Jan. 27, 2025 Latest Oilandgaspress Energy / Automotive News & Analysis
London, January 27, 2025 (Oilandgaspress) –- Oil prices fell today after US President, Donald Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost US oil and gas output.
Brent crude futures dropped 87 cents, or 1.11%, to $77.63 a barrel after settling up 21 cents on Friday.
US West Texas Intermediate crude was at $73.77 a barrel, down 89 cents, or 1.19%. according to reports.
Working at height is the job of Antoine Apertet and his Mercedes-Benz Arocs 3351. Together they do a rather rare job: installing and maintaining ski lifts… in summer. After all, they have to run during winter. COMAG, based in Albertville, is known for its specialization in rope transport systems, especially ski lifts and cable cars. For the repair of the lifts Antoine and his Arocs were on the slopes of the famous holiday town of Tignes in Savoy – more precisely at a height of 2,726 meters. The task was to remove the base of a lift station before the opening of the winter season. No problem for the truck: the load is light, but the access to the terrain was made more difficult due to heavy rainfall, which has made the terrain very slippery: Antoine Apertet equipped the Arocs with chains for this occasion. The 6×6 Arocs 3351 is ideally prepared to master its challenging tasks. Among other things with a turbo retarder clutch (TRK). This enables both sensitive and wear-free moving off and maneuvering at the lowest speeds. The system makes full use of the available engine torque and delivers the necessary pulling power up to the traction limit – even on adventurous uphill gradients.
The heart of the truck is the OM 471 engine with a displacement of 12.8 liters, 375 kW/510 hp. The 6X6 all-wheel drive ensures the best off-road capability in the difficult and steep terrain at an altitude of more than 2,700 meters. Read More
h Korea’s domestic market for automobiles posted its weakest performance in over a decade last year.
In its annual automotive market analysis, the Korea Automobile Manufacturers Association (KAMA) reported that new car sales totaled 1.64 million units in 2024, down 6.5 percent from the previous year, marking the lowest tally since 2013.
Sales of domestically produced vehicles fell 7.3 percent to 1.35 million units, while imported car sales dropped 2.5 percent to 288,000 units, according to South Korea’s News Agency (Yonhap). Despite declining sales volume, the average purchase price of new cars rose 2.3 percent on-year to 50.5 million won (US$35,162), reflecting a shift toward higher-priced vehicles.. Read More
(QNA) – China’s new energy storage sector has seen a rapid growth in 2024, with installed capacity surpassing 70 million kilowatts.
By the end of 2024, the total installed capacity of new energy storage projects in China reached 73.76 million kilowatts, which represented an increase of over 130 percent compared to the end of 2023. The average energy storage duration is 2.3 hours, an increase of about 0.2 hours since the end of 2023, said Bian Guangqi, the deputy director of the energy saving and technology equipment department at the National Energy Administration (NEA). “New energy storage plays an essential regulatory role in the new power system, significantly promoting the development and consumption of renewable energy,” Bian noted, according to Xinhua News Agency. New energy storage features a high intensity of technology and a long industrial chain, and encompasses multiple sectors. It has nurtured numerous innovative enterprises, facilitated breakthroughs in key technologies, and promoted industrial quality and efficiency, said the official. New energy storage refers to energy-storage technologies other than conventional pump storage. An energy-storage system charges when wind power or photovoltaic power generates a large volume of electricity or when the power consumption is low, and it discharges otherwise.. Read More
Baker Hughes Rig Count: U.S. U.S. -4 to 576 Canada +16 to 245
U.S. Rig Count is down 4 from last week to 576 with oil rigs down 6 to 472, gas rigs up 1 to 99 and miscellaneous rigs up 1 to 5.
Canada Rig Count is up 16 from last week to 245, with oil rigs up 18 to 174, gas rigs down 2 to 71 and miscellaneous rigs unchanged at 0.
International Rig Count is down 10 rigs from last month to 909 with land rigs unchanged at 712, offshore rigs down 10 to 197. International Rig Count is down 46 rigs from last year’s count of 955, with land rigs down 23, offshore rigs down 13.
The U.S. Offshore Rig Count is unchanged at 14, down 5 year-over-year.
The Worldwide Rig Count for October was 1,754, up 4 from the 1,751 counted in September 2024, and down 22, from the 1,776 counted in October 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 24 January 2025 | 576 | -4 |
| Canada | 24 January 2025 | 245 | +16 |
| International | December 2024 | 909 | -10 |
| Baker Hughes |
Chevron expects Kazakhstan’s Tengiz oil field, one of the largest of its kind in the world, to produce 1 million barrels of oil equivalent per day. The company said that its 50%-owned affiliate Tengizchevroil LLP began pumping oil from an expansion project at Tengiz. That project is eventually expected to boost crude output by 260,000 barrels per day at full capacity, and the 1 million-barrel milestone is seen later this year.
