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PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia
Malaysia’s oil and gas services Velesto has secured a drilling contract for its NAGA 5 jack-up drilling rig by PTTEP HK Offshore and PTTEP Sarawak Oil, collectively referred as PTTEP, for its 2025 - 2026 drilling campaign in Malaysia.Under the contract, Velesto will assign NAGA 5, one of its premium jack-up rigs, to drill a firm 15 wells with operations scheduled to commence in June 2025.The latest award follows Velesto’s recent announcements for NAGA 4 and NAGA 8 in May 2025, further strengthening the group’s fleet utilization outlook.Velesto continues to benefit from rising regional demand for jack-up rigs and anticipates a more active second half of 2025, supported by a robust tender pipeline and stable client activity.NAGA 5 is a premium independent-leg cantilever jack-up drilling rig with a rated operating water depth of 400 feet and drilling depth capability of 30,000 feet.“We thank PTTEP for their continued confidence and the opportunity to support their drilling operations in Malaysia. Our focus remains on safe, reliable execution, driven by consistent delivery across campaigns.“With several rigs under long-term contracts, we remain committed to operational discipline and value-driven execution that creates sustainable returns for our shareholders,” said Megat Zariman Abdul Rahim, President of Velesto.
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Copper gains as traders continue to ship ahead of potential US tariffs
On Wednesday, copper prices rose at the London Metal Exchange (LME) and Shanghai Futures Exchange, as traders were expected to continue to rush metal shipments into the U.S. before potential import tariffs. This would further reduce inventories that are already very low. As of 0105 GMT the most traded copper contract on SHFE rose 0.62%, to 80,520 Yuan ($11238.43), per metric ton. This is the highest price range in 2025 so far, around the second half of March. The LME's three-month copper also increased 0.12%, to $9,945.5. Low copper inventories in the SHFE and LME, along with the continued shipment to the U.S. prior to the imposition on import tariffs, have supported the price. Copper Stocks Copper inventories in LME-registered storage shed 66% between the middle of February and now stand at 91 250 tons. In the warehouses monitored, the SHFE has also seen a 66% drop in stock since early March. The summer months are usually the time when copper inventories in China tend to increase due to a low season demand. ANZ reported that "U.S. Treasury Sec. Scott Bessent stated that Washington's negotiation with Beijing would focus first on reciprocal duties, and then on duties on raw materials such as copper." "A delayed tariff decision would justify a premium for U.S. Copper, giving traders more shipping time before levies are implemented." SHFE aluminium rose 0.61%, to 20,685 Yuan per ton. Tin gained 0.4%, to 268,420 Yuan. Lead increased by 0.2%, to 17,170 Yuan. Nickel grew by 0.16%, to 120,580 Yan, while Zinc fell 0.4%, to 22,165 Yan. LME aluminium rose 0.33%, to $2607 per ton. Lead gained 0.2%, to $2042, while zinc grew 0.06%, to $2715.5. Click or to see the latest news in metals, and other related stories. Data/Events (GMT 0900 EU Unemployment May Rate ($1 = 7.1647 Chinese Yuan) (Reporting and Editing by Rashmi aich; Reporting by Hongmei Li)
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Investors weigh Fed rate stance as they assess US data and gold prices.
