Volkswagen and Audi are reportedly no longer strictly adhering to the original timeline, instead keeping options open for combustion engine models.
Volkswagen’s Chief Development Officer, Kai Grünitz, recently refused to rule out a prolonged lifespan for the Golf Mk. 8 as a petrol and diesel-powered car, even as the company prepares to launch the all-electric Golf Mk. 9 — a model being developed in collaboration with American EV startup Rivian. In a further sign of a shift in strategy, Volkswagen had previously declared that the upcoming T-Roc would be its last combustion engine model, but new reports suggest the company may be considering additional petrol and diesel models beyond that. . Read More
.Volkswagen saw its electric car sales decrease by 2.7% in 2024 when Audi fell even harder, with EV deliveries declining by 7.8%. Demand for the VW Group’s zero-emission models decreased by 3.4%, proving that the transition to an all-electric lineup will be bumpy. A new report indicates the two brands are looking to invest more money in facelifts of current ICE models. Doing so would prolong the life cycle of cars with combustion engines.According to several insiders cited by German business newspaper Handelsblatt, VW and Audi intend to delay their EV goals in Europe. The Wolfsburg-based automaker had planned to go purely electric on the continent by 2033, but that’s apparently not the case anymore. As for the luxury brand from Ingolstadt, the lofty goal was to abandon combustion engines globally by the same year. . Read More
The cost of installing a heat pump is a major concern for people contemplating making the switch, which could challenge the Government’s 2050 net zero goals. Daniel Särefjord, UK CEO of heat pump installation company Aira, said that while gas boilers are cheaper, they are also “incredibly inefficient”.He told The Telegraph: “I don’t think you will ever see heat pumps priced on parity with gas boilers because it’s like comparing a bicycle to a car.. Read More
Brazil’s President Luiz Inácio Lula da Silva has backed more oil exploration despite his country hosting crucial climate talks later this year.
Lula has been pressuring the country’s environmental regulators to approve exploratory drilling near the mouth of the Amazon River, despite them previously saying no. He says revenue from this new fossil fuel supply could help finance a transition to green energy. The site of this exploration is around 160km off the east coast of Brazil. It is located in a region known as the Equatorial Margin, which runs from Rio Grande do Norte to Amapá, where there are thought to be significant oil and gas fields. Read More
Gold prices have already increased 10 per cent in 2025 to $2,900 (£2,300), but UBS has upgraded its target price for the precious metal again.
UBS analyst Joni Teves said gold has had “unprecedented market dislocations” and reached a record high in 2024, but it’s only expected to move higher in 2025. Teves explained that the gold market is currently experiencing “deep-rooted bullish sentiment,” with the metal seen as a safe-haven asset amid a highly uncertain and volatile macro environment.
“After missing several buying opportunities in 2024, investors are likely wary of repeating the same patterns and may want to take advantage of corrections sooner this time around,” she said. Read More
Sir Sadiq Khan has given the green light for parking fines in London to increase to up to £160. The mayor has approved a request from the capital’s 33 boroughs to hike the cost of penalty charge notices (PCNs) in a bid to create more of a deterrent to “anti-social and obstructive parking”.A record 8.3m parking fines were issued in London to motorists in 2023/24 – generating millions in income for boroughs. Under the changes approved by Sir Sadiq, all types of parking ticket issued by the capital’s boroughs will increase by £30. Higher level charges in “band A” areas – typically inner London or suburban town centres – will increase from £130 to £160, and from £110 to £140 in “band B” areas. Higher-band penalties apply to contraventions that are considered more serious, such as parking on yellow lines or where an obstruction is caused Read More
Stellantis said on Monday it would make dual-clutch transmissions for hybrid vehicles at its Termoli plant in Southern Italy, which its joint venture ACC has earmarked for the creation of an electric vehicle battery-making hub. The Termoli plant, which currently makes engines, is one of three sites in Europe where Stellantis-led ACC has announced plans to create EV battery-making gigafactories.
While a gigafactory in France has already started operations, plans for two similar facilities in Italy and Germany were officially paused last year, as ACC was switching to lower cost batteries amid slowing demand for EVs. Read More
Africa Oil Corp. announce that the Company repurchased a total of 838,300 Africa Oil common shares during the period of February 10, 2025 to February 14, 2025 under the previously announced share buyback program. During this period, the Company repurchased 315,800 Africa Oil common shares on the Toronto Stock Exchange (“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 522,500 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company. Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on December 4, 2024, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the TSX, Nasdaq Stockholm, and applicable Canadian and Swedish securities laws. All common shares repurchased by Africa Oil under the share buyback program will be cancelled. Read More
Woodside announced that at year end 2024 it had remaining proved (1P) reserves of 1,975.7 MMboe, remaining proved plus probable (2P) reserves of 3,092.2 MMboe, and remaining 2C contingent resources of 5,869.7 MMboe.1 Excluding divestments and production, Woodside’s proved reserves increased by 54.9 MMboe and proved plus probable reserves increased by 46.2 MMboe, reflecting strong underlying performance of the assets. Woodside CEO Meg O’Neill said the reserves update reflected the strength of the portfolio. “The reserves update underscores Woodside’s high-quality assets and disciplined execution. The outstanding early performance at Sangomar again demonstrates Woodside’s proven record of delivering large-scale projects that provide sustainable returns over the long term. “Sangomar is forecast to continue producing on plateau into the second quarter of 2025 and with continued strong asset performance across the portfolio we are well positioned for another year of delivering value for shareholders.
“As Woodside embarks on the next phase of growth, continuing to execute Scarborough and Trion and preparing for a final investment decision on Louisiana LNG, we will maintain our disciplined approach and commitment to safety, reliability and performance.” Read More
Hyundai Motor Group (the Group) announced its 2025 first-half ZER01NE Accelerator program, an open innovation platform that seeks to foster collaboration between startups and the Group on various projects. The program aims to identify valuable startups and explore the potential strategic use of their innovative technologies. Startups can apply to one of six global projects proposed by the Group’s internal teams under three key themes: Mobility, Sustainability and Logistics. Each startup is limited to one specific project.
The Group’s organizations that are responsible for technology developments are directly involved in reviewing and recruiting the applicants for each project. Only registered corporations will be eligible for consideration and can submit their proposal on the official application website from February 17 to March 9. Results will be announced in April. Selected startups will be provided with a project development budget and could be evaluated for equity investments. Since the Group introduced the ZER01NE Accelerator in 2018, 170 business units within 11 affiliates of the Group and 195 startup cohorts from various affiliates of the Group and countless startups have worked together on collaborative projects. This has led to many startups successfully receiving equity investments from the Group. Last year, several global startups were selected and are currently engaged in collaborative projects focused on Mobility, Sustainability and Logistics. . Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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