London, December 04, 2024 (Oilandgaspress) –- Oil prices up early on Tuesday morning ahead of the latest OPEC+ meeting as members of the group reportedly aligned behind plans to extend production cuts into 2025.
Renewable Power Capital (RPC) has closed a long-term operational refinancing package exceeding €115 million for the 146MW Klevberget onshore wind farm in Sweden. This new long-term package replaces an existing short-term construction bridge loan and further contributes to a stable and future-proof capital structure across RPC’s projects.
The Lenders were Nordic Investment Bank (NIB) and Danske Bank, with whom RPC has successfully strengthened existing relationships through this deal. Danske Bank also acted as Hedging Bank alongside Nomura. Klevberget started operations in December 2023, bringing RPC’s operational portfolio to 317MW. This followed the announcement in May 2023 that Faurecia, a company of the group FORVIA, signed a ten-year Power Purchase Agreement (PPA) with RPC for almost all the output from Klevberget. Read More
Hyundai Motor America (HMA) unveiled its new Elantra N1 TC Evo race car at Sonoma Raceway. This evolutionary model will be the newest contender in SRO’s Touring Car (TC) America series beginning in 2025 to showcase the competitive strengths of Hyundai’s N performance vehicles. The race car will make its racing debut at the TC America series opener this March at Sonoma Raceway as Hyundai seeks to defend the 2024 TC Driver’s, Team and Manufacturer’s Championship. Additionally, Hyundai will host the new Hyundai N Trophy Cup, a championship within a championship, which will be part of the TC America Series. In this format, competitors compete directly against other Hyundai entrants while also competing against the entire TC Series. The Hyundai N Trophy Cup will be hosted at four of the series’ seven race weekends, including both three-race weekend events. Hyundai N Trophy Cup Championship points will be tracked separately, and TC America entrants will be eligible for both championships and awards. More details will be available later. Read More
Nissan Formula E Team is ready to kick off the GEN3 Evo era this weekend as the 2024/25 ABB FIA Formula E World Championship gets underway in São Paulo, Brazil. The squad will line-up for Season 11 with Oliver Rowland looking to continue his strong form with the Japanese outfit, alongside the returning Norman Nato. Last season’s event in São Paulo saw Rowland produce a remarkable double overtake in the final corner of the last lap to secure a brilliant podium finish for the team. The performance was one of many strong showings from the Brit in Season 10, where he took to the podium on seven occasions, including race wins in Misano and London.
It will be the third time that the series visits Brazil, with the São Paulo Street Circuit playing host on each occasion. Saturday’s race will take place on the Anhembi Sambadrome, with the main straight being situated on the venue of the world-renowned Carnival of São Paulo.
The 2.93-kilometre track features 11 turns with three long straights, which are followed by heavy braking zones, offering the best overtaking opportunities into Turns 1, 4 and 7. Read More
Xlinks Chair, Sir Dave Lewis, has been talking to The Guardian about what inspired him to join the Board, and how the Morocco-UK Power Project could transform the way Britain thinks about energy.
He told Jillian Ambrose how the Project will bring 3.6GW of firm, flexible, clean power to Britain for 19 hours a day, supporting the UK’s 2035 emissions reduction target of 81% by 2035, whilst also helping to meet the 19% increase in demand from 2030 to 2035 as forecasted by National Energy System Operator. Sir Dave also emphasised the supply is dispatchable, meaning it can increase or decrease supply in sub-second response times, helping to balance the grid and avoiding associated balancing costs. Read More
Volkswagen of America, Inc. is proud to announce that Car and Driver Magazine named the 2025 ID. Buzz, the spiritual successor to the iconic microbus, to its “10Best” list for 2025.
“The three-row, all-electric ID. Buzz is a testament to the innovative spirit that drives Volkswagen, blending iconic design, advanced technology, and an exceptional driving experience,” said Andrew Savvas, Chief Sales & Marketing Officer of Volkswagen of America. “The ID. Buzz is much more than simply a Volkswagen vehicle. It’s the embodiment of the spirit of our entire brand, delivering more smiles per mile for each of our customers and all of their passengers.”
“The ID. Buzz snapped more pedestrian necks than any other car at 10Best by a country mile, but this isn’t just a show pony. The ID. Buzz’s electric powertrain makes it a joy to drive, and its boxy, retro shape provides passenger comfort and cargo-hauling practicality,” said Tony Quiroga, Editor-in-Chief, Car and Driver Magazine.
The Car and Driver 10Best list is an annual ranking, highlighting the magazine’s top 10 new vehicles for the upcoming year. Selected vehicles are chosen based on their ability to deliver exceptional value, driving enjoyment, and overall excellence in their category. Nominees consist of all-new vehicles, those with significant updates, and 2024 10Best winners. The competition combines cars, trucks and SUVs; all vehicles must fall under the base-MSRP cap of $110,000 and be on sale in the U.S. by January 2025.
Available in three trims—Pro S, Pro S Plus, and a launch-only 1st Edition—the ID. Buzz offers flexibility with rear-wheel-drive and 4Motion® all-wheel-drive configurations. Rear-wheel-drive variants deliver 282 horsepower with an EPA-estimated range of 234 miles, while 4Motion® models offer 335 horsepower and an EPA-estimated range of 231 miles. With three rows of seats accommodating up to seven passengers and ample cargo space, the ID. Buzz combines practicality and performance.
