Zelenskiy: Ukraine has the funds to import 70% of the gas needed for this winter.
The President of Ukraine, Volodymyr Zelenskiy, said that Ukraine has secured funds to purchase 70% of its natural gas needs for this winter. He also stated that the Ukrainian Government would cover the remaining funding. He appeared to be reassuring Ukrainians that they will have enough energy this winter, after Russia intensified its attacks on energy infrastructure in its war against Ukraine.
Oilfield giants shift focus to AI infrastructure after drilling demand declines
SLB, Halliburton, and Baker Hughes, oilfield services giants in North America, are focusing on data centers and artificial intelligence infrastructure to fuel their next phase of expansion as they deal with a slowing drilling market and idle rigs. U.S. producers of oil have reduced exploration budgets, as the price of a barrel hovers in the low 60s…
German Spot Falls as High Wind Output Continues
The German spot price of power for Tuesday dropped as the already high wind output was expected rise again and outweigh demand. In contrast, France's spot price rose as wind supply was falling and demand was increasing. LSEG data shows that the German day-ahead contract at 0836 GMT was 65.50 Euros ($76.39 per megawatt hour), down 4.2% on Monday's price.
France's offshore Wind sector is battered by government crises
Offshore wind developers, and suppliers of equipment are bracing themselves for a slowdown. A political crisis in France has caused changes to France's energy framework as well as government tenders to be stalled. Data released on Friday showed that business activity in France declined faster than anticipated in October. Emmanuel Macron's six…
Baker Hughes exceeds profit expectations on the strength of industrial and energy technology demand
Baker Hughes, a provider of oilfield services, beat Wall Street expectations for its third-quarter profits on Thursday. This was due to the strength in their industrial and energy technologies (IET) division. Oilfield services firms are navigating a volatile oilfield market. Resilient areas such as LNG infrastructure, upgrades to the power grid, and increasing electricity demand by data centers help support growth.
Ananym suggests Baker Hughes sell its oil service equipment business
Ananym Capital wants to see Baker Hughes' oil field equipment and services business spun off. They believe this could boost the stock price at least by 60%. Charlie Penner, co-founder of Ananym and active passive-investment summit host 13D Monitor in New York on Tuesday, said: "That is our preferred path. We also have complete confidence in Baker Hughes management and board to select the best path for their shareholders.
Halliburton's profits beat expectations on the back of steady drilling demand in North America
Halliburton's third-quarter profits surpassed Wall Street expectations on Tuesday thanks to the steady demand for oilfield equipment and service in North America. The North America segment's quarterly revenue was $2.4 billion. This is the same as a year ago, but it's above analysts’ average estimates of $2.17billion. Halliburton stated that the results were supported in part by the increased stimulation activity on U.S.
As US onshore oil growth slows, will improved drilling boost Gulf of Mexico offshore oil production?
Analysts and consultants predict that offshore investment will continue to grow as new technology and more friendly regulations encourage investment. In recent years, the offshore oil and natural gas sector has been overshadowed by shale because it requires more upfront investment and years of construction. The entry costs for shale were lower and the returns faster, so the rapid expansion of shale led to the U.S.
Service Resumed at Berkshire Hathaway Energy Cove Point LNG Export Plant
U.S. energy firm Berkshire Hathaway Energy's Cove Point liquefied natural gas (LNG) export plant in Maryland returned to service on Sunday after a planned autumn maintenance outage, according to a company notice to customers and data from financial firm LSEG.The amount of natural gas flowing to the plant, which shut around September 20, rose from about zero to 0.9 billion cubic feet per day (bcfd) on October 12…
Berkshire Hathaway Energy Cove Point in Maryland LNG export plant is back in service
According to a notice sent to customers by the company and data provided by financial firm LSEG, on October 13, U.S. energy giant Berkshire Hathaway Energy’s Cove Point liquefied gas export plant (LNG) in Maryland resumed service after a planned maintenance outage. The LSEG data revealed that the amount of natural gases flowing into the plant…
The United States has experienced a number of deadly industrial accidents this century
Officials said that multiple people died in an explosion at a military explosives facility in Tennessee on Friday. They also reported the absence of 19 other people. Here are some of the most notable industrial explosions that have occurred in the United States during this century. An explosion on the 23rd of March 2005 at a BP Refinery in Texas City in Texas City left 15 workers dead and 180 others injured. The U.S.
Developer says US stoppage of Rhode Island offshore wind is unjustified
According to court documents filed Thursday, the owners of Revolution Wind claimed that the reasons given by the Trump administration for stopping the work on their Rhode Island offshore windfarm were "factually inaccurate" and revealed only after the government had ordered the project to be halted. The filing at the U.S. District Court for the…
Denmark buys $9 billion worth of air defence systems amid growing tensions with Russia
Denmark will buy air defence systems made in Europe for 58 billion Danish crowns (9.11 billion dollars), making it its largest ever arms purchase. The country's Defence Minister said this on Friday. He cited a difficult security situation. In February, the Danish Prime Minister Mette Fredericksen ordered that military equipment be purchased in anticipation of a possible future Russian invasion in Europe.
Sources: Swiss gold refining plans add sparkle to Trump's trade deal
Two people with knowledge of the situation say that Switzerland wants to build a gold refinery or increase its processing capacity in the United States as part a plan to lower U.S. tariffs. Donald Trump imposed 39% tariffs on Swiss imports as a result of the U.S.-Swiss trade deficit on August 7, 2018. Switzerland had scrapped its industrial tariffs in January.
Industry official: Japan will start planning floating wind testing centre next year
A senior industry official announced that Japan will begin planning for a floating national wind test centre in 2019. The official vowed to continue on the path of wind energy growth despite recent setbacks, such as Mitsubishi quitting three projects. Last month, Mitsubishi-led consortiums dropped plans to build three offshore windmills that won Japan's first large state auction in 2021.
Taiwan's offshore projects will move into deeper waters and require more state support
Industry officials and analysts say that Taiwan's attempt to boost its offshore wind market will require a huge amount of government support to help prospective suppliers achieve their capacity goals, as projects are moved to deeper, more technically challenging waters. The island's densely-populated population, which was long dependent on coal power…
The US cuts to oil jobs and expenditure threaten the output growth
Due to the lower oil price and the largest consolidation in the last generation, the U.S. Oil industry has cut thousands of jobs and billions of dollars in spending. This could be the end of rapid growth in output that made the U.S. world's leading producer. Organization of the Petroleum Exporting Countries (OPEC) and its allies within the OPEC+…
Halliburton cuts workforce as oil activity declines, sources claim
Halliburton, a U.S. oilfield service provider, has cut staff in recent months, according to sources who are familiar with the issue. This is the latest reduction of workforce in the U.S. petroleum industry, which faces increasing costs, a period when prices have dropped and there is volatility. The global benchmark Brent crude oil price has dropped…
Experts say that India's tax reduction on solar and wind energy devices will lower clean energy tariff.
India's decision on cutting taxes on solar and winds equipment will lower the costs of new plants, and pressurize existing project developers to reduce their tariffs. This will accelerate India's transition to renewable energy. On Wednesday, the government lowered the goods and service tax (GST), which was previously 12% on solar photovoltaic panels and wind turbine generators, to 5%.
Andy Home: A quiet revolution is taking place in the mining industry
If the world wants to move away from fossil fuels, it will need to have a large amount of copper. Can the mining industry meet this demand? The challenges are enormous. The challenges are huge. The mining process has been highly wasteful and polluting in the past. According to a research paper from Germany's Fraunhofer Institute, the world discovered…