Junior minister: Austria looks to renewables and African gas to reduce US LNG dependency
PARIS, February 18 - Austria wants to increase renewable energy and import more?gas from Africa in order to avoid becoming too dependent on U.S. Liquefied Natural?Gas? as Europe changes its energy supply. As a result of Moscow's invasion of Ukraine in 2022, European countries struggle to maintain affordable electricity prices. Donald Trump, the U.S.
Junior minister: Austria looks to renewables and African gas to reduce US LNG dependency
PARIS, February 18 - Austria is looking to increase renewable energy and gas imports from Africa in order to avoid becoming too dependent on U.S. Liquefied Natural Gas as Europe reshapes its 'energy supply. As a result of Moscow's invasion of Ukraine in 2022, European countries struggle to maintain affordable electricity prices. Donald Trump, the U.S.
German spot prices are affected by the sharp increase in wind power supply
On Wednesday, the German baseload contract fell on a forecast for a sharp increase in wind energy supply. The French contract rose on a slight rise in demand. LSEG data shows that the German baseload day-ahead power contract dropped 17.6% at 0850 GMT to 91.50 Euros ($108.29 per megawatt hour). The French equivalent contract increased 0.6% to 41 Euro/MWh.
Hungary, Slovakia Turn to Croatia to Secure Russian Oil
Hungary and Slovakia have asked Croatia to help them secure Russian oil and Hungarian company MOL initiated the release of strategic crude reserves after disruption to flows via Ukraine that the two countries have blamed on Kyiv.Kyiv's foreign ministry last week said a Russian attack on a Ukrainian pipeline was…
Rosneft Oil Refinery Warns of US Sanctions
Management at a Russian-owned oil refinery in Germany have privately warned Berlin that U.S. sanctions are hurting its business and threatening fuel supply for the country's capital and the region, according to correspondence seen by Reuters.In a January letter, management of the PCK Schwedt refinery, controlled by Rosneft…
Germany's Uniper stresses diversification and downplays the increasing reliance on US Liquefied Natural Gas
DOHA, February 4 - The top executive of a German utility Uniper played down European concerns about the growing dependence on liquefied gas from?the United States while he emphasized the need for diversification in supply sources. The pursuit by President Donald Trump of "energy dominance", has increased European concerns over the heavy reliance on U.S. LNG.
French spots are affected by the warmer temperatures and increasing wind supply
The French spot electricity price for Thursday dropped as the wind energy supply was expected to increase and demand to drop due to warmer weather. By 0942 GMT, the French 'day-ahead' baseload had fallen 12% to 77 euros ($91.01). LSEG data show that the German day-ahead basisload was not traded with a bid of 105.50 euro/MWh.
German wind energy supply expected to plummet Wednesday
The French baseload contract fell on Tuesday due to the anticipated return of two reactors. However, the German contract is expected to increase because there will be a decrease in wind power. LSEG data shows that the French day-ahead power?contract fell 2.3% to 87 euros ($102.61 per megawatt hour) at 1002 GMT. The German contract was not traded.
Malaysia's Petronas wants to increase its exploration and production over the next three months
Petronas, Malaysia's state-owned energy company, said it would increase exploration and production over the next three year to improve domestic energy security. Petronas stated that it will maintain its domestic production?at??close to?two million barrels of equivalent oil per day? between 2026-2028. It will also continue to invest in exploration…
The French spot price drops due to a slight increase in wind
The French spot electricity price for Thursday dropped as the wind energy supply is expected?to rise from Wednesday's low level. By 0936 GMT, the French baseload for day-ahead fell by 5.7% to 119.75 Euros ($143.45). On Wednesday, the German baseload?day-ahead was untraded at 137.75 Euros/MWh. This is up from 134.20 euros on Tuesday.
Canada wants to increase energy trade with India says energy minister
Canada's Energy Minister Tim Hodgson stated on Tuesday that the country is considering boosting its energy?exports in India to diversify its client base and reduce its dependence?on??supply from the United States. Hodgson said at the Indian Energy Week that exporting 98% to the United States is a "strategic? blunder" and saw an opportunity for India to work with him.
Draft shows that Europe is committed to expanding wind energy despite Trump's criticism
A draft declaration that is due to be signed by the leaders of European governments, including Germany, Britain, and Denmark, showed they will continue to expand their wind power projects despite Donald Trump's escalating criticism. Trump has openly criticized the European countries' efforts at switching to low-carbon energies. He said that wind turbines are "losers".
French spot drops as expected wind and nuclear output increases
French spot electricity rates for Thursday dropped as the wind energy supply in France is expected to increase amid lower demand forecasts. One nuclear reactor will also be expected to re-start. By 0927 GMT, the French baseload for the day ahead fell by 15.6% and was 91?euros (106.02 dollars) per megawatt-hour (MWh).
What is the current status of international oil firms in Venezuela following Maduro’s capture?
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro. Former President Hugo Chavez expropriated?assets?from foreign oil companies in the 2000s. This…
Explainer: Status of Foreign Oil Companies in Venezuela After Maduro’s Arrest
Here are some key facts about the international oil companies operating in Venezuela. The country, which has the largest oil reserves in the world, is now in crisis following the capture of the President Nicolas Maduro.Hugo Chavez, the former president, expropriated foreign oil companies' assets in the 2000s. This strengthened the state-owned PDVSA?control over Venezuela's oilfields.
US forces oil majors to invest heavily in Venezuela to recover their debts
Two people who were familiar with this outreach report that White House and State Department officials told U.S. Oil executives, in recent weeks, they needed to return to Venezuela and invest significant capital to revive the damaged industry in order to receive compensation for assets expropriated two decades ago by Venezuela.
Equinor challenges US Order to Suspend Empire Wind Project
Norwegian energy group Equinor announced on Friday that it had filed a civil lawsuit in the U.S. district?court for the District of?Columbia?challenging a U.S. Department of the Interior's order to suspend the Empire Wind project. Equinor added: "As part in that case, Empire will seek a preliminary order and allow…
UK-based Harbour Energy is named as the operator of Mexico's Zama Oilfield
Harbour Energy, a British company focusing on the North Sea, announced Wednesday that it had been named the operator of the Zama oil field in Mexico after Pemex and its project partners, GrupoCarso, Talos Energy, agreed to this appointment. The announcement comes just days after Harbour signed a $3.2 Billion deal with?LLOG…
US permits oil sales from Russia’s Sakhalin-2 Project through June 18,
The U.S. extended a waiver on Wednesday that allows oil sales from Russia's Sakhalin-2 Project through June 18, next year. This is a move that will likely allow production of liquefied gas to continue. The general license issued by the U.S. Treasury Department is crucial for U.S. allies Japan who gets around 9% of their LNG from Russia.
Australia announces rescue bid for Rio Tinto Tomago Aluminium Smelter
The Prime Minister Anthony Albanese, announced on Friday that a "rescue" effort would be launched to keep Australia's biggest aluminium smelter open, the struggling Tomago plant majority owned by Rio Tinto after its current energy contract expires 2028. The announcement comes after the company had warned in October of a possible closure for Tomago Aluminium.