Chevron also stated that Tengiz oil field, which has been in operation for decades, is “the world’s deepest producing supergiant oil field and the largest single-trap producing reservoir in existence.” Read More
Alpine becomes the new main partner of Prima Pramac Yamaha MotoGP for the MotoGP 2025 season The links between Prima Pramac Yamaha MotoGP and Alpine go beyond pure racing, united by excellence and innovation in motorsport. Both entities are progressing in their respective fields, seeking new paths to success, whether in MotoGP, Formula 1 or the World Endurance Championship (WEC).
Alpine, the iconic French sports car brand founded in in 1955 by Jean Rédélé, a man with a passion for motorsport, is now one of the principal teams in Formula 1 and WEC. It has now joined forces with Prima Pramac Yamaha MotoGP in a partnership that is a first for MotoGP. It reflects the rapid growth of Prima Pramac Racing, which has consistently demonstrated itself to be one of the most ambitious, professional and forward-thinking teams in MotoGP. The unveiling of Prima Pramac Yamaha MotoGP will take place in just a few days, on January 31st at 19:45 local time (11:45 CET) at the prestigious W Hotel in Kuala Lumpur, Malaysia with a live streaming on www.pramacracing.com and the team’s official Instagram account (@pramacracing). This event will mark the beginning of a new era for the team as they take their place at the forefront of MotoGP, equipped with new ambition, a strengthened partnership with Yamaha, and the exciting backing of Alpine. Read More
KBR announced today it has been awarded a new time and material (T&M), cost-reimbursable task order by the U.S. Department of State to provide medical support services in Iraq. The Medical Support Services Iraq (MedSSI) task order has a $187M ceiling and falls under the Diplomatic Platform Support Services (DiPSS) contract. Under the MedSSI task order, KBR will provide medical support services to a population of over 4,000 personnel supporting U.S. Mission Iraq. KBR will operate a Diplomatic Support Hospital and four clinics supporting the U.S. Embassy in Iraq. KBR will provide on-site primary, urgent, and initial emergency care. KBR physicians, nurse practitioners, physicians’ assistants and support staff will be certified to provide general and specialty care, including surgery, orthopedics, neurology, gynecology, radiology, emergency medicine, critical care, mental health care and triage. The period of performance is five years and runs through 2029.
“KBR is proud to support the U.S. diplomatic mission in Iraq,” said Byron Bright, President, KBR Mission Technology Solutions. “Access to quality medical care is critical to State Department personnel, and our team of skilled medical professionals and hospital administrators stand ready to provide top-notch care. With our long history in Iraq, KBR is well-positioned with a robust supply chain, sophisticated logistics and a solid understanding of Iraqi operational requirements.” The MedSSI task order is KBR’s first medical support contract with the U.S. Department of State. KBR has provided health and human performance care to NASA and the U.S. military for decades, including medical and psychological services to U.S. astronauts and special operations personnel. Read More
Africa Oil Corp. announce that the Company repurchased a total of 658,200 Africa Oil common shares during the period of January 20, 2025 to January 24, 2025 under the previously announced share buyback program.
During this period, the Company repurchased 245,700 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 412,500 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
All common shares repurchased by Africa Oil under the share buyback program will be cancelled.
Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on December 4, 2024, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws. Read More
ACWA Power has signed strategic Memoranda of Understanding (MoUs) with four prominent Italian organisations. These agreements, signed during the visit of the Italian PM to Saudi Arabia, on the sidelines of the Saudi-Italian High Level Roundtable Meeting in AlUla, aim to foster collaboration across project finance, insurance, energy generation, and water desalination technologies.
The partnerships include agreements with Cassa Depositi e Prestiti (CDP), the Italian financial Institution for Development Cooperation; De Nora, a multi-national company specialising in water treatment technologies; SACE, the Italian Export Credit Agency; and Ansaldo Energia, a power generation equipment manufacturer. The latter agreement was signed with NOMAC Holding, a fully-owned subsidiary of ACWA Power. ACWA Power’s strategic partnerships with Italian entities span various sectors. The three-year agreement with CDP focuses on projects in ODA-eligible countries (those eligible for official development assistance) while promoting collaboration between ACWA Power and Italian companies in global supply chains. Concurrently, the agreement with De Nora will explore the integration of advanced water treatment technologies into ACWA Power’s desalination projects, including joint efforts to assess disinfection technologies and pilot test advanced systems.
