McKinsey: Fossil Fuels will dominate the global energy usage beyond 2050
According to a McKinsey study, oil, coal and gas will dominate the global energy mix long after 2050. This is because the demand for electricity continues to grow faster than the transition to renewables. The continued use of fossil fuels is a major obstacle to reaching global climate targets. The report states that the main reason…
China builds oil reserves in response to a stockpiling campaign
China has been building oil reserves at an accelerated pace as part of its campaign to increase crude stocks. This urgency increased after Russia's invasion of Ukraine disrupted global energy flows. It also accelerated in this year according to traders, industry experts and public data. According to sources such as domestic news, government reports…
Foreign Minister: Hungary will buy 4 billion cubic meters of natural gas from Engie in France
Peter Szijjarto, Hungary's Minister of Foreign Affairs, said that Hungary will buy 4 billion cubic meters of natural gas between 2028-2038 from the French energy company Engie. Szijjarto stated that Engie will sell 400 million cubic meters (mcm), of gas, to Hungary each year under the "longest LNG contract in Hungary’s history". Hungary consumes approximately 8 billion cubic meters of gas per year.
New Zealand Government to support energy companies' investments in critical infrastructure
The New Zealand Government announced on Wednesday it will financially support investments by energy companies to build critical electricity infrastructure. The government owns 51% of the former state-owned power generators Genesis Energy Mercury and Meridian. New Zealand's energy prices are rising as the supply is tightening. This has put energy generators on the radar.
Slovakia's Fico wants to find a 'common ground" with the US over Russian energy supplies
Robert Fico, the Slovak prime minister, said that Slovakia expected to find "common grounds" with the United States following pressure to stop Russian energy purchases. He defended receiving supplies in Moscow. The European Union wants to isolate Russia in anticipation of its invasion of Ukraine in 2022 and has halted purchases of Russian fuel, which could provide revenue for the war. Donald Trump, the U.S.
Poland Urges EU Members to End Russian Oil Imports by 2026
Poland has urged European Union member states that are still buying Russian energy to end those imports by the end of 2026 and will offer them help towards that effort, Energy Minister Milosz Motyka said on Wednesday.The Druzhba oil pipeline delivers Russian oil to Hungary and Slovakia, which continue to buy energy supplies from Russia…
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…
India offers large incentives for carbon capture as coal remains a major part of the energy mix
India is planning to launch a national initiative to capture carbon dioxide with significant government incentives as it tries to balance its rising energy demands with climate goals, while still relying heavily on coal. Rajnath Ram said that the initiative, which aims to promote carbon capture, utilisation, and storage (CCUS), could provide funding support ranging between 50% and 100% for selected projects.
EU Targets Power Grid Bottlenecks to Lower Prices, Improve Security
The European Union will prioritise fixing eight power grid bottlenecks, the Commission President said on Wednesday, in an effort to lower the bloc's uncompetitive energy prices and improve energy security."I am presenting today a new initiative called Energy Highways. We have identified eight critical bottlenecks in our energy infrastructure.
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.
Italy may struggle to achieve 2030 green goals according to a study
A study released on Saturday showed that Italy may not be able to achieve the carbon emission targets set at EU level because of delays in green transition areas such as renewable energy generation and energy storage. The report prepared by the energy group Edison, and think tank TEHA, indicated that Italy would take 10 years longer to deploy renewables and storage facilities than anticipated…
Al Mansour Holdings, Qatar, bets on Zimbabwean energy in a deal with Australia's Invictus
Al Mansour Holdings, a Qatari investment company, has acquired a 19.9% stake of Invictus Energy in Australia and will contribute up to $500m to the development of the Cabora Bassa Gas Project in Zimbabwe. The equity stake acquired for A$37.8m ($24.56m) will be used to fund short-term projects, including drilling the Musuma-1 priority well.
Nikkei reports that Mitsubishi Corp. and others will withdraw from three offshore-wind projects in Japan.
The Nikkei daily reported that a consortium led by Mitsubishi Corp is planning to pull out of three offshore wind projects in Japan's Chiba Prefecture and Akita Prefecture due to concerns about profitability. Japan, which is heavily dependent on imported energy, has turned towards renewable energy in order to boost energy security and achieve carbon-neutrality by 2050.
Russian Oil Supplies to Hungary and Slovakia Halted After Ukraine Attack
Russian oil supplies to Hungary and Slovakia could be suspended for at least five days after a Ukrainian strike on a facility in Russia, Hungarian and Slovakian officials said on Friday, in a widening of the fallout of Russia's war in Ukraine.Russia and Ukraine have stepped up attacks on each other's energy infrastructure, hitting Ukrainian domestic heating supplies…
ConocoPhillips to Buy 4 Million Tons LNG from Sempra's Port Arthur Phase 2 Project
U.S. oil and gas producer ConocoPhillips said on Thursday it would secure 4 million tonnes per annum of liquefied natural gas from Sempra's Port Arthur LNG Phase 2 project in Texas to serve key global markets.Commercial activity in the U.S. LNG sector has picked up pace after President Donald Trump lifted a moratorium on new liquefied…
ConocoPhillips will purchase LNG from Sempra Port Arthur Phase 2 Project
ConocoPhillips, a U.S. oil-and-gas producer, announced on Thursday that it will secure 4 million tonnes of liquefied gas per year from Sempra’s Port Arthur LNG phase 2 project in Texas for key global markets. The commercial activity in the U.S. liquefied gas sector has increased since President Donald Trump lifted his moratorium on new export permits for liquefied natural gases shortly after taking office.
Polish President vetoes Bill to ease rules on building wind farms
Karol Nawrocki, the Polish president, vetoed on Thursday a bill that would have eased rules for onshore wind farm construction. He said that the government's decision to combine it with a price freeze on energy was "blackmail". The accusation is a new salvo in the battle against the centre-right government of Donald Tusk. He is an…
T1, Corning and Corning to produce solar panels in the USA
T1 Energy, a U.S.-based solar company, and Corning, a specialty glass manufacturer, have announced a deal to create a domestic supply chain for solar panels, including polysilicon and wafers. This deal will allow T1 to meet the growing demand in the United States for panels made with American components. Solar companies are restricted…
Germany's SEFE allocates three TWh of the auction volume to Rehden Gas Storage
SEFE, a German gas company, announced on Wednesday that it has allocated the full volume of working gas it offered in an auction to its Rehden facility located in northern Germany. SEFE Storage announced in a press release that it has allocated storage capacity of 3 TWh in underground storage Rehden, on the PRISMA platform. The wholesale…
New Zealand lifts the ban on oil and Gas Exploration imposed by Ardern
The New Zealand parliament passed legislation on Thursday to reopen New Zealand for offshore oil exploration. This lifted a ban placed by the former prime minister Jacinda Ardern. The law allows companies to apply for permits as early as September, even if they are not located in Taranaki. This energy-rich region of the North Island is a rich source of petroleum.