Serica Energy UK forecasts production increase for 2025
Serica Energy, a UK oil and gas company focused on the North Sea, expects to increase production by 15.6% in 2025, thanks to improved reliability, the company said Tuesday. Serica has increased production by acquiring and investing in the past few years. The company's output was affected by an outage on its Triton floating storage and offloading vessel (FPSO) in the North Sea, in 2024. Serica stated in a press release that production has increased since the resumption.
TSX reaches 5-week highs as US trade tariffs are held back
Investors expressed relief at the news that President Donald Trump would not impose immediate U.S. tariffs on Canada. The Toronto Stock Exchange S&P/TSX Composite Index closed up 103.66, or 0.4% at 25,171.58, marking its fifth consecutive day of gains, and highest closing level since December 13. A Trump administration official confirmed that Trump would issue a general trade memo on his first day of office. The memo will not impose new tariffs but will direct federal agencies to evaluate U.S. trading relationships with China Canada and Mexico.
Nigerian oil reserves increase, production increases 26%, as theft declines
The industry regulator announced on Thursday that Nigeria's oil reserves will increase in 2024. Meanwhile, crude oil production will surge 26% from April 2023 to late 2024 due to a decline in theft. Nigeria, Africa's largest oil producer, depends on this commodity for more than 90 percent of its foreign currency earnings and around two thirds of its revenues. Oil theft on a large scale has reduced government revenues and slowed down production in recent years.
Russia will continue its oil and gas projects in spite of US sanctions
New U.S. The Russian government has accused the US of attempting to destabilise global markets by sabotaging the energy sector in Moscow. It said that the country will continue with its large oil and natural gas projects. In a statement, the ministry said that Russia will also respond to Washington's actions announced on Friday as "hostile", while drafting its foreign policy strategy. The measures were the most comprehensive U.S. sanctions against Russia's oil revenues and gas revenues to date.
The Serbian President says that Azerbaijani gas to Serbia has been suspended.
The gas flow from Azerbaijan into Serbia has been stopped and it's unclear when it will resume. This was the statement of Serbian President Aleksandar Vucic, according to news agency Tanjug. Vucic stated that it was unclear when gas flow would resume. Vucic added that the gas flow would be resumed in about a month. Serbia, which consumes more than 3 billion cubic meters of gas annually, signed an agreement with Azerbaijan in 2023 to buy 400 million cubic meters of natural gas each year starting 2024. The remainder of the gas is imported from Russia.
Indonesia suspects that virgin palm oil is mixed with used cooking oils exported by Indonesia
Indonesia announced on Thursday that its exports of used palm oil and cooking oil residues in recent years exceeded production capacity. This indicated crude palm oil had been mixed into the oil, prompting Indonesia to issue a regulation this week limiting shipments. The world's largest palm oil exporter issued a decree on Wednesday to clamp down on the shipments of used palm oil and cooking oil residues. This was done in order to avoid a possible shortage of CPO at home.
Wind stocks in Europe suffer after Trump labels turbines as 'garbage.'
The European wind power sector fell Wednesday, after Donald Trump, the U.S. president-elect said that he would work to make sure "no new windmills" were built under his watch. He also criticized the sector just two weeks before taking office. Trump's latest attack on the industry has investors worried about the future of the U.S. Wind Market, which is the second largest in the world after China. This could cause companies that have invested in it to sell.
Japan plans to reduce greenhouse gas emissions by 60% compared to 2013 levels by 2035
The Japanese environment and industry ministers finalised on Tuesday a plan that will cut greenhouse gas emissions (GHG) by 60% compared to 2013 levels by the year 2035. This is an increase from their 2030 goal of 46%. Officials said that states could achieve this goal even if Donald Trump, the president-elect, reverses federal policy. In November, Japanese Ministries unveiled a draft Plan aiming to reduce GHG by 60% by fiscal 2035, and 73% by Fiscal 2040.
Spain's demand for electricity is increasing as renewables set records
According to Red Electrica's estimates, the amount of electricity consumed in Spain increased this year, after two years of decline. A record 56% came from renewable sources, such as solar and wind. The Spanish renewable energy industry has warned about the dangers of future investment in this sector due to the lack of demand for electricity. The preliminary figures indicate that demand increased by 1%, or 1.6% when adjusted for working hours and temperatures from 2023 to 244 terawatt-hours.
Indonesia will increase crude palm oil export tax to 10%
Indonesia's chief economic minister announced on Thursday that it will increase the export levy on crude palm oil (CPO), from 7.5% to 10%, to fund higher biodiesel subsidy. Airlangga Hartarto stated that the levy would be implemented as soon as the Finance Ministry has issued its relevant regulation. Indonesia, which is the largest palm oil producer in the world, collects levies for its mandatory biodiesel program, where the bio-content, or B40, will increase to 40% from the current 35% starting January 1. Subsidies will increase with a higher blend.
