London, January 20, 2025 (Oilandgaspress) –- A ceasefire agreement between Israel and Hamas could potentially lead to the Houthis ending their maritime warfare in the Red Sea, which could in turn bring slow the oil price rally from last week. Though slightly down oil prices remain close to $80/bbl and remains firmly in bullish territory.
On January 17, CATL and Masdar announced a partnership for the world’s first large-scale ’round the clock’ giga-scale project, combining solar power and battery storage in Abu Dhab, United Arab Emirates. With a total investment of over $6 billion, the project includes 5.2 GW of solar capacity and 19 GWh of energy storage, making it the largest solar and BESS project in the world, capable of delivering up to 1 GW of baseload power 24 hours a day, seven days a week, setting a global benchmark for the development of clean energy. Abdulaziz Alobaidli, Chief Operating Officer at Masdar, said: “As Masdar’s largest and most ambitious project to date, we made sure we are working with the best possible partners that will deliver to the highest standards.”
CATL will provide the project with its leading TENER technology, which features all-round safety, long service life, and high level of integration, ensuring the reliable and stable operation and high efficiency of the entire project. Based on the previous generation of products, it has improved the protection level and the comprehensive energy of the energy storage system, and can adapt to various working conditions and more application scenarios, providing a brand-new solution for today’s evolving energy requirements. Read More
Eway’s bankruptcy estate hereby announces that KG Knutsson AB has acquired Eway’s operations from the bankruptcy estate and will continue to operate Eway’s operations. KG Knutsson AB was founded in 1946 and is a very financially stable family-owned company with strong roots and long experience in electric vehicle charging. As an Eways customer, you can be sure that your charging points will continue to be operated with safety, security and stability. Read all about KG Knutsson AB at www.kgk.se
According to previous mailings from the bankruptcy trustee, operations and services of Eway’s bankruptcy estate will be terminated/ceased as of January 19, 2025. As of January 20, 2025, the services will thus be delivered with KG Knutsson AB as the principal and contracting party.
If you use the services after January 19, 2025, a permanent agreement with KG Knutsson AB will automatically be entered into, which is required to maintain the service, in accordance with the original agreement you signed with Eways. Read More
No carmaker in the UK will have to pay fines for missing electric car sales targets in 2024, according to new analysis.
All but one carmaker sold enough cars, or will be able to use so-called flexibilities, to avoid steep fines under the zero-emissions vehicle (ZEV) mandate, according to estimates by T&E, a campaign group that focuses on transport and environment issues. One carmaker, Japan’s Suzuki, will have to buy credits from rivals to avoid fines. Brands including the top-selling Volkswagen, Ford, Toyota and Britain’s biggest carmaker, JLR, which runs Jaguar and Land Rover, are among those who will have to use additional loopholes to avoid fines, according to T&E’s analysis.
Carmakers must sell an increasing number of electric cars every year under the UK’s ZEV mandate, which was brought in by the previous Conservative government to push the industry to reduce planet-heating carbon emissions.
If manufacturers miss targets they face steep fines of up to £15,000 for every car above their quota of fossil fuel cars. The industry has mounted a strident campaign to persuade the Labour government to relax the rules as demand for electric cars hit a plateau – as well as a parallel effort in the EU. The analysis suggested that BMW, Mercedes-Benz, and Volvo’s Chinese owner Geely were able to meet the 2024 mandate through battery car sales alone, as did electric-only brands Tesla and BYD. Those companies will be able to sell credits to the highest bidder.
