TotalEnergies receives new exploration permit off the coast of Lebanon
TotalEnergies, a French oil company, said Friday that it had 'obtained approval from the government for a new permit to explore offshore Lebanon. Total, who owns 35% of the operating stake, will start 3D seismic surveys in Block 8? with partners Eni (35%), and QatarEnergy 30%. In late 2022 the French company began searching for?natural gases in Lebanon, after the landmark agreement between the government and Israel to establish a maritime border in the Mediterranean Sea. Initial exploration on an adjacent block proved disappointing.
French spot is a clear winner over surging wind power
European prompt electricity prices fell on Friday as more sunshine and gusty winds were predicted and nuclear'supply increased amid icy weather conditions. Winter weather in Europe is severe, disrupting air, rail and road traffic, as well as some business operations. According to LSEG Research, Germany's residual loads will decrease in the days ahead, resulting in a lower demand for thermal plants. LSEG data show that French day-ahead basisload was 70 euros per megawatt at 0925 GMT. This is down 36.8% compared to the close.
Japan's Osaka Gas begins unit at new 1,25-GW gas fired power plant in Himeji
Osaka Gas said that it had started commercial operations at its new 1,25-gigawatt, gas-fired power station in Himeji, Western Japan, on Jan. The company that also provides electricity said the plant consists of two 622.6 megawatt units. The No.2 unit is expected to start operations in May. According to a statement from the company, this facility uses natural gas as fuel and a high-efficiency gas-turbine combined-cycle system for power generation.
Glencore purchases majority stake in Dutch fuel firm FincoEnergies
LONDON, December 22 - Global commodities traders and miners Glencore have?agreed? to purchase a majority stake of Dutch fuel supplier FincoEnergies, for an undisclosed amount, the Dutch company announced on Monday. Industry sources claim that Glencore will expand its presence in the fuel markets of Northwest Europe with this deal. Finco is one of the major players in the Dutch wholesale fuel market, as well as in the biofuels and low carbon fuel sectors in the region.
Afreximbank and Heirs Energies sign a $750 million financing agreement to boost Nigeria's gas and oil output
The African Export-Import Bank and Heirs Energies Ltd signed a $750 million financing agreement on Monday to fund the 'field development program' in Nigeria and strengthen the capital structure of the energy firm. Afreximbank arranged a dual-tranche senior secured, reserve-based loan facility that will support Heirs Energies in its growth strategy, as it seeks to increase oil and gas production. Afreximbank was the lead arranger for this deal, as well as facility agent and security agent.
Egypt claims gas deal with Israel as'strictly business'
Egypt said Thursday that the natural gas agreement with 'Israel is a purely commercial arrangement without any political dimension. It was concluded by private energy companies under market rules, with no direct government involvement. Israel approved on Wednesday an export agreement signed in August between Chevron and NewMed and Ratio to provide up to $35 billion worth of gas from the Leviathan Natural Gas Field to Egypt. The agreement comes amid…
In Poland's 2030 climate plan, renewable energy will make up 51-53% of the power mix.
The energy ministry said that Poland aims to have 51%-53% of its electricity mix made up by renewable energy sources by 2030. This is according to a draft version of the national energy and climate plans, which Warsaw will submit to the European Commission. The range of policy scenarios is higher than the 30% Poland announced a year ago, but still slightly lower than the 56% Poland predicted a year ago, as natural gas will now be used to generate more electricity. By 2040, it is projected that the share of renewables will rise to between 65% and 68%.
Japanese companies to gain more control over LNG joint ventures with state-backed groups
The industry ministry announced on Tuesday that Japanese companies would gain more control over JOGMEC-backed liquefied natural gas joint ventures and recover their investments faster as part of measures aimed to strengthen the nation's security in energy. The Ministry of Economy, Trade and Industry told a committee of resource and fuel policy it would encourage Japanese companies to invest in LNG. METI aims at introducing a mechanism that prioritizes…
Intercontinental Exchange sets Dutch gas trading record and aims for longer trading hours
Intercontinental Exchange announced on Monday that it would be extending trading hours and achieving a record trading volume for benchmark European Gas Contracts in 2025. ICE said that it traded a record 103 million contracts in futures and option products for the Dutch Title Transfer Facility in 2025. This was the first time the company had exceeded 100 million contracts. The company also set a record in the TTF 1st Line Financial Futures and JKM LNG futures (Platts), which each surpassed one million traded contracts.
OPEC data show that Russian oil production increased in November.
OPEC data on Thursday showed that Russian oil production increased in November by 10,000 barrels per day, up from October. This was after the OPEC+ group agreed to a moderate increase in output quotas. OPEC+ (which includes the Organization of the Petroleum Exporting Countries, Russia, and some smaller producers) has increased their?oil production targets by over 2.7 million bpd in this?year. This is equivalent to around 2.5% of the global demand. After years of reductions, the shift in policy is intended to gain market share from rivals like U.S.
