India's power consumption rises 11 pc to 144.89 billion units in April
Wednesday, May 1,2024,10:12
In April 2024, India's power consumption surged by 11% to 144.25 billion units compared to the previous year, driven by rising temperatures. Peak power demand reached 224.18 GW, up from 215.88 GW in April 2023. Experts attribute the growth to temperature increases and heightened industrial activities, predicting continued robust demand. .. read more..
Microsoft and Brookfield Sign $10-Billion Renewable Power Deal
Wednesday, May 1,2024,10:00
Tech giant Microsoft has signed a global framework agreement to back renewable power projects that could be worth about $10 billion and buy the power that would be developed by Brookfield Asset Management, the Financial Times reported on Wednesday. The agreement is for bringing around 10.5 gigawatts (GW) of solar and wind power between 2026 and 2030—a capacity that would cost over $10 billion to develop, according to recent industry trends, FT noted. Microsoft’s deal with Brookfield Asset Management would be the biggest such… .. read more..
UK puts English Channel up for grabs in offshore CCS race
Wednesday, May 1,2024,09:44
Special 'off the round' licencing offer could see local CO2 storage options open for southern England emitters .. read more..
Canada Issues Final Authorization for Trans Mountain Pipeline Expansion
Wednesday, May 1,2024,09:00
The Canada Energy Regulator (CER) issued on Tuesday the final permits allowing the long-delayed Trans Mountain Expansion Project (TMEP) to enter into service. Following the regulator’s approval of the final pipeline leave to open (LTO) application, the expanded pipeline is now authorized to carry crude oil from Trans Mountain’s Edmonton Terminal in Alberta to its Westridge Marine Terminal in Burnaby, British Columbia. “Today marks a significant milestone, and we recognize that our regulatory oversight role… .. read more..
Turkey eyes US LNG to boost gas hub plans
Wednesday, May 1,2024,08:33
Ankara in talks with ExxonMobil over multibillion-dollar LNG supply deal as Turkish industry leaders highlight progress in plans to become regional gas supply hub .. read more..
U.S. Senate Approves Bill to Ban Russian Uranium Imports
Wednesday, May 1,2024,07:45
The U.S. Senate unanimously voted in favor of a bill that would ban the imports of Russian uranium as the latest attempt to squeeze Russia’s export revenues amid its ongoing war on Ukraine. If the Senate had not passed the legislation, the White House was considering an executive order to the same effect. Russia is the second-biggest supplier of uranium for U.S. nuclear reactors, after local producers. Imports of Russian uranium account for 24% of the total, making a complete elimination of these supplies rather challenging. However,… .. read more..
Eni chief in talks with Cyprus president over deepwater gas project
Wednesday, May 1,2024,07:26
Claudio Descalzi and President Nikos Christodoulides meet in Nicosia to discuss Cronos and Zeus discoveries .. read more..
Iran signs deals for multibillion-dollar gas field developments
Wednesday, May 1,2024,07:16
More than 16 gas fields likely to come online in four separate provinces but timeline uncertain .. read more..
US driller wins another $500,000 dayrate for Gulf of Mexico
Wednesday, May 1,2024,07:14
Transocean also signs three-well extension with Equinor in Norway .. read more..
‘Weak market dynamics’ crush US gas producer’s first quarter revenue
Wednesday, May 1,2024,07:07
Chesapeake’s profits fall by more than $1 billion .. read more..
Production at Drone-Hit Kurdistan Gas Field Set to Resume
Wednesday, May 1,2024,06:52
Production at the Khor Mor field in Kurdistan is set to resume less than a week after a drone attack suspended operations at the site, killing four. An official from the company that distributes the gas produced at Khor Mor told local news publication Rudaw that production will resume at midnight today, adding that the companies involved in the field’s operation had taken steps to ensure safety. Four Yemeni workers lost their lives, and two others sustained injuries in the drone attack on the Khor Mor field in Kurdistan last week. The… .. read more..
