Document shows EU is looking to geothermal energy in its drive for energy security
A draft EU document revealed that the European Union plans to promote geothermal power as it searches for ways to replace Russian natural gas and lower energy prices. According to a draft document, the 27 EU member states will endorse geothermal power for the first-time at the meeting of EU energy Ministers in Brussels, next week. They will also ask the European Commission to develop a plan that will be adopted by the entire bloc to kickstart projects.
EU Energy Ministers Discuss Ukraine Energy Crisis and Russian LNG
Officials said that EU energy ministers met on Tuesday in Luxembourg to discuss the rising Russian LNG imports into the EU, Ukraine's energy shortages before winter and how to equalize energy prices among member states. In June, the EU approved a 14th set of sanctions including a ban of transhipments of Russian Gas as of March of next year. However, it did not impose a complete ban. Belgium and the Netherlands saw a dramatic increase in imports since then.
EU Energy Ministers Discuss Ukraine Energy Crisis and Russian LNG
Officials said that EU energy ministers met on Tuesday in Luxembourg to discuss the rising Russian LNG imports and Ukraine's energy shortages before winter, as well as how to balance energy costs across member states. In June, the EU approved a 14th set of sanctions including a ban of transhipments of Russian Gas as of March of next year. However, it did not impose a complete ban. Belgium and the Netherlands saw a dramatic increase in imports since then.
Putin wants BRICS to play a greater role in the global energy dialogue
On Wednesday, President Vladimir Putin called for a greater role for the BRICS group on global energy markets. Russia is looking for ways to counter Western influences. The Energy Week International Forum will be held in Russia this week. It is also expected to host a meeting between the energy ministers of the BRICS countries. In a letter addressed to participants and guests of the forum…
Cyprus and Greece sign an agreement on the 'world's largest' subsea cable
The energy ministers of Greece and Cyprus announced on Saturday that they had signed a Memorandum of Understanding (MoU), which will allow them to proceed with the construction of a submarine electric cable connecting continental Europe to East Mediterranean. The Great Sea Interconnector cable (GSI) will connect transmission networks in Europe with Cyprus, a project that costs 1.9 billion euro ($2.12 billion), later extending to Israel.
Soaring Gas Prices Power Equinor Q2 Profits
Equinor said it will return an additional $3 billion to shareholders after reporting better-than-expected second-quarter profit on the back of soaring gas prices fuelled by the war in Ukraine. The company boosted gas supplies to Europe by 18% in the April-June period compared to a year ago, making Norway the continent's largest supplier of piped natural gas as Russia cut…
Germany Lifts Offshore Wind Capacity Target to 20 GW by 2030
The German government, coastal states, and maritime authority BSH have agreed an offshore wind industry deal raising the new expansion target to 20 gigawatts (GW) by 2030 from currently 15 GW, the economy ministry said in a statement on Tuesday. The long-awaited move, which also involved the onshore transmission grid firms 50Hertz, Amprion, and TenneT, came after energy…
OPEC+ Oil Pact Hinges on Mexico Joining
Saudi Arabia's energy minister said on Friday that a final OPEC+ oil supply pact to reduce 10 million barrels per day (bpd), which was agreed on Thursday, hinges on Mexico joining in the cuts.OPEC, Russia and other allies, a group known as OPEC+, outlined plans on Thursday to cut their oil output by more than a fifth, but said a final agreement was dependent on Mexico signing up to the pact after it balked at the production cuts it was asked to make.
OPEC+ Outlines Record Oil Production Cut; Mexico Balks
OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis.But the group, known as OPEC+, said a final agreement was dependent on Mexico signing up to the pact after it balked at the production cuts it was asked to make.
Saudi, Russia Closing in on Record Oil Cut Deal
OPEC and it allies held talks on Thursday on record oil output curbs of about 15 million barrels per day (bpd) or more, roughly 15% of global supplies, to support prices hammered by the coronavirus crisis, sources involved in the discussions said.They said the plan included cuts of about 5 million bpd from producers outside the group known as OPEC+ and could be made gradually…
North Sea Countries to Boost Offshore Wind
Energy Ministers from North Seas countries met yesterday (December 04) in Brussels and agreed their 2020 Work Program on offshore wind deployment as a means of reaching climate neutrality by 2050.The 10 North Seas Energy Cooperation countries – Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Norway, Sweden and the UK – agreed at their Ministerial meeting in Esbjerg in June 2019 to broaden the scope of their cooperation.
