May 19, 2025 Latest Energy / Automotive News and Analysis
London, May 19, 2025 (Oilandgaspress) –- Goldman Sachs has increased its global oil demand forecast but maintained its price predictions for Brent crude and WTI for the current year, despite current trading values exceeding those projections.. Read More
Changan operations to boost Thailand’s EV Changan Automobile’s first overseas electric vehicle production plant started operations in Thailand on Friday, which is a significant step for the kingdom’s development toward becoming a regional EV hub, insiders say.
Situated in Rayong Province in eastern Thailand, the facility represents Changan’s inaugural comprehensive overseas EV production base. With an initial investment of 10 billion baht ($301.4 million) for the first phase, the plant is poised to serve as a manufacturing center for the ASEAN region and global right-hand drive markets.
The manufacturing complex boasts a range of production capabilities spread across five key workshops: welding, painting, assembly, engine assembly and battery assembly units. Initially, the plant has an annual production capacity of 100,000 vehicles, set to increase to 200,000 vehicles in the subsequent phase.
In a bid to establish an environment-friendly operation, Changan will install a 14 megawatt solar power system that will provide up to 45 percent of the factory’s electricity requirements, significantly reducing carbon dioxide emissions, according to Shen Xinghua, managing director of Changan Southeast Asia.
He said additional sustainable features of the factory, including circulating air vents, louvered panels, natural lighting and a rainwater recycling system, are expected to cut energy costs by 20 percent.
Odfjell SE: Announcement of fixed income meetings Odfjell SE has mandated Arctic Securities and DNB Carnegie as global coordinators and joint bookrunners, and Danske Bank and SEB as joint bookrunners to arrange a series of fixed income investor meetings commencing, 19 May 2025.
A new NOK denominated 5-year senior unsecured floating rate bond issue may follow, subject to inter alia market conditions.
The net proceeds shall be applied towards general corporate purposes.
Meren Energy Inc. corrects the timetable regarding the ISIN change on Nasdaq Stockholm –The last day of trading in the current ISIN on Nasdaq Stockholm will be May 21, 2025, and the first day of trading in the new ISIN on Nasdaq Stockholm will be May 22, 2025. The record date regarding the ISIN change for shares affiliated with Euroclear Sweden will be May 23, 2025 and the completion date regarding the ISIN change for shares affiliated with Euroclear Sweden will be May 26, 2025. Trading on the Toronto Stock Exchange will commence under the new CUSIP as previously noted at the open of trading on May 20, 2025.
The Company has also determined to update its record date for the quarterly dividend announced on May 14, 2025 from May 26, 2025 to May 28, 2025. The payment dates will remain the same as previously announced, being June 11, 2025 for shares traded on the Toronto Stock Exchange and June 16, 2025 for shares traded on Nasdaq Stockholm.
This is an administrative matter and shareholders do not need to take any action.
ADNOC Deepens Energy Partnerships with US Companies ADNOC announced multiple agreements with United States (US) energy majors during the United Arab Emirates (UAE)-US business dialogue with US President Donald J. Trump. The agreements will potentially enable $60 billion of US investments in UAE energy projects across the lifespan of the projects.
The agreements include a landmark field development plan with ExxonMobil and INPEX/JODCO to expand the capacity of Abu Dhabi’s Upper Zakum offshore field through a phased development. ADNOC also signed a strategic collaboration agreement with Occidental to explore increasing the production capacity of Shah Gas field’s capacity to 1.85 billion standard cubic feet per day (bscfd) of natural gas, from 1.45 bscfd, and accelerating the deployment of advanced technologies in the field.
The agreements reinforce the shared commitment of the UAE and US to maintaining global energy security and the stability of energy markets. The enterprise value of UAE energy investments into the US is set to reach $440 billion by 2035, as part of the UAE’s $1.4 trillion investment plan into the country.
Baker Hughes Rig Count: U.S. -2 to 576 Canada +7 to 121
U.S. Rig Count is down 2 from last week to 576 with oil rigs down 1 to 473, gas rigs down 1 to 100 and miscellaneous rigs unchanged at 3..
