Saudi Aramco 2223.SE Chief Executive Amin Nasser said on Sunday the oil giant was looking at further opportunities to invest in China, where he said oil demand was robust and growing. State-owned Aramco has been ramping up its China presence in a string of deals in refining and petrochemicals, some …
Read More »Russia’s Novatek Sets up China Office to Market Gas amid Sanctions
Russian natural gas producer Novatek is building a new China-based team to explore marketing the fuel, sources familiar with the plans said, as U.S. sanctions thwart plans for exports from its new multi-billion dollar Arctic project. The move illustrates Russian energy companies’ continued pivot to Asia, especially China, after the …
Read More »Norway Boosts Oil, Gas Drilling, Including in Arctic
Norway on Tuesday awarded stakes in 62 offshore oil and gas exploration licences to 24 energy companies, including state-controlled Equinor , boosting the amount of acreage offered as the country seeks to pump for decades to come. The annual award was up from 47 licences a year ago when 25 …
Read More »IEA: COP28 Pledges so far not enough to Limit Warming to 1.5C
A raft of new pledges announced at the COP28 climate summit – from tripling renewables to reining in methane emissions – won’t be enough on their own to limit global warming to 1.5 degrees Celsius, the International Energy Agency (IEA) said on Sunday. So far, 130 countries have agreed to …
Read More »IEA: Oil and Gas must Let Go of Carbon Capture as a Solution
Released ahead of the COP28 climate summit in Dubai, a report from the International Energy Agency (IEA) emphasised the need for oil and gas companies to let go of the “illusion” that carbon capture technology is a solution to climate change and invest more in clean energy. “The Oil and …
Read More »Russia Sees CO2 Storage Potential at 4.6 bln Tons
Russia has a capacity to store at least 4.6 billion metric tons of carbon dioxide (CO2), enough to cover domestic needs as well as some volumes from other countries, Igor Shpurov, head of Russian State Commission on minerals, said on Monday. Russia, the world’s fifth biggest emitter of carbon dioxide …
Read More »Exxon Delivers Record First-Quarter Profit on Higher Output
Exxon Mobil Corp on Friday reported a record first-quarter profit that was more than double a year ago and topped Wall Street estimates as rising oil and gas output overcame a pullback in energy prices from high levels. Oil companies are riding a wave of strong demand and cost-cutting tied …
Read More »Russia may Demand Compensation over Nord Stream Pipeline Explosions
Moscow may seek compensation over damage from last year’s explosions on the Nord Stream gas pipelines, news agency RIA Novosti reported on Monday, citing a Russian diplomat, who also said that the future of the projects was unknown. The pipelines, which connect Russia and Germany under the Baltic Sea, were …
Read More »Global Energy Emissions Hit New Record in 2022
Global CO2 emissions from the energy sector inched up 0.9% in 2022 to reach a new record of 36.8bn metric tons, the International Energy Agency (IEA) reported on March 3, in part as a result of soaring gas prices that led more countries to burn more coal. Last year also …
Read More »QatarEnergy Joins TotalEnergies, Eni on Two Lebanon Blocks
France’s TotalEnergies and Eni have completed the transfer to QatarEnergy of a 30% interest in exploration Blocks 4 and 9 off the coast of Lebanon, the French firm said on January 29. “We are very pleased to welcome QatarEnergy in our exploration acreage in Lebanon. The recent delineation of Lebanon’s …
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