Latest Energy/Automotive news bulletin | March 25th – Midday
Saudi Arabia is still bound by its OPEC+ production targets
London, March 25, 2025 (Oilandgaspress) –-There are already signs that the oil industry is not in a position to keep boosting production regardless of prices. U.S. industry executives have already indicated there is little appetite for a return to a drill-at-will approach. It is simply uneconomical at current oil prices, according to S&P Global’s Daniel Yergin, although Energy Secretary Chris Wight argues that new efficiency gains can make shale profitable even at $50 per barrel. . Read Related News
DP World has signed up Mota-Engil, a renowned and experienced construction company, to lead the development of the Banana Port, a vital project that will strengthen the DRC’s position as a key trade hub.
This partnership marks a major milestone in realising the Banana Port project, which is set to transform the country’s trade landscape by providing state-of-the-art infrastructure, reducing business costs, and reinforcing the DRC’s economic independence, said DP World in a statement.
The Banana Port will be developed in phases with the first phase designed to accommodate the world’s largest vessels and featuring a 600-metre quay, handling capacity of 450,000 TEUs per year and storage 30 hectares of storage area.
The second phase will extend the quay wall by over 2km, said DP World in a statement.
The construction of the port will involve numerous companies, including local enterprises and create thousands of direct and indirect jobs, providing new opportunities for Congolese workers and businesses, it added. Read Related News
Versalis, Eni’s chemical company, today announces the opening of a new plant in Porto Marghera for the production of plastics made wholly or partially from mechanically recycled raw materials. This project marks another key milestone in the company’s commitment to promoting a more circular and environmentally sustainable economy through technological innovation and post-consumer plastics recycling. The Porto Marghera facility has an annual production capacity of up to 20,000 tonnes of crystal polystyrene (r-GPPS) and expandable polystyrene (r-EPS), using secondary raw materials (SRM) obtained from the recycling of expanded polystyrene (EPS) waste. This initiative meets the growing demand for environmentally sustainable solutions across various industrial and commercial sectors.
The materials produced at the new plant are part of the Versalis Revive® range, dedicated to mechanically recycled products, and contain between 35% and 100% post-consumer recycled plastics. These materials are primarily intended for the packaging and construction sectors, extending to thermal insulation panels for buildings and protective packaging for household appliances. Thanks to their high quality, safety and performance, Versalis Revive® products comply with the most stringent market requirements.
This project not only provides a concrete response to the structural crisis affecting the European chemical industry, but also strengthens Versalis’ product portfolio, enhancing its market competitiveness. The site’s strategic location, and proximity to Versalis facilities in Mantua, Ferrara and Ravenna, further supports the supply chain with efficient logistics for both raw materials and finished products. Read Related News
BYD said Monday its net profit jumped 73% in the fourth quarter of 2024 to a record $2.1 billion.
The car company continues to benefit from lower prices and higher sales than rivals.
Revenue rose nearly 53% according to a stock market filing. For all of 2024, profit climbed 34% to $5.6 billion. BYD’s shares in Hong Kong have risen by 51% year-to-date and are currently slightly off an all-time-high reached last week. The Chinese EV champion overtook Volkswagen to lead China’s car sales in 2024. It has continued to roll out cheaper models, contributing to the deepening of a brutal two-year price war in the world’s largest auto market.
BYD has also roiled the market in recent weeks by unveiling a new super-charging EV technology platform and announcing that it will offer smart driving features on most of its line-up at no extra charge. https://www.youtube.com/embed/QCP-D4i2VkI .T he Chinese EV champion overtook Volkswagen to lead China’s car sales with a record 4.25 million vehicles in 2024. Read Related News
BYD’s sales climbed to 777.1bn yuan ($107.2bn) last year, outstripping the $97.7bn of revenues made by Tesla. It is the first time the Chinese company, whose investors include Warren Buffett, has overtaken Tesla’s revenues on an annual basis having previously done so with quarterly updates. The milestone comes a week after BYD stunned the world with its claims to have developed a new fast-charging system capable of delivering a full charge in the same time it takes to fill up a petrol tank. The charger, which it said allows a vehicle to travel up to 470km (292 miles) after charging for just five minutes, helped send the company’s share price to a record high this month. Alongside record annual revenues, BYD revealed its profits also hit an all-time peak, climbing by more than a third to 40.3bn yuan (£4.3bn). BYD’s stock rose 3pc on Monday and has gained more than 50pc since the start of the year as it cemented its place as the leader of China’s EV market – the largest in the world. . Read Related News
Sales of new Tesla cars slumped in Europe last month in the latest indication of a potential buyer backlash over Elon Musk’s high profile and controversial behaviour since becoming a leading figure in Donald Trump’s administration.
