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...

Shell-led LNG Canada has been experiencing technical difficulties as it ramps production up at its liquefied gas plant in Kitimat. One LNG tanker was diverted away from the plant without superchilled fuel, according to data provided by LSEG and four sources. The facility is the first major LNG-export facility on the West Coast of North America and Canada, providing access to Asia, which is the largest LNG market in the world. When fully operational, the facility will convert approximately 2 billion cubic foot of gas each day (bcfd), which is what market participants hoped would boost Canadian natural gas pricing....

Ofgem, the British energy regulator, announced on Wednesday a review of how costs are allocated throughout the energy system. This includes alternative pricing models for consumers, in order to better adapt to a more renewable energy supply. The UK has set a goal to decarbonise the power sector in its entirety by 2030. This will require a reduction of its dependence on gas-fired plants, and accelerated growth in renewable energy capacity. Ofgem stated that a less reliance on gas prices will reduce the variable costs in the energy system. Jonathan Brearley, Ofgem's chief executive, said that fixed costs could increase,...

PTT Exploration and Production, a Thai oil and natural gas company, has purchased full ownership of Block A-18 within the Malaysia-Thailand Joint Development Area. The transaction was worth $450 million and involved Chevron unit. PTTEP announced in a late Friday statement that it had signed the deal with Hess Asia Holdings and Hess (Bahamas), both of which are now owned by Chevron after a recent merger between Hess Corp. PTTEP announced that the acquisition gave it 100% of Hess International Oil Corp's outstanding shares, which hold a 50% participation interest in Block A-18. Chevron is reorganizing its global operations to...

Bloomberg News reported Wednesday that Puerto Rico has ended negotiations to negotiate a $20 Billion liquefied gas contract with New Fortress Energy. The report was based on a negotiator. The report stated that New Fortress refused to discuss any changes to the contract, and also missed a crucial deadline. It cited Osvaldo Lnares, President of Recoms Group - the third-party procurement office on the island. New Fortress shares fell by more than 3% during afternoon trading. Stocks have fallen more than 75% over the last six months. The U.S. Energy firm has struggled to secure LNG on long-term contracts for...

A draft document that was seen by revealed that the European Union is considering delaying the introduction of EU-wide fuel taxes for aviation and shipping for a period of 10 years in order to complete long-delayed reforms to energy taxation. In 2021, the European Commission proposed a revision of energy tax regulations to be in line with efforts to curb climate change. The EU proposed gradually introducing tax on CO2-emitting jet fuels used for flights and ships within the 27 nation bloc. These fuels are currently exempt from EU minimum levies. A draft EU negotiation proposal revealed that governments resisted...

Thames Water, a British company, said that the regulator has given it breathing room to pay 123 million pounds ($166 millions) in fines. It continues to seek new funding and avoid temporary government nationalisation. The deal with the regulator Ofwat could delay payment of almost 100 million pounds owed by Thames Water until 2030. The government is ready to take the company into special administration if it fails to reach a deal. The water sector has been the target of public anger over the pollution of Britain's rivers and seas. It was fined in the past year for waste water...

The executive director of the International Coffee Organization, (ICO), said on Tuesday that tariffs imposed by United States, climate changes, and a smaller Brazilian crop are all driving up coffee prices. Vanusia nogueira, speaking at an event organized by the National Federation of Colombia Coffee Growers, said that despite the trend of rising prices, the market is still volatile. Nogueira stated that the global coffee supply has been in shortfall for several years due to production deficits caused mainly by adverse weather conditions in key growing areas. Brazil, which is the world's biggest coffee producer, has been hit by weather-related...

The United Nations stated on Friday that governments and employers must take immediate action to protect workers' health who are exposed to extreme heat. Heatwaves are becoming more frequent and intense due to climate change, and workers around the world are experiencing health effects. The agencies stated this in a major update that was "much-needed" of a 1969 report and guidelines. The report stated that worker productivity decreases by 2-3% for each degree above 20degC. Half of the global population is already experiencing the negative effects of high temperatures. According to the World Health Organization, and the World Meteorological Association,...

