The Greek energy ministry announced on Friday that a consortium consisting of U.S. major oil company Chevron, and Helleniq Energy - the largest oil refiner in the country - was the preferred bidder to explore gas offshore in the southern blocks. The move follows a joint bid Chevron/Helleniq made in an Greek tender last year for the exploration of gas in four deep sea blocks near the Peloponnese Peninsula and Crete. Greece, which has very little oil production and relies heavily on gas imports to power its domestic consumption and generate electricity, is keen to explore and enhance its role...

According to a copy seen on Wednesday, Indonesian President Prabowo Subianto has issued a decree to resume international carbon trading after a hiatus of four years. In 2021, the Southeast Asian country published carbon market regulations that focused more on compliance than voluntary markets. The regulation effectively ended all trading of carbon credits across borders, even those generated by large projects such as the Katingan Mentaya Conservation Project. Indonesia claimed that the moratorium allows the country to prioritise meeting its own greenhouse-gas reduction targets instead of selling the reductions abroad. The suspension was also a result of concerns that carbon...

Venture Global's shares fell 17% on Friday in premarket trade after BP won an arbitration case against it over its failure in delivering liquefied gas as part of a long-term contract that was supposed to begin in late 2022. Venture Global reported on Thursday that the International Chamber of Commerce International Court of Arbitration had found it in breach of its obligations to declare that commercial operations at the Calcasieu Pass Plant had started promptly and to act as "a reasonable and prudent operator." BP, Shell Edison and Galp filed arbitration claims accusing U.S. firm of profiteering, by selling LNG...

The head of Serbia's state gas company, RTS, told the public broadcaster on Tuesday that Serbia will sign a deal for a three-year supply of gas with Russia. Dusan Bajatovic, Srbijagas, said that Serbia already has daily gas supplies of 2.5 millions cubic metres from Azerbaijan. It also receives 9.5 million cubic meters daily from Russia. Bajatovic said that Serbia has a single gas storage facility which holds 780 millions cubic metres of gas. If needed, an additional 200,000,000 cubic metres can be obtained from a storage in Hungary. Serbia is one of the few European countries that still buys...

The idea of closing oil and gas fields in Norway is unsettling. But the Green Party, a small party, is pushing for it as the global shift away from fossil fuels is looming. After the election on Monday, the Greens' seats more than doubled to seven. The ruling Labour Party needs their support to maintain a two seat majority. Arild Hermstad, leader of the Green Party, said: "We will prioritise the climate issue." "We need to make a transition away from fossil fuels and into the renewable energy sector." Norway lacks this today. The party wants to stop all exploration...

Guido Brusco, Eni's Chief operating officer, said on Wednesday that Azule Energy, a joint venture between Italian oil and natural gas explorer Eni, and BP, will invest an additional $5 billion in Angola within the next 4 to 5 years. This latest investment will equal the amount invested in oil and natural gas projects in Sub-Saharan Africa’s No. 2 oil producer since the joint venture was launched three years ago. Angola's regulatory system has been overhauled to attract new investment as it aims to maintain oil production at 1 million barrels per day. Brusco, speaking at an oil and natural...

Robert Fico, the Slovak prime minister, told Vladimir Putin that Russia wants to normalise relations with Slovakia and will increase imports of Russian natural gas via TurkStream. These comments were in direct conflict with the European Union's position, which seeks to reduce its dependence on Russian energy to punish Moscow for its invasion of Ukraine 2022. They also come at a crucial time in the efforts to end this conflict. Both Slovakia and Hungary, both EU member states, are led by populists who have maintained political ties with Russia which supplies most of their oil requirements. Fico told Putin during...

Russia's RIA reported that Gazprom, the Russian energy company, and China National Petroleum Corporation have signed an agreement to increase the annual gas supply to China through the Power of Siberia Pipeline as well as the Far Eastern Route. Reports last month indicated that China wanted to purchase more Russian gas via an existing pipeline, as the talks between two countries failed to progress. The agreements were signed by Russian President Vladimir Putin during his visit to China. He is scheduled to attend on Wednesday a military display on Tiananmen square to mark the official end of World War Two...

