London, December 12, 2024 (Oilandgaspress) –- The global oil market will find itself in a large surplus next year, even as OPEC+ has decided to defer the start of production increases to April, the International Energy Agency (IEA) said on Thursday. The OPEC+ group last week decided to delay the start of the easing of the 2.2 million bpd cuts to April 2025, from January 2025. The group also extended the period in which it would unwind all these cuts into the following year, until September 2026.
While the OPEC+ decision “has materially reduced the potential supply overhang that was set to emerge next year,” overproduction from within the OPEC+ group and strong supply growth from non-OPEC+ producers would leave the market comfortably supplied next year, the IEA said in its Oil Market Report for December. Due to the uncertainty of the OPEC+ supply next year, the IEA’s latest forecasts of market balances exclude higher supply from the group. Read More
Subsea7 today announced that Seaway7, part of the Subsea7 Group, has signed a vessel reservation agreement with Dogger Bank Offshore Wind Farm1 for the transportation and installation of turbines for the Dogger Bank project, offshore the UK. Offshore works are expected to commence in 2026. This represents additional work for Seaway7 at this development, where it is currently installing monopile foundations and transition pieces.
The value related to this substantial2 agreement will be recognised in backlog in the fourth quarter. Read More
Subsea7 today announced the award of a substantial1 contract from Beacon Offshore Energy for the Monument development in the US Gulf of Mexico. The project involves the installation of a high-pressure 27-kilometre subsea tieback to the Shenandoah Floating Production System, located in Walker Ridge Block 316 at water depths reaching up to 2,000 metres.
Subsea7’s scope of work includes the engineering, procurement, construction, and installation (EPCI) of subsea equipment, including structures, umbilicals, production risers, and flowlines. Project management and engineering work will start immediately at Subsea7’s office in Houston, Texas, with offshore activities expected to begin in 2026.
Craig Broussard, Senior Vice President for Subsea7 Gulf of Mexico, said, “We are proud to be involved in delivering this high-pressure deepwater subsea tieback on Monument. This project is the latest in a long-standing partnership with Beacon Offshore Energy, building on our strong track-record in delivering oil and gas projects in the deepwater Gulf of Mexico.” Read More
Woodside and the North West Shelf Joint Venture welcome the Western Australian Government’s decision to provide environmental approval for the North West Shelf Project Extension. After six years of assessment and appeals, this is a critical step in the approvals process to underpin the
ongoing operation of the North West Shelf Project so it can continue to deliver a reliable supply of energy locally and globally. The State’s decision recommences the Federal environmental approvals process, which was paused while appeals were being considered. Woodside Executive Vice President and Chief Operating Officer Australia Liz Westcott said State approval of the North West Shelf Project Extension is an important step to enable the long-term processing of North West Shelf Joint Venture field resources and third-party gas resources through the Karratha Gas Plant. Read More
Nigeria’s power grid has once again collapsed, making it the 12th time in 2024.
The breakdowns highlight the challenges with the country’s outdated power infrastructure, which has repeatedly failed to deliver stable electricity.
The ICIR reports that each failure affects households, businesses, and critical sectors like healthcare, where a consistent power supply is essential.
The last of such collapse was recorded on Wednesday, December 11, throwing many parts of the country into darkness.
This year’s first grid collapse occurred on February 4, 2024, when the grid’s capacity fell from 2,407 megawatts to just 31 megawatts by midday, eventually reaching zero.
Since then, the grid has continued to break down, including collapses on August 5 and three times in October.
Notably, the October 14 collapse was followed by a partial failure the next day, and another incident on October 19. Read More
Baker Hughes will announce the results of the fourth quarter and full year ending Dec. 31, 2024, via press release at 5 p.m. Eastern Time (4 p.m. Central Time) on Thursday, Jan. 30, 2025. A webcast to discuss the results will be held Friday, Jan. 31, 2025, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Read More
Hyundai Motor Group (the Group is expanding its partnership with Google to deliver next-generation navigation and infotainment experiences. Drivers of new Hyundai, Kia, and Genesis vehicles will soon get access to fresh information about 250 million places around the world from Google Maps Platform – in addition to the convenience of the Android Automotive Operating System – right in their vehicles.
By integrating Google Maps Platform’s Places API (Application Programming Interface), the Group will enhance navigation accuracy using Google Maps’ vast information about places, which includes fresh detail about business hours, contact information, ratings, reviews and more. Kia drivers in North America will be the first to experience these enhancements, with subsequent expansions to Hyundai, Kia and Genesis models globally.
Chang Song, President and Head of Hyundai Motor Group’s Advanced Vehicle Platform (AVP) Division said, “Hyundai Motor Group is developing technologies in the field of SDV and mobility to provide customer-centered values. Our partnership with Google, who helps people find a lot of useful information around the world, will serve as an opportunity for Hyundai Motor Group, broadening our coverage of technology in the mobility market and providing greater values to customers.” The Group has also adopted Google’s Android Automotive Operating System (AAOS) to further broaden its software ecosystem. By doing so, it expects to secure an innovative edge in the software-defined vehicle (SDV) technology space and lead the future mobility market.
As part of ongoing efforts to deliver future mobility capabilities and AI to its vehicles, the Group will continue exploring more ways to innovate the driving experience in partnership with Google. Read More
The Genesis GV70 family, including the Electrified GV70, has been recognized in Car and Driver’s annual 10Best list for 2025. This marks the third consecutive year that the GV70 has earned a Car and Driver 10Best award.
“The GV70 is the most popular vehicle in the Genesis lineup,” said Claudia Márquez, Chief Operating Officer of Genesis Motor North America. “This continued recognition by Car and Driver’s 10Best list is a testament to the strength of the GV70’s elevated driving experience paired with advanced technologies and safety features.”