Canada Rig Count is up 7 from last week to 121, with oil rigs up 6 to 74, gas rigs up 1 to 47 and miscellaneous rigs unchanged at 0.
| Region | Period | Rig Count | Change |
| U.S.A | 16 May 2025 | 576 | -2 |
| Canada | 16 May 2025 | 121 | +7 |
| International | April 2025 | 891 | -8 |
Introducing the New Renault Austral The full hybrid E-Tech 200 ch powertrain accounts for 80% of sales.
Austral is a unique SUV. Compact on the outside, spacious and modular on the inside, it is the most versatile vehicle in its segment. New Renault Austral has received a contemporary makeover, with a fully transformed front end. The cues of Renault’s new design language are visible on most of the body features, giving it an overall look that is consistent with the other C- and D- segment models in the range.
The interior ambience echoes the elegance of the exterior styling, with new front seats and upholstery. It also gains technology rivalling higher market segments, with driver recognition and new apps available via the OpenR Link system with Google built-in.
Ultra-versatile, New Renault Austral delivers an exceptional driving experience on both long journeys and the daily commute. With its full hybrid E-Tech 200 ch powertrain and clutchless multi-mode automatic gearbox optimised throughout its life cycle, it offers one of the best power / fuel efficiency / driving comfort ratios on the market. 4Control Advanced, Multi-Sense and 32 new-generation ADAS also contribute to a level of driving comfort and onboard safety on a par with the best.
New Renault Austral is available in three trim levels: Evolution, Techno and Esprit Alpine. Still built at the Palencia plant in Spain, Renault Austral will be available in several European countries before the summer.
Hydro reviews major upgrade of hydropower production at Rjukan The upgrade will modernize power production and contribute with increased flexibility and pumped storage for the power system in Norway.
An expansion could provide up to 750 MW of increased capacity at maximum production and pumping. The gross annual production in the Rjukan section of the Måna river is expected to increase by up to 50 percent, while net production will stay almost the same due to the effects of pumping and reduced water loss. This will optimize the current annual production of approximately 3 TWh of power from Hydro’s power plants in Rjukan.
The power plant will better utilize water resources and deliver power during periods of high demand from society. The project will create a basis for positive ripple effects and value creation in the region, and seek good solutions for land use, nature, and mass handling. Additionally, an upgrade could reduce the flood risk.
“The work to upgrade power production is part of our long-term commitment to renewable energy and Norwegian industrial development,” says Kari Thørud, Executive Vice President of Hydro Energy.
During the second quarter of 2025, Hydro will start field studies and conduct an impact assessment, with the aim of submitting a concession application in the beginning of 2026.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $62.15 | Down |
| Crude Oil (Brent) | USD/bbl | $65.03 | Down |
| Bonny Light 16/05/25 CBN | USD/bbl | $65.57 | — |
| Dubai | USD/bbl | $64.72 | — |
| Natural Gas | USD/MMBtu | $3.24 | Down |
| Sahara Blend | USD/bbl | $65.18 | Up |
| OPEC basket 16/05/25 | USD/bbl | $64.08 | Up |
1 in 4 cars sold worldwide this year is set to be electric Electric car sales exceeded 17 million globally in 2024, reaching a sales share of more than 20%. Just the additional 3.5 million electric cars sold in 2024 compared with the previous year is more than the total number of electric cars sold worldwide in 2020. China maintained its lead, with electric cars accounting for almost half of all car sales in 2024; the over 11 million electric cars sold in China last year were more than global sales just 2 years earlier. As a result of continued strong growth, 1 in 10 cars on Chinese roads is now electric. Europe saw sales stagnate in 2024 as subsidy schemes and other supportive policies waned, but the sales share of electric cars remained around 20% as stronger sales in some countries compensated for lower sales in others. In the United States, electric car sales grew by about 10% year-on-year, reaching more than 1 in 10 cars sold.
Emerging markets in Asia and Latin America are becoming new centres of growth, with electric car sales jumping by over 60% in 2024 to almost 600 000 – about the size of the European market 5 years earlier. In Southeast Asia, electric car sales grew by nearly 50% to represent 9% of all car sales in the region, with notably higher sales shares in Thailand and Viet Nam. In Brazil, the largest car market in Latin America, electric car sales more than doubled to 125 000 in 2024, reaching a sales share of over 6%. Sales in Africa also more than doubled, too, mostly thanks to growing sales in Egypt and Morocco, though electric cars still represent less than 1% of total car sales across the continent. Policy support and relatively affordable electric car imports from China played a central role in increasing sales in some emerging electric vehicle (EV) markets, accounting for 85% of electric car sales in both Brazil and Thailand, for example. Across all emerging economies outside of China, Chinese imports made up 75% of the increase in electric car sales in 2024.
