The Tyra gas field on Denmark’s side of the North Sea has restarted production, having been shut 2019 for redevelopment, operator TotalEnergies SE said. “At plateau, the Tyra hub will produce 5.7 million cubic meters [201.3 billion cubic feet] of gas and 22,000 barrels of condensate per day, once again …
Read More »An EU Carbon Tax will Upend the Global LNG Market
The global LNG market could face a sea change in prices and trade flows later this decade if the European Union includes LNG in its carbon border tax. The EU’s Carbon Border Adjustment Mechanism (CBAM), commonly known as the “carbon border tax,” was launched on October 1 in the first …
Read More »Azerbaijan Shifts to Renewables Reducing Oil Product Exports
Azerbaijan sharply reduced the export of oil products. In January of this year, Azerbaijan exported 28,058.72 tons of oil products worth 17,434.46 thousand US dollars. The State Customs Committee, the value of the oil products exported by Azerbaijan during the reporting period decreased by 2.6 times and the volume by …
Read More »EIA: US Oil Imports from Iraq Surge by Roughly 510,000 bpd
On Sunday, The US Energy Information Administration (EIA) reported that Iraq’s oil exports to the United States increased by 510,000 barrels per day last week. According to the EIA’s weekly petroleum status report, US crude oil imports from eight major exporters averaged 5.201 million bpd, up roughly 510,000 bpd compared …
Read More »U.S. has Urged Ukraine to Stop Attacks on Russian Refineries
The United States has repeatedly urged Ukraine to halt its drone attacks on Russian oil refineries due to Washington’s assessment that the strikes could led to Russian retaliation and push up global oil prices, the Financial Times reported on Friday, citing sources familiar with the exchange. The White House has …
Read More »Turkey to Look for Oil in Sea of Marmara
The Turkish Petroleum state oil company (TPAO) has received a license to conduct exploration in order to discover oil in the Sea of Marmara, reports Hurriyet daily. Turkish Petroleum has received licenses for oil exploration in the Sea of Marmara off the coast of Tekirdag, Balikesir, and Canakkale. According to …
Read More »PetroChina Buys Venezuelan Crude for New Mega Refinery
PetroChina is welcoming this weekend a cargo of Venezuela’s Merey crude for use at a new huge refinery after the U.S. eased sanctions on Venezuelan oil exports a few months ago. A cargo of Merey is due to arrive in China for the state Chinese energy giant on Saturday, according …
Read More »Offshore Wind Development Costs 30% Higher in United States
Offshore wind development costs are 30% higher in the United States than they are in Europe, Germany’s biggest utility said on Thursday at the CERAWeek conference. According to RWE AG CEO Markus Krebber, the wind industry in the United States lacks maturity. “Offshore wind has become very complicated,” Krebber said, …
Read More »IEA Chief: No Chance of Hitting Climate Goals without Nuclear Power
The world will need nuclear power generation to reach its emission reduction and net-zero targets, according to Fatih Birol, the executive director of the International Energy Agency (IEA). “Without the support of nuclear power, we have no chance to reach our climate targets on time,” Birol said ahead of a …
Read More »Steel Prices Stall as European Economies Slow
Market sources report that hot rolled coil steel prices in northern and southern Europe continued to decline in recent weeks due to slowing economies in Europe as well as overcapacity. “I’m a little scared about Germany,” one trader told MetalMiner, referring to that country’s current economic situation. Germany’s economy is …
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