However, the industry argues that it still needs help because demand for electric cars is not high enough. Carmakers say they have been forced into “unsustainable” discounts to attract enough buyers. Read More
Britain’s love affair with grey-coloured cars shows no signs of waning, as the hue proved the most popular new car colour for the seventh consecutive year, according to the latest figures published today by the Society of Motor Manufacturers and Traders (SMMT). More than a quarter (27.8%) of all new car registrations in 2024 were grey – its best ever share – as 543,464 grey cars joined British roads, up 6.7% on the previous year.1
Black ranked as the second shade of choice, while blue moved up to third place – the colour’s first appearance in the top three since 2010.2 This change marks the first variation to the top three and the first non-monochromatic colour to enter the podium in seven years. The top three represented 64.5% of all new cars joining UK roads in 2024.3 White dropped to fourth, falling by -7.2%, while red held firm in fifth place but recorded a -4.1% drop, reaching its lowest market share since 2003.4
While 64.5% of new cars were also grey, black and white, a choice of 93 different colours meant that there was ample opportunity for every preference to be met. Green and yellow saw rises across the top 10, increasing by 27.7% and 0.5% respectively. At the other end of the scale, pink, maroon and turquoise vehicles together accounted for just 747 registrations in total.
Reflecting the growing popularity of ‘green’ powered cars – with battery electric vehicles (BEVs) accounting for almost one in five registrations last year – green-coloured vehicles also continued their growth, with 68,230 registered, more than double than in 2022 and the highest volume since 2004.5 However, grey was still the favoured choice among BEV buyers with 95,463 reaching the road. Read More
The UK new car market recorded its second successive year of growth with 1,952,778 new cars reaching the road in 2024 – a rise of 2.6% on the previous year, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). In the final month of the year, the market remained flat at 140,786 units, a marginal -0.2% decline, capping off a challenging year for the sector as manufacturers strove to create demand for electric vehicles in a bid to meet new mandated sales targets. Over the full year, growth was delivered entirely by fleets, up 11.8% to reach 1,163,855 units, accounting for a record six in 10 (59.6%) new car registrations. Conversely, registrations by private buyers fell by -8.7% to 746,276 units – less than in 2020 when social distancing restrictions during the pandemic shut down the market for three months.1 The far smaller business sector saw uptake fall by -3.1% to 42,647 units.
The first year of mandated targets for new zero emission vehicles finished with another strong December performance, with 43,656 new battery electric vehicle (BEV) registrations accounting for 31.0% of the market – the highest since December 2022’s record 32.9%. As a result, BEVs made up 19.6% of the market (381,970 units) in 2024, up by more than a fifth (67,283 units) from last year, but short of the 22% demanded by the mandate. One of the major constraints to growth,
however, has been lacklustre demand by private buyers, with only one in 10 choosing an EV in 2024. Petrol remained the most popular powertrain among these buyers, commanding 61.0% of demand, with hybrid electric vehicles (HEVs) in second place (16.0%). Conversely, around 64,000 more BEVs were registered by businesses and fleets than a year ago, with such vehicles representing a quarter (25.4%) of those segments’ registrations and demonstrating the effectiveness of the compelling tax incentives afforded non-private buyers. Read More
Global, sector-focused law firm HFW has expanded its international commodities practice and continued the growth of its Australia business with the appointment of energy M&A and projects partner Graeme Gamble in Perth.
Graeme, who joined HFW from Herbert Smith Freehills on 1 January 2025, has more than 25 years’ experience advising clients in the energy sector. He is admitted in Australia and England and Wales and has practiced in London and Perth.
Gavin Vallely, Australia Managing Partner, HFW: “I am pleased to welcome Graeme to HFW. His experience in the energy and commodity sectors, in particular his experience in the LNG marketing and trading space with major industry players will be of great value to our clients.”
Alistair Feeney, Global Head of Commodities, HFW: “Graeme is a highly regarded practitioner with considerable expertise in all aspects of the energy value chain. He will complement and enhance our already-strong energy capabilities which include M&A, project development, sale and purchase, trading, shipbuilding, vessel chartering and arbitration.”
Graeme specialises in energy related M&A and project development, including Carbon Capture and Storage, LNG liquefaction and import and offshore wind projects and operations. In addition, he has advised on numerous significant LNG trades between Australia, Asia, the US, and Europe.
