Forget Ukraine: The Russia-U.S. Summit in Saudi Arabia is All About Money
Tuesday, February 18,2025,23:00
The diplomatic onslaught by the Trump Administration during last weekend's Munich Security Conference is still reverberating across Europe. The unexpected affront by Trump’s representatives, Vice President JD Vance and Secretary of Defense Hegseth, has not only put the Transatlantic relationship on hold but is also seen as a significant move by the Administration to circumvent European partners and Ukraine—an unprecedented effort by the U.S. to impose a peace deal with Russia. In the coming weeks, all eyes will be on Saudi Arabia, where… .. read more..
'Limited opportunities': Valaris to retire three semisubs from global fleet
Tuesday, February 18,2025,22:51
Trio could be repurposed or scrapped, while one jack-up is sold .. read more..
US operator’s fourth quarter earnings hit by ‘environmental liability’
Tuesday, February 18,2025,22:25
Occidental says it will challenge ruling, though it did not divulge details about the court order .. read more..
Early 2025 attacks caused ‘significant’ gas production site damage: Naftogaz
Tuesday, February 18,2025,22:00
Russian attacks in January and early February against Ukrainian gas production facilities caused “significant” damage, state-owned Naftogaz said Feb. 15. Ukraine has been subjected to numerous missile and drone attacks against its energy infrastructure since the Russian invasion began in February 2022, with gas storage and production sites repeatedly targeted. In a statement, Naftogaz said ... .. read more..
Pakistan plans to renegotiate LNG prices under 15-year contract with QatarEnergy
Tuesday, February 18,2025,22:00
Pakistan’s government plans to review the price of LNG under its 15-year term contract with QatarEnergy due to a sharp decline in electricity consumption and financial difficulties, an official with knowledge of the discussions told Platts. LNG contracts typically allow various terms, such as prices to be renegotiated at certain intervals, but it can only ... .. read more..
Prices near four-week low on US-Russia talks, weaker demand
Tuesday, February 18,2025,22:00
Dutch and British wholesale gas prices held close to four-week lows as the market awaited news from talks between the U.S. and Russia about how to end the conflict in Ukraine and as strong renewables output curbed demand. The benchmark front-month contract at the Dutch TTF hub (TRNLTTFMc1) was down 0.07 euro at 47.65 euros ... .. read more..
Asia drives 2025 oil demand growth as cuts, sanctions reduce supply surplus: ...
Tuesday, February 18,2025,22:00
Global oil demand growth is projected to average 1.1 mb/d in 2025, up from 870 kb/d in 2024, according to the IEA Oil Market Report (OMR) for February. The monthly publication noted that China will marginally remain the largest source of growth, even as the pace of its expansion is a fraction of recent trends ... .. read more..
Middle East Crude-Oman and Dubai slide, Murban up
Tuesday, February 18,2025,22:00
Middle East crude benchmark spot premiums of Oman and Dubai dipped on Tuesday, while that for Murban rose slightly. India’s ONGC Videsh issued a tender to sell one million barrels of Nile blend crude for March. The tender will close on Wednesday. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps fell 15 cents to $2.93 ... .. read more..
Diesel East-West price spread widens to one-year high, LSEG data shows
Tuesday, February 18,2025,22:00
The front-month East-West price spread for 10ppm sulphur diesel hit its widest discount in a more than a year on Tuesday, LSEG pricing data showed, as Asian prices were hammered by poor fundamentals despite ICE gasoil strength. The spread, typically measured by the exchange of futures for swaps (EFS) which compares front-month ICE gasoil futures ... .. read more..
Asia LNG physical MOC activity rises for March JKM amid intensified cargo com...
Tuesday, February 18,2025,22:00
The Platts Market on Close assessment process for LNG in Asia over the pricing period of the March JKM — running Jan. 16 to Feb. 14 — saw a steep hike in activity amid intensifying competition for cargoes moving between Europe and Northeast Asia. During the period, the physical MOC reported a resurgence of 282 ... .. read more..
Oil trades steady as Ukraine peace talks counter supply disruptions
Tuesday, February 18,2025,22:00
Oil prices held firm on Tuesday as the U.S. and Russia pressed ahead with talks to end the war in Ukraine, while traders assessed fallout from drone attacks on a key conduit for Kazakhstan’s oil exports. Brent crude futures rose 4 cents to $75.26 a barrel by 10:53 a.m. EST. U.S. West Texas Intermediate crude ... .. read more..