The Texas-based electric carmaker sold less than 16,000 vehicles across Europe last month, down 44% on average across 25 countries in the EU, the UK, Norway and Switzerland, according to data compiled by the research platform Jato Dynamics. esla’s market share fell to 9.6% last month, the lowest it has registered in February for five years. In January, its sales across Europe fell 45%, from 18,161 in 2024 to 9,945. Read More
Volkswagen Group is working with Valeo and Mobileye to upgrade the advanced driver assistance systems up to Level 2+ (‘enhanced partially automated driving’) in its upcoming vehicle portfolio based on the MQB platform. Launching in the next few years, this cooperation will improve safety and driving comfort in high-volume vehicles, addressing both customer expectations and regulatory requirements. Beyond hands-free driving in specific conditions on approved highway sections, the system will offer features like traffic jam assist, hazard detection, parking assist, driver monitoring, and 360-degree emergency assist, with future-ready capabilities such as augmented reality displays.
With this cooperation and streamlined procurement across multiple brands, Volkswagen Group is advancing vehicle safety and automation while ensuring efficient development and cost-effective solutions for its customers.
Improved assistance systems
The new system features a 360-degree ring of multiple cameras and radars along with software-defined capabilities, enabling hands-free driving on approved roads, smart parking, and improved occupant and pedestrian safety. Valeo provides high-performance ECUs, sensors, and parking solutions, while Mobileye contributes its Surround ADAS™ platform, including the EyeQ™6 High processor and mapping technologies. For the first time, these elements are integrated into a single system, replacing multiple ECUs with a centralized unit. This improves efficiency, system performance, and allows for over-the-air updates to meet evolving safety standards. Read More
Starting today, U.S. owners of the current Hyundai KONA Electric, IONIQ Electric hatchback, IONIQ 5, and IONIQ 6 models equipped with a Combined Charging System (CCS) port gain access to 20,000 Tesla Superchargers in the United States using a North American Charging Standard (NACS) adapter. Current owners of Hyundai EVs who bought their vehicles on or before January 31, 2025, will begin receiving emails with instructions on how to redeem their adapters starting the week of April 7.
Hyundai designed this DC fast-charging adapter specifically to work with its battery electric vehicles, including its e-GMP high voltage platform. This milestone nearly doubles the availability of DC fast-charging stations for Hyundai models, greatly enhancing owners’ convenience and peace of mind. Hyundai is accelerating electric vehicle adoption by:
• Offering EVs with best-in-class charging speeds
• Including native NACS ports on the 2025 IONIQ 5, upcoming 2026 IONIQ 9, and future EVs
• Ramping U.S. EV and battery production in Savannah, GA
• Expanding out-of-home EV charging support via the new IONNA joint-venture high-speed charging network, including offering special discounted charging rates for Hyundai customers
• Providing opportunities to opt in for an out-of-home charging credit or receive a complimentary Level 2 Home charger with installation via Hyundai Home Read More
Hyundai Motor Group (the Group) is announcing a significant investment of USD 21 billion in the United States from 2025 to 2028.
This commitment reflects the Group’s strategic focus on expanding its manufacturing capabilities, advancing future technologies, and enhancing energy infrastructure in America. This latest U.S. investment builds on the Group’s existing allocation of approximately USD 20.5 billion since entering the U.S. market in 1986.
“Hyundai Motor Group is deepening its partnership with the United States, reinforcing our shared vision for American industrial leadership. The Group’s investment and efforts will further expand our operations in the U.S. and grow our American workforce. Thank you to our American partners, employees, and communities. We’re proud to stand with you, and proud to build the future together.”
Expanding automotive production capacity
To reinforce its production capabilities, the Group will invest a total of USD 9 billion to establish an annual production capacity in the U.S. of 1.2 million vehicles across its automotive brands, Hyundai Motor, Kia, and Genesis.
In addition, the Group plans to invest in improving its production facilities, including Hyundai Motor Manufacturing Alabama and Kia Autoland Georgia, to further enhance its customer-centric approach in delivering high-quality automobiles.
Enhancing parts localization and logistics to strengthen supply chain
A total of USD 6 billion will be allocated to increase the localization rate of automotive components – including core parts for electric vehicles (EVs), such as battery packs – to form an auto cluster following expansion of the Group’s production facilities, as well as strengthening Group logistics to ensure robust supply chains and investing in steel production in the U.S.
