Egypt and Cyprus Sign Framework Agreement for Cooperation on Gas
On Monday, Egypt and Cyprus signed a framework for?cooperation in gas during the Egypt 2026?Energy?Show. A spokesperson for the Cypriot Presidency said that the nonbinding agreement would be the basis on which the two countries could negotiate further agreements to exploit Cyprus' reserves. A Cypriot official said that the agreement would allow Egypt and Egypt's state-owned firms to purchase natural gas from Cyprus's offshore Kronos and Aphrodite fields. Cypriot officials claim that they may be able to begin extracting gas from Kronos in 2027 or 2028.
Iraq oil production continues to fall as storages fill up, and exports of Hormuz are blocked by conflict
Three Iraqi energy officials stated on Wednesday that the country's oil production is in decline as the Iran War rages. Storage tanks are at critical levels and the country cannot export crude through the Strait of Hormuz. The officials said that the output?from?Iraq?s southern main oilfields?has further dropped by around 80%, to about 800,000. barrels per daily (bpd). Industry sources said that earlier this month, Iraqi production of oil from its southern main oilfields was down by 70%, to around 1.3m barrels a day.
SLB extends Nvidia's partnership with energy sector to develop AI infrastructure
SLB, an oilfield services company, announced on Wednesday that it would expand its partnership with Nvidia to develop artificial intelligence models and infrastructure for the energy industry. The agreement builds on the partnership between the two companies, which began in 2008. SLB used Nvidia’s accelerated computing. In 2024 the deal will expand to include the development of?generative AI for the energy industry. This also reflects a need for the energy industry to process increasing volumes of geological data…
Shell CEO warns that energy shortages could occur in Europe by the end of next month.
Shell CEO Wael Sawan warned on Tuesday that energy shortages in Europe could occur by the end of next month. Sawan added that Shell is working with governments in order to address the energy crisis. This includes storage and purchasing. Sawan said that the Middle East conflict has already impacted jet fuel supplies. Diesel and gasoline will follow as the summer driving season begins in Northern Hemisphere. The war has caused major damage to energy facilities, and shipping through the Strait of Hormuz was nearly stopped.
Investors predict that the war in Iran will increase Chinese demand for renewable energy
Investors rush into Chinese renewable stocks, betting that the oil shock caused by the Iran War will boost global demand for the green energy sector, which China dominates. This portfolio?trend, spurred by?heightened concerns about energy security?and 'growing distrust of the U.S.'s reliability contrasts with the United States returning to oil and gas. "As you step back and the dust settles, or the price of crude oil begins to drop,... the countries need to now focus on energy safety," Aaron Costello, head Asia at Cambridge Associates told a Hong Kong conference on Monday.
CERAWeek, the energy conference in Houston, returns as Iran's conflict shakes global energy markets
Next week, the world's top energy executives? will return to Houston as the escalating U.S. - Israeli war on Iran has turned into a nightmare for global energy markets. Unprecedented attacks?on infrastructure? and shipping disruptions have sent oil prices soaring as governments struggle to combat inflation and avoid recessions. The global oil price has risen this week to almost $120, a level not seen since 2022, when Russia's war in Ukraine caused a market disruption. Analysts and industry experts 'expect that prices will remain high long after combat operations have ended.
Poland Invites Offers for New LNG Terminal Ahead of Investing in Second Regasification Vessel
Polish gas pipeline operator Gaz-System said on Friday it has opened registration for parties interested in booking long-term capacity for regasified LNG as it decides whether to invest in a second regasification vessel in Gdansk.Gaz-System is building a liquefied natural gas terminal in the Polish port with a regasification capacity of 6.1 billion cubic meters (bcm) of gas per year.
Energy Prices Jump After Iran Attacks Qatar LNG Plant
Energy prices surged on Thursday after Iran struck the world’s largest LNG complex, causing damage that Qatar said could take five years to repair, as the energy sector's worst fears about the war launched by the U.S. and Israel on Iran came true.QatarEnergy CEO Saad al-Kaabi told Reuters the state-owned gas company may have to declare force majeure on long-term contracts to Italy, Belgium, South Korea and China after the attack meant a loss of around 17% of Qatar's…
Document threatening legal action by foreign investors against Vietnam for renewables
According to a document seen by the. Last year, the 'dispute' began when Vietnam cut subsidised electricity prices from solar and wind farms. It cited irregularities. Vietnam's energy industry is struggling with high prices and the risk of shortages due to the conflict in Iran. The chambers of commerce of the European Union, Britain and Japan in Vietnam, as well as South Korea, Thailand, and South Korea, sent a letter of joint concern to the government on Thursday.
