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Energy Markets

Fossil Fuels

Fossil Fuels

TotalEnergies warns of lower oil and gas sales in Q2 results

In a trading update published on Wednesday, TotalEnergies said that lower prices for oil, liquefied gas, and hydrocarbons will affect its second-quarter earnings. However, the company's production of hydrocarbons has increased slightly. Total said that the hydrocarbon production will increase by around 2.5% per year in the second quarter 2025. A 20% decline in Brent crude prices -- from $85 a barrel last year to $67.9 a barrel in the second half of 2025 -- will mean lower earnings for the upstream sector. Crude oil prices dropped in the second quarter, as OPEC+ (made up of the Organization of Petroleum...

Fossil Fuels

TotalEnergies UK assets to be purchased by Prax are still unsold

By America Hernandez PARIS, 2 July - TotalEnergies West Shetland Offshore assets, which it sold to Prax Group in the past year, remain under French oil major ownership. They will therefore not be affected by liquidation proceedings that affect the British company. TotalEnergies EP UK stated that the transaction to sell the West of Shetland Asset to Prax is not yet complete and we are still the operators of the Shetland Gas Plant as well as the related fields. TotalEnergies agreed to transfer employees from TotalEnergies to Prax in exchange for a portfolio mature offshore fields that produce about 7,500...

Mineral Resources

France's Orano claims its Niger uranium mining is on the verge of bankruptcy

The French uranium mining company Orano announced on Wednesday that its joint venture with Niger SOMAIR is nearing bankruptcy due to export restrictions imposed on it by the military government of Niger. Orano had to stop production at SOMAIR when authorities stopped exports in the past year. The Niger government took over the operation in December, and announced plans to take it back last month. It is part of a trend of West African countries seeking more control of their natural resources. Niger is also the seventh largest uranium exporter in the world. When Orano's local unit was operating at...

Oil & Gas

Engie buys DNO's Norwegian gas production for four years

The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector. It also said it is in talks over a similar agreement and financing facility related to its North Sea oil production. The agreement will take effect on October 1, and it covers DNO’s increased gas production following its March acquisition of assets from Sval Energi....

Fossil Fuels

Owner says that the Three Mile Island nuclear power plant could restart in 2027.

Constellation Energy executives said that the former Three Mile Island nuclear plant in Pennsylvania could restart in 2027. This is about one year earlier than originally planned. The plant was put on a rapid track to connect with the regional grid. Constellation signed a contract in September last year to power Microsoft's data centers. This will pave the way for the reopening of Three Mile Island. Three Mile Island is widely known as the location of a partial nuclear meltdown that occurred there in 1979, which froze the industry. Constellation’s 20-year agreement to purchase power from Microsoft is indicative of...

Mining

Niger miners say production will continue at nationalised Uranium Mine

The Niger's biggest mine workers' union has pledged its support to the military government in their plan to nationalise Somair, the largest uranium mining operation in the world. They say production will continue despite the tensions between Orano and the French. Last week, Niger, who seized the Somair Mine in December, announced their plan to nationalise them, accusing Orano for taking a disproportionate part of production. The move is in line with other West African governments who have taken similar measures to boost the revenue from their natural resources. Orano, a French state-owned company, did not reply to a comment...

Fossil Fuels

US strikes on Iran shattered hopes for nuclear diplomacy

Foreign ministers of Europe's three largest powers met their Iranian counterparts in Geneva on Friday to try to diffuse the tensions over Iran's nuclear program. These hopes were dashed Saturday, when U.S. president Donald Trump ordered airstrikes against Iran's main nuclear sites in support of Israel’s military campaign. Abbas Araqchi - Iran's Foreign Minister - told reporters in Istanbul, Sunday, that it was "inappropriate" to ask Iran to resume diplomacy. He promised a "response", to the U.S. strike. It's not the time for diplomacy. Trump warned that the U.S. would attack other Iranian targets if a peace agreement was not...