Hyundai Steel, the Group’s steel affiliate, will construct an Electric Arc Furnace (EAF) steel mill in the state of Louisiana, capable of producing 2.7 million tons of steel annually. This facility will produce low-carbon steel sheets using the abundant supply of steel scrap in the U.S. with the aim of enhancing the Group’s agility and flexibility in response to external uncertainties.
Strengthening collaboration in future industries and investing in energy infrastructure The Group will invest USD 6 billion to drive innovation and expand strategic partnerships with U.S. companies in areas including autonomous driving, robotics, artificial intelligence (AI), and advanced air mobility (AAM). Read More
The UK automotive sector is perfectly placed to deliver growth, provided the right conditions are in place – conditions that are critical for our sector as it faces multiple global headwinds whilst trying to deliver a “once in a century” technological transformation.
A strong new car market for all models and EVs is essential for overall growth, and what matters is volume – not notional mandated percentages. We have to convince the ‘electric sceptics’, therefore, to switch. The industry is offering massive discounts but these cannot be maintained indefinitely, so consumer incentives, and the removal of disincentives, are the necessary next steps in the transition. Exempting EVs from the VED Expensive Car Supplement, due to apply from April, would be a clear and sensible move. Ploughing on with a measure that treats EVs as luxuries, rather than fundamental to mobility and decarbonisation, risks pulling the handbrake on demand just as we need to accelerate. Read More
Genesis has been a key supporter of the global golf stage since 2016. This year, it takes on a new challenge as a partner of TGL, a groundbreaking new golf league. How will this collaboration between a brand at the forefront of mobility innovation and a league revolutionizing golf with cutting-edge technology shape the sport’s future? This January, TGL Presented by SoFi kicked off its highly anticipated inaugural season, redefining golf with a bold new hybrid format. By merging screen golf with traditional field play and integrating cutting-edge technology and unique gameplay rules, TGL has created a faster, more dynamic experience. Its groundbreaking approach has made it a major talking point not only in the golf industry but across the entire sports world. TGL is a league founded by global golf icons Tiger Woods and Rory McIlroy. It is hosted by TMRW Sports, a tech-focused venture they co-founded alongside American sports executive Mike McCarley. All TGL matches take place at SoFi Center in Palm Beach Gardens, Florida—a venue designed and built exclusively for the league. Read More
British climate-tech innovator Global OTEC has announced its next major step in revolutionising tropical energy access. The deployment of its first energy-generating onshore pilot, the OTEC Power Module®— a compact, modular power plant that turns the ocean’s natural temperature gradient into continuous, clean electricity. Unlike previous Ocean Thermal Energy Conversion (OTEC) projects that were primarily research-based, this pilot will demonstrate real-world scalability and readiness for mass production across more than 100 tropical and subtropical regions where the technology can thrive. “We’ve moved beyond proving the concept—we’re setting out the blueprints for the commercialisation of a new category of renewable energy,” said Dan Grech, Founder and CEO of Global OTEC. “This demonstration plant is designed to be repeatable, compact, and efficient, enabling a new generation of offshore infrastructure powered reliably by the ocean.”
The demonstration will be deployed onshore, drawing from existing deep seawater intake sites to tap into the temperature difference between warm surface water and cold deep ocean water. This natural gradient will drive an Organic Rankine Cycle (ORC) system with next generation components, generating up to 500 kW of clean baseload power, day and night, all year round. Global OTEC expects to finalise a location this year. The project aims to validate the technical performance, cost efficiency, and replicability of the OTEC Power Module® ahead of offshore trials. Compact and modular by design, the OTEC Power Module® is a game-changer for offshore operations. From powering remote subsea pumps and wells to providing energy for ports, data centres, and island communities, the technology offers a low-carbon alternative for long subsea tiebacks, reducing both CAPEX by 50%.
This pilot comes just months after Global OTEC introduced the Power Module® at the 1st Brazilian Workshop on Geothermal Energy Utilization and Storage, hosted by Petrobras. In parallel, the company is advancing construction of its floating, storm-resistant prototype in Gran Canaria, Spain, showcasing both the energy system and structural innovations required to scale OTEC offshore. “Moving beyond whitepapers and lab tests, building physical OTEC systems is essential,” Grech added. “Our vision is a future where OTEC is seen as a cornerstone of the global energy transition.” Read More
Tata Consultancy Services (TCS), a global leader in IT services, consulting, and business solutions, has signed a five-year partnership with Air New Zealand to modernize the airline’s digital infrastructure and position it at the forefront of AI-driven innovation. This collaboration aims to enhance Air New Zealand’s digital capabilities, improve customer experience, and drive operational efficiencies across various aspects of its business, including fleet management, crew scheduling, and ground services.
