London, March 01, 2025 (Oilandgaspress) –- China has discovered an ‘endless’ energy source that could supply enough fuel to power the country for 60,000 years, geologists in Beijing have claimed. The Bayan Obo mining complex in Inner Mongolia, an autonomous region of northern China, could contain enough thorium to supply China’s household energy demands ‘almost forever’, a national survey reportedly found.
This slightly radioactive element can be used to create a type of nuclear power station called a molten-salt reactor which could provide enormous quantities of energy.. Read More
NIO Inc. a pioneer and a leading company in the global smart electric vehicle market, today announced its February 2025 delivery results. The Company delivered 13,192 vehicles in February 2025, representing an increase of 62.2% year-over-year. The deliveries consisted of 9,143 vehicles from the Company’s premium smart electric vehicle brand NIO, and 4,049 vehicles from the Company’s family-oriented smart electric vehicle brand ONVO. Cumulative deliveries reached 698,619 as of February 28, 2025. During the peak travel period surrounding the Chinese New Year holiday, NIO’s nationwide power network consistently delivered comprehensive, efficient and convenient services. From January 22 to February 5, 2025, over 1.7 million battery swaps were completed, with the busiest station serving up to 180 swaps per day. Notably, over 80% of our users’ energy replenishment on highways was accomplished through power swaps. In addition, over 21,000 flexible battery upgrades were provided, further enhancing the long-distance travel experience. Read More
Dolphin Drilling AS today announces the decision by Chief Financial Officer (CFO) Stephen Cox to resign from his position to pursue opportunities outside of the company. Mr. Cox will remain in the CFO position until mid-year 2025 and the company has commenced the recruitment process.
Dolphin Drilling would like to thank Mr. Cox for his commitment and valuable contribution to the company over the last five years and wishes him the best of luck in his new endeavours. . Read More
MotorTrend has named Hyundai Motor Company President and CEO José Muñoz as its 2025 Person of the Year and the highest rank of its 50 person 2025 MotorTrend Power List. According to MotorTrend, “José Muñoz steps into the history books as the first non-Korean to lead the conglomerate that includes Hyundai and Genesis… (and) has been a driving force, leading Hyundai through years of record growth in North American sales, market share, revenue, and profitability. Muñoz has more than earned his top spot on our Power List, and he shows no signs of slowing down or making major missteps.” The 2025 MotorTrend Power List also includes Euisun Chung, Hyundai Motor Group Executive Chair (who was named Person of the Year in 2023); SangYup Lee, Hyundai Executive Vice President and Head of Hyundai and Genesis Global Design; Luc Donckerwolke, Hyundai Motor Group Chief Creative Officer; Claudia Márquez, Hyundai Motor America Chief Operating Officer and Karim Habib, Head of KIA Global Design and the KIA Design Center. Read More
Solar technology could meet UK’s electricity demand four-fold without sacrificing farmland
• New University of Sheffield research shows that combining solar panels with farming (agrivoltaics) can meet UK solar energy targets without sacrificing agricultural land
• The coverage potential for the technology is so high that it could meet UK electricity demand more than four times over
• Regions identified for the effective deployment of agrivoltaics include Cambridgeshire, Essex, Lincolnshire, and the broader East and South East of England
• The approach counters criticism of traditional solar farms, which are often opposed due to concerns about lost farmland, food production and visual impact
• Previous studies in Tanzania and Kenya have shown that agrivoltaics not only generates clean energy but can also boost crop yields and conserve water
Ambitious government plans for the expansion of solar farms could be achieved without sacrificing farmland, according to new research on a technology that could meet the UK’s electricity needs four times over.
The University of Sheffield study assessed how agrivoltaics technology – integrating solar panels into farmland in a way that maintains agricultural activities – could help the UK reach its solar energy targets (PV) and meet its commitment to reach net zero by 2050.
Current government plans to significantly increase ground-mounted solar parks, which are already in use across the UK, have proven contentious and unpopular with farmers and the public alike. Concerns about the loss of high-quality agricultural land, potential impacts on food production and cost of living, and the visual impact on landscapes are among factors fuelling the criticism. The Great Britain-focussed study demonstrates that the deployment of agrivoltaics, which would see solar photovoltaic panels installed in ways to allow for farming activities underneath or between panels, could enable the simultaneous production of crops, livestock and renewable energy. Agrivoltaics has such high coverage potential that it could meet UK government PV targets on its own, while avoiding land use conflicts. Read More
Baker Hughes Rig Count: U.S. +1 to 593 Canada +4 to 248
U.S. Rig Count is up 1 from last week to 593 with oil rigs down 2 to 486, gas rigs up 3 to 102 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 4 from last week to 248, with oil rigs up 3 to 177, gas rigs up 1 to 71 and miscellaneous rigs unchanged at 0.