The gold price fell on Wednesday, as investors waited for U.S. employment data and assessed Federal Reserve Chairman Jerome Powell's cautious approach to rate cuts. However, a weaker greenback helped limit losses on bullion priced in dollars. As of 0217 GMT spot gold fell 0.2% to $3,330.68 an ounce while U.S. Gold Futures dropped 0.3%, falling to $3,340.60. Holders of other currencies can now afford to buy bullion because the U.S. Dollar index has fallen to its lowest level in over three years. Gold prices have been consolidating since posting their strongest gains in the past two weeks. "The overall trend bias continues in favour of the upside at this time," said Ilya SPivak, Tastylive's head of global macro. Powell said that the U.S. Central Bank will "wait and see" how tariffs impact inflation before it lowers interest rates. This is a further rejection of President Donald Trump's demand for immediate rate cuts. The number of U.S. jobs opened in May was unexpectedly higher, but the decline in hiring is a sign that the labour markets has shifted down gear due to the uncertainty surrounding the Trump administration’s tariffs against imports. Investors will now be awaiting the U.S. ADP Employment data due later today, as well as nonfarm payroll numbers on Thursday, for more insight into the labour market. Spivak stated that the biggest risk to gold is an unexpectedly high (NFP) result, but this seems unlikely. The U.S. Senate Republicans passed Trump's tax and spending bill Tuesday by a narrow margin. It is a package that cuts taxes, reduces social safety net programs, increases military expenditures, while adding $3.3 billion to the national debt. Trump was optimistic on Tuesday regarding a possible trade agreement with India, but sceptical about a similar deal with Japan. He also said that he would not consider extending the deadline of July 9 for countries to reach trade agreements. Spot silver fell 0.1% per ounce to $36.01, platinum dropped 0.4% at $1,344.91, and palladium rose 0.4% to $ 1,104.92.
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Investors' expectations for the OPEC+ summit have not changed much in terms of oil prices
The price of oil futures was little changed on the day of Wednesday, as investors were cautious ahead of this week's meeting of major producers to decide output levels for August. Brent crude rose 1 cent to $67.12 a bar at 0124 GMT. U.S. West Texas Intermediate Crude fell 5 cents, falling to $65.40 a bar. Analysts said that demand expectations were boosted on Tuesday by a survey conducted by the private sector, which showed that factory activity in China, world's largest oil importer, increased in June. Brent oil has fluctuated between a high and low of $68.40 and $66.34 a barrel since June 25 as fears of disruptions to supply in the Middle East region producing region have diminished. Oil prices are in a tight range, as there is less geopolitical uncertainty and more nervousness about what OPEC might do to increase production. This was said by Phil Flynn. Senior analyst at Price Futures Group. The price has been held down by the expectation that the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, including Russia, will increase their crude oil production in August by a similar amount to the large increases agreed upon in May, July, and June. Four OPEC+ members told four sources last week that the group intends to increase output by 411,000 barrels a day when it meets next month on July 6. According to Kpler data, the market has already seen the effects of previous OPEC+ increases. Saudi Arabia, which is the largest oil exporter in the world, increased its shipments by 450,000 bpd in June from May. This was the highest level in over a year. According to American Petroleum Institute figures, the crude oil inventory in the U.S. has increased by 680,000 barrels over the last week. The Energy Information Administration will release official data on Wednesday, 10:30 am ET. ET. Tony Sycamore is an analyst at IG. He said that the non-farm payrolls numbers due Thursday will determine the timing and depth of the interest rate reductions by the Federal Reserve in the second half this year. Lower interest rates would spur economic activity, which in turn would boost oil demand. Investors also watch trade negotiations in advance of the tariff deadline set by U.S. president Donald Trump on July 9. Trump said on Tuesday that he does not plan to extend the deadline. (Reporting from Sudarshan Varadahan in Singapore, Editing by Christian Schmollinger).