Newly redesigned for the 2026 model year, the GV70 and the Electrified GV70 embody the brand’s “Athletic Elegance” design philosophy, featuring a dual-weave mesh radiator grille and iconic Two-Line headlamps. Drivers can enjoy a range of enhanced convenience features, such as available Bang & Olufsen premium audio, Digital Key 2, plus a large 27-inch OLED multimedia display with integrated instrument cluster.
The 2026 Electrified GV70 is equipped with a larger 84-kilowatt high-capacity battery that will offer more range, providing customers with greater flexibility. It comes exclusively with a North American Charging Standard (NACS) charge port, and a Combined Charging System (CCS) adapter, enabling seamless access to a nationwide network of more than 36,000 NACS and CCS direct current (DC) fast chargers. This will more than double the size of the DC fast-charging network available to Genesis electric vehicle (EV) customers. Read More
Hyundai Motor Company’s IONIQ 5 N, the first electric vehicle (EV) model to wear an N badge, has been named the ‘Performance Car of the Year’ for 2025 at the prestigious China Car of the Year (China COTY) Awards.
The China COTY Awards, which started in 2012, is considered the most fair and authoritative in the country. It is evaluated by a panel of 48 representative automobile journalists and key opinion leaders (KOLs) from across China. The award is divided into seven categories, including the overall ‘Car of the Year’ in China and six other categories based on specific vehicle types.
IONIQ 5 N’s impressive performance and innovation were recognized in early November when it was named a Top 10 Finalist for the 2025 China COTY in the ‘Performance Car of the Year’ category. A few days later on November 22, it advanced to the Top 3, competing against Lynk & Co and Mercedes-Benz. This achievement highlights the rigorous test drives conducted by the judges, who selected IONIQ 5 N from a pool of 112 models across seven different categories. The high scores awarded to IONIQ 5 N underscore its exceptional performance and innovative features. Hyundai Motor is bolstering its presence in the Chinese market, focusing on both EVs and its high-performance N brand. The latter launched at the 2023 Shanghai International Motor Show and is integral to the company’s strategy in the world’s largest automotive market. Through the N brand, Hyundai Motor is enhancing customer experience through track day events and other events, highlighting vehicles like Elantra N and IONIQ 5 N. Read More
ReNew Energy Global Plc today announced that it has received a non-binding proposal dated December 10, 2024 from Abu Dhabi Future Energy Company PJSC-Masdar (“Masdar”), Canada Pension Plan Investment Board (“CPP Investments”), Platinum Hawk C 2019 RSC Limited as trustee for the Platinum Cactus A 2019 Trust (“Platinum Hawk”) (a wholly owned subsidiary of the Abu Dhabi Investment Authority, “ADIA”) and Sumant Sinha (the Founder, Chairman and CEO of ReNew) (together with Masdar, CPP Investments and Platinum Hawk, the “Consortium”) to acquire the entire issued and to be issued share capital of the Company not already owned by members of the Consortium, for cash consideration of US$7.07 per share.
The ReNew Board of Directors have formed a Special Committee (“Special Committee”) led by Manoj Singh, the Lead Independent Director, consisting of the six independent non-executive ReNew Directors to consider the non-binding proposal.
The role of the Special Committee is to constructively explore and evaluate all strategic capitalization / financing opportunities available to the Company, including the proposal received from the Consortium, and act in the interests of all investors. To assist in these efforts, the Special Committee has retained an independent financial advisor, Rothschild & Co and independent legal counsel, Linklaters LLP. While the Special Committee’s evaluations are underway, the ReNew Executive Management’s primary focus will be to continue to ensure the effective management of the Company and in addition, contribute to the evaluation process, as required by the Special Committee. No assurance can be given regarding the likelihood, terms or details of a potential transaction resulting from the proposal received from the Consortium or any other potential transaction. Further decisions or disclosures by the Special Committee will be made as appropriate or required. Read More
Delta announces the launch of its MSI motor series in the EMEA region. Designed as a high-efficiency PM reluctance motor, the MSI series brings unparalleled compactness, energy savings, and integration capabilities to fan and pump applications. With options including flange, foot, and flange/foot versions, as well as speeds of 1500 rpm and 3000 rpm, the MSI series is set to redefine industrial motor performance. Compact Design with Maximum Efficiency The MSI motor series revolutionizes motor design with its compact form factor, offering a size reduction of 1-2 frame sizes compared to traditional induction motors. This smaller size saves valuable installation space while meeting IE5 efficiency standards, making it an environmentally conscious choice. The motors deliver outstanding energy savings, helping industries lower operating costs and reduce carbon emissions, supporting global sustainability initiatives. These features position the MSI motors as a valuable solution for wholesalers, distributors, and system integrators across various industrial applications. Seamless Integration and Easy Setup Read more
Delta, a global leader in power management and a provider of IoT-based smart green solutions, inaugurated today Taiwan’s 1st megawatt (MW)-grade R&D lab for water electrolysis hydrogen production and for fuel cells, the “Delta Net Zero Science Lab,” at its Tainan Plant 2. This significant milestone provides a diverse testing environment for component and system validation of hydrogen production and fuel cell technologies. It also aims to foster materials from the local hydrogen energy supply chain, helping Taiwan align with global energy transition trends. The inauguration ceremony was graced by distinguished guests, including Minister of Environment Chi-Ming Peng, Deputy Minister of the National Development Council Fang-Guan Jan, as well as senior executives from China Steel Corporation, CPC Corporation, and Taiwan Power Company. Delta’s SOFC technology has already been applied in microgrid pilot projects, integrating renewable energy, energy storage, and power management systems to help clients establish low-carbon, high-efficiency distributed energy grids and energy management solutions. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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