Lyondell to begin closure of Houston Refinery this weekend
LyondellBasell Industries will begin the permanent closure of its 263,776 barrel-per-day Houston refinery this coming weekend, said people familiar with plant operations.Layoffs of up to 400 employees at the refinery are scheduled to begin two months after the shutdown begins, the sources said.A Lyondell spokesperson did not immediately reply to a request for comment.Lyondell plans to convert existing hydrotreaters at the refinery site along the Houston Ship Channel for use with equipment to be added after 2027 to produce plastic pellets from recycled plastic items.Lyondell said in November shuttering the refinery would begin in January and finish in February.
Stocks of global industrial and tech companies rally after Trump's AI investment drive
On Wednesday, global industrial and technology shares including Oracle and Schneider Electric rose after U.S. president Donald Trump announced a massive investment push in artificial intelligence. Trump announced on Tuesday that the private sector would invest up to $500 billion in AI infrastructure. This announcement sparked interest in stocks which help to build the architecture of the technology. Oracle, one company involved in this effort, rose more than 9,5% in early U.S. market trading. AI-related firms in the U.S., including chip giant Nvidia, Broadcom, and Arm, gained between 2% to 6.5%. Microsoft, a partner in the initiative as well, rose by 2%.
Enverus says that US energy mergers could slow down in 2025 due to smaller deal sizes.
According to an Enverus report released on Tuesday, the pace of U.S. public-to-public upstream mergers in 2025 could slow from its recent average of five mergers per year and deal sizes may also decrease. Consolidation in the U.S. Energy Sector, which resulted in deals worth $250 billion by 2023, continued into 2024, and will likely continue into this year as companies seek to increase their oil and natural gas reserves. As a result of the wave of mergers, fewer companies were available and fewer pockets were empty. Some announced combinations, however, have been delayed by either antitrust regulations or contract arbitration challenges.
After holiday weekend, US demand for natgas is expected to reach record levels
The U.S. demand for natural gas is expected to hit a record next week, as the extreme cold that has gripped the U.S. this winter will put pressure on power grids again the day following the Martin Luther King Jr. Day weekend. This week, gas futures reached two-year highs ahead of the freezing weather. Meanwhile, spot prices in several major hubs around the country have risen to their highest level since January 2024's Martin Luther King holiday weekend. The week before last, gas demand reached its current record high. Next-day prices also soared.
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. SLB's Chief Executive Officer Olivier Le Peuch said that while upstream investment will be subdued for the near term because of global oversupply we expect the oil supply imbalance to gradually diminish.
TVO Contracts 4C Global Consultancy to Support UK Clients
Trendsetter Vulcan Offshore (TVO), a developer of innovative solutions for the offshore industry, has engaged Finlay Johnston, through 4C Global Consultancy, to lead business development efforts for TVO in the UK.“We recently appointed a country manager in Australia and are continuing to add to our global team,” says TVO President Jim Maher. “There is a long-term need for expert subsea support services in the UK, and by engaging a local representative, we are strengthening our commitment to the region, providing an avenue for North Sea operators to access our proven solutions…
Protecting Employees in High-Risk Environments
For any business, ensuring the health and safety of its employees should be the number one priority – what is more, it’s a legal requirement.This is especially true when a company has employees that need to work alone. Whether it be in construction, healthcare or the public sector, lone workers face unique risks and challenges that those working in a team often don’t experience. Therefore, proactive steps must be taken to address them.By implementing clear safety protocols and through using modern alarm systems, companies can greatly enhance the security and well-being of their lone workers.
Biden Team wraps up expanded Clean Energy Credit Guidance
The Biden Administration released Tuesday guidance to assist companies in securing clean energy tax credits as part of the 2022 Inflation reduction Act. This program finalized a program that extends subsidies previously available for solar and wind to other low-carbon sources. This move is a part of the actions taken by outgoing president Joe Biden to support his administration's efforts to combat climate change. The move could be vulnerable when President-elect Donald Trump assumes office in the coming weeks on a platform that emphasizes cutting spending and maximising fossil fuel production.
Biden team offers nuclear pathway to hydrogen tax credit
Biden's administration announced on Friday that portions of nuclear power plant will be eligible for tax credits in order to produce clean hydrogen, if these credits prevent the reactors from being retired. The new rules deal with one of the most controversial issues in the Inflation Reduction Act. This law, which is set to be implemented by 2022 and aims to combat climate change through subsidizing technologies to reduce greenhouse gas emissions, was enacted to help fight the effects of global warming. Some environmental groups claim…
Biden Administration offers nuclear industry a path to hydrogen tax credits
The Biden administration announced on Friday that nuclear power plants would be eligible for lucrative tax credits if they produce what it calls "clean hydrogen" and if these credits prevent the reactors from being retired. The new rules resolve one of the most controversial issues surrounding the Inflation Reduction Act. This law, which is set to be implemented in 2022 and is designed to combat climate change through subsidizing technologies to reduce greenhouse gas emissions. Some environmental groups claim that nuclear reactors, as clean energy sources, should not be eligible for the IRA’s clean hydrogen program.