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India's renewable energy output increases at the fastest rate in three years
In the first half 2025, India's renewable energy output grew at its fastest rate since 2022. According to an analysis of daily load dispatch data by the federal grid regulator, renewable power output increased 24.4% from January to June 2025 to 134.43 kilowatt-hours (kWh). In June, the share of renewables (excluding hydropower) reached a new record of over 17%. India's coal-fired electricity generation fell by nearly 3% during the first half of this year, as growth in overall power output slowed down to just 1.5%. Electricity production will grow 5.8% by 2024. A milder summer, due to an earlier-than-expected monsoon, and slowing economic activity have reduced coal demand, resulting in record domestic stockpiles and lower imports by the world's second-largest consumer of the fossil fuel behind China. According to Vikram V., vice president for corporate ratings at Moody's ICRA, renewable generation in India will continue to increase. This year, India is expected to add 32 gigawatts of renewable capacity, compared to about 28 GW by 2024. Government data shows that India has added 16.3 GW in wind and solar power capacity during the five months to May. After a long slowdown, the nation of South Asia has increased its wind and solar capacity. This is after it missed its target for 2022 of 175 GW. The country now wants to reach 500 GW non-fossil energy capacity, including nuclear and hydro power by 2030. This is nearly twice the current 235.6GW. S&P Global Commodity Insights stated in a report that "we believe this target is achievable but, in our base scenario, the goal may shift to 2032". Grid modernisation and energy-storage investments are crucial to support renewable integration. (Reporting from Sudarshan varadhan and Sethuraman NR, both in Singapore; editing by Shinjini ganguli).
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US Senate budget bill cuts money for filling oil reserves
The U.S. Senate budget bill, passed on Tuesday, reduces the amount of money that can be used to replenish the Strategic Petroleum Reserve despite the fact that President Donald Trump promised on the first day of his second term in office to fill it to "the top". Joe Biden, former president, sold 180 million barrels of SPR, the highest amount ever, following the Russian invasion of Ukraine. SPR was at its lowest point in 40 years when oil imports were more important to the U.S. The budget bill reduced the amount of money available for crude oil purchases in order to replenish the SPR from $1.3 billion to $171 millions. This is only enough money to purchase about 3 million barrels, instead of the 20 million barrels that are currently available at current prices. Rapidan Energy, an energy consultancy, informed clients that funding had been affected by the Senate’s need to cut budgets elsewhere, as they softened the green energy cuts in the House version. It was not clear when the U.S. House would vote on this bill. Trump stated on Tuesday that the SPR will be filled when market conditions are favorable, but he did not specify when or how. Even scheduled oil deliveries to the SPR after Biden purchased some crude last summer are seven months behind schedule. Biden had scheduled deliveries of 15.8 million barrels to the SPR between January and May. Only 8.8 million barrels have been delivered so far to the SPR, which the Trump administration has blamed on maintenance. The Senate bill kept a measure to cancel 7 million barrels in congressionally-mandated sales. Later in the year, lawmakers could repeal further mandated sales through legislation. SPR currently has approximately 403 million barrels. This is a far cry from the 727 millions barrels that it had in 2009, when it was the largest ever. The SPR is the largest oil reserve in the world. Under Biden's leadership, the U.S. achieved record oil production. Trump wants to increase this.
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UN expert: 'Lucrative business deals' help Israel sustain its Gaza campaign
In a report, a U.N. expert named 60 companies including major arms and technology firms. She accused them of supporting Israeli settlements in Gaza and their military actions, which she referred to as a "genocidal war." Francesca Albanese is an Italian lawyer who specializes in human rights. She is the Special Rapporteur of the United Nations on the Occupied Palestinian Territories. The report was compiled based on more than 200 submissions by states, human-rights defenders and companies. The report published late on Monday calls for companies not to do business with Israel, and that executives who are implicated in alleged international law violations be held legally accountable. Albanese wrote that the 27-page report showed why Israel's genocide is continuing: it is profitable for many. She accused corporations of being "financially tied to Israel's militarism and apartheid." Israel's Geneva mission said that the report was "legally unfounded, defamatory, and a flagrant misuse of her position". The Israeli foreign ministry and prime minister's office have not responded to requests for comments. The U.S. Mission to the United Nations, New York, called on U.N. Sec.