Gazprom reported that its net income fell almost 6% in the first six months of 2025, to 983.1 billion Russian roubles (12.2 billion dollars), due to the stronger rouble as well as lower oil prices. The revenue also fell to 4,99 trillion roubles. Gazprom suffered a loss in 2023 of about $7 billion, its first since the year 1999. This was due to a drop in sales in Europe. Russian oil has fallen from 30% to around 3% in the same time period. The European Union intends to completely phase out Russian energy in 2027. The company has been trying...

An adviser at the Power Ministry said that India is considering using gas-fired plants to only meet the surge in electricity demand during peak summer months, May and June, due to higher costs. Gas' share in India's electricity generation fell to 1.5% in 2020 from 3%, because prices reached $12 per million British Thermal Units and ranged from $8 to $18 in the last two year, which means that other forms of power generation are cheaper. About 75% of India’s electricity is generated by coal-fired power plants, which are more carbon-intensive. The country is trying hard to increase its use...

The Dutch and British wholesale prices of gas traded in a narrow band on Thursday morning as a slight decrease in temperatures, which boosted residential demand, was offset by higher renewable production. LSEG data shows that the benchmark Dutch front-month contract was up 0.65 euros to 32.42 Euro per megawatt hour or $11.08 per mmBtu at 0921 GMT. The British front-month price rose 1.32 pence to 80.33 pence/therm. However, the day-ahead price increased 0.10 pence to 80.30 pence/therm. According to Wayne Bryan, principal of gas research at LSEG, the fundamentals for the day are balanced with an increase in local...

Two industry sources confirmed on Friday that a Russian drone attack in Ukraine's southern Odesa Region damaged an oil depot owned SOCAR by the Azerbaijani state oil company. One source said that four people were injured in the attack. A source from the energy sector said that "multiple drones" struck the oil depot owned by the Azerbaijani SOCAR company this evening. The damage is hard to estimate at this time. "Several people were hurt." SOCAR has 60 fuel stations in Ukraine. In recent months, Russian forces have intensified their drone and missile strikes on Ukrainian cities far from the frontline....

Alberto Castillo abandoned a boat at the shores Lake Suchitlan in July. Water lettuce had overtaken the largest lake in El Salvador, and he could no longer take tourists or fish around it. The invasive species has affected thousands of families who live near the lake. Satellite images taken in early October reveal that the plant has covered nearly the entire lake, which is 135 square kilometers (52 square miles). Fundesyram in El Salvador, which is cleaning the reservoir, estimates 80% of it is affected. The reservoir was built in the 1970s for the country's main hydroelectric power station. The...

According to documents and diplomats seen on Friday, the European Union is still divided over its new climate change goal and continues to debate changes just days before ministers are expected to approve it. The EU is racing towards a climate goal, with the European Commission hoping to reduce global warming emissions by 90% by 2040. However, some member states are worried about the costs for their struggling industries. If there is no agreement, Ursula von der Leyen, the President of the Commission, will not have a goal to share with other world leaders when they meet at the COP30...

Scientists in Brazil's Amazon have created a "time-machine" that pumps carbon dioxide into the canopy of the rainforest to simulate future atmospheric conditions to gauge the biome's adaptation. This is an open question which will be discussed next month at the COP30 United Nations Climate Summit hosted by Brazil. The AmazonFACE project, near Manaus, Amazon's largest city, features six steel tower rings that loom over the jungle canopy. Each ring is surrounded by groups of 50-70 mature trees. After baseline testing, the scientists will fumigate three of the rings using carbon dioxide in levels that simulate climate forecasts over the...

A letter obtained by revealed that European truck manufacturers, including Traton Scania, Volvo, and Daimler Truck, have asked the European Union to relax its CO2 emission rules for this sector. Industry is being pressed to reduce its emissions that are warming the planet. Electric trucks are still a small part of the market because they cost more than diesel versions and buyers worry about charging infrastructure. In a letter dated October 13, the companies demanded changes to the EU credit system, which rewards manufacturers who achieve emissions below the EU targets as well as a linear trajectory from target year...

