WaterBridge, backed by Five Point, is valued at almost $3 billion and shares soar in NYSE debut
WaterBridge Infrastructure shares rose 25% on their New York Stock Exchange debut on Wednesday. This gives the midstream water management company a market value of almost $3 billion. Shares in the Houston-based firm, backed by the private equity firm Five Point Capital, opened at $20 each, as opposed to the initial offer of $25. WaterBridge raised $634 million through a larger initial public offering.
Oil Prices Ease Lower As Investors Await Federal Reserve Decision on Interest Rates
Oil prices eased on Wednesday after data showing an increase in U.S. diesel stockpiles stoked worries about demand, while investors awaited the U.S. Federal Reserve's decision on interest rates.Brent crude futures lost 25 cents, or 0.37%, to $68.22 a barrel by 1:20 p.m. EDT (1720 GMT) while U.S. West Texas Intermediate crude futures were down 21 cents, or 0.33%, at $64.31.U.S.
China threatens to close down polysilicon factories if energy standards are not met
China has threatened to shut down polysilicon producers, which is used as a component in solar panels, should they fail to meet the new energy standards. This was revealed by a draft measure released on Tuesday, from China's standardization office. After the standards become official, plants that cannot meet the baseline energy usage for polysilicon of 6.4kgce/kg will be given a time limit to fix the problem.
Kazakhstan Resumes Baku-Tbilisi-Ceyhan Pipeline Exports After Contamination Issues
Kazakhstan resumed oil supplies via the Baku-Tbilisi-Ceyhan pipeline on September 13, state energy company Kazmunaygaz said on Wednesday.Supplies via the route were suspended last month amid contamination issues.The BTC pipeline, which runs through Georgia to Turkey, is used mainly to export oil from the Azeri, Chirag and Guneshli oilfields, which are operated by BP.The…
Australia pledges $735 million for biofuel development
The Australian government announced on Wednesday that it would invest A$1.1billion ($735m) in developing a low-carbon energy industry. This move was welcomed by agricultural groups who hope this will increase demand for biofuels feedstocks such as canola or sugarcane. In a press release, the government stated that this money will be released over ten years to encourage private investment in sustainable aviation fuel and biodiesel.
Russia Warns of Cutting Oil Output Following Drone Attacks
Russia's oil pipeline monopoly Transneft has warned producers they may have to cut output following Ukraine's drone attacks on critical export ports and refineries, three industry sources said on Tuesday.Kyiv has stepped up attacks on Russian energy assets since August in a bid to impede Moscow's war effort in Ukraine and reduce the Kremlin's revenues as attempts to…
Sinopec to Begin Work on $3.7b Crude Oil Refinery
Sri Lanka expects Chinese state energy giant Sinopec to start work on a $3.7 billion refinery this year and is considering the company's long-standing demand to sell more fuel locally, the energy minister said on Tuesday.The Sinopec refinery, approved in 2023, will have capacity to process 200,000 barrels of crude oil per day and will be located near the Chinese-built and operated Hambantota port in southern Sri Lanka…
IEA: Global oil and gas production is declining rapidly, IEA reports
International Energy Agency (IEA) said Tuesday that the decline in oil and gas production from mature fields around the world is increasing due to a greater reliance on deep-ocean and shale resources. This means companies will need to invest even more to maintain output. Donald Trump's administration has criticized the IEA for its recent shift in focus to clean energy policy.
German gas storage is at 75%, but operators are keeping an eye on the winter supply
The German gas storage capacity has been filled to the minimum level required by the European Union for November 1 but INES, a national operator's group, says that it will continue to closely monitor supply security because there are still risks. INES stated on Tuesday that the requirement of 81% storage capacity by November 1 has been met. Data from the industry group GIE revealed that levels had already reached over 95% at this time last year.