Middle East nation signs deals for multibillion-dollar gas field developments
Wednesday, May 1,2024,06:05
More than 16 gas fields in the country are likely to come online in the four provinces of Khuzestan, Fars, Bushehr, Kohgiluyeh, and Boyar Ahmad .. read more..
Critical South Africa upstream law set for presidential assent
Wednesday, May 1,2024,05:56
National Council of Provinces approves Upstream Petroleum Resources Development Bill, with all eyes now on President Cyril Ramaphosa .. read more..
Saudi Aramco weighs up bids for extension to coveted offshore deals
Wednesday, May 1,2024,03:46
Company’s existing long term agreement framework with offshore contractors likely to be extended by another five years .. read more..
Prices of commercial LPG cylinders slashed by Rs 19
Wednesday, May 1,2024,02:06
Oil marketing companies on Wednesday revised the prices of commercial LPG gas cylinders. The rate of 19 KG commercial LPG gas cylinders was slashed by Rs 19 with immediate effect. .. read more..
Prices of commercial LPG cylinders slashed by Rs 19; ATF rate hiked marginally
Wednesday, May 1,2024,02:06
Oil marketing companies on Wednesday revised the prices of commercial LPG gas cylinders. The rate of 19 KG commercial LPG gas cylinders was slashed by Rs 19 with immediate effect. .. read more..
Jadestone slows in Vietnam, on track in Indonesia
Wednesday, May 1,2024,01:16
Final investment decision for Nam Du and U Minh gas fields project unlikely in 2024 .. read more..
Woodside keeps dream alive for Australian megaproject with fresh FPSO work
Wednesday, May 1,2024,01:14
New engineering work being performed in Norway for Woodside's next major project .. read more..
Binance co-founder Zhao set to keep on growing his $33 billion fortune even a...
Tuesday, April 30,2024,23:34
Binance founder Changpeng Zhao expected to see his $33 billion personal fortune continue to climb while he's in prison. .. read more..
U.S. Sees New Egyptian Gas Fields As Key To Its New Middle Eastern Strategy
Tuesday, April 30,2024,23:00
Arguably the two greatest military errors of the 100 years have been Japan’s attack on the U.S. naval base of Pearl Harbour on 7 December 1941 and Russia’s invasion of Ukraine on 24 February 2022. In both cases, they snapped the U.S. out of prolonged moments of introspection, and into the broader focused force for good that it and its key allies represent to many people around the world. In the Middle East, then-President Donald Trump’s comments encapsulated in his ‘Endless Wars’ commencement address to the United… .. read more..
Lithium Faces Challenge From Sodium Batteries
Tuesday, April 30,2024,22:00
The race is still on for the best battery, with challengers to lithium-ion technology abounding. Not all of these are made equal, and it’s questionable if any would be able to dethrone li-ion batteries, but the market may turn out to be big enough for more than one technology. Lithium-ion has been the dominant rechargeable battery technology for years, and there’s a good reason for this. Li-ion batteries are compact, they charge relatively fast, and they’re durable—unless they’re in an EV that gets into an accident… .. read more..
'Weak market dynamics' crush US gas producer’s first quarter revenue
Tuesday, April 30,2024,21:46
Chesapeake’s profits fall by more than $1 billion .. read more..
Oil down on rising U.S. supply, Israel-Hamas talks
Tuesday, April 30,2024,21:00
Oil dipped on Tuesday on the back of rising U.S. crude production as well as hopes of an Israel-Hamas ceasefire. Brent crude futures for June , which expire on Tuesday, were down 52 cents, or 0.6%, at $87.88 a barrel by 11:31 a.m. ET (1531 GMT). The more active July contract fell 63 cents, or ... .. read more..
US producer sees output rise in the first quarter
Tuesday, April 30,2024,21:00
Merger with Endeavor still on track for fourth quarter close .. read more..
