Indonesia is looking for new technologies to improve oil drilling
Officials said that Indonesia issued a new regulation on Tuesday to encourage investment by oil drilling technology providers to increase production at existing wells. Yuliot Tajung, the deputy energy minister, told reporters that this policy aims to reactivate idle wells as part of an effort to increase oil production to one million barrels per daily (bpd) by 2029-2030, from less than 600,000.
NATO funds biotech startup to counter biological threats
The fund co-leads a $35 million fundraising campaign for Portal Biotech. This company uses protein sequences to detect engineered threats, and defend against biowarfare. Ana Bernardo Gancedo is a senior associate with NATO Innovation Fund and said that the UK-based Portal Biotech has a capability essential to biosecurity, defence, and security. The fund was created in 2022, after the Russian invasion in Ukraine.
Germany's LEAG suspends H2UB green hydrogen plan
Energy firm LEAG announced on Friday that plans to build Europe's biggest green energy hub on the site disused coal-fired plant units in east Germany had been put on hold indefinitely. The announcement comes just a week after ArcelorMittal canceled plans to convert to carbon-neutral steel production two German steel mills, citing high costs of energy. LEAG announced that H2UB Boxberg…
Draft document shows that heavy industries will get a price reduction on electricity under the new EU regulations
A draft of the new EU rules on state aid, which are due to be published by the European Commission on Wednesday, revealed that heavy industries would receive a temporary reduction in electricity prices. This is despite criticisms from companies about high energy costs and restrictive green regulations. Eurometaux, a group of metals industry professionals, sent a warning to Ursula von der Leyen at the beginning of this month.
New York to build advanced nuclear power plant in upstate New York, Governor says
Kathy Hochul, the Governor of New York, announced on Monday that the state plans to build a nuclear power plant capable of producing at least one gigawatt, making it the first new reactor in the United States for a generation. After decades of stagnation in the U.S., nuclear power is experiencing an renaissance. This is due to the record-breaking electricity demand caused by the proliferation…
Russia is ready to provide LNG to Mexico
The Russian Embassy in Mexico announced on Saturday that it was ready to share its energy technologies and supply Mexico with liquefied gas. "We already work with Mexico." "We have excellent LNG technology, and we're ready to share this technology and supply LNG too," Russian Energy minister Sergei Tsivilev stated. The embassy said that Russia was ready to provide oil extraction technologies…
Statkraft, Norway to reduce costs by $292 million and may layoffs
Statkraft, the Norwegian state-owned utility, announced on Wednesday that it will reduce its annual costs of around 15%, or 2.9 billion crowns (US$292 million), by 2027. Statkraft cited increased global uncertainty as well as higher expenses and lower electricity prices. After reducing its hydrogen ambitions last year, the company announced in May it would no longer be developing any new green hydrogen projects because of higher costs and an uncertain demand.
Senate bill increases value of tax credits to use CO2 captured to produce more oil
The U.S. Senate committee proposed that the tax credit to capture carbon emissions when recovering oil be equal to the tax credit of $85/metric tonne for permanently burying these emissions underground. This would be a boon to oil and gas producers. In its draft bill, the finance committee, which is a key part of the Republican budget package, proposed a change to the 45Q tax credit. This was formerly part of 2022's Inflation Reduction act.
Republican Senator says US Senate should relax provisions on clean energy tax credits
John Curtis, Republican Senator from Utah, said that the U.S. Senate needs to make some changes to House Budget Reconciliation Bill provisions which phase out clean energy tax credits. This includes a softer start-date requirement. Curtis is one of only a few Senate Republicans to have stated that they would like to see some clean-energy tax credit credits preserved in the Senate version of the budget.
Baker Hughes sells sensor unit to Crane at $1.15 billion
Baker Hughes announced on Monday that it would sell its Precision Sensors and Instrumentation (PSI), product line to aerospace parts and defense parts manufacturer Crane, for $1.15 Billion. The oilfield services provider is looking to optimize its portfolio. Lorenzo Simonelli, the CEO of Baker Hughes, has been reshaping the company to adapt to global energy transformation. He has shed non-core assets and invested in cleaner energy solutions.
UN agency: Tech giants' indirect emission has increased 150% in the last three years, as AI grows.
