In the IEA’s “net-zero emissions by 2050 scenario”, fossil fuels make up slightly more than one-fifth of total energy supply, down from almost four-fifths today. Supplies would become increasingly concentrated with a small number of low-cost producers. OPEC’s share of a much-reduced global oil supply grows from around 37% in …

Ours is a global society accustomed to eternal debate and marginal change distributed over many years. But it won’t do in the era of climate change. That’s the message of the International Energy Agency’s “Net Zero by 2050” report. The energy transition, the historically staid body says, is an all-hands-on-deck …

RF President Vladimir Putin had a working meeting with Leonid Mikhelson, Chairman of the Management Board of Novatek. They discussed the company’s performance in 2020, current activities and development plans, the Kremlin press office reports. Mikhelson briefed the President on the implementation of the Arctic LNG 2 project and the …

BP is in advanced talks to sell its 28 per cent interest in the Shearwater field in the UK North Sea to Tailwind Energy, an explorer backed by trading house Mercuria Energy Group, people familiar with the matter said. The companies may reach an agreement in the coming days, sources …

Vistra Corp. owns 36 natural-gas power plants, one of America’s largest fleets. It doesn’t plan to buy or build any more. Instead, Vistra intends to invest more than $1 billion in solar farms and battery storage units in Texas and California as it tries to transform its business to survive …

The United States became the first largest supplier of liquefied natural gas (LNG) to the European market in the first quarter of 2021, overtaking Qatar, according to the latest report by Russia’s energy giant Gazprom published on Monday. “Thanks to a significant increase in associated gas production and the construction …

Several of the world’s largest oil-producing nations have recently made public plans to boost their production capacity. The reason: peak oil demand is looming and countries are determined to make the most of their oil resources while they can. “Everything that can be produced should be produced while there is …

The European Union’s landmark rules to classify green investments may need to accommodate natural gas, the European Commission said on Monday, as Brussels weighs a politically fraught decision on how to treat the fossil fuel. The Commission last month published its “sustainable finance taxonomy”, a list of economic activities that …

Higher oil prices this year are helping Saudi Arabia to reduce its budget deficit which soared with the oil price collapse last year. But the Kingdom and its de facto ruler, Crown Prince Mohammed bin Salman, need more than oil revenues to continue carrying out the ambitious Vision 2030 plan …

OPEC’s oil exports have jumped by 1 million barrels per day (bpd) so far in May, while the OPEC+ group started easing the production cuts by 350,000 bpd this month, tanker tracker Petro-Logistics said on Monday. At the ministerial meeting in early April, the OPEC+ group decided to gradually return …