IEA: Global gas markets will remain tight due to rising demand
LONDON (Jan. 21) - The global natural gas market will remain tight in 2019 as the demand for gas increases and production grows slower than it did before the energy crises of 2022 and 2020-2021. This was revealed by a report released on Tuesday by the International Energy Agency. Political factors have exacerbated the volatility of gas prices…
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.
Beware of Egypt's smokestack reshoring as Cement Exports Soar: Maguire
North Africa's second largest natural gas producer and its largest economy have increased the production and exports of several energy-intensive commodities in an effort to boost the growth of their industrial sector. Egypt's exports of chemicals, fertilizers, and cement doubled from 2022 to 2024. They have also grown by…
Beware of Egypt's smokestack reshoring as Cement Exports Soar: Maguire
North Africa's second largest natural gas producer and its largest economy have increased the production and exports of several energy-intensive commodities in an effort to boost the growth of their industrial sector. Egypt's exports of chemicals, fertilizers, and cement doubled from 2022 to 2024. They have also grown by…
Daphne Technology, Williams win DOE Grant for MERP Efforts
Daphne Technology, in partnership with Williams, announced the award of a grant worth nearly $6M from the U.S. Department of Energy's (DOE) Methane Emissions Reduction Program (MERP).This project, titled the "Daphne and Williams Methane Slip Abatement Plasma-Catalyst Scale-Up", highlights the critical role of innovative technologies in reducing methane emissions.As part of this collaboration…
Palm tracks Chicago soyoil but is set to lose money for the second consecutive week
Malaysian palm futures were slightly higher on Friday as they tracked stronger Chicago soyoil. However, they are set to suffer a second weekly loss. At midday, the benchmark contract for palm oil delivery in March on the Bursa Derivatives exchange rose 45 ringgit or 1.05% to 4,341 Ringgit ($966.17) per metric ton. This week, the contract has fallen by 0.89%.
Shell's former US offshore wind leader Orsted replaces Shell's executive
Amanda Dasch, Shell's director of renewables for the Americas, will join Danish offshore wind company Orsted as its head of U.S. operations in January. Shell has announced that it will stop investing in new offshore wind farms as CEO Wael Sawan concentrates on higher-margin operations. Dasch has spent the majority of her career in Shell's upstream oil and natural gas division.
Seaspan Energy Completes First STS LNG transfer
Seaspan Energy (Seaspan) has successfully completed its first LNG ship-to-ship transfer to a containership in the Port of Long Beach.This operation marks the beginning of Seaspan’s service offering on the West Coast of North America with two LNG bunkering vessels to soon serve both the Long Beach and Vancouver markets.
TC Energy expects higher core profit in 2025 on natgas and electricity demand
TC Energy announced on Tuesday that it expects its core profit in 2025 to be between C$10.7 and C$10.9 Billion, higher than the C$9.9 to C$10.1 Billion forecast for 2024. This is due to an increase in demand for electricity and natural gas. In its most recent short-term energy outlook report, the U.S. Energy Information…
Change of Ørsted Region Americas CEO
Ørsted announced today that David Hardy, Group EVP and CEO Americas, has decided to leave the company to join GE Vernova as Chief Commercial Officer, Wind. He will step down from his position effective November 30.The search for a successor Region Americas CEO is well underway. In the interim period, Ørsted's Chief Commercial Officer and Deputy CEO…
Industry says that the US dependence on Canadian oil should discourage Trump tariffs
Canada's oil industry doesn't expect tariffs to be included in the protectionist measures proposed by Donald Trump, U.S. president-elect. This is because U.S. refineries depend on Canadian barrels. Some Canadian oil industry players saw Trump's victory as a positive, which would encourage energy investment in North America. It could also boost the value of U.S.
Halliburton misses quarterly profit estimates on North America drilling demand weakness
Halliburton missed analysts' expectations for the third quarter profit on Thursday as a slowdown of drilling activity in North America affected demand for its oilfield equipment and services. Since the decline in oil prices and low natural gas prices in 2020, producers have been keeping a close eye on their production in North America.
Tokyo Gas announces share purchases after H1 profits fall by 84% due to lower gas prices
Tokyo Gas, Japan’s largest city gas provider, posted a 17.2 billion yen (112 million dollars) net profit for the first half of this year to September. This is down 84% compared to the same period last year, due to lower gas prices in Japan and North America. The utility has announced that it will buy back its own shares up to 40 billion Japanese yen, on top of the 40 billion yen already planned.
US Steelworkers Union looks at clean energy to replace lost jobs at oil refineries
A union official stated that the United Steelworkers union will rely on clean energy projects in order to boost membership growth and offset losses at oil refineries and petrochemical facilities, even if Donald Trump is elected president on November 5. The USW, a union that represents 30,000 workers at crude oil refineries and petrochemical plants in North America…
GE Vernova reports higher revenue in Q3 on the back of power demand growth
Power equipment manufacturer GE Vernova announced higher revenue for the third quarter on Wednesday, as strong demand in power and electrification equipment helped offset weaker sales in wind. GE Vernova will benefit from the global push to transition to renewable energies, as well as an expected surge in demand for power due to the proliferation of data centers.
Baker Hughes exceeds profit forecasts on international drilling demand
Baker Hughes, a drilling equipment and oilfield technologies company, beat Wall Street's third-quarter profit estimates on Tuesday. Oilfield Services Companies have been able to offset some of their declines in North America due to the robust activity on several international markets. Lorenzo Simonelli, CEO of Lorenzo Simonelli Group…
After Nevada lithium deal GM looks for other sources of minerals to supply EVs
General Motors plans to increase its North American investment in lithium and other minerals that are used in the production of electric vehicles, after increasing its investment to almost $1 billion in a Nevada mining operation earlier this week. The U.S. carmaker announced on Wednesday that it will form a joint-venture…
Russia says it is too early to tell if the market will be ready for additional oil in Dec
Alexander Novak, the Russian Deputy Premier, said that it was still too early to determine if the market will need the additional volumes of oil the OPEC+ group plans to produce beginning in December. His comments could set the stage for a discussion on whether or not to implement the increase in oil production agreed upon by the group.
Natural gas producers ask Harris for answers on the battleground state
Drillers from Pennsylvania, an energy-rich state, called on Democratic presidential nominee Kamala Harris this week to explain her stance on natural gas. The energy industry touts it as a clean fuel but climate activists claim that the fuel is a threat to global warming. In January, President Joe Biden froze new LNG export permits to examine their environmental impact.
APPEC-Gunvor expanding Asia operations and into power, according to chairman
Gunvor Group, a global energy trader, is expanding its Asia operations in order to expand into existing markets, such as liquefied petrol gas (LPG), gasoline, naphtha and aromatics, as well as new areas, including power. Power is one of the areas that Torbjorn Tornqvist - who is also a founder - said had potential in Asia.