According to a study conducted by the Centre for Research on Energy and Clean Air in Helsinki, China's carbon emissions fell 1% from the same time period last year to the first half 2025. This was due to the growing use of renewable energies to generate electricity. According to a study conducted by CREA's Lauri Myllyvirta, lead analyst for UK-based Carbon Brief, emissions from the China power sector fell by 3% over the past six months. Myllyvirta attributes the drop to the more renewable electricity generated by China's rapidly expanding fleet of solar power stations, which will see yet another...

Madrid was sweltering at the height of one of Spain’s longest heatwaves. The temperature in a street of one of the poorest neighbourhoods of the city - Puente Vallecas – measured 41.4 degrees Celsius (106,5 Fahrenheit) early that afternoon. Few hundred metres away, it was 38.6 C. What's the difference? The difference? According to studies, trees are able to play a vital role in reducing the deadly effects of heatwaves. As temperatures rise in Spain as a result global warming, they could play a critical role in helping regulate temperatures. Activist groups, however, say that Madrid is losing trees, especially...

Illegal gold mining in Indonesia is a threat to human life and the environment Indigenous villagers are encouraged to return traditional farming Megadiverse Indonesia accounts for 3% of the global gold output By Leo Galuh Illegal gold mining has left a scar on the mountainous region. Workers risk their lives by digging deep into caves and hillsides. Tempted to mine gold from the traces left by a state-run Aneka Tambang Mine (ANTAM), villagers are now engaging in small-scale, illegal mining. This has led to deforestation, and toxic chemicals such as mercury and cyanide have been used, which pollutes water and...

The failure of the sixth round of U.N. discussions on Friday to curb plastic production has dampened hopes for tackling this major source of pollution. Many supporters of restrictions are pessimistic that a global agreement will be reached during the Trump Administration. Participants said that a three-year push for a legally binding treaty to reduce plastic pollution, which chokes the oceans and damages human health, now seems to be drifting. Many states and activists blamed the failure of oil producers, including the United States. They said that the United States had hardened their long-held views and encouraged others to reject...

Authorities have warned Swedes to conserve water in an area surrounding the capital Stockholm after a warm summer that pushed temperatures to new records across Scandinavia. Stockholm's city officials said that high temperatures in Lake Malaren, a source of water for 2 million people, had decreased the amount of water available from the tap. Residents in the capital and its surrounding areas were told to reduce their shower time, stop filling swimming pools, and stop watering gardens or cleaning cars. This is unusual advice for a country that is known for its lakes. Stockholm Water and Waste stated in a...

According to delegates, no consensus was reached in Geneva during the talks on the first legally-binding treaty for combating plastic pollution. "South Africa regrets that this session was unable to reach a legally binding agreement and the positions are still far apart", its delegate said at a meeting on Friday morning. After a failed meeting of the Intergovernmental Negotiating Committee in South Korea at the end of last year, more than 1,000 delegates gathered in Geneva to begin the sixth round. The United Nations Environment Assembly established the INC in 2022. Its mandate was to create a global, legally-binding treaty...

California Coastal Commission voted against SpaceX's plan to double the number Falcon 9 rocket launches that the company can conduct from Vandenberg Space Force Base each year, from 50 up to 95. As was the case last October when the commission voted to oppose an expansion of SpaceX launches from 36 to fifty at the installation. The U.S. Government can simply override California regulators' objections and approve this latest plan. The U.S. Department of the Air Force (parent agency of the Space Force) has stated that the proposed expansion of the launch site at Vandenberg is an activity of the...

The talks to create the first legally-binding treaty in the world to combat plastic pollution could end without a deal, as countries rush to find a possible compromise on the last day of Geneva's negotiations. The talks reached their conclusion on Thursday, after the countries that wanted an ambitious plastics convention rejected the draft text on Wednesday. Panama, Kenya and France, among others, expressed their frustration at the removal of key articles from the text that covered the entire life cycle of plastic pollution, from the production of the polymers to disposal of the waste. They also emphasized the dangers...