Australia delays its first offshore wind auction due to global investment retreat
Victoria, Australia, has delayed its first auction of offshore wind farm financing, citing global investments hurdles. This is a blow to an industry that's deemed crucial to Australia's transition away from coal-fired energy to renewables. The state government announced on Tuesday it will delay the auction, originally scheduled for this month. A revised schedule is expected to be released by year's end.
GCL, a Chinese polysilicon company, raises capital to support supply-side reform
GCL Technology, a Chinese company, announced on Tuesday its intention to issue shares in order to raise funds for supply-side changes to polysilicon. Polysilicon is a component of solar cells. GCL said it would use the estimated HK$3.505billion ($450.66m) proceeds from the share issuance to "establish a capital reserves for reforming the supply side in order to promote structural adjustment of the polysilicon production capability"…
Sentinel Midstream’s deepwater oil export project is granted an air permit by the EPA
On Monday, the U.S. Environmental regulator announced that it had granted an air permit to Sentinel Midstream for its proposed deepwater oil project off Texas' coast. According to a press release, the Environmental Protection Agency has issued a permit under the Clean Air Act that permits the use of auxiliary vessels to control volatile organic compounds at the proposed Texas GulfLink deepwater terminal. U.S.
SOCAR is close to acquiring oil refiner Italiana Petroli according to sources
Three sources claim that the founding family of Italiana Petroli is close to selling the oil refinery to State Oil Company of Azerbaijan. This would give the group control of Italy's biggest petrol station network. Two people have said that a deal could be signed with SOCAR as soon as Monday, barring any last minute postponement. Sources did not reveal the financial terms of this agreement.
Germany is planning to stop using fixed-term contracts for renewable energy installations
According to the Economy Ministry, Germany will no longer use long-term fixed-price contracts for buying power from new renewable energies installations. However, it will continue to support this sector. The critics of fixed feed-in rates say that they are too expensive for the government and energy consumers, and that renewable industries have been established enough to be subjected to market forces.
US EPA proposes to end mandatory greenhouse gas reporting
The U.S. Environmental Protection Agency (EPA) proposed a rule on Friday to end the mandatory reporting of greenhouse gas emissions by 8,000 facilities. This program, the EPA said, was burdensome for businesses but left the public in the dark about the environmental impact. The rule is a response to an executive order that was issued on the first day of President Donald Trump's presidency. It aims to remove barriers to unleashing U.S.
Baker Hughes reports that US drillers added oil and gas rigs in the US for the second consecutive week.
Baker Hughes, a leading energy services company, said that U.S. firms added natural gas and oil rigs this week for the second consecutive week for the first since April. The number of oil and gas drilling rigs, a good indicator of future production, increased by two in the week ending September 12. Baker Hughes reported that oil rigs increased by two this week to 416, the highest level since July. Gas rigs remained at 118.
Palmettos fall on profit booking and weak demand.
Malaysian palm futures declined on Friday, posting a marginal loss for the week, as traders booked their profits before a long weekend. A stronger ringgit, and weak demand, weighed on sentiment. The benchmark palm-oil contract for November delivery at the Bursa Malaysia derivatives exchange lost 9 Malaysian Ringgit or 0.2% to 4,445 Malaysian Ringgit ($1,058.33), at closing. The contract is down by 0.07% this week.
Palmetto falls due to profit booking and increased stocks; set for weekly losses
The price of Malaysian palm oils futures reversed gains made earlier in the week and was headed to a weekly drop on Friday as traders booked profits before a long weekend holiday. Additionally, elevated inventories weighed on sentiment. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives Exchange fell 13 Malaysian Ringgit (or 0.29%) to 4,441 Malaysian Ringgit ($1,055.37). Earlier in the session, it rose up to 0.75%.
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap for emissions in the oil and gas industry if both the province and the industry reduced their carbon footprints in other ways. Sources who weren't authorized to publicly discuss the discussions said that the government…
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized to publicly discuss the talks said that the government of Prime Minister Mark…