Global Energy/Automotive News to May 15, 2025
London, May 15, 2025 (Oilandgaspress) –- Shell publishes its 2024 Payments to Governments Report. This report provides a consolidated overview of the payments to governments made by Shell plc and its subsidiary undertakings (Shell) for the year 2024, as required under the UK’s Reports on Payments to Governments Regulations 2014 (as amended in December 2015). In line with the Regulations, this report only covers extractive activities and payments equal to or above the £86,000 or equivalent materiality threshold, resulting in payments made to governments in 24 countries being included. . Read from source
Shell’ s Tax Contribution Report, Shell separately, and voluntarily, publishes its Tax Contribution Report, which has a different reporting basis. The report outlines Shell’s approach to tax and taxes paid and covers 99 jurisdictions across all our businesses. For the detailed basis of reporting of each of these publications, please refer to the Shell Payments to Governments Report and the Shell Tax Contribution Report, respectively. (We expect to make the Tax Contribution Report for 2024 available in Q4 2025).
Africa Oil Changes Name to Meren Africa Oil Corp. unveils its new brand identity with a change of name to Meren Energy Inc. (“Meren”). The Company’s rebranding follows the recent completion of the transformative Prime consolidation, doubling reserves and production in high quality offshore assets that benefit from low lifting costs, premium Brent pricing and a favourable fiscal regime.
The Company’s common shares will trade under the new symbol ‘MER’ on the TSX and Nasdaq OMX Stockholm. There is no change in the capitalization of the Company pursuant to the change of name and new trading symbols.
Commenting on the launch of Meren, President and Chief Executive Officer, Roger Tucker, said: “The recent completion of the Prime consolidation felt like the natural catalyst to rebrand the Company given the transformational impact of that transaction. Over the last couple of years, we have worked diligently to enhance our investment proposition by simplifying the structure of the business and gaining more direct interests in our large-scale and high-netback assets in deepwater Nigeria. The business model has also evolved considerably over the past few years; moving away from being exploration led to being a full-cycle E&P underpinned by strong cash flow generation that supports our commitment to meaningful shareholder returns.”
The name Meren is derived from an old nautical term representing the mooring of a vessel as it docks. Inspired by the maritime legends that set sail in pursuit of new worlds, the name mirrors the Company’s stability anchored by a diverse portfolio, strong cash flow profile and proven ability to work side by side with industry leaders on world-class assets.
Meren’s key strategic objectives will remain to:
• drive long-term value through its existing portfolio of world-class assets and deliver compelling shareholder returns;
• continue growing into a leading independent E&P company that is a trusted and prominent industry partner, recognized for the quality of its assets, balance sheet strength, and disciplined capital allocation; and
• judiciously consider strategic acquisition of production assets within target markets, with strict adherence to strategic, financial and operational criteria.
In connection with its name change, the Company is also pleased to announce the launch of its new website at www.mereninc.com which will go live on morning of Monday May 19, 2025, to coincide with the trading under the new symbols.
Africa Oil Announces First Quarter 2025 Results Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) today published its financial and operating results for the three months ended March 31, 2025, and is pleased to declare its second quarterly distribution of $25 million under its enlarged base dividend policy.
Africa Oil President and CEO, Roger Tucker commented: “During the first quarter, Africa Oil significantly transformed its scale and structure by completing the Prime amalgamation. This strategic move has doubled our reserves and high-quality, high-netback production and underpins our new enlarged shareholder returns policy. We are now poised for the Company’s next phase of value creation by monetizing our world-class assets and delivering compelling shareholder returns, as we continue to grow into a leading independent E&P.”
Highlights*
Closed the amalgamation transaction to take full control of Prime, doubling AOC’s reserves and production, and implemented a new policy to effectively triple dividend per share.
During Q1 2025 (presented as if the amalgamation had closed on January 1, 2025):
Achieved average daily working interest(1) (“WI”) and entitlement(2) production of 33,400 barrels of oil equivalent per day (“boepd”) and 37,700 boepd respectively, in line with expectations.