EU Targets 450 GW Offshore Wind by 2050
The EU Commission’s big goals for offshore wind – between 230 and 450 GW by 2050 – are achievable provided the right investments in electricity grids and Governments take the right approach to maritime spatial planning, said a report.According to the WindEurope report examines where 450 GW of offshore wind could be deployed most cost-effectively around Europe, bearing in mind there is only 20 GW today.
U.S. Ingenuity Will Solve Climate Challenge: US DOE
The United States can tackle threats to the climate through technological advances as fossil fuels will remain a priority for the U.S. government and business, the assistant secretary for fossil energy said on Tuesday.The world should look to the United States' ability to reduce its emissions, the Department of Energy's Steven Winberg said at an oil conference in South Africa…
Oil Companies Push Carbon-capture Efforts
A group of 13 major oil companies charted out a plan on Monday to promote investments in carbon capture, use and storage (CCUS), ahead of a gathering in New York.Oil chiefs grappling with growing demand for action to fight climate change have looked to invest in carbon-capture and sequestration techniques that some executives, including Occidental Petroleum Corp CEO Vicki Hollub…
Russian and Saudi Energy Ministers to Meet at G20
Russia's energy minister Alexander Novak will meet his Saudi counterpart at the G20 summit in Argentina and discuss an oil output reduction in 2019, RIA news agency cited Novak as saying on Friday.He was also reported to have said that Russia's 2019 oil output is expected at the same level as this year but could be adjusted, depending on a deal between OPEC and non-OPEC members.Producer group OPEC and its allies are meeting in Vienna next week to discuss oil pr
OPEC Sees Slower 2019 Oil Demand Growth, Warns on Economy
OPEC on Wednesday further trimmed its forecast for 2019 global oil demand growth and said the risk to the economic outlook was skewed to the downside, adding a new challenge to the group's efforts to support the market next year.In a monthly report, the Organization of the Petroleum Exporting Countries said world oil demand next year would rise by 1.41 million barrels per day (bpd)…
Brent Tilts into the Red, but U.S.-China Trade Truce Limits Losses
Brent crude oil declined on Monday, surrendering early gains, though the prospect of an easing in trade tensions between the United States and China helped to stem losses.Brent crude futures eased by 12 cents to $78.39 a barrel by 1352 GMT, having reached a session high of $79.19. U.S. crude futures were up 30 cents at $71.55."Oil prices are finely balanced in today’s trading session. Ramping up of oil production in the U.S.
Energy Leaders Gather for the IEA Ministerial Meeting
Ministers and top government officials from the International Energy Agency’s 29 member countries, seven Association countries – Brazil, China, India, Indonesia, Morocco, Singapore and Thailand – and other partners, as well as more than 30 CEOs from across the energy spectrum, met in Paris this week for the IEA’s 2017 Ministerial Meeting. Held under the chairmanship of Ibrahim Baylan…
Philippines, China to Explore for Oil & Gas Near Disputed Waters
The Philippines said on Thursday it was pursuing a long-delayed oil and gas exploration project with Chinese state-owned entity CNOOC Ltd and a Canada-listed company in an area near disputed waters in the South China Sea. Energy Secretary Alfonso Cusi said the Philippine government was also looking for a "win-win solution" with other South China Sea claimants, including China, to pave the way for oil and gas exploration within contested waters.
EU Nations Back Plan for Talks with Russia Over Pipeline
Thirteen EU nations voiced support on Monday for a proposal to empower the bloc's executive to negotiate with Russia over objections to a new Russian gas pipeline to Germany, despite opposition from Berlin. At an informal debate among EU energy ministers, Germany's partners in the 28-nation bloc spoke out against Russia's Nord Stream 2 pipeline plan to pump more gas directly from Russia's Baltic coast to Germany.
