China has finalised stricter guidelines on solar manufacturing investment
According to an announcement on the ministry's website, China's Industry Ministry finalised on Wednesday investment guidelines for solar photovoltaic manufacturing projects to curb overcapacity. Companies are directed to maintain a capital ratio of at least 30% for solar PV project. This standard was previously only applicable to polysilicon projects, while the minimum capital ratio for all other PV projects remained at 20%. The ministry didn't provide a definition for the ratio.
Cyprus says that Europe has set the bar too high for climate change.
The president of Cyprus stated on Friday that Europe has set too high a bar for its climate goals, without paying enough attention to economic competitiveness. This is adding fuel to the growing debate about the pace of reforms. The European Union has strict rules that aim to reduce net greenhouse gas emission in the bloc 90% by 2040 and achieve zero net emissions by 2020. Nikos Christodoulides, President of the EU, who had just returned from COP29 in Azerbaijan…
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. TotalEnergies has declined to reveal the name of the global private equity firm that will manage the fund…
Egypt reiterates its 42% renewable energy target for 2030 but calls on international assistance
The Egyptian government still aims to have renewable energy make up 42% of the mix for electricity generation by 2030. However, this goal is at risk if international support does not increase, said Prime Minister Mostafa Mdbouly on Tuesday, speaking at the COP29 Conference. According to a cabinet report from July, the current share of solar, wind and hydropower in Egypt's power generation is only 11.5%. The country relied heavily on gas in recent years, and defended it during the United Nations' COP27 Conference in 2022.
Shell sales increase in Q3 vs TotalEnergies due to higher Asian LNG prices
LONDON, October 31 - Analysts and traders say that higher production and sales of liquefied gas in Asia helped Shell to outperform TotalEnergies in the third quarter. However, group profits for both companies were affected by a drop in oil refining. Shell's quarterly profit of $6 billion beat forecasts by 12 percent, while TotalEnergies reported a profit of $4.1 billion that was slightly below expectations. Shell and TotalEnergies both reported quarterly profits that were down 70% and 82%, respectively.
TotalEnergies CEO: Up to $2 billion in Russia still stuck
Patrick Pouyanne, CEO of TotalEnergies, told analysts that the French oil giant's stakes in Russian gas company Novatek and its Yamal LNG project in Russia generate between $1.5 and $2 billion annually in dividends. Pouyanne stated that although the company was able to move some money out of Russia in the early stages of Russia's invasion of Ukraine, "today there is little or nothing coming" because of the Western sanctions against Moscow. TotalEnergies has 19.4% ownership of Novatek.
TotalEnergies' third-quarter revenue drops as refining profits collapse
TotalEnergies, the French oil giant, reported a third-quarter net profit at $4.1 billion, a three-year-low. The company was hit by a collapse in refining margins as well as upstream outages. The adjusted net income fell 37% compared to a year ago and 12.7% compared to the $4.7 billion of the previous quarter. Analysts had expected $4.2 billion. The adjusted earnings before interest tax, depreciation, and amortization (EBITDA), which is the total of all these items, fell by 23.6% to $10 billion.
Egypt to bid for LNG cargoes up to 20 to meet Q1 2025 Demand
Three trading sources said on Monday that Egypt will issue an tender to procure up to 20 LNG cargoes to meet the demand in the first quarter 2025. The largest Arab country, which has the most people in it, is now a net gas importer. It has bought more than 50 cargoes this year. Plans to be a reliable gas supplier to Europe have been abandoned. Sources said that the Egyptian General Petroleum Corporation is expected to announce the tender for the purchase of between 15 and twenty cargoes LNG.
OPEC+ panel doubles down on compliance with output policy
The top OPEC+ Ministers met to keep the oil production policy unchanged, including a plan for a gradual increase in output starting from December. They also stressed that some members must make additional cuts to compensate for excessive output. On Wednesday, a number of ministers of the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, led by Russia, met online in a joint ministerial monitor committee (JMMC). The oil price dropped below $70 per barrel for the first since 2021 in September…
Official: Uganda wants to increase hydropower capacity by 1,600 MW
An energy official announced on Wednesday that Uganda was seeking funding to build three hydropower stations, which would increase the country's power capacity by over 1,600 Megawatts (MW). Wamala Julius Nmusanga is a junior official in the Ministry of Energy and Mineral Development. He said that the East African nation has identified three possible sites along the Nile River, with the largest being the 840MW Ayago Hydropower Plan. He said that the other projects include the 400 MW Kiba project and 392MW Oriang project…
Official: Colombia advances in geothermal energy bid round
Orlando Velandia said that Colombia has made progress in organizing a bid round for geothermal licenses at a Tuesday industry event held in Cartagena, a Caribbean city. It is a top priority for the government of President Gustavo Petro, who is a leftist. Velandia said that the process could start by the end this year. Colombia is currently organizing an offshore wind auction for its Caribbean waters. Velandia said that the accreditation process for this bidding round is expected to be completed by the end of this month.
