TotalEnergies executive: Trump unlikely to undo Biden’s IRA climate law
TotalEnergies, a French oil company, does not believe Donald Trump will pull the U.S. from the Paris Agreement to combat climate change and undo the Inflation Reduction Act legislation if he becomes president of the United States again. This was stated by the strategy director on Monday. Aurelien Hamelle said this while presenting Total’s energy outlook, which forecasts global demand scenarios up to 2050.
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available…
Australia should be leading the energy transition. But is it missing out? Russell
Australia's abundance of minerals and renewable energy, stability of government, and proximity to Asia's growing markets makes it a country that is well-positioned to benefit from the energy transition. The mood was a bit downbeat this week at the International Mining and Resources Conference in Sydney, which brought together the entire mining and resource sector. Speaker after speaker highlighted the opportunities available…
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…
BP's third quarter profits slump to $2.3 bln due to a decline in oil demand
BP reported higher than expected third quarter profits, $2.3 billion. This is their lowest profit in nearly four years. The drop in refinery profits and the weakening of oil trading were to blame. The drop of 30% in profits compared to a year ago is due to a slowdown on the global economy and in oil demand in particular in China. This puts pressure on CEO Murray Auchincloss, who has…
Cepsa will delay $3.3 billion in hydrogen projects if Spain's Windfall Tax is made permanent
Cepsa, Spain's second largest oil company, said it would postpone investments of 3 billion euros in green hydrogen in the south of the country if a temporary tax on windfall profits becomes permanent. The windfall tax in Spain has been criticized by many companies, including oil companies. Endesa is also among those who have criticised it. Cepsa stated in a letter that it would "prioritise…
Saudi Aramco CEO calls on a reset in energy policies for developing countries
The head of Saudi Aramco, who called for a reset to policies in developing countries, said that progress in Asia's energy transition is slower, less equitable, and more complex than many had expected. Aramco CEO Amin Nasser said that even with the transition as economies expand and standards of living rise, the Global South will likely see significant growth in the oil demand for a very long time.
EEX launches Irish power futures and extends some seasonal expirations
It was announced on Thursday that the European Energy Exchange (EEX), will launch a new set of Irish baseload futures, and extend expiries of a number of products in the Dutch, French, and Japanese power derivatives market, starting Nov. 25. EEX is Europe's largest electricity and gas exchange. It is looking to improve its trading options in order to expand its global reach. In a press release…
DNV: Global CO2 emissions related to energy will peak in this year.
A report from consultancy DNV on Wednesday suggested that global carbon dioxide (CO2) emission levels will peak in this year, due to the falling cost of solar and batteries. This is encouraging less oil and coal-fired energy use. Experts and climate scientists said that global C02 emissions reached a record high in 2018. This makes the goal of limiting warming to 1.5 degrees Celsius more difficult to achieve.
Brazil's Potencial will invest $109 Million to make the world's biggest biodiesel factory.
Grupo Potencial, a Brazilian company, announced Tuesday that it would invest 600 million reais (108.86 millions dollars) in order to increase the biodiesel production at one of their plants. This will give the facility the largest capacity of biofuel based on soy oil anywhere in the world. The Brazilian government has been working to expand the use of biofuels on local markets. The…
Vale and GEP team up to explore green hydrogen in Brazil
The mining giant Vale announced on Tuesday that it has teamed up with Green Energy Park to explore the possibilities for green hydrogen production within the South American nation. Brazil is looking to develop green hydrogen as part of its efforts to unlock new industries to power its energy transformation. The government has called it a "real opportunity" for the country's footprint to expand in renewables.
Malaysia generates enough surplus energy for large development projects and exports. PM says
Malaysia generates enough surplus energy to power major new development projects and grow its exports. Its prime minister announced this on Thursday as the country tries to attract investors to its special economic zone planned with Singapore. The two countries are planning to sign a deal before the end of this year for the development of a special economic zone (SEZ) in Malaysia's southern Johor State, just north from Singapore.
Manager of China's Sany says that the company plans to start European production by 2026.
Sany, a Chinese wind turbine manufacturer, is planning to begin production in Europe in 2026. The company is already in advanced discussions with potential European clients. In April, the European Union launched an investigation into the subsidies that Chinese turbine manufacturers received as Europe sought to protect its own industry. "We have reduced the number of possible locations to three." "Germany is one of our first three options...
Chevron CEO criticizes Biden's natural-gas policies and says fuel is essential for AI
Michael Wirth, CEO of Chevron, criticized U.S. president Joe Biden on Tuesday for "attacks" on the natural-gas industry. He also emphasized the critical role that Permian gas plays in accelerating the growth of artificial intelligence. The CEO's comments followed new plans by the government to ensure that power-hungry AI centers do not undermine U.S. Climate Goals. The White House created…
BP sells its US Onshore Wind Business
BP announced Monday that it plans to sell the U.S. Onshore Wind Energy business. The assets did not align with its growth plan. BP has announced that it will soon begin the process of selling its wind assets. bp Wind Energy is a company with interests in ten operating onshore wind power assets spread across seven U.S. States. William Lin, BP’s executive vice-president for gas and low-carbon energy…
APPEC-India ONGC Videsh focuses on stakes in oil and gas assets amid energy transformation
The head of finance at ONGC Videsh said that the company is focusing on acquiring stakes overseas in oil and gas producing companies, as the shift to renewable energy will likely reduce the demand for conventional fuels. We are not interested in long-term projects, due to the energy transition. Anupam Agarwal, at the APPEC Conference, said that exploration was not a top priority for the moment.
Orlen, a Polish oil company, signs a one-year contract with BP for 6 mln tonnes of oil
According to a Monday announcement, the Polish refiner Orlen has agreed to receive 6 metric tonnes of oil per year from British energy giant BP. Orlen, a Polish refiner, said that the deliveries of North Sea crude oil will cover approximately 15% of Orlen’s needs and that both companies are willing to work together on future joint projects. In a press release, BP Polska's CEO Bogdan…
Indonesia's President urges developed countries to invest in green economies
Joko Widodo, the Indonesian President on Thursday, urged developed countries to invest in energy solutions and climate change in Indonesia. He highlighted its enormous potential for renewable energy projects and carbon reduction. Jokowi (as the incoming president is known) said that the Southeast Asian country has over 3,600 Gigawatts of renewable power potential. He also stated that…
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.
China wants to invest more in energy upgrades
China's State Planner has called for increased investment in equipment upgrades, to support the energy transformation. He said the market should be a leader. The National Development and Reform Commission issued a notice on Wednesday calling for an increase of 25% in investment to upgrade China's equipment to improve energy efficiency from 2023-2027. According to the notice, these investments…
