Sunshine Oilsands operations halted by Canadian regulator
Sunshine Oilsands has been ordered by a Canadian regulator to suspend all operations in the oil sands area of northern Alberta, including its wells, pipelines and facilities, due to a continuous failure to comply with environmental and safety regulations. The Alberta Energy Regulator's (AER) order of Nov. 14, also required Sunshine Oilsands to post a C$6,091,318 (4.36 million dollars) security deposit in order to offset the estimated costs of abandoning or recovering a well or an facility.
Industry says that the US dependence on Canadian oil should discourage Trump tariffs
Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian oil industry players saw Trump's victory as a positive, which would encourage energy investment in North America. It could also boost the value of U.S. dollar that Canadian producers get for their crude. Some however, said that any increase in U.S.
Oil drops as US storm threat subsides, China's stimulus disappoints
The oil prices continued to fall on Monday, as investors disappointed by China's stimulus program and the threat of disruptions in supply from a storm in the United States. Oil prices continued to fall on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. Brent crude futures fell 31 cents or 0.4% to $73.56 a bar by 0340 GMT, while U.S. West Texas intermediate crude futures were down 38 cents or 0.5% at $70 a bar.
AG&P LNG acquires Australia's Venice Energy and develops South Australian import terminal
The Singapore-based Atlantic, Gulf and Pacific LNG (AG&P LNG) has agreed to acquire the Australian energy infrastructure developer Venice Energy and build its Outer Harbor Import Terminal in South Australia. AG&P LNG aims to have the LNG import terminal at Port Adelaide operational by the first quarter 2027. This was stated in a Thursday statement. The terminal will have an annual import capacity of two million metric tonnes. It will be constructed by converting a LNG carrier with a volume of 145…
Singapore is ready to grant licenses of 30 years for the importation of low-carbon energy
Singapore will grant import licenses for 30 years to companies that invest billions in low-carbon energy projects. The head of Singapore's energy regulator announced this on Wednesday. This is a measure to help the firms recover their initial investment. The city-state has set a goal to import 6 gigawatts of low-carbon energy by 2035. It has given conditional approvals to 10 projects in Australia. At the Singapore International Energy Week…
Singapore approves the import of solar power from Australia via an undersea cable
SunCable, the project's owner, announced on Tuesday that Singapore's energy regulator has given conditional approval to a multi-billion-dollar project to pipe solar electricity 2,672 miles (2,300 km) from Australia to Singapore. The Energy Market Authority of Singapore granted conditional approval to SunCable after a thorough process to determine the project's technical and commercial viability. SunCable, owned by Atlassian billionaire Mike CannonBrookes and based in Northern Australia…
Canada regulator suspends Imperial's application to extend Norman Wells oil permits
The Canada Energy Regulator announced on Tuesday that Imperial Oil has put its application to extend life of the remote Norman Wells oil-and-gas facility in Canada's Northwest Territories on hold until a report on environmental assessment is completed. The Norman Wells site is located on nine islands, both natural and artificial in the Mackenzie River (Canada's longest river) and near the town of Norman Wells. Imperial, owned by Exxon Mobil Corp., requested last year that its Norman Wells Operating Permit, due to expire Dec.
Britain sets up funding model for renewable Energy Storage Projects
The UK will guarantee a minimum income for developers of renewable energy projects such as pumped-hydro to encourage investment in technologies which help Britain meet its climate goals. Britain aims to decarbonise the power sector by 2030. This will require an increase in renewable energies, like wind and solar energy, as well projects that can store energy in the event of a lack of wind or sunlight. Michael Shanks, Energy Minister…
French and Benelux stocks: Factors to watch
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. The Dutch government announced that it has completed the sale of a part of its ABN AMRO shareholdings. Issued 500 million euros ten-year maturity bond. The company said it would upgrade the APM system at Las Vegas Harry Reid Airport. Offer of 600 million euros in senior notes at 4.750% due 2029. The French energy…
UK's Drax will pay $33 million after misreporting biomass data
Ofgem, the UK's energy regulator, said that Drax had misreported data regarding biomass imported from Canada. The company will pay Ofgem a voluntary redress fund of 33 million pounds (25 million pounds) for this mistake. Drax is Britain's leading renewable energy generator. It has converted four coal-power plants to biomass, and operates hydropower projects. The investigation found that Drax had inadequate data governance controls over biomass imported from Canada between April 1…
China will continue to implement low-carbon reforms according to the energy regulator
The energy regulator in China said that China would continue to phase out fossil fuels, and reform its electricity system. It issued a paper on Thursday listing achievements, but lacking new plans for China’s energy transition. Zhang Jianhua, the head of China's National Energy Administration, said that China will continue to reform its electric system, expand the market for spot electricity, promote green electricity trade and replace fossil fuels by renewable energy. He also called on market-oriented reforms.