Gunvor chair: Mideast conflict will not affect oil supply but demand is a concern
The CEO of trading firm Gunvor is confident that the conflict in the Middle East won't impact oil supply. He said this on Tuesday. He told the Gulf Intelligence Energy Markets Forum, held in Fujairah that the situation in the Red Sea and Yemen was a nuisance but not disruptive. The market, he said, was more concerned about the weak demand. Brent crude prices dropped by over 2% on Tuesday, to about $70. The prospect of increased supply and a tepid…
Indonesian palm oil stocks in July at a 5-year low amid increased biodiesel production and higher demand
Data from a leading industry group showed that Indonesian palm oil inventories fell 10.82% from the previous month to a 5-year low of 2,51 million metric tons as demand for biodiesel grew and production decreased, according to data released on Wednesday. The benchmark Malaysian futures could be supported by falling stocks in Indonesia. Indonesia is the world's largest producer and consumer. Food sector consumption was 5.76 million tonnes, which is 5.18% less than last year.
Spain increases green hydrogen goal
Spain has raised its target for green hydrogen production capacity as a sign that it is confident in the industry, which has seen many energy giants cut back their plans due to high prices and an uncertain demand. According to a document released by the Energy Ministry on Monday, an updated version of the government’s strategy has set a target for 2030 of 12 gigawatts of electrolysers that are used to produce green hydrogen. This is up from 11 GW, which was in a previous draft of a new update last year.
Grid operators predict a 20% drop in French gas consumption by 2030
French grid operators announced on Thursday that the consumption of gas in France will drop by nearly 20% by 2030, as a result of changes made to meet climate targets and to reduce costs. France is Europe's biggest energy consumer and its gas consumption has a significant impact on the region's trade and price flows. GRDF GRTgaz Terega conducted a study that forecasts 2030 consumption of 321 terawatt hours (TWh), 78 TWh less than in 2023. Recent efficiency gains and cost saving initiatives have led to fewer demand reductions.
Egypt plans to restore gas production at its gas fields to normal by the summer of 2025
Mostafa Madbouly, the Prime Minister, said that Egypt hopes to resume normal production in its natural gas fields before next summer. He also indicated that the government was moving to settle arrears it owes to production companies. Madbouly said at a press conference that the government's arrears had caused a drop in production, but he did not specify how much it owed or when the money might be paid back. In March, sources said that the government set aside $1.5 billion to pay foreign oil and gas companies in the country.
QatarEnergy doubles annual urea production
QatarEnergy, a state-owned company, will increase its urea production to over 12,4 million tons per year from the current 6 million tons, according to its CEO, who spoke at a Sunday press conference without mentioning a specific timeframe. Saad al-Kaabi, who is also Qatar's Minister of State for Energy Affairs, stated that the construction of four urea production lines, an important ingredient in fertilisers would increase output by 106%. He stated that the first line of production would start before 2030.
South African private energy producers seek fair deal on output curbs
Industry executives claim that South African private energy producers want compensation for revenue lost due to Eskom's request to limit the electricity supplied to the national grid. Eskom has sent a proposal to South Africa's energy regulator for the introduction of a compensation mechanism to compensate Independent Power Producers (IPPs), who have lost revenue due to curtailment rates up to 10%. Eskom has been asked to curtail power due to a lack of high-voltage power lines and pylons, which have created choke points in its transmission system.
Shareholders accuse Thyssenkrupp of labor reps complicating steel sales
Two days before the supervisory board was due to meet and discuss the progress, the shareholder representatives of Thyssenkrupp accused their union counterparts of complicating plans to sell the steel unit of the group. Thyssenkrupp Steel Europe's sale, which is tied closely to Germany's industrial history, has been fraught by difficulties. This is mainly because the unit requires billions of euro to invest to regain its competitiveness. In a statement issued jointly…
Namibia plans to complete its sovereign wealth fund by 2025
Namibia's Finance Minister said on Tuesday that the government expects to approve its first offshore oil project in 2025 and complete the creation of its sovereign fund. Namibia, which is yet to produce oil or gas, became a hotspot for exploration after TotalEnergies, Shell and offshore discoveries. Shiimi, Namibia's Minister of Finance, said that Namibia does not expect to see income from the fund until oil production begins, which may take four to six years.