International Rig Count is down 4 rigs from last month to 905 with land rigs up 1 to 713, offshore rigs up 5 to 197. International Rig Count is down 60 rigs from last year’s count of 965, with land rigs down 27, offshore rigs down 33.
| Region | Period | Rig Count | Change |
| U.S.A | 28 February 2025 | 593 | +1 |
| Canada | 28 February 2025 | 248 | +4 |
| International | January 2025 | 905 | -4 |
| Baker Hughes |
Swedish electric car maker Polestar announced it has secured a 12-month term facility of up to USD 450 million, alongside the renewal of its EUR 480 million Green Trade Finance Facility. This financial move comes as part of the company’s efforts to support its working capital requirements and sustain its growth trajectory. Trading at $1.11, the company’s stock has declined nearly 40% over the past year, with InvestingPro analysis showing significant debt obligations totaling over $4 billion.
The newly secured USD 450 million facility in February 2025 follows Polestar’s previous achievement in December 2024, when the company obtained over USD 800 million in 12-month term facilities. The Green Trade Finance Facility, originally established in February 2022 with a consortium of global banks, has been renewed to further bolster the company’s financial stability and support its operational needs. InvestingPro data reveals concerning metrics, including a negative gross profit margin of -22.6% and a current ratio of 0.58, indicating potential liquidity challenges.
Polestar, known for its commitment to design and innovation, operates in 27 markets across North America, Europe, and Asia Pacific. The company’s current lineup includes the Polestar 2, Polestar 3, and Polestar 4 models, with plans to introduce the Polestar 5 four-door GT in 2025. Additionally, the Polestar 6 roadster and the Polestar 7 compact SUV are part of the planned future offerings. With production facilities in North America and Asia, Polestar aims to diversify its manufacturing footprint, including the planned production of the Polestar 7 in Europe. Read More
At a recent Stellantis 2024 results conference call, CFO Doug Ostermann confirmed that a 1.5 billion euro investment in Maserati had been written off. Financial documents reveal that this will result in “the cancellation of certain projects prior to their launch”, and, although details of these projects have not been provided, they are expected to include the electric MC20 Folgore. According to Autocar, Ostermann believes the conglomerate needs to re-examine the timing of future Maserati product introductions. “We need to recognize the dynamics of this sector, particularly in the Chinese market, as well as our expectations of how quickly this luxury market will transition to electrification,” he stressed.”Among the deleted projects, it is therefore highly likely that the MC20 Folgore, the long-awaited electric version of the sports coupé, will never see the light of day, confirming the information from project suspended 2 months ago. Other electrified projects in the Maserati range could also fall by the wayside, leaving the future of the Folgore range in doubt. Read More
Oil prices eased as uncertainty over global economic growth and fuel demand from Trump’s tariff threats and further signs of a U.S. economic slowdown outweighed supply concerns. May Brent crude futures slipped 31 cents, or 0.4%, to $73.26 a barrel by 0133 GMT, while U.S. West Texas Intermediate crude was at $70.05 a barrel, down 30.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $69.76 | Up |
| Crude Oil (Brent) | USD/bbl | $72.81 | Up |
| Bonny Light 28/02/25 CBN | USD/bbl | $75.91 | Down |
| Dubai | USD/bbl | $77.87 | Up |
| Natural Gas | USD/MMBtu | $3.83 | Down |
| Murban Crude | USD/bbl | $73.63 | Down |
| OPEC basket 27/02/25 | USD/bbl | $74.98 | Up |
Iberdrola, through its US company Avangrid, has an installed capacity of nearly 10,500 MW. The company has assets in 24 states and is capable of supplying approximately 3.1 million average households in the US. Avangrid’s assets not only power American consumers but also provide key economic benefits to communities, supporting more than 500 permanent jobs and paying more than $50 million in property taxes in 2024. Avangrid recently announced its partnership with several large tech companies on eight projects underway to power data centres, with more projects under construction to meet growing energy demand.
The company’s total installed capacity will continue to grow with approximately 27 GW of new generation in its project pipeline. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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