London, January 17, 2025 (Oilandgaspress) –- Oil prices settled lower on Thursday with Yemen’s Houthi militia expected to halt attacks on ships in the Red Sea, and investors weighing strong U.S. retail sales data. Brent crude futures was down 0.9% per barrel, according to various media report today.
Hyundai Motor Company and Hyundai Motor Group (the Group) Robotics LAB announced today 17 prestigious GOOD DESIGN® Awards victories in 2024 across multiple categories. Hyundai Motor took 12 wins and the Group’s Robotics LAB achieved five awards in the Robotics category.
“We are honored to receive recognition from the GOOD DESIGN® Awards, reaffirming our design excellence across various fields,” said SangYup Lee, Executive Vice President and Head of Hyundai and Genesis Global Design. “This recognition underscores our design team’s dedication and the competitiveness of Hyundai’s design identity globally.”
Hyundai Motor took six GOOD DESIGN® awards in the Graphic Design category for Hyundai Advanced Air Mobility: Supernal, Hyundai Heritage ‘PONY’ Exhibition Branding, Hyundai Heritage Retrace Collection Book ‘PONY’, Hyundai Re:Style 2023 Exhibition Branding, Hyundai Re:Style 2023 Archiving Book, and The All-New SANTA FE Launching Book.
The company won three GOOD DESIGN® awards in the Transportation category, including for the PONY Car Diffuser and Global Home Charger, and three future mobility concepts submitted together: DICE (Digital Curated Experience), SPACE (Spatial Curated Experience), and CITY POD.
Hyundai Motor also scored GOOD DESIGN® awards for its Re:Style Keyring Collection (Recycling), Multi-Lantern (Lighting), and Sustainable Paper Package Series (Packaging).
The Group’s Robotics LAB was awarded five GOOD DESIGN® Awards in the Robotics category with the X-ble Shoulder, MobED Delivery, Safety Inspection Robot, DAL-e Delivery, and Service Robot DAL-e. This accounted for half of all the winners in the Robotics field at the GOOD DESIGN® Awards this year.
“These awards are a result of the constant efforts and commitment of designers and engineers to take a step toward the world of robotic intelligence,” said Dong Jin Hyun, Vice President and Head of Robotics LAB at Hyundai Motor and Kia. “We will continue to make efforts to ensure that innovative robotics technology naturally meets customers’ needs.” Read More
Hyundai announced the expansion of complimentary home charger and charging credit offers to the entire 2025 IONIQ 5 lineup[i]. Customers who purchase or lease any new 2025 Hyundai IONIQ 5 model are eligible for their choice of a ChargePoint Home Flex Level 2[ii] charger or a $400 charging credit. Hyundai will provide the charger through its Hyundai Home Marketplace which will also assist with scheduling professional installation. Customers can redeem their ChargePoint Charging credit using the ChargePoint mobile app. For more information . Read More
Two iconic pillars of French industry are proud to announce a long-term partnership at international trade show, Boot Düsseldorf. BENETEAU, the oldest and largest production boatbuilder in France, and Alpine, the high-end sport speciality brand and BWT Alpine Formula One Team, will collaborate on a series of projects destined to enhance each brands’ dedication to innovation through design and excellence in quality.
