Global Energy/Automotive news, commentary and analysis | September 04, 2025
London, September 04, 2025, (Oilandgaspress) –– Lloyd’s of London institution will not stop insurers from covering fossil fuels, including coal.
Patrick Tiernan, who took over as chief executive officer of the world’s oldest insurance market in the spring, told the Financial Times that the organization plans to give “more freedom” to insurers trading at the marketplace.Lloyd’s new stance comes after the North American banks and asset managers began quitting net-zero alliances en masse following President Donald Trump’s election victory. The top U.S. banks and four of Canada’s largest banks are no longer part of the Net-Zero Banking Alliance (NZBA), a group of leading global banks committed to aligning their lending, investment, and capital markets activities with net-zero greenhouse gas emissions by 2050. The United States is the biggest market for Lloyd’s accounting for around half of its business. Read More
Nigerian National Petroleum Company (NNPC) Ltd, in partnership with the TotalEnergies–Sapetro Consortium, has executed a Production Sharing Contract (PSC) for Petroleum Prospecting Licences (PPLs) 2000 and 2001, marking a significant milestone in Nigeria’s upstream oil and gas sector as the first of such PSC to comprehensively cover both crude oil and natural gas exploration and production.
The event, which took place at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Headquarters in Abuja on Monday, signifies a major milestone in the Federal Government’s efforts to harness Nigeria’s vast hydrocarbon resources responsibly and profitably.
Group Chief Executive Officer (GCEO) of NNPC Ltd., Engr. Bashir Bayo Ojulari, noted that the significant event represents the first of its kind with high-impact prospects that will improve energy security and drive Nigeria’s economic growth.
“This particular PSC is unique in many respects. It is the first PSC that comprehensively covers its scope, both crude oil and natural gas. It is the first PSC with robust gas terms including a profit gas fleet that incentivises monetisation of non-associated gas,” he stated.
The GCEO highlighted that the ceremony as not merely a contract signing, but a powerful testament to the success of the Petroleum Industry Act (PIA) 2021 and a clear signal to the global investment community that Nigeria is indeed poised for business. Read More
Nigerian National Petroleum Company (NNPC) announced the appointment of two seasoned executives, Mr. Andy Odeh and Mrs. Morenike Adewunmi, to key leadership positions. Mr. Odeh assumes the role of Chief Corporate Communications Officer, while Mrs. Adewunmi has been appointed Chief Relations Officer. Mr. Odeh brings over three decades of extensive experience in communications and business administration across the oil and gas, advertising, and broadcasting sectors. Prior to joining NNPC, he had a distinguished 26-year career at Nigeria LNG (NLNG). There, he held various leadership roles in Community Relations and Development; Business Logistics and Services; Information Management and Technology; Corporate Communications and Public Affairs; Government Relations and Regulatory Compliance, and most recently, General Manager of External Relations and Sustainable Development.
He is recognized for his work on major public relations and advertising campaigns for top brands. At NLNG, he successfully managed the company’s rebranding and implemented one of Nigeria’s best-run micro-credit schemes for host communities. Mr. Odeh was also instrumental in instituting the NLNG Prize for Energy Reporting. He is an alumnus of the University of Jos, the University of Lagos, INSEAD Business School, and the Nigeria Institute for Policy and Strategic Studies (NIPSS), among others… Read More
Versalis and Veritas, operating in the Metropolitan City of Venice and in parts of the Province of Treviso, today signed an agreement to promote the circular economy, with a particular focus on developing joint initiatives to valorise post-consumer and post-industrial plastics. The agreement was signed by Adriano Alfani, Chief Executive Officer of Versalis, and Andrea Razzini, General Manager of Veritas. The two companies will work together to analyse and select waste streams and secondary raw materials from Veritas’s facilities in order to assess their suitability for Versalis’s recycling processes. In Fusina, within Porto Marghera’s industrial area, Veritas manages through its subsidiaries the waste Ecodistretto. This integrated waste treatment hub is a tangible example of industrial synergy, where closely located treatment plants work together to reduce energy consumption and cut emissions. The agreement aims to develop a local integrated industrial supply chain for producing high-quality recycled plastics, supported by new investments. The first step will focus on recycling expanded polystyrene (EPS) waste, such as boxes used in the fishing sector, which will be processed at the new Versalis plant in Porto Marghera, operational since March 2025. At full capacity, the facility will be able to produce up to 20,000 tonnes per year of crystal polystyrene (r-GPPS) and expandable polystyrene (r-EPS) from secondary raw materials derived from post-consumer EPS waste. The Porto Marghera plant represents the first step in the conversion of the Venice petrochemical site and is part of the broader transformation and relaunch plan for Versalis, signed at the Ministry of Enterprises and Made in Italy. Read More
Interest in exploration on the Norwegian continental shelf remains high, authorities have received applications from 20 companies in the Awards in Predefined Areas (APA) 2025. The deadline for applications was 2 September.
