Monday, March 8, 2021

Energy News

Oil Surges After OPEC+ Extends Cuts

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Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10…

Chevron, Microsoft, Schlumberger to Build Carbon Capture Plant in California

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Chevron Corp is partnering with Microsoft Corp, oilfield services firm Schlumberger and privately held Clean Energy Systems to build a carbon capture plant in California, as the U.S. oil…

Exxon to Lay Off 300 Workers in Singapore

TimeStopper

Exxon Mobil Corp plans to cut its workforce in Singapore, home to its largest oil refining and petrochemical complex, by about 7% amid the "unprecedented market conditions" resulting from the COVID-19 pandemic…

ENERGY: Oil Rises on Vaccine Optimism, U.S. Stimulus

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Oil prices open March 2021 on a strong note, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions.Brent…

Geothermal Energy: A New Life for Old Offshore Oil Wells?

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Old offshore oil wells could be turned into geothermal energy producers under a plan by a new consortium. The group, The Aquarius North Sea Geothermal Consortium, is “actively” working…

Shell Accelerating Renewables Push in Germany

Shell has begun securing offshore wind power assets whose electricity it could use as feedstock for electrolysis to make hydrogen. Image for illustration - Credut:Gerwin Schadl/AdobeStock

Royal Dutch Shell in Germany aims to produce aviation fuel and naphtha made from crops and renewable power and to increase to commercial scale an electrolysis plant that makes fossil-free hydrogen…

Denmark Might Not Reach Its 2030 Emissions Reduction Goal as It 'Relies on Unproven Tech'

The Nordic country in 2020 set one of the most ambitious and legally binding climate targets in the world - cutting CO2 emissions by 70% by 2030 compared to 1990 levels, but its government has yet to come up with a detailed plan for how to achieve that target. Image by; freddytb Foto/AdobeStock

Denmark risks not reaching its goal to cut carbon emissions by 70% by 2030 because it is too reliant on unproven technology, an independent council monitoring the effort said on Friday.The…

Cheniere Expects Rising LNG Demand with Vaccine Rollout

(Photo: Cheniere)

Cheniere Energy Inc, the top U.S. liquefied natural gas producer, on Wednesday raised its full-year adjusted earnings forecast, predicting higher demand for the fuel as COVID-19 vaccinations…

Vysus Group Acquires Promaps Technology

David Clark, CEO of Vysus Group - Credit: Vysus Group

Engineering and technology consultancy Vysus Group has acquired Norwegian based software firm, Promaps Technology.This is the first acquisition for Vysus Group, which was itself created…

CorPower Extends Equity Funding for Commercial Scale Demo

CorPower's C3 in scapa flow, Orkney. Photo Credit CorPower

After securing a private placement of 9 million Euros, CorPower has extended its equity funding to 20.3 million Euros, for the commercial scale demonstration of its wave energy technology.

RP Global to develop a 1GW solar PV and wind project pipeline in Poland

Photo Credit: RP Global

Renewable energy developer and investor RP Global is working on a pipeline of projects in Poland to deliver more than 1,000 MW in the next two to four years. The first projects to be commissioned…

Ecological Cable Protection in Long Island Sound

Photo courtesy ECOncrete Marine Mattresses

December 2020 marked the deployment of fifty 150-sq. ft. nature-inclusive ECOncrete Marine Mattresses, providing large-scale armoring and protection for the Northport to Norwalk Submarine Cable…

Energy Charter Treaty Talks: EU to Seek Fossil Fuel Phase-out

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The European Union's executive will push for a 10-year phase-out of the protection for fossil fuels under an international energy treaty, following calls from some countries to quit the…

MHI Invests in C-Zero to Accelerate Production of Clean Hydrogen

Image: MHI/C-Zero

$11.5M Series A Funding Round Also Includes Breakthrough Energy Ventures, ENI Next and AP Ventures Mitsubishi Heavy Industries, Ltd. (MHI) has invested in C-Zero, a hard tech startup located in Santa Barbara…

Renewable Energy: Wave Power Projects Takes a Big Step

Jaffa Port floaters illustration. Image: ECO Wave Power

Eco Wave Power has secured the engineering coordination permit from the Municipality of Tel-Aviv Jaffa (permit number 2020-3249) needed for the cement works and installation of 10floaters…

Oil Market On Track to Rebalance Around Mid-2021

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U.S. petroleum inventories have continued to converge down towards the five-year average, a sign that oil market rebalancing remains on track, despite the resurgence of the coronavirus…

Shareholders Create Coalition to Pressure Exxon for Change

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More than 135 investors managing more than $2 trillion are forming a coalition to push Exxon Mobil Corp into making sweeping changes including refreshing its board and focusing more on energy transition…

Biden to Target Drilling, Fossil Fuel Subsidies in New Climate Orders

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President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies as…

Gunvor Founder Raises Stake, Expands Board

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Trading house Gunvor's founder Torbjorn Tornqvist has increased his stake in the firm after a bumper profit year as he bought out some leaving partners and expanded the board to bring in…

Valenciaport to the Fore in Spain's LNG Bunkering Ops

Baleària Bunkering multi truck to ship Puerto València. Photo: Valenciaport

Valenciaport is at the forefront in Spain in the supply of LNG (Liquefied Natural Gas) by the shipping company Baleària. Specifically, in 2020, the Dénia-based company carried out a total of 291 natural gas supply operations…