The Economics of Solar Power
Tuesday, February 18,2025,22:00
When the massive Ivanpah solar plant was finished in the Mojave Desert in 2014, it was touted as the future of solar power and a cutting edge approach to clean energy. The plant was the world’s largest solar thermal plant when it was built, spreading over 5 miles of federal land. It cost about $2.2 billion and received loan guarantees worth $1.6 billion from the U.S. Department of Energy. Now, barely over ten years later, it’s already closing. Called ‘concentrated solar’ or ‘thermal solar,’ the technology… .. read more..
Europe’s LNG Tango: A Love-Hate Relationship with Reality
Tuesday, February 18,2025,22:00
The European Union, ever the conflicted protagonist in its own energy saga, is gearing up to throw its weight around in the global LNG market—again. A leaked draft from the European Commission suggests Brussels will “immediately engage” with LNG suppliers to stabilize energy prices, all while still pretending it’s on track to kiss fossil fuels goodbye by 2050. The cognitive dissonance is almost admirable. At issue is Europe’s chronic dependence on imported gas. Having sworn off Russian pipeline supplies (at least officially),… .. read more..
Contractors up in arms as multiple tenders scrapped for giant Asian offshore ...
Tuesday, February 18,2025,21:51
PTTEP has served Lang Lebah bidders with an abort notice, cancelling the bid process for up to five EPC packages .. read more..
What Does the U.S.-Russia Meeting in Saudi Arabia Mean for the Middle East?
Tuesday, February 18,2025,21:00
Saudi Arabia is hosting one of the most important diplomatic meetings between Russia and the United States in years. On February 18, U.S. Secretary of State Marco Rubio will meet with his Russian counterpart Sergei Lavrov in Riyadh. The meeting will aim to restore the fraught ties between the two countries. It will focus on ending the war in Ukraine, where Washington has led its European allies in helping Kyiv against a Russian invasion that began three years ago. Experts see the talks as a sign that Saudi Arabia is seeking to assume a central… .. read more..
Japan projects 53 mil-74 mil mt gas supply need for FY 2040-41 in Strategic E...
Tuesday, February 18,2025,20:26
The Japanese cabinet approved a series of key policies Feb. 18, including the Strategic Energy Plan, under which the country projects it will need 53 million-74 million mt of natural gas in its primary energy supply for the fiscal year 2040-41 (April-March). The cabinet’s approval of the 7th Strategic Energy Plan, Japan’s principal energy policy, ... .. read more..
Majority of Brits Support Green Taxes for Carbon Reduction
Tuesday, February 18,2025,20:00
According to new research, just over half of Brits are in favour of introducing taxes to encourage a reduction in households’ carbon footprint. According to a survey from EPC and energy efficiency platform epIMS, the most-favoured tax of those surveyed was a waste management levy, with a quarter of respondents supportive of a tax on the failure to recycle properly. Just 44 per cent of UK household waste was recycled in 2022, according to government statistics, with this rate going down instead of improving in England. While eight environmental… .. read more..
Trump's Tariffs Create Uncertainty in European Steel Market
Tuesday, February 18,2025,19:00
Via Metal Miner European bodies recently criticized U.S. President Donald Trump’s order to introduce tariffs on all steel and aluminum imports entering the country. Meanwhile, experts at home and abroad continue to evaluate how the trade dispute will affect steel prices and aluminum prices. The European Commission, the European Union’s executive arm, recently vowed that it would respond swiftly to Trump’s February 10 order to impose a 25% import tariff on steel and 10% on aluminum, regardless of the point of origin. If you’re… .. read more..
JSW Energy to await CCI clearances before acquiring KSK Mahanadi Power follow...
Tuesday, February 18,2025,18:48
JSW Energy is awaiting clearances, including CCI approval, before proceeding with its acquisition of KSK Mahanadi Power. The Supreme Court's recent ruling on regulatory compliance highlights the need for CCI clearance prior to Committee of Creditors approval, potentially delaying resolution timelines. .. read more..
