Report: Global CO2 emissions in energy reached record levels last year
The Energy Institute's Annual Statistical Review of World Energy showed that global carbon dioxide emissions in the energy sector reached record levels for the fourth consecutive year last year, as fossil fuel consumption continued to rise even as renewable energy also hit record highs. The figures in the report highlight the difficulty of weaning the world economy away from fossil fuels, especially at a moment when the conflict in Ukraine has disrupted oil and gas supplies coming from Russia. And fighting in the Middle East is raising concerns about the security of supply.
Japan returns to long term LNG deals on AI boom and national energy plan
The liquefied gas industry in Japan is once again in the spotlight, as artificial intelligence booms and rising costs of cleaner energy drive the appetite for long-term LNG contracts. Japan, which is the second largest LNG importer in the world, has secured long-term deals with Qatar, and other buyers are also securing such agreements. Japan's LNG exports have been falling for over a decade, as the nuclear power plants that were idled following the Fukushima catastrophe began to operate again and renewable energy sources increased. The AI boom will require enormous power consumption from data centres.
NextEra CEO: Renewables are needed to bridge the gap between expanding gas power and increasing renewables
NextEra CEO John Ketchum said on Tuesday that renewable energy sources such as wind and solar power will be needed to meet the rapidly increasing energy demand in America, despite near-term challenges to increasing natural gas capacities. At the Politico Energy Summit, the head of Florida's power producer stated that the high cost to acquire gas turbines and a shortage in construction workers, along with the tariff costs, will make it take seven years or more to bring new gas-fired plants online. Ketchum stated that "we need a bridge in order to get to 2032, when the gas will be available...
Prices for gas in Europe are little changed despite maintenance in Norway and higher wind forecast
Dutch and British wholesale prices of gas were not much different on Monday morning. The gas balance was tightened due to maintenance in Norway but higher wind output is forecast. LSEG data shows that the benchmark Dutch front-month contract for the TTF hub fell by 0.12 euro to 36.15 Euro per megawatt hour at 0844 GMT. The British day-ahead contract was flat, at 85.70 cents per therm. Gas Infrastructure Europe reports that EU storage inventories are 50.97% full. The consultancy Auxilione stated in a daily report that…
Abu Dhabi's XRG aims to reach a gas and LNG capacity of between 20-25 million tonnes per year by 2035
XRG is the international investment arm for Abu Dhabi National Oil Company. The company stated in a Tuesday statement that it aims to have a business of gas and LNG with a production capacity between 20 and 25 million metric tonnes per year by 2035. XRG, a company that invests in lower-carbon energy sources, gases and chemicals with assets exceeding $80 billion, was established last year. The board of the company, which includes former BP CEO Bernard Looney, and Blackstone's Jon Gray on Tuesday, approved a capacity target as well as a five-year plan.
XRG Aims For Gas and LNG Capacity of 20-25 Million Tons a Year by 2035
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.On Tuesday, its board, whose members include former BP BP.L CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan.
Wood Mackenzie is concerned about the challenges of meeting the gas-powered energy demand in 15 years.
In a report published on Wednesday, Wood Mackenzie, an energy research company, said that the gas turbine market may have difficulty meeting strong demand over the next 15 to 20 years because of manufacturing constraints, increasing costs, and competition from renewables. Wood Mackenzie predicts that new gas-fired power generation projects will add around 890 gigawatts (GW) of capacity globally between 2025-2040. The U.S.A. and China are expected to lead the way with 47% annual additions in the same period. In Asia, high import gas prices can hinder growth.
EOG Resources exceeds profit expectations, reduces capital expenditure plan due to tariff uncertainty
EOG Resources posted a first-quarter profit that was higher than expected on Thursday. The company enjoyed higher natural gas production and prices, but cut its capital spending plan due to tariff uncertainty. The company reported that the benchmark price of natural gas for the third quarter increased by 63.4% over the previous year to $3.66/Mcf, while the total quarterly production increased 4.8% to reach 98.1 million barrels equivalent oil (MMBoe). The average natural gas price has been rising over the last few quarters. On March 10, it reached a record high, supported by record flows of LNG export facilities.
Expand Energy exceeds its quarterly profit expectations and expects minimal tariff impact
Expand Energy, the top U.S. producer of natural gas, beat analysts' expectations for first-quarter profits on Tuesday. This was due to higher natural gas production and prices, as well as a signal that tariffs will have a minimal impact in the near future. In extended trading, shares were up about 1 percent at $108.50. The average natural gas price has been rising over the last few quarters. On March 10, it reached a record high of two years, supported by record flows into LNG export facilities as well as concerns about supply leading up to summer.
NextEra exceeds profit expectations as the power company avoids trade risks
NextEra Energy's CEO stated that the company beat Wall Street expectations on Wednesday regarding rising electricity demand, as it works to navigate around increasing global trade risks. The rising costs brought on by President Donald Trump’s tariff war threaten to slow down a recent surge of electricity demand, and dent plans for expansion by the country’s power companies. NextEra, one of the largest renewable energy firms in the world, has said that it reduced its trade risk by $150 million, on $75 billion of capital expenditures. This is less than 0.2%. In morning trading, the company's shares rose 2.7% to $68.46. NextEra purchased U.S.