A United Nations report on Thursday said that indirect carbon emissions from four of the world's leading AI tech companies increased by an average of 150% between 2020 and 2023 due to power-hungry data centers. According to the International Telecommunication Union, the U.N. agency responsible for digital technologies, the use of artificial intelligence in data centres by Amazon, Microsoft Alphabet, and Meta increased their indirect global emissions.
UN agency: Tech giants' indirect emission has increased 150% in the last three years, as AI grows.
A United Nations report on Thursday said that indirect carbon emissions from four of the largest AI-focused tech firms, Amazon, Microsoft Alphabet, and Meta, increased by an average of 150% between 2020-2023 as they used more power to run energy-demanding servers. According to the International Telecommunication Union, the U.N. agency responsible for digital technologies, artificial…
The IEA predicts that global energy investment will reach a record $3,3 trillion by 2025.
The International Energy Agency (IEA), said Thursday, that despite geopolitical tensions and economic uncertainty, a surge in clean energy expenditure is expected to lead to a record $2.89 trillion in global energy investments in 2025. The IEA's annual World Energy Investment Report stated that clean energy technologies such as renewables, nuclear and energy storage are expected to attract $2.2 trillion, which is twice what was predicted for fossil fuels.
Nuclear companies and others ask Senate to maintain energy tax credits
Energy companies that represent technologies that provide stable and consistent baseload power urged U.S. Senate leaders on Tuesday to preserve the clean energy tax credit that was effectively eliminated by a Republican Bill passed last month by Congress. Republicans, including U.S. president Donald Trump, have criticised clean energy tax credit programs for encouraging intermittent renewable energy like wind and sun that fluctuates depending on the weather.
Exxon Signs Agreement With Azeri SOCAR to Explore Oil Production
Exxon Mobil and Azeri state energy company SOCAR said on Monday they signed a deal agreeing to explore onshore oil and gas production in Azerbaijan, while BP is expected to buy into new Azeri offshore fields, according to three sources.Azerbaijan's production mainly relies on mature oil fields in the Caspian Sea and the country is aiming to maintain its oil output at around 582,000…
Tokio Marine launches green units, aiming for $1 billion in revenue by 2030
Tokio Marine, a Japanese insurer, has created a unit that will insure low-carbon activities such as shipping, green hydrogen and cement. Its chair said the company aims to generate $1 billion by the end the decade. Fraser McLachlan, Fraser McLachlan's boss, said that the new Tokio GX unit (TMGX) will offer advisory and risk-transfer services to companies in a variety of sectors who are looking to decarbonise.
Japan's Gas Industry Allows Gas with Carbon Capture in 2050 Net Zero Plan
The Japan Gas Association announced on Tuesday that it will take a more flexible stance in its efforts to become carbon neutral in 2050. This includes allowing a greater use of gas, in conjunction with carbon capture and other decarbonisation methods. The industry group stated that it aimed to supply 50-90% by 2050 of its gas from biogas or e-methane, with 10-50% coming from natural gas and carbon capture.
Kuwait looks to public-private partnerships for energy projects that will help end the power crisis
The acting director general of Kuwait Authority for Partnership Projects, KAPP, said that Kuwait hopes new energy projects, involving both state and private investors, will help it tackle its power shortage. One of these contracts is due to be awarded in the next few weeks. Kuwait, a country that is a member of the Organization of Petroleum Exporting Countries, has suffered from a severe shortage of electricity due to rapid population growth…
Thyssenkrupp separates automotive and materials trading units with latest overhaul
Thyssenkrupp announced on Monday that it will separate its automotive, materials-trading and green technologies divisions over the next few years. This is the latest restructuring effort by the German conglomerate. Thyssenkrupp announced that the move would open the three divisions up to external ownership. It added that it would still remain the majority owner of each business in any future setup.
US cancels 24 clean-energy projects, including Exxon Baytown
Energy Department announced on Friday that the U.S. had canceled 24 awards totaling more than $3.7billion, including one to Exxon's refinery complex in Texas. The award was made during former president Joe Biden’s administration. Donald Trump's administration has announced that it is evaluating public-funded awards and loan programs issued to emerging technologies projects during Biