UBS: Data centres will drive the energy storage boom cycle in the next five years
UBS Securities predicts that the growth of AI-driven data centres in the U.S. will drive a "boom" cycle for energy storage over the next five year as it is necessary to balance out the fluctuations in wind and solar power generation. Yan Yishu, an analyst at UBS Securities in Hong Kong, told the media on Wednesday that global energy storage demand is expected to increase by 40% year-on-year globally in 2026. The demand for AI data centers in the U.S. has been very strong, but the main bottleneck is electricity. The only segment of the U.S.
TotalEnergies and Petronas get the green light for exploration in Guyana
TotalEnergies and Petronas are oil producers who have signed an agreement for five years with the Guyana government to explore shallow-water blocks, officials and executives of both companies said on Tuesday. Guyana is struggling to diversify its industry. Its energy sector is currently dominated by an Exxon Mobil-led consortium, which controls all oil and gas production since Guyana became a producer of crude oil in 2019. Block S4, which is located between 50 and 100 km (between 30 and 60 miles) off the coast of Guyana…
Sponsored: Record Deals and Record Attendance Underscore ADIPEC’s Global Impact
Record-breaking 239,709 attendees from 172 countries gathered at ADIPEC 2025, reaffirming UAE’s convening power and its role as a global hub for energy, partnerships and innovation. ADIPEC 2025 generated an estimated US$400 million in economic benefits for Abu Dhabi’s economy, particularly across the hospitality, tourism and transport sectors. Expanded AI Zone and dedicated industry areas showcased the role of AI, digitalisation, decarbonisation, chemicals and low-carbon solutions in advancing energy resilience.
Sponsored: Energy and Finance Chiefs Call for Sound Policy, Stable Frameworks at ADIPEC
Global finance leaders discuss the new era of energy investment defined by pragmatism, diversification and strategic capital allocation Industry leaders urge fundamentals-based planning amid global volatility, with stable, sound and clear policy frameworks identified as key investment landscape criteria Liquefied natural gas, methane and carbon reduction innovations and emerging markets identified as key investment frontiers Organisations whose speakers shared finance insights at ADIPEC 2025 included Moeve…
Sponsored: Energy Sector Urged to Scale AI Adoption at ADIPEC
Day two's theme 'The Technology Leap: Redefining Energy Leadership' underscored how strategic AI adoption and digital innovation are reshaping energy leadership, with industry voices calling for coordinated investment to unlock transformation at speed and scale Experts debated AI’s role in boosting efficiency, enhancing resilience and unlocking investment while addressing the balance between AI’s potential and its impact on energy demand Key speakers included Jack Hidary CEO, SandboxAQ; Dr.
Sponsored: Policy, AI, and Capital Take Center Stage at ADIPEC 2025
ADIPEC 2025 kicks off in Abu Dhabi with a powerful message from Dr. Sultan Al Jaber for a balanced and inclusive approach to meeting energy demand, built on reinforcement, not replacement. Opening addresses and high-level sessions featuring CEOs and ministers spotlighted the importance of embracing all energy sources, all technologies, and all systems that enhance energy resilience and provide the world with prosperity for all. Day 1 highlights included discussions on the convergence of energy and artificial intelligence…
Devon Energy exceeds third-quarter profit expectations
Devon Energy beat Wall Street's expectations for the third quarter profit on Wednesday as it benefited from increased output. The company was able to benefit from a 26% increase in U.S. Natural Gas prices from the previous year during the period of July-September, due to a surge in demand for data centers and an increase in exports of liquefied gas. Energy sector is benefiting from the increase in demand for LNG and increased power consumption as a result of hotter temperatures.
Coterra Energy misses quarterly profit, raises 2025 production forecast
Coterra Energy, an oil and gas company, missed Wall Street's expectations for the third quarter profit on Monday as lower oil prices offset an increase in production. However, it raised its production forecast. In after-market trading, shares of the company fell 3% to $23.66. U.S. president Donald Trump's policies on trade fueled uncertainty in the energy sector, as trade tensions escalating threatened to slow down global economic growth and weaken demand for energy.
SLB launches AI product to focus on digital sales growth
SLB, a technology company in the energy sector, launched on Monday a new artificial-intelligence tool to automate workflows and processes for companies looking to use AI to boost growth. SLB's Tela technology will be integrated into its portfolio of platforms and applications. Users will be able to interact with the system through a conversational interface. Tela agents are capable of working in conjunction with humans, or autonomously, to make decisions about things such as interpreting well logs or predicting drilling problems, or optimizing the performance of equipment.
European shares stable as earnings season comes into focus; Italy's Campari falls
European stocks were steady on Monday, as new corporate earnings reports arrived, including those from the LNG company GTT, and Dutch firm PostNL. However, shares in drinks manufacturer Campari fell following a probe into tax evasion. As of 0812 GMT the pan-European STOXX 600 Index remained at 572.29, close to its more than one-week-old low. The shares of GTT rose 4.3% as the French LNG containment systems specialist raised its revenue and core earnings estimates for this year. Oil and Gas Index led the sectoral gains, with a 1.1% increase.
