Devon and Coterra merge in $58 billion deal to create U.S. Shale giant
Devon Energy and Coterra Energy decided on Monday to merge as part of a $58 billion all-stock transaction, creating a large-cap company with the top spot in the Permian Basin. The shale industry is consolidating to reduce costs and increase'scale. The largest deal in the sector, since Diamondback's deal of $26 billion for Endeavor Energy Resources 2024, comes at a time…
Germany's gas production in numbers
Katherina Reiche, Germany's Economy minister is in Saudi Arabia seeking closer ties with the country on energy. Berlin is looking to diversify this sector as its dependence on U.S. Liquefied Natural Gas grows. Why is?GAS Supply a Problem in Germany? Germany was dependent on Russia to supply most of its natural gas for decades. This provided Europe's largest economy with a relatively cheap source, which was a major advantage for industry.
Electricity Needs for AI, Data Centers May Turn LNG Glut into Gap by 2030
Growing electricity demand from AI and data centres, together with rising fuel use in Asia and European gas needs could turn an expected global liquefied natural gas supply glut into a shortage by 2030, Qatar Energy CEO Saad al-Kaabi said on Monday.LNG coming online between 2026 and 2029 has raised concerns of a supply glut that could depress prices, with projects like Golden Pass LNG on the U.S.
Trump declares that India will purchase oil from Venezuela and not Iran
U.S. President Donald Trump on Saturday said India will buy Venezuelan oil, helping to replace some of the Russian oil that the world's third-biggest oil importer buys. "We've already made that deal, the concept of the deal," Trump told reporters aboard Air Force One as he traveled to his vacation home in Florida from Washington.Reuters reported on Friday that the United…
Kazakhstan announces that oil production at Tengiz has resumed
The energy ministry announced on Saturday that oil production at Kazakhstan's massive Tengiz Oilfield has been restored, with five wells now operating again. Since the outage, production data for the largest field in Kazakhstan has been unavailable. Kazakhstan announced on Wednesday that it would restart the Tengiz Oilfield in stages. It aims to reach full production within a week.
WTO panel supports China in its case against US clean-energy subsidies
The World Trade Organization panel backed China's complaint on Friday, and recommended changes to the?U.S. Beijing claimed that tax credits for clean-energy?discriminated against imports. The report of the panel recommended that the United States remove the Inflation Reduction Act measures by October 1, 2026. The panel stated that "that date seems to be a reasonable deadline" for the withdrawal of the ITC/PTC Bonus Credits. The 'office of the U.S.
Imperial Oil shares drop on lower profits; CEO says Venezuelan situation has little impact.
Imperial Oil, a Canadian oil company, saw its share price fall Friday due to a 'lower' fourth-quarter profit. However, the CEO of the company expressed confidence that the company would be able to withstand any changes in crude flow that might occur as a result of the current situation in Venezuela. Imperial shares fell 4.5% by midday, as the market responded to the company’s decline in earnings from the previous year.
Poland increases air defences by $1.7 billion with a Kongsberg drone-defence purchase
Norwegian defence company, 'Kongsberg Gruppen' announced on Friday that it has won a 16 billion crown order ($1.67billion) from Poland for a?drone defense system. This is part of a larger effort to upgrade Poland's air defence network. Poland is stepping up its efforts to improve air defences following a Russian drone invasion in September that exposed the vulnerability of the country to spillover effects from the conflict? in neighbouring Ukraine.
Bousso: ROI-Oil is not able to break through the range of its current price because it needs a shock from Iran's supply, but a tough talk.
Even though oil prices rose 15% in January on the back of fears that a new U.S. attack on Iran was imminent, they remain in a narrow range. A well-supplied crude oil market will not allow for much more price increase from either side. It would take a massive action to?have a lasting impact on the global balance of supply and demand. Brent crude futures are at their highest level since July last year.
Palm oil snaps a four-month losing streak thanks to rival crude and oils
Malaysian palm-oil futures ended a four month losing streak on the Friday, even though they closed lower for that day. The ringgit fell as well. It rose every week to?a 4.42% gain in January, boosted by higher crude oil and soyoil prices, positive output and export figures, and supportive data. The benchmark April palm oil contract on the Bursa?Derivatives exchange was down 88 Ringgit or 2.04% at $4,229 ringgit (1,073.62) per metric ton?at the closing.