Peak power demand touches a high of 238 GW in February
Tuesday, February 18,2025,18:39
An unusually warm February caused peak power demand to reach 238 GW during solar hours, surpassing the expected 234 GW. Electricity consumption increased by 6% from last year. Coal stocks at power plants rose by 30% to 50.8 million tonnes. Peak power demand in March is expected to further increase to 240 GW during solar hours. .. read more..
G7 Weighing Tightening Russian Oil Price Cap
Tuesday, February 18,2025,18:30
The Group of Seven is considering collectively tightening an oil price cap on Russian petroleum in an effort to cut Moscow’s oil revenues as the war in Ukraine rages on, Bloomberg has revealed. A draft statement seen by Bloomberg shows that these nations could task their finance ministers to collectively redraw the price limit--currently set at $60 a barrel for Russian crude. Last December, the Biden administration tightened sanctions on Russian oil. Middlemen who supply Russian oil have stopped offering cargoes after the latest U.S. sanctions… .. read more..
Analysts are bullish on this liquefied natural gas stock that went public las...
Tuesday, February 18,2025,18:10
Wall Street analysts are bullish on Venture Global despite the LNG company's somewhat disappointing initial public offering. .. read more..
US natgas prices slide 2% on less cold forecasts
Tuesday, February 18,2025,18:00
U.S. natural gas futures slid about 2% on Tuesday on forecasts for less cold weather and lower heating demand over the next two weeks than previously expected. That price decline came despite extreme cold in some parts of the country this week that is freezing oil and gas wells and cutting daily output, and record ... .. read more..
Port Talbot's £1.25 Billion Electric Furnace Project Approved
Tuesday, February 18,2025,18:00
Proposals by Tata Steel to build a £1.25bn electric furnace in Port Talbot have been given the go-ahead by a local council. Neath Port Talbot Council’s planning committee on Tuesday approved what amounts to one of the most significant investments made in the UK steel industry in decades. The electric furnace will replace two traditional blast furnaces that closed last year, coming into operation at the end of 2027. It will preserve some 5,000 Tata Steel UK jobs and is supported by £500m in subsidy from the government. “This… .. read more..
US operator scoops up Midland basin acreage for $4 billion
Tuesday, February 18,2025,17:46
Diamondback Energy also planning to sell $1.5 billion in assets to shore up balance sheet .. read more..
Steep Backwardation in European Diesel
Tuesday, February 18,2025,17:30
Europe’s diesel markets are flashing signs of tightness, with near-term diesel contracts on Tuesday hitting the steepest backwardation--a situation where futures contracts for prompt delivery are more expensive than those further down the curve--since March. Backwardation is often interpreted as a sign of limited supply, with traders now willing to pay a premium for fuel that’s available sooner. In contrast, Europe’s natural gas prices have pulled back sharply, with Title Transfer Facility (TFF) natural gas futures falling to… .. read more..
U.S. and Russia Hold First Talks to End Ukraine War in Riyadh
Tuesday, February 18,2025,17:00
Top U.S. and Russian officials have finished their first talks on ending the war in Ukraine, with Moscow voicing new demands for holding sweeping talks about bringing the nearly three-year conflict to an end. The nearly five-hour meeting in Riyadh is part of a major diplomatic push by the United States to bring the war to an end, and it was framed by U.S. officials as exploratory discussions that could pave the way for a potential in-person meeting between U.S. President Donald Trump and Russian President Vladimir Putin. Following the end of the… .. read more..
Germany’s Power Prices Dip as Natural Gas Falls amid Ukraine Talks
Tuesday, February 18,2025,16:30
Germany’s year-ahead power futures prices fell this week to the lowest level since the beginning of the year amid falling European natural gas prices as talks on a peace deal in Ukraine began. In recent months, Germany has become more dependent on fossil fuel-powered generation amid low wind speeds that have curbed wind power output. The U.S.-Russia negotiations on a peace agreement in Ukraine, which began on Tuesday in Saudi Arabia, have been depressing Europe’s benchmark gas prices. Dutch TTF Natural Gas Futures, the benchmark for… .. read more..
