Oilandgaspress Energy / Automotive News to February 20, 2025,
London, February 20, 2025 (Oilandgaspress) –- Oil prices stable on Thursday after report showed a build in U.S. crude stockpiles and as tariff concerns weighed on sentiment, falling back from gains made in the previous session on worries over supply disruptions in Russia.
Heat pump sales fell 23% in Europe last year, industry data shows, reverting to the level they were at before the war in Ukraine and slowing the shift away from gas-burning boilers. Demand for clean heating devices fell by about half in Belgium and Germany, and by 39% in France, according to data for 13 countries that cover 85% of the European heat pump market.
The only country to buck the trend was the UK, where sales rose 63% between 2023 and 2024.
Heat pumps, which warm rooms using the same technology that fridges use to chill food, are seen as key tools to reduce reliance on foreign gas and stop global heating. The once-obscure devices experienced a surge in popularity in Europe after Russia’s full-scale invasion of Ukraine sent gas prices soaring. . Read More
At the end of September 2024 Horisont Energi announced a strategic review to explore several options for its projects within CCS and clean ammonia. Danske Bank Markets was appointed as financial advisor for the review.
The aim for the strategic review was to identify and evaluate opportunities that would maximize shareholder value and ensure that the Company is well-positioned to secure the required funding essential for key project milestones and the successful execution of its long-term strategy.
The Company has together with its financial advisor conducted an exhaustive and thorough process towards potential investors. The main take aways from the review may be summarised as follows:
— The market for green transition projects has experienced a downturn since its peak in 2021, coupled with a sharp increase in interest rates. Several investors in this space have shifted towards cash flow-positive businesses.
— The uncertainty related to the green transition, and the change in political and market sentiment towards green energy solutions is now causing an increased level of uncertainty within the investor community.
Because of the changes to the market and the investor sentiment, the strategic review has taken somewhat longer than expected. The strategic review with Danske Bank Markets has been completed, and despite significant investor interest no additional financing has been secured. However, the Company is continuing to pursue remaining investor tracks towards completion.
Progress has however been made on the work streams both for Barents Blue and Gismarvik CO2 hub, and the Board is of the opinion that the Company and its shareholders will benefit from the value creation opportunities associated with each project.
To enable Horisont Energi to reach important project milestones, the Company will implement actions to extend the capital runway beyond 2025. The Board therefore has decided to further reduce the costs through additional manpower reductions. The implementation of the manpower reduction will be effective March 31. The planned level of employees remaining with the Company is 10-15 when the process is completed, depending on the overall progress of the Company’s activities.
With these measures, the Board believes that the Company is well positioned to navigate the current market challenges. . Read More
Brazil has emerged as a leader in clean energy with one of the least-carbon intensive energy sectors in the world with renewables meeting almost 45% of primary energy demand. Since 2017, the IEA and Brazil have strengthened their bilateral cooperation, including last year’s main focus on Brazil’s G20 agenda. The IEA provided extensive support to help the country deliver numerous initiatives, such as expertise and analysis for two new horizontal taskforces, the Global Bioeconomy Initiative and the Taskforce for Global Mobilisation against Climate Change, and to five working groups in the Sherpa Track and Finance Track. The IEA’s support for the G20 demonstrated how close cooperation can help advance national energy transitions.
This collaboration reached a new significant milestone with the Energy Policy Review of Brazil, set to be released in the first half of 2025. In February, a review team from the IEA travelled to Rio de Janeiro and Brasília. Meeting with a range of stakeholders, such as the Ministry of Mines and Energy and institutions such as the Energy Research Office (EPE) and the Brazilian Electricity Regulatory Agency (ANEEL), the review team discussed a range of topics such as increasing flexibility in the electricity sector, improving the mapping of energy-jobs and ensuring that oil and gas revenues contribute to financing the energy transition. The week had a parallel track on statistics to provide recommendations to guide the evolution of Brazil’s energy data system. Read More
Mercedes-Benz has announced a cost-cutting drive as profits plunged by nearly a third amid a slowdown in its electric car business. The German car maker said it plans to slash production costs by 10pc by 2027 as it seeks to “ensure the company’s future competitiveness”.
It expects a sharp drop in profits this year despite plans for a series of product launches, and warned of the threat from tariffs by Donald Trump. It came as EV sales plunged by 23pc, while sales in China, the German car giant’s largest single market, dropped by 7pc. Read More
The chief financial officer of under pressure oilfield services firm Wood Group has resigned after admitting to providing an incorrect description of his qualifications. It marks a fresh blow to London-listed Wood Group, which has seen shares lose almost 65 per cent of their value in 2025 after issuing a profit warning last week.Wood Group, which is currently undergoing a cost-cutting restructure, told investors on Thursday that Arvind Balan had left the firm with immediate effect.
It followed ‘the incorrect description of his professional qualifications in various statements in the public domain’. Read More
Mercedes-Benz said Thursday it planned hefty cost cuts after its 2024 profits plunged by almost a third amid a slump in China and weak electric car sales, as Germany’s auto sector reels. The German auto giant’s net profit fell 28 percent from the previous year to 10.4 billion euros ($10.8 billion), while revenues also slid about four percent to 145.6 billion euros. Read More
Chevron CEO Mike Wirth discusses the many big-picture factors that play into current and future energy needs—and what that means for energy production. Chevron is working to make sure there is a reliable supply of energy to meet global demand, which is constantly rising due to factors like population growth and technological advancements.