EOG Resources awarded exploration concession EOG Resources, Inc. announced that the company was awarded a new oil exploration concession for Unconventional Onshore Block 3 (UCO3) by Abu Dhabi’s Supreme Council for Financial and Economic Affairs (SCFEA).
The UCO3 concession area is 3,609 square kilometers, or nearly 900,000 acres, in an over-pressured, oil prone basin within the Al Dhafra region of Abu Dhabi. EOG holds 100 percent equity and operatorship and, in coordination with Abu Dhabi National Oil Company (ADNOC), will explore and appraise unconventional oil in the concession area. Following a three-year appraisal phase, EOG may enter into a production concession in which ADNOC has the option to participate. EOG currently expects to begin drilling in the second half of 2025 with no change to the company’s 2025 capital plan.
Occidental and ADNOC’s XRG Agree to Evaluate Joint Venture Occidental (NYSE: OXY) and its subsidiary 1PointFive announced an agreement with XRG, ADNOC’s investment company, to evaluate a potential joint venture to develop a Direct Air Capture (DAC) facility in South Texas. As part of the joint venture, XRG will consider investing up to $500 million for the development of a DAC facility designed to capture 500,000 tonnes of carbon dioxide per year. The Strategic DAC Framework Agreement was signed by Occidental President and CEO Vicki Hollub and ADNOC Group CEO Dr. Sultan Ahmed Al Jaber, during U.S. President Donald J. Trump’s state visit to the United Arab Emirates.
The announcement follows several significant milestones in the development of DAC, including Occidental’s progress on STRATOS, its first DAC facility in West Texas, which is on-track to start commercial operations in 2025; further de-risking of Occidental’s DAC technology; and an award from the U.S. Department of Energy for up to $650 million to support development of the South Texas DAC Hub.
Tata Motors strengthened Magenta Mobility’s Ace EV fleet to 350 vehicles with the delivery of additional 20 units. This delivery is part of the MoU signed in 2023 between Tata Motors and Magenta Mobility to deploy 500 units of Ace EVs. Deployed in 10 cities, Tata Ace EVs operated by Magenta Mobility have already clocked approximately 50 lakh cumulative kilometres, resulting in an estimated 2,500 tonnes of CO₂ emissions saved. The country’s most advanced, zero-emission commercial vehicle is actively deployed across segments like e-commerce, parcel & courier, FMCG, FMCD and dairy. Underpinned by a robust platform and equipped with rugged aggregates, Tata Ace EV offers a certified range of 161km and has a high payload capacity of 1000kg. The electric small commercial vehicle is powered by Tata Motors’ Fleet Edge connected vehicle platform that provides real-time insights into vehicle and driver performance. Regenerative braking and an advanced battery cooling system ensure consistent, uninterrupted operations. Backed by a growing network of over 200 specialised EV service centers, the Ace EV provides unmatched assurance to fleet owners. With more than 8,000 units sold and over 6 crore kilometres already clocked across India, the Ace EV is leading India’s e-mobility landscape.
Xiaopeng wins three major charging awards Xiaopeng Charging was invited to participate in the 11th China International Electric Vehicle Charging and Swapping Industry Conference 2025. Focusing on the conference theme of “Promoting the high-quality development of the global charging and swapping industry”, it discussed the strategic planning, technical paths and market prospects of the charging and swapping industry with more than 2,000 industry partners. As the most influential industry event in China’s charging and swapping field, the China International Electric Vehicle Charging and Swapping Industry Conference (abbreviated as: BRICS Charging and Swapping Forum) is co-organized by authoritative organizations such as the Shanghai Society of Transportation Engineering, China Charging Pile Network, and the Charging and Swapping Hundreds Association. It brings together top companies and experts in the industry, and its selection results represent the highest recognition in the industry.
