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BP to Sell Petrochemicals Business to Ineos for $5B
British oil major BP will sell its global petrochemicals business to Ineos for $5 billion, a transaction delivering BP's divestments target a year earlier than originally scheduled.Brian Gilvary, BP’s chief financial officer, said: “With today’s announcement we have met our $15 billion target for agreed divestments a full year ahead of schedule…
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Shale Pioneer Chesapeake Energy Files for Bankruptcy
Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets.The filing marks an end of an era for the Oklahoma City-based shale pioneer…
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Shell to Write Down $22B in Wake of Coronavirus
Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened the energy price outlook.The impairments follow the Anglo-Dutch company's decision to shift from fossil fuel and reduce its greenhouse gas emissions to net zero by 2050…
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World First Full Scale 'Ammonia as Fuel' Marine Four-Stroke Engine Test
While there is no consensus on the marine industry ‘fuel of the future’ that will meet ever tightening international emission mandates, a group of organizations has commenced what it is calling the world’s first long-term, full-scale, testing of ammonia as a fuel in a marine four-stroke combustion engine.
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DNV GL: Oil Demand, CO2 Emissions Probably Peaked in 2019
Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both, energy consultancy DNV GL said on Wednesday.The Norway-based consultancy, which advises both petroleum and renewable energy companies on risk management and technology…
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China's Saudi Oil Imports Surge to All-time High
China's crude oil imports from Saudi Arabia nearly doubled in May from a year earlier to all-time high as refineries snapped up cheap fuel…
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UK Gov't Advised to Harness Pandemic to Speed Zero-carbon Aims
From creating jobs in home insulation to hiking dirty fuel taxes and expanding electric-vehicle charging, Britain's government…
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EU Hydrogen Plan Splits Supporters Down Color-coded Lines
Energy industry lobbyists and advocates of renewable hydrogen are divided over whether the bloc should support low-carbon…
Latest news
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Japan's LNG Investments Drive Faces Risk of Souring
Japan's banks and public agencies have funneled nearly $25 billion into liquefied natural gas (LNG) projects since 2017 but…
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Angola Resisting Pressure to Taper Oil Output
Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs…
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Malaysia to Sue EU Over Palm Biofuel Restrictions
Malaysia, the world's second-largest palm oil producer, will take legal action against the European Union's restrictions…
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OPEC Production in June Cut by 1.25 mbpd
OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint…
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China's Sinopec Starts Hiring for New Risk Management Unit
China Petrochemical Corp, or Sinopec Group, has started hiring for six top management positions for a new commodities risk management unit…
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India to End Federal Control of Gas prices, Lift LNG transport Use
India will gradually end federal controls on gas pricing as it seeks to attract foreign investment and technology to lift local output…
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Asian LNG Prices Steady on Ample Supply despite U.S. Cargo Cancellations
Asian spot liquefied natural gas (LNG) prices remained steady this week on a continued stream of spot supply even though…
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U.S. Oil Firms Hit Brakes on Return-to-work as Virus Cases Soar
U.S. energy companies slammed the brakes on returning staff to their Houston offices as COVID-19 cases soared and top hospitals…
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New Zealand Refiner to Shrink. May Turn into Fuel Import Terminal
Refining NZ said on Thursday it is considering shutting New Zealand's only oil refinery and turning it into a fuel import terminal in the long run…
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Amprion Sets Out North Sea Offshore Wind Grid Vision
German power grid company Amprion on Wednesday unveiled long-term plans for joint European offshore wind links in the North…
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KBR to Move Away from LNG, Energy Business
Engineering and construction firm KBR Inc will exit most of its liquefied natural gas (LNG) construction and other energy projects…
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Innogy Picks Most Powerful Wind Turbine for Its Largest Offshore Wind Project
Offshore wind developer Innogy has chosen giant 14 megawatt (MW) offshore wind turbines for its flagship 1.4 gigawatt (GW) Sofia Offshore Wind Farm…
Offshore Oil & Gas
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Construction Starts for Asia's Largest Offshore Wind Blade Manufacturing Facility
Taiwanese company Tien Li Offshore Wind Technology has started construction on 210,000 square meter facility in Taichung…
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Norway's May Oil Output Down, But Still Above Forecast
Norway's oil production fell in May from the previous month but still exceeded official forecasts by 0.9%, the Norwegian…
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New Report Outlines Big Potential for Offshore Wind
Offshore wind currently represents just a small piece of the world’s energy supply. But that’s changing faster than ever…
Shale Oil & Gas
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Saudi Oil Price Hike Throws Asian Lifeline to U.S. Shale
Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers…
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US Grants Royalty Relief to Hard-hit Drillers
The Trump administration has granted royalty relief to several drilling companies producing oil and gas on federal lands in recent weeks…
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Country-by-Country Look at Dropping Fuel Demand
It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as…
LNG
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Shell Weighs Sale of $2B-plus Share in Queensland LNG
Royal Dutch Shell is considering raising more than $2 billion from the sale of a stake in the common facilities at its Queensland…
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Gastech Postponed for 2021
Gastech, one of the world's largest gas, LNG and energy industries events has been postponed for 2021 due to the COVID-19…
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New Hospital Planned for Russian Village Building Novatek's LNG Plant
Russia's Arctic region of Murmansk plans to build a new temporary hospital in a village where a vital liquefied natural gas…
Renewables
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The Emerging U.S. Offshore Wind Industry in a Post-COVID-19 World
Join a webinar on June 17, 2020 for the global release of a major new market study on the depth, breadth and growth prospects…
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USA: Twelve Offshore Wind R&D Projects Selected for Funding
The U.S. National Offshore Wind Research and Development Consortium (NOWRDC) has selected twelve projects for contract negotiation…
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Eni Splits Business into Renewables and Oil & Gas
Italian oil major Eni said on Thursday it was creating a division to focus on renewable energy, as part of a corporate reorganization.The overhaul…
Technology
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Alphabet Winds Down Makani
Alphabet, Google's parent company, announced that it is calling it quits on its efforts to build and monetize its Makani…
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CMA CGM Joins Energy Observer in Hydrogen Project
French shipping giant CMA CGM is joining forces with Energy Observer within a project focusing on testing the potential of…
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Toshiba Delivers Fuel Cell System to Ship
The provider of energy industry solutions Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) announced that the…
Legislation
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China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration
China said on Friday it will bolster the capacity of the country's energy reserves and offer lower gas and electricity charges to key industries…
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OPINION: Drowning in Oil, Regulatory Measures to Keep Prices Afloat
These days history seems to be in the making on a daily basis. On April 20, 2020, the price of the NYMEX West Texas Intermediate…
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Sembcorp Begins Proceedings Against Hin Leong Affiliate
Sembcorp Industries on Monday said its Sembcorp Cogen unit had begun legal proceedings to assert ownership over some gasoil…