Venezuela suspends energy agreements with Trinidad including gas projects
Venezuela's Oil Ministry will ask the President to suspend an agreement for a broad cooperation with Trinidad and Tobago in the energy sector, including the joint gas projects that are currently being negotiated, said the South American nation's Minister of Oil. The previous Trinidad government planned numerous joint gas projects, including the 4.2 trillion cubic feet Dragon field, which will be developed by Shell, the National Gas Company of Trinidad and for which they received a U.S. licence earlier this month.
Honda Motors acquires a stake in India's OMC Power for the development of clean energy batteries
Honda Motor, a Japanese automaker, has acquired an equity stake in India's OMC Power. The company is backed by Mitsui & Co. and Chubu Electric Power. Honda did not disclose the exact size of its equity stake in India's clean energy sector. This will be Honda's debut foray. Distributed energy systems can power smaller sites or areas at a lower scale. They can be connected to the grid or disconnected from it. OMC Power has more than 500 renewable power plants in North and Central India.
Bloomberg News reports that Exxon Mobil will cut 2,000 jobs as part of a restructuring.
Bloomberg News reported that Exxon Mobil, a U.S. energy giant, will lay off 2,000 employees globally as part a long-term reorganization plan. This is the latest in a series of job losses this year within the oil and gas sector. The report cited a memo sent by CEO Darren Woods, which stated that the reductions represented between 3% and 4% of global staff. After purchasing Pioneer Natural Resources for $60 billion in 2024, the shale gas producer has been streamlining operations. The company announced in November of last year that it would be cutting nearly 400 jobs in Texas.
Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy
Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for oil and natural gas exploration and production in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years. It also includes a 7-year exploration phase. Midad Energy North Africa is fully funding the investment, which includes $288 million for exploration. Illizi South is located about 100 km south of In Amenas in Algeria, close to the Libyan border.
Algeria signs oil and gas deal worth $5.4 billion with Saudi firm Midad Energy
Sonatrach, the state-owned energy firm of Algeria, announced on Monday that it had signed a $5.4 billion contract with Midad Energy from Saudi Arabia for exploration and development of oil and gas in Algeria's Illizi Basin. The contract for production sharing is 30 years long with the option of an extra 10 years. It also includes a 7-year exploration phase. Midad Energy North Africa is fully funding the investment, which includes $288 million for exploration. Illizi South is located about 100 km south of In Amenas in Algeria, close to the Libyan border.
India's EAAA Alternatives will invest up to 400 billion rupees over the next five years in clean energy
A top executive at Indian money manager EAAA Alternatives said that the company is looking to invest around 400 billion rupees over the next 4 to 5 years in India's clean-energy sector, targeting around 8 gigawatts through its funds. EAAA Alternatives received a commitment of $60 million from the European Investment Bank on Tuesday for the India Energy Transition Fund. The fund is seeking to raise $300 million before the end the year. The fund has already raised around $170 Million of the total planned amount. Subahoo Chordia is the CEO of EAAA Alternatives.
Portugal's regulator proposes an increase of 1% in electricity tariffs by 2026
The Portuguese electricity market regulator ERSE proposed a 1% increase in regulated tariffs, which 820,000 households and businesses pay. This will also have an indirect influence on the market prices charged to utilities, said ERSE. The government has forecasted an inflation rate of around 2% for the next year. This slight increase will be implemented in January 2026. ERSE will confirm the rise by 15 December, after consulting consumers, businesses and other groups. Tariffs will increase by 2.1% in 2025.
Novak, the Deputy Prime Minister of Russia, says that Russia has gradually increased its oil production.
The Interfax news agency reported that Alexander Novak, Deputy Premier, said on Wednesday that Russia had been steadily increasing its oil production, and was close to meeting last month the output quota set by the OPEC+ oil producing group. The Russian energy sector has suffered a serious setback in the last two months as a result of dozens of drone attacks by Ukraine on its oil and natural gas infrastructure. These attacks primarily targeted oil refineries. Due to the attacks and disruptions to logistics, there are shortages in some regions of certain popular types of fuel.
Algeria aims to reduce budget deficit by 35% in 2026, despite spending record
Algeria's budget bill shows that it plans to reduce the deficit to $40 billion or 12.4% GDP by 2026. This is despite adopting a record spending plan to support economic growth and boost household incomes. The 2026 budget package is expected to be approved by the parliament and seen and will project total expenditures exceeding $135 billion. This is up from $128 in 2025 and $112 in 2024. The government anticipates that despite the increased spending the deficit will shrink to $62 billion by 2025 due to the anticipated growth of non-hydrocarbons sectors like agriculture…
EQT beats quarterly profit estimates on strong natural gas prices, sales volumes
The U.S. energy company EQT Corp. beat Wall Street expectations for the third-quarter profits on Tuesday. This was due to higher natural gas prices as well as sales volumes. Following the results, shares of the company increased by 1.9% on extended trading. According to the Energy Information Administration’s Short-Term Energy Outlook, both demand and production of natural gas in the United States are expected to reach record levels by 2025. Energy sector is benefiting from an increase in natural gas demand, supported by LNG imports.