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....

EOG Resources, the U.S. energy company that closed its $5.6 billion Encino transaction on Thursday, beat its second-quarter profit forecast and increased its annual production projection. The company's 2025 production forecast was for an average of 1.224 million barrels equivalent per day (boepd) compared to its previous expectations of between 1.1 and 1.14 million boepd. In a press release, CEO Ezra Yacob stated that "the expansion of our portfolio by the Encino acquisition and our entry into Bahrain, the UAE and Trinidad as well as the strong exploration progress in our domestic portfolio, and Trinidad has significantly improved our industry-leading...

Malaysia's trade minister announced on Monday that the country will spend up to 150 billion dollars in the next five year to purchase equipment from U.S. multinationals to support its semiconductor, aerospace, and data center sectors. This is part of an agreement with Washington for tariff reductions. The United States announced that they would impose a tariff of 19% on Malaysia beginning August 8. This is lower than the 25% levied threatened last month. Petroliam Nasional Berhad is a state energy company Tengku Aziz, Minister of Trade and Industry, told the Parliament that Malaysia would invest $70 billion over five...

Exxon Mobil's second-quarter profit beat Wall Street estimates on Friday, as increased oil and gas production enabled the U.S. top oil producer to overcome lower crude oil prices. According to data compiled and analyzed by LSEG, adjusted earnings for the second quarter totaled $7.1 billion or $1.64 a share. This was higher than analyst consensus estimates of $1.56 a share. The oil producer reported that the production of oil and gas was at its highest level for any second-quarter since Exxon Mobil was formed in 1995 by the merger. Energy sector is struggling with volatility in prices as OPEC+ producers...

Cenovus Energy, a Canadian oil and natural gas producer, reduced its forecast for its upstream production in the full year on Thursday. It cited the temporary shutdown of its Rush Lake facility. The company responded to an early-May steam leak from a casing rupture in an injection well, resulting in the temporary shutdown of Rush Lake's facilities in central-west Saskatchewan. Cenovus expects upstream production in 2025 to range between 805,000 and 825,000 barrels of oil-equivalent per day, as opposed to the 805,000 to 845,000 previously projected. The total upstream production for the second quarter was 765.900 boepd. This is down...

Sweden and Finland may suffer "dire" consequences in the economy if they have to reduce their forest harvest to meet EU climate targets, both countries warned this week. In order to achieve net zero emissions in the European Union by 2050, Sweden has been asked to increase the amount of CO2 that is bound by forests. Both countries claim they will miss the EU Land Use, Land-Use Change and Forestry targets for 2021-2025 and for 2026-30. They blame climate change for the slower growth of trees and increased demand for wood. The Swedish Prime Minister Ulf Kritersson stated on X...

A document from the EU's negotiating team, seen by, revealed that the European Union did not expect to meet its U.N. mandated climate goal in time to meet a crucial deadline this month. Instead, it has drafted plans for submitting a temporary target, which may change later. The EU is struggling to agree on a new climate goal for 2040. This has stymied plans to submit to the United Nations a 2035-target by the deadline of this month. The EU planned to base its 2035 target on the 2040 goal. The draft EU document seen by revealed that the bloc...

Three sources have confirmed that China's veteran climate envoy who secured two important climate agreements with the United States will meet the EU's top official for green transition on Tuesday in order to revive the floundering international climate talks ahead of the COP30 Summit in Brazil. Xie zhenhua, a former climate envoy who retired after the COP28 talks in Dubai, in late 2023, is scheduled to visit Brussels on 16 September and meet Teresa Ribera, the executive vice-president for the European Commission for a Clean, Just, and Competive Transition. He will encourage the EU to announce ambitious climate goals, and...

A government climate report released on Monday said that Australia would experience extreme climate events more often - and sometimes simultaneously. This will put severe strain on the health and emergency services as well as critical infrastructure, primary industries and other sectors. The National Climate Risk Assessment Report warned that no Australian community would be immune to climate risks, which will cascade, compound and occur simultaneously. In a recent statement, Energy Minister Chris Bowen stated that "while we cannot avoid climate impacts any longer, every action taken today to achieve net zero by the year 2050 will help us avoid...