Rolling the Dice in Chaos: The Prospects of Investment in the Gas Industry
As stated in the Declaration of Malabo at the 5th Summit of Heads of State and Government of the GECF Member Countries, in order to sustain the security of demand and supply of natural gas, it is necessary to ensure sufficient investments through the entire gas value chain among all gas market stakeholders [1].Since the start of 2020, every aspect of the global economy, including investment projects in natural gas industry, have been strongly hit by the outbreak of the Covid-19 pandemic.
Russian Pipe-laying Vessel Moors at Nord Stream 2 Hub in Germany
A Russian pipe-laying vessel Academic Cherskiy which Moscow can use to finish laying pipes for the Nord Stream 2 gas project, has moored near the German logistics hub in Mukran, Refinitiv Eikon tracking data showed on Monday.Led by the state gas company Gazprom, Nord Stream 2 had to suspend pipelaying works late last year, hit by fresh U.S. sanctions. The project is aimed at doubling existing undersea flows to Germany to 110 billion cubic meters per year.Cherskiy…
Alberta regulator fines Imperial Oil over tailings leak
Alberta Energy Regulator announced on Thursday that it had imposed a C$50,000 administrative penalty ($36,764.71) against Imperial Oil for a toxic tailings spill at Kearl Oil Sands Mine. The leak lasted months. The AER also requested that the Canadian energy company submit two reports in order to increase awareness of the leaks. One report will focus on monitoring and mitigating seepage, and the second on the possible impacts of the release industrial wastewater.
China releases guidelines on green energy trading
A notice posted on the website of China's state planner said that China had issued guidelines on medium- and long term green power trading. The notice called for a market based approach. According to a notice jointly released by the National Development and Reform Commission and the National Energy Administration, the rule outlines a pricing mechanism whereby the green power price will be determined based on the electricity price plus a green certificate price.
Oil Prices Extend Gains on Demand Hopes as Lockdowns ease
Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures.West Texas Intermediate (WTI) crude futures were 7.75%, or $1.58, higher at $21.97 per barrel by 0820 GMT. The U.S. benchmark has closed higher for the last four sessions.Brent crude futures were up 5.5%, or $1.49, at $28.69.Italy, Spain, Nigeria, and India, together with Ohio and other U.S.
China releases guidelines on green energy trading
A notice posted on the website of China's state planner said that China had issued guidelines on medium- and long term green power trading. The notice called for a market based approach. According to the joint notice issued by National Development and Reform Commission and National Energy Administration, the rule lays down a pricing mechanism whereby the green power price will be determined based on the electricity price plus price of the green certificates.
UK energy prices rise 10% due to extreme weather and geopolitics
The British energy regulator Ofgem raised the price cap for household energy bills on Friday by 10%, from October 1, to a level of 2,250.64 pounds per year. This increase was blamed on extreme weather conditions and conflicts like the war in Ukraine. Brearley stated that the increase in price cap will be difficult for many families. The 10% increase for a dual-fuel household on Friday was slightly higher than analysts' expectations.
South African private energy producers seek fair deal on output curbs
Industry executives claim that South African private energy producers want compensation for revenue lost due to Eskom's request to limit the electricity supplied to the national grid. Eskom has sent a proposal to South Africa's energy regulator for the introduction of a compensation mechanism to compensate Independent Power Producers (IPPs), who have lost revenue due to curtailment rates up to 10%. Eskom has been asked to curtail power due to a lack of high-voltage power lines and pylons…
Australia approves $13.5 billion project to export solar energy to Singapore
Australia announced on Wednesday that it has given the green light to a A$20 Billion ($13.5 Billion) solar project. The project will ship energy from the giant solar farm located in the north of the country to Singapore via a 4,300 km undersea cable. Tanya Plibersek, Environment Minister, said SunCable’s Australia-Asia Power Link Project would help meet the growing demand for renewable energies at home and abroad. SunCable says that a final investment decision will be made in 2027, and electricity will begin to flow in the early 30s.
