRG Real Estate AS (“TRG”), a company indirectly controlled by Kjell Inge Røkke, Chair of Aker ASA, has reached an agreement to sell an industrial property portfolio (the “Industrial Property Portfolio”) to PPI at an agreed equity value of NOK 2.325 billion, in exchange for 124,398,074 new ordinary shares in PPI, issued at a price of NOK 18.69 per share (the “PPI Shares”).
TRG has agreed to transfer the right to receive 39,808,989 PPI Shares to SBB I Norden AB (“SBB I Norden”), which is an indirect wholly owned subsidiary of SBB. In exchange, TRG will receive 164,561,931 class B-shares in SBB, representing about 9.08 percent of SBB’s share capital and 4.44 percent of the voting rights (the “SBB Shares”).
TRG has agreed to transfer to APG the right to receive both the SBB Shares and the remaining 84,589,085 PPI Shares that were not transferred to SBB I Norden at the same valuation as agreed with PPI and SBB.
Empire Wind 1 Offshore Wind Project Equinor may scrap its Empire Wind 1 offshore wind project “within days” if the U.S. government’s stop-work order is not lifted, warned Molly Morris, President of Equinor Renewables Americas, in a recent interview with Politico. The halt is costing the company approximately $50 million per week, and missing the summer construction window could delay the project by a full year.
The U.S. Department of the Interior (DOI) issued the stop order in April, just after seabed preparation had begun—marking the official start of offshore construction. Equinor CEO Anders Opedal has called the halt “unlawful”, and the company is pursuing direct talks with the U.S. administration while considering legal action. However, Morris stated that litigation could take too long, leaving project continuation at risk.
Whitecap, Veren Complete $15B Merger Whitecap Resources Inc. announce the successful closing of its strategic combination with Veren Inc. , creating the seventh largest oil and natural gas producer and the fifth largest natural gas producer in Canada. Whitecap is now the largest Alberta Montney and Duvernay landholder and a prominent light oil producer in Saskatchewan with an enviable portfolio of premium drilling opportunities which provides for decades of sustainable production and funds flow growth. We plan to leverage the combined asset base and technical expertise to drive incremental improvements to profitability and increased returns to shareholders.
The combined company will be led by Whitecap’s management team along with an eleven-member Board of Directors including seven Whitecap directors: Ken Stickland (Chair), Grant Fagerheim (President & CEO), Vineeta Maguire, Glenn McNamara, Steve Nikiforuk, Brad Wall and Grant Zawalsky. The four new directors joining from the Veren Board of Directors are: Craig Bryksa, Jodi Jenson Labrie, Barbara Munroe and Myron Stadnyk. Stepping down from their roles as Whitecap directors are Mary-Jo Case and Chandra Henry. Whitecap would like to thank Ms. Case and Ms. Henry for their leadership, guidance and contributions as directors to the success of Whitecap.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $62.31 | Down |
| Crude Oil (Brent) | USD/bbl | $65.25 | Down |
| Bonny Light 12/05/25 CBN | USD/bbl | $67.55 | Up |
| Dubai | USD/bbl | $61.53 | — |
| Natural Gas | USD/MMBtu | $3.70 | Down |
| Murban Crude | USD/bbl | $65.75 | Down |
| OPEC basket 12/05/25 | USD/bbl | $64.31 | Up |
Hydro and Norwegian Red Cross join forces Hydro has entered into a new partnership agreement with the Norwegian Red Cross to support a just transition and provide emergency aid.
Hydro’s purpose is to create a more viable society and through its social responsibility strategy, seeks to strengthen local communities, protect human rights, and promote skills and education in and around its 140 locations in 40 countries.
In line with Hydro’s social responsibility strategy, the partnership will support the Norwegian Red Cross’ work to support local communities and emergency relief globally with an annual contribution of NOK 1.5 million.
Hydro will support the Norwegian Red Cross’ humanitarian work to strengthen local communities, help people in crises and create equal opportunities.
Nexos offshore expands into onshore energy with 300-person division Nexos, a leading provider of Engineering, Procurement & Construction (EPC) services in the offshore energy sector, has announced a strategic expansion into onshore energy projects. The move is bolstered by a 300-person strong onshore services division, positioning nexos as a key player in the energy transition.
With a well-established reputation as one of the UK’s largest offshore EPC contractors, supporting clients such as Apache, Ithaca Energy, and EnQuest, nexos is now leveraging its expertise to support the onshore energy mix following a number of key wins in the onshore sector.
As part of the D2Zero group, nexos’ expansion follows the successful acquisition of OSL Consulting Engineers, further solidifying its capabilities in delivering comprehensive EPC services.
Expanding Horizons: A True Onshore EPC Solution
Complimenting the existing offices and workshop facilities across the North East of Scotland, nexos’ onshore operations have acquired additional offices in Hull, strategically placing the company within the UK’s most active industrial regions.
The new division will focus on delivering turnkey EPC services for energy transition projects, including hydrogen production, carbon capture and storage (CCUS), waste-to-energy, renewables, and synthetic fuels.
Derek Thomson, Chief Operating Officer at nexos, emphasised the significance of this expansion: “Leveraging nexos’ extensive EPC expertise into the onshore market signals our intent to become a powerhouse in the energy transition.”
“We are combining OSL’s engineering and procurement expertise with our industry-leading construction capabilities to provide exceptional value as an EPC contractor in the onshore energy market.”
“By providing construction services in-house, we are offering a genuine full-service solution that many other onshore EPC contractors cannot, and a seamless project execution journey for our clients.”
Bridging the Gap: Offshore Expertise for Onshore Innovation
Nexos’ extensive offshore experience, particularly in high-hazard environments, provides a unique advantage in tackling complex onshore projects. From ATEX-rated facilities to sterile pipeline installations, nexos’ integrated approach ensures efficiency, safety, and cost-effectiveness for developers looking to accelerate the transition to low-carbon energy.
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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