«It is encouraging to see that there is still significant interest in exploring new acreage in mature areas of the Norwegian continental shelf. The interest spans all sea regions, which demonstrates that there are many opportunities to make profitable discoveries from the south to the north of the shelf», says Kalmar Ildstad, Director of regulations, licence and area management in the Norwegian Offshore Directorate..The Norwegian Offshore Directorate is now working to evaluate the applications, with emphasis on geological comprehension and plans for exploration of the areas. When production licences are awarded, emphasis is also placed on the companies’ technical expertise and experience, as well as financial strength. The authorities aim to award new production licences in the announced areas in early 2026. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $63.25 | Down |
| Crude Oil (Brent) | USD/bbl | $66.82 | Down |
| Bonny Light 01/09/25 CBN | USD/bbl | $70.33 | — |
| Dubai | USD/bbl | $69.39 | Up |
| Natural Gas | USD/MMBtu | $3.11 | Up |
| Murban | USD/bbl | $69.28 | Down |
| OPEC basket 03/09/25 | USD/bbl | $71.32 | Down |
The U.N. urged countries on Wednesday to set more ambitious climate plans during this month, seeking to pressure major economies including the EU and China ahead of this year’s U.N. climate summit.
The United Nations had asked countries to submit their plans, called Nationally Determined Contributions, or NDCs, within September so that their efforts can be assessed before the COP30 summit in November in Brazil. Read More
Bentley Motors announces its first-ever External Creative Directors: designer and brand advisor Mai Ikuzawa, and world-renowned photographer and film director Greg Williams. Committed to supporting Bentley’s future-facing design vision, Ikuzawa and Williams’ appointment follows the debut of the EXP 15 concept car in Monterey in August.
Working closely with Bentley’s marketing, communications, and design teams in Crewe, the two new External Creative Directors will provide strategic advice and creative insight over the next year, reaffirming Bentley’s cultural significance. Read More
Monkey Island LNG announced that it has selected ConocoPhillips’Optimized Cascade® Process liquefaction technology for its planned 26 MTPA natural gas liquefaction and export facility in Cameron Parish, Louisiana. The 246-acre project site, located on Monkey Island in Cameron Parish, Louisiana, is strategically positioned with access to both deepwater shipping channels and abundant U.S. natural gas supply. With the integration of Optimized Cascade® technology, MILNG is reinforcing its commitment to provide customers and investors with a highly reliable and efficient LNG solution. Read More
ConocoPhillips recently announced it signed a long-term sales and purchase agreement (SPA) to purchase 4 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from the Port Arthur LNG Phase 2 project under development by Sempra Infrastructure, a subsidiary of Sempra (NYSE: SRE), in Jefferson County, Texas. Under the agreement, ConocoPhillips will offtake LNG over a 20-year term on a free-on-board basis, supporting the company’s ability to reliably deliver natural gas to customers in key global markets. Read More
Subsea Technology & Rentals (STR) has appointed James Christie to head up activities across Europe and Africa following significant growth and plans for further global expansion. Christie, who has over 25 years’ industry experience most recently with Ashtead Technology, takes up the newly created role of regional director Europe, Scandinavia, Caspian, and Africa (ESCA), and will be based in Aberdeen.
