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PJSC Lukoil agreed to acquire a 25% participating interest in the Shallow Water Absheron Peninsula (SWAP) exploration project in the Azerbaijan sector of the Caspian Sea from bp. The SWAP project area, south of the Absheron peninsula, lies in water depths up to 40 m. In 2016, a 3D seismic …

Chinese President Xi Jinping recently announced at the UN General Assembly that China “will not build new coal-fired power projects abroad.” Chinese banks have already swung into gear. Three days after Xi’s speech, the Bank of China declared it would no longer provide financing for new coal mining and power …

SSE Plc formed a joint venture in Japan to gain a foothold in one of the most promising markets for offshore wind. The Scottish utility, one of the companies behind the world’s largest offshore wind park, will pay $208 million to take an 80% stake in a joint venture with …

Qatar Petroleum said Sept. 29 that it had reached an agreement to supply 3.5 million mt/year of LNG to China over 15 years. The long-term sale and purchase agreement with CNOOC Gas and Power Trading & Marketing Ltd., a subsidiary of China National Offshore Oil Corp., starts January 2022, QP …

The Islamic Republic of Iran’s representative in the United Nations General Assembly called on the world for total elimination of nuclear weapons, rejecting retention, stockpiling, development, use, and proliferation of such weapons at regional and global levels. Reza Najafi, the acting deputy foreign minister for legal and international affairs of …

The European Parliament’s environment committee on Tuesday rallied behind EU plans to make companies and countries cut their methane emissions, indicating lawmakers are likely to back upcoming legislation to clamp down on the potent greenhouse gas. Methane is the second biggest cause of climate change after carbon dioxide. It has …

The Organization of the Petroleum Exporting Countries (OPEC) predicts that as the world economy recovers from the pandemic, oil demand will increase substantially in the next few years, adding that despite the energy transition, the world still needs to continue to invest in oil production to avoid contraction. In its …

The energy squeeze in Europe has nothing to do with the continent’s energy transition plans, the head of the International Energy Agency Fatih Birol told the European Parliament’s energy and environment committees. “It is inaccurate and unfair to explain these high energy prices as a result of clean energy transition …

Kazakhstan plans to attract investments from Azerbaijan to fund renewable energy projects, the country’s trade and integration ministry said. “Our countries have launched various projects in the field of oil and gas, subsoil use, and several other sectors,” Trend quoted the ministry as saying on Saturday. “However, there is no …

A recently discovered natural gas field in the Black Sea is set to provide nearly a third of Turkey’s domestic needs when it reaches peak production capacity by 2027, Energy Minister Fatih Dönmez has told Bloomberg. Turkey may be able to start with an initial annual production capacity of 3.5 …