German wind energy supply expected to plummet Wednesday
The French baseload contract fell on Tuesday due to the anticipated return of two reactors. However, the German contract is expected to increase because there will be a decrease in wind power. LSEG data shows that the French day-ahead power?contract fell 2.3% to 87 euros ($102.61 per megawatt hour) at 1002 GMT. The German contract was not traded.
Libya plans to increase gas exports to Europe before 2030
Massoud Suleman, Chairman of the National Oil Corporation said that Libya will increase its natural gas production in the next five to ten years to?have a greater supply available to export to Europe before early 2030. Suleman, who spoke at the LNG2026 Conference in Qatar, told the delegates that the country intends to increase…
Libya plans to increase gas exports to Europe before 2030
Massoud Suleman, Chairman of the National Oil Corporation, said that Libya intends to?boost? its natural gas production over the next five to six years in order to increase supply to Europe before early 2030. Suleman, who spoke at the LNG2026 Conference, said that the country plans to increase its gas production up to a maximum of nearly 1 billion cubic feet per day.
Bousso: ROI-Oil is not able to break through the range of its current price because it needs a shock from Iran's supply, but a tough talk.
Even though oil prices rose 15% in January on the back of fears that a new U.S. attack on Iran was imminent, they remain in a narrow range. A well-supplied crude oil market will not allow for much more price increase from either side. It would take a massive action to?have a lasting impact on the global balance of supply and demand. Brent crude futures are at their highest level since July last year.
Union rejects Marathon's Contract Offer
United Steelworkers rejected a comprehensive offer from Marathon Petroleum during talks to create a national model agreement for U.S. workers at refineries and chemical plants, the union said on Wednesday. USW and Marathon, the lead negotiators for energy companies, have a deadline of 12:01 am on Sunday morning to "hammer out" a new contract to the current four-year agreement.
Over the objections of the government, French Senate approves a proposal to allow oil exploration in overseas territories
The French Senate approved by a large majority a proposal on Thursday to allow oil and gas exploration within its overseas territories. This followed a heated debate which pitted the country's decade old climate commitments with growing concerns about energy sovereignty and supply security. French Guiana, a South American territory located east of Venezuela and sandwiched between Brazil and Suriname…
S.Africa energy regulator approves power cost relief for ferrochrome makers
South Africa's Energy Regulator approved Eskom's application on Thursday to reduce electricity rates?by 35 percent for two distressed ferrochrome plants that are battling high power costs. In recent years, more than a dozen smelters in South Africa have closed, resulting in thousands of job losses. This is largely because electricity prices have increased by over 900% since 2008.
Australia reaches new renewable milestone over 50%
The Australian Energy Market Operator (AEMO), a'statement made on Thursday,' said that Australia had achieved a clean energy milestone in the quarter ending December, despite a rise of over 2,2% in power demand from a year earlier. The gas-fired generation has fallen to its lowest levels since 2000. Meanwhile, the total electricity…
US crude and natural gas production recovers after winter storms ravage output
U.S. crude and?natural-gas producers brought wells online on Wednesday following a severe storm that swept across the country at the weekend. The storm strained energy infrastructure and power systems. According to Energy Aspects consultancy, domestic crude production is down by around 600,000 barrels a day. This represents 4% of the total output.
Kuwait Readies $7b Pipeline Deal as Gulf Turns to Foreign Investors
Gulf governments are stepping up infrastructure deals with foreign investors, with Kuwait set to launch an oil pipeline network stake sale as soon as February in a deal that could raise up to $7 billion, three sources with knowledge of the matter said.The shift comes as oil prices, down more than 25% in two years, sit below levels needed to fund the Gulf’s diversification plans.
Australia and Timor call for progress on Greater Sunrise Gas Field
On Wednesday, East Timor's Xanana Gushmao and Australia's Anthony Albanese said that the Greater Sunrise -gas project should begin "as quickly as possible" with Australia pledging a third of state revenues to its neighbour. Albanese signed a partnership agreement on Wednesday with Gusmao, during his first visit to Australia's northern neighbor.
The UK National Wealth Fund has set its sights on carbon capture, batteries, and hydrogen as a way to boost growth
The National Wealth Fund of Britain announced on Wednesday that carbon capture, power grids and battery manufacturing will be among ten'sector' it will concentrate on in the next five-year period to help the relatively sluggish British economy recover. Oliver Holbourn, CEO of the company, aims to invest between 4 and 5 billion pounds per year (between $5.49 billion and £5.50 billion) in projects.
Sources say that the US will issue a general license to lift some sanctions against Venezuelan oil industry
Four sources said that the U.S. is preparing to issue a license to lift sanctions against Venezuela's energy industry. This would be a shift from the previous plan of granting individual exemptions for companies wishing to do business with Venezuela. After the capture by the U.S. of Venezuelan president Nicolas Maduro in early this month, U.S.
Norway Police File Charges Over Suspected Oil Bribery In Congo Republic
Norwegian police said Monday that they have charged two Norwegian executives and an oil company with paying millions of dollars to family members of Congo Republic president Denis Sassou-Nguesso. Norwegian police said that the investigation began after Monaco police requested legal assistance in relation to a suspicious banking transaction.
Australia PM Albanese discusses security and gas with East Timor during his visit to the country
In his first official visit to East Timor, Prime Minister Anthony Albanese is expected to highlight Australia's desire for stronger security and energy relations when he speaks in the?parliament of East Timor on Wednesday. The visit comes at a time when the tiny Catholic nation - also courted by China - continues to push for a liquefied gas plant to be built on its south shore…
Major Gulf bourses see gains as earnings season progresses
Investors focused on corporate earnings drove the early trading on Tuesday on major stock markets across the Gulf. Saudi Arabia's benchmark indices gained?0.4% led by an increase of 0.9% in Al?Rajhi bank. The bank's net profit was 24.79 billion Saudi riyals, up from 19.72 billion the year before. Al Rajhi announced a dividend of 1…
ADNOC CEO: Oil demand will remain above 100 million barrels per day (bpd) through 2040
The head of the Abu Dhabi National Oil Company (ADNOC), said that 'global oil demand is expected to remain at or above 100 million barrels a day until 2040. Demand for both LNG and electricity are expected to grow 50% or more. The Managing Director and Chief Executive Officer?Sultan Ahmed Al Jaber said at the India Energy Week…
Venezuelan oil reform encourages immediate investments, but executives still need to go deeper
Foreign and local executives and attorneys said that a proposed reform to Venezuela's oil laws is sufficient to encourage existing companies to expand, and to start investing. However, deeper reforms are needed to attract the $100 Billion the U.S. estimates is necessary to overhaul the nation's energy industry. The U.S. now controls…
Trinidad's Atlantic LNG Project to Decommission Liquefaction Train
Trinidad and Tobago's flagship liquefied natural gas project, Atlantic LNG, will begin removing one of its liquefaction trains from operations in the last quarter this year, its director for capital projects, Michael Daniel, said on Tuesday.The project's shareholders, including Shell, BP and Trinidad's National Gas Company, agreed…
Tanzanian minister: Tanzania will sign $42 billion mega LNG Project before June
A senior government minister said on Monday that Tanzania is expecting to sign a deal before June for its $42 billion project to build a liquefied gas plant. Production will begin in eight years. Equinor & Shell are the joint operators for this mega-gas project. It aims to unlock 47.13 trillion cubic foot of natural gas reserves.