Oil & Gas

Natural Gas

Natural Gas

Draft document shows that Vietnam's new power plan targets offshore wind and gas as well as reducing gas consumption.

A draft document from the industry ministry showed that Vietnam's power production targets have been lowered for offshore wind and gas in this decade. Coal and other renewables will fill the gaps until nuclear reactors become part of the energy mix, which is expected to happen by 2035. The document was released late Tuesday night and is still subject to change. It aims to replace 2023's power generation plan. The Southeast Asian export hub is trying to meet the increasing electricity demand of domestic manufacturers as well as multinationals in the country. According to the revised plan Vietnam will not...

Electric Utilities

WEC Energy profits jump on lower operating costs

WEC Energy Group announced on Tuesday that its profit had more than doubled during the fourth quarter. The utility was able to achieve this due to lower operating costs and increased revenue. Nearly 4.7 million customers are served by the company in Wisconsin, Illinois Michigan and Minnesota. The power companies will benefit from the rise in electricity usage, which is mainly driven by artificial intelligence and data centers. Also, homes and businesses are increasingly using electricity to heat their homes and for transportation. Energy Information Administration (EIA), a U.S. government agency, expects that power consumption will reach new records in...

Crude Oil

Sverdrup oilfield, a massive Equinor field, is shut down by a power outage

A company spokesperson confirmed that Norway's Equinor stopped all production from its Johan Sverdrup field in the North Sea on Tuesday due to a failure in the offshore electricity system. This is the largest oilfield producing in western Europe. The spokesperson did not elaborate. "Repair works have been started, and we're working on a plan to restart the system," he said. The oil price could be supported by the outage, as it was under pressure Tuesday due to concerns over global demand after U.S. Tariffs on China went into effect. Sverdrup produced up to 755,000 barrels per day of oil...

Energy Markets

China's tariff retaliation is aimed at its modest US energy imports

China is the largest energy importer in the world, but its purchases of US crude oil, LNG and coal are relatively modest. This reduces the impact of Beijing’s Tuesday move to impose retaliatory duties on the imports of U.S. natural gas, LNG, and coal. China's Finance Ministry announced that, on February 10, it will impose tariffs of up to 15% on the importation of U.S. coal, LNG, and crude oil, as well as some autos and farm equipment. Data from the U.S. Energy Information Administration revealed that Chinese imports of U.S. Crude Oil fell 52% in the first eleven months...

Natural Gas

Prices for gas in Europe are falling but still near their 15-month-highs

Dutch and British wholesale gasoline prices eased on Monday morning, despite slight revisions to milder and windier weather this week. However, colder weather next year and low stock levels continue support. According to LSEG, the benchmark front-month contract for the Dutch TTF Hub was down 0.29 euros at 53.31 Euro per Megawatt Hour (MWh), which is $16.00/mmBtu by 0921 GMT. Early trading saw the contract briefly reach a new 15-month high of 54.47 Euros/MWh. The front-month contract in Britain fell by 2.10 pence, to 128.9 pence/therm. Meanwhile, the day-ahead contracted was down by 1.01 pence, to 132 pence/therm. A trader...

Natural Gas Utilities

EU lifts gas price cap in energy crisis

The European Union's gas price cap, which was introduced during the Russian gas crisis of 2022, will expire this Friday. It has not been activated since its conception. The cap would apply if the gas prices rose to an unusually high level, in response to months of rising energy prices due to Russia's cutting of gas supplies following its invasion of Ukraine. The cap is designed to kick-in if European Gas Prices reach 180 Euros per Megawatt Hour - a price level that the benchmark EU hasn't reached since 2022 when the energy crisis hit Europe. On Friday, the benchmark...

Energy Markets

Denmark to permit conservation work on harmed Nord Stream 2 pipeline

Denmark's energy agency on Tuesday said it had actually approved Nord Stream 2 AG, a system of Russia's. Gazprom, consent to carry out preservation deal with. the Nord Stream 2 gas pipeline in the Baltic Sea, which was. harmed in a series of blasts in 2022. The upkeep work is necessary to decrease ecological. and security threats coming from the pipeline being filled with. seawater and staying gas, the agency stated in a. declaration. The work intends to protect the damaged pipeline by. installing customised plugs at each of the open pipeline ends to. avoid even more gas blow-out and...

Electric Utilities

Poland's PGE in initial arrangement to purchase properties from ZE PAK

Poland's biggest power producer PGE has struck an initial agreement to possibly buy gasfired power plant project PAK CCGT from power plant operator ZE PAK, PGE stated on Thursday. The preliminary offer also outlined plans for PGE to buy ZE PAK's 50% stake in their PGE PAK Energia Jadrowa joint endeavor, which is working on a nuclear reactor project in main Poland's Konin region, PGE said. Under the arrangement, the celebrations have concurred the basis of regards to a possible deal and PGE has actually been approved special status to negotiate an offer up until completion of June. No financial...