As part of a deal between Donald Trump and Xi Jinping Presidents, China agreed to postpone the implementation of its latest round rare earth export controls. However, earlier restrictions on these critical minerals which have disrupted global trade still remain. Export restrictions imposed this year, which allowed Beijing to cut foreign customers who depended on Chinese supplies, have transformed rare earths from an obscure element into China's strongest negotiating tool. Trump and Xi held a two-hour meeting in South Korea on Thursday. After the summit, the U.S. President said that China had agreed to continue rare earth exports and the...

Iraqi officials have raised the alarm about the danger of losing thousands of years of history as Iraq's ancient cities in the south face erosion due to climate change. The harsh, dry weather increases the salinity of the soil, damaging historical monuments such as Ur, where Abraham the Biblical patriarch was born, and Babylon, which once held the capital of an empire. Sand dunes have caused the deterioration on the northern side the Ziggurat, an ancient stepped pyramid temple dedicated to Nanna, the moon goddess, more than 4,000-years ago. The combination of wind and dunes causes the northern parts of...

Brazil wants to assist developing countries in securing more funding to adapt to climate change. The COP30 summit president stated that. A U.N. study estimated the world would need to spend $310 Billion a year to prepare for rising sea levels, warmer days, and other conditions associated with a warming atmosphere by 2035. According to the U.N.'s Adaptation Gap Report, this is about 12 times what is currently spent annually on climate adaptation efforts. COP summits have so far not resulted in major increases in funding for climate adaptation. These funds are still behind investments in renewable energies and other...

The largest drug companies in the U.S. won a trial in 2022, but the U.S. Court of Appeals reversed that decision. The 4th U.S. The 4th U.S. The 4th Circuit has reopened the case and said that the lower court must re-evaluate if the three drug companies are responsible for paying for addiction treatment and prevention in the city and the county, on the basis of their alleged failures to stop "suspicious", large orders from pharmacies. Cencora's spokesperson stated that the company is disappointed with the ruling, and they are considering their next steps. This could include a second appeal....

The 4th U.S. Circuit Court of Appeals on Tuesday reinstated a lawsuit for $2.5 billion against drug distributors who were accused of contributing towards an opioid crisis in West Virginia. This decision overturned a 2022 trial victory by the biggest drug suppliers in the U.S. The 4th U.S. The 4th Circuit Court of Appeals ruled a lower court erred in concluding that Cencora Corp, McKesson Corp, and Cardinal Health had not created a "public inconvenience" by supplying a large number of addictive pills to the pharmacies of Cabell County and Huntington. The 4th Circuit has reopened this case and said...

Manjinder Singh Sirsa, the Environment Minister in Delhi's capital territory, said that authorities began to seed clouds in the city on Tuesday in order to bring artificial rain in and reduce pollution levels. The city has been struggling with poor air quality for several days. This method aims to increase rainfall by adding chemical particles around the water droplets that form in clouds. This is the first attempt in the Indian capital. Although cloud seeding has been used by several countries to increase rain and improve air quality, or to water crops during a drought, it was not until now...

Bill Gates, philanthropist and billionaire investor, called on world leaders to focus on improving health outcomes and not temperature reduction targets in advance of the COP30 Climate talks in Brazil. COP30 is scheduled to take place in Belem, a port city in Brazil's Lower Amazon Region from November 10-21. The countries are expected to update their national climate commitments, and evaluate progress made on the renewable energy targets set at previous summits. In the last decade, the world has been working to achieve the Paris Agreement goals. This includes limiting global warming below 2 degrees Celsius over the pre-industrial level...

Chief executive of Carbon Measures, an initiative to create a carbon accounting system backed by many large energy companies and multinationals, said that the panel will be independent. The group, which was launched by ExxonMobil and BASF, among others, is aimed at creating a system of carbon emissions accounting for companies. This will help to reduce double counting and reward them for being more sustainable. There are other carbon accounting guidelines, like the Greenhouse Gas Protocol. However, comparing companies is difficult. Carbon Measures wants to develop a ledger system similar to that used in financial accounting within the next two...