Sold five cargoes (approximately 5 million barrels) at an average sales price of $79.5/bbl versus an average Dated Brent for the same period of $75.7/bbl.
Recorded cashflow from operations(3,4) before working capital adjustment of $99.8 million.
Received a distribution of $31.6 million from Impact.
Proactively reduced the RBL debt balance by $130.0 million to $620.0 million at the end of Q1 2025, reducing interest expenses.
End of Q1 2025 cash balance of $428.4 million, resulting in a net debt position of $191.6 million with a Net Debt/ EBITDAX(4) of 0.3x as at March 31, 2025.
During Q1 2025 with the amalgamation closing on March 19, 2025, recorded net income of $50.9 million ($0.11 per share5).
Post end of Q1 2025:
Distributed the first quarterly cash dividend of approximately $25.0 million ($0.0371 per share) in April 2025.
AOC’s Board has declared the second quarterly dividend of approximately $25.0 million ($0.0371 per share) payable in June 2025 to shareholders of record at the close of business on May 26, 2025.
The Company reduced the RBL debt balance by a further $80.0 million and has commenced the process to cancel its $65.0 million Corporate Facility, which remains undrawn.
Potential sale of 20% of Plenitude Eni has signed an agreement to enter into a period of exclusivity with Ares Alternative Credit Management, a globally significant investment fund, aimed at negotiating a definitive agreement and subsequently finalizing the sale of a stake in Plenitude equal to 20%, based on an equity value of the Company between 9.8 and 10.2 billion euros, corresponding to an enterprise value of more than 12 billion euros.
The agreement follows a thorough selection process involving several prominent international players who expressed strong interest in the company, further confirming the great appeal of its business model and its growth prospects.
DNO Reports First Quarter Results DNO ASA, the Norwegian oil and gas operator, today reported first quarter 2025 operating profit of USD 28 million on the back of USD 188 million in revenues, both showing a quarter-on-quarter increase.
In a quarter marked by the announcement of its transformative USD 1.6 billion acquisition of Norway’s Sval Energi Group AS, DNO continued to deliver strong operational performance. Net production rose eight percent to 84,200 barrels of oil equivalent per day (boepd), to which Kurdistan contributed 61,600 boepd, North Sea 19,300 boepd and West Africa 3,400 boepd.
In the flagship Kurdistan Tawke license (DNO 75 percent and operator), production increased 11 percent quarter-on-quarter. Continuing strict capital discipline since the closure of the Iraq-Türkiye export pipeline, the Company stabilized, even raised, production from existing wells through rigless interventions. Output from similar reservoirs typically decline 15-20 percent per year.
DNO’s share of oil production was sold at its Fish Khabur terminal to local buyers at USD 35 per barrel with payments made in advance. Tawke license sales averaged USD 20 million net to DNO per month, generating around USD 10 million of free cash flow.
The Company kept up its successful exploration pace offshore Norway with two discoveries in the last quarter, Kjøttkake (40 percent and operator) and Mistral (10 percent), together adding recoverable resources of 26 million barrels of oil equivalent (MMboe) net to the Company.
When the Sval acquisition is closed, DNO’s North Sea proven and probable (2P) reserves will quadruple to 189 MMboe and 2C resources climb to 246 MMboe from 144 MMboe, all on a yearend 2024 basis. North Sea production also quadruples to 80,000 boepd. The acquisition turns the North Sea into the biggest contributor to DNO’s net production with some 60 percent of the total and DNO will rank in top ten among producers in Norway.
DNO Board of Directors approves dividend payment DNO ASA, the Norwegian oil and gas operator, today announced that pursuant to the authorization granted at the Annual General Meeting held on 6 June 2024, the Board of Directors has approved a dividend payment of NOK 0.3125 per share to be made on or about 2 June 2025 to all shareholders of record as of 23 May 2025. DNO shares will be traded ex-dividend as of 22 May 2025.