Firmly anchored by world-beating heritage, combining over two hundred years of expertise under the famous tricolour banner, BENETEAU and Alpine are now poised to redefine the flair of luxury, sport design and drive a new generation of thrill seekers towards ultimate style. This co-branding partnership will provide Alpine and BENETEAU owners and distributors exclusive access to special events and offers. This partnership extends to the Alpine Cars and BENETEAU product range and will result in upcoming, limited-edition collaborations that will be announced later in the year. Spearheaded by the Grand Prix-winning BWT Alpine Formula One Team, Alpine’s motorsport DNA and automotive product plan matches with BENETEAU’s ambition. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $77.87 | Down |
| Crude Oil (Brent) | USD/bbl | $80.59 | Down |
| Bonny Light 16/01/25 CBN | USD/bbl | $84.41 | Up |
| Dubai | USD/bbl | $80.74 | Up |
| Natural Gas | USD/MMBtu | $3.99 | Down |
| Murban Crude | USD/bbl | $83.56 | Down |
| OPEC basket 16/01/25 | USD/bbl | $83.15 | Up |
The U.S. Department of Energy (DOE) Interconnection Innovation e-Xchange (i2X) released a new roadmap that can lead to shorter timelines and better outcomes for connecting clean energy resources to the distribution and sub-transmission grids. The Distributed Energy Resource Interconnection Roadmap also sets ambitious targets and strategies to improve interconnection processes and maintain reliability of the electric grid. DOE also announced $16 million in upcoming funding to support stakeholder engagement and technical assistance to adopt interconnection strategies on the distribution and transmission grids. Additionally, DOE and the Joint Office of Energy and Transportation announced $2.1 million for selected distribution utilities to pilot interconnection software solutions. And to encourage collaboration, DOE launched i2X Connect, an online platform that provides a space for interconnection stakeholders to exchange ideas and know-how. Improving interconnection processes will reduce costs, shorten timelines, and support a reliable, resilient electric grid. Distributed energy resources (DERs) produce and supply electricity on a small scale and are distributed over a wide area. They primarily provide electricity to local consumers in homes and businesses. They include a diverse set of technologies, such as residential solar systems, community solar systems, distributed wind systems, battery energy storage, and electric vehicle (EV) charging equipment.
Deployment of these resources is accelerating rapidly; for example, from 2010 to 2023, the number of residential rooftop solar photovoltaic (PV) systems grew from 89,000 to 4.7 million. DER interconnection processes at the distribution and sub-transmission system levels need to evolve to handle the growing volume of customer demand. The complexity of this challenge calls for solutions that are customized for local market conditions and availability of DERs. Read More
The U.S. Department of Energy’s (DOE) Vehicle Technologies Office (VTO) announced the U.S. Environmental Protection Agency’s (EPA’s) selection of seven EPA-funded Community Initiatives for Transportation Equity (CITE) projects totaling just over $370,000. Spanning seven states, this competitive funding will support several of the coalitions in VTO’s Clean Cities and Communities (CC&C) partnership in implementing community-driven transportation projects that reduce transportation costs, improve air quality, and expand access to innovative transportation technologies. Coalitions are uniquely positioned to achieve impactful transportation solutions that meet unique community needs due to their long-standing local relationships and community engagement training they can leverage. Over the past two years, DOE and EPA have collaborated on innovative projects bridging the connection between advanced vehicle technologies and meaningful engagement with communities historically underrepresented in clean energy development to advance local community goals. Read More
Saab announces that its sales for full year 2024 is expected to be approximately SEK 63.8 billion (51.6), corresponding to an organic sales growth of 23.4%. Saab has previously communicated the organic sales growth outlook to be at the upper end of the range of 15-20% for the full year 2024.
The increased organic sales growth of 23.4% for the full year 2024 follows a higher-than-expected sales development due to exceptional project execution in the fourth quarter. Sales in the quarter is expected to be approximately SEK 20.9 billion (16.1) with an organic sales growth of 29.3%.
The operating income in the fourth quarter is expected to improve to approximately SEK 2.0 billion (1.4). The operating margin in the fourth quarter is expected to be 9.4% (8.8).
Operational cash flow for the fourth quarter is expected to be approximately SEK 3.6 billion (3.7).
With the exception of the higher-than-expected sales growth for the full year, we reiterate the outlook for 2024 of an operating income growth higher than the sales growth and positive operational cash flow.
All numbers in this release are preliminary and unaudited.
