China is the world leader in the solar industry. That’s according to BofA Global Research, which made the comment in a new report sent to Rigzone this week. In the report, BofA Global Research highlighted that the country has about 75 percent of the module, 85 percent of the cell and “a whopping” 97 percent of the wafer manufacturing capacity. “This has enabled China to install nearly 400 gigawatts (GW) of solar capacity domestically, or about 1/3 of global solar capacity,” BofA Global Research noted in the report. “The United States, a distant second in terms of solar capacity, has…
Author: Automotivedealernews.com
The UK government has announced that the UK will host a new global energy security conference next year, “which will bring together countries from around the world to strengthen critical energy supplies and make the system more resilient to shocks” . UK Energy Security Secretary Grant Shapps will invite senior government ministers and industry chiefs to the Energy Security Conference in London on the second anniversary of Russia’s invasion of Ukraine, the government said in a statement to means The war in Ukraine and other historic shocks such as the oil crisis of the 1970s show how interconnected global energy…
Chevron Corp. and Cummins Inc. have signed an agreement to grow the market for low-emission fuels by increasing the production of these energy sources and promoting the deployment of technologies that consume them. The memorandum of understanding announced Thursday follows an earlier one in 2021 that aimed to promote the hydrogen and natural gas sectors. They have now expanded this cooperation to include other low-carbon fuels, such as liquid renewables, the US companies said in a joint press release. “Cummins and Chevron have each contributed to the research, development and global deployment of alternative fuel innovation, systems and technologies and…
Tullow Oil has exited the Orinduik licence, where it had a 60% operating equity, through the sale of Tullow Guyana’s stake in Eco Guyana Oil and Gas. The transaction, according to the company’s media release, includes a cash payment of $700,000 to Tullow Overseas Holdings BV following the transfer of capital and the operation of the Orinduik license to Eco. Further consideration will be paid to Tullow Overseas if certain potential future milestones are triggered, such as $4 million in the case of a commercial discovery and $10 million in the case of the issuance of production licenses by the…
Western Midstream Partners LP (WES) reported second quarter net income attributable to limited partners of $247.1 million, or $0.64 per diluted common unit, compared to $300 million, or 0 $.74 per diluted common unit, in the comparable period of 2022. WES reported total revenue of $738.3 million for the quarter, compared with $876.4 million in the year-ago quarter, the association said in a recent earnings release. The partnership’s adjusted EBITDA for the second quarter was $488.3 million, compared to $498.7 million in the first quarter. WES President and CEO Michael Ure attributed the decrease “primarily to an expected seasonal increase…
Saipem revealed this week that it has won three new deals worth about $1.7 billion. In a statement sent to Rigzone late Thursday, the company said it has been awarded two new contracts worth a total of about $700 million. Eni Congo awarded a contract to Saipem for the conversion of the semi-submersible drilling unit Scarabeo 5 into a separation and propulsion plant (Floating Production Unit – FPU), Saipem explained in the statement. The company noted that the FPU is a semi-submersible production platform that receives production fluids from upstream wellhead platforms, separates gas from liquids and boosts the gas…
Oil posted its longest winning streak since mid-2022 as several reports predicting increased demand gave fresh impetus to a rally based on rising risks of supply disruptions and Saudi production cuts. Among the bullish projections was a monthly IEA report on Friday that said global oil demand rose to a record in June and could rise further in August amid strong Chinese consumption. A monthly OPEC report on Thursday forecast markets will experience a sharp supply shortfall of more than 2 million barrels per day this quarter. Meanwhile, supply concerns that have fueled oil’s rally since late June have yet…
Angolan independent oil and gas producer Azule Energy, an independent 50/50 joint venture between BP PLC and Eni SPA, has signed a multi-year partnership with Palantir Technologies Inc. to deploy software to optimize production upstream of Azule Energy. Palantir’s Foundry digital solution will help Azule Energy manage its current 200,000 barrels per day (bpd) of oil production and support its growth goal of 250,000 bpd, according to a recent Palantir press release. The solution will be deployed in Azule Energy’s upstream oil production business to support personnel such as petroleum engineers, process engineers and flow assurance engineers. Foundry will also…
Global oil demand has surged to a record amid robust consumption in China and elsewhere, threatening to push prices higher, the International Energy Agency said. Global fuel consumption averaged 103 million barrels per day for the first time in June and could rise further in August, the agency said in a report. As Saudi Arabia and its partners tighten supplies, oil markets are tightening significantly. “Oil demand is rising to record highs, driven by strong summer air travel, increased use of oil in power generation and increased Chinese petrochemical activity,” said IEA based in Paris. “Crude and product inventories have…
Russian crude breached the price ceiling set by the Group of Seven nations, while oil export earnings soared to an eight-month high, according to the International Energy Agency. The price of the country’s seaborne crude shipments rose last month to $64.41 a barrel on a weighted average, “shattering” the $60 price limit set last year by the G-7, the AIE in the latest monthly report. The Western alliance imposed the cap to limit the flow of petrodollars to Moscow amid the war in Ukraine, while keeping Russian oil flowing to global markets. Russia is one of the world’s top oil…