-General Antonio Guterres for a condemnation of Albanese. They also demanded her removal. Israel rejected the accusations of genocide against Gaza. It cited its right to self defense following a Hamas attack on October 7, 2023 that resulted to 1,200 deaths and 251 hostages according to Israeli statistics. Gaza Health Ministry reports that the war in Gaza, which followed, has resulted in the death of more than 56,000 individuals and the destruction of the entire enclave. Arms FIRMS Identified in Report The report divides the companies into sectors, such as military or technology. It does not always specify if the companies are involved in the Gaza campaign or settlements. The report said that 15 companies had responded directly to Albanese’s office, but they did not publish the replies. The article names Lockheed Martin, Leonardo and other arms companies as having used their weapons in Gaza. The report also names heavy machinery suppliers Caterpillar Inc. and HD Hyundai. It claims their equipment contributed to the destruction of property in Palestinian territory. "Foreign military sales are government-to-government transactions. Lockheed Martin's spokesperson said that the U.S. Government is best suited to discuss these sales. No one else responded to our requests for comment. Caterpillar previously stated that it expects to use its products in accordance with international humanitarian laws. The technology giants Alphabet (Alphabet), Amazon, Microsoft and IBM are "central to Israel’s surveillance apparatus and ongoing Gaza destruction". Alphabet has defended the $1.2 billion contract it signed with Israel's government for cloud services, saying that this was not a military or intelligence operation. Palantir Technologies also provided AI tools to Israel's military. However, specifics about their use weren't included. The report adds to a U.N. database that was last updated in 2023 and lists new companies, as well as alleged links to the Gaza conflict. The 47 members of the U.N. Human Rights Council will receive it on Thursday. The U.N. Human Rights Council does not have legal binding power, but cases that were documented through U.N. investigations often inform international prosecutions. Israel and the United States withdrew from the Council in the first half of this year citing bias towards Israel.
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Spain and the World Bank push for wider use 'debt Swaps'
The Spanish Ministry of Economy announced on Tuesday that the two countries have teamed up to "swap" debts to free money for conservation and development in poorer nations. The Ministry of Economy in Spain announced on Tuesday that the country has partnered with the World Bank to help poorer countries free up money to spend on development and conservation via debt "swaps". The Spanish government announced that the Global Hub for Debt swaps for Development will provide financial and technical assistance to countries looking at debt swaps for climate change and food security. In recent years, nations from Barbados to Belize and Ecuador to Ivory Coast used debt swaps. They bought back expensive bonds or loans and secured refinancing agreements with lower rates. In recent years, debt-for nature swaps have accounted for $6 billion in transactions where a country reduces its debt in exchange of a promise to invest in conservation. In recent years, development banks have played a key role in reducing the cost of swapped loans and generating savings. They do this by providing insurance or guaranteeing the risk. Critics claim that such deals are time-consuming and complicated, and this has hindered a wider adoption of an important tool for helping countries reduce their debt burdens and tackle development issues. Carlos Cuerpo, Spain's Minister of Economy, Trade, and Business, stated that many countries have made it clear they need tools to make debt swaps easier, faster, and more accessible. The Hub will receive 3 million euros (3,54 million dollars) from Spain. World Bank President Ajay Banaga said that the Hub would be a host for a "multiple-partner trust fund" to finance technical assistance. TIMELY This push is timely for the debt-swap market, amid fears that U.S. support for these deals - especially those with a focus on climate or nature - may largely dry up under Donald Trump. Ilan Goldfajn, President of the Inter-American Development Bank, said that demand for broad development swaps is still strong. He made this statement at a press conference held in Seville, on Tuesday. IDB backed five out of nine of the largest debt-for nature swaps in the past, most of which were carried out with the United States International Development Finance Corporation. Goldfajn stated, "We're getting requests for debts for education and debts for health." These are things which have been in construction. "Let's see what they become." A group of conservation groups and investors, as well as development bankers, lawyers, and other professionals who have been at the forefront of the market's growth, published a guide on best practices for nature swaps in an attempt to encourage wider adoption. The guide included information on how and who to use debt swaps. Melissa Garvey said that debt swaps are now "a proven model for financing conservation at scale."