Oil & Gas Equipment

Halliburton flags flat to lower 2025 revenue on weak U.S., Mexico activity

Halliburton anticipates flat to slightly lower incomes in 2025, the oilfield service company said on Wednesday, as it warned of softer activity in North America and Mexico. Shares of the business, which beat analysts' quotes for fourth-quarter earnings by 1 cent, were down 1% at $29.23 in midday trading. The lukewarm outlook echoed that of competing SLB, which flagged flat revenue in 2025 revenue as customers limited activity and costs due to an oversupply of oil. Halliburton is expecting flat earnings from international markets in 2025 due to lower activity in Mexico. Revenue from worldwide markets had gained 2.4% in...

Natural Gas

Here's what we know about Trump's planned executive orders after swearing-in

Donald Trump plans to issue a flurry of executive orders and directives after he is sworn in as U.S. president on Monday to put his stamp on his brand-new administration on matters varying from energy to immigration. 2 sources acquainted with the preparation stated more than 200 such orders and regulations could be released starting on The first day in what is understood internally as a shock and awe effort. Here is what we know about the executive orders so far: MIGRATION Trump plans to take a flurry of executive actions targeted at punishing legal and illegal migration and increase...

Energy Markets

United States drillers cut oil and gas rigs to least expensive given that Dec 2021, Baker Hughes says

U.S. energy firms this week cut the variety of oil and natural gas rigs running for a second week in a row to the lowest given that December 2021, energy services firm Baker Hughes stated in its carefully followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by four to 580 in the week to Jan. 17. > 's decrease puts the total rig count down 40 rigs, or 6% listed below this time in 2015. Baker Hughes said oil rigs fell by 2 to 478 this week, their most affordable because...

Oil & Gas Equipment

Flowco valued at $2.55 bln as shares leap in strong NYSE debut

Shares of Flowco Holdings opened almost 21% above the going public cost in their market debut on Thursday, offering the oilfield services supplier a market price of about $2.55 billion. The business's shares opened at $29 apiece, compared to the IPO cost of $24. Hopes of a friendlier regulative environment for offers and offerings under the incoming Donald Trump administration have boosted investor cravings in fresh stock flotations. Strong equity markets and falling rates of interest have also enhanced companies' self-confidence to come forward with listings. Houston, Texas-based Flowco offered 17.8 million shares above the marketed variety of $21-$ 23...

Environment

Climate Change

Draft shows EU's plans to simplify rules for farm subsidies worth billions of dollars

Draft documents seen by revealed that the European Union has plans to simplify the rules governing their massive farming subsidy program, as Brussels seeks to reduce the regulatory burden for local businesses. This could have a major impact on the amount of money that EU spends. Around a third (or 387 billion euros) of the EU's budget for 2021-2027 is allocated to payments made by the EU Common Agricultural Policy. The draft calendar of upcoming European Commission policies seen by revealed that the Commission would propose a CAP'simplification package' in the second half of this year. In a second draft...

Environment

Poland's Tusk anticipates $160 billion in investment by 2025 to spur the growth

The total amount of investment in Poland will likely exceed 650 billion Zlotys ($160 Billion) by 2025, according to Prime Minister Donald Tusk, who announced a package of policies including tax reductions and deregulation. In recent years, the economy was one of Europe's most dynamic. This growth is largely due to private consumption and double-digit wage increases in a tight labor market. Analysts say that investment is a weakness of the country, as it attempts to catch up with wealthy western European nations. Tusk said at a press conference held at the Warsaw Stock Exchange that "Investment in Poland by...

Environment

IKAR reduces its 2024/25 forecast for wheat exports to 43 million tonnes

IKAR, a Russian consultancy, cut its forecast for 2024/25 of wheat exports to 43 million metric tonnes from 43.5 millions tons on Monday. The main reasons were low stocks and low profit margins. Dmitry Rylko, IKAR's head, said: "This is connected to our assessment of availability of wheat of export quality and distribution. High stocks beyond the Urals but relatively low in south and central Russia." He said that the low margins of exporters were also responsible in part for the lower forecast. IKAR has also reduced its estimates of 2025 wheat production to 82 millions tons, down from 84...

