Latest News
-
Equinor, Partners Bolster Åsgard Production with Subsea Compressors Upgrade
Equinor and partners in Åsgard and Mikkel licenses have started the second phase of Åsgard subsea compression in the Norwegian Sea, with the aim to maintain production from the field by increasing the pressure in the pipelines between the wells and the Åsgard B platform.The first plan for development and operation (PDO) of Åsgard was approved in 1996. The field came on stream with Åsgard A in 1999 and Åsgard B in 2000. In 2012, the PDO for Åsgard subsea compression was approved by the authorities, and the first phase of Åsgard subsea compression came on stream in 2015.This was the world's first facility for gas compression on the seabed and the result of extensive technological development.The plans described that there would be a need for increased pressure in the long term to compensate for the pressure drop in the reservoirs. The first compressor module in phase two was replaced in 2023, now the second and final module has been installed, at a depth of 270 meters.With a total weight of 5100 tons, a footprint of 3300 m2 and towering 26 meters above the seabed, it is the largest subsea processing plant ever installed.The ÅSC station, located in 270 meters of water on the Midgard field (Credit: Equinor)The station consists of two identical compressor trains operating in parallel, each powered by a compressor with an electric motor capacity of 11.5 MW.A complete spare train is available in Kristiansund, which makes it possible to quickly replace parts if problems occur. The system is modular, with a number of key components from the old compression modules overhauled and reused in the new modules.Combined for both phases, the recovery rate from the Mikkel and Midgard fields will increase to 90% due to the compressor plant. This amounts to an additional 306 million barrels of oil equivalent from the fields.The Åsgard licence is operated by Equinor, which holds 35.01%, alongside Petoro with 34.53%, Vår Energi with 22.65% and TotalEnergies EP Norge with 7.81% stakes. The nearby Mikkel license is also operated by Equinor with a 43.97% stake, together with Vår Energi with 48.38% and Repsol Norge with 7.65% interests.“In this project, Equinor, together with partners and suppliers, has further developed and qualified the next generation of compressor modules. The technology allows us to recover more gas from producing fields. Good resource utilization is important to maintain high and stable production from the Norwegian continental shelf," said Trond Bokn, Equinor's senior vice president for project development.
-
Indonesia's Pertamina says fuel retailer Vivo agrees to purchase gasoline
Pertamina, the Indonesian state energy company, said that Vivo Energy Indonesia, a private retailer, has agreed to purchase 40,000 barrels out of 100,000 barrels imported by Pertamina to relieve fuel shortages in private retailers. Shell, BP AKR – the operator of BP’s fuel stations – Vivo and other companies ran out of supplies this month after more customers sought them out following a report on the quality of Pertamina’s gasoline. In order to alleviate the shortages, the government has allowed private retailers to import additional fuel via Pertamina. Vivo has agreed to an inter-business agreement with Pertamina. Vivo will take 40,000 barrels of the 100,000 barrels offered by Pertamina Patra Niaga to serve its clients. Pertamina Patra Niaga said it had ordered 16,000 kilolitres of gasoline (100,640 barrels) that arrived this past week. The state firm offered the cargo to petrol stations including Shell and BP AKR. Dumatubun stated that a surveyor will be appointed by both parties to conduct a quality-and-quantity test of the gasoline following the agreement. A spokesperson for the energy ministry also stated that fuel was now available to private retailers and companies were in discussions about distribution. Shell declined to immediately comment. Shell refused to comment immediately. According to the energy ministry, the remaining import quota of Pertamina of 7.52 million kilolitres could be used by private retailers. Reporting by Fransiska Nanangoy, Jakarta; Editing and proofreading by Kirsiska Donovan and Kim Coghill
-
The Nuclear Company announces a partnership with Nucor in order to increase US nuclear power supplies
The Nuclear Company announced on Friday it had signed a strategic partnership with U.S. Steelmaker Nucor Corporation in order to support the domestic manufacturing and boost nuclear power supply chains. TNC, an American nuclear deployment company, announced that the companies would assess the use of NQA-1 and related infrastructure in gigawatt nuclear reactors according to the American Society of Mechanical Engineers certification standards. TNC stated that the partnership is in support of executive orders by President Donald Trump, which target 400 gigawatts of nuclear power (GW) by 2050. This includes construction of ten large-scale reactors within the next five year period. The United States has launched a campaign to speed development After Trump, on his first day in office, in January, issued an order declaring an emergency, power plants and transmissions lines were shut down. Energy emergency Artificial intelligence, data centres, and electric cars are driving up power demand, for the first two decades. TNC's partnership with the U.S. also aims at helping it compete against China and Russia who have rapidly expanded their nuclear reactor fleets in recent years. Jonathan Webb, CEO of TNC said: "Our partnership will help protect America's security and energy independence. It will also create a more resilient economic environment." (Reporting by Sarah Qureshi in Bengaluru Editing by Marguerita Choy)
