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Africa Emerges as Focal Point in Global Oil and Gas Exploration

Africa Emerges as Focal Point in Global Oil and Gas Exploration

Africa, particularly nations like Guyana…

Russian Oil Product Shipments Slipped in June

Russian Oil Product Shipments Slipped in June

Russian oil product shipments experienced…

News

U.S. Solar and Wind Power Generation Tops Nuclear for First Time

U.S. Solar and Wind Power Generation Tops Nuclear for First Time

Jul 11, 2024 at 10:59 | Charles Kennedy

For the first time ever, U.S. electricity generation from utility-scale solar and wind exceeded nuclear power plants’ power output in the first half of 2024, according to data from energy…

Canada Growth Fund Invests in Strathcona's Oil Sands Carbon Capture Initiatives

Canada Growth Fund Invests in Strathcona's Oil Sands Carbon Capture Initiatives

Jul 11, 2024 at 09:11 | Michael Kern

Strathcona Resources Ltd plans to develop up to US$1.5 billion (C$2 billion) carbon capture projects at its oil sands assets with the public investment vehicle Canada Growth Fund (CGF), the…

India's State Refiners Eye Long-Term Russian Oil Deal to Secure Stable Supplies

India's State Refiners Eye Long-Term Russian Oil Deal to Secure Stable Supplies

Jul 11, 2024 at 07:27 | Tsvetana Paraskova

Indian state-held refiners have started jointly to discuss terms of a potential deal with Russia for long-term supply of Russian oil, a government source with knowledge of the matter told 

Azerbaijan Boosts Natural Gas Exports to Europe

Azerbaijan Boosts Natural Gas Exports to Europe

Jul 11, 2024 at 06:33 | Tsvetana Paraskova

Azerbaijan raised its natural gas exports to Europe by 12% year-over-year in the first half of 2024, sending 6.4 billion cubic meters (bcm) of its gas to European customers, Azerbaijan’s…

China Leads the Way in Wind and Solar Capacity Expansion

China Leads the Way in Wind and Solar Capacity Expansion

Jul 11, 2024 at 04:51 | Tsvetana Paraskova

China continues to be the undisputed global leader in solar and wind capacity installations as it is currently constructing twice as much renewables power capacity as the rest of the…

BP Predicts Global Oil Demand Will Peak In 2025

BP Predicts Global Oil Demand Will Peak In 2025

Jul 10, 2024 at 12:14 | Alex Kimani

British Oil & Gas giant BP Plc (NYSE:BP) has predicted that global oil demand will peak next year while wind and solar capacity will continue to grow rapidly. In its latest…

Kpler Data: Saudi Arabia's Oil Exports Fall to Lowest In Decade

Kpler Data: Saudi Arabia's Oil Exports Fall to Lowest In Decade

Jul 10, 2024 at 11:23 | Julianne Geiger

Recent data from Kpler reveals a significant decline in crude oil exports from major OPEC+ producers in June, driven largely by weak demand in Asian markets and increased domestic consumption…

OPEC Sticks To Strong Oil Demand Growth Forecasts

OPEC Sticks To Strong Oil Demand Growth Forecasts

Jul 10, 2024 at 10:47 | Alex Kimani

OPEC has stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, citing resilient economic growth and strong rebound in air travel in the…

Honeywell to Buy Air Products’ LNG Technology for $1.8 Billion

Honeywell to Buy Air Products’ LNG Technology for $1.8 Billion

Jul 10, 2024 at 09:12 | Charles Kennedy

Honeywell has agreed to buy the LNG process technology and equipment business of Air Products in a $1.81 billion all-cash deal, as it looks to expand its energy transition capabilities,…

Russia’s Novatek Looks to Market LNG in China

Russia’s Novatek Looks to Market LNG in China

Jul 10, 2024 at 08:43 | Charles Kennedy

Russia’s natural gas producer Novatek is offering liquefied natural gas to potential Chinese customers through a new marketing team, although it’s uncertain whether the Russian company would attract many clients…

The Value of Norway’s Oil Fund Soars to New High of $1.7 Trillion

The Value of Norway’s Oil Fund Soars to New High of $1.7 Trillion

Jul 10, 2024 at 07:42 | Charles Kennedy

For the first time in its nearly three-decade history, Norway’s oil fund, the world’s largest sovereign wealth fund, has just exceeded the market value of 18 trillion Norwegian crowns,…

EU Clears Trafigura’s Acquisition of Biofuels Giant Greenergy

EU Clears Trafigura’s Acquisition of Biofuels Giant Greenergy

Jul 10, 2024 at 07:39 | Tsvetana Paraskova

The European Commission has approved the proposed acquisition of the European business of UK-based biofuels producer Greenergy by commodities trading giant Trafigura. Following a review of the proposed transaction…

Saudi Arabia Nets $12.35 Billion From Aramco Share Offering

Saudi Arabia Nets $12.35 Billion From Aramco Share Offering

Jul 10, 2024 at 05:48 | Tsvetana Paraskova

The final proceeds for Saudi Arabia from the secondary sale of shares in its oil giant Aramco came in at $12.35 billion after the exercising of an over-allotment option,…

Republican States Lose Motion to Stay New Methane Emissions Rules

Republican States Lose Motion to Stay New Methane Emissions Rules

Jul 10, 2024 at 05:11 | Tsvetana Paraskova

The U.S. Court of Appeals for the D.C. Circuit has denied a request from Republican states to stay the new rules on methane emissions from the oil and gas…

Wildfires Disrupt Canadian Oil Sands Operations

Wildfires Disrupt Canadian Oil Sands Operations

Jul 10, 2024 at 03:44 | Tsvetana Paraskova

Wildfires in northern Alberta continued to disrupt some oil sands operations as Cenovus Energy demobilized this week non-essential staff at its Sunrise project as a precaution amid heat and wildfire…

Oil Prices Drop Despite Rekindled Rate Cut Hopes

Oil Prices Drop Despite Rekindled Rate Cut Hopes

Jul 10, 2024 at 02:07 | Irina Slav

Crude oil prices inched lower earlier today on disappointing Chinese data, despite an injection of bullishness from Fed chairman Jerome Powell, who signaled the U.S. central bank was warming up…

Oxy Strikes Carbon Credit Deal With Microsoft

Oxy Strikes Carbon Credit Deal With Microsoft

Jul 10, 2024 at 01:29 | Irina Slav

Occidental Petroleum has signed a deal with Microsoft for the sale of 500,000 tons in carbon removal credits from a carbon capture facility that Oxy is building in Texas. The…

API Reports Another Crude Draw As EIA Raises Oil Demand Forecast

API Reports Another Crude Draw As EIA Raises Oil Demand Forecast

Jul 09, 2024 at 15:50 | Julianne Geiger

Crude oil inventories in the United States fell this week by 1.9 million barrels for the week ending July 5, according to The American Petroleum Institute (API), after analysts had…

Africa’s Top Oil Producer Aims to Fight Soaring Inflation with Gold Reserves

Africa’s Top Oil Producer Aims to Fight Soaring Inflation with Gold Reserves

Jul 09, 2024 at 11:19 | Charles Kennedy

Nigeria, the biggest oil producer in Africa, is considering ways to curb soaring inflation, including by giving the central bank powers to use gold to boost reserves. Nigerian lawmakers are…

Shell Looks To Drill Ultra-Deepwater Wells Off South Africa

Shell Looks To Drill Ultra-Deepwater Wells Off South Africa

Jul 09, 2024 at 10:27 | Charles Kennedy

Oil and gas supermajor Shell is applying for authorizations to drill ultra-deepwater wells offshore South Africa, looking to expand the recent discoveries off Namibia into South Africa’s west coast, Reuters 

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