Peru's No. Adolfo Heeren is named new CEO of Antamina, Peru's No.
Antamina is the second largest copper mine in Peru. It announced on Thursday that Adolfo Héren was appointed as its new CEO and General Manager. Heeren will take over the role of CEO for Anglo American Peru on February 1, 2025. Victor Gobitz Colchado is leaving his position due to personal reasons. Heeren, who is controlled by Glencore BHP Teck and Mitsubishi, will oversee the optimization process of Antamina's mine, as well as projects aimed at solving operational challenges.
Indonesia will increase crude palm oil export tax to 10%
Indonesia's chief economic minister announced on Thursday that it will increase the export levy on crude palm oil (CPO), from 7.5% to 10%, to fund higher biodiesel subsidy. Airlangga Hartarto stated that the levy would be implemented as soon as the Finance Ministry has issued its relevant regulation. Indonesia, which is the largest palm oil producer in the world, collects levies for its mandatory biodiesel program, where the bio-content, or B40, will increase to 40% from the current 35% starting January 1. Subsidies will increase with a higher blend.
Romania allocates 1.5 GW of renewable energy projects
The Energy Ministry announced in a Monday statement that Romania had allocated 1.5 gigawatts of renewable energy project funding through an EU-funded contract for difference scheme. The long-awaited low carbon energy support scheme fixes the price of electricity to providers at a level agreed for 15 years. The Ministry selected 10 projects for onshore wind worth 1.09 GW and 11 projects with a total capacity of 432 MW. The energy ministry stated that the projects would have an average weighted cost of 51 euros for solar projects and of 65 euros for wind projects.
Data shows that Tengiz oilfield's output in December was 20% lower than planned.
Estimates based on data from the Kazakh energy ministry and analysis service SAC TEK show that output from Kazakhstan's largest oil field Tengiz operated by U.S. giant Chevron was 20% below its planned plan in December. This helped Kazakhstan meet its OPEC+ production target. Tengiz had been expected to return to full oil production early in December after a maintenance program that began late in October. Kazakhstan, which depends on Tengiz, the Karachaganak, and Kashagan for most of its oil production, has to meet output targets because it is a member of OPEC+.
India will mandate the use of solar cells made locally in all clean energy projects by June 2026
From June 2026, Indian clean energy companies will have to use solar photovoltaic modules made from local cells by a list of approved companies. This is a measure to reduce imports from China, the top supplier. India has already required the use of solar cells made in India for government projects. The government intends to increase the non-fossil energy capacity of its country to 500 GW from 156 GW currently. India currently has a capacity to produce solar PV modules of around 80 gigawatts, while its capacity to manufacture cells is slightly over 7 GW.
Greece announces new round of subsidies on household electricity bills
Greece announced on Friday a new round in subsidizing electricity bills to assist households struggling with the rising costs of electricity in December. Greece spent almost 10 billion euros ($10.58billion) on power bill subsidies to households and businesses between 2021 and 23. This is the largest amount of subsidies that an EU country had ever paid as a percentage of its GDP. In November, wholesale power prices in Europe reached their highest level in more than a year. Greece's economy…
Jordan Signs Deal to Use Egyptian FSRU Until 2026, Ministry Says
Jordan's Energy Ministry announced on Monday that Egypt and Jordan had signed an agreement allowing Jordan to use a floating storage and regasification Unit (FSRU) from Egypt until 2026. The FSRU is helping Jordan to secure liquefied gas supplies for emergencies before the completion of Aqaba LNG Import Terminal scheduled for the fourth quarter 2026. Jordan will receive around 350 millions cubic feet of FSRU per day. This would be 50% of the LNG capability of a single FSRU or 25% if additional capacity is added.
Austrian legal expert believes OMV can end gas contracts with Gazprom
Austrian energy company OMV can legally cancel a contract with Russia's Gazprom that lasts until 2040, according to an Austrian lawyer who was given access the contracts on Wednesday. OMV had been one of the last European buyers of Russian gas after Russia invaded Ukraine on a full scale in 2022. But, on Nov. 16, Gazprom stopped supplies to OMV due to a contract dispute. In a radio interview with ORF, Andreas Kletecka, a law professor, said that if a supplier is "in default, given a grace-period and fails to deliver", the contract could be terminated.