In 2025, Chevron expects to reach 1 million barrels of oil equivalent production per day in the Permian basin, bring on additional projects in the U.S. Gulf of Mexico and achieve first oil at the Future Growth Project in Tengiz. Read More
After presenting the A390_β show car on 14 October 2024 at the Paris Motor Show, Alpine announces the reveal of the A390, its very first 100% electric sport fastback, in a world premiere on 27 May 2025. It will be the second vehicle in Alpine’s Dream Garage after its hot hatch, the A290. Alpine has chosen to present its future spors fastback, the Alpine A390, a concentration of technology that reinvents the legendary sportiness of the A110 in a five-seater vehicle, a few days before the Grand Rassemblement Alpine in Dieppe, which this year celebrates the brand’s 70th anniversary. Read More
Vestas announced the initiation of a share buy-back programme, ref. Company Announcement No. 03/2025. The programme is implemented in accordance with Regulation No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016 (the “Safe Harbour” rules). Under the programme, Vestas will buy back shares for an amount up to DKK 746m (approx. EUR 100m) in the period from 6 February 2025 to 28 March 2025. Read More
BP is thinking about selling its Castrol motor oil division in a deal that could be worth £8billion. The British energy giant is under pressure from investors – including activist Elliott Management which has built a 5 per cent stake – to shake-up the business and boost its share price. Chief executive Murray Auchincloss will next week present his plan to investors having promised a ‘new direction’ for the company. The Mail last week revealed BP could sell Castrol – which it bought for £4billion in 2000 – offload its US shale business and quit the electric vehicle charging market.
A merger with an oil rival remains firmly on the table, with Shell or Chevron touted as potential buyers. According to Bloomberg, talks about selling Castrol are under way and the plans could be announced at the capital markets day next Wednesday. Read More
Lamborghini has appointed Andrea Costantini as its new Quality Director. With more than 20 years’ experience in various positions at the Italian super sports car manufacturer, and an in-depth understanding of the company and its operations, Costantini is ideally placed to take on his new role. For Automobili Lamborghini, a leading name in the luxury segment, the Quality Director is a core figure in ensuring excellence is a crucial cornerstone of customer relations. After graduating from the University of Bologna with a degree in mechanical engineering, Costantini began his career in the automotive industry working for companies such as VM Motori and Aprilia. He joined Automobili Lamborghini in 2002 and has worked in production for more than 20 years, gradually taking on more and more responsibility. Read More
Lamborghini recently unveiled the all-new Temerario to Lamborghini customers during an exclusive event at Lamborghini Riyadh in the Saudi Arabian capital. A selected group of guests said ‘Ya Hala’ to the latest Lamborghini super sports car at an exclusive launch event. Clients and guests from the Kingdom of Saudi Arabia, and the wider GCC region, gathered to explore the Temerario and its technological and performance innovations that make it ‘fuoriclasse’: outstanding, in a class of its own. Equipped with a twin-turbo V8 hybrid powertrain that redefines the very concepts of performance, driving pleasure and comfort, the Temerario is the second model in the Lamborghini High Performance Electrified Vehicle (HPEV) range to enter the Middle East market after the Revuelto and completes the hybridization of Sant’Agata Bolognese’s line-up following the market debut of the Urus SE . Constructed with a multi-technology aluminium spaceframe approach to withstand the higher loads deriving from the new hybrid power unit, the Temerario has a total power output of 920 CV, reaching a top speed of 343 km/h and accelerating from 0-100 km/h in 2.7 seconds thanks to its V8 bi-turbo engine paired with three electric motors. The Temerario is the first and only production super sports car engine able to reach 10,000 rpm. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $72.60 | Up |
| Crude Oil (Brent) | USD/bbl | $76.47 | Up |
| Bonny Light 20/02/25 CBN | USD/bbl | $78.07 | Up |
| Dubai | USD/bbl | $78.15 | Up |
| Natural Gas | USD/MMBtu | $4.13 | Up |
| Murban Crude | USD/bbl | $78.92 | Up |
| OPEC basket 19/02/25 | USD/bbl | $78.19 | Up |
To flexibly meet customer requirements, Mercedes-Benz Vans will offer vans with state-of-the-art combustion engines alongside electric vehicles on a single architecture in the future.
All newly developed vans will be based on the modular, flexible, and scalable Mercedes‑Benz Van Architecture. Starting in 2026, the fully electric models of the Van Electric Architecture (VAN.EA) will be introduced. With the second variant of the architecture, the Van Combustion Architecture (VAN.CA), state-of-the-art combustion-engine vans will follow.
Regardless of the drivetrain, the new vehicle architecture allows for a clear differentiation between privately positioned vans in the luxury segment and commercially positioned transporters in the premium segment. Both variants, VAN.EA and VAN.CA, share around 70 percent of common parts and will be produced on the same line. This new Van Architecture allows for maximum synergies and generates economies of scale. With a maximally flexible product portfolio, Mercedes-Benz Vans is securing a competitive market position for the future. . Read More
Qiddiya Investment Company, Mercedes‑AMG and the Mercedes‑AMG PETRONAS F1 Team have announced a game-changing partnership to open a world-class experience centre dedicated to the iconic automotive brand in Saudi Arabia’s Qiddiya City.
Spanning approximately 45,000 sqm, the Mercedes‑AMG World of Performance will be among the largest attractions of its kind in the region. Featuring numerous highly immersive attractions and exhibits focused on Mercedes‑AMG and its eight‑time World Constructors’ Champion F1 Team, it is set to welcome visitors within this decade. Across nine floors of adrenaline-fuelled experiences, visitors will be able to dive into the excitement and thrill of the performance car brand like never before.
The news, unveiled by the involved parties today, is set to excite racing enthusiasts and Mercedes‑AMG fans across the world, elevating Qiddiya City’s position as one of the world’s leading motorsports destinations.
The ambitious project is supported by Juffali Automotive Company (JACO), distributor for Mercedes‑Benz passenger cars in Saudi Arabia, which will also contribute to bringing the project to life. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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