Asia Naphtha/Gasoline-Naphtha steady, backwardation narrows
Tuesday, April 30,2024,21:00
Asia’s naphtha markets were steady on Tuesday as gains arising from falling oil prices were offset by lingering poor demand from downstream petrochemical units. The crack traded at about $51 per metric ton over Brent crude and the backwardation narrowed to $6.25 a ton. The price of first-half June naphtha weakened by about $5.50 to ... .. read more..
Prices edge higher on lower supply
Tuesday, April 30,2024,21:00
Dutch and British wholesale gas prices edged higher on Tuesday morning as falling demand due to warmer temperatures was offset by lower liquefied natural gas (LNG) supply and curbed flows of gas from Norway due to maintenance. The benchmark front-month contract TRNLTTFMc1 at the Dutch TTF hub was up 0.55 euros at 28.70 euros per ... .. read more..
Hedge funds retreat from oil as war risk fades
Tuesday, April 30,2024,21:00
Investors sold oil at the fastest rate for more than six months amid signs that Israel and Iran have chosen not to escalate their conflict, ensuring the rally in crude prices stalled well before reaching $100 per barrel. Hedge funds and other money managers sold the equivalent of 95 million barrels in the six most ... .. read more..
‘Hostile’ political environment impacting North Sea upstream investments: Deltic
Tuesday, April 30,2024,21:00
UK-listed Deltic Energy on April 30 slammed the “hostile” political environment in the UK, saying it was impacting new upstream investments in the North Sea. In a statement, Deltic said that as a result it had so far been unable to find a farm-out partner for the Pensacola gas discovery and also warned about its ... .. read more..
Middle East Crude-Record Murban volume traded on Platts window in April
Tuesday, April 30,2024,21:00
Middle East crude benchmark Dubai ended the month unchanged on Tuesday despite a flurry of trade on Platts window while premiums for DME Oman and IFAD Murban eased as traders squared their positions. A total of 22 cargoes, or 11 million barrels, were delivered on the window this month, including a record of 18 Murban ... .. read more..
Traders scramble for US storage as distillates demand disappoints
Tuesday, April 30,2024,21:00
Traders are rushing to fill up storage tanks along the U.S. East Coast with distillate fuels, like diesel and heating oil, data from storage broker The Tank Tiger showed on Monday, a sign of deepening oversupply that is weighing on refiners’ profits. Largely warmer-than-expected winter weather in U.S. Northeast and Europe has cut distillates demand ... .. read more..
Biden Aims to Bridge the Decarbonization Divide With $7 Billion Solar Initiative
Tuesday, April 30,2024,21:00
On a global level, rich nations have a greater capacity to transition toward clean technologies and leave cheap and abundant fossil fuels in the ground. Nevertheless, the richest countries are also responsible for the lion’s share of greenhouse gas emissions, while the poorest communities are left the most vulnerable to the impacts of climate change. Now, it’s more urgent than ever for all of humanity to jump on the clean energy bandwagon, but that’s much easier for those with the means to adopt often pricey… .. read more..
Unexpected Crude Inventory Build Weighs on Oil
Tuesday, April 30,2024,20:44
Crude oil inventories in the United States rose this week by 4.906 million barrels for the week ending April 26, according to The American Petroleum Institute (API). For the week prior, the API reported a 3.23 million barrel draw in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of April 26. Inventories are now at 366.3 million barrels—the highest point since last April. Oil prices were trading down ahead of… .. read more..
Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal
Tuesday, April 30,2024,20:32
Five months after pleading guilty to money laundering violations, Binance founder Changpeng Zhao was sentenced to four months in prison. .. read more..
Global Upstream M&A Market Poised for $150 Billion Injection in 2024
Tuesday, April 30,2024,20:00
After the biggest first quarter for global upstream dealmaking in five years, the industry could see another $150 billion of merger and acquisition (M&A) deals in the remainder of 2024. With global M&A deal value crossing the $64 billion mark already this year, it represents the strongest first-quarter performance since 2019 and a 145% increase on the first quarter of 2023, fueled primarily by consolidation in the US shale patch. Deals in North America totaled $54 billion in the first quarter of the year, about 83% of the worldwide total,… .. read more..