Operations to ruin prohibited roadways in Colombia's Amazon struck grinding halt, sources state
Government determines to damage prohibited roadways around Colombia's Amazon rainforest are stalled, 8 sources told , with one operation suspended completely over concerns it might set back peace talks in between rebels and President Gustavo Petro's administration.
The construction of roadways through jungles in Colombia by rural communities, livestock ranchers and illegal armed groups is a. major contributor to logging, ecological specialists and. scientists state. That is particularly critical in the Amazon, which. absorbs substantial quantities of carbon that contributes to climate. modification and is already a focus of concern.
There are at least 12 unlawful roadways in and around. Chiribiquete national park - a UNESCO world heritage website in. Colombia's Amazon. But there are no known operations underway to. damage them, ecological procurator Gustavo Guerrero informed. , regardless of Petro's promises to protect the environment.
spoke with the sources on condition of anonymity,. who detailed how one federal government operation to destroy a roadway. cutting into Chiribiquete was halted and a number of other planned. operations not started. The stalled and suspended plans have not. been previously reported.
Petro has actually made the environment a focus of his speeches. both in the house and abroad, and his federal government celebrated a 29%. reduction in deforestation throughout 2022.
The hold-ups might prompt disciplinary action versus. authorities for failing to secure the environment, the. procurator's workplace, an independent public guard dog, stated.
Neither Petro, his workplace nor any nationwide authorities has. hindered the destruction of the Yari Yaguara road, the office. stated in a statement, referring to among the roads flagged by. the sources.
Neither has actually the road been discussed at peace talks with the. EMC, the statement stated, including that the procedure to destroy the. roadway is advancing in line with legal requirements.
In comments to , Environment Minister Susana Muhamad. stressed that operations to damage roads become part of a. comprehensive strategy that consists of peace efforts, human rights. and the fight versus deforestation.
The operations and their planning continue in the fight. versus deforestation and environmental criminal offenses, Muhamad said in. a text.
The defense ministry did not react to an ask for. comment.
6 individuals familiar with the matter said the operation to. destroy a road bisecting Chiribiquete was ready last December. The operation didn't proceed after the military expressed. issues over prospective clashes with locals and wider. federal government concerns about setting back already-fraught peace. talks with the Estado Mayor Central (EMC) rebels, who operate in. the area, sources said.
The EMC rebels have actually combined control in parts of the. nation, causing what some call a pseudo-state where. Colombia's federal government has little impact. A ceasefire has. currently been canceled in some provinces.
Two sources said an operation to destroy the roadway was also. planned for January, while another stated plans were as soon as in place. to handle all unlawful roadways.
It is unclear whether Petro or the defense ministry blocked. the operation.
It's like an illness that keeps spreading, said one of the. sources, referring to the absence of action on prohibited roads and. the ecological damage they trigger by increasing access to once. unreachable forest.
' APPARENT FAILURE'
The procurator's workplace in 2015 demanded that the. environment ministry destroy another unlawful road near to. Chiribiquete, without results.
We're not aware of any operation to close or disable any. prohibited roadways in the Amazon, Guerrero said in an interview. There is an apparent failure in the execution of preventive and. precautionary measures for those roads.
The police plan to damage the road highlighted by the. procurator's workplace however have not taken action, among the. sources said. Guerrero said his office has actually started a disciplinary. examination into the federal government's basic absence of development. The procurator's office has the power to sanction authorities up. to federal government ministers and remove them from their posts.
The government anticipates to report another drop in. deforestation for 2023, however minister Muhamad in April alerted. destruction was increasing in 2024 in the middle of a prolonged drought.
Even if Petro's federal government has excellent factor for calling off. operations, the absence of action on illegal roadways contradicts his. promises to attend to deforestation, among the sources stated.
In the end, they aren't doing something about it. Something needs to be. done..
(source: Reuters)