Brent crude closed near a 10-month high, extending a rally fueled by supply curbs from OPEC+ leaders. Gains in recent sessions have been accompanied by a jump in key timeframes suggesting the market is undersold, while bullish call options are also becoming more expensive. Still, oil’s ascent into overbought territory leaves the market vulnerable to a correction. Earlier in the session, crude fell more than $1 after Saudi Aramco CEO Amin Nasser cut the company’s long-term demand outlook and Saudi Energy Minister Prince Abdulaziz bin Salman, said “the jury is still out” on China’s consumption. Despite the statements, both Nasser…
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TotalEnergies has signed a memorandum of understanding with Petrobras and Casa dos Ventos to study the possibilities of joint operations in renewable energy and low-carbon hydrogen in Brazil. TotalEnergies said in its press release that the agreement will allow the three companies to jointly study investment and investment opportunities in onshore wind, offshore wind, solar and low-carbon hydrogen in the country, leveraging their combined synergies. Each company will bring its different skills to the cooperation, the company said. Casa dos Ventos Holding, the JV formed by TotalEnergies and Casa dos Ventos is a major player in wind and solar energy…
SBM Offshore has signed a collaboration agreement with Mitsubishi Heavy Industries Ltd to provide a CO2 capture solution for Floating Production Storage and Offloading (FPSO) vessels while operating offshore. SBM Offshore said in a press release that the agreement follows a successful engineering and design study between the companies that demonstrates the technical feasibility and commercial readiness of offshore CO2 capture technology. The CO2 capture solution will apply MHI’s Advanced KM CDR Process technology, jointly developed with The Kansai Electric Power, SBM said in its release. According to the company, the technology makes it possible to reduce significant greenhouse gas…
North America has snapped a streak of consecutive weekly rig losses, according to Baker Hughes’ latest rotating rig count, which was released on September 15. The region added 17 rigs week-over-week, nine of them from the United States and eight from Canada, bringing the total North American rig count to 831, Baker Hughes noted. Of the total North American rig count figure, 641 rigs are from the United States and 190 are from Canada, the count revealed. The total U.S. rig count includes 619 onshore rigs, 19 offshore rigs and three inland water rigs, according to the count, which showed…
ConocoPhillips has signed a commercial agreement to secure additional regasification capacity in Europe at the Gate LNG terminal in the Netherlands. The 15-year performance agreement of approximately 1.5 million tonnes per annum (mtpa), or 70.63 billion cubic feet (two billion cubic meters) equivalent, begins in September 2031 and “secures access to this important market for the company’s growing global LNG. [liquefied natural gas] portfolio,” ConocoPhillips said in a recent press release. ConocoPhillips said the deal further complements its LNG resource positions in Qatar and Australia, the dam and equity in Sempra’s recently sanctioned Port Arthur LNG Phase 1 project on…
The UK’s North Sea Transition Authority (NSTA) has announced a list of companies that have accepted licenses following the UK’s first round of carbon storage licences. A total of 14 companies have received 21 licenses in depleted oil and gas reservoirs and saline aquifers covering about 12,000 square kilometers, the NSTA said in a statement posted on its website. The sites could store up to 30 million tonnes of CO2 a year by 2030, according to the NSTA, which highlighted that this equates to around 10 per cent of the UK’s annual emissions. Shell, Perenco and Eni have received licenses…
Estonian state-owned electricity producer Enefit Green AS has signed a $191.93 million (€180 million) loan from the European Investment Bank (EIB) for a wind farm project expected to supply about 40 percent of the country’s annual household electricity consumption, the parties said. The Sopi-Tootsi onshore wind farm in North Parnu County has a capacity of 255 megawatts, the largest wind farm under construction in the Baltic state, according to the company. It consists of 38 turbines, he pointed out Announcement of the indebtedness of the bank of the European Union. “The wind farm will increase domestic wind production by 80…
It’s no secret that the past few months have been challenging for the wind energy industry, especially when it comes to offshore projects. Major developers have been trying to renegotiate power purchase agreements (PPAs) signed years ago, delaying work on some projects and walking away from others, despite severe financial repercussions in some cases. In addition, only one of the three offshore areas available in the first US Gulf of Mexico wind energy lease auction attracted any bids. It all represents a major setback to the Biden administration’s goal of making the nation’s electricity 100 percent carbon-free by 2035. In…
The Global Underwater Hub (GUH) highlighted that it has taken the next step in its plans to support the future growth of the UK’s $9.9 billion underwater industry. The trade and industry development body said in a press release that it has opened a new regional office in the north of England in Newcastle upon Tyne. With financial support from the UK and Scottish Governments, the base will serve as a hub for GUH members in the North of England. With a dedicated event space, the building will bring together companies working in the oil and gas, offshore energy, defense…
The European Union had about 3.53 trillion cubic feet (100 billion cubic meters) of gas in storage this week, just six percent short of reaching capacity. While this level shows the region is moving towards market stabilization, the EU has started sending gas to Ukraine for future re-export to the bloc to help secure supplies, the Energy Commissioner said on Thursday of the EU, Kadri Simson. The 27-member group had already met its annual goal of replenishing gas storage facilities to at least 90 percent of capacity a month ago. On August 18, the EU’s Directorate General for Energy reported…