Earlier in his career, Graeme spent several years as Senior Legal Counsel at Centrica Energy in the UK where he was responsible for Centrica’s LNG import capacity position at the Isle of Grain LNG import terminal, North Sea M&A and field development and Centrica’s offshore wind portfolio development and operations in the North and east Irish Seas.
He is a member of the Australian Mining and Petroleum Law Association and the Association of International Petroleum Negotiators.
Graeme Gamble, Partner, HFW: “I am excited to be joining a firm that is committed to growth in Australia and internationally. HFW’s global footprint, reputation in the market, as well as its focus on commodities, will give me the best platform from which to expand my practice.”
HFW has been in Australia since in 2006 and is now one of the fastest-growing law firms in the country, having now added fourteen new partners across its offices in Melbourne, Perth, and Sydney since the beginning of FY24. Read More
HFW has continued to support BIMCO in helping the shipping industry navigate increasingly complex decarbonisation regulations from the European Union and the International Maritime Organization (IMO).
Having previously helped BIMCO draft several industry standard clauses related to decarbonisation and sustainability, HFW has now drafted a new clause relating to the EU’s FuelEU Maritime regulation, which takes effect on 1 January 2025. FuelEU will progressively reduce the greenhouse gas intensity of energy used on board vessels on an entire lifecycle basis, and promote the use of low carbon sustainable maritime fuels.
BIMCO’s ‘FuelEU Maritime Clause for SHIPMAN’ allocates risk and responsibility for compliance with the FuelEU regulation between shipowners and ship managers.
HFW was the only law firm on the drafting committee, led by London Partner and shipping decarbonisation expert Alessio Sbraga.
Alessio Sbraga, Partner, HFW: “This is a key clause, given the complexities introduced by the various pathways under FuelEU.”
This follows HFW’s work drafting BIMCO’s CII clause for time charter parties and voyage charter parties, as well as several other “game-changing” carbon emissions clauses, including an emissions trading scheme allowances clause for time charters, the industry’s first standard offshore decommissioning contact, and two clauses relating to the International Maritime Organization’s 2020 sulphur emission rules.
The firm also helped BIMCO draft the industry’s first standard contract for autonomous shipping, its first cyber security clause, a “faster, simpler” ship sale and purchase agreement, and a model clause addressing force majeure events occurring under contracts. Read More
HFW has further strengthened its leading global aviation finance and leasing practice and continued the growth of its Australia business with the hire of John Canning as a Special Counsel in Sydney.
John is an aviation and asset finance specialist with more than 30 years’ experience working in Sydney, London, and Hong Kong. He practices Australian and Hong Kong law and is also admitted to practice law in England and Wales. John and spent more than 23 years as a partner at King & Wood Mallesons before joining HFW.
HFW has been in Australia for almost 20 years and is one of the fastest growing law firms in the country. Read More
On the opening day of the prestigious Bharat Mobility Global Expo (Auto Expo) 2025, Tata Motors, India’s largest auto and mobility solutions company, unveiled a bold array of ultra-modern vehicles, cutting-edge concepts, advanced aggregates and intelligent digital solutions. With the biggest display of over 50 exhibits, Tata Motors showcased its vision for transforming every segment of personal mobility and commercial transportation. From compact cars and powerful SUVs to nimble mini trucks and rugged heavy-duty carriers; Tata Motors presented its next gen, green mobility solutions, designed to elevate safety, deliver exceptional performance, and redefine customer experience. These stunning exhibits are on display up to 22 January 2025, in Hall No.1 at the Bharat Mandapam (Pragati Maidan), New Delhi.
Tata Motors has brought its vision of the future to life by seamlessly combining its legacy of engineering excellence and deep-rooted passion for ‘Made in India for the World’ with cutting-edge human-centric design and smart, new age technologies. Read More
At its press driving event in Ötztal, Mercedes-Benz traditionally presents a selection from its range of 4MATIC vehicles. This year’s edition proves that the range of these models is now very broad: The current range extends from the C-Class to the S-Class, from passenger car models to Mercedes‑Benz vans, from vehicles with conventional combustion engines to models with EQ Hybrid Technology, EQ Technology or E PERFORMANCE. Buyers can choose between vehicles from Mercedes‑Benz and Mercedes‑AMG and can even opt for GUARD special protection in the S-Class with 4MATIC. The Mercedes-Benz off-road icon, the G-Class, can also be put to the test in alpine conditions. The new G‑Class is even more powerful off-road and significantly more agile, dynamic and comfortable on-road than its predecessor.
