London, February 18, 2025 (Oilandgaspress) –- Trump’s threat of US tariffs on imports from Canada and Mexico continues uncertainty around supply chains. It is disrupting US refineries as they are dependent on Canadian heavy crude. It is also keeping up oil prices. The fact that OPEC+ has reaffirmed its commitment to limiting oil production until April is also a factor affecting the market.
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
ACWA Power has signed a power purchase agreement (PPA) with the state-run Egyptian Electricity Transmission Company (EETC) for a 2-gigawatt (GW) wind energy project in South Hurghada, Egypt. The project, valued at 8.6 billion Saudi riyals ($2.29 billion), is the largest in Egypt, Minister of Energy Prince Abdulaziz bin Salman said at the Egypt Energy Show 2025. Five renewable energy projects have been launched by Saudi companies in Egypt, with a total capacity of 1.696 GW and an investment of nearly SAR 6.2 billion, he said. ACWA Power, Alfanar, FAS, and MOWAH are involved in these projects.. . Read More
Lamborghini Polo Storico celebrates its tenth anniversary in 2025, marking this significant milestone with exclusive events for collectors, customers and the media between February and October. Established in 2015, as well as being home to the company archives Lamborghini Polo Storico is responsible for restoration and the Certification of Authenticity service, which invaluably enhances the already prestigious pedigree of the exceptional vehicles from Sant’Agata Bolognese. Polo Storico complements Lamborghini’s comprehensive range of owner services and initiatives to preserve and protect its tradition and history. In its first ten years, its various activities have proved extremely popular with numerous customers and collectors, with an event program lined up in 2025 reflecting their loyalty and commitment. The first event is scheduled to take place in St. Moritz on 21 February. The celebrations will begin at the Balthazar Downtown restaurant. For the occasion, it will be transformed into a Lamborghini Polo Storico meeting spot, where lovers of the brand can come together and celebrate its heritage. Meanwhile, annual event The I.C.E. will be taking place on frozen tracks on Lake St. Moritz and two very special vehicles, owned by collectors, from Lamborghini history will be in attendance.
The second celebration in the schedule is the first Anantara Concours d’Elegance in Rome, from 24 to 27 April. Organized by the luxury hotel chain of the same name, the vibrant international event will be held right in the heart of the Italian capital. Lamborghini Polo Storico will be there with its own area. Read More
Oil prices rose on Tuesday following a Monday drone attack on an oil pipeline in southern Russia, which is the key export route for two-thirds of Kazakhstan’s crude.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $71.34 | Up |
| Crude Oil (Brent) | USD/bbl | $75.31 | Up |
| Bonny Light 17/02/25 CBN | USD/bbl | $76.33 | — |
| Dubai | USD/bbl | $77.64 | Down |
| Natural Gas | USD/MMBtu | $3.70 | Up |
| Murban Crude | USD/bbl | $77.90 | Up |
| OPEC basket 17/02/25 | USD/bbl | $76.72 | Down |
Nearly 18,000 projects are expected to be carried out in Saudi Arabia in the next years within its landmark economic transformation scheme known as Vision 2030, according to the Gulf Kingdom’s contractiong sector regulator. The projects, worth trillions of riyals, cover a wide variety of sectors including infrastructure, roads, power and airports, said Mohammed Al-Ajlan, Chairman of the Saudi Contractors’ Authority (SCA).. Read More
The International Energy Agency (IEA) announce that the 20th edition of the Energy Efficiency Policy Training Week, will take place in person at its Headquarters in Paris, France from 7-11 April 2025. The Training Week is intended for professionnals involved in energy efficiency policy making. It consists of 5 parallel courses, each offering a combination of lectures, interactive discussions and practical exercises that allow participants to learn from international best practice and from each other. Buildings: Covers building design, technologies, policies, and investment strategies to achieve net-zero emissions. Appliances & Equipment: Prepares participants to advance appliance energy efficiency policies, covering regulatory design, information dissemination, and incentives to increase appliance standards. Industry: Focuses on energy efficiency in various industry sectors through energy audits, management systems, public reporting, and innovative financing. Transport: Explores improving vehicle energy efficiency, including electrification, regulation of vehicle imports, and policy package development.