Nuclear roadblock to EU's new renewable energy target
On Monday, pro-nuclear countries expressed their opposition to the European Union's plans for a renewable energy goal. They said they would not support a goal which excluded atomic energy. Nuclear power is a controversial energy source that has caused political disagreements among the 27 EU member states. These disputes have delayed recent EU initiatives to reduce energy prices and to drive Europe's shift to low-carbon sources of energy. Nuclear power plants do not emit CO2…
BP's offshore Wind Head to Step Down
A spokesperson for BP announced on Monday that Matthias Bausenwein, the head of offshore winds, is leaving the firm. This comes after the oil giant announced its intention to spin off its offshore operations into a JERA-JERA joint venture. Bausenwein, who joined BP in August 2022 from the Danish renewables giant Orsted, will lead BP's expansion of offshore wind project. Anja-Isabel Dotzenrath - a former CEO at RWE Renewables - left the company last April after less than two years on the job.
Russia extends deadline for Exxon to sell Sakhalin-1 stake to 2026 in a decree
On Monday, Russian President Vladimir Putin issued a decree extending by one year the period of sale for Exxon’s share in Russia’s Sakhalin-1 gas and oil project until January 1, 2026. Exxon will take a $4.6 billion charge in 2022 for abandoning its development on the Pacific Island of Sakhalin. This was the company's largest investment in Russia after the beginning of what Moscow refers to as a special military operations in Ukraine. Exxon Mobil Corp owned a 30% stake as operator in Sakhalin-1.
Russia's Oil Tsar: Trump's actions to defend US Producers are 'fitting.'
Igor Sechin is the president of Rosneft - Russia's biggest oil producer. He said on Saturday that he agreed with Donald Trump's plans to protect domestic energy producers. He said at a Qatar conference that Trump's election campaign promises included "fitting" measures to protect domestic energy producers, the market, and other economic factors. Some Russians are cautiously optimistic about Trump's return on Jan. 20, while others believe that another U.S. President will not make much of a difference.
Qatar's energy minister has no concerns about Trump's promise to lift LNG export caps
Qatar is not concerned about the promise of Donald Trump, U.S. president-elect, to lift the cap on LNG exports. Qatar's energy minister Saad Al-Kaabi stated on Saturday that his country will cope with any competitiveness. "And you know, even if we open up LNG, and say that we're going export another 300,000,000 tons or 500,000,000 from the U.S. All these projects are driven primarily by private companies who look at the viability of the projects," Kaabi said, who is the chief executive officer of QatarEnergy (a state-owned company) during the Doha Forum.
Sechin, Rosneft's boss, says that targets and costs are a hindrance to the appeal of green energy.
Igor Sechin is a well-known sceptic of green energy and the boss of Russia's largest oil producer Rosneft. He believes that investors are losing interest in clean energy because of elusive targets, high cost and lack of funding. Russia, the world's largest producer of oil, natural gas and coal, as well as China, have set targets to achieve carbon neutrality in 2060. This is 10 years later than other developed countries. The Russian president Vladimir Putin criticised the green movements in Europe for exploiting people's fears over climate change.
Lazard hires Miller from Citigroup in its energy investment banking drive, sources claim
People familiar with the matter said that Lazard hired Citigroup veteran investment banker Chris Miller to lead its dealmaking efforts within the energy sector. Miller, who was based in Houston, and had the title of vice-chairman of energy investment banking for Citigroup, recently resigned his position with the Wall Street bank and will begin his new role at Lazard early in 2025, after a period gardening leave, according to the sources. The sources…
Blockchain enables firms to offer physical uranium for sale to small investors
On Tuesday, a blockchain platform and an uranium company launched a market to allow small investors buy physical uranium. They hope to increase spot liquidity for the niche commodity. Uranium prices have risen in recent years due to a rise in investor interest and the reduction of miner output. This is because utilities are looking for new sources of this mineral, which fuels nuclear energy. Nuclear power plants are also gaining in popularity due to the surge in demand for electricity from data centres that use artificial intelligence (AI).
Eletrobras Santo Antonio Power Plant bounces back after Brazil's historic drought
Santo Antonio is one of Brazil's biggest hydroelectric plants. Its head said that the plant had survived an extreme drought. He credited the plant's resilience with a series of measures which kept it running, even at record low water levels. According to the Brazilian geological service, Santo Antonio on Amazon's Madeira River was forced to temporarily stop operations in 2023 due to drought, which lowered water levels to an all-time low of 1.1 meters (3.6 feet).
Woodside's O'Neill says that the LNG market will grow by 50% over the next decade.
Woodside Energy's CEO, who spoke on Tuesday, said that the company expects global demand for liquefied gas (LNG), to increase by 50 percent in the next decade. Over the past decade, the LNG market has grown by 50%. Meg O'Neill, speaking at the Energy Intelligence Forum held in London, said that she expects the market to grow another 50% over the next decade. O'Neill stated that the company has received interest from many onshore gas companies and other companies in partnering with its Driftwood LNG Project and that talks are ongoing.
