International

Germany will fund 62 large-scale hydrogen projects with as much as $10 billion in federal and state funds as it aims to become the world’s leader in hydrogen technologies, the German ministries of economy and transport said. Germany will provide $9.72 billion (€8 billion) to the 62 projects it has …

The Russian majority state-owned multinational energy corporation Gazprom has resumed oil production in Libya following a ten-month hiatus. The ports, export terminals and production facilities in Libya have gradually restarted operations, according to a report by the Russian news agency Tass. The managing director of Gazprom’s subsidiary Gazprom EP International, …

U.S. energy companies are urgently building their cyberattack insurance coverage following the Colonial Pipeline network attack earlier this month, Reuters has reported, adding that premiums were likely to rise on this increased demand. A ransomware attack shut down the largest fuel pipeline in the United States two weeks ago, causing …

China gave five state-owned companies until Thursday to report on their historic use of imported oil as part of a broader effort by the world’s largest oil importer to control shipments as domestic supplies swell. In an “urgent notice” dated May 25 and reviewed by Reuters, the National Development and …

U.S. President Joe Biden on Tuesday said he decided to waive sanctions against the company behind the Nord Stream 2 gas pipeline because the project was nearly complete, and doing so could have harmed ties with Europe. Biden, who is preparing for his first visit to Europe and his first …

The five largest oil and gas companies recorded a cumulative revenue of $1.14 trillion in 2020, representing a loss of about 30.9% or $500 billion from the 2019 figure of $1.65 trillion, according to data acquired by Finbold. PetroChina’s last year revenue stood at $280.7 billion, a drop of 19.28% …

Iraq’s president said Sunday $150 billion from oil had been smuggled out of the country since Saddam Hussein was ousted in 2003, as he introduced a law to fight endemic corruption. President Barham Saleh presented a draft law to parliament to fight corruption, recover stolen funds and hold perpetrators to …

Previously, a lawsuit filed by the German environmental charity Nabu against the construction of the gas pipeline halted the issuance of the work permit by the Federal Maritime and Hydrographic Agency, but it later said the work could continue in May. Despite pressure from the US, Russia’s Fortuna vessel has …

The Organization of the Petroleum Exporting Countries (OPEC) stated that the scenario provided in the International Energy Agency’s (IEA) report could affect companies’ investments and demand for oil, Reuters reported. According to the report, investors should not fund new oil, gas, and coal supply projects if the world wants to …

U.S. energy firms added oil and natural gas rigs for a fourth week in a row as higher oil prices prompt some drillers to return to the well pad. The oil and gas rig count, an early indicator of future output, rose two to 455 in the week to May …