REFILE-ConocoPhillips plans layoffs as part of broad restructuring
ConocoPhillips plans to reduce staff. The company announced this on Tuesday. This is part of a broader effort to control costs and streamline operations following its $23 billion purchase of Marathon Oil. Job cuts are a sign of the pain that the oil and gas sector is experiencing as it faces higher costs and lower revenue due to prices hovering around $63 per barrel. Many companies claim they can't drill profitably at oil prices below $65 per barrel. Chevron, SLB and other oil giants announced their own layoffs in the first half of this year.
IMF: AI's economic benefits will likely outweigh its emissions costs
The International Monetary Fund (IMF) said that the benefits of artificial intelligence would boost global production by 0.5% per year between 2025-2030, and outweigh the rising costs associated with the carbon emissions from the data centres required to run AI models. The IMF released a report at its annual spring meetings in Washington that noted the fact that these output gains were not shared equally around the globe. It called on governments and businesses to minimize costs to society. The report stated that despite challenges associated with higher electricity prices and greenhouse gases emissions…
Data shows that global coal power capacity is expected to increase in 2024.
Global Energy Monitor, a U.S.-based think tank, reported on Thursday that the world's coal power fleet increased by 18,8 gigawatts, its smallest increase in over two decades. However, new additions to China and India continue to offset closures in other countries. GEM's annual report on coal plant tracking said that despite a record-breaking surge in renewables last year, 12 countries commissioned 44 GW worth of new coal energy, which was higher than the retirements of 25.2 GW. Global coal generation capacity has increased by 13% to 2,143 GW since the Paris Climate Agreement was signed almost a decade ago.
Texas oil and gas upstream jobs increase in February, says industry group
The Texas Independent Producers and Royalty Owners Association, or TIPRO, announced on Friday that upstream oil companies increased hiring in February. This is the second consecutive month of growth. Hiring in upstream, which includes drilling and producing oil activities, can be an indicator of how the oil and gas sector is doing. More drilling could be expected if companies hire more staff. TIPRO represents more than 3,000 independent producers in Texas. The Permian Basin is home to some of the most prolific crude oil production in the United States…
Sources claim that Indian state firms are interested in SQM’s lithium projects in Australia.
Four sources have confirmed that four Indian state firms were in discussions with Chilean mining company SQM about acquiring a 20% stake of its two projects in Australia. The deal would cost $600 million. This is New Delhi's largest effort to secure supplies for the metal used in EV batteries. Sources said that Khanij Bidesh India Ltd, a government-backed company, has partnered up with Coal India Ltd, Oil India Ltd, and ONGC Videsh in order to secure a 20% stake in SQM’s Mount Holland Lithium Project and Andover Lithium Project in Western Australia. Sources did not want to be identified as the discussions were not public.
Executives say that AI will lead to cheaper and faster oil production. CORRECTED.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and has prompted companies to reconsider areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand. Ann Davies, BP’s senior vice-president of wells, revealed that the UK oil giant BP uses AI to predict problems and steer drill bits before they occur.
Executives say AI will lead to cheaper and faster oil production.
Executives at the CERAWeek Conference in Houston explained that artificial intelligence has accelerated oil and gas drilling, and is prompting companies take a second glance at areas they previously deemed too expensive or difficult to develop. AI was a major topic in several sessions of the largest energy conference. Oil producers are looking for ways to stay profitable amid a plummeting price of oil and concerns that U.S. president Donald Trump's tariffs may slow down global energy demand. Ann Davies, BP’s senior vice-president of wells, revealed that the UK oil giant BP uses AI to predict problems and steer drill bits before they occur.
Palm oil is a weaker competitor to other oils
The price of Malaysian palm oils futures dropped for the second session in a row on Tuesday. This was due to weaker edible oils from rival producers and concerns over U.S. tariff policies. By midday, the benchmark contract for palm oil delivery in May on the Bursa Derivatives exchange fell 59 ringgit or 1.31% to 4,440 Ringgit ($1,002.71) per metric ton. David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn. Bhd., explained that the market was down because of soybean oil's overnight drop and Dalian weakness. This was primarily due to U.S. and China tariffs, as well as lower crude oil prices.
Aramco CEO: More likely Elvis will speak than energy transition plans to succeed
Saudi Aramco's CEO said Monday that policymakers and energy executives should rethink their energy transition plans. They must stop investing in elements of the energy transition which have failed and instead rethink the entire energy transition. The remarks from the head the world's biggest oil company comes as the administration under President Donald Trump pushes for maximum oil and gas production. This is a dramatic U turn in U.S. Energy Policy after former President Joe Biden passed legislation to accelerate the shift away from fossil fuels.
Statkraft, Norway's largest steel producer, reports a drop in profits and says that politics may have an impact on costs
Statkraft, a Norwegian company, reported a 56% decline in its fourth-quarter operating profit despite soaring power prices. Statkraft also warned that trade wars may increase the cost to build generation capacity. Statkraft's earnings before interest and taxes (EBIT) dropped from 11.5 billion Norwegian crowns to 5.1 billion Norwegian Crowns ($459m) a year ago. It said that the benchmark Nordic System power price has fallen to an average of 31,10 euros per Megawatt-hour, down 46.3% on a year-on-year basis. The EBIT of the state-owned utility fell by 36% from 41.4 billion crowns to 26.5 billion crowns.