Drone Attack Boosts Oil Prices but Upside Remains Limited
Tuesday, February 18,2025,16:00
Oil prices climbed on Tuesday morning following a drone attack on a key Russian oil pipeline. At the same time, the prospect of a Russia-Ukraine peace deal is limiting the upside for oil prices as it could ultimately lead to a flood of Russian crude to the market. - Europe’s wind generation posted a whopping 16% year-over-year decline, triggering a largely unexpected squeeze on natural gas inventories, however despite huge wind park buildouts globally climate change could make wind generation less efficient over the upcoming years.- The amplified… .. read more..
Hungary secures trial oil shipments from Kazakhstan via legacy pipeline link
Tuesday, February 18,2025,15:43
Deal has been reached during visit of country's foreign minister Peter Szijjarto to Astana .. read more..
Brazil’s Government Divided on Nuclear Plant 40 Years Under Construction
Tuesday, February 18,2025,15:30
The government of Brazil is debating whether the country should complete the construction of a nuclear power plant that has been under construction for 40 years, and is divided on the issue, Reuters reported on Tuesday, citing sources with knowledge of the matter. Contraction for the Angra 3 power plant, Brazil’s third nuclear facility, began in the 1980s. But works have been abandoned several times due to issues with financing and corruption probes, among others. The first nuclear concrete for the reactor was poured in 2010, but construction… .. read more..
Iraq Eyes Qatari LNG Imports as It Reduces Reliance on Iran
Tuesday, February 18,2025,15:15
With Iraq’s hydrocarbons making waves and LNG and KRG oil hitting the headlines, the potential for a bright future in the energy sector is becoming increasingly evident. Iraq’s hydrocarbon future looks promising if Prime Minister Al Sudani’s government can implement a more functional and feasible investment strategy in the coming weeks. Given its vast hydrocarbon reserves—highly attractive in quality—and its low production costs per barrel, the country should have achieved self-sufficiency and boosted its export potential… .. read more..
Transformers and Rectifiers (India) gets Rs 166-crore transformer supply order
Tuesday, February 18,2025,14:39
Transformers and Rectifiers (India) Ltd has secured a new order worth Rs 166.45 crore from Hyosung T&D India Pvt Ltd. The contract involves the manufacturing and supply of single-phase coupling transformers for TBCB (tariff-based competitive bidding) projects, to be completed by the next financial year. The company also clarified that its promoters and group companies have no interest in the entities awarding the orders. .. read more..
Diamondback Boosts Midland Basin Presence With $4-Billion Acquisition
Tuesday, February 18,2025,14:30
Diamondback Energy, Inc. (NASDAQ: FANG) on Tuesday announced a deal to buy Double Eagle IV Midco in an acquisition valued at about $4 billion, which gives the buyer increased presence in the Midland Basin in the top-oil producing U.S. formation, the Permian. Diamondback Energy has signed a definitive purchase agreement to buy certain subsidiaries of Double Eagle IV Midco, LLC in exchange for approximately 6.9 million shares of Diamondback common stock and $3 billion of cash, the company said, confirming earlier reports of the acquisition. “Double… .. read more..
TotalEnergies and Air Liquide plan green hydrogen plant for refinery decarbon...
Tuesday, February 18,2025,13:38
Partners will use electrons from Oranjewind offshore wind farm to produce 45,000 tonnes per year of renewable H2 across two projects .. read more..
Oil Price Rise After Attack on Kazakhstan’s Key Oil Export Route
Tuesday, February 18,2025,13:35
Oil prices rose on Tuesday following a Monday drone attack on an oil pipeline in southern Russia, which is the key export route for two-thirds of Kazakhstan’s crude. As of 7:37 a.m. EST on Tuesday, the U.S. benchmark, WTI Crude, traded 0.72% higher at $71.26, while the international benchmark, Brent Crude, was up by 0.13% on the day. In the past few days, the market was expecting the start of the U.S.-Russia talks in Saudi Arabia on a possible end to the war in Ukraine, and oil prices were falling amid expectations that a potential deal could… .. read more..
Saudi Crude Oil Exports Dropped in December From 7-Month High
Tuesday, February 18,2025,13:30
Saudi Arabia’s crude oil exports fell in December by 60,000 barrels per day (bpd) from the seven-month high in November, the latest data from the Joint Organizations Data Initiative (JODI) showed on Tuesday. In November, Saudi crude oil exports jumped by 281,000 bpd to 6.21 million bpd—a seven-month high, according to the JODI database which compiles self-reported figures from individual countries. This followed a 174,000 bpd jump in October crude oil exports compared to September. But in the last month of 2024, the world’s top… .. read more..
