European Investment Bank lends Elia EUR1 Billion for Princess Elisabeth Energy Island
The European Investment Bank has granted a EUR1billion ($1.2billion) credit facility to Belgian electricity transmission network operator 'Elia' for its Princess Elisabeth Island energy project in North Sea. The artificial island will be located 45 km off the coast of Belgium. It is Elia's flagship project and will act…
The Times reports that the UK will approve Jackdaw Gas Field development in this month.
The Times reported that government sources said Britain would approve new drilling on September 15 to 'develop Shell and Equinor’s Jackdaw North Sea gas field. Shell and Equinor were forced to reapply in 2025 under stricter regulations following a ruling by a court after a legal challenge filed by climate activists. The…
Uniper, a German gas importer, signs a 15-year deal with Equinor in Norway
Germany's Uniper signed a contract to import more than 30 terawatt-hours of gas per year from Equinor starting in 2027. After the full-scale invasion of Ukraine, Moscow cut all energy ties to the continent. Norway is now the number one supplier. Uniper has made a new move to diversify their supply base, following a recent agreement signed with Canada.
Energy Minister: Norway will drill in Arctic regardless EU's position
Norway will develop its oil and natural gas resources in Barents Sea despite the European Union’s support for a moratorium of Arctic hydrocarbon supplies. Energy Minister Terje Aasland said Norway no longer views itself as Europe’s “green?battery”. Norway is now Europe's biggest natural gas supplier, and supplies around 30% of the demand for gas in both Europe and Britain.
RWE and the Trump administration agree to cancel offshore wind leases for $1.22 billion
German energy company, RWE, announced on Thursday it had reached an agreement with the Trump administration for a total of $1.22 billion to cancel offshore wind leases within U.S. waterways and direct the money to LNG and gas power plants. This is the fifth and largest agreement that the Trump administration has made in…
Shell invests in the next phase of Arrow Energy’s Surat Gas Project
Shell announced on Wednesday that it will invest in the next phase of the Surat Gas Project, an Australian joint venture between Shell and PetroChina, being developed by Arrow Energy. Shell stated in a press release that the project will produce 79 million standard cubic feet of gas per day at its peak and supply Queensland Curtis (QCLNG), an export facility for liquefied natural gas.
The financial week in five charts - Spiking yields; widening spreads; and a long cold winter
Every Friday, Open Interest distills the week's financial data into five charts that highlight the main trends, surprises and overlooked movements. 1. COST OF CREDITIBILITY JAMIE MCGEEVER, ROI Markets: On Wednesday, the 30-year Treasury yield soared to 5.20%, its highest level in almost two decades. The 30-year Treasury yield surged above 5.20% on Wednesday…
BP sells its North Sea business as CEO urges overhaul
BP launched a formal process to sell its North Sea operations on Friday as the new CEO Meg O'Neill accelerates a portfolio overhaul aimed reducing debt and simplifying BP. The British Prime Minister Andy Burnham had said earlier that he would "take a pragmatic" approach in developing and using the oil and gas resources of?the North Sea.
Official: Iran will restore 100 million cubic meters of lost gas production in the coming months
According to the Shana news outlet of the oil ministry, an 'important government official' said that Iran will restore natural gas production to around 100 mcm per day in the next few months. Since the U.S. and Israeli strikes on Iran late in February, attacks on Iran's infrastructure have reduced its energy production by 230 million cubic meters. The recent U.S.
EUROPE GAS - European gas prices remain stable despite signs of tanker movements in the Strait of Hormuz
The Dutch and British gas prices were stable on Wednesday morning, as more tankers began to pass through the Strait of Hormuz. This led to renewed hopes of LNG exports. ICE data showed that the benchmark Dutch front-month contract was EUR0.254 lower at EUR41.76 per Megawatt Hour (MWh), or $13.90/mmBtu by 0810 GMT. The British June contract fell 0.52 pence to 99.77 pence a therm.
Britain Offers Grid Connections to More Than 700 Projects In Energy Investment Push
Britain has offered grid connections to more than 700 projects, the country's power planning body said on Wednesday, under a reformed allocation system expected to help unlock up to £40 billion in annual clean power investment.The allocations follow recent reforms replacing a "first come, first served" connection system that had led to bottlenecks, said the National Energy System Operator."These o
SEFE, a German gas importer, returns an additional $348 Million in State Aid
The German gas importer,?SEFE, said that it had paid back the German government?almost??300 millions euros ($348million) in state assistance. This brings the total repayments to date to almost 1 billion euros. Germany has recouped a fifth of its?nearly twenty billion euro bailout of SEFE and 'peer Uniper? during Europe's energy crises in 2022.
Regulators warn of the risks associated with EU's increasing dependence on US gas
European energy regulators warned that the European Union's increasing reliance on U.S. natural gas poses risks, including a growing dependence on one supplier. Since 2021, EU countries have tripled their imports of U.S. LNG as they rush to replace Russian energy. The EU sourced 58% (or 25%) of its gas from the U.S. last year.
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S.-Iran reach a peaceful agreement to end their war, oil supplies will tighten in the coming weeks. It will take weeks before oil shipments from the Middle East Gulf can be resumed and reached refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the 'peak summer demand.
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S. and Iran reach a peaceful agreement to end their conflict, oil supplies will tighten in the coming weeks. It will take weeks for oil to be shipped from the Middle East Gulf to refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the peak summer demand.
Orsted's core profit for the first quarter of 2018 exceeds expectations and maintains outlook
Orsted, the Danish offshore wind developer, reported on Wednesday a core profit for the first quarter that was above expectations. This was due to an increase in electricity output. Orsted also maintained its outlook for this year. Orsted has struggled in recent years with rising costs due to supply?chain disruptions and inflation.
Guyana President: Energy Supply-Demand Gap Widens Further
The gap between supply and demand is widening as global energy systems face strain, Guyana's President Irfaan Ali said on Monday, as the Iran warenters its third month and continues to drive up oil and gas prices amid supply shortages.Energy markets have been reeling since the start of the war, which has caused damage to…
Irfaan Ali, President of Guyana, says that energy investments are not enough to meet demand
Irfaan Ali, Guyana’s President, said on Monday that the gap between supply and demand was widening, due to global energy systems being under strain. The Iran war is now in its third month, and it continues to push up oil and natural gas prices. Since the beginning of?the war, energy markets have been in turmoil. The conflict has damaged infrastructure throughout?the Middle East…
UN Climate chief: Iran war supercharges clean energy transition
U.N. Climate Secretary?Said Thursday that the Iran war has "supercharged" the global shift to'renewable energy' as countries scramble to lower their exposure to volatile oil markets. The U.S. and Israeli 'war with Iran' has disrupted?oil & gas supplies. Some countries have rationed fuel, while others have rolled out tax cuts and subsidies to protect consumers from surging costs.
Colombia announces auction for renewable energy
Edwin Palma, Colombia's Energy Minister, announced a upcoming renewable energy auction on Wednesday. He said he will travel to the United States to promote this. Palma stated during a conference in Cartagena that he would be in New York Monday and Tuesday to discuss energy,?and promote the renewable energy auction which he hoped would be available soon.