Moldova and Russia hold talks about Transdniestria Gas Supply amid Ukraine Transit Uncertainty
Moldova reported that the energy minister of Moldova met with the head Russian gas giant Gazprom to discuss alternative routes for supplying Russian gas to Transdniestria, Moldova's breakaway region. If transit through Ukraine is stopped, Moldova will look at other options. Ukraine has stated that it will not prolong the gas transit agreement. Transdniestria, a region backed by Russia, relies heavily on Russian gas delivered via Ukraine. After the St Petersburg talks, the Moldovan energy ministry released a statement saying that the two men (energy minister Victor Parlicov…
Germany pushes 17-billion-euro gas power plan despite election uncertainty
According to sources in the government, Germany's Economy Minister pushed forward on Friday legislation that would provide billions of Euros to build gas-powered plants. However, the chances of this plan being approved by the parliament were slim. Robert Habeck, who was previously the head of the Economy and Energy Ministry, has been given a caretaker position ahead of the snap elections scheduled for February after the collapse of a governing coalition. Sources said that he sent…
Oil Steadies as Sverdrup Restart eases Geopolitical Jitters
Oil prices traded steady on Tuesday as Norway's Johan Sverdrup oilfield restarted production and there were reports of Iran offering to cap its uranium stockpile, factors that offset investor concerns about escalation of the Russia-Ukraine war.Brent crude futures LCOc1 fell 0.1%, or 7 cents, to $73.23 per barrel by 1:30 p.m. EST (1830 GMT). U.S. West Texas Intermediate crude futures CLc1 gained 0.1%, or 5 cents, to $69.21 per barrel.Equinor resumed partial production from the Johan Sverdrup field in the North Sea…
The Colombian Ministry of Energy says nine companies are interested in the offshore wind project
The Colombian energy ministry announced on Tuesday that seven foreign companies and two local ones had expressed interest in a project to build offshore wind farms and expected to receive formal bids by the first half of 2025. According to the ministry, these companies include Colombian state oil company Ecopetrol, power firm Celsia and Spain's BlueFloat Energy. They also include Denmark's Copenhagen Infrastructure Partners and DEME from Belgium, China's PowerChina, China Three Gorges, and Britain's Dyna Energy.
Turkey plans to quadruple its wind and solar power capacity by 2035
Alparslan Bayraktar, the Energy Minister of Turkey, said that $108 billion in public and private investments will be needed to quadruple Turkey's wind and solar power generation capacity to 120,000MW by 2035.Bayraktar, speaking at a conference to announce Turkey's roadmap on renewable energy resources, said that the first tender conditions for this year's renewable energy resource area will be announced next Monday.Bayraktar stated that the energy ministry is working to change…
Norway court rejects environmental order against oil and gas field
The Norwegian Court of Appeal ruled on Monday in favor of the Government in an appeal brought by environmentalists who wanted to stop the development of three gas and oil fields. Greenpeace, among others, sued the Norwegian Government to stop the development of new oil and natural gas resources. This is the latest dispute related to climate change. In January, a lower court found that Norway's Energy Ministry failed to assess fully the climate impact of future oil and gas use in the fields, also known as scope three emissions.
Sources say that a top Kazakh oilfield has reached a record production amid tensions between OPEC+ and the country.
Sources say that Tengiz, Kazakhstan's largest oil field, operated by U.S. giant Chevron, increased output to a new record in October. This could complicate the future efforts of Kazakhstan to meet its OPEC+ quota. OPEC+ named Kazakhstan, Iraq, and Russia among the top 10 oil producers in the world as having repeatedly failed to meet its commitments to reduce oil production for this year. Two industry sources said that Tengiz increased its daily production from 687,000 to 699,000 BPD in early October. The output had risen by 30% since August, after maintenance was completed.
Naftogaz CEO: Ukraine produces 53 mcm gas per day
The CEO of Naftogaz said that Ukraine produces 53 million cubic meters of natural gas per day, including 43-44 Mcm produced by the state energy group. Oleksiy Cernyshov said Naftogaz had prepared for different scenarios in advance of the winter months, and that it ensured appropriate quantities of gas were stored. According to him, Ukraine currently has less than 13 billion cu m of natural gas in underground storage. He added that non-resident investors have about 0.5 bcm in underground storage.
Equinor, Aker BP, Vaar face rising project costs, Norway budget shows
The Norwegian government announced on Monday that Aker BP, Equinor and Vaar Energi had raised their estimates of costs for major oil and natural gas development projects in the Norwegian continental shelf. The government's fiscal budget documents revealed that the cost of Equinor Johan Castberg is expected to rise from 80.3 billion crowns, which was estimated a year ago. Aker BP’s Yggdrasil will likely cost 134.4 billion crowns compared to 120.2 billion crowns a year ago, and Vaar’s Balder Future is expected at 52.2 billion crowns compared to 44.5 billion crowns.
Russia aims to increase coal exports to India
Alexander Novak, Russian deputy prime minister, said that Russia was interested in increasing its coal exports to India in order to meet the growing demand for fuel in Asia. China is still the largest buyer of Russian coal, but Moscow says India could overtake China by the beginning of the next decade due to Beijing's plans for reducing coal use in power generation. India is increasingly relying on coal for its record-breaking power demand. The increase in coal-fired electricity output this year has outpaced renewable energy growth since at least 2019.
Turkish Ship to Start Oil Search Off Somalia This Month
Turkey's Energy Ministry announced on Thursday that a Turkish seismic research ship plans to arrive at the end October off the coasts of Somalia and begin searching for natural gas and oil after the two countries agreed on cooperation in energy. The agreement of March envisaged oil production and exploration, and Turkish Petroleum was granted licenses to operate in three areas within the Somali Seas. The ship Oruc Reis is exploring areas that cover? The ship Oruc Reis will explore areas covering?
Official from the Energy Ministry says Indonesia targets 5GW of wind energy by 2030.
Indonesia plans to increase its wind power capacity from the current 0.5 gigawatts to 5 gigawatts by 2030, according a Friday statement made by an official of the energy ministry. This is a 10-fold improvement over their previous plan. This is also 30 times the current installed wind power capacity in Indonesia, which is only 152.3 megawatts. The Indonesian state-owned utility company Perusahaan Listrik Negara has been revising its decade-long plan for power supply, known as RUPTL, in order to meet the more ambitious targets of the government on renewable energy.