Transocean picks new chief executive as Thigpen lined up to lead board
Tuesday, February 18,2025,12:54
Keelan Anderson has worked for the rig owner for 30 years .. read more..
ExxonMobil files application for seventh project offshore Guyana
Tuesday, February 18,2025,12:46
Company expects to start production from country's seventh development in early 2029 .. read more..
TotalEnergies to Invest $1-Billion in Green Hydrogen Projects
Tuesday, February 18,2025,12:30
TotalEnergies and Air Liquide plan to invest a combined more than $1.046 billion (1 billion euros) in two electrolyzer projects to produce green hydrogen in the Netherlands, as part of the French supermajor’s efforts to slash emissions from its refineries in northwest Europe. TotalEnergies on Tuesday said it had signed agreements with French industrial gases firm Air Liquide to develop two projects in the Netherlands, for the production and delivery of about 45,000 tons a year of green hydrogen produced using renewable power. The electricity… .. read more..
US emerges as 5th top oil seller to India in January, Russia at No.1
Tuesday, February 18,2025,12:11
India's oil imports from the U.S. surged in January, reaching 218,400 barrels per day (bpd), up from 70,600 bpd in December, making the U.S. India's fifth-largest oil supplier. New Delhi aims to increase energy imports from Washington to $25 billion from $15 billion last year. .. read more..
‘Most deployed FPSO in history’ changes ownership
Tuesday, February 18,2025,12:03
Amplus Energy acquires Petrojarl I from Altera Infrastructure .. read more..
Middle East-based drilling heavyweights form strategic alliance to expand int...
Tuesday, February 18,2025,11:53
Aramco cancelled multiple offshore rig contracts last year, leading to a decline in jack-up day rates and prompting domestic drilling giants to explore contracting opportunities in the international market .. read more..
World famous FPSO used on multiple fields changes ownership
Tuesday, February 18,2025,11:36
Amplus Energy acquires Petrojarl I from Altera Infrastructure .. read more..
Russia Claims Drone Attack at Caspian Oil Pipeline Hurts U.S. Firms
Tuesday, February 18,2025,11:19
The Ukrainian drone attack on a pumping station of a pipeline in southern Russia, which carries oil from Kazakhstan’s major oilfields, is a blow at U.S. companies, the oil market, and U.S. President Donald Trump, said Dmitry Medvedev, deputy chairman of the powerful Security Council of Russia. On Monday, the Caspian Pipeline Consortium (CPC), which operates the pipeline from the Caspian coast in northwest Kazakhstan to the Novorossiysk port on Russia’s Black Sea coast and carries most of Kazakh crude exports, said that one of its pumping… .. read more..
Saudi Aramco to renew lucrative offshore framework deals with multiple contra...
Tuesday, February 18,2025,11:01
The Saudi operator last year kicked off the bid process for the renewal of LTA framework deals, aimed at optimising the agreement and making it relevant for a longer time frame .. read more..
Oil inches up on Kazakhstan supply disruption
Tuesday, February 18,2025,11:00
Brent crude oil prices advanced on Tuesday adding to gains in the previous session after a drone attack on an oil pipeline pumping station in Russia reduced flows from Kazakhstan, but gains were capped on the prospects of supply rising soon. Brent crude futures gained 23 cents, or 0.3%, to $75.45 per barrel at 0758 ... .. read more..
India’s natural gas use target hinges on higher gas-fired power generation
Tuesday, February 18,2025,11:00
India’s plan to boost the share of natural gas in its energy mix hinges on lower global liquefied natural gas (LNG) prices that will make gas-fired electricity generation more competitive, industry officials said this week. The world’s fourth largest LNG importer aims to raise the share of natural gas in its energy mix to 15% ... .. read more..
Namibia: Rhino and Azule hit hydrocarbons with debut exploration well
Tuesday, February 18,2025,10:22
Privately owned player issues low-key statement on results of Sagittarius 1-X well in Orange basin .. read more..
Wind energy just had a record year in Germany — but the federal election coul...
Tuesday, February 18,2025,10:06
2024 was a strong year for wind energy in Germany, but the two parties leading polls ahead of the election later this month have been critical of wind turbines. .. read more..