26 companies queue up for KSK Mahanadi power project
Tuesday, April 30,2024,19:27
The National Company Law Tribunal (NCLT) vacated the stay on the auction of the power project on April 5, paving the way for a fresh round of bidding. The total claim of lenders on the project is pegged at about Rs 32,000 crore. These companies have given 'expressions of interest', which were to be submitted by April 26 and the timeline to give a resolution plan by the interested parties is June 18, according to the timeline set by resolution professional Sumit Binani. .. read more..
Azerbaijan Feels the Heat as U.S. House Considers Sanctions
Tuesday, April 30,2024,19:00
Azerbaijan has spent much of the past half-year thumbing its nose at the United States and European Union over Western criticism of Baku’s authoritarian political practices. But it appears the West has at least one weapon in its arsenal capable of getting Azerbaijani leaders’ attention. That tool is money. Or more specifically, the ability to hinder Azerbaijani officials from moving around the world and spending it. Rights advocates in Baku and elsewhere say it is no surprise an Azerbaijani court released a prominent opposition figure,… .. read more..
U.S. crude oil falls below $82 a barrel after disappointing inflation, manufa...
Tuesday, April 30,2024,18:59
Crude oil futures moved slightly higher after Israeli Prime Minister Benjamin Netanyahu dismissed hopes of a proposed hostage deal would prevent a Rafah attack. .. read more..
India revises windfall tax to Rs 8,400 per tonne, effective May 1
Tuesday, April 30,2024,18:57
The export duty on petrol diesel and aviation turbine fuel (ATF) will continue to be nil. The new rates will be effective May 1, the central board of Indirect Taxes and Customs( CBIC) said in a late night notification Tuesday. The government had on April 16 raised the windfall tax on petroleum crude to 9,600 rupees a metric ton from 6,800 rupees. .. read more..
US driller nabs another $500K dayrate for the Gulf of Mexico
Tuesday, April 30,2024,18:23
Transocean also signs three-well extension with Equinor in Norway .. read more..
Uranium Stocks Surge as White House Considers Russian Import Ban
Tuesday, April 30,2024,18:00
Uranium stocks moved higher late in the US cash session after a report from Bloomberg, citing "people familiar with the matter," revealed that the Biden administration is considering an executive order to ban Russian imports of enriched uranium after congressional efforts stall. Officials from the White House National Security Council, the Department of Energy, and other top-level officials have discussed reducing reliance on Russian uranium imports. The people said the potential ban could include waivers similar to legislation that quickly… .. read more..
India cuts windfall tax on petroleum crude
Tuesday, April 30,2024,17:46
The tax, which is revised every fortnight, was left unchanged at zero for diesel and aviation turbine fuel. The government had on April 16 raised the windfall tax on petroleum crude to 9,600 rupees a metric ton from 6,800 rupees. .. read more..
The U.S. Supermajors Double Down on World's Top Oil Basins
Tuesday, April 30,2024,17:32
Profits at ExxonMobil and Chevron have dropped compared to the record-highs of the past two years, but the U.S. supermajors are doubling down on oil production from the two most prolific growth basins, the Permian shale patch and a top-performing block offshore Guyana. Both Exxon and Chevron plan to further boost their footprint and oil production in the U.S. and the South American country. Until a few months ago, the key growth driver was higher drilling activity and improved efficiency in the Permian. Now, major acquisitions worth more… .. read more..
