Tesla CEO Elon Musk made a bold prediction in 2017: “Everything will go fully electric, apart from (ironically) rockets. Ships are the next easiest to solve after cars.” Six years later, the world’s second-richest person might be right about the next battery boom in ships. Japanese battery startup PowerX Inc. …
Read More »Exxon is Ramping up Activity in Offshore Guyana as the Economy Soars
With more than 35 oil discoveries since 2015 the impoverished South American microstate of Guyana has emerged as the world’s hottest frontier drilling location. Global energy supermajor ExxonMobil is leading the charge by exploiting the prolific offshore Stabroek Block where it has discovered over 11 billion barrels of oil resources. …
Read More »Japan Enacts Law for Operating Nuclear Reactors beyond 60-yr Limit
The Japanese parliament on Wednesday passed a bill that allows nuclear reactors in the country to be operated beyond the current limit of 60 years to help cut carbon emissions while ensuring an adequate national energy supply. The law on power sources for green transformation and decarbonization amends five laws …
Read More »US-China Green Energy Rivalry is Great for World
US ambitions to break China’s dominance of green energy supply chains are “great for the world” as long as tensions don’t lead to war, said iron ore magnate Andrew Forrest. The chairman of Fortescue Metals Group, the world’s fourth-largest iron ore producer, said it was healthy for competitors to challenge …
Read More »Japan Wants to Beam Solar Energy Back to Earth from Space
Countries around the world seem to be in a race to set up solar power plants in space and beam energy back to Earth. The United Kingdom and China have already displayed interest in building such a technology and now, Japan seems to be the latest member to join the …
Read More »Chinese Solar Major Slashes the Prices of a Key Component
The largest solar manufacturer in the world has reduced the prices of a key component in solar installations by close to a third as production ramps up, threatening to sink weaker players. The update comes after in December Longi slashed prices by more than 27%. Per a Bloomberg report, Longi …
Read More »Europe Gas Drops again as Industries Struggle, Solar Hits Record
European natural gas prices dropped to the lowest levels in over two years as demand was hit further by record solar power in Germany. Benchmark futures tumbled as much as 4.3%. Gas posted its longest stretch of weekly declines since 2007 on Friday, a sharp turnaround from the energy crisis …
Read More »OPEC would Welcome Iran’s Return to the International Oil Market
OPEC will welcome the return of Iran to the international oil market once the U.S. lifts sanctions from Tehran, the secretary general of the cartel said. “We believe that Iran is a responsible player amongst its family members, the countries in the OPEC group. I’m sure there will be good …
Read More »UK is Largest Foreign Investor in Azerbaijan with $34 Billion
The UK has invested $34 billion in Azerbaijan’s economy, Minister of Energy of Azerbaijan Parviz Shahbazov said during the meeting with British Prime Minister’s Trade Envoy for Azerbaijan, Baroness Emma Nicholson, Trend reports. According to him, issues of switching to “clean” energy were discussed during the meeting. “We discussed issues …
Read More »Saudi-Russia Tensions Growing ahead of Key OPEC+ Meeting
Days ahead of the key OPEC+ meeting on June 4, the leading producers in the group, Saudi Arabia and Russia, are at odds about output policy. Riyadh has grown increasingly frustrated with Russia, which apparently hasn’t kept its end of the deal and isn’t reducing oil production as pledged, complicating …
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