Euro Oil Giants Rethink Renewable Balance
Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share price and allay investor concerns over future profits.Rivals Shell and…
TotalEnergies and BP, Equinor, and Shell each commit $500 mln for energy access
TotalEnergies BP Shell Equinor, oil and gas giants BP and Equinor, pledged to invest $500m on Friday in order to increase the availability of affordable energy, primarily for sub-Saharan Africa and south and southeast Asia. The announcement was made at the United Nations COP29 Climate Summit in Azerbaijan where discussions have focused on raising $1 Trillion in climate finance to assist developing countries from richer nations.
OPEC is optimistic about global oil demand and does not see a peak in sight
Haitham Al Ghais, secretary general of the Organization of Petroleum Exporting Countries in Abu Dhabi, said that oil demand is expected to be very high in the near and medium term. He said that while there are challenges, the overall picture is not as bad as it sounds. The so-called "peak demand" will not occur as long as the global economy grows. Ghais stated that the oil producing group was optimistic about the global economy.
Canada's renewable fuel projects are hit by a surge in US imports
Canadian renewable fuel producers will see lower returns from new facilities as a result of a slump in British Columbia’s low-carbon fuel standard (LCFS). This trend is expected to continue amid an influx of US exports. The weakness in British Columbia's LCFS Credit Market reflects the growing pains of the international biofuels sector, where many…
Sustech, a Japanese startup, has seen its valuation soar to over $800 million in the latest funding round
Sustech, a Japanese energy technology startup, is expected to raise $50m from investors. This will value the company at over $800m, according to people familiar with the matter. The Tokyo-based company wants to tap into the fast-growing global demand for cleaner energy. Sources said that the valuation of Sustech, which is 124 billion Japanese yen (816 million dollars)…
McKinsey says that Europe's power consumption for data centres is expected to triple between now and 2030.
A McKinsey study showed that Europe's data center power consumption will almost triple by 2030. This will require an increase in electricity, mostly from low carbon sources, as well as grid infrastructure upgrades. In the last couple of years, data centre investment has increased as digitalisation (AI) and digitalisation have gained momentum. The…
GIC and Macquarie are interested in selling a $2 billion stake in EDC Philippines, according to sources
Two sources familiar with the matter have confirmed that Macquarie and GIC are considering selling their roughly 30% stake in Energy Development Corp. (EDC) of the Philippines, a deal which could bring in $2 billion. Sources who declined to identify themselves because the discussions are private said that they were in preliminary discussions with advisors, and that no decisions had been taken.
Southeast Asia must increase investments by five times to achieve climate goals by 2035, according to the IEA
International Energy Agency stated on Tuesday that Southeast Asia must increase its clean energy investment to $190 billion by 2035, or five times current levels, to achieve climate goals. The IEA stated in a recent report that increasing energy investments must be accompanied with strategies to reduce emissions at the relatively new fleet of coal-fired power plants.
Oil prices rise, recovering some of the 7% drop from last week
The oil prices increased on Monday as the Middle East conflict continued and markets were worried about the supply of crude from the region. Brent crude futures rose 58 cents or 0.79% to $73.63 per barrel at 11:02 am ET. ET (15:02 GMT). U.S. West Texas Intermediate Crude Futures were up 67 cents or almost 1% at $69.89 per barrel. Brent closed the week more than 7% down, while WTI fell around 8%.
China's rapid electricification is hurting oil producers, says Russell
O Ver-estimating China's desire for crude oil has played a role in the oil markets, particularly by OPEC. This theme is likely to continue into future years. China is the leader in the transition to electric cars, having already reached 50% of new sales. The rest of the globe is expected to reach this level by 2030. According to this forecast (which is what the IEA calls the Stated Policies Scenario…
IEA: 'Age electricity' will follow the looming peak of fossil fuels
International Energy Agency (IEA) said that the world is at the cusp of a new era of electricity, with the demand for fossil fuels set to peak before the end of this decade. This could lead to an increase in investment in green energy due the surplus of oil and gas, it added. It also highlighted a high degree of uncertainty, as conflict engulfs the…
EU Energy Ministers Discuss Ukraine Energy Crisis and Russian LNG
Officials said that EU energy ministers met on Tuesday in Luxembourg to discuss the rising Russian LNG imports into the EU, Ukraine's energy shortages before winter and how to equalize energy prices among member states. In June, the EU approved a 14th set of sanctions including a ban of transhipments of Russian Gas as of March of next year. However, it did not impose a complete ban.
EU Energy Ministers Discuss Ukraine Energy Crisis and Russian LNG
Officials said that EU energy ministers met on Tuesday in Luxembourg to discuss the rising Russian LNG imports and Ukraine's energy shortages before winter, as well as how to balance energy costs across member states. In June, the EU approved a 14th set of sanctions including a ban of transhipments of Russian Gas as of March of next year. However, it did not impose a complete ban.
METI official: Japan could increase LNG purchases for emergency reserves to almost 1 million T per year.
An official from the industry ministry stated that Japan may increase its purchases of LNG for emergency purposes to at least twelve cargoes per year, up from the current three, in order to protect against supply shocks. The plan to boost reserves involves the second largest LNG buyer in the world, China. It will increase its purchases from 0.21 million tonnes per year to at least 0,84 million tonnes.
China will remain the world's largest LNG buyer by 2024-25 according to IEA
Keisuke Sadamori, a director at the International Energy Agency, said that China will remain the top LNG buyer in the world this year and the next due to strong industrial demand. China, which is the second largest economy in the world after the U.S.A., overtook Japan last year as the top LNG buyer, as Japanese demand has been falling due to nuclear reactor restarts and the introduction of renewable energy.
Short-take: IEA predicts tight gas supply and record demand in 2025
The International Energy Agency (IEA), on Thursday, said that the world's gas demand would reach a record high in 2025, driven by Asia. However, delays in new liquefied gas (LNG), production, will limit supply. Why it's Important Gas demand in Europe fell dramatically in 2022-23, as prices rose after the Russian pipeline gas supply was cut off due to the conflict in Ukraine.
EMBARGOED - IEA: IEA's climate goal of triple renewable energy worldwide by 2030 is within reach
The International Energy Agency stated in a Tuesday report that a goal of triple the global renewable energy capacity and reducing fossil fuel consumption by 2030 is achievable. However, it will take a massive push to remove bottlenecks, such as grid connections and permitting. New York Climate Week, where leaders in government and business are gathered to discuss climate change, coincides with the release of this report.
New refineries bring down profits for global refiners
Oil refiners across Asia, Europe, and the United States have seen their profitability drop to multi-year-lows. This is a significant downturn in an industry which had previously enjoyed booming returns following the pandemic. It also highlights the global slowdown. This weakness is another sign of a softening consumer and industrial demand in China due to the slowing of economic growth and increasing penetration of electric cars.
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.
Occidental's 1PointFive receives funding up to $500 mln by US DOE
Occidental Petroleum’s carbon capture unit 1PointFive announced on Thursday that the U.S. Department of Energy’s Office of Clean Energy Demonstrations had committed up to 500 million dollars to support the development of the South Texas Direct Air Capture Hub (DAC). BlackRock, one of the largest asset managers in the world, had funded this facility previously.
