Trump's order to stop NY wind project shocks offshore industry and threatens other projects
The Trump administration’s decision late Wednesday to halt the construction of Equinor’s Empire Wind 1 off the coasts of New York sent shockwaves throughout the offshore wind industry. It raised concerns that fully permitted developments worth billions of dollars are not secure. Donald Trump, the U.S. president, had promised during his campaign to put an end to offshore wind energy. He argued that it was too expensive and harmful for whales and birds. On his first day as president, he issued an executive ordering suspending any new leasing of such projects within federal waters.
Trump's order to stop NY wind project shocks offshore industry and threatens other projects
The Trump administration's late Wednesday decision to stop construction of Equinor’s Empire Wind 1 off the coasts of New York sent shockwaves throughout the offshore wind industry. It raised concerns that developments with full permits, representing billions of dollars in investment, aren't secure. Donald Trump, the U.S. president, had promised during his campaign to put an end to offshore wind energy. He argued that it was too expensive and harmful for whales and birds.
Wood Mackenzie reduces 5-year US Wind Energy Outlook by 40% due to Trump policies
On Tuesday, a prominent energy research company slashed their five-year forecast for new U.S. Wind Energy Projects by 40%, citing Trump Administration policies and concerns over the economy. Wood Mackenzie predicts that the United States will install 45.1 gigawatts (both onshore and off-shore) of wind power through 2029. The firm had initially forecast 75.8 GW of installations over this period. The Energy Information Administration announced last month that the U.S. electricity consumption will reach record levels in 2025 and beyond.
Eni CEO: Eni will invest 26 billion dollars in North Africa within the next four years.
Claudio Descalzi, CEO of Italian energy company Eni, said Tuesday that the group will invest approximately 24 billion euros ($26.24billion) in Algeria Libya and Egypt during the next four-year period to boost energy production. The investments will coincide with Rome's efforts to revive its economic and political relations with Africa, as part of the so-called Mattei Plan. Eni has been a major investor in the energy sector of North Africa for many years. Descalzi said…
Vingroup Vietnam plans LNG and renewable energy ventures
Vingroup, Vietnam's largest conglomerate, announced on Tuesday that it is looking to develop renewable energy sources and liquefied gas power plants. This would be the company's first ventures in the energy sector. The state-run newspaper VietnamNet reported, citing documents the company had submitted to the Government, that the company wanted to be added to a revised national power development plan. Vingroup responded to the request for comment by saying it was "interested and studying this issue" and that more information would be provided at a future date.
Mexican tycoon Slim targets two of Pemex’s key fields to gain clout within the energy sector
Sources familiar with the matter say that the Mexican state energy company Pemex has been in contact with Carlos Slim, and the billionaire could be asked to help fund two of the most promising crude oil fields and natural gas deposits in the country. These negotiations, which were not previously reported, show Slim's increasing influence in Mexico's energy sector. His business empire, which includes telecommunications and banking, retail, insurance, and hospitality, is expanding.
CERAWEEK - Venezuela's opposition drafts an energy reform to increase foreign pressure on Maduro
According to sources, the Venezuelan opposition has developed a proposal that allows international companies to participate in energy reforms. This is a bid to gain support from Big Oil, and President Donald Trump’s administration. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron to work in Venezuela citing President Nicolas Maduro’s lack of electoral Reforms. The opposition leaders took advantage of the situation to increase pressure on Maduro.
Venezuela's opposition drafts an energy reform in order to increase foreign pressure on Maduro
According to sources, and according to a summary seen by the. Opposition leaders see the re-election Donald Trump as a chance to increase pressure on President Nicolas Maduro. This month, Trump's administration canceled an important license for U.S. Oil Major Chevron in Venezuela, citing the lack of electoral reforms by President Nicolas Maduro. The reform of Venezuela's hydrocarbon laws may appeal to oil companies from around the world, including those based in the United States.
Ministers and executives say that if sanctions are eased, Europe will avoid Russian energy.
Ministers and executives at a Houston conference said that European buyers will not return to Russia's Energy Sector if the sanctions are lifted. The bloc has diversified its power mix by using renewable energy and alternative suppliers of gas. According to a joint U.S. and Ukrainian statement released on Tuesday, Ukraine agreed to accept the U.S. proposal of an immediate 30-day truce in order to restore a lasting peace following Russia's invasion. Last week, it was reported that the U.S.
VinFast to install EV charger stations throughout Indonesia, Minister says
After President Prabowo met with company representatives on Tuesday, Indonesia's Investment Minister said that Vietnamese electric car maker VinFast plans to install up to 100,000 charging stations throughout the country. VinFast, a factory located in West Java Province and with a capacity of 50,000 vehicles per year, will begin operations next year. Last year, the company broke ground for a $200 million EV Assembly Plant. VinFast didn't immediately respond to our request for comment. After meeting Prabowo, company executives refused to speak with the media.