With the rapid popularization of new energy vehicles, the demand for charging has shown explosive growth. Against this background, Xiaopeng Charging has strengthened the construction of intelligent charging platforms with the genes of car companies, and built one of the most widely covered charging networks among domestic new forces car companies. At present, Xiaopeng Charging continues to occupy one of the most widely covered high-power charging networks in China. Its self-operated network has deployed 2,180+ charging stations, 1,710+ supercharging stations and 11,600+ charging piles, covering 420+ cities across the country, forming a complete charging service system.
SABIC plans to float gas subsidiary Saudi Basic Industries Corporation is exploring the possibility of listing its gas subsidiary, Bloomberg reported.
The Saudi-listed company is in preliminary discussion with potential advisers, such as Lazard Inc., HSBC Holdings, JPMorgan Chase & Co. and Morgan Stanley, on listing National Industrial Gases Company as soon as this year, Bloomberg reported citing people familiar with the matter.
SABIC owns 74% of the company, which generated 1.6 billion Saudi riyals ($427 million) in revenue in 2024, according to its financial statements.
The petrochemicals major, which is 70% owned by Saudi Aramco, reported a net loss of SAR 1.21 billion ($322.65 million) in Q1 2025, compared to a net profit of SAR 250 million a year ago.
EV brand Introduced to Ethiopian market Chinese automaker Guangzhou Automobile Group Co Ltd (GAC Group) has introduced two of its electric vehicle models to the Ethiopian market, marking the Chinese car brand’s entry into the East African country.
The company unveiled its AION Y and ES9 models on Saturday at a launch event in Addis Ababa, the capital of Ethiopia.
Addressing the event, Zeleke Temesgen, commissioner of the Ethiopian Investment Commission, said the government has taken bold measures to encourage the adoption of EVs to accelerate the country’s transition to electric mobility.As part of the government’s push for a transition to electric mobility, more than 100,000 EVs are currently on the road across Ethiopia, which aims to have up to 500,000 EVs in the next 10 years, replacing the majority of cars powered by fossil fuels.
Ethiopia is also working to expand EV production and the installation of public charging stations, and offering support and various incentives to private investors, such as free or leased land for investors in EV after-sales services, according to the Ministry of Transport and Logistics.
Eni Foundation and ENE Angola launch two healthcare initiatives in Luanda and across Angola Eni Foundation, the foundation of Eni that supports societal needs in countries where the company operates, and Eni Natural Energies (ENE) Angola, Eni’s branch in the country, have signed two Memorandum of Understanding (MoU) with the Angolan Ministry of Health.
The first MoU concerns a new pediatric healthcare initiative focused on strengthening neonatal and pediatric intensive care services. The second MoU covers the development of a digital interface to enhance coordination across hospitals in Luanda. Both projects aim to improve healthcare quality and accessibility for patients across the country.
The initiative led by Eni Foundation will run for three years and focuses on reinforcing the response capacity of the Maternal and Child Hospital of Azancot in Luanda, establishing it as a key reference center for the metropolitan area and the provinces of Benguela, Huambo, and Huíla.
Vehicle Digital Passport Hyundai Motor India Limited (HMIL) has launched the Hyundai Vehicle Digital Passport, advancing connected car technology in India. Using data analytics, the Hyundai Vehicle Digital Passport draws information from vehicle telematics and service records to generate a comprehensive digital identity of Bluelink enabled Hyundai vehicles.
This value-added solution offers insights about periodic service, accidental history, malfunction indicator, warranty, driving details and much more – offering Hyundai customers a one-point access to their connected vehicle’s performance and health.
Hyundai Motor Manufacturing Middle East Hyundai Motor Manufacturing Middle East (HMMME), a joint venture between PIF and Hyundai Motor Company, today hosted its groundbreaking ceremony in the recently announced King Salman Automotive Cluster within King Abdullah Economic City (KAEC). The ceremony is a significant milestone that marks another step in the development of the automotive industry in the Kingdom of Saudi Arabia.
PIF owns a 70% stake in HMMME, with Hyundai holding the remaining 30%. The manufacturing plant, Hyundai’s first facility in the Middle East, will roll out its first vehicle by the fourth quarter of 2026 and targets an annual production of 50,000 vehicles. This will include both internal combustion engine (ICE) and electric vehicles (EV).
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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