Saab will announce its full Q4 2024 report on February 7, 2025 at 07.30 CET. Read More
US sanctions expected to tighten fleet availability and force greater adherence to the Russian price cap
We look at the implications of last week’s announcement of US sanctions on 155 tankers active in the Russia crude trade. Due to the loss of fleet capacity, the most likely outcome is greater adherence to the Russian price cap, but this hinges on China’s stance on allowing sanctioned vessels to call in its ports. The sanctions by the outgoing Biden administration on Friday 10 January mark the largest round of individual vessel-designations related to Russian trade. Individual vessel sanctions by the US have been very effective in limiting further employment in Russian trade, with OFAC sanctions serving to effectively cut off designated vessels from the ability to participate in the international market. We expect fleet capacity to tighten significantly. The global freight market is already responding, with spot freight rates in the VLCC and Aframax markets driven higher over the last few days.
This could play out in a few ways:
Most likely scenario: Russian crude exports will most likely face serious logistical difficulty due to the lack of available tonnage. In order to keep export volumes at the same level, Russia will be forced to sell crude below the price cap. At that point, Western vessel operators would be able to get involved to lift Russian crude. We have previously observed a very low barrier for entry on the part of certain EU-linked operators. As soon as Urals has priced below the cap, loading commences by these operators.
Less likely scenario: Russia will not countenance selling crude at a discount and attempts to source non-sanctioned tonnage to replace the vessels sidelined by sanctions. While we may see some older vessels leave the mainstream trade, there is a limited pool of candidates for this move. New vessels would likely come from non-EU operators due to restrictions on S&P for EU-linked entities. Ageing Aframax and Suezmax tonnage not linked to EU entities and which have never previously participated in sanctioned trades is very limited.Most of the tankers sanctioned on Friday predominantly handle Russia Far East shipments to China. While the Shandong Port Group has banned these sanctioned vessels (read more here), it remains to be seen how non-Shandong ports will respond to their presence. Ultimately, the effectiveness of these sanctions will depend on whether China allows the sanctioned vessels to call in its ports. Read More
Baker Hughes Rig Count: U.S. – 5 to 584 Canada + 122 to 216
U.S. Rig Count is down 5 from last week to 584 with oil rigs down 2 to 480, gas rigs down 3 to 100 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 122 from last week to 216, with oil rigs up 100 to 144, gas rigs up 22 to 72 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 | 10 January 2025 | 584 | -5 |
| Canada | 10 January 2025 | 216 | +122 |
| International | December 2024 | 909 | -10 |
Shandong’s ban on OFAC-sanctioned tankers put teapots’ crude arrivals at risk
This blog explores the implications of Shandong’s shipping ban and the latest OFAC sanctions on teapot refiners’ crude imports. China’s Shandong Port Group (SPG) has privately instructed its ports to ban vessels sanctioned by the U.S. Office of Foreign Assets Control (OFAC) as of January 7. This decision follows a record number of sanctioned crude tankers visiting several major terminals in the preceding weeks, raising concerns about potential disruptions to teapot refiners’ crude imports.
In December and early January, eight OFAC-sanctioned VLCCs discharged 16 million barrels of Iranian crude at Shandong through the ports of Qingdao, Dongjiakou, Rizhao, and Yantai. These shipments accounted for over 30% of Shandong’s sanctioned oil imports during this period.
This surge reflects Iran’s strategy to reduce shipping costs and maximise oil revenues, by cutting profit-shares with middlemen, including shipowners. The pressure on teapot refiners to utilise their 2024 crude import quotas (as detailed in our earlier market insight) has fueled this trend. By fulfilling deliveries on sanctioned vessels, Iran avoided the additional costs associated with ship-to-ship (STS) transfers. This approach also helped draw down Iranian floating storage volumes in the South China Sea from, which had peaked in early December. Read More
Energisation of two solar distributed generation assets in Brazil
VH Global Energy Infrastructure plc announce that it has successfully energised two additional solar distributed generation (DG) sites in Brazil. This milestone brings the Company’s total operational solar DG projects in the country to 12, with a capacity of 34.3MWdc.
