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The surge in oil and gas prices will translate into record-high 2022 earnings for the two U.S. supermajors, Exxon and Chevron, with their combined yearly profits hitting nearly $100 billion, analysts say. The two oil and gas giants benefited from the soaring price of oil and gas following the Russian …

Despite bold climate pledges from a plethora of major world powers, it seems that many are unable to break their addiction to coal, as consumption is set to hit an all-time high (once again). Several countries have launched climate strategies that include the phasing out of coal production and use …

As Europe is struggling to reduce its dependence on Russian gas, seeking to secure gas from the Middle East, China beat Europe to the punch and at the end of last November sealed the largest ever liquefied natural gas (LNG) deals with Qatar at the staggering amount of US$ 60 …

European natural gas prices started the new year declining as mild weather curbed demand. Benchmark futures dropped as much as 7.9% to the lowest level since February 21, extending three weeks of net declines. Weather forecasts point to temperatures above seasonal norms for most of the region in the next …

UK-headquartered energy giant BP has completed the acquisition of Archaea Energy, a Texas-based renewable natural gas (RNG) company. Archaea Energy operates 50 RNG and landfill gas-to-energy facilities across the U.S., producing around 6,000 barrels of oil equivalent a day (boe/d) of RNG. Its production would be expected to provide an …

Germany halted imports of Russian oil via pipeline on January 1, following through on a previous pledge to stop buying Russian pipeline crude despite the fact that the EU embargo exempts pipeline flows from Russia to Europe. The EU embargo on imports of Russian crude oil by sea came into …

U.S. oil company Chevron Corp is sending two oil tankers to Venezuela, one of which will load the first cargo of crude destined for the United States in nearly four years, according to a person familiar with the matter and shipping data. On Friday, a Chevron-chartered vessel approached the South …

Rashid Al-Ghilani, Oman’s Chargé d’affaires in Tehran, has said his country welcomes investment in Iran’s renewable energy sector. Al-Ghilani made the remarks in an Iran-Oman business forum in Tehran on Sunday, the portal of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) reported. The forum, focusing on the …

Iran’s trade with African states reached 2.65 mn tons worth $1.41 bn during the first 8 months of current Iranian year (March 21-Nov. 21), registering a 53.55% and an 82.51% rise in weight and value year-on-year, respectively. South Africa with 526,830 tons worth $287.11 million was the main trade partner …

The construction of the first phase of Iran’s first coal-fired power plant in Tabas, South Khorasan Province, has registered a work-in-progress rate of 35%. Based on data from the Thermal Power Plant Holding Company, the boiler of the plant has been imported on account of its higher technology, which will …