Thursday, June 13, 2024

Energy News

Tyra II Production Successfully Restarted

Source: TotalEnergies

The Tyra Redevelopment Project (Tyra II) has restarted production. At plateau, the Tyra hub will produce 5.7 million cubic meters of gas and 22,000 barrels of condensate per day.TotalEnergies…

Occidental Petroleum Jumps into Acquisition Mode

© Rafael Henrique / Adobe Stock

Occidental Petroleum said on Monday it would buy energy producer CrownRock in a cash-and-stock deal valued at $12 billion including debt, expanding in the lucrative Permian basin.Investors…

Fincantieri Set to Acquire Remazel Engineering

© Mauro Carli / Adobe Stock

Fincantieri has set the main terms and conditions for the acquisition of 100% of the shares of Remazel Engineering S.p.A. from Advanced Technology Industrial Group S.A. Remazel is a leader…

Rystad Says Oil Demand is Peaking. Predicts $60 a Barrel by 2027

Credit: freshidea/AdobeStock

Global crude oil prices could drop to about $60 per barrel by 2027 as demand growth slows, say oil analysts at Rystad Energy, chopping a third off next year's peak price as demand tumbles.Their…

ABS AIP for Floating Offshore Nuclear Power Barge

L to R: Dr. Young Tae Moon, Senior Director of Sustainable Growth Department, Nuclear PE, KEPCO E&C; Patrick Ryan, ABS Senior Vice President and Chief Technology Officer; and Dr. Sang Min Park, Research Director of Marine Energy Technology Lab, HD KSOE. Photo courtesy ABS

A design for a floating offshore nuclear power barge from HD Korea Shipbuilding & Offshore Engineering (KSOE) and KEPCO Engineering and Construction Company, Inc. (KEPCO E&C) received approval…

US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time

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Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.The…

Siemens Energy Shares Tumble 31% as Wind Turbine Troubles Exposed

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Siemens Energy saw $6.3 billion wiped off its market capitalization on Friday after warning that the impact of quality problems at its Siemens Gamesa wind turbine business would be felt…

Eni, Vaar Agree to Buy Neptune Energy in $4.9 Billion Deal

Neptune Eneergy's Gjøa platform in Norway Credit: Neptune Energy

Italy's Eni ENI.MI and its Norwegian unit Vaar have agreed to buy private-equity backed Neptune Energy in a deal valuing the assets of the gas and oil producer at $4.9 billion including debt…

Cheniere, Equinor ink Long-term LNG Deal

Arctic Voyager leaving Hammerfest LNG.
(Photo: Rino Engdal / Equinor)

Equinor and Cheniere announced a new 15-year purchase agreement of around 1.75 million tons of LNG per year, with half of the volume starting from 2027. This agreement brings the total…

China Banks "Massive Volume" of Crude in May

Copyright AdobeStock/Alexey Novikov

China added to crude oil stockpiles at the fastest rate in nearly three years in May, as robust imports outweighed near-record refinery processing.A total of 1.77 million barrels per day (bpd) was added to inventories in May…

Spain's Energy Firms Look to Central Europe Markets for Green Hydrogen Deals

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Spanish oil company Cepsa signed on Wednesday two agreements aimed at shipping green hydrogen between Spain and the Netherlands, a day after renewable energy giant Iberdrola took a similar…

Technip Energies Sets Up Green Hydrogen JV, Beats Quarterly Earnings Expectations

Credit: Corona Borealis/AdobeStock

French oil and gas services group Technip Energies on Thursday announced a green hydrogen solutions joint-venture with Belgian group John Cockerill, while reporting stronger-than-expected first-quarter earnings.

Heavy Lift Ships Start Moving Refinery Upgrading Cargo

Image courtesy the Jumbo-SAL-Alliance (JSA)

The Jumbo-SAL-Alliance (JSA) commenced its scope of work in the Basrah Refinery Upgrading Project for JGC Corporation, when Jumbo Javelin loaded the first of 19 transports at Dahej India.In total…

SLB Launches Cement-free System to Cut CO2 Footprint of Well Construction

©SLB

Oilfield services giant SLB, until recently known as Schlumberger,  on Monday introduced the EcoShield geopolymer cement-free system that it says minimizes the CO2 footprint of a well’s…

Japan to Promote Gas, LNG, Hydrogen During G7 Presidency

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Japan will stress the importance of investment in natural gas, liquefied natural gas as well as cleaner fuels such as hydrogen and ammonia during its presidency of the G7 this year, a source said…

Blue Hydrogen: A Key Player in the Future of Energy Transition

Source: 2022 edition of GECF Global Gas Outlook 2050 - January 29, 2023

The energy sector is undergoing a transformation, with a growing focus on cleaner energy sources and technologies that reduce greenhouse gas emissions and contribute to a more sustainable future.

Exxon Banks Record $56B Profit in '22

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Exxon Mobil Corp posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.

Megaton Project: Denmark's GreenGo to Build 4 GW Green Fuel Plant

©GreenGo

Danish renewable energy developer GreenGo Energy said on Tuesday that it's cooperating on 60 billion Danish crowns ($8.77 billion) project to develop a green energy park.The company is…

Saudi Arabia Remains China's Top Crude Supplier

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Russia remained China's second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries…

The Top 10 Offshore Wind Energy Trends to Watch in 2023

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The drivers for global offshore wind growth look good for 2023. Global offshore wind is forecast to grow from over 60 GW at the end of 2022 to 240 GW by 2030 and over 410 GW by 2035. But…