The world’s biggest oil producers are spending billions of dollars on fossil fuel projects that will only be needed if the world misses key climate goals, according to Carbon Tracker, a nonprofit think tank. Companies invested $58 billion in oil and gas projects in 2021 and 2022 that will only …
Read More »Chevron to Take over Venezuelan Oil Project this Week
Chevron will officially assume control of an oil project in Venezuela this week, Bloomberg has reported, citing unnamed sources. The supermajor will process heavy crude at the Petropiar facility, called an upgrader, and then export it to refiners on the U.S. Gulf Coast after the Treasury Department granted Chevron an …
Read More »Amazon to Build 300 MW of Hybrid Wind-Solar Capacity in India
Amazon has announced its first wind-solar hybrid projects with Vibrant Energy. They will build 300 MW of renewables capacity at two sites in the Indian states of Madhya Pradesh and Karnataka. Upon completion, the projects will generate 1,163 GWh of clean energy, which is equal to the electricity needed to …
Read More »Germany Secures Qatar LNG Supply under ConocoPhillips Deal
Qatar has agreed to supply Germany with liquefied natural gas under a long-term deal as the latter continues to seek alternatives to Russian pipeline gas supply. State-owned QatarEnergy signed deals with ConocoPhillips that will see deliveries of about 2m tons of LNG annually to Germany over 15 years, starting in …
Read More »U.S. Allows Resumption of Limited Oil Extraction by Chevron in Venezuela
The United States on Saturday allowed the country’s oil giant Chevron Corp. to resume “limited” extraction of natural resources in Venezuela and to export Venezuelan oil, after the Venezuelan government and the opposition alliance reached a deal to break the political stalemate. Chevron received a six-month license that authorizes the …
Read More »Saudi Aramco Base Oil Gets Nod for $1bn IPO
Saudi Aramco Base Oil Co., a unit of the state-owned oil producer, has received regulatory approval for an initial public offering in Riyadh, as the world’s biggest crude producer looks to list some of its subsidiaries. The IPO will consist of the sale of 50mn shares – a 29.7% stake …
Read More »Gazprom Warns of Possible Halt in Natural Gas via Ukraine
A backlog has accumulated for Russian gas shipments via Ukraine destined for Moldova, and if it persists, shipments will be reduced beginning Nov. 28, according to Russian energy company Gazprom on Monday. Gazprom said the quantity of gas delivered to the Sudzha transit point in Russia for Moldova “is higher …
Read More »TotalEnergies Plans Oil Exploration Offshore South Africa
TotalEnergies SE is planning to explore for oil offshore South Africa’s West Coast, where environmental groups have increasingly opposed such activity. The French explorer proposes to drill one well, which could result in an additional nine wells depending on the success of the first, SLR Consulting Ltd., which is doing …
Read More »Aramco’s S-OIL to Build SAR 26 bln Petrochemical Cracker in South Korea
Saudi Aramco announced its biggest ever investment in South Korea to develop one of the world’s largest refinery-integrated petrochemical steam crackers through its S-OIL affiliate. In a statement received by Argaam Aramco said, the SAR 26 billion ($7 billion) Shaheen project aims to convert crude oil into petrochemical feedstock. This …
Read More »BP Says It Is Paying more Tax as It Makes more Profit
BP is paying more tax as it is making more profit, its UK head Louise Kingham told the Reuters Energy Transition Europe 2022 event on Wednesday. “It’s right that (the government) should think about how they protect the most vulnerable and taxation is not for companies to determine,” Kingham said. …
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