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Oil drillers in China set a new record for well depth, drilling 9,396 meters into the ground for what has become the deepest oil well in Asia, Chinese media have reported. The record well is part of a new phase in the development of an oil field in the Taklamakan …

The European Union will overhaul its electricity market in a way that encourages the development of more wind and solar installations and discourages more fossil fuel generation. According to a draft of the proposal seen by Reuters, the overhaul will push fixed-price power contracts designed to protect consumers. The proposal …

Oil prices fell more than $1 on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis. Brent crude futures were down 82 cents, or 1 per cent, at $79.95 a barrel at 0700 GMT. U.S. …

2023 is poised to witness a remarkable surge in the hydrogen investment market. That’s one of the findings of a new report by consultancy LCP Delta, which predicts a staggering 800% increase in the total installed capacity of hydrogen energy projects this year in Europe. Analysts say this would be …

Pakistan is looking to buy Russian oil at $50 per barrel, media reported on Sunday, as the South Asian country is grappling with an economic and foreign reserves liquidity crisis. Pakistan is desperate to import energy at low costs, after it was outspent on the market last year when oil …

The future of the energy industry in the United Arab Emirates is bright and will reach new heights in the future, the oil minister of the UAE, Suhail Al Mazrouei has said. At an event titled “Charting the Future of the UAE’s Energy Sector”, Al Mazrouei said that the UAE …

The Biden Administration approved the controversial Alaska oil project known as Willow on Monday after rumors surfaced last week that the Administration was set to approve it. The massive oil Willow Project covers three drill sites in the National Petroleum Reserve in an area that is estimated to hold up …

LNG deliveries to Europe and Turkey plummeted by almost 19% last week to nearly 3.2bcm as French strikes disrupted cargo arrivals, with supply expected to remain limited this week, Kpler ship tracking estimates showed on Monday. Almost 3.3bcm is forecast to be discharged from 37 vessels this week, with seven …

The World Bank will support the development of Mozambique’s giant natural gas resources if it’s the cheapest way to boost energy security in one of the world’s poorest nations, according to an official. The Washington-based lender in 2019 stopped financing oil and gas extraction projects, aside from “exceptional circumstances” where …

Saudi Aramco announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned by stronger …