Three EU diplomats said on Friday that the European Union has shelved its plans to adopt a new target for climate change next week after France and Germany resisted plans to reach a quick agreement. The countries are discussing a legally binding target of reducing net EU greenhouse gas emission by 90% from 1990 levels by 2040. A portion of this will be covered by purchasing foreign carbon credits. According to the European Commission, this will provide investors with certainty and help Europe reach net zero emissions in 2050. Climate change has caused Europe to become the fastest-warming continental in...

Brazil will propose the establishment of a forum where governments can discuss the impact climate policy has on trade. This is an issue that both the U.N. Climate talks and the World Trade Organization have failed to address, according to three officials who are familiar with the plan. The European Union has been accused by emerging economies such as Brazil, South Africa, and India of restricting the trade with its environmental policies. One example is a December ban on imports that are linked to deforestation. The EU said that trade discussions should take place at the World Trade Organization. Brazil,...

A report released by the transport research and campaigning group T&E on Wednesday said that hybrid cars emit far more carbon than their official ratings suggest. They should not be considered low-emissions vehicles in order to meet European Union goals. European auto executives will air their complaints regarding EU CO2 emission targets during a Friday meeting with European Commission president Ursula von der Leyen to discuss the future of the EU industry. In a letter sent two weeks ago, two of the main EU automobile associations stated that plug-in electric cars would play an important role in the future and...

In its second report, released on Tuesday, the Commission "Make America Health Again" said that it will tackle what is perceived as an epidemic among American children. It has called for changes, such as full-fat dairy in cafeterias, and to limit marketing of drugs and food. The commission was established by Donald Trump via an executive order, and is led by Robert F. Kennedy Jr. a longtime anti-vaccine activist. It builds on the findings of a commission report from May. This report linked the rising rates of childhood diabetes, obesity, autism and ADHD to processed foods, overprescriptions of medications, and...

The Environmental Protection Agency proposed on Tuesday new measures to speed up the construction of infrastructure required for rapid building of data centers in artificial intelligence. This would allow companies to begin building before obtaining an air permit. The proposal comes just six months after the EPA launched an initiative called Powering the Great American Comeback, which emphasized the agency's priority on quickly building power generation in order to meet the soaring demands from data centers. Lee Zeldin, EPA Administrator, said: "Clean Air Act permits have been a barrier to innovation and growth for years." "We will continue to fix...

A report released by the banks on Tuesday showed that multilateral development banks had provided $137 billion of climate finance, an increase of 10% over the previous year. They also increased private sector funding by a third for climate-related investment. The increased investment comes at a time when nations are preparing for the next round U.N. Climate talks in Brazil, in November. Developing countries will be calling for more assistance to pay for climate change impacts caused by richer nations. In order to accelerate climate action, it is important that countries attend the COP30 with new plans for attracting private...

According to a World Meteorological Organization report released on Friday, wildfires that are likely to be more frequent due to climate change contributed significantly to air pollution in 2017. World Health Organization reports that ambient air pollution is responsible for 4.5 million premature deaths each year. The WMO report on 2024 also highlighted pollution hotspots around places where there have been intense fires, such as the Amazon basin in Brazil, Canada, Siberia, and central Africa. Wildfires are becoming more common and widespread around the world as global warming, primarily caused by fossil fuel emissions, alters weather patterns. They also add...

The federal appeals court allowed "Alligator alcatraz", the federal detention center for migrants, to resume its operations on Thursday. This decision overturned a lower court's ruling ordering the facility to stop accepting new detainees as well as halting construction. The 11th U.S. The 11th U.S. Circuit Court of Appeals ruled with a divided opinion that the Trump administration will likely prevail in a court battle against environmental groups who claim the facility threatens the Everglades' wildlife and the Everglades itself. Two judges supported the Trump administration and one judge disagreed. The majority of the court ruled that this project, which...