Germany’s economy minister said Sunday that the country will limit the use of natural gas for electricity production amid concerns about possible shortages caused by a cut in supplies from Russia. Economy Minister Robert Habeck said that Germany will try to compensate for the move by increasing the burning of …

The Norwegian Petroleum Directorate (NPD) has announced a minor gas discovery southwest of the Skarv field in the Norwegian Sea at wildcat well 6507/4-3 S. Preliminary estimates indicate the size of the discovery, which is operated by ConocoPhillips Skandinavia AS, is less than 0.1 million standard cubic meters of recoverable …

Italy is considering moving to a state of alert to ration gas consumption and increase gas storage following Gazprom’s gas supply cut, Italian newspaper Corriere della Sera reported. According to the Italian emergency protocol, the state of “alert” – which is the second level on a scale of three – …

State-owned China National Petroleum Corp. and Sinopec are expected to invest in Qatar’s $29 billion North Field East project, said a person familiar with the situation, who asked not to be identified discussing a private matter. The companies are looking to procure LNG under long-term contracts, two other people familiar …

LG Chem Ltd. said Monday it is building a hydrogen plant in South Korea to produce clean fuel for use in its key petrochemical processing in line with its long-term low carbon emission goals. The hydrogen plant, to be located in its Daesan complex, about 75 kilometers southwest of Seoul, …

China continued to snap up Russian energy products last month, including a record quantity of crude oil, lifting purchases to $7.47 billion — about $1 billion more than April and double the amount of a year ago. The increase in shipments came as the war in Ukraine entered a fourth …

The United States is calling on all oil and gas producers, including the OPEC club of the largest oil exporters, to increase their output to rein in soaring gasoline prices, the US secretary of energy said on Sunday. “President Joe Biden has asked for all suppliers around the globe to …

Basra Oil Co. will buy Exxon Mobil Corp.’s stake in the West Qurna-1 oil field in southern Iraq, Oil Minister Ihsan Abdul Jabbar told reporters on Sunday. A final investment decision has been taken to acquire Exxon’s interest in the field, Jabbar said at an event in Baghdad. Iraq has …

Italian company Eni joined Qatar Energy’s project to expand production from the world’s most extensive natural gas field on Sunday, days after Russia cut supplies to Italy. Eni, the multinational oil and gas company, will now own a stake of just over three percent in the $28bn North Field East …

Washington has been actively selling from its Strategic Petroleum Reserve (SPR) over the past year to keep energy prices from rising even higher, Bloomberg reported on Friday, noting that the government can’t keep tapping the reserves forever. According to the report, over the past year almost 115 million barrels were …