Fossil Fuels

Senior Iranian official: European proposals at Geneva are unrealistic

On Saturday, a senior Iranian official claimed that the proposals made by European powers during talks in Geneva on his country's nucleo programme were "unrealistic", and that it would be hard to reach an agreement if they stuck with them. On Friday, there were few signs that progress had been made after the E3 (Britain, France, Germany and the EU) and their Iranian counterpart met to try and prevent the conflict between Israel, Iran and the EU from escalating. The Europeans' discussions and proposals in Geneva were unrealistic. "Insisting on this position will not bring Iran or Europe closer to...

Oil & Gas

Moscow promises to closely supervise foreign businesses returning to Russia

Igor Krasnov is the Russian Prosecutor-General, who led the government's effort to seize property valued at 2.4 trillion rubles ($31 billion). He said that foreign companies returning to Russia would be closely monitored to ensure Russia benefits. In the three years since Russia began its war in Ukraine, Moscow has taken over a dozen assets owned by foreigners under its management. This year, prosecutors have increased the seizure and confiscation of assets in Ukraine. As the economy slows down after two years of high growth, fueled by military spending, Russian officials try to strike a balance between protecting the economy...

Mining

Niger nationalizes Somair, a French uranium company owned by Orano

The Niger government announced on Thursday plans to nationalize Somair, a joint venture between French nuclear fuels firm Orano and the Niger. A statement was read out on the national television of the West African country. The statement listed a number of grievances, including the expiration in December 2023 of the most recent mining agreement. The statement read: "Faced by this irresponsible and illegal behaviour of Orano, owned by the French government -- an openly hostile state toward Niger from July 26, 2023...the Niger government has decided to nationalize Somair in its full sovereignty." This decision represents an intensification of...

Fossil Fuels

Mexico fines Slim’s Telcel $94 Million for SIM card deal With Oxxo convenience store

Mexico's telecoms regulator fined America Movil subsidiary Telcel 1,78 billion pesos (93.61 millions dollars) on Tuesday for signing exclusive deals with convenience-store chain Oxxo in order to sell its SIM card. America Movil, a telecommunications company controlled by the Mexican billionaire Carlos Slim's family, has denied the findings of the regulator and vowed to contest the investigation and fine. The fine is the result of an investigation that was launched by the Federal Telecommunications Institute in 2021 at the request from a competitor regarding the alleged monopolistic practice by Telcel. IFT fined Oxxo, Mexico’s ubiquitous Femsa convenience chain, as well...

Fossil Fuels

Kazakh agency reports that Rosatom will lead consortium for first nuclear power plant to be built in Kazakhstan

The atomic energy agency of Kazakhstan announced on Saturday that Rosatom, Russia's nuclear state corporation, has been selected to lead a consortium for the construction of the first nuclear plant in Kazakhstan. The state-owned China National Nuclear Corporation as well as French or South Korean companies also submitted proposals. Kazakh Atomic Energy Agency, which was established in March this year, has said that it has reviewed and evaluated various reactor technologies based on criteria such as nuclear plant safety, training of personnel, and other factors. It said that "the agency determined that the most advantageous and optimal proposals for construction...

Environment

Environment

The French harvest of wheat and barley continues at a rapid pace. Maize ratings continue to worsen

France's barley and wheat harvests are still well ahead of normal pace. However, maize conditions have declined after a hot summer start, according to FranceAgriMer, the farm office. The rapid field work and strong yields reported have raised expectations for a rebound in wheat and barley production after the rain-damaged harvest of last year, which included the smallest crop of wheat since the 1980s. FranceAgriMer reported in a report on cereals that French farmers had harvested 36 percent of the soft wheat harvest by 7 July, up from 11 percent a week before and exceeding the five-year median of 15...

Environment

Coffee maker Lavazza wants to delay the EU deforestation legislation

Lavazza, a coffee maker, called on Wednesday for a delay of one year in the implementation of EU's deforestation laws. The company said that its implementation would harm producers in Africa and Central America as well as drive up prices. Companies importing products like soya, beef, cacao, coffee and other related goods must prove that their supply chain does not contribute to deforestation. Otherwise, they will be fined. Giuseppe Lavazza, chairman of Lavazza, told reporters in London that he wanted the legislation to be delayed for an additional year, mainly for coffee. He said that the cocoa industry is better...