STR operates globally with technology and service facilities in Aberdeen, Great Yarmouth, Houston, Perth, Singapore and invested £5m in a new Norway facility earlier this year which Christie will oversee. The company has doubled headcount in the last three years and now has 120 people with further growth to be delivered through strategic acquisitions, market expansion and a diversified technology and solutions offering, with plans to have a dedicated Middle East facility next year. Read More
Siemens Energy has secured a contract to build four converters for Bornholm Energy Island (BEI) in the Baltic Sea valued at more than €1 billion ($1.2 billion), grid operators 50Hertz Transmission and Energinet announced on Thursday. An electricity hub is to be created on the Danish island for transmitting electricity to Denmark and Germany. 50Hertz is one of four German grid operators, while Energinet is Denmark’s national grid operator. An undersea cable under the Bay of Greifswald with a capacity of 2 gigawatts is to run to a new transformer substation in northern Germany, while a cable of 1.2 gigawatts is to run to the main Danish island of Zealand on which Copenhagen is located. Read More
South Korean researchers has developed the world’s first hydrogen-powered plasma torch that uses temperatures up to 2,000°C (approximately 3,600°F) to break down unsorted plastic waste into valuable chemicals. The new technology, created by a consortium led by the Korea Institute of Machinery and Materials (KIMM), eliminates the need to sort plastics before recycling. Read More
Hyundai Hope on Wheels®, a 501(c)(3) nonprofit organization supported by Hyundai Motor America and its more than 850 U.S. dealers, celebrated its 27th anniversary with a $27 million commitment and lifetime giving of $277 million at its annual gala in Washington, D.C., joined by Hyundai executives, members of Congress, doctors and researchers, and families. Kicking off National Childhood Cancer Awareness Month, this year’s gala spotlighted the remarkable progress in research funded by Hyundai Hope on Wheels and its impact on improving childhood cancer survival rates. Read More
Rosneft, has signed a deal to supply additional pipeline volumes of crude to China via Kazakhstan during Vladimir Putin’s visit to Beijing earlier this week, Russian Energy Minister Sergei Tsivilev said on Thursday. “Rosneft also signed an agreement with Chinese partners on an additional supply of 2.5 million tonnes of oil via Kazakhstan,” Russian news agency Interfax quoted Tsivilev as saying in an interview with the Rossiya 24 TV channel. This week, during Putin’s visit to China for a summit of Eurasian leaders, Russia’s gas giant Gazprom signed an agreement with China’s state energy firm CNPC to build a second huge natural gas pipeline from Russia to China, the Power of Siberia 2. Despite the lack of details on timelines, financing, and the price of supply of the new massive project, Russia and China used this week’s summit to manifest closer ties in defiance of the U.S., pledging increased cooperation and signing about two dozen agreements, including in the energy sector. Read More
Audi introduces the Audi Concept C – an all-electric two-seat sports car that embodies the brand’s new design philosophy and paves the way for the future. From every angle, the concept car demonstrates radical simplicity – the core of the new Audi design philosophy. The new Audi brand face features the vertical frame that reimagines the brand’s legacy and a distinctive four-element light signature. The roof concept offers the benefits of a convertible while retaining the essence of a monolithic body style. High-quality materials demonstrate precision in every detail. A minimalist design ensures the interior is free from distractions. Shy tech solutions and solid haptic controls create an intuitive and emotional experience.
The Audi Concept C embodies athletic minimalism with a purity of form, precision, and solidity. Tension is created by the interplay of full and restrained surfaces intersected by a single line. Together, these elements define the essence of the architecture.The Audi Concept C marks the beginning of a new design philosophy and thus a defining moment for the four rings. It previews a future production model and will shape further models beyond that.. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole , victor@oilandgaspress
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