-
COP30 urged on to link climate justice and reparations for historical crime
Hundreds of environmental groups and human rights organizations have urged COP30 - the global climate summit that will be held in Brazil, this November - to address the historical causes of the climate crises and to put reparations at the top of the agenda. The letter argues historical crimes such as slavery and colonialism created global inequalities of resource access. It also drove asymmetrical emissions and increased vulnerability to natural disasters. Signatories of the petition said that "climate justice is not possible without reparatory justice." Originally launched by organizations such as Brazil's Instituto Luiz Gama, and the Caribbean Pan African Network, this petition has been signed by over 240 organisations, public figures and groups, including Amnesty International USA, and local chapters Black Lives Matter. The letter has been endorsed by the Colombian environment minister. The letter will be sent next week to the Brazilian government as well as the United Nations. The climate crisis is not a recent phenomenon. It is the result of centuries of greenhouse gas emissions, extractions, dispossessions, and racial conflict. In the letter, it was stated that Brazil would be a good leader in this matter, as the country has more African descendants than any other outside of Africa. It urged Brazil to create a space dedicated to climate justice at the summit, which would be led by Africans and peoples of African descent as well as Indigenous communities. Brazil was also asked to include these topics in its political agenda, and to actively facilitate such discussions at COP30. The centuries-old demand for reparations has gained renewed momentum around the world, but there is also a growing backlash. Critics say that modern institutions and states should not make amends or pay for historical wrongs. Anielle Franco is Brazil's Minister of Racial Equality. She said last year that the injustices of the past were long unrecognised and reparations are about "building a dignified future." (Reporting and editing by Catarina demony)
-
Lithium Argentina's Cauchari-Olaroz plans to triple its production by 2029
Lithium Argentina’s Cauchari-Olaroz Project in northern Argentina aims to produce 85,000 tons of battery metal per year by 2029. This is more than triple the output last year, according to Executive Vice President Ignacio Celorrio. This is one of six projects in Argentina that produce lithium, which is used to make batteries for electric cars. Lithium Argentina (listed in Canada and the U.S.) and Ganfeng Lithium, a Chinese company, are developing Cauchari-Olaroz in the Lithium Triangle, which spans Argentina and Chile, as well as Bolivia. Celorrio, speaking on the sidelines a lithium-related conference in Buenos Aires on Tuesday, said that the project is expected to produce between 30,000 and 35,000. According to agreements between Ganfeng, the Thai bank that provided the financing, and Bangchak, an off-take agreement with the Chinese company, 80% is currently exported to China, and the rest to Thailand. Lithium Argentina, Ganfeng and other partners announced a joint venture in August called Pozuelos-Pastos Grandes. The new joint-venture will consolidate three projects located in Salta Province - Pastos Grandes Sal de la Puna, and Pozuelos - with a capacity of producing 150,000 tons lithium per year. Lithium Argentina hopes to start construction in 2026 after completing a feasibility study. Celorrio stated that both Cauchari-Olaroz as well as Pozuelos/Pastos Grandes would apply for Argentina's Large Investment Incentive Regime by the end the year. Celorrio said that both Cauchari-Olaroz and Pozuelos-Pastos Grandes will apply to Argentina's Large Investment Incentive Regime (RIGI) by the end of the year.
-
US tells India to curb Russian oil exports in order to progress trade deals
Two people who were familiar with the negotiations said that U.S. negotiators told their Indian counterparts to reduce India's tariffs and seal a deal by limiting purchases of Russian crude oil. A U.S. official stated that while trade negotiations were on the right track, there was still more work to be done in order for India to address U.S. concerns about market access, trade deficits, and purchases of Russian crude oil. U.S. president Donald Trump has tried to pressure India, European Union members and NATO to reduce purchases of Russian oil in order to cut Moscow's revenues and speed up the end of the Ukraine war. Trump's administration is willing to use all available leverage to achieve its policy objectives. This was evident when it linked trade negotiations with India and India's demand to reduce Russian oil purchases. Trump has grown increasingly frustrated by the slow progress in ending Russia's conflict in Ukraine. He had promised to end this conflict from his first day as president. The U.S. imposed a 25% additional tariff on Indian imports to pressure New Delhi into stopping its purchases of discounted Russian oil. This brings the total punitive duty on Indian goods up to 50%, and ruins trade negotiations between two democracies. Trump has not imposed additional tariffs on Chinese goods due to China's purchase of Russian oil. His administration is navigating a delicate truce in trade with Beijing. India and China are two of the largest buyers in the world of Russian oil. This is despite numerous U.S. sanctioned that restrict Moscow's ability to access global markets. India responded by defending its oil imports and highlighting the economic benefits. It also accused Western nations of hypocrisy, for continuing to trade with Russia in spite of sanctions.