Announced at a formal signing event at TCS’ Banyan Park Campus in Mumbai, the agreement supports Air New Zealand’s vision to become the world’s most digitally advanced airline. The event was attended by New Zealand Prime Minister the Right Honourable Christopher Luxon, Tata Group Chairman, Natarajan Chandrasekaran, Air New Zealand Chief Executive Officer Greg Foran, and TCS Chief Executive Officer and Managing Director K. Krithivasan. This partnership strengthens TCS’ commitment to New Zealand, where it has been a trusted partner for digital transformation for over 37 years, driving innovation across industries. Read More
Uganda targets a 2027 start for oil exports via the $4 billion East African Crude Oil Pipeline (EACOP). The 1,443 km pipeline will transport crude from Uganda’s oil fields to Tanzania 
, making it the world’s longest heated crude oil pipeline. As of September 2024, construction is 47% complete, Once finished, Uganda, a landlocked nation can export oil from its two fields. Read More
EACOP together with its tier One Contractor for Line Pipe- Chu Kong Petroleum and Natural Gas Steel Pipe Holdings Limited (PCK) through their National Content implementing partner in Uganda, Avanti Energy Services Limited (Avanti ESL) have carried out orbital welding trainings at Uganda Industrial Research Institute. The trainings are part of Panyu Chu Kong (PCK) Steel Pipe Co. Ltd’s commitments to National Content and more specifically technology transfer. The East African Crude Oil Pipeline (EACOP) Ltd. is a project company set up to develop, build and operate a pipeline system which will transport crude oil from Kabaale in Uganda to the port of Tanga in Tanzania. Given the nature of the project, there are several national and international contractors and suppliers who will support different aspects/scopes on the construction of the pipeline and others who will also supply bespoke equipment for the pipeline. Orbital welding is a specialized, automated welding technique where a welding torch or electrode rotates mechanically around a stationary workpiece (like a pipe or tube) to create a continuous, high-quality weld. The welding parameters are preset, and these settings can be stored and reused, making this a highly repeatable and more precise process. This is the nature of welding that will also be adopted on the EACOP pipeline. There are no orbital welding machines in Uganda for training and most welder certifications focus on manual welding techniques. Having identified this gap and as part of their commitment to National Content, PCK/Avanti brought a ‘Pipeline All-Position Automatic Welding Machine’ (Model BH-PAW-150) in-country and expert trainer from Canada to deliver a three-week training on the same machine. The training was attended by twenty eight (28) Technicians and Trainers (4 of whom are women) at Uganda Industrial Research Institute (UIRI) to ensure the cascading down of knowledge transfer and expertise. The training involved classroom sessions, with most of the sessions being practical sessions. Read More
The East African Crude Oil Pipeline (EACOP) Ltd, the company leading the development of Uganda’s crude oil export pipeline together with Malaika have partnered to provide dignity hampers to over 1,500 school girls in the districts of Hoima, Kikuube, Kakumiro, Mubende and Kyankwanzi as part of its Social Economic Investment, tackling a critical barrier to education.
The “Keep a Girl in School” initiative aims to promote menstrual health and address the challenges girls face in accessing education due to lack of sanitary materials. Each dignity hamper contains four packets of reusable sanitary pads, three pairs of underwear, detergent, and a bucket. These reusable pads are sustainable offering a long-term solution and long-term support to girls who need them the most. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $69.46 | Up |
| Crude Oil (Brent) | USD/bbl | $73.42 | Up |
| Bonny Light 24/03/25 CBN | USD/bbl | $74.61 | Up |
| Dubai | USD/bbl | $72.26 | Up |
| Natural Gas | USD/MMBtu | $3.92 | Down |
| Murban Crude | USD/bbl | $75.06 | Up |
| OPEC basket 24/03/25 | USD/bbl | $75.11 | Up |
Tesla sales slump 40% across Europe as Elon Musk backlash grows
Industry figures show that while electric vehicle sales are growing on the continent, Tesla is losing out amid growing anger towards chief executive Elon Musk.Data covering the EU, Britain and European Free Trade Association (EFTA) nations on Tuesday showed a rise in overall new electric car sales during February, but Tesla lagging behind its peers.
