Global energy industry news, commentary and analysis
London, March 12, 2025 (Oilandgaspress) –-Oil prices rose slightly helped by a weaker dollar and mounting fears of a U.S. economic slowdown. Brent futures stood at $69.83 a barrel at 0110 GMTtoday while U.S. West Texas Intermediate crude futures gained at $66.54 a barrel. Donald Trump’s protectionist policies have continued to shake global markets due to tariffs imposed, and then delayed on major oil suppliers namely Canada and Mexico, while also raising duties on China, prompting retaliatory measures.
Horisont Energi is progressing the commercial work and has now passed a new milestone for the Barents Blue project by signing a term-sheet (non-binding) with a European energy group for ammonia sales from the planned clean ammonia plant in Northern Norway.
The term sheet is a key part of the commercial work required to reach the concept select milestone later this year.
This term-sheet creates a good basis for the further commercial work towards the realisation of the Barents Blue project and the upcoming concept select milestone, say Co-CEO’s Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad.
The next step for the ammonia sales agreements, following completion of non-binding term-sheets, include negotiating Sales and Purchase Agreements (SPAs) targeted for completion in 2026. The Barents Blue project is mature from a technical, contractual and zoning perspective. It is an EU IPCEI Hydrogen project setting the highest environmental standards for clean ammonia production. As the project moves towards achieving the concept select milestone, when the first FEED study phase will be initiated, the key focus is to achieve the same level of maturity for the commercial work. Towards this end, the project has been working on commercial agreements for the supply of gas, offtake of clean ammonia and storage of CO2. . Read More
Porsche AG ended the 2024 financial year with a robust result in a challenging environment. The sports car manufacturer marked record sales in four out of five regions of the world, as well as strong automotive net cashflow, which almost reached the record levels of 2023. Group sales revenue of 40.1 billion euros, Group Operating profit of 5.6 billion euros, Group operating return on sales of 14.1 per cent.
Strong net cashflow almost reaches record levels of 2023.
Electrified vehicles accounted for 27 per cent share of total units sold.
Corporate and product strategy further developed: comprehensive cost and recalibration programme initiated, additional investments in combustion engines, plug-in hybrids and battery activities.
Porsche continues to focus on a mix of drivetrains with combustion-engined, hybrid and all-electric sports cars.
CEO Dr Oliver Blume: “We have renewed five out of six models and extensively refreshed our product portfolio. This has laid the foundation for our success in the coming years, with the clear goal of exciting our customers with our iconic sports cars.”
CFO Dr Jochen Breckner: “Porsche has proven in 2024 that we operate highly profitably even in challenging times. In the long term, we remain committed to our fundamental goal of a Group operating return on sales of more than 20 per cent. In the medium term, we are aiming for 15 to 17 per cent due to the persistently challenging environment. We are consciously setting out on a comprehensive recalibration and sustainably strengthening Porsche for the future.”
With the Cayenne, Panamera, Taycan, 911 and the electric Macan, Porsche renewed five out of its six model lines and successfully introduced them in the markets. At the same time, the company has resolutely adapted its product and corporate planning to the changed circumstances. The sports car manufacturer continues to rely on a mix of drivetrains. Its customers will still be able to choose between combustion engines, plug-in hybrids and all-electric drivetrains in every vehicle segment well into the 2030s. In view of the significantly longer global transition phase towards electric mobility, Porsche is expanding its product portfolio in the coming years to include additional models with combustion engines and plug-in hybrid powertrains.
Porsche will offer further highly emotive derivatives, especially of the 911. These include high-yield and exciting limited-edition models. The sports car icon will revive the style of the 1970s via a heritage limited-edition model from Porsche Exclusive Manufaktur – the third of four collector’s cars from the Heritage Design Strategy. In the medium term, the 911 family will also welcome an additional flagship model, which will raise the bar even further in the sports car segment.
In order to make the Macan better in every way, Porsche decided early on to fully electrify the model line. Porsche stands by this decision. The all-electric Macan sets new standards in terms of performance, driving experience and design and has been very well received by customers. Once the combustion-engined models of the same name have been phased out, the Macan will be sold exclusively as an all-electric model, worldwide. At the same time, Porsche is continuously monitoring market development and customer demand. If necessary, the company looks ahead and adapts its product strategy. For example, the sports car manufacturer is currently evaluating an independent model line in the SUV segment with combustion and hybrid powertrains. It would have a new design and Porsche’s characteristic profile, and would benefit from synergies. The model could be launched towards the end of the decade. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $67.70 | Up |
| Crude Oil (Brent) | USD/bbl | $70.91 | Up |
| Bonny Light 12/03/25 CBN | USD/bbl | $74.13 | Down |
| Dubai | USD/bbl | $70.82 | Down |
| Natural Gas | USD/MMBtu | $4.15 | Down |
| Murban Crude | USD/bbl | $71.83 | Up |
| OPEC basket 11/03/25 | USD/bbl | $72.14 | Up |
Baker Hughes Rig Count: U.S. -1 to 592 Canada -14 to 234
U.S. Rig Count is down 1 from last week to 592 with oil rigs unchanged at 486, gas rigs down 1 to 101 and miscellaneous rigs unchanged at 5.
Canada Rig Count is down 14 from last week to 234, with oil rigs down 7 to 170, gas rigs down 7 to 64 and miscellaneous rigs unchanged at 0.
International Rig Count is unchanged from last month at 905 with land rigs down 2 to 711, offshore rigs up 2 to 194.
| Region | Period | Rig Count | Change |
| U.S.A | 07 March 2025 | 592 | – 1 |
| Canada | 07 March 2025 | 234 | – 14 |
| International | February 2025 | 905 | -4 |
| Baker Hughes |
Marine autonomy companies unveil plans for UAE’s first uncrewed vessel center for industry. US owned marine autonomy specialist Janus Marine and Defense and its partner Nexus Remote Solutions are announcing plans to open the UAE’s first center for the testing, hiring and maintenance of unmanned vessels.
Named ‘The Quarterdeck’ the Remote Operations Center (ROC) will be based at the Addax Tower in Al Reem Island in Abu Dhabi – and will be the first of its kind in the Gulf open to industry and small to medium sized companies. The Quarterdeck will enable startups and scale ups to innovate unmanned surface vessel (USVs) and unmanned underwater vessel (UUVs) technology for both the commercial offshore and defense sectors.
Janus Marine and Defense owner Jack Dougherty, a former US Navy seafarer with wide experience of naval and commercial marine autonomy, said the Quarterdeck will benefit from the UAE’s open policy towards USV operations in its territorial waters. He said the UAE offers some of the best conditions in the world for uncrewed vessel operations – being free from red tape and regulation seen elsewhere in the world.
“We’re very excited to announce plans for the Quarterdeck which will officially open in June,’ he said. “Currently the UAE has three ROCs spanning the offshore, commercial and defense markets yet all three are privately owned and closed to external contractors. As a result the Quarterdeck will ‘fill a gap in the market’ giving private companies access to the same technology and facilities found in private ROCs. Read More
Toyota Motor Corporation (Toyota) announced that it will be expanding its battery electric vehicle (BEV) lineup in Europe as part of its multi-pathway approach toward achieving a carbon-neutral society. Toyota will be launching the three new models below as a lineup that can cover the B-, C-, and D-SUV segments, which are major parts of the European market. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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