LNG

Pollution

Pollution

Johnson Matthey UK namess Richard Pike CFO as part of leadership change

Johnson Matthey, a British auto catalyst manufacturer, announced on Monday that Richard Pike, an outsider, would be appointed chief financial officer and that Chairman Patrick Thomas would step down as part of its efforts to strengthen its operations. Standard Investments, the company's largest shareholder, has pushed the company to examine its operations and restructure the board in order to improve its performance. Johnson Matthey, a company that manufactures catalytic convertors and pollution filters and processes platinum-group metals for automobiles, announced Pike would join them from packaging firm DS Smith. Pike's "proven record of financial leadership" will be crucial as we...

Pollution

Donald Trump Jr. accused illegal duck hunting in Venice

According to two Italian Green Party lawmakers, Donald Trump Jr. broke Italian and European Union laws on environmental protection when he hunted a duck near Venice in December. Andrea Zanoni is a member of Veneto's regional assembly. Luana Zanella is a national parlamentar. They have filed separate questions in the parliament urging the regional and national authorities take action. Zanoni, in a post on Facebook, said that he saw footage of Trump Jr. standing next to a dead ruddy shaddy, a protected animal, in an EU conservation zone "Natura 2000", in the lagoon at Venice. The video shows Trump Jr....

Pollution

Japan's food exports in 2024 will reach a record high despite China’s seafood import bans

Japan's agricultural, forest and fishery exports rose by 3.7% in 2024 to reach a new record, despite China banning seafood imports after the Fukushima nuclear plant water discharge. The Ministry of Agriculture, Forestry and Fisheries said that exports in 2018 totaled 1.507 trillion yen, up from 1.454 billion yen by 2023. Kazuyoshi Nakasugi, deputy head of MAFF’s export policy planning department, noted that it was the 12th consecutive year of growth and a new record. He also pointed out that exports from China and Hong Kong were down, but exports in other parts of Asia and the United States increased....

Pollution

Communities in the U.S. are turning to the courts as climate costs rise

Eleven U.S. States, as well as dozens of counties and cities file lawsuits Climate action lawsuits demand payment Supreme Court declines to review key case By Carey L Biron The U.S. Supreme Court now has a tacit approval of legal efforts that allow local officials to use public nuisance laws or consumer protection laws to ask major oil and gas companies for funds to cover climate change related losses and upgrades. Richard Wiles of the Center for Climate Integrity said that "the Supreme Court's ruling creates a path for communities and state to seek climate justice in state courts." The...

Pollution

Africa's GDP Recalculation Campaign is presented to the G20 but there are many skeptics.

African countries are planning to make a new push this year at international summits for standard measures of strength economics such as the GDP in order to better recognize their vast natural resources and assets. The African Development Bank is driving the initiative in the hopes that recalibrating the GDP will automatically improve debt metrics, and ease borrowing market pressures which have triggered dozens economic crises over the past decades. It has been long debated how much money precious ecosystems could generate for the poorest countries. The U.N. estimates Africa to be home to one quarter of all mammal and...

Pollution

Environment workers rush to remove toxic debris from the LA fires

First, there were the rapid-fires that caused so much destruction. Workers are now tackling the delicate and massive task of cleaning up hazardous debris from the wreckage of the homes that were destroyed in the Los Angeles fires earlier this month. Last week, President Donald Trump ordered the U.S. Environmental Protection Agency to speed up the removal of contaminated materials. His administration set a deadline of Feb. 25, 2019. On Thursday, workers in hazmat suits and hard hats, as well as other protective gear, picked through the rubble to find paint cans, batteries, and other items. The buckets were emptied...

Fossil Fuels

UK submits plans for cutting emissions to UN climate body

On Thursday, Britain provided further details about its plan to reduce carbon emissions to United Nations Climate Body. It outlined the actions it was taking to reach the ambitious targets set by Prime Minister Keir starmer last year. Starmer announced Britain's climate goals at the UN COP29 summit last year, promising to reduce greenhouse gas emissions by 81 percent by 2035. He did not explain how he would achieve these goals. The UN Framework Convention on Climate Change, or UNFCCC, submission announced by Britain’s climate minister Ed Miliband to Parliament is the official paperwork required by this UN body that...

Energy Markets

US Senate confirms Zeldin to be EPA administrator

The U.S. Senate voted on Wednesday, 56-42, to confirm former Republican congressman Lee Zeldin as the head of the Environmental Protection Agency. Zeldin will be tasked to roll back climate regulations from former President Joe Biden, which were aimed to reduce emissions from factories, power plants, and vehicles. Zeldin is the 44-year-old nominee of President Donald Trump to lead EPA deregulation efforts. He will remove obstacles on oil and natural gas drilling, and reverse course on Biden's emission rules aimed at encouraging more electric vehicle usage. Three Democrats supported the former New York Representative, Arizona Senators Mark Kelly, Ruben Gallego...