Constellation wins $1 billion contract to supply nuclear energy to the US government
Constellation Energy announced on Thursday that it had been awarded contracts worth a record-breaking $1 billion to supply nuclear energy to the U.S. Government. As part of an agreement with the U.S. General Services Administration, Constellation, America's largest nuclear power plant operator, will provide electricity to over 13 federal agencies. The GSA estimated the contracts will begin on April 25 and include over 10 million Megawatt-hours of electricity over a period of 10 years, which is equivalent to powering over 1 million homes each year. The purchase will provide electricity to 80 federal buildings located in the PJM Interconnection.
Rosatom, a Russian company, has opened a new wind turbine blade manufacturing facility to replace Vestas.
The governor of Russia’s Ulyanovsk Region said that Rosatom, the state nuclear corporation of Russia, has opened a factory for wind turbine blades at the site of an old Vestas plant. Vestas, a Danish wind turbine manufacturer that produces blades for wind farms near Ulyanovsk, closed the plant in 2022. It left Russia 2023 with all its assets. After the start of the conflict in Ukraine the sanctions imposed by the West on Russia have isolated Russia from Western technologies, components and the renewable energy sector. Last April, Russian…
Black Sea Spill Volunteers Beg Putin for Help
Volunteers helping to clean up a major oil spill along Russia's Black Sea coast appealed in a video released on Monday for President Vladimir Putin to urgently send federal aid, saying that they and local authorities were overwhelmed.The pollution, which has coated sandy beaches at and around Anapa, a popular summer resort, has caused serious problems for seabirds and everything from dolphins to porpoises.The oil is from two ageing tankers hit by a storm on Dec. 15. One of the vessels split in half, while the other ran aground.On Thursday…
The copper giant Peru predicts another plateau in production by 2025
According to analysts and the top mining association in Peru, copper production will remain flat for the third consecutive year in 2025, due to declining ore grades. The South American nation is a global powerhouse in the copper industry, ranking third behind Chile and the Democratic Republic of the Congo. In 2023, the Congo will overtake Peru as the second-largest producer. The decline in ore grade after many years of mining makes it difficult for mines to maintain production levels. Meanwhile, a copper shortage is expected to be a problem for the next decade, due to demand for electric cars, renewable energy, and data centers.
The copper giant Peru predicts another plateau in production by 2025
According to analysts and the top mining association in Peru, copper production will remain flat for the third consecutive year in 2025, due to declining ore grades. The South American nation is a global powerhouse in the copper industry, ranking third behind Chile and the Democratic Republic of the Congo. In 2023, the Congo will overtake Peru as the second-largest producer. The decline in ore grade after many years of mining makes it difficult for mines to maintain production levels. Meanwhile, a copper shortage is expected to be a problem for the next decade, due to demand for electric cars, renewable energy, and data centers.
North Dakota oil plants slow to return online after wildfires in October
The state's Industrial Commission reported on Wednesday that oil operators in North Dakota are still working to bring some of their facilities online after wildfires in October swept through counties with significant oil production. According to Justin Kringstad of the North Dakota Pipeline Authority, the outages were limited to isolated production sites such as well pads that experienced local equipment damage, or a loss in electricity due to damaged electrical lines. Mark Bohrer is the assistant director of North Dakota Department of Mineral Resources' oil and gas division.
Treasury: US sanctions against North Korea and Russia include new sanctions
New sanctions imposed by the United States on Monday targeted Pyongyang’s financial activities as well as its military support for Moscow, according to the Treasury Department. The sanctions list North Korean generals, banks and officials, as well as Russian oil companies. They are the latest U.S. measures aimed at disrupting North Korea’s support for Russia’s war in Ukraine. Treasury Department released a statement naming Golden Triangle Bank and Korea Mandal Credit Bank as the North Korean banks that were targeted. In recent years, Pyongyang has increased its diplomatic and economic ties with Moscow.
Venture Global Louisiana Plaquemines LNG Plant "on track"
U.S. liquefied natural gas (LNG) company Venture Global LNG's Plaquemines export plant under construction in Louisiana was on track to pull in enough natural gas on Friday to produce first LNG, according to data from financial group LSEG and energy analysts.Plaquemines was on track to pull in about 0.16 billion cubic feet per day (bcfd) of pipeline gas on Friday, up from 0.10 bcfd on Thursday and an average of 0.04 bcfd during the prior seven days, according to LSEG data.Analysts have said that once feedgas to the plant hits around 0.15 bcfd or higher…
GE Vernova predicts lower revenue for the wind segment in 2019.
GE Vernova announced on Tuesday that it has lowered its revenue forecast for its wind segment in the coming year due to delays at two major project caused by incidents involving their turbines. In a press release, the company said that it expects revenue to fall by single digits between 2025 and this year. It also stated that they expected revenue to remain flat in 2019. GE Vernova and the offshore wind industry as a whole have been battling cost inflation and supply-chain challenges. The company announced it would be cutting hundreds of jobs from its offshore segment.
Vard Completes Conversion of IT Infinity PSV to Cable Laying Vessel
Norwegian shipbuilder Vard has delivered IT Infinity vessel to I.T. International Telecom Marine (IT), after completing its conversion from Platform Supply Vessel (PSV) to specialized Cable Laying Vessel (CLV).Built at Vard Brattvaag and delivered to Volstad Maritime in 2008 as the Volstad Princess, the vessel has changed ownership several times.SD Standard Drilling acquired the ship in 2017, before it was sold to IT in 2021 and renamed IT Infinity.In 2024, the vessel returned to VARD for an extensive conversion, preparing it for its new role as a highly specialized CLV…