Environment

DeepSeek banned from Apple and Google app stores in Germany

Apple and Google have been asked to remove DeepSeek, a Chinese AI startup, from their German app stores due to data privacy concerns. This follows similar actions elsewhere. In a Friday statement, Meike Kamp stated that she made this request because DeepSeek transfers personal data of users illegally to China. She added that the two U.S. technology giants will now have to review the request and decide if they want to block the app on German soil. Her office hasn't set a specific timeframe. Google confirmed that it received the notification and is reviewing it. DeepSeek has not responded to...

Power Markets

Nuclear Power

Nuclear Power

EDF, the French nuclear company, will invest $1.5 billion in Britain's Sizewell-C nuclear project

The French government and British government announced on Tuesday that EDF, a French nuclear energy company, will invest approximately 1.1 billion pounds ($1.5billion) in the Sizewell project in Britain. EDF is already a shareholder in this project. The announcement came as French President Emmanuel Macron was on a visit of state to Britain. This is the first European leader to be in Britain since Brexit. Britain wants to replace its aging nuclear facilities with new ones to improve energy security, and to meet its climate goal of zero net emissions by 2050. Sizewell C is expected to produce enough electricity...

Nuclear Power

Fives Nordon will build parts for new reactors under a deal with France's EDF.

By America Hernandez PARIS, 7 July - French engineering company Fives Nordon received an order on Monday from the state-owned utility EDF for 300 boilermaking pieces to be used in six new nuclear reactors. According to the statement, after 18 months of engineering study, part construction will begin 2027. Deliveries will continue until 2038. Fives Nordon has not disclosed the value of the contract. The President of France, Emmanuel Macron, has declared that he will expand France's nuclear capability. The flagship project Both by Extending the lifespan In the next decade, we will build at least six new reactors of...

Nuclear Power

Russia claims it is too soon to estimate the damage caused by US bombs to Iranian nuclear facilities

The Kremlin stated on Wednesday that the damage caused by U.S. airstrikes on Iran's nucleus facilities last weekend was still too early to determine. Dmitry Peskov, spokesman for the Kremlin, said "No" when asked if Russia held its own data on the extent of damage. I don't believe that anyone has realistic data at this time. "It's likely too early to have such data. We need to wait for them." The U.S. president Donald Trump claimed at the weekend that these strikes "obliterated Iran's nuclear facility". Three sources familiar with the situation said that an initial U.S. Intelligence assessment determined...

Nuclear Power

IAEA chief: return to Iranian sites top priority

Rafael Grossi, the U.N.'s chief nuclear inspector, said that his priority was to get his inspectors to Iran to assess the effects of U.S. military strikes on Iran and to verify its stock of enriched Uranium. Grossi, the head of the International Atomic Energy Agency (IAEA), told a press conference during an Austrian cabinet meeting on security that "this is our number one priority." He wants his inspectors to return to Iranian sites, including the three facilities where it enriches uranium before Israel's strikes on June 13th. When asked if Iran informed him about the status of its stocks, especially...

Nuclear Power

Limitations of the UN's nuclear watchdog in Iran

Since Israel's military strike on Iran's nuclear facilities on 13 June, the U.N. nuclear watchdog that polices the global Nuclear Non-Proliferation Treaty has been unable to conduct inspections in Iran. The International Atomic Energy Agency has a number of inspection powers. IS THE IAEA UNIVERSAL IN JURISDICTION? No. The IAEA has separate agreements with other countries and is only responsible for the 191 signatories of the NPT. Iran is a signatory to the NPT, and is therefore subject to IAEA supervision. This includes inspections to ensure that nuclear material like uranium does not get "diverted", for example to be used...

