Energy and Natural Resources Minister Fatih Dönmez has said that another exploratory natural gas well could be drilled in a field in the south or west of the Sakarya Gas Field in the Black Sea this year. Turkey on June 4 announced the discovery of 135 billion cubic meters (bcm) …
Read More »Irena and China to Work Together on Carbon Neutrality Roadmap
The International Renewable Energy Agency and China’s National Energy Administration signed an agreement to strengthen efforts towards reaching carbon neutrality goals in the world’s second-largest economy. Abu Dhabi-based Irena, which is headquartered in Masdar City, will prepare a comprehensive energy transition roadmap that will identify key policy actions, technology solutions, …
Read More »World’s Biggest Oil Trader Vitol Sees OPEC+ Controlling Crude Market
OPEC+ appears in control of crude prices as U.S. production is lagging pre-pandemic levels, according to a senior executive at the world’s biggest independent oil trader, Vitol Group. The decline in U.S. drilling and output leaves little competition to efforts by the producers’ group to manage markets, Mike Muller, Vitol’s …
Read More »Oil Majors Vow Energy Transition at Their Own Pace
Oil majors are under growing pressure to stop drilling for crude to help curb climate change, but companies say they will wean themselves off fossil fuels at their own pace. The demand for change is coming from many sides: lawsuits, shareholders and the International Energy Agency have all turned up …
Read More »Rosneft Warns of Severe Oil Shortage amid Hasty Energy Shift
Russian oil giant Rosneft PJSC warned of an impending shortfall in supply as global producers increasingly channel funds into a “hasty” energy transition. “The world risks a severe deficit of oil and gas,” Rosneft Chief Executive Officer Igor Sechin said Saturday at the St. Petersburg International Economic Forum. “The world …
Read More »Russia Bets on Waste-to-Energy Plants
Russia is advancing projects to have waste-to-energy plants produce electricity, Sergei Ivanov, Special Presidential Representative for Environmental Protection, Ecology, and Transport said at an economic forum in Russia. “Garbage will never end. It is just like the forest, the wind and the sun. I hope the sun will not go …
Read More »Libya Plans to Increase Its Oil Output to 4 Million Barrels Per Day
On Saturday, Libya’s Oil Minister of the Government of National Unity (GNU), Mohamed Oun, said that Libya is planning to increase its output of crude oil to four million barrels per day (bps) within a year. During a visit of the government delegation to Paris, the Libyan Minister said that …
Read More »Baker Hughes Rig Counts Show USA Dip and Canada Surge
Baker Hughes Co. on Friday reported the total number of rotary drilling rigs operating in the United States ended the week at 456, representing a one-unit decline from a week ago. The most recent U.S. rig count reflects no change in the number of oil (359) and a one-unit drop …
Read More »Turkey Expected to Unveil New Natural Gas Discovery in Black Sea
Turkey has discovered further deposits of natural gas in the Black Sea, according to people familiar with the matter, and is likely to make an announcement soon. Initial data from the offshore Amasra-1 well show a significant amount of newly discovered gas, the people said, asking not to be identified …
Read More »World to Pass Oil Consumption Peak during 10 Years
The world has already passed the coal consumption peak and will pass the oil consumption peak within a decade, head of the Russian Accounts Chamber Alexei Kudrin said at the St. Petersburg International Economic Forum on Thursday. “I believe we will pass the oil consumption peak over this decade. We …
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