European natural gas prices rose for a fifth day, the longest streak since April, as outages tighten global supply while heat blankets parts of the region. Benchmark futures advanced as much as 5.2% on Wednesday, signaling that a bullish trend is taking hold after prices slipped in the first half …
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France’s TotalEnergies has started drilling its first well in the Tilenga field, near Lake Albert, in Uganda. Production is set to start in 2025, the company said, as quoted by the AFP. The Tilenga project is part of a $10-billion deal between TotalEnergies, Chinese CNOOC, and the Ugandan government for …
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Chevron is considering the construction of a floating LNG terminal in the Eastern Mediterranean to use as an export hub for Asia and Europe. That’s according to Chevron’s global head of gas, who spoke to Japan’s Nikkei, saying that the Eastern Mediterranean was “being supplied really well, so [there’s] going …
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The idea that the energy transition to an energy system dominated by wind and solar power appears to be at odds with the idea of an oil and gas refining industry. Yet this is a superficial contradiction: wind and solar cannot exist without oil and gas refining. Now, Chinese refiners …
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Oil prices eased on Wednesday off three-month highs as industry data showed a stock build in U.S. crude inventories and investors remained cautious ahead of a likely Fed rate hike. Brent crude futures slipped 46 cents, or 0.55%, to $83.18 a barrel by 0451 GMT, while U.S. West Texas Intermediate …
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EU member states appear to have little appetite for adjusting the G7 price cap on Russian oil exports, despite growing evidence that the value of Russia’s main Urals crude is rising above the previously set level of $60 per barrel. Poland and its smaller Baltic neighbors previously took the most …
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The State Oil Marketing Organization (SOMO) has reported that Iraq exported more than one billion dollars’ worth of three petroleum products during the first quarter of 2023. According to a table released by SOMO, Iraq exported three petroleum derivatives totaling $1,113,220,043, with a quantity of two million, six hundred thirty-six …
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Eni, Enel and other state-controlled Italian energy groups are due to benefit from a partial transfer of European Union funds to the REPowerEU scheme, credit rating agency DBRS said on Monday (24 July). In a report analysing Italy’s challenges to spend €191.5 billion of EU post-COVID funds by 2026, DBRS …
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The first signs of a slowdown in activity in the U.S. shale patch emerged earlier this year as declining oil prices prompted drillers to reduce the number of active rigs. Then data suggested that well yields were also dropping—a sign of potential natural depletion that would make drillers think twice …
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Local authorities in the Greater Manchester area in the UK have issued planning permission to UK energy infrastructure development company Carlton Power to build what would be the world’s largest battery energy storage scheme, which will cost $963 million (£750 million). Carlton Power plans to build and operate a 1GW …
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