How the all-wheel drive works in detail and how the power is distributed between the front and rear axles differs to some extent. However, the basic advantages of 4MATIC are identical: In many situations, all-wheel drive ensures greater driving stability, safety and dynamics. However, improved traction not only pays off in the high mountains and on snow-covered roads. 4×4 is also advantageous in many other situations: 4MATIC models are ideally equipped for light terrain such as dirt tracks, can tow high trailer loads safely and offer increased driving pleasure. Offering high efficiency is a common development goal. The modern, electronically controlled 4MATIC drive is therefore lighter than previous systems, linked to an intelligent operating strategy and can also be combined with hybrid and electric drives. Read More
From negative 20 to positive 38 degrees Celsius, from the coast to an elevation of nearly 4,700 meters, and from highways to gravel roads, Nguyen Hoang Anh, owner of a logistics company, drove his 911 Dakar from Vietnam to the Mongolian part of the Gobi Desert and back again, passing through China along the way. That’s 33,000 kilometers in 75 days. Here he talks about his unbelievable journey, which has turned him and his off-road sports car into local celebrities. I’m accompanied by two friends in a pickup and an SUV. We trust each other completely and work well together, which is important because it’s a long journey with major challenges. We’re using walkie-talkies to communicate and, for longer distances, smartphones. Read More
Kia has announced that the Kia K4 compact sedan has won a 2024 Good Design Award in the Transportation category. The latest accolade further validates Kia’s ‘Opposites United’ design philosophy and recognizes the brand’s dedication to inspiring customers with innovative, emotive products. The Good Design Award judges singled out the Kia K4 for its “aura of authenticity, daring, vigor, and resilience” and “sense of power and dynamism. The judges also praised the innovative approach taken by Kia’s design team in the K4’s cabin, “where the conventional notion of a driver-centric cockpit converges with an unconventional layout, forging the distinct identity of the K4’s interior.”
“It is immensely gratifying for everyone at Kia to receive a 2024 Good Design Award for the Kia K4,” said Karim Habib, Executive Vice President and Head of Kia Global Design. “As a brand, Kia has redefined itself through innovative design, and we continue to strive relentlessly to create vehicles that truly inspire our customers, engaging them emotionally, while also fulfilling their practical needs.”
The Kia K4 combines class-leading technology with cutting-edge Advanced Driver Assistance Systems (ADAS) and exceptional interior space. A strong powertrain line-up and standard multi-link rear suspension on the GT-Line provide a responsive driving experience. Read More
Kia India has commenced mass production of the Kia Syros, a versatile SUV specifically designed to meet the needs of customers in India. Officially unveiled in December 2024, the Syros SUV sets new standards in design, technology, and space.
Kia held a milestone ceremony at its plant in Anantapur, Andhra Pradesh, India, to mark the beginning of Syros production, continuing the significant momentum built by the vehicle’s world premiere in December 2024. The event was attended by senior Kia executives and employees, including Ho Sung Song, President and CEO of Kia Corporation, and Gwanggu Lee, Managing Director of Kia India.
The Kia Syros recorded 10,258 pre-sales, signaling the significant market potential for the Syros in India.
The five-seat Syros SUV has been designed and engineered following in-depth analysis of local market trends to ensure that it precisely meets the needs of Indian consumers. Read More
For the 17th consecutive year, the Fiat Professional Ducato has been named the “Most Popular Motorhome Base Vehicle,” a prestigious title awarded by readers of the German trade magazine Promobil. The magazine’s annual readers’ poll has been a key indicator of trends in the leisure vehicle industry for over 25 years, reflecting the Fiat Professional Ducato’s consistent prominence in the market.