Romania extends OMV Petrom Permits; Onshore royalty tax will jump
The coalition government of Romania announced on Wednesday that it had extended exploration and production licenses for energy group OMV "Petrom" (and agreed to increase its onshore royalties by approximately 40%). OMV Petrom is a majority-owned company by Austrian OMV. It supplies a third of Romanian gas, fuels, and electricity. OMV Petrom, in partnership with the state-owned Romgaz, is developing the deepwater project Neptun Deep, located in the Black Sea.
Malaysian palm oil production tops 20 million tons in first time.
The industry regulator said that Malaysian palm oil production will surpass 20 million metric tons for the first year, thanks to more efficient harvesting and improved labour availability, as well as output from "maturing plantations". The record production of palm oil in Malaysia, the second largest exporter in the world, is expected to increase inventories. This could put pressure on Malaysian benchmark futures which are already trading at a low level for five months.
USDA maintains its US soybean export outlook after China resumes sales
In a report released on Tuesday, the U.S. Department of Agriculture kept its U.S. soyabean export forecast unchanged. Sales to China had resumed following a months-long boycott by Washington. USDA estimated soybean exports for the 2025/26 crop season, which ends on August 31, at 1.635 trillion bushels. The USDA also reported that ending stocks were unchanged from a month ago at 290,000,000 bushels. China, the world's largest soy -importer, has resumed purchasing U.S. soybeans after a meeting in late October between Presidents Xi Jinping & Donald Trump.
TotalEnergies consolidates its position in Namibia with the Galp asset exchange
TotalEnergies cemented its position in Namibia by agreeing on an asset exchange with Portugal's Galp, which makes the French company the operator for the Mopane exploration. Galp will receive a 10% stake in Total's PEL56 license, which holds the Venus discovery. It will also get a 9.4% share in the PEL91 license. The three licenses are all next to one another. Total will cover half of Galp’s exploration and appraisal costs on Mopane. However, Galp must pay back this amount from future cash flows from the field.
Congo tightens its grip on cobalt by imposing new export restrictions
According to a government document reviewed by, the Congo has introduced new conditions for exporters of cobalt. This could complicate a recently implemented quota system, as the country tries to maintain a tight hold on this key mineral. Circular shows that the new conditions include, among others, pre-paying a 10% royalty in 48 hours, and obtaining a certificate of compliance. In October, the Democratic Republic of Congo introduced a quota-based system to replace a long-standing export ban.
Serra Verde cancels China offtake deal after being approached by Western firms
Serra Verde, a Brazilian rare earths mining company, has reduced the contract durations of its Chinese processing agreements, allowing it to potentially supply Western companies once their separation capacity is available in the coming years. China is the largest supplier of rare earths in the world, and 90% of it is processed. This makes it vital to electronics, defence, electric vehicles, wind turbines and other industries. Serra Verde, when developing its mine, agreed to 10-year deals with Chinese companies for the purchase of its concentrate.
Cane-ethanol producers in Brazil do not see corn-ethanol as a threat
Plinio Nastari of the agribusiness consultancy Datagro said that the growing demand for ethanol should be used to ensure that corn is not used as a feedstock in the production of biofuels. Since the turn of the century, corn-based ethanol has tripled in Brazil while cane-based production has stagnated. Brazil's cane-mills are able to produce sugar or ethanol. Nastari said at a conference of the sugar industry that Brazil could absorb more corn-based and cane-based cane ethanol.
Romania adopts decree to control Lukoil local assets
The coalition government in Romania approved a decret on Tuesday that allows it to control the assets local of companies subject to international sanctions such as Russia's Lukoil. Lukoil operates 320 petrol stations across Romania. It is the third largest refinery in the country and has offshore exploration rights for a part of the Black Sea. For weeks, the refinery has been closed for maintenance. It accounts for about one-quarter of Romania's fuel supplies.
Signing a maritime demarcation agreement between Lebanon and Cyprus opens the door to possible energy exploration
On Wednesday, Lebanon and Cyprus signed the long-awaited maritime delimitation agreement. This will pave the way for the exploration of gas fields offshore and the energy cooperation in Mediterranean. The agreement was signed at Lebanon's Presidential Palace by the Lebanese president Joseph Aoun, and the Cypriot president Nikos Christodoulides. Both leaders told reporters that the signing would indicate a deeper level of cooperation between Lebanon and EU-member Cyprus. Christodoulides stated, "This agreement is historic.
Sources claim that Fedun, the co-founder of Lukoil, has sold his stake to the company.
Three sources and data show that Leonid Fedun sold his $7 billion stake in Lukoil. This marked the end of a 30-year journey which made Lukoil an international force, but saw it recently shrinking rapidly under sanctions. Lukoil, which had avoided Western sanctions for months over Russia's invasion in Ukraine, was severely hit by Western sanctions and now is selling its foreign assets. Analysts have long suggested that the company could be a target for Rosneft - a state-controlled competitor, which is now also subject to Western sanctions.