SACE’s involvement is twofold: one agreement explores insurance and financial solutions to facilitate Italian exports and internationalisation, while another outlines a framework for ACWA Power to procure goods and services from Italian companies, both aimed at promoting trade and investment between Saudi Arabia and Italy. Additionally, the ACWA Power subsidiary NOMAC Holding’s two-year agreement with Ansaldo Energia will expand service capabilities in gas turbine part refurbishment, focusing on selected regions and exploring joint projects in Africa using Italian concessional finance. Read More
SACE, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, and ACWA Power have signed two strategic documents to cooperate on new business opportunities, with a focus on renewable energy projects and a shared interest in partnering on initiatives in Africa and Central Asia. The agreements have been signed by the CEO of ACWA Power, Marco Arcelli and by the CEO of SACE, Alessandra Ricci on the occasion of the Italian PM’s visit to Saudi Arabia.
The agreements establish a credit facility to support ACWA Power’s green projects across Central Asia and facilitate the export of Italian companies, which is in line with SACE’s mandate. SACE will provide a $100 million line of credit to ACWA Power in exchange for a commitment to create business matching opportunities with Italian companies in their respective areas of interest.. Read More
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ACWA Power, announced its formal entry into China’s renewable energy market with investment agreements for over 1GW of projects across multiple provinces. This milestone marks a key step in ACWA Power’s China Strategy that was launched in 2023.
Solidifying its partnerships with prominent Chinese renewable energy developers, ACWA Power’s first agreement with Sungrow Renewables—a subsidiary of its long-term supply chain partner—will see the development of a 132 MW solar photovoltaic (PV) portfolio in Guangdong province. This project, consisting of three individual sites, marks ACWA Power’s first asset-level cooperation with Sungrow Renewables. Read More
Volkswagen is prepared to let Chinese electric carmakers take over production lines in its struggling factories as Germany’s automotive industry is struck by a downturn. Executives at the car-making titan signalled they would be open to tie-ups with Chinese rivals to use up some of the excess capacity in their factories as they scale back production. The business had argued that its factories were built to supply a European car market where it was selling 16m vehicles every year, but that there was now only demand for around 14m cars. This meant it essentially did not need two of its factories. Read More
ADNOC Gas plc and its subsidiaries announced the signing of a $450 million (AED1.653 billion) three-year liquefied natural gas (LNG) supply agreement with JERA Global Markets Pte. Ltd.. The agreement reaffirms ADNOC Gas’ position as a reliable global supplier of clean energy while supporting Japan’s energy requirements. The LNG will be supplied from ADNOC Gas’Das Island liquefaction facility, which has a production capacity of approximately 6.0 million tons per annum (mtpa). As the world’s third longest-operating LNG plant, Das Island has shipped over 3,500 LNG cargoes worldwide since beginning operations.
Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: “This agreement builds on the robust UAE-Japan energy relationship and decades of collaboration between ADNOC Gas and JERA solidifying our shared commitment to ensuring energy security and enabling a lower-carbon future. We will continue to support Japan’s energy needs and reinforce our position as a reliable partner in the global LNG market.”
Kazunori Kasai, Chief Optimization Officer, JERA Co., Inc. and Chairman, JERA Global Markets, said: “As a utility-backed trader, JERA Global Markets’ purpose is to provide energy security to the communities that we serve. This supply agreement with our long-standing partner ADNOC Gas reflects the active measures we take to ensure that our global portfolio remains diverse, flexible, and competitive.” Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $74.41 | Down |
| Crude Oil (Brent) | USD/bbl | $78.27 | Down |
| Bonny Light 24/01/25 CBN | USD/bbl | $80.89 | Down |
| Dubai | USD/bbl | $80.58 | Down |
| Natural Gas | USD/MMBtu | $3.75 | Down |
| Murban Crude | USD/bbl | $81.59 | Up |
| OPEC basket 24/01/25 | USD/bbl | $80.45 | Down |
A start-up based in Mwanza, Tanzania is creating solar bags from used cement bags. These bags allow children to charge the solar during the day and use the light to read at night.. By clearing municipal waste and helping rural children study after dark, the bags won the backing of the United Nations Development Program for their problem-solving potential. The company generates revenue through bag sales and exclusive brand partnerships while significantly contributing to environmental conservation by repurposing up to 200,000 packing sacks monthly, preventing them from becoming street litter. Additionally, SomaBags has diversified its product portfolio by including leather-incorporated safari bags mainly meant for both export markets. Soma Bags employs 85 rural workers to satisfy a demand for 13,000 backpacks a month. Related news
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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