In addition to this prestigious recognition, in 2024, FIAT Professional achieved growth in the recreational vehicle sector registered in Germany, with a total of 26,324 units sold*.
This figure represents an impressive +28%* rise compared to the previous year, marking the highest increase in the country and underscoring the brand’s enduring appeal in a competitive market.
The success of the Fiat Professional Ducato and this new recognition stem from its excellence in the recreational vehicle sector. Key features include the updated 2.2L Multijet 4.0 engine with a fourth-generation direct injection system, optimized exhaust gas recirculation for better reliability, performance, and emissions, and compliance with both Light Duty (Euro 6E) and Heavy Duty (Euro VIE) standards. It also boasts the new AT8 automatic transmission and 450 Nm of torque, improving CO2 emissions by 10% through a more balanced and efficient powertrain.
Additionally, the Fiat Professional Ducato comes with a comprehensive Safety Camper Pack, which includes Lane Support, Traffic Sign Recognition, and Intelligent Speed Assist, along with a rotating captain’s seat and adaptive cruise control to enhance driver comfort. Read More
At “Paris Design Week”, the stars of the show are Lancia and Cassina, two premium Made-In-Italy brands in their respective fields—the automotive and interior design industries—which share the same core values, such as the Italian spirit and a commitment to research, innovation, and sustainability. Together, the two brands have created the exclusive Ypsilon Edizione Cassina, the best-in-class version of the first model of Lancia’s new era.
On the opening day of the Paris event, the Ypsilon Edizione Cassina on display in front of the Cassina Store Paris Rive Gauche garnered plenty of attention and plaudits. The model was showcased on the occasion of “Somewhere Else”, the installation created by the renowned, high-end furniture brand to introduce the new collection designed by Philippe Starck.
The vehicle showcase was planned to coincide with “Maison&Objet”, the international fair dedicated to the world of décor, design and lifestyle. Held at the Parc des Expositions Paris Nord Villepinte and accompanied by a myriad of other events around the French capital, the prestigious event is host to over 2,300 exhibitors, as well as many brands, designers, craftspeople, and industry insiders from around the world. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $77.68 | Down |
| Crude Oil (Brent) | USD/bbl | $80.38 | Down |
| Bonny Light 17/01/25 CBN | USD/bbl | $84.49 | Up |
| Dubai | USD/bbl | $80.74 | — |
| Natural Gas | USD/MMBtu | $3.79 | Down |
| Murban Crude | USD/bbl | $83.39 | Down |
| OPEC basket 17/01/25 | USD/bbl | $83.11 | Down |
Dangote Oil Refinery began producing gasoline and selling it domestically to Nigeria’s state oil firm, Nigerian National Petroleum Company (NNPC), marking the first time in decades Africa’s largest oil producer is refining its own crude.
The state-of-the-art $20.5 billion refinery was launched in January 2024, but only began producing gasoline in September, expected to reach full operations in November. The giant refinery has a capacity to process 650,000 barrels of crude per day, considerably bigger than any refinery in Europe and more than enough for Nigeria’s needs. To sweeten the deal further, the facility is buying crude and selling refined fuels in Nigeria in the local currency, saving the country’s much-needed foreign exchange, especially the US dollar.
But now Africa’s largest refinery is beginning to disrupt Europe’s Premium Motor Spirit (petrol) markets. According to OPEC, the Dangote refinery has cut down Nigeria’s imports of petroleum products from Europe. According to experts, the Dangote refinery might end the decades-long gasoline trade from Europe to Africa, valued at $17 billion per year. Read More
In 2024, Middle Eastern companies spent $24 billion (€23.27bn) snapping up European assets, 74% above the average for the last decade. Deals of note included Abu Dhabi National Oil Company’s takeover of German chemicals firm Covestro for a record $15.1 billion (€14.6bn), and ADNOC’s logistics arm’s $1.1bn (€1bn) deal to take control of UK-based tanker operator Navig8 in January 2025.