It sold fewer than 17,000 cars compared to over 28,000 in the same month in 2024, with a market share of 1.8% compared to the 2.8% seen 12 months ago.The European Automobile Manufacturers Association (ACEA) said Tesla had sold 42.6% fewer cars in Europe in the year to date. Read More
A body representing more than 90 airlines using Heathrow Airport has threatened to take legal action if a settlement over the costs they incurred from Friday’s day-long closure is not reached. The chief executive of Heathrow Airline Operators’ Committee Nigel Wicking told Sky News he hoped the matter could be “amicably settled at some point in time” but said, “if we don’t get good enough recourse and repayment in terms of the costs, then yes, there might be a case for legal action”.. Read More
Hyundai Motor Group today signed a Memorandum of Understanding (MoU) with Suprema in Goyang, South Korea, to establish a total security solution based on robotics and artificial intelligence (AI). This collaboration aims to expand Robotics LAB’s robot-friendly building business model by integrating access control and physical security solutions, in partnership with Suprema, South Korea’s leading supplier of biometric access control systems. Under the agreement, Hyundai Motor Group’s Robotics LAB will provide unified services by providing facial recognition technology for both robots and access systems. They plan to enhance services by utilizing each party’s expertise in integrating facial recognition technology with both robots and infrastructure, first developed last year at Korea’s first commercial robot-friendly building ‘Factorial Seongsu’ in collaboration with Suprema. Read More
Baker Hughes Rig Count: U.S. +1 593 Canada -19 to 180
U.S. Rig Count is up 1 from last week to 593 with oil rigs down 1 to 486, gas rigs up 2 to 102 and miscellaneous rigs unchanged at 5.
Canada Rig Count is down 19 from last week to 180, with oil rigs down 21 to 118, gas rigs up 1 to 61 and miscellaneous rigs up 1 to 1.
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 | 21 March 2025 | 593 | +1 |
| Canada | 21 March 2025 | 180 | – 19 |
| International | February 2025 | 905 | -4 |
| Baker Hughes |
The chief executive of National Grid has claimed that Heathrow Airport had enough power from other substations despite Friday’s shutdown.
Around 1,300 flights were affected after a fire knocked out an electricity substation in Hayes on Thursday evening. Operations were not able to resume until Friday evening. John Pettigrew from National Grid said there were two other substations “always available for the distribution network companies and Heathrow to take power”. Read More
Hyundai Motor Company today unveiled the INSTEROID – a playful interpretation of a ‘dream car’ designed to make you smile. This sporty design concept transforms the hot-selling INSTER sub-compact electric vehicle (EV) into an even bolder statement, harnessing unrestrained creativity to deepen the emotional connection with the Hyundai brand. The name combines ‘INSTER’ and ‘STEROID’, reflecting the funky, youthful and muscular nature of this show car built on the foundation of the INSTER production model. Since its global debut in June 2024, INSTER has become an in-demand EV, with strong sales in both Europe and Korea. INSTEROID is designed to boost the emotional experience of electric cars. Equipped with fun details, it offers plenty to discover; every element – from the control buttons to the instrument cluster, the rear spoiler to the brakes – reflects INSTEROID’s character. The teaser images reveal how the INSTEROID elevates the production model’s design with racing game-inspired styling, featuring wheel arch air vents, 21-inch wheels, and a prominent rear spoiler and diffuser. Signature Pixel LEDs add to its look.
As a one-of-a-kind concept car, INSTEROID showcases the innovative vision of Hyundai Motor’s design team. INSTEROID is a thrilling ‘glitch’ in the automotive matrix, seamlessly merging the boundary-pushing aesthetics of video games with real-world engineering to create a vehicle that feels like it’s morphed straight out of a digital speedway.
Hyundai Motor plans to fully unveil INSTEROID to the public in early April 2025. Read More
When it comes to providing a space for creativity and connection, the IONIQ 9 is hard to beat. This stylish all-electric SUV boasts a spacious and versatile interior that can transform into any room required, also with powerful technology to deliver solutions for every lifestyle.
A mobile room for every purpose
Thanks to innovative seating features and well-thought-out details, this amazing electric SUV can become the right room for every need. Three rows offer seats for up to seven people to connect and belong, while the swivelling second-row seats allow passengers to face each other and enjoy the closeness.
Artists like South Korean pianist Sunwook Kim and The Chamber Orchestra of Europe, who just embarked on their world tour supported by Hyundai can testify to this. Thanks to its spacious and innovative interior, they used the IONIQ 9 as a mobile sound room for sharing ideas, listening to music, and even rehearsing together before their concert. But you don’t have to be a musician to enjoy the IONIQ 9’s features to the fullest. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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