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BP has invested in a start-up company developing technology seeking to use vapour from heavy industry to sharply reduce the production costs of zero-carbon hydrogen. BP Ventures, the British energy giant’s venture capital arm, was among several investors in a $12.5 million Series A financing in U.S.-based Advanced Ionics, the …

Exactly a month after Prime Minister Narendra Modi and President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, signed a Memorandum of Understanding on trade in national currencies, the Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Limited (IOCL) made their first-ever crude oil transaction in national …

Earlier this month, the price of natural gas in Europe spiked by as much as 40% on the news that gas platform workers in Australia may launch industrial action. The strike could affect a tenth of global LNG, media reported last week, which would send prices higher. Indeed, the very …

Oil prices edged higher on Tuesday as China unexpectedly cut key policy rates for the second time in three months to shore up a sputtering economic recovery, although sluggish economic out of Beijing put a lid on gains. Brent crude futures rose 32 cents, or 0.4 per cent, to trade …

Iranian Energy Minister Javad Oji said on Monday that the country’s Supreme Economic Council has defined new projects with a total investment of $36 billion to improve energy consumption efficiency in various sectors, Shana reported. Speaking at the opening ceremony of the Iran Energy Efficiency Conference (IREEC 2023), Oji said: …

The Organization of the Petroleum Exporting Countries (OPEC) revealed on Monday a notable decrease in oil production among its 13 member states during July. The combined output dropped by 836 thousand barrels per day, settling at 27.310 million barrels per day, compared to the previous month of June. According to …

Last month, the UAE declared it will not join Saudi Arabia in making voluntary oil production cuts, claiming that the cuts by the Saudis are enough to balance the markets. This is hardly surprising considering that the UAE has long argued that it should be allowed to pump more than …

Libya has for the first time in the country’s history given domestic private companies the opportunity to invest in the field of oil production, Libya’s National Oil Corporation (NOC) said Sunday. NOC’s Board of Directors called on private Libyan companies to invest in the field as part of the strategy …

Iraq has secured its position as the fifth-largest country worldwide regarding oil reserves, as stated by the Italian oil corporation Eni. Eni’s data reveals that Iraq has a substantial oil reserve of 145.019 billion barrels for 2022, reflecting a marginal compound growth rate of 0.1%. In 2010, Iraq held 143.100 …

There is a decline in world oil prices of about 1 percent as investors assess the state of the Chinese economy, Trend reports. The price of October futures for Brent Crude Oil fell by 1.01 percent, reaching $85.94 per barrel. Meanwhile, September WTI futures also declined by 1.06 percent, dropping …