Republicans protect green tax credits through budget bill
According to a Monday letter, a group of Republican legislators urged the House Committee drafting the proposed tax cuts for President Donald Trump in the upcoming Budget Reconciliation Bill to preserve the clean energy tax credit enacted by the Biden Administration to protect private sector investment in their districts. The letter, led by New York Republican congressman Andrew Garbarino called on Ways and Means chairman Jason Smith to avoid making "disruptive" changes…
South Korea and the US form a working group to discuss Alaska LNG project tariffs
Ahn Duk Geun, South Korea’s Minister of Industry, announced on Tuesday that the United States and South Korea have agreed to form a group at a working level to discuss issues such as a pipeline project for gas in Alaska, energy and shipbuilding, tariffs, and non-tariff obstacles. Ahn, a reporter in Sejong, said that the United States had asked South Korea and others if they were interested in taking part in an Alaskan LNG Project. He said that both sides would discuss possible cooperation in the energy sector.
Colombia's first auction of offshore wind energy attracts global interest
The National Hydrocarbons Agency of Colombia (ANH), a South American agency, announced on Thursday that companies from all over the world had proposed developing 69 offshore areas for the country's first offshore energy auction. The auction represents a major step towards President Gustavo Petro’s goal to diversify the energy sector, and reduce dependence on coal and oil. Companies from Belgium, Britain and Spain as well as Colombian firms like Ecopetrol are among the companies that have expressed an interest in participating in this auction.
France's Technip proposes 49% dividend hike after Q4 revenue beat
Technip Energies, a French infrastructure and technology firm, proposed an increase in dividends of 49% on Thursday after it announced that its fourth-quarter revenue was ahead of the market's expectations. Technip's shareholder meeting on May 6 will recommend that a cash dividend be paid of 0.85 euro per share in 2024, up from 0.57 euro per share last year. According to an internal consensus, the group, which specializes in engineering and technologies for the energy sector…
US oil licenses and authorizations for Venezuela
Since the United States first imposed sanctions against Venezuela's energy industry in 2019, it has granted licenses to certain oil companies, allowing them to export Venezuela's oil into specific destinations. Washington imposed sanctions after international observers reported irregularities at elections which have kept Nicolas Maduro on the throne repeatedly. Donald Trump, the U.S. president, announced on Wednesday that he would revoke a license for a U.S. oil producer Chevron Corp. He accused Maduro of not making progress in electoral reforms or migrant return.
World Bank and other lenders criticise Pakistan’s energy negotiations
A group of eight development financing institutions warned that Pakistan's unilateral renegotiation will damage investor confidence in the clean energy sector and harm its long-term prospects. Last year, Pakistan announced that it would renegotiate contracts with independent energy producers in order to reduce "unsustainable" electric tariffs. In a letter, the International Finance Corporation of the World Bank, the Asian Development Bank (ADB), the Islamic Development…
BP changes course by increasing fossil fuel investments while cutting back on renewable energy
BP announced on Wednesday that it would increase its annual oil and natural gas investment by $10 billion. This will return the focus to fossil-fuels as part of Murray Auchincloss’ efforts to improve financial performance and boost returns. The oil giant has slashed its planned annual investment into transition businesses by over $5 billion compared to the previous forecast. It now expects to invest between $1.5 and $2 billion annually. "We will increase upstream production and investment to enable us to continue producing high-margin energy for many years.
Overnight, Russian drones attack Ukraine's Kyiv Region and energy sector
Authorities said that Russia launched an overnight drone attack on Ukraine, which targeted primarily the Kyiv area and energy facilities to the east. In recent weeks, Russia increased drone attacks with every attack on Ukraine. On Sunday, the number of drones reached a record of 267 for three years of war. The air force reported that Ukraine's air defences destroyed 110 of the 177 drones fired by Russia during the overnight attack. The statement made reference to Ukraine using electronic warfare to redirect Russian Drones.
Shell anticipates a 60% increase in global LNG demand between 2040 and 2040, with Asia leading the growth.
Shell's annual report said that the global demand for liquefied gas will increase by 60% by 2040. This is mainly due to economic growth in Asia and AI, as well as efforts to reduce emissions in heavy industry and transportation. As the world moves to cleaner fuels, demand for natural gas is increasing. Shell's 2025 LNG annual outlook forecasted that the industry will demand between 630 and 718 millions metric tons of LNG per year by 2040. The most recent forecast from the world's biggest LNG trader shows a higher global LNG demand than last year…
BP abandons renewables targets and returns focus to fossil fuels
BP's CEO will abandon a goal to double renewable energy generation by 2030 and return the focus to fossil energies as part of a new strategy announced on Wednesday in response to investor concerns about earnings. BP shares have been underperforming their rivals over the past few years, and it has already abandoned its goal to reduce oil and gas production by 2030. Two sources familiar with the situation said that on Wednesday, at BP's capital markets day, Murray Auchincloss…
