Lyondell to begin closure of Houston Refinery this weekend
LyondellBasell Industries will begin the permanent closure of its 263,776 barrel-per-day Houston refinery this coming weekend, said people familiar with plant operations.Layoffs of up to 400 employees at the refinery are scheduled to begin two months after the shutdown begins, the sources said.A Lyondell spokesperson did not immediately reply…
Stocks of global industrial and tech companies rally after Trump's AI investment drive
On Wednesday, global industrial and technology shares including Oracle and Schneider Electric rose after U.S. president Donald Trump announced a massive investment push in artificial intelligence. Trump announced on Tuesday that the private sector would invest up to $500 billion in AI infrastructure. This announcement sparked interest in stocks which help to build the architecture of the technology.
Enverus says that US energy mergers could slow down in 2025 due to smaller deal sizes.
According to an Enverus report released on Tuesday, the pace of U.S. public-to-public upstream mergers in 2025 could slow from its recent average of five mergers per year and deal sizes may also decrease. Consolidation in the U.S. Energy Sector, which resulted in deals worth $250 billion by 2023, continued into 2024, and will likely continue into this year as companies seek to increase their oil and natural gas reserves.
After holiday weekend, US demand for natgas is expected to reach record levels
The U.S. demand for natural gas is expected to hit a record next week, as the extreme cold that has gripped the U.S. this winter will put pressure on power grids again the day following the Martin Luther King Jr. Day weekend. This week, gas futures reached two-year highs ahead of the freezing weather. Meanwhile, spot prices in several major hubs…
SLB increases dividend and buybacks shares after beating quarterly profit targets
SLB increased its quarterly dividend on Friday and boosted its share repurchases after the oilfield services provider reported a better-than expected fourth quarter profit, helped by higher demand of its drilling technology and equipment. The company increased its quarterly dividend to 3.6% and announced that it had begun an accelerated share purchase program of $2.3 billion worth of stock.
TVO Contracts 4C Global Consultancy to Support UK Clients
Trendsetter Vulcan Offshore (TVO), a developer of innovative solutions for the offshore industry, has engaged Finlay Johnston, through 4C Global Consultancy, to lead business development efforts for TVO in the UK.“We recently appointed a country manager in Australia and are continuing to add to our global team,” says TVO President Jim Maher. “There is a long-term need for expert subsea support services in the UK…
Protecting Employees in High-Risk Environments
For any business, ensuring the health and safety of its employees should be the number one priority – what is more, it’s a legal requirement.This is especially true when a company has employees that need to work alone. Whether it be in construction, healthcare or the public sector, lone workers face unique risks and challenges that those working in a team often don’t experience.
Biden Team wraps up expanded Clean Energy Credit Guidance
The Biden Administration released Tuesday guidance to assist companies in securing clean energy tax credits as part of the 2022 Inflation reduction Act. This program finalized a program that extends subsidies previously available for solar and wind to other low-carbon sources. This move is a part of the actions taken by outgoing president Joe Biden to support his administration's efforts to combat climate change.
Biden team offers nuclear pathway to hydrogen tax credit
Biden's administration announced on Friday that portions of nuclear power plant will be eligible for tax credits in order to produce clean hydrogen, if these credits prevent the reactors from being retired. The new rules deal with one of the most controversial issues in the Inflation Reduction Act. This law, which is set to be implemented by 2022…
Biden Administration offers nuclear industry a path to hydrogen tax credits
The Biden administration announced on Friday that nuclear power plants would be eligible for lucrative tax credits if they produce what it calls "clean hydrogen" and if these credits prevent the reactors from being retired. The new rules resolve one of the most controversial issues surrounding the Inflation Reduction Act. This law, which is set…
Constellation wins $1 billion contract to supply nuclear energy to the US government
Constellation Energy announced on Thursday that it had been awarded contracts worth a record-breaking $1 billion to supply nuclear energy to the U.S. Government. As part of an agreement with the U.S. General Services Administration, Constellation, America's largest nuclear power plant operator, will provide electricity to over 13 federal agencies.
Rosatom, a Russian company, has opened a new wind turbine blade manufacturing facility to replace Vestas.
The governor of Russia’s Ulyanovsk Region said that Rosatom, the state nuclear corporation of Russia, has opened a factory for wind turbine blades at the site of an old Vestas plant. Vestas, a Danish wind turbine manufacturer that produces blades for wind farms near Ulyanovsk, closed the plant in 2022. It left Russia 2023 with all its assets.
Black Sea Spill Volunteers Beg Putin for Help
Volunteers helping to clean up a major oil spill along Russia's Black Sea coast appealed in a video released on Monday for President Vladimir Putin to urgently send federal aid, saying that they and local authorities were overwhelmed.The pollution, which has coated sandy beaches at and around Anapa, a popular summer resort, has caused serious…
The copper giant Peru predicts another plateau in production by 2025
According to analysts and the top mining association in Peru, copper production will remain flat for the third consecutive year in 2025, due to declining ore grades. The South American nation is a global powerhouse in the copper industry, ranking third behind Chile and the Democratic Republic of the Congo. In 2023, the Congo will overtake Peru as the second-largest producer.
The copper giant Peru predicts another plateau in production by 2025
According to analysts and the top mining association in Peru, copper production will remain flat for the third consecutive year in 2025, due to declining ore grades. The South American nation is a global powerhouse in the copper industry, ranking third behind Chile and the Democratic Republic of the Congo. In 2023, the Congo will overtake Peru as the second-largest producer.
North Dakota oil plants slow to return online after wildfires in October
The state's Industrial Commission reported on Wednesday that oil operators in North Dakota are still working to bring some of their facilities online after wildfires in October swept through counties with significant oil production. According to Justin Kringstad of the North Dakota Pipeline Authority, the outages were limited to isolated production sites such as well pads that experienced local equipment damage…
Treasury: US sanctions against North Korea and Russia include new sanctions
New sanctions imposed by the United States on Monday targeted Pyongyang’s financial activities as well as its military support for Moscow, according to the Treasury Department. The sanctions list North Korean generals, banks and officials, as well as Russian oil companies. They are the latest U.S. measures aimed at disrupting North Korea’s support for Russia’s war in Ukraine.
Venture Global Louisiana Plaquemines LNG Plant "on track"
U.S. liquefied natural gas (LNG) company Venture Global LNG's Plaquemines export plant under construction in Louisiana was on track to pull in enough natural gas on Friday to produce first LNG, according to data from financial group LSEG and energy analysts.Plaquemines was on track to pull in about 0.16 billion cubic feet per day (bcfd) of pipeline gas on Friday…
GE Vernova predicts lower revenue for the wind segment in 2019.
GE Vernova announced on Tuesday that it has lowered its revenue forecast for its wind segment in the coming year due to delays at two major project caused by incidents involving their turbines. In a press release, the company said that it expects revenue to fall by single digits between 2025 and this year. It also stated that they expected revenue to remain flat in 2019.
Vard Completes Conversion of IT Infinity PSV to Cable Laying Vessel
Norwegian shipbuilder Vard has delivered IT Infinity vessel to I.T. International Telecom Marine (IT), after completing its conversion from Platform Supply Vessel (PSV) to specialized Cable Laying Vessel (CLV).Built at Vard Brattvaag and delivered to Volstad Maritime in 2008 as the Volstad Princess, the vessel has changed ownership several times.SD Standard Drilling acquired the ship in 2017…