Nuclear Power

Regime change in Tehran? Putin: Iran consolidates around its leaders

When asked if he agrees with Israeli statements regarding a possible regime change in Tehran, Russian President Vladimir Putin responded on Thursday by saying that Iranian society is consolidating around the Islamic Republic’s leadership. Putin has spoken as Trump Keep the World Guessing As residents of Iran's Capital city began to leave the city after the sixth day of Israel's airstrike, many wondered if the U.S. was going to join Israel in its bombardment of Iranian missile and nuclear sites. Putin said that all sides must find ways to end the hostilities so as to ensure both Iran's rights to...

Nuclear Power

Kremlin: Russia is willing to mediate in Iran and accept Tehran's Uranium.

The Kremlin announced on Monday that Russia is still ready to serve as a mediator between Israel and Iran. Moscow's proposal to store Iranian Uranium in Russia also remains on the table. Tehran claims it has a right to peaceful nuclear energy, but the rapid progress of its uranium-enrichment programme has sparked fears across the Gulf and the West that the country is trying to build a nuclear bomb. enriched uranium It is possible to ease the crisis by converting nuclear fuel from Iran into civilian reactor fuel. This proposal is still on the table and it is still relevant....

Nuclear Power

IAEA Board declares Iran in violation of non-proliferation obligations

The U.N. Nuclear Watchdog's Board of Governors, which consists of 35 nations, declared Iran in violation of its nonproliferation obligations for the first time since almost 20 years on Thursday. This could lead to a report being made to the U.N. Security Council. The major step represents the culmination of several simmering standoffs between Iran and the International Atomic Energy Agency that have arisen ever since President Donald Trump, during his first term in office, pulled the U.S. from a nuclear agreement between Tehran and other major powers. That deal then unraveled. Iran is likely to escalate its nuclear program,...

Renewable Energy

Curve prices rise on the return of nuclear fears in France

The European electricity prices rose in the late morning of Wednesday due to concerns about possible corrosion at French reactor Civaux 2. A spokesperson for EDF has said that the EDF is not responsible for any damage caused by its employees. Inspection is underway The utility has not yet received the results of the annual maintenance at Civaux 2. Markets were reminded three years ago of the corrosion that occurred in French reactors when production fell and required imports from Germany. Prices then rose. By 0945 GMT the French baseload year-ahead was 7.6% higher at 67.6 Euros ($77.30). All contracts...

Nuclear Power

The Kremlin has said that Putin is willing to assist Trump in the Iran nuclear negotiations.

The Kremlin reported on Thursday that President Vladimir Putin had told Donald Trump, President of the United States, that he would use Russia's close relationship with Iran to assist in negotiations regarding Iran's nuclear program. Trump told Putin in a telephone call on Wednesday that Iran had a limited time to decide on its nuclear program and that he thought Putin agreed with him that the Islamic Republic shouldn't have nuclear weapons. Trump said that Putin suggested that he take part in the talks with Iran, and that he "could, perhaps, help in getting this to a quick conclusion", even...

Nuclear Power

Grossi: Any US-Iran agreement should include a 'robust IAEA inspection'

Rafael Grossi, the chief of the International Atomic Energy Agency (IAEA), said that any deal between Iran and America which would impose new nuclear restrictions on Iran must include "very rigorous" inspections from the U.N. watchdog. Both countries are currently holding talks to curb Iranian nuclear activities, which have accelerated rapidly since Donald Trump pulled Washington from a 2015 agreement between Iran and major power that limited these activities. Iran increased its enrichment of uranium purity as the deal unraveled. Up to 60% The deal has increased the amount of nuclear weapons-grade material to approximately 90%, up from the 3.67%...

Pollution

Official French says Berlin and Paris have resolved their differences over nuclear energy

A French official confirmed a previous report that the new German government had signaled France it would no longer object to the EU treating nuclear energy on an equal footing with renewable energies. EU's largest economies have been in disagreement for years over whether or not to promote nuclear power to meet CO2 emission targets. This has delayed policymaking to combat climate change. France, with its 70% atomic energy, is the main nuclear champion in Europe. Germany, which phased out all its nuclear power plants, has seen it as low carbon but not renewable. The new German Chancellor Friedrich Merz...