Dividend amount: NOK 0.3125 per share
Declared currency: NOK
Last day including right: 21 May 2025
Ex-date: 22 May 2025
Record date: 23 May 2025
Payment date: 2 June 2025 (on or about)
Date of approval: 14 May 2025, based on authorization granted 6 June 2024
Seminar on deep-sea data on theNorwegian continental shelf (NCS) The seminar is on Thursday, 5 June from 8:30 am to 4:00 pm at Måltidets Hus in Stavanger. You can participate in person or on the webinar. The seminar is free and open to all interested parties.
The seminar will be held in Norwegian.
The focus of the seminar will be on deep-sea data and how this data enhances our understanding of biology and geology in the deep sea on the NCS. It will provide an introduction to which types of data have been collected by national institutions, academia and research projects in recent decades, including a lecture on how open data is used.
Vestas and LM Wind Power sign deal for blades factory in Poland Vestas and LM Wind Power are pleased to announce a deal that will see LM Wind Power’s blade factory in Goleniów near Szczecin, Poland, become part of Vestas’ growing European manufacturing setup for an undisclosed amount paid by Vestas to LM Wind Power. The factory produces blades for Vestas’ onshore wind solutions and will continue to play a key role in meeting Poland’s and the rest of Europe’s growing energy needs. The factory was established in 2009, expanded in 2017 and will continue to deliver blades for Vestas’ onshore wind solutions, including the V172-7.2 MW turbine. The transaction is subject to the required regulatory approval.
New Toyota bZ Woodland Toyota Motor Corporation (Toyota) announced that it will be expanding its battery electric vehicle (BEV) lineup in North America as part of Toyota’s multi-pathway approach toward achieving a carbon-neutral society. The new bZ Woodland will premiere at a new vehicle launch event hosted by Toyota Motor North America (TMNA), a Toyota affiliate in North America, from May 19 to 21. The new bZ Woodland is scheduled to go on sale in North America in early 2026.
The new bZ Woodland uses lithium-ion batteries with a total power capacity of 74.7 kWh34 to ensure a cruising range of approximately 260 miles5 (AWD model), thanks in part to the highly efficient eAxle. It comes with battery pre-conditioning6, with a development target of rapid charging in approximately 30 minutes7 under cold conditions by maintaining the battery at a temperature optimal for charging. It uses NACS8 as the rapid (DC) charging standard.
The AWD model adopts a high-output type front and rear eAxle. In addition, the use of an evolved control system allows greater freedom in distributing front and rear driving force, achieving excellent driving stability even in outdoor situations.
The new bZ Woodland features luggage space with a generous capacity of 30 cu.ft*3.
It is scheduled to launch in North America in early 2026.
Volvo receives order for 30 electric trucks in Australia .Volvo Trucks has received an order for 30 battery-electric trucks from logistics company Linfox in Australia. The order coincides with Volvo starting production of electric trucks at its facility in Brisbane, Australia.Linfox, an international transport and logistics provider with headquarters in Australia, has placed an order with Volvo for 30 heavy-duty electric trucks. This is the largest order to date for battery-electric trucks in Australia.
Linfox ordered 29 Volvo FH Electric and one FM Electric. The company currently has four electric Volvo trucks in its fleet. Linfox also orders a total of 195 Volvo FH and FM trucks with conventional drivelines.
The order coincides with the start of production of electric trucks during 2026 at Volvo’s Wacol facility in Brisbane, where some of the Linfox trucks will be assembled. This means electric Volvo trucks will be built in five factories – three in Europe, one in the US and one in Australia.
XRG Partners with PETRONAS in Turkmenistan XRG, PETRONAS and the Turkmenistan State Enterprise Hazarnebit have signed a new Production Sharing Contract (PSC) with the State Concern Turkmennebit for the offshore “Block I” gas and condensate fields in Turkmenistan. As part of the transaction, XRG and PETRONAS signed a long-term Gas Sales Agreement (GSA) with State Concern Turkmengas.