Indicators & Evaluation: Equips participants with tools to use data and evidence for energy efficiency policymaking, including monitoring implementation and impact, and developing national energy efficiency indicators. Read More
Osaka Gas Co., Ltd. (Osaka Gas) and Mitsubishi Heavy Industries, Ltd. (MHI) today initiated operations for CO2NNEX®, the city gas industry’s first digital platform to enhance visibility in carbon dioxide (CO2) trading and facilitate the transfer and management of Clean Gas Certificates, which certify the environmental value of e-methane,(1) allowing for use of the system during Expo 2025 Osaka, Kansai, Japan (the Expo).(2)
The CO2NNEX platform will be used during the Expo to support Osaka Gas’ e-methane production and utilization demonstration(3) by accumulating data and providing visibility on the amount of e-methane biogas produced, as well as its raw materials (CO2 and H2), and CO2 emissions throughout the life cycle. It will also be utilized to manage utilization of the clean gas certificates generated by the demonstration. The clean gas certificates for the e-methane and biogas produced by Toho Gas Co., Ltd., Nihon Gas Co., Ltd., and Hokuriku Gas Co., Ltd. will be transferred through the platform and used for the natural gas supplied by Osaka Gas to the Expo site, contributing to the carbon neutrality of the Expo. The Gas Pavilion and Expo demonstration area presented by the Japan Gas Association will also feature videos for visitors introducing the forward-thinking initiatives by the city gas industry to systematize the transfer of clean gas certificates. Read More
BW Energy Limited has been informed that Meridian Finance Limited, a close associate to a primary insider in the Company, has purchased 85,000 bonds in the Company’s bond issue BW Energy Limited 24/29 10,00% USD, with ISIN NO0013259663, in the secondary market. Please see the attached notification form for further details.
This information is subject to the disclosure requirements pursuant to article 19 of the EU Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act. Read More
Diamondback Energy, Inc. today announced that it has entered into a definitive purchase agreement to acquire certain subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”) in exchange for approximately 6.9 million shares of Diamondback common stock and $3 billion of cash, subject to customary adjustments (the “Double Eagle Acquisition”). The cash portion of this transaction is expected to be funded through a combination of cash on hand, borrowings under the Company’s credit facility and/or proceeds from term loans and senior notes offerings.
As part of this agreement, Diamondback and Double Eagle have also agreed to accelerate development on a portion of Diamondback’s non-core southern Midland Basin acreage. This acceleration is expected to bring forward Net Asset Value (“NAV”) to Diamondback by developing Diamondback’s lower quality acreage at a faster pace than current expectations. As a result, Diamondback expects significant Free Cash Flow growth in 2026 and beyond with minimal capital deployment through this accelerated development plan. Diamondback is also committing today to sell at least $1.5 billion of non-core assets to accelerate pro forma debt reduction in order to maintain its strong balance sheet. Diamondback expects to reduce net debt to $10 billion and, long term, maintain leverage of $6 billion to $8 billion. 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 |
Global challenges and AI dominate Davos discussion
Geopolitics and artificial intelligence loomed large across many of the discussions in the Swiss Alps. US President Donald Trump stated in a virtual address to the event that “we need double the energy we currently have in the United States for AI to be as big as we want to have it, because it’s very competitive”. The new administration’s energy strategy — which includes an announcement that the US would be leaving the Paris Climate Agreement and bids to increase fossil fuel production to boost energy security — “has a lot of people questioning what’s next”, according to Takajiro Ishikawa, President & CEO of MHI America. He also noticed much excitement and hope for the future among attendees at the summit.
Fatih Birol, Executive Director of the International Energy Agency (IEA), spoke on various panels in Davos about whether energy security should be prioritized over the energy transition and was among those presenting a positive outlook. “We can do both,” he reassured delegates.. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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