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(WO) - Ugandan President Yoweri Museveni is counting on TotalEnergies SE and CNOOC Ltd. to produce oil from its fields in four years, laying the foundation for a new regional fuel hub. The East African nation expects to reach daily output of 230,000 barrels. While that’s much less than what Africa’s biggest producer, Nigeria, pumps,... Continue Reading →
Green hydrogen will be a necessary instrument for the world to be able to limit climate change to the levels established in the Paris Agreement. The finding is from a new report prepared by the Norwegian Statkraft, one of the major generators of renewable energy in Europe. The Low Emissions Scenario study produced by the... Continue Reading →
Offshore installation and construction company McDermott has signed a memorandum of understanding with Shell Eastern Petroleum Pte Ltd (Shell), a subsidiary of Shell, to collaborate on decarbonizing construction. "The agreement enables McDermott and Shell to explore opportunities for reducing, and eliminating, emissions from construction through pathways such as low carbon fuels, renewable power, digital solutions and... Continue Reading →
Italian oil and gas company Eni is increasing its renewables investments and has now acquired a 20% stake in the 1.2GW Dogger Bank C offshore wind project in the UK, by acquiring a 10% stake from each Equinor and SSE. With the acquisition, Eni has now become Equinor's and SSE's partner in all three phases... Continue Reading →
Guyana plans to auction new blocks for offshore oil exploration by the third quarter of 2022, Vice President Bharrat Jagdeo said late on Monday. A consortium led by Exxon Mobil is responsible for all output in Guyana, Latin America's new oil frontier, since the vast Stabroek block began producing in 2019. About 10 billion barrels... Continue Reading →
Two giant offshore drilling contractors, Transocean and Valaris, are encouraged by continued and meaningful signs of improvement in the market environment and an increase in rig day rates and contract durations. Previously, reasons for optimism were also visible in the rig owners’ recent fleet status reports, where both companies reported on a number of new contracts... Continue Reading →
Offshore wind spending is closing the gap on oil and gas investments and is expected to surpass them in several important countries by 2030, with the U.S. to see the fastest growth in offshore wind investment, Norway's Rystad Energy said Monday. "While global O&G capital expenditure will rise nominally in this timeframe, anticipated growth in... Continue Reading →
(Reuters) - Venezuela's oil exports last month surpassed 700,000 barrels per day (bpd) as supplies of imported diluents boosted production and shipments, according to documents from state-run firm PDVSA and Refinitiv Eikon tracking data. The OPEC-member country's largest oil producing region has regained its output and blending capacity in recent weeks after Iran, one of... Continue Reading →
(Reuters) - BlackRock Inc (BLK.N) told Reuters it has raised a target-beating $673 million for an infrastructure fund with backing from the French, German and Japanese governments to invest in climate-focused projects such as renewable energy in emerging markets. The world's largest money manager hopes the fund, to be announced on Tuesday and dubbed the Climate Finance... Continue Reading →
(Reuters) - Oil rose towards $85 a barrel on Tuesday, not far from a multi-year high, supported by signs that supply from OPEC and other producers is falling short as demand recovers from the worst of the pandemic. The increase in OPEC's oil output in October undershot the rise planned under a deal with allies,... Continue Reading →