Under the terms of the PSC, PETRONAS will hold 57% participating interest as owner and operator, partnering with XRG (38%) and the Turkmenistan State Enterprise Hazarnebit holding the remaining 5%.
Located in the Caspian Sea, Block I currently produces approximately 400 MMcfgd. It offers significant long-term potential, with access to over 7 trillion cubic feet of natural gas resources and future opportunities for production capacity expansion. The collaboration will help to ensure energy supply stability while delivering sustainable growth and economic value, amid rising regional and global demand for natural gas.
Geely EX5 Receives Red Dot Award The Geely EX5, Geely Auto’s next-generation pure electric SUV, has been honored with the renowned Red Dot Award in the Product Design category. The recognition not only affirms Geely Auto’s exceptional expertise in electric vehicle design and reinforces the brand’s leadership in global EV design innovation.
Meticulously created by Geely Design, the Geely EX5 has been recognized by an impressive collection of international accolades, including A’ Design Award, IDA International Design Gold Award, and the MUSE Platinum Award.
As Geely Auto’s first electric vehicle crafted for global markets, the Geely EX5 masterfully blends the graceful curves of Chinese porcelain with dynamic and modern automotive lines, creating an elegant yet bold visual statement that resonates with global aesthetics. The vehicle’s body cleverly incorporates porcelain-inspired finishes, showcasing rich and multidimensional qualities under various lighting conditions. The interior embodies a philosophy of refined comfort, evident in the distinctive front fascia and taillight assembly, ergonomic armrest design and meticulously crafted seat details, harmoniously delivering an exceptional blend of sophistication and comfort.The Geely EX5 has achieved successful launches in key markets across multiple continents, including Australia, New Zealand, Jordan, Chile, Thailand, and Indonesia, earning enthusiastic reception from consumers for its combination of sleek design and superior performance. Building on this success, the Geely EX5 is set to enter more than 20 strategic global markets by the end of the year, providing significant advancement to Geely Auto’s expansion strategy in the global EV sector.
Geely Auto Group Names Alex Nan as CEO of Geely Auto International Corporation Geely Auto Group officially announces the appointment of Mr. Alex Nan as CEO of Geely Auto International Corporation (GAIC), entrusting him with leading the company’s global growth strategy. Concurrently performing also as the Vice President of Geely Auto Group, Mr. Nan will oversee all international operations, driving innovation, market expansion, and brand excellence on a global scale. Mr. Nan also holds the positions of Global CEO of LEVC (London Electric Vehicle Company) and Chairman of LEVC UK.
Geely profits surge on record sales Geely Automobile Holdings Ltd., said first-quarter profit surged as sales climbed and it continued on a cost-cutting drive to stay on top of China’s ultra-competitive car market.
Net income more than tripled to 5.67 billion yuan ($786 million) in the three months ended March 31, from 1.56 billion yuan a year earlier, the company said in a statement Thursday. That was broadly in line with guidance the company provided last month following a change in its accounting policy. Revenue rose 25% to 72.5 billion yuan.
Oil prices fell as much as 3 per cent by Thursday afternoon after President Donald Trump said the US was close to reaching a nuclear accord with Iran.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $61.77 | Down |
| Crude Oil (Brent) | USD/bbl | $64.66 | Down |
| Bonny Light 14/05/25 CBN | USD/bbl | $67.00 | Down |
| Dubai | USD/bbl | $65.45 | Up |
| Natural Gas | USD/MMBtu | $3.44 | Down |
| Murban Crude | USD/bbl | $64.27 | Down |
| OPEC basket 14/05/25 | USD/bbl | $66.02 | Up |
Tata Motors and Vertelo sign MoU Tata Motors, India’s largest commercial vehicle manufacturer, and Vertelo, a bespoke electric mobility solutions provider, announced the signing of a Memorandum of Understanding (MoU) between the two companies to make electric commercial vehicles more accessible for customers across the country. Through this partnership, Vertelo will provide customised leasing solutions, helping fleet owners transition smoothly to sustainable mobility. The solutions will be applicable to the entire Tata Motors electric commercial vehicle portfolio.Tata Motors offers Tata Ace EV in last-mile mobility and Tata Ultra and Tata Starbus range in mass-mobility solutions. The company has also showcased Tata Prima E.55S, Tata Ultra E.12, Tata Magna EV bus, Tata Ultra EV 9 bus, Tata Intercity EV 2.0 bus, Tata Ace Pro EV and Tata Intra EV, catering to wide applications and customer requirements across product lines. With a strong focus on innovation and sustainability, Tata Motors continues to expand its electric CV portfolio across Trucks, Buses, and Small Commercial Vehicles. Supported by a growing charging infrastructure, a robust service network and Fleet Edge—its connected platform for optimising fleet uptime and costs, Tata Motors leads India’s sustainable transportation revolution.
