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News

Brazil Boosts Clean Energy Beyond Hydropower

Brazil Boosts Clean Energy Beyond Hydropower

Mar 14, 2024 at 09:43 | Charles Kennedy

South America’s top hydropower producer, Brazil, has been installing a lot of other clean energy sources over the past half-decade, with solar and wind power now accounting for nearly one…

Vattenfall Ditches Project to Produce Hydrogen From Offshore Wind

Vattenfall Ditches Project to Produce Hydrogen From Offshore Wind

Mar 14, 2024 at 09:38 | Charles Kennedy

Swedish utility Vattenfall is scrapping a project to explore the possibilities of hydrogen production on offshore wind farms and transportation to shore, nearly two years after it began.? The…

U.S. Export Bank to Vote on Backing Bahrain Oil Project Despite Climate Pledge

U.S. Export Bank to Vote on Backing Bahrain Oil Project Despite Climate Pledge

Mar 14, 2024 at 08:10 | Tsvetana Paraskova

U.S. Export-Import Bank (EXIM), the official export credit agency of the United States, is voting on Thursday whether to underwrite a loan backing an oil and gas project in…

IEA Sees OPEC+ Cuts Pushing Oil Markets Into a Supply Deficit

IEA Sees OPEC+ Cuts Pushing Oil Markets Into a Supply Deficit

Mar 14, 2024 at 07:21 | Tsvetana Paraskova

The oil market is shifting from a surplus to a supply deficit that will last for all of 2024 if OPEC+ further extends its production cuts until the end of…

Shell Eases 2030 Emissions Target

Shell Eases 2030 Emissions Target

Mar 14, 2024 at 06:45 | Tsvetana Paraskova

Shell reaffirmed on Thursday its ambitions to be a net-zero energy business by 2050 but eased its carbon intensity target for 2030 as it has shifted away from clean power…

U.S. Wants Venture Global to Explain Confidentiality of Its LNG Project

U.S. Wants Venture Global to Explain Confidentiality of Its LNG Project

Mar 14, 2024 at 06:03 | Tsvetana Paraskova

The Federal Energy Regulatory Commission (FERC) has asked U.S. liquefied natural gas exporter Venture Global LNG to justify why it keeps details of its Calcasieu Pass LNG facility confidential,…

EV Makers Worried About Europe’s Charging System

EV Makers Worried About Europe’s Charging System

Mar 14, 2024 at 04:10 | Irina Slav

Carmakers preparing new EV models in a bid to take over the European market are worried grid and charging network constraints could challenge sales. According to a Bloomberg report, executives…

China’s Construction Squeeze Prompts Refiners to Cut Production

China’s Construction Squeeze Prompts Refiners to Cut Production

Mar 14, 2024 at 03:52 | Irina Slav

A decline in construction activity in China has pressured independent refiners to start curbing diesel production. Diesel is the primary output of the so-called teapots and times were good while…

Mexican Oil Giant Pemex Eyes Net-Zero Status by 2050

Mexican Oil Giant Pemex Eyes Net-Zero Status by 2050

Mar 14, 2024 at 02:07 | Charles Kennedy

Mexico’s state energy company Pemex is planning to reduce its emissions and turn into a net-zero company by 2050, starting with a 30% reduction over the next six years. The…

Nigeria's Oil Output Closes in on 1.5 Million Bpd

Nigeria's Oil Output Closes in on 1.5 Million Bpd

Mar 13, 2024 at 14:04 | Charles Kennedy

Nigerian oil production, beleaguered by rampant theft and sabotage, hit its highest in more than three years amid a concerted effort to crack down on targeted attacks and organized theft…

German Utility Giant Eyes Massive $46 Billion Investment

German Utility Giant Eyes Massive $46 Billion Investment

Mar 13, 2024 at 13:02 | Charles Kennedy

Europe’s giant utility operator, German E.ON, said on Wednesday it was targeting a massive $46 billion in investment in five years for a grid overhaul and expansion to accommodate renewable…

Italy’s Regulated Power Bills Seen Sharply Down Due to Low Gas Prices

Italy’s Regulated Power Bills Seen Sharply Down Due to Low Gas Prices

Mar 13, 2024 at 12:41 | Charles Kennedy

Low natural gas prices this winter season will result in significant declines in regulated electricity prices for households in Italy in the second quarter of the year, according to the…

Oil Gains Nearly 2% on US Inventory Draw, Fear of Supply Disruptions

Oil Gains Nearly 2% on US Inventory Draw, Fear of Supply Disruptions

Mar 13, 2024 at 10:53 | Tom Kool

Oil prices surged nearly 2% on Wednesday, buoyed by a drop in U.S. crude oil stockpiles and another round of Ukrainian attacks on Russian oil refineries, countering weakening prices earlier…

Kimmeridge Issues New Merger Proposal to SilverBow Resources

Kimmeridge Issues New Merger Proposal to SilverBow Resources

Mar 13, 2024 at 10:03 | Charles Kennedy

Kimmeridge Energy Management proposed on Wednesday a new offer for South Texas oil and gas producer SilverBow Resources as the energy asset manager continues to pursue a deal with…

UK and Texas Sign Trade Pact to Boost Clean Energy Solutions

UK and Texas Sign Trade Pact to Boost Clean Energy Solutions

Mar 13, 2024 at 09:10 | Charles Kennedy

The UK signed on Wednesday a trade pact with Texas, aimed at boosting investment and trade cooperation in new energy solutions, life sciences, and professional services. The so-called Statement…

Another Sanctioned Russian Tanker Set to Offload Oil Cargo in China

Another Sanctioned Russian Tanker Set to Offload Oil Cargo in China

Mar 13, 2024 at 08:30 | Tsvetana Paraskova

A Russian tanker, sanctioned by the U.S. in the middle of February, has arrived at a Chinese port to discharge Russian crude in the province home to most of China’s…

Shell Plans to Cut 20% of Jobs in Its M&A Unit

Shell Plans to Cut 20% of Jobs in Its M&A Unit

Mar 13, 2024 at 08:26 | Tsvetana Paraskova

The ongoing job cuts at Shell are extending to the team handling mergers and acquisitions for the supermajor as the oil and gas giant is looking to eliminate around 20%…

BP and ADNOC Suspend $2-Billion Israel Gas Deal as Gaza War Continues

BP and ADNOC Suspend $2-Billion Israel Gas Deal as Gaza War Continues

Mar 13, 2024 at 07:14 | Tsvetana Paraskova

BP and the Abu Dhabi National Oil Company (ADNOC) have suspended talks to buy a 50% stake in Israel’s natural gas producer NewMed, due to uncertainty in the region, the…

Another Russian Refinery Is Ablaze After Ukrainian Drone Attack

Another Russian Refinery Is Ablaze After Ukrainian Drone Attack

Mar 13, 2024 at 04:49 | Tsvetana Paraskova

A fire erupted at an oil refinery in a region southeast of Moscow following a suspected Ukrainian drone attack in the latest such incident ahead of this weekend’s presidential election…

Chinese Company Buys Rare Cargo of North Sea Oil

Chinese Company Buys Rare Cargo of North Sea Oil

Mar 13, 2024 at 02:57 | Charles Kennedy

China’s Unipec, the trading division of Sinopec, has bought a rare cargo of North Sea oil amid lukewarm local demand. Citing unnamed sources from the oil trading industry, Reuters 

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