Chinese companies have launched a new ultradeep drilling campaign in the Taklimakan Desert in northwest China, hoping to unlock more oil and gas resources from deep underground. The drilling campaign, in China’s Xinjiang Uygur Autonomous Region, aims to reach oil and gas resources that are about 8,000 meters (26,247 ft) …

Demand for petrochemicals in India is expected to remain resilient as consumption of products is rebounding, executives in the industry told Reuters this week. India’s petrochemicals demand will be a bright spot among the major markets, amid a slowdown in demand in other markets, most notably China, and new supply …

Chevron is betting on the multi-billion acquisition of Hess Corp to boost its assets with high-quality Guyana acreage where billions of barrels of oil equivalent have been discovered. Chevron’s reserves replacement ratio has dropped in recent years and its oil and gas reserves have now declined to the lowest level …

Trading Hub Europe GmbH, the German natural gas market area manager, is holding “intensive discussions” with Germany’s authorities to potentially receive subsidies to refill gas storage sites amid fast-depleting inventories and rallying forward gas prices. “We are still in talks with the ministry as well as the regulator, and as …

Vessel transits through the Red Sea and the Bab el-Mandeb Strait have remained relatively stable at subdued levels since the Iran-backed Houthis said they would limit attacks on commercial vessels. Following the Israel-Gaza ceasefire last month, the Iran-aligned Houthis said they would limit attacks in the Red Sea to vessels …

Indian Oil Corporation is in discussions to agree on a long-term supply deal with U.S. Cheniere Energy, in what could be one of many new LNG supply agreements between India and America. Indian Oil, the state oil and gas and refining giant, is negotiating a 15-year agreement to source LNG …

U.S. sanctions against Russia’s oil exports and trade should not hinder Russian energy trade with India, Russia’s first deputy energy minister, Pavel Sorokin, said on Tuesday. Indian refiners are scrambling for alternatives after the U.S. sanctions designated hundreds of tankers, as well as oil traders, last month. Since the Russian …

Refiners on the Gulf Coast are shunning crude oil cargos from Mexico that feature an excessively high water content that makes the feedstock unfit for the production of gasoline and diesel fuel, Bloomberg has reported. Instead, refiners are buying more Colombian and Canadian crude, or asking for discounts on the …

China is preparing for the listing of its first overseas sovereign green bond, which will take place in London as the frontrunner in the energy transition race seeks to tap the international investor pool. The size and timing of the listing are yet to be divulged but the Singapore portfolio …

Securing reliable and affordable rare earth element supplies has become a key concern in the global clean energy transition. Some have gone so far as to rebrand lithium, the third periodic element, as “white gold” due to its central role as a “critical mineral” in clean technologies including electric vehicle …