London, February 17, 2025 (Oilandgaspress) –- Oil prices fell for a fourth day on Monday on concerns that global tariff wars could slow economic growth and weaken energy demand.
Porsche owners have all fallen head over heels for their cars. This Valentine’s Day, they share their love stories and explain why their cars are for keeps. Legacy on wheels: Werner Kieninger Werner Kieninger’s 911 G-Series has driven the equivalent of more than 15 times around the equator, and it’s still going strong with 630,000 km on the clock. A large part of the mileage can be attributed to the previous owner, the president of Werner’s local Porsche club, who bought the car in 1982 and used it every day on his travels as a sales rep. When he passed away, his wife wanted the car to go to someone who would love it just as much. That person was Werner. . Read More
The Formula E cars recharged during a race for the first time. In the mandatory 34-second so-called Pit Boost pit stop, the highly efficient Porsche 99X Electric rapid-charged 3.85 kWh of energy with a charging power of 600 kW. For reference, Formula E’s safety car, the high-end, road-going Porsche Taycan Turbo GT, charges with up to 320 kW. Both cars share the CCS charging system (Combined Charging System), symbolising technology transfer from race cars to production cars. CCS charging enables gentler charging at home in addition to powerful rapid charging on the road. . Read More
Pascal Wehrlein raced his Porsche 99X Electric from 13th on the grid to finish 8th in the second Jeddah E-Prix of the weekend on Saturday. His TAG Heuer Porsche Formula E teammate António Félix da Costa started 4th but was taken out of the race by a competitor in a first-lap collision.. The highest placed Porsche 99X Electric was that of Andretti Formula E’s Jake Dennis, who finished in 4th place after having led the race briefly. Cupra Kiro’s Dan Ticktum (Porsche 99X Electric WCG3) finished 9th to make it three Porsche in the top ten. The points of former World Champion Dennis in the customer car as well as those of reigning World Champion Wehrlein count towards the manufacturers’ standings as they were the two best-placed Porsche finishers. Read More
The Nigerian government aims to boost the country’s oil production by 1 million barrels per day (bpd) by December 2026, from the current 1.75 million bpd, the head of the upstream regulator of Africa’s top crude producer said. Thanks to a government crackdown on oil theft, losses have declined by 5,000 bpd and current oil output in the country is at about 1.75 million bpd, Gbenga Komolafe, chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said at a town hall conference this weekend. Oil theft and pipeline vandalism have long plagued Nigeria’s upstream oil and gas industry, driving majors out of the biggest OPEC producer in Africa and often resulting in force majeure at the key crude oil export terminals. Currently, Nigeria pumps 1.75 million bpd of oil and 7 billion standard cubic feet per day (SCFD) of natural gas production, Komolafe said. Read More
“UAE-France High-Level Business Council” meeting
The UAE-France High-Level Business Council held its third plenary meeting in Paris, co-chaired by H.E Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC and Patrick Pouyanné, Chairman and CEO of TotalEnergies. The meeting was attended by H.E Eric Lombard, French Minister of Economics and Finance and H.E Laurent Saint-Martin, French Minister of Foreign Trade, along with the participation of over 50 Emirati and French entities representing government, semi-government, and private sectors. In his opening remarks, H.E Dr. Sultan Al Jaber conveyed the greetings of the UAE leadership, reaffirming the UAE’s long-standing bilateral relations with France spanning over 50 years and emphasized the commitment to continue strengthening the bilateral relations within the framework of a strategic partnership to achieve the shared aspirations of both nations for sustainable economic and social growth. Read More
Alpine A290 makes a remarkable electric debut on the streets of Madrid with Zinédine Zidane
Alpine A290, the sporty 5-seater hot-hatch and the brand’s first electric vehicle is starting to appear on European roads.
Zinédine Zidane, the Alpine ambassador and sponsor of its equal opportunities programmes, was one of the first to take to the streets of Madrid in his A290 GT Performance.
