Russian President Vladimir Putin on Wednesday has inaugurated the Kovykta natural gas field in eastern Siberia, located strategically to allow Russia to increase gas exports to China amid growing tensions between Moscow and the West. The inauguration is the culmination of efforts that began about a decade ago to develop …

A consortium made up of energy companies, Eni from Italy and France’s Total, is expediting plans to develop natural gas deposits off the island of Cyprus following the discovery of a third field containing 2-3 trillion cubic feet of hydrocarbon inside the same licensed exploration area, announced the Greek Cypriot …

Europe’s biggest economy, Germany, has seen the share of Russian gas in its gas mix drop to some 20% this year from 55% last year, per data from energy lobby group BDEW cited by Bloomberg on Tuesday. Russia started gradually cutting gas supply via the Nord Stream pipeline to Germany …

Exxon’s market capitalization rose above that of Tesla for the first time in two years as investors’ appetite for stable returns in energy stocks prevailed over their attachment to the tech and EV sectors. Bloomberg reports that since the start of the year the shares of the U.S. oil supermajor …

The EU’s Eur180/MWh gas price cap would not impact Asian LNG trade flow in the near term but could tighten supplies to Europe in 2023 as some Asian suppliers might opt to sell to other markets, market sources told S&P Global Commodity Insights Dec. 20. The EU’s energy ministers agreed …

OPEC and its allies have no choice but to remain proactive given the uncertainties that face the market, the Saudi Arabian oil minister said. “The market has been subject to some extreme shocks and if it were not for the proactive approach and the pre-emptive steps that OPEC+ adopted, these …

China’s second largest hydropower facility on the upstream branch of the Yangtze river was formally completed on Tuesday after the last generating unit was connected to the grid. The Baihetan hydropower plant is equipped with sixteen1-gigawatt (GW) turbines, making it the second largest hydropower generator in China and the world, …

Russia’s Transneft has received requests for oil for 2023 from Poland and Germany, the state oil pipeline monopoly’s head told Rossiya-24 TV station, according to TASS news agency. The EU has pledged to stop buying Russian oil via maritime routes from December 5, with Western nations also imposing price caps …

The United States hasn’t been a net exporter of oil and oil products since World War II. Now, it is on course to become a net exporter next year, with oil and product exports already hitting record highs of 3.4 million bpd and 3 million bpd respectively. Meanwhile, Reuters reports, …

Europe’s move to cap natural gas prices threatens to curb supply to the region and intensify its energy crisis. European nations this week reached a deal to put a ceiling on gas prices, ending months of political wrangling over whether to intervene in its energy sector. But while the mechanism …