And ADNOC’s European shopping spree may just be beginning. The oil giant has set up an investment company, XRG, with $80 billion (€77.6bn) to snap up chemicals and low-carbon energy companies. Due to start operating in the first quarter of 2025, XRG is expected to target natural gas and chemical companies in Europe and elsewhere for investment and acquisition.
The US retreated from the global climate fight during Trump’s first term, beginning with the president’s withdrawal from the Paris Agreement, and his second term will be no different. If there is a predictable element to Trump’s policy once he takes back the White House, it will is his opposition to green energy and sustainability in general. He has threatened to repeal Biden’s Inflation Reduction Act, which includes major incentives for clean energy. Critics say that Trump’s actions could push $80 billion of investment in the clean energy sector to other countries. Read More
Africa Oil Corp. announce that the Company repurchased a total of 517,300 Africa Oil common shares during the period of January 13, 2025 to January 17, 2025 under the previously announced share buyback program.
During this period, the Company repurchased 210,800 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 306,500 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company Read More
Ukraine is working on developing its own air defense systems, Commander-in-Chief Oleksandr Syrskyi said in an interview with the Ukrainian news outlet TSN on Jan. 19. Ukraine has lobbied international partners for more air defense capabilities in the wake of intensifying Russian strikes targeting energy infrastructure. Read More
Mercedes-AMG has admitted that its decision to replace the iconic V8 engine with a four-cylinder hybrid alternative has cost them loyal customers. Despite the new engine being more powerful and technologically advanced, some customers have walked away.
“We see that some of our loyal customers are struggling to embrace the concept. There’s no doubt we’ve lost buyers who are specifically interested in V8 engines,” AMG boss Michael Schiebe told Car Magazine. Schiebe acknowledged that Mercedes-AMG could have done more to communicate the benefits of the new technology. Read More
Thousands of Russian workers could soon be laid off by two of the country’s biggest companies.
The Kremlin is grappling with a growing economic crisis that has seen interest rates climb to a record high of 21%.Many Russian firms are now struggling to pay back loans and could face bankruptcy, including those in the energy and banking sectors. Gazprom is considering slashing staff by almost 40% at its headquarters in Saint Petersburg. Russia’s largest banks, Sberbank, looks set to wield the axe at several of its subsidiaries.
These include Cooper, MegaMarket, SberLogistics and Samokat. Between 30 to 50% of employees will be reportedly affected, including IT specialists. Read More
China is said to be eyeing up German unwanted car factories, in a bid to grow its influence within the heart of European manufacturing.
Chinese officials and automotive industry players are reported to be particularly interested in buying Volkswagen sites, a source revealed to Reuters. Volkswagen, which owns Audi as well as Skoda and Porsche, is considering closing three of its manufacturing plants following a series of cost-cutting measures which have seen salaries cut and thousands of staff laid off amid an electric car sales slowdown. Read More
Baker Hughes Rig Count: U.S. U.S. -4 to 580 Canada +13 to 229
U.S. Rig Count is down 4 from last week to 580 with oil rigs down 2 to 478, gas rigs down 2 to 98 and miscellaneous rigs unchanged at 4
Canada Rig Count is up 13 from last week to 229, with oil rigs up 12 to 156, gas rigs up 1 to 73 and miscellaneous rigs unchanged at 0.
International Rig Count is down 10 rigs from last month to 909 with land rigs unchanged at 712, offshore rigs down 10 to 197. International Rig Count is down 46 rigs from last year’s count of 955, with land rigs down 23, offshore rigs down 13.
The U.S. Offshore Rig Count is unchanged at 14, down 5 year-over-year.
The Worldwide Rig Count for October was 1,754, up 4 from the 1,751 counted in September 2024, and down 22, from the 1,776 counted in October 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 17 January 2025 | 580 | -4 |
| Canada | 17 January 2025 | 229 | +13 |
| International | December 2024 | 909 | -10 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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