Deutsche Offshore Schifffahrt Starts Construction of C-CSOV Fleet in China
Deutsche Offshore Schifffahrt (DO) has started construction of a new fleet of construction commissioning service operation vessels (C-CSOVs), with the first steel cut for the lead vessel DO Joule at CSSC Huangpu Wenchong Shipyard in Guangzhou, China.The vessel is the first in a series of four ships ordered by Schoeller Holdings, with all vessels to be built to identical specifications.Columbia Shipmanagement will provide technical management of the vessels, while DO will act as developer…
Argentina restarts construction of the Santa Cruz Dam complex in south
The Economy Ministry reported that the government of Argentina and the state energy corporation?ENARSA had agreed to'restart construction' of the Santa Cruz Hydroelectric Dam?complex located in the southeastern part of the country. This agreement was reached after resolving longstanding disputes with contractors. In a recent statement, the Ministry of Environment said that the Jorge Cepernic Dam, the smaller structure, which is 46% complete, was the first priority to'restart.
Analysts say that the Iran war could threaten Exxon TotalEnergies' production
Analysts said that Exxon Mobil and TotalEnergies are the three companies most exposed to disruptions of oil and gas production due to the U.S./Israel war against Iran. Energy sector has been shook by the U.S.-Israeli'strikes' on Iran on Saturday that killed Iran's Supreme Leader Ayatollah Khamenei. The conflict forced some oil and natural gas fields to close in the area and has effectively stopped shipping through the Strait of Hormuz. This is an important waterway that connects Iran and Oman…
Iran's main oil, gas and infrastructure production
On Saturday, Israel and the United States launched an offensive against Iran. The attack could cause oil and gas production to be disrupted and damage the energy infrastructure in the Middle East. Iran is the third-largest oil producer in the Organization of Petroleum Exporting Countries (OPEC). It pumps 4.5% or so of world oil. Iran produces 3.3 million barrels of crude oil per day, plus another 1.3 million barrels of condensate. According to FGE, Iran's domestic refining capacity is 2.6 million barrels per day.
Sources: EDF continues to sell Edison shares despite Italian energy decree
Three sources familiar with the matter said that France's EDF was moving forward with a possible listing or a sale of a?stake?in Italian company Edison despite the regulatory uncertainty brought on by Italy's new?energy sector decree. Sources, who asked not to be identified because the discussions are private, said that the French nuclear group had dispelled any doubts about the Italian decree intended to reduce energy bills forcing EDF's plans. Edison CEO Nicola Monti had said that the?decree might jeopardize EDF's plans to build the unit. Monti said, "Unfortunately...
Saipem is poised to return to Venezuela following the easing of U.S. sanctions
Alessandro Puliti, the chief executive of Italian oil contractor Saipem, said that it is prepared to resume operations in Venezuela after the lifting of U.S. sanction - as they expect demand from "oil majors" later this year. "Things are changing in Venezuela very quickly." We have worked in Venezuela in the past and are prepared to return as soon a client requests it," Puliti stated in a call following results. Puliti stated that contracts could be awarded by both U.S. and international oil companies.
US producer Continental claims that the shale resource in Argentina could be "another Permian".
Continental Resources CEO Doug Lawler stated on Tuesday that Argentina's shale resource might be similar to the size of the Permian Basin in the United States. Lawler, a U.S. oil company, said that the oil production potential in Argentina could be as high as 1.5 to 2 million barrels a day within the next few years. Continental increased its stake in Argentina's Vaca Muerta shale basin last month by purchasing a non-operating share in four blocks. Lawler stated that Argentina must invest in its oil infrastructure, reforms and tax incentives to encourage investment.
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. In the early 2000s, the then-President?Hugo Chavez took assets from foreign oil companies to strengthen the control of the state-owned PDVSA over the oilfields in Venezuela. The United States, after capturing Nicolas Maduro as President in January, eased sanctions against Venezuela's oil sector this month. They issued…
Exxon’s Uaru project and Whiptail project in Guyana is moving ahead of schedule according to an executive.
Exxon Mobil’s President of Guyana Operations said that the company's fifth- and sixth-projects in Guyana, Uaru and Whiptail, are on schedule and within budget. Alistair Routledge (Exxon Guyana president) refused to give a timeline for the start-up of projects when asked by. Whiptail, meanwhile, is expected to begin production in 2027. Uaru will produce 250,000 barrels a day, and Whiptail - 200,000. Guyana's total output will be?1.15m bpd once Uaru begins, and 1.4m bpd after Whiptail comes online.
Canada boosts investments in Ukraine's Energy Sector
The two governments announced on Wednesday that Canada would increase its support for Ukraine's energy industry, working with the industry to provide?oil and gas equipment at favorable terms, as well as boost investments in renewable energy. As part of the full-scale invasion that began in February 2020, Russia has attacked power stations, gas installations, and electricity transmission lines. Three people were killed and tens thousands left without heat and electricity by Russian strikes on Ukrainian power infrastructure this week.
Maguire: Maguire, China's renewables boom has boosted it to a rare clean-capacity club.
In 2025, the world's largest polluter will have crossed a crucial energy transition threshold by installing more clean power than fossil fuel production capacity for the first. Global Energy Monitor data shows that China will have 1,494 gigawatts (GW) of clean energy generation capacity operating in 2025. This compares to 1,420 GW?of fossil fuel-fueled capacity. China now draws 51% of its energy from clean sources, surpassing Brazil, France, and Germany, as the major economies that are primarily fueled by clean energy sources.