KBR Dividend Declaration KBR announced today that its Board of Directors has declared a regular quarterly dividend of $0.165 per share on the company’s common stock, par value $0.001 per share, to be paid on July 15, 2025, to stockholders of record on June 13, 2025.
PEUGEOT continues to nurture its unique relationship with the big screen – As part of its ambitious cultural, artistic, and societal communication strategy, the Lion brand aims to support the seventh art by celebrating its French roots, creative boldness, and global influence.
For the past three years, PEUGEOT has been committed to EDUCATION around environmental protection and to MOTORSPORT through its involvement in the WEC (World Endurance Championship).
Building on its French identity and historical ties to cinema, the brand is enriching its strategy by venturing into a highly emotional new territory: FRENCH CINEMA.In 2025, PEUGEOT plans to implement long-term activations across all its communication channels. These initiatives will include strategic partnerships through product placements, support for production teams, original digital content, exclusive events, and activations within its commercial network.
An increased presence at festivals and celebrations will enhance its visibility through media activations and dedicated vehicle fleets.
Lincolnshire and Norfolk communities to comment on proposed new subsea and underground electricity links National Grid is inviting communities in East Lindsey, Boston and South Holland in Lincolnshire, King’s Lynn, West Norfolk, and Fenland in Cambridgeshire, to take part in consultations on three major clean electricity infrastructure projects: Eastern Green Link 3 (EGL3), Eastern Green Link 4 (EGL4)—and a newly proposed project, Eastern Green Link 5 (EGL5).
As demand for electricity in the UK is expected to double by 2050, these projects will provide the new network capacity needed to deliver clean, home-grown energy, particularly from offshore wind, directly to where it’s needed most -the East Midlands and across England.
The new links, connecting different parts of Scotland to England, are designed to carry electricity over long distances, so underground and subsea cables are currently the most effective solution, enabling power to be transmitted efficiently between Scotland and England in areas where there is no infrastructure. By strengthening connections between the two countries, the projects, which each could transport enough power for up to two million homes, will significantly improve the UK’s energy security.
The consultations run from 13 May to 23 June 2025 and are part of The Great Grid Upgrade—the biggest overhaul of the UK electricity network in generations. This upgrade will support the country’s transition away from imported fossil fuels towards home-grown energy, strengthening Britain’s energy independence and improving the long-term secur ity of supply.
IVECO BUS factory in Annonay, France, celebrates 100 years Annonay factory celebrates its centenary: one hundred years of history experienced by men and women whose daily commitment has helped build a strong factory that still stands today.
Since its founding in 1925, the Annonay factory has established itself as a key player in the passenger transport industry. With more than 1,200 employees and 118,000 m² of covered space dedicated to the production of mobility solutions, it remains at the forefront, continuously innovating to meet today’s mobility needs.
This 100th anniversary is also an opportunity to look back on the pioneering innovations introduced by Joseph Besset and his successors. These original technical solutions led to the launch of new vehicle ranges, some of which have gained global recognition and have transported passengers for decades.
A retrospective on 100 years of history and iconic models born in the Annonay factory:
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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