Egypt's Petroleum Ministry ties arrears payment to production boost amid decreasing gas output
According to a statement from the petroleum ministry on Monday, Egypt plans to link arrears payment to increased production as part of its plan to settle outstanding debts with international oil companies. The statement said that the ministry recently introduced an incentive package to encourage partners to increase output above current levels.
Canada wants the energy sector to reduce emissions up to 35% from 2019 levels
The Canadian government released on Monday a draft regulation that would limit emissions of greenhouse gasses from the oil and natural gas sector to 35% below 2019 levels. This is a little less than originally anticipated. In a press release, the Environment Ministry said that the regulations…
US Governors push back against PJM following record-high prices for power plants
Five governors urged PJM Interconnection on Tuesday to change its process for determining the price of power plants, after the auction that saw record prices. Prices in the most recent PJM auction were almost 10 times higher than last year. This was largely due to a shrinking supply of electricity and an increasing demand for electricity.
New Mexico considers oil drilling restrictions which would reduce output and revenue
New Mexico is the second largest oil producer in the U.S. A leading economist released this week a study about potential drilling restrictions. The study showed that they could affect up to 5,4% of the future crude production and cost billions in revenue. The study evaluated the setback proposals that were made during the legislative session of 2024…
New Mexico considers oil drilling restrictions which would reduce output and revenue
New Mexico's chief economic officer said in a recent report that the state is currently studying new drilling restrictions. These could affect up to 5.4% its future crude production and cost the state billions in revenue. The study looked at proposed setbacks, or restrictions on how near…
US Closes $861 Million Loan Guarantee for Solar, Energy Storage in Puerto Rico
The U.S. Energy Department announced on Tuesday that it had closed a $861 million loan to finance the construction in Puerto Rico of two photovoltaic solar farms and two batteries storage systems. Puerto Rico, an American territory, was hit by hurricanes over the past few years. People…
Canadian Natural Gas Companies eager to capitalize on the LNG boom flood the market with excess supply
Analysts said that a huge LNG Canada terminal, led by Shell, could struggle to raise Canadian natural-gas prices dramatically when it begins operating next year, because of a glut of supply waiting to be released. Storage was full, and the price of a million British thermal unit (mmBtu)…
Colombian electoral authority asks for investigation into Petro campaign funding
In a press release, the National Electoral Council of Colombia (CNE), said that it had requested an investigation of the election campaign for 2022 of President Gustavo Petro due to alleged violations of funding limits. The majority of nine magistrates approved an investigation of Petro…
The US has imposed preliminary new tariffs on solar imports from Southeast Asia
The U.S. Commerce Department announced on Tuesday anti-subsidy, countervailing duty on solar cells imported from Vietnam, Cambodia and Malaysia. A preliminary decision published on Commerce's site shows that the agency has calculated tariff rates ranging from 0.14% to 3,293.61% depending…
Companies call on world leaders to meet renewable energy targets
On Monday, executives from major companies urged leaders to implement an international agreement made at the COP28 Summit in Dubai last year to triple renewable energy capacity by 2030, to combat climate change. The statement was made at a side event to the United Nations Climate Week, in New York.
US gasoline margins slump on lackluster summer demand
U.S. gas futures dropped about 3% on Tuesday, reducing their premium over crude to its lowest since November 2023. This was after government data revealed a weaker average demand for gasoline on a 4-week basis.Why it MattersThe U.S. is the largest consumer of gasoline in the entire world.
Oil Supply Crunch is Coming, ConocoPhillips CEO Says
ConocoPhillips' chief executive on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow U.S. output gains ahead.Ryan Lance, head of the largest U.S. independent oil producer…
Investors on Board as U.S. Oil Majors Dismiss Wind and Solar Projects
Top U.S. oil firms are doubling down on drilling, deepening a divide with European rivals on the outlook for renewables, and winning support from big investors who do not expect the stateside companies to invest in wind and solar. Among a dozen U.S. fund managers contacted by Reuters from companies overseeing about $7 trillion in assets…
Top U.S. LNG Exporter Launches Effort to Measure Emissions
Cheniere Energy Inc, said on Thursday it would quantify carbon emissions from its suppliers and production sites and supply the information to customers.LNG buyers have begun asking suppliers for natural gas sourcing data and greenhouse gas emissions to reduce their own carbon footprints.
ADNOC Raises $1.6 Billion
Abu Dhabi National Oil Company (ADNOC) said it raised $1.64 billion by issuing exchangeable bonds and additional shares to investors in its listed retail unit ADNOC Distribution on Wednesday.It issued about $1.2 billion in senior unsecured bonds due in 2024, with a 0.7% annual coupon, exchangeable into existing common shares of ADNOC Distribution.Alongs
Oil Rises to 11-month High
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S.
U.S. Sends First Crude Shipment to Saudi Arabia in Years
The United States sent a shipment of crude to Saudi Arabia in June, data from the U.S. Census Bureau showed on Wednesday, in what appears to be the first such delivery since the U.S. ban on crude exports ended in 2015.The United States shipped about 550,000 barrels, or 18,300 barrels per day (bpd), of crude to Saudi Arabia in June, U.S.
Canadian Energy Sector to Boost Spending
Capital spending by Canada's oil and gas industry will rise by 6%, or C$1.9 billion, in 2020 from the previous year, halting a six-year decline due to improving economics, the Canadian Association of Petroleum Producers (CAPP) forecast on Thursday.CAPP said a corporate tax cut by Alberta's…
McDermott Bankruptcy Filing Imminent -Bloomberg
Oilfield services provider McDermott International Inc is preparing to file for bankruptcy as soon as next week, Bloomberg reported on Friday, citing people with knowledge of the matter.The company did not immediately respond to a request for comment by Reuters.McDermott is discussing…
Corpus Christi Crude Exports Boom
U.S. crude exports from Corpus Christi, Texas, have surged to a record in recent weeks, often surpassing hubs such as Houston and Beaumont, Texas, thanks to faster-than-expected infrastructure additions.The infrastructure boom at Corpus Christi helped push crude exports there to a weekly record of 1.59 million barrels per day (bpd) in late December…
