Austrian OMV expects the gas production at Neptun Deep to begin in 2027
Austrian oil-and-gas group OMV announced on Wednesday that gas production is expected to begin in the Black Sea in 2027 as part of their Neptun Deep Project. The company stated that drilling for the first ten wells began in March. It is expected to take between two and three months.
Serhiy Korotetskyi is appointed as the new CEO of Ukraine's Naftogaz
Naftogaz, Ukraine's national oil and gas company, announced on Tuesday that Serhiy Koretskyi would be its new CEO effective May 14. Koretskyi, an engineer and economist, is the CEO of Ukrnafta & Ukrtatnafta which are both part of Naftogaz. In 2022, he took over Ukrnafta - Ukraine's largest petroleum company.
Hydro signs billion-euro contract to supply NKT low-carbon aluminum for EU grid
Hydro, a Norwegian company, announced on Tuesday that it had signed a contract to supply NKT in Denmark with low-carbon aluminum wire rod for the production and upgrade of Europe's grid infrastructure. The European Union published in 2023 a plan to improve the efficiency of their electricity grids…
Norway's Yara trounces profit estimates despite rising gas costs, tariff concerns
Yara's shares rose 4.7% early in the morning trade after it reported a first-quarter core profit that was well above expectations. This was due to higher volumes and better margins. The company highlighted its ongoing cost reductions, as well as portfolio optimization.
EU to Present a Roadmap in May for the Phase-out of all Russian Fossil Fuel Imports
Ursula von der Leyen, the President of the European Commission, said that in two weeks it will present a roadmap outlining how it plans to eliminate all Russian fossil fuel imports. She made this announcement at a London energy event on Thursday. In response to Moscow's invasion of Ukraine in 2022…
Ukraine's Naftogaz signs a contract with Orlen for 100 mcm gas
Ukraine's Naftogaz signed a contract on Thursday for another 100 million cubic meters (mcm), bringing its total purchase volume from Orlen to 300 mcm. After Russian missiles damaged the production facilities to the east of Ukraine, Ukraine was forced to increase…
Hammerfest LNG Plant in Norway will be closed for maintenance from July until August
Equinor announced that its Hammerfest LNG Terminal, Europe's biggest liquefied gas export facility, was shut down on Tuesday for planned annual maintenance. According to a regulatory document, the maintenance outage, which began at 0400 GMT at the Hammerfest LNG plant (also known as Melkoeya LNG)…
Prices for Europe GAS slightly lower due to healthy Norwegian and LNG supplies
The prices of Dutch and British natural gas were lower Tuesday morning due to warm temperatures, a strong supply coming from Norway and LNG. Market players continue to monitor developments regarding tariffs and the talks to end Ukraine's war. LSEG data shows…
EU to publish plan in May to stop Russian gas and oil imports
After twice postponing the plan, the European Commission announced on Monday that it will unveil a more comprehensive strategy for phasing out Russian gas and oil imports in January. In response to Moscow's invasion of Ukraine in 2022, the EU has committed to stop using Russian fossil fuels before 2027.
Sources say that the White House is considering an executive order to speed up deep-sea mines.
Two sources who are directly involved in the White House's deliberations say that they are considering an executive order which would expedite permits for deep sea mining in international waters. This would allow mining companies to bypass a United Nations review process.
Equinor's new Arctic Oilfield will pay off $8 billion investment within 2 years
Equinor said that its Johan Castberg oilfield, located in the Arctic Barents Sea, began production Monday, after several delays. The company expects to recoup the 86 billion Norwegian crowns ($8.14 billion), which it paid for the field, in less than two year.
UK watchdog warns SLB-ChampionX could harm competition
The British Competition Regulator said that the proposed $8 billion acquisition of smaller competitor ChampionX by oilfield services firm SLB could lead to a significant lessening in competition in the United Kingdom. SLB and ChampionX will not be allowed to…
Australia pours billions into missile procurement amidst global shortages
Australia's plans for developing its own missile component capability will likely be slowed by the Ukraine war and increased European defense spending, even though it is pushing ahead with a multi-billion dollar effort to purchase long-range attack missiles.
Equinor, Norway's largest oil company, scales back its climate ambitions due to wind change
Equinor, the Norwegian energy company, has weakened its plan for energy transition as it struggles with delivering on promises to invest in renewable energy technologies and low-carbon technology. It cited practical difficulties and shifts in political priorities.
Prices of EUROPE Gas are down due to milder weather.
The wholesale gas prices in the Netherlands and Britain were lower on Thursday morning. This was after a recovery in the previous session. According to LSEG, the Dutch front-month contract fell by 0.53 euros at 43.19 Euros per Megawatt Hour (MWh) as of 0947 GMT.
Investor leading climate talks with Equinor says it's time to sell out
One of the asset management companies that is co-leading the climate talks with Equinor, on behalf of over 600 investors, has said that it sold its shares because the board of the oil giant failed to align their strategy with the global goal of limiting the effects of global warming.
Prices of EUROPE GAS are rising amid higher demand and lower Norway exports.
Dutch and British wholesale prices of gas rose on Tuesday morning due to lower Norwegian exports into Europe and increased demand. The benchmark front-month contracts at the Dutch TTF Hub were up 0.64 euros at 41.68 Euro per Megawatt Hour (MWh) at 0932 GMT, LSEG Data showed.
Iberdrola is looking for a partner to help it develop a 1 GW renewable energy portfolio, according to sources
According to two sources familiar with the situation, Spanish energy company Iberdrola seeks a partner who is willing to purchase a minority interest in a renewables portfolio of about 1 gigawatt. Sources described the project under the name "Romeo 2.0." This…
DNO buys Sval Energi in cash for $450 mln, enhancing North Sea portfolio
Norwegian oil group DNO announced on Friday that it had agreed to purchase rival Sval Energi Group, which is focused on the North Sea from private equity group HitecVision. The cash consideration was $450 million based on a $1.6 billion enterprise value. It…
Statkraft, Norway's largest steel producer, reports a drop in profits and says that politics may have an impact on costs
Statkraft, a Norwegian company, reported a 56% decline in its fourth-quarter operating profit despite soaring power prices. Statkraft also warned that trade wars may increase the cost to build generation capacity. Statkraft's earnings before interest and taxes…