German forward contracts fall with the falling carbon price
German power contracts for the year ahead fell on Friday as a result of further declines in carbon markets. German baseload for the year ahead fell 0.4%, to 85.89 Euros ($102.43), per megawatt-hour at 0925 GMT. This was due to lower carbon permit prices. The French equivalent, with a price of 51 Euros/MWh, was not traded. The benchmark carbon contract on the European market fell by 1.2%, to 82.99 Euros per metric ton.
California's top air regulator: Trump opposes tax credits and EV regulations, but California is accelerating work on them.
California's top air regulator announced that officials will meet with Detroit automakers to discuss the next phase in greenhouse gas regulations for vehicles and trucks. California is fighting President Donald Trump in the U.S. Congress and in?the court against his efforts to dismantle federal vehicle emission standards. Lauren Sanchez, Chair of the California Air Resources Board and Governor Gavin Newsom…
EWE CEO: Germany's EWE will not participate in the first round of power plant tendering
The CEO of German utility EWE said that the company has no intention to participate in a upcoming tender in Europe's largest economy for new power plant capacities. However, this could change if additional rounds are scheduled later in this decade. Germany announced earlier this month that it had reached an accord with the European Commission regarding a plan to construct new power plants.
Maurel & Prom seeks OFAC license as Venezuelan reserves and output of Maurel & Prom increases.
Maurel & Prom, a French oil company, announced on Thursday that its Venezuelan assets' production and reserves were up sharply in the past year. It has also applied for a?U.S. Maurel & Prom, a French oil producer, announced on Thursday that production and reserves?from its Venezuelan assets?rose sharply last year?and that it has applied for a new 'U.S. The company reported…
Palm prices rise on higher commodity prices and crude
Malaysian palm futures continued to rise for the fourth session in a row on Thursday. They were supported by a firming of commodity prices and crude oil, which reached their highest level since three months. By midday, the benchmark?palm-oil contract for April delivery at the Bursa Derivatives exchange in Malaysia had gained 35 ringgit or 0.82% to 4,307 Ringgit ($1,095.93). The Dalian palm oil market has been supported by commodity prices that are firm.
India's demand for LNG is set to increase across industries, if prices are cooperative
Executives from the country's largest importers have said that India's appetite is likely to increase in the next few years, due to the demand for liquefied gas across fertiliser, city-gas, refining, and power sectors. They added that a lower price would be necessary to increase consumption. India is currently the fourth largest buyer of LNG in the world. It aims to increase the gas share to 15% of its energy mix by 2030, up from the current 6.2%.
House Democrats warn oil companies about risks associated with Venezuelan transactions
Twelve House Democrats sent a letter on Wednesday to '21 companies that attended the White House meeting held on Jan. 9, about developing Venezuelan oil resources. They warned them of legal and financial risks associated with any transactions or investments they made there. The letter was written by Democratic Congressman Sean Casten. It stated that despite assurances given by the Trump administration…
TotalEnergies executive: LNG buyers prioritize supply security over price.
An executive from French oil giant TotalEnergies told the India Energy Week Conference on Wednesday that global?instability?is pushing buyers of liquefied natural gas to prioritize energy security?over other considerations such as price. Ronan Bescond is Total's Vice President of Long-Term Marketing and Origination for gas and Power. He said that buyers are more likely…
India's demand for LNG is set to increase across industries, if prices are cooperative
Executives from India's leading importers have said that the demand for liquefied gas in India is expected to increase over the next few years. This will be driven by the demand for city gas, fertilizers, power, and refining. They added that a lower price would be necessary to encourage further consumption. India is the fourth largest 'buyer' of LNG in the world and wants to increase the gas share to 15% from its current 6.2% by 2030.
Trinidad Minister: BP and Shell are seeking US licensing for shared gas fields with Venezuela.
Shell and BP seek?U.S. Shell and BP are seeking?U.S. Trinidad is Latin America’s largest liquefied gas exporter, and also one of the largest exporters in the world of ammonia and methane. However, the Caribbean island is aiming to develop offshore oil and gas fields near the border with Venezuela to secure its supply and counteract the declining reserves. In recent years, despite frequent U.S.