The number of active drilling rigs in the United States increased to 752 this week, up by two from the previous week and 273 from this time last year, according to the weekly data released Friday by Houston-based oilfield services company Baker Hughes. These active drilling rigs included 597 oil …

Shell Plc said surging margins from fuel production could have added more than $1 billion to the earnings of its refining business last quarter, when gasoline prices broke records in several countries. The trading update from the London-based energy giant is the first indicator of just how much cash was …

Oil prices rose about 2% in volatile trade on Friday but were still heading for a weekly decline as concern over a potential recession-driven demand downturn outweighed tight global supplies. Central banks around the world are raising interest rates to tame inflation, spurring fears that rising borrowing costs could stifle …

European countries are attempting to substitute Russian energy resources, but it will lead to price growth, Russian President Vladimir Putin said on Friday at the Cabinet meeting. “Europeans are attempting to substitute Russian energy resources, but the outcome of such actions is expectable – this is the gas price increase …

Italian energy company Snam acquired a new floating regasification vessel from BW LNG company to contribute to Italy’s energy security and diversification. The vessel has a maximum storage capacity of 170 thousand cubic metres of liquefied natural gas (LNG) and a continuous regasification capacity of about 5 billion cubic metres …

The European Union plans to become the top investor in the world’s tallest dam in Tajikistan, EU officials told Reuters, in a move aimed at helping Central Asia cut its reliance on Russian energy and part of EU’s answer to China’s Belt and Road Initiative. Tajikistan began in 2016 the …

Countries need to expand manufacturing of solar panels from their current concentrated base in China to ensure secure supply and meet targets for cutting planet-warming carbon emissions, the International Energy Agency said on Thursday. The world needs to double its current capacity to produce the “key building blocks” of solar …

Asian petrochemical markets are in a jam, with price bearishness across the board as recession risks continue to mount. Elevated concerns on the economic front, from the fallout of the Russia-Ukraine conflict and sanctions on Russia, plus fears of upward spiralling inflation continue to weigh on sentiment. The increase in …

Royal Dutch Shell will build the largest renewable energy plant in Europe, as its subsidiaries Shell Nederland B.V. and Shell Overseas Investments B.V. have made a final investment decision on the project, Trend reports with reference to the company. Reportedly, Holland Hydrogen will be operational in 2025. “The 200MW electrolyser …

European Commission chief Ursula von der Leyen has said the European Union needs to make emergency plans to prepare for a complete cut-off of Russian gas in the wake of the Kremlin’s war in Ukraine. The EU has already imposed sanctions on Russia, including on some energy supplies, and is …