Mineral Resources

Chilean miner Codelco plans 25% cut in indirect emissions by 2030

Chilean stateowned miner Codelco stated on Tuesday it is preparing a 25% cut in its indirect emissions by 2030, as part of a bigger decarbonization plan and as market needs grow for more traceable copper. WHY IT'S IMPORTANT Codelco is the world's biggest copper manufacturer, and mining is a greatly polluting market. Studies point to mining as accountable for 4% to 7% of greenhouse gas emissions worldwide. CONTEXT Codelco prepares to cut its so-called Scope 3 emissions, which are indirect emissions put out by its providers and the most tough to minimize. These contaminating inputs include dynamites, refractories and lubricants,...

Pollution

Southeast Asian cities among world's most polluted, ranking programs

Southeast Asian cities were among five most polluted in the world on Friday according to airmonitoring organisation IQAir, with Ho Chi Minh City ranked secondmost polluted, followed by Phnom Penh and Bangkok 4th and fifth, respectively. In the Thai capital, a thick smog was seen covering the city's skyline. Employees, specifically those who spend the majority of their time outdoors, were suffering. My nose is continuously crowded. I have to blow my nose all the time, said motorcycle taxi driver Supot Sitthisiri, 55. Air contamination is brought on by a mix of crop-related burning, commercial pollution and rush hour. In...

Power Markets

Italy's plan for go back to nuclear power ready by end-2027, minister states

Italy aims to settle by the end of 2027 a plan enabling the usage of nuclear power again after it was prohibited almost 40 years ago, Energy Minister Gilberto Pichetto Fratin said in an interview published on Thursday by Italian everyday Il Sole 24 Ore. . Prime Minister Giorgia Meloni's conservative federal government has said little modular reactors and advanced modular reactors could assistance decarbonise Italy's most polluting markets, consisting of steel, glass and tilemaking. Nuclear-fired power plants are forbidden in Italy following referendums in 1987 and 2011 but the federal government is now drafting rules to lift the ban...

Nuclear Power

Italy's prepare for go back to nuclear power prepared by end-2027, minister states

Italy aims to finalise by the end of 2027 a plan allowing the use of nuclear power energy once again after it was prohibited nearly 40 years back, Energy Minister Gilberto Pichetto Fratin said in an interview published on Thursday by Italian everyday Il Sole 24 Ore. . Prime Minister Giorgia Meloni's conservative federal government has stated little modular reactors and advanced modular reactors might assistance decarbonise Italy's a lot of contaminating industries, consisting of steel, glass and tilemaking. Nuclear-fired power plants are forbidden in Italy following referendums in 1987 and 2011 but the federal government is now drafting rules...

Wind Farms

Power Markets

Investment chief: Sanctions against Syrian banks thwart recovery efforts

Western sanctions on Syria’s banking sector prevent critical investments in the war ravaged economy, despite the huge interest shown by Syrian and foreign investors following the fall of Bashar Al-Assad. "Sanctions stopped everything." Ayman Hamawiye (36), the head of the Syrian Investment Agency said that sanctions are currently aimed at the Syrian people, and they are increasing the suffering. Hamawiye has been appointed by the rebels who have now become rulers, Hayat Tahrir Al-Sham. This was after their lightning-fast offensive last year that led to the ouster of former Syrian President Assad. He worked with HTS, the governing body of...

Wind Farms

Louis Dreyfus, Tidal Transit JV to Supply CTV for French Offshore Wind Farm

LD Tide, a joint venture between Louis Dreyfus Armateurs and Tidal Transit, has been selected to supply a Crew Transfer Vessel (CTV) for the operation and maintenance services of the 488 MW offshore wind farm, being developed by Ocean Winds in France.The new vessel is scheduled to start operations mid-2025 at the Eoliennes en Mer des Îles d’Yeu et de Noirmoutier (EMYN) offshore wind farm.Following an international call for tenders, Siemens Gamesa has selected LD Tide to provide a high-performance 24-passenger CTV.LD Tide will operate the CTV to ensure the safe transfer of maintenance technicians to the EMYN offshore wind...

Wind Farms

Kongsberg Maritime Unveils Range of T&I Solutions for Floating Wind

Kongsberg Maritime has unveiled a range of innovative methods designed to transform and industrialize the transportation and installation (T&I) of floating offshore wind turbines.The new solutions have been developed to streamline the entire process, from anchor and mooring installation through to electrical cable pull-in, ensuring that turbines are ready to be connected to energy grids, and offer a comprehensive solution for the floating offshore wind market.The solutions are part of a broader strategic effort that Kongsberg Maritime has put in to contribute towards the emerging floating offshore wind market, with more initiatives in the works.Four of the elements highlighted in...