Despite repeated government promises to cut fossil fuel subsidies, a new report found that those subsidies rose to a record $1.3 trillion last year. The International Monetary Fund (IMF) report looked at both explicit and implicit fossil fuel subsidies in 170 countries. It found that explicit subsidies alone have more than doubled since the IMF’s previous assessment, from $500 billion in 2020 to $1.3 trillion in 2022, as governments rushed to mitigate the inflationary impact of Russia’s invasion of Ukraine and increased demand caused by the economic recovery from COVID-19[feminineAquestessubvencionssónunsuportmonetaridirectealscombustiblesfòssilsmitjançantactivitatscomarapreusregulatspersotadelsnivellsinternacionalsirebaixesenlafacturaenergètica L’FMI també calcula les subvencions implícites als combustibles fòssils, que…
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Equinor ASA and its partners have brought the 88 megawatt Hywind Tampen project, Norway’s first offshore wind farm, into full operation. The majority state-owned company calls the installation the world’s largest floating wind farm, saying it is a step towards the Nordic country’s goal of awarding an area equivalent to 30 gigawatts of offshore wind power for the 2040 “Gullfaks and Snorre are the first oil and gas fields in the world to be powered by offshore wind, reducing CO2. [carbon dioxide] emissions,” Equinor said in a press release about the ceremony in which Crown Prince Haakon opened the facility.…
Chevron Corp. is implementing technical improvements and plant modifications to increase the production capacity of its Wheatstone gas project in Australia from 205 terajoules per day (TJpd) to 215 TJpd, or five percent. A production test last year after those changes were implemented showed the Western Australian facility was able to maintain safe and reliable production at higher rates under different operating conditions, Chevron Australia Pty. Ltd. in a press release this week. More work is planned for the coming months to test even higher production, he said. The announcement comes amid a threatened strike by workers at Chevron’s Gorgon…
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), fell by 6.1 million barrels from the week ended Aug. 11 to the week ended August 18, according to the US Energy Information Administration’s (EIA) latest oil week. status report Crude stockpiles in the country, minus SPR, stood at 433.5 million barrels as of Aug. 18, the report showed. That number stood at 439.7 million barrels on August 11 and 421.7 million barrels on August 19, 2022, the report noted. There were 348.9 million barrels of crude in the SPR on August 18, 348.4 million barrels on…
ACWA Power, Public Investment Fund (PIF) subsidiary Water and Electricity Holding Company (Badeel) and Saudi Arabian Oil Company subsidiary Saudi Aramco Power Company (SAPCO) have reached financial close for solar photovoltaic (PV) projects ) Al Shuaibah 1 and Al Shuaibah 2, which will generate an aggregate capacity of more than 2.6 gigawatts (GW) for Saudi Arabia. The total investment in the power projects is set at $2.37 billion, with commercial operation expected in 2025. Located in Al Shuaibah in Makkah Province, Al Shuaibah PV 1 and Al Shuaibah PV 2 will have a capacity of 600 megawatts (MW) and 2,031…
While Iran and the US are making cautious diplomatic overtures, a return to their lapsed nuclear deal remains a distant prospect. But for global oil markets, a pact is already taking effect. Months of secret diplomacy between the two nations have yielded progress on prisoner swaps, the unlocking of frozen assets and possibly even Iran’s uranium enrichment. They also appear to have produced an informal agreement on oil flows. US officials privately acknowledge that they have gradually eased the enforcement of sanctions on Iranian oil sales. Tehran has restored output to the highest level since the ban began five years…
QatarEnergy has awarded Spanish engineering firm Tecnicas Reunidas an extended scope for engineering, procurement and construction (EPC) work on off-plot liquefied natural gas (LNG) facilities for the North Field South project ( NFS), the second planned expansion phase of Northern Qatar. Rural area. The total value of the contract is $560 million, Tècnicas Reunidas said in a press release on Wednesday, adding that the contract is the fourth with QatarEnergy in the past 24 months. Tecnicas Reunidas is currently carrying out EPC work on the expansion of condensate, LPG and monoethylene glycol (MEG) storage, distribution and associated facilities for the…
The decision by the Biden administration to open talks to temporarily lift sanctions against Venezuela raises the possibility that production may finally recover in the world’s largest oil reserves. The easing of sanctions could revive the long-awaited drilling projects of Chevron Corp., the only American oil company with operations in Venezuela, as well as those of European firms, such as Eni SpA, Repsol SA and Maurel & Prom. “Venezuela could add 200,000 barrels per day by 2025 and reach 1 million barrels per day as a result of successful negotiations and new licensing,” said Francisco Monaldi, a Latin American energy…
Var Energi announced on Friday that it has “reinforced[ed]” its management team “to reaffirm its strategic ambitions”. In a statement published on its website on Friday, Var Energi said its recent acquisition of Neptune Energy Norge will accelerate its position as the independent E&P leader in Norway, adding that the company is currently the third largest operator of the Norwegian continental shelf. “The acquisition will increase, diversify and strengthen its growth and value creation,” Var Energi said in the statement. “In response to these new opportunities, the board has decided to make certain adjustments to the management group and provide…
Turkey is trying to broker a deal between Iraq’s central government and the semi-autonomous Kurdish administration on how to resume Iraqi crude exports through its territory, according to Turkish officials. Turkey halted flows through a twin pipeline in March after an arbitration court ordered it to pay about $1.5 billion in damages to Iraq for transporting oil without Baghdad’s approval. Ankara has no intention of paying the fine and is asking the Kurds to pay it in Baghdad, as they were the benefactors, the officials said. A compromise is being sought over the competing demands of Iraq and the Kurdish…