-
Nigeria's Dangote Refinery Announces Layoffs and Cites Acts of Sabotage
The Dangote oil refining company in Nigeria said that it fired a few workers on Friday, citing sabotage at various units. This sparked criticism from the oil workers union who claimed over 800 Nigerians were terminated. PENGASSAN (the Petroleum and Natural Gas Senior Staff Association of Nigeria) said that the workers had been unfairly dismissed and replaced by over 2,000 Indians. Africa's biggest refinery with a crude processing capacity of 650 000 barrels a day has created a swing supplier within the Atlantic Basin that could reshape the global fuel trade. This exercise is not random. The refinery stated that it was necessary to protect the refinery against repeated acts of sabotage which have raised safety concerns as well as affected operational efficiency. The company did not confirm the number of workers who had been laid off or whether this would have an impact on production. It said that more than 3,000 Nigerians continue to work at the plant. The recipient of the letter was informed that they had been fired on the evening of September 25. An official from PENGASSAN stated that staff were terminated because they had joined a union. Lumumba Okugbawa is the secretary general of PENGASSAN. He said: "This is totally unacceptable and we condemn it completely." In a statement issued by the refinery, the company said it adheres to internationally recognized labour principles, including the right for every worker to decide freely whether to join or not. Dangote closed its gasoline unit at the end of August to undergo repairs that will take between 2-3 months. According to Kpler, a shipping data firm, the plant began processing crude oil in January 2024 and exported more fuel oil in September. When there is an interruption or maintenance, modern oil refineries tend to export more fuel oil. (Reporting and Additional Reporting By Owolabi Tife, Alex Lawler and David Goodely; Editing by Jason Neely, David Goodely and Alex Lawler)
-
Argentina approves McEwen’s $2.7 billion copper Project for Tax Break Program
The Argentine government has approved McEwen Copper’s $2.7 billion Los Azules Copper Project in the country under a tax incentive program called the Large Investment Incentive Regime. McEwen Copper, a subsidiary company of McEwen Mining, is a McEwen Copper subsidiary. Economy Minister Luis Caputo stated in a blog post on X that the project will contribute to $1.1 billion worth of exports each year. Argentina hasn't produced copper since the Alumbrera Mine closed in 2018. But developers and analysts are hopeful that projects like Los Azules will make Argentina a major supplier to the world. Caputo stated that the approval was a first in the province of San Juan, Argentina's top gold-mining region and hub for non-operational projects. It would create more than 3,500 direct and indirect jobs. Los Azules, the eighth project approved under the RIGI tax-break scheme, brings a total of $15.7 billion in investment to the plan of incentives promoted by the libertarian president Javier Milei. McEwen sources estimate that the total investment in Los Azules will be $3 billion within three to four years. The mountainous area is 3,500 meters high and located in the Andes range. They said that the company must now look for financing to make this investment. McEwen intends to start producing copper cathodes from Argentina in 2029. It will soon release a feasibility report that includes operational details over the next 20-year period, while it is working to obtain permits. The company plans to leach copper instead of the traditional method that involves floating and skimming concentrates. This will use half as much water and have a smaller impact on the local population. McEwen, with 46.4% of Los Azules, is the largest shareholder. Stellantis and Nuton/Rio Tinto each own 18.3%.
China's independent refiner Changyi gets 2025 crude import quota, sources say
Multiple sources confirmed on Friday that China's Changyi Petrochemical (recently sold by the state-owned Sinochem Group) has been granted a crude oil import quota until 2025. The company used this quota to purchase Brazilian oil.
Three sources confirmed that the refiner in Shandong was allocated 2.5 million metric tonnes (18 million barrels), on a prorated scale, for the rest of the year. The sources claim that Changyi has a right to 5,000,000 tons for a whole year.
Changyi declined comment. Hongrun declined to comment on a phone conversation, and the company didn't immediately respond to e-mail requests. The Commerce Ministry, which sets quotas for exports, did not respond to phone calls nor faxed requests for comments.
After the acquisition in May, Changyi restarted the 160,000 bpd crude plant in Weifang, but the unit has been running very slowly as the refiner has not been able to import crude oil without the government's quota.
As they struggle to make a profit, independent refiners in Shandong process mostly crude oil from Iran and Russia. These grades are cheaper than the conventional grades of Middle East, Africa, and Brazil.
Sources said that Changyi purchased 1 million barrels for September loading of Brazilian crude Tupi with the new quota.
Changyi will not use the new permits to their full potential, say traders. Non-sanctioned products are more expensive.
Sources said that the new quota was still tied to the former owner of Changyi, Sinochem. This prevents the Shandong refiners from buying sanctioned oil. Sinochem has for a long time avoided buying barrels sanctioned.
Sinochem has not responded to an email requesting comment.
Changyi was one of three Sinochem plants in Shandong declared bankrupt last year by local courts due to debts and taxes. (Reporting from Trixie Yap in Singapore, Chen Aizhu in Beijing and Siyi Lu in Singapore. Editing by Tom Hogue.)
(source: Reuters)