OPEC’s Oil Production Falls in April
Tuesday, April 30,2024,17:30
OPEC’s crude oil production fell in April, according to a new Reuters survey, with news of the fall likely to add support to falling oil prices. According to the survey, the results of which were released on Tuesday, OPEC’s crude oil production fell to 26.49 million barrels per day—that’s a 114,000 bpd drop from the levels OPEC produced in March, according to OPEC’s official March figure. According to revised Reuters figures for March production, the group’s ouput sagged by 99,000 bpd in April. The survey is… .. read more..
China-Kazakhstan Trade Hits Record High
Tuesday, April 30,2024,17:00
"You and I are not just driving along any road, we are driving along the great Silk Road," Ertugan, the driver who is taking me east toward the border with China, says with pride. But today instead of camel caravans carrying silk and spices, the route rumbles with trucks hauling sneakers and bed linen. As we near Zharkent, a city in Kazakhstan's southeastern Zhetysu region, we approach a car transporter that has been burned to a husk along with the Chinese electric vehicles it was hauling to market. According to Ertugan the fire was sparked either… .. read more..
Binance's billionaire founder to find out if prison time is coming — here's w...
Tuesday, April 30,2024,16:43
Binance founder Changpeng Zhao will find out in a federal courtroom in Seattle whether he will be spending time in prison. .. read more..
OPEC+ Overproducers Present Plans For Cutting More Oil Production
Tuesday, April 30,2024,16:30
As part of their commitment to compensate for exceeding production quotas, certain OPEC+ members have submitted detailed plans outlining how they intend to implement these compensatory cuts. Both Iraq and Kazakhstan, nations that had surpassed their agreed-upon oil production targets by several hundred thousand barrels per day in the first quarter of the year, have submitted their respective plans to the alliance. Kazakhstan's Energy Ministry confirmed via email that it has finalized its schedule for compensatory cuts. Iraq has also submitted its… .. read more..
SC dismisses L&T plea over Sharavathi tendering process
Tuesday, April 30,2024,16:28
Larsen & Toubro challenged the order of the Division Bench comprising Chief Justice NV Anjaria and Justice Krishna S Dixit of the Karnataka High Court in the Supreme Court, which dismissed its appeal. The tender for the Sharavathi pumped storage project, which is currently being run by KPCL, has been bagged by the Megha Engineering & Infrastructures Ltd group, which quoted a lower price. .. read more..
WTI Finds Support After Sell Off Suddenly Halts
Tuesday, April 30,2024,16:00
WTI crude found resistance at $81 per barrel this morning, countering a sell-off as traders discount geopolitical risk.Despite Strong Production Momentum, US Oil Majors Fail to Impress- ExxonMobil and Chevron reported a combined net profit of $13.7 billion in their Q1 2024 earnings, $8.2 and $5.5 billion respectively, as oil majors saw squeezed natural gas prices and lower refinery margins, marginally offset by higher oil production. - ExxonMobil’s Q1 results have disappointed the market, prompting the largest intraday decline since… .. read more..
Weak Diesel Demand Has Traders Hunting for East Coast Storage
Tuesday, April 30,2024,15:30
Tepid demand for diesel and other distillate products such as heating oil has had traders competing for storage tanks on the U.S. East Coast to wait out the current market weakness, Reuters reported on Tuesday, quoting data from storage broker The Tank Tiger. Demand for distillate storage at New York Harbor has jumped to around 300,000 barrels in April, compared to no bidder interest in March, according to The Tank Tiger’s data that assesses interest in leasing storage tanks. A warmer winter in the U.S. has left more… .. read more..
Geopolitics and Inflation Threaten to Derail Booming Stock Market
Tuesday, April 30,2024,15:00
Via Metal Miner Although the beginning of the year offered mixed signals for the global economy, US markets today continue to experience positivity. Prices for general markets witnessed an uptrend in late February, followed by a continuation in March and a reversal in April. Fueled by buyer sentiment, the S&P 500 index notched its best first quarterly performance since 2019, ending the month of March at all-time highs. Meanwhile, recent economic data defied recessionary fears, with unemployment remaining shockingly low. Other factors,… .. read more..