Blending iconic charm with modern innovation, the ID. Buzz stands out as a customizable electric vehicle designed to turn heads. The ID. Buzz’s distinctive exterior combines retro design cues, such as an oversized VW logo and short overhangs, with contemporary details such as vibrant color options, offering customers a chance to personalize their ride. Pricing starts at $59,995 MSRP. Destination for all ID. Buzz models is $1,550.
The ID. Buzz will be featured in Car and Driver’s December 2024 “10Best” issue. For more information on Car and Driver’s “10Best” for 2025, visit 10Best Trucks for 2025: All the Winning SUVs, Trucks, and Vans. Read More
Mercedes‑Benz is further expanding its in-car generative AI capabilities to elevate the digital experience for drivers and passengers alike. The in-house developed app enables hands-free, multilingual voice notes – from grocery lists and meeting agendas to capturing and organising ideas for a blog or renovation project. The Notes app, one of the first intelligent, in-car note-taking apps using generative AI offered by a carmaker, gives customers a safer and more comfortable way to use their drive time more productively. Utilising end-to-end encryption between the car and backend, the anonymised voice notes are sent to the Mercedes‑Benz Intelligent Cloud, where they’re summarised and structured using Open AI’s GPT-4o generative AI. Once a user has finished a note, they can ask MBUX Notes to read back the intelligent summary to them before sharing the notes via an expanding selection of email clients. This functionality makes it convenient to access notes beyond the vehicle. MBUX Notes can also be connected to a growing list of other popular note-taking and productivity apps.
The MBUX Notes app is already available for customers in 30 European markets, with nine further markets – including the USA and Japan – soon to follow. The app is available in Mercedes-Benz models with the third-generation MBUX Infotainment system[1] and an active MBUX Entertainment Package Plus subscription Read More
Porsche has appointed Li Nan as Vice President of the Technical Division at Porsche China in Shanghai, underlining its ‘in China for China’ approach. As a native of China, he will continue to drive the rapid integration of innovative and competitive technology in Porsche cars. The Technical Division will expand to include local procurement and quality assurance activities and will now operate under the name “China One R&D”, reporting to Porsche China CEO. This step aims to align the sports car manufacturer’s products and services even more closely with the needs of the Chinese customers. . Read More
The TAG Heuer Porsche Formula E Team enters its sixth season in the ABB FIA Formula E World Championship at the São Paulo E-Prix on 7 December – in new colours and as world champion for the first time after Pascal Wehrlein’s championship victory. The new Swiss works driver Nico Müller will make his race debut in the brand-new GEN3 Evo generation of the Porsche 99X Electric in Brazil – for the established Porsche customer team Andretti Formula E. Also new: The fellow American team Cupra Kiro sees a second Porsche customer team join the field. They will be relying on 99X technology from the previous generation, GEN3, with which the works team and Andretti each won a world championship title. David Beckmann, most recently the reserve driver for the TAG Heuer Porsche Formula E Team, was given a regular seat at Cupra Kiro, making him the sixth official Porsche driver in the field. Read more
(Reuters) – China on Tuesday banned exports to the United States of the critical minerals gallium, germanium and antimony that have widespread military applications, escalating trade tensions the day after Washington’s latest crackdown on China’s chip sector.
The curbs strengthen enforcement of existing limits on critical minerals exports that Beijing began rolling out last year, but apply only to the U.S. market, in the latest escalation of trade tensions between the world’s two largest economies ahead of President-elect Donald Trump taking office next month. Read More
Valtteri Bottas, Formula 1 driver and exclusive customer of the new Alfa Romeo 33 Stradale, spent an intense and engaging day with the Alfa Romeo engineering team at the Balocco Proving Ground (Vercelli province), testing the “00 prototype” of the new custom-built car.
At the end of the test session, Valtteri Bottas said:
“The opportunity to test the 33 Stradale was a very special moment. I hope my feedback can be useful to the experienced Alfa Romeo development team for the final tuning. Configuring my personal car with the “bottega Alfa Romeo” was engaging and exciting, and testing it today was really exciting. All I have to do is wait for my 33 Stradale to be ready!
I am extremely satisfied with the testing. Today’s experience is close to perfection, which for me means total symbiosis with the car. The car immediately puts you at ease: extremely responsive, precise. The feeling with the car is immediate, extremely easy and fun to understand, and you certainly don’t need to be an F1 driver to experience it. In addition, its sound envelops the passenger compartment and is unmistakably Alfa Romeo.”
The only possible venue for the event was the Alfa Romeo track at the Balocco Proving Ground in Vercelli province, the iconic track that since 1962 has hosted the development and preparation of the highest-performance racing cars (Autodelta) that competed in international F1, DTM and Super Turismo competitions. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.38 | Up |
| Crude Oil (Brent) | USD/bbl | $74.15 | Up |
| Bonny Light 03/12/24 CBN | USD/bbl | $74.57 | Down |
| Dubai | USD/bbl | $72.62 | Up |
| Natural Gas | USD/MMBtu | $3.01 | Down |
| Murban Crude | USD/bbl | $73.84 | Up |
| OPEC basket 03/12/24 | USD/bbl | $72.37 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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