World Energy News

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.

German Protest on Monday is boosted by lower wind output

German power prices will likely rise on Monday due to a decline in wind power production, which is offset by a small drop in demand. LSEG data shows that the German and French baseload power contracts for Monday were not traded by 0909 GMT Friday. LSEG data shows that German wind power production is expected to drop by 3.7 gigawatts on Monday to 24.9 GW.

Japan: Energy security is important when it comes to energy from abroad, including Sakhalin-1.

Japan's Industry Ministry said on Thursday that securing energy from abroad, including the Sakhalin Project is very important for Japan's security of energy. This was in response to a question about U.S. Sanctions on a major shareholder in the Sakhalin-1 Project. Washington sanctioned Russian oil companies Rosneft…

Energy operator warns of emerging risks to UK gas supply as demand declines slowly

The energy operator in Britain warned on Wednesday of possible shortages during the coldest months. In its first assessment of gas supply security since being established last January, the National Energy System Operator stated that while overall demand for gas will decrease as Britain decarbonises it will be slower at peak times.

Russia's Lukoil talks to potential foreign buyers about its assets

Lukoil, Russia's second largest oil producer, said it was in talks on Friday with potential buyers for its foreign assets after sanctions were imposed by the UK and US last month and a deal made with Gunvor Trading House collapsed. The specific deal would be announced once the final agreements had been reached and all regulatory approvals obtained.

French and German electricity prices will be affected by the diverging wind trends on Monday

French and German power rates are expected to diverge on Monday. Higher wind generation is expected to pressure German spot prices, while higher demand combined with lower wind supplies should lift French day-ahead contract prices. LSEG data shows that the German and French baseload power contracts for Mondays were not traded by 8:56 GMT Friday.

Rio Tinto signs a 15-year renewable energy deal with U.S. based TerraGen

Rio Tinto announced on Friday that its Kennecott operation, located in Utah, U.S.A., had signed a virtual power purchase agreement for 15 years with TerraGen, to source renewable energy in Texas from a newly built wind farm. The deal will see Rio Tinto purchase 78.5 megawatts of electricity from TerraGen’s Monte Cristo I Windpower Project, which started commercial operations last week.

AGL sells most of its Tilt stakes to QIC Future Fund for $487 Million

AGL Energy, Australia has agreed to sell 19,9% of its 20% stake to Tilt Renewables' clean energy developer for A$750m ($487.35m) to vehicles led Queensland Investment Corp and Australia's sovereign Future Fund. The goal is to free up capital that can be invested in fast-starting energy projects and batteries, which will support the grid if renewable production drops.

French spot prices drop on increased wind and nuclear energy supply

The spot price of electricity in France for Tuesday dropped due to an increase in the supply of wind energy and increased nuclear availability. LSEG data shows that the French day-ahead contract at 1040 GMT was 27.50 euros per megawatt at 32.07 dollars, a 40.5% decrease from the price paid on Monday. Data showed that the German equivalent is not traded.

German Wind seen increasing on Monday as Demand Falls

On Monday, Germany will have a strong wind supply and lower electricity demand. In France, the demand is also predicted to fall at a rate slightly greater than that of wind output. LSEG data showed that the German and French baseload power contracts for Monday were not traded by 0921 GMT Friday. Data compiled by…

German spot prices fall on strong wind supply

German spot prices for Friday were lower than the French equivalent price, as wind production is expected to increase and demand is seen declining. LSEG analyst Naser Hazemi stated that Germany's wind power production is increasing, and the solar industry has also increased. Lower demand, coupled with a higher supply, will reduce residual load.

EUROPE GAS-European Gas Prices Little Changed on Higher Wind and Colder Weather

The Dutch and British gas price ranges were mostly unchanged on Wednesday morning. Strong winds will offset the colder weather that is expected in the next few days, but early November should be milder, limiting demand for heating. LSEG data shows that the benchmark Dutch front-month contract was 32.10 euros per Megawatt Hour (MWh) or $10.91/mmBtu at 0823 GMT.

Increased wind production will weigh on Monday's spot prices

The strong increase in regional wind energy supply will likely bring down spot prices on Monday. The German and French baseload power contracts for Monday had not begun trading at 0824 GMT Friday after closing respectively at 108 and 90 euro per megawatt-hour on Thursday, LSEG's data showed. LSEG analyst Xiulan he said that the German residual load was expected to decrease by 16…

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