The Company expects a third solar site to be energised in Q1 2025, adding a further 6.25MWdc of new capacity. Furthermore, three additional sites are expected to become operational during 2025.
The two newly energised assets are already generating revenue with offtake agreements between 10 and 20 years and are supporting clients to meet their decarbonisation targets. The larger of the two assets, at 5.7MWdc, has a 20-year inflation-linked contract with Telefonica. The sites will contribute to the economic growth and grid improvements in an expanding energy hub in Brazil. . Read More
Mitsubishi Corporation and Japan Organization for Metals and Energy Security (hereafter “JOGMEC”) have participated in the Series C round of Infinium Holdings, Inc. (hereafter “Infinium”). Following the success of its first commercial-scale project, known as Pathfinder located in Corpus Christi, Texas, Infinium plans to set up its second commercial-scale eFuels project, also known as Roadrunner, which is expected to be the world’s largest eSAF production facility when operational, located in Texas, USA.
Infinium is one of the world leaders in production of eFuels, which are a new class of synthetic fuels that use green hydrogen and carbon dioxide to produce ultra-low carbon alternatives to traditional fossil-based fuels. They are the world’s first producer of commercially available ultra-low carbon eFuels and will continue to deploy their proprietary technology in the United States and other locations.
Through this investment, Mitsubishi’s aim is to expand its understanding of eFuels, the demand for which is expected to increase in the future. Additionally, Mitsubishi aims to participate in future projects to support the supply of eFuels into Japan. JOGMEC will support these efforts by Mitsubishi through this investment, contributing to establishing the eFuels supply chain and the earliest social implementation of eFuels in Japan.
Infinium eFuels are a drop-in fuel for internal combustion engines in aircraft and automobiles, offering a reduction of approximately 90% or more in greenhouse gas emissions compared to conventional fossil fuels. This is expected to contribute significantly to hard-to-abate sector such as aviation and transportation. Following the amendment of the JOGMEC act in 2022, which enhanced its capabilities in the low and zero-carbon fields, this investment marks JOGMEC’s first selected company for investment in the eFuels sector. This investment is an effort for Mitsubishi and JOGMEC to participate as new partners in the eFuels business ecosystem that Infinium is forming with its partners and customers based on its core catalyst technology. Read More
ADNOC Gas plc and its subsidiaries, in partnership with Baker Hughes has successfully installed British climate technology firm Levidian’s patented LOOP technology at the Habshan Gas Processing Plant. This marks the first-ever deployment of the technology at an operational gas processing site. Carbon will be captured from methane, the main constituent of natural gas, and transformed into graphene, a material set to shape the future of multiple industrial applications. The LOOP unit is capable of producing more than 1 tonne per annum (tpa) of graphene and 1 tpa of hydrogen, making it a dual-purpose innovation aligned with global energy transition goals. Future industrial-scale installations are expected to deliver 15 tpa.
Mohamed Al Hashemi, Chief Operations Officer of ADNOC Gas, said: “The deployment of LOOP technology is a significant milestone for ADNOC Gas. By transforming methane into valuable graphene and clean hydrogen, we are unlocking new value from natural gas, driving decarbonization and supporting the UAE’s industrial growth and climate ambitions. This project reflects our dedication to shaping a more sustainable energy future while delivering tangible benefits for the industries we serve.”
Data collected during the pilot will be used to refine the ongoing development of AI modelling and digital twins to minimize energy consumption and maximize graphene output from future installations as part of Levidian’s growing fleet of LOOP units. The graphene produced at the Habshan complex will be evaluated and utilized by ADNOC’s Technology team to explore possible applications. Graphene has the potential to be used across industries from enhancing the performance of electric vehicle batteries and solar panels to creating stronger, more durable materials such as concrete, tires, and polymer pipes. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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