The first deliveries of the A290 began at the end of December 2024 in France and continue throughout Europe. Alpine A290 was recently voted Car of the Year. Read More
The Volkswagen Group and CGI, one of the world’s largest business and IT consulting firms, announce the deepening of their global collaboration. This move strengthens the Volkswagen Group’s long-term capabilities to further expand a powerful IT infrastructure for the future. As part of their joint efforts, both partners have launched the new entity MARV1N (pronounced “Marvin”) which will act as an international development unit for Group-wide digitalization projects and support the developers at Volkswagen. With these additional resources, the Volkswagen Group plans to develop new IT systems faster and more efficiently. The Volkswagen Group is advancing the modernization of its IT system landscape. By 2026, the company aims to replace hundreds of legacy systems with fewer but more powerful and scalable new developments across the Group. This is expected to enable faster processes and significantly reduce IT-related operating costs. To achieve this goal, Volkswagen Group is strengthening its software development capabilities. This is primarily being done through the consistent expansion of its international subsidiaries and through new cooperation models with selected partners. Volkswagen expects several benefits from this cooperation model: MARV1N employees will dedicate their software expertise exclusively to projects within the Volkswagen Group, accelerating development processes. Additionally, by working intensively and long-term on these projects, the teams will acquire a deep understanding of the core processes and software products within the Volkswagen Group. Through close integration of the teams, Volkswagen ensures the retention of this know-how within the company. Read More
The historic partnership between Sparco and Lancia, a motorsport powerhouse during the Eighties and Nineties, is back and stronger than ever as the world-renowned brand makes its return to racing. The reunion of these two legendary and iconic Turin-based brands was made official during the “Rally Racing Meeting”—the annual event organized by Miki Biasion which was held on February 8th and 9th at the Vicenza Expo Center with over 10,000 attendees—during a presentation at the really appreciated Lancia stand. The brands are essentially going back to the future in style, uniting heritage and innovation to support Lancia’s return to motorsports and, more generally, to allow fans to feel part of a brand which has always had racing in its DNA. Sparco will supply the gear inside the brand-new Ypsilon Rally 4 and the fireproof technical clothing worn by participants in the 2025 Lancia Trophy: a personalized line with new Lancia Corse HF colors co-created by the brands’ design departments. Moreover, the teamwear worn by the Lancia Corse HF drivers, technicians, and staff will also come from Sparco. However, the real star of the Vicenza event was the Heritage “Sparco-Lancia HF” line, a kind of restomod sportswear collection blending the past, present, and future. Read More
EDF Saudi Arabia and TAQA Geothermal Energy Company have signed a strategic Memorandum of Understanding (MoU) to collaborate on geothermal energy technologies including power generation and HVAC applications as well as Compressed Air Energy Storage in Saudi Arabia. The agreement was formalized during the third edition of the PIF Private Sector Forum, held at the King Abdulaziz International Conference Center in Riyadh, Saudi Arabia. The MoU was signed by Omar Aldaweesh, CEO of EDF Saudi Arabia, and Meshary Al-Ayed, CEO of TAQA Geothermal Energy Company, reinforcing the commitment of both companies to advancing innovative and decarbonised energy technologies in the Kingdom. The signing ceremony was attended by Gudmundur Thoroddsson, Chief Technology Officer of TAQA Geothermal and Chairman of Reykjavik Geothermal, TAQA Geothermal’s joint venture partner. Read More
Jebel Ali Free Zone (Jafza) has announced that it has signed an agreement with leading German technology group Allied Heat Exchange AG (A-HEAT) to develop the largest heat exchanger production facility in the GCC.
Spanning 1.2 million sq ft, the built-to-suit facility will be located within DP World’s flagship free zone, Jafza and operated by Güntner, A-HEAT’s flagship brand. With a legacy dating back to 1931 in Munich, Güntner is a global leader in heat transfer technology. It will serve as a key production and distribution hub, and by localising production, A-HEAT aims to strengthen its supply chain efficiencies, enabling faster, more flexible deliveries across the GCC, India, China, Africa, and Asia. The key facility with a built-up area of 400,000 sq ft is set to be developed by Jafza. Once operational, it will meet the rising demand for energy-efficient cooling solutions, particularly for data centres that require advanced thermal management to enhance operational efficiency and sustainability. The agreement was signed on the sidelines of the World Government Summit in Dubai in the presence of Sultan Ahmed bin Sulayem, Group Chairman and Chief Executive Officer of DP World; Abdulla Bin Damithan, CEO and Managing Director of DP World GCC; Abdulla Al Hashmi, Chief Operating Officer Park & Zones of DP World GCC; Hubert Spegel, Chairman at A-Heat; Dr. Robert Hanea, Board Member; and other senior executives. Read More
India is set to produce electricity from ocean waves in an innovative clean power initiative, said the Petroleum and Natural Gas Minister Hardeep Singh Puri. “With a vast coastline of 11,098 km spanning nine states and six other union territories, our untapped potential of ocean energy has been estimated at 40,000 MW,” he stated. Puri said India had taken steps toward clean energy generation through this process by establishing the country’s first wave energy pilot project in Mumbai. “This premier city of India is surrounded by sea. India’s state-owned Bharat Petroleum Corporation is in charge of this pilot project,” he added. According to experts, power generation from waves is a relatively new concept. It envisages floaters in water drawing energy from incoming waves by converting the rising and falling motion of the waves.
Movement of the floaters compresses and decompresses hydraulic pistons which transmit bio-degradable hydraulic fluid into land located accumulators. Pressure built up by this rotates a hydraulic motor, which rotates the generator, and then the electricity is transferred into the grid, via an inverter, they added. Read More
Eco Wave Power Global AB, a leader in onshore wave energy technology, today announced that it signed a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Limited (BPCL) during India Energy Week 2025 on February 13, 2025. This agreement marks a pivotal step in introducing wave energy as a key component of India’s renewable energy strategy. The agreement was signed by Mr. Chandrasekhar N, Head of Research and Development, BPCL and Ms. Inna Braverman, Founder and CEO, Eco Wave Power in the presence of Honorable Minister Hardeep Singh Puri, Minister of Petroleum and Natural Gas of the Government of India and the Chairman and Managing Director of BPCL, Mr. G. Krishnakumar. The collaboration aligns with India’s Ministry of New and Renewable Energy’s (MNRE) recognition of ocean energy as a promising renewable resource, with an estimated 40,000 MW of untapped potential along the country’s coastline. BPCL, a government-owned Fortune 500 oil and gas giant with a market capitalization of approximately $12 billion, has identified Eco Wave Power as a strategic partner following an extensive evaluation of wave energy technologies. The collaboration aligns with India’s Ministry of New and Renewable Energy’s (MNRE) recognition of ocean energy as a promising renewable resource, with an estimated 40,000 MW of untapped potential along the country’s coastline. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.68 | Down |
| Crude Oil (Brent) | USD/bbl | $74.64 | Down |
| Bonny Light 17/02/25 CBN | USD/bbl | $76.33 | Down |
| Dubai | USD/bbl | $77.68 | Down |
| Natural Gas | USD/MMBtu | $3.63 | Down |
| Murban Crude | USD/bbl | $77.04 | Up |
| OPEC basket 14/02/25 | USD/bbl | $76.79 | Down |
Lummus Technology, a global leader in process technologies and value-driven energy solutions, announced an award from SHCCIG Yulin Chemical Co., Ltd., a subsidiary of the SHCCIG Group, for its superabsorbent polymer (SAP) technology. This marks the first commercial deployment of Lummus’ SAP technology since it was added to the company’s portfolio in 2023. “We are honored to be selected by SHCCIG Yulin Chemical and look forward to executing this project with them,” said Romain Lemoine, Chief Business Officer for Polymers and Petrochemicals, Lummus Technology. “Lummus acquired SAP technology to strengthen our position in the high-value polymer market and expand our offering across C3 value chain. The first commercial award for the technology solidifies our entrance into the market and reinforces our strategy to offer customers more integrated technology solutions.” Read More
GCC countries ranked first in global energy indicators and first in crude oil production, crude oil reserves, crude oil exports and natural gas reserves, according to data issued by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat). The GCC-Stat data indicates that the Gulf countries’ crude oil production in 2023 logged about 17 million barrels per day (mbpd), which accounted for 23.2% of the total global crude oil production, despite a 6.8% decrease in crude oil production in 2023 compared to the production recorded in 2022. Additionally, the GCC countries ranked second worldwide in natural gas exports and third in marketed natural gas production, it stated. The GCC crude oil reserves in 2023 reached about 511.9 billion barrels, which accounted for 32.6% of the total global crude oil reserves, recording an average annual growth rate of 0.3% during the period from 2014 to 2023. The region’s crude oil exports in 2023 logged about 12.4 mbpd, representing 28.2% of the total global crude oil exports, despite a decrease in exports in 2023 by 8.2% compared to the figures recorded in 2022. The GCC Countries’ oil derivatives exports in 2023 reached about 1518.6 million barrels, which accounted for 13.4% of global oil derivatives exports, with an increase of 7.1% compared to the figures recorded in 2022. . Read More
The world’s electricity consumption is forecast to rise at its fastest pace in recent years, growing at close to 4% annually through 2027 as power use climbs in a range of sectors across the economy, according to a new IEA report released today. Electricity 2025, the latest edition of the IEA’s main market analysis of the sector, forecasts that the growth in global demand will be the equivalent of adding an amount greater than Japan’s annual electricity consumption every year between now and 2027. The surge is primarily driven by robust growing use of electricity for industrial production, increased demand for air conditioning, accelerating electrification, led by the transport sector, and the rapid expansion of data centres. Most of the additional demand over the next three years will come from emerging and developing economies, which account for 85% of the demand growth. The trend is most pronounced in China where electricity demand has been growing faster than the overall economy since 2020. China’s electricity consumption rose by 7% in 2024 and is expected to grow by an average of around 6% through 2027. The demand growth in China has been fuelled in part by the industrial sector, where alongside the traditional energy-intensive sectors, the rapidly expanding electricity-intensive manufacturing of solar panels, batteries, electric vehicles and associated materials played a significant role. Air conditioning, electric vehicle adoption, data centres and 5G networks are additional contributors.. Read More
Baker Hughes Rig Count: U.S. +2 to 588 Canada -4 to 245
U.S. Rig Count is up 2 from last week to 588 with oil rigs up 1 to 481, gas rigs up 1 to 101 and miscellaneous rigs up unchanged at 6.
Canada Rig Count is down 4 from last week to 245, with oil rigs down 3 to 174, gas rigs down 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 | 14 February 2025 | 588 | +2 |
| Canada | 14 February 2025 | 245 | -4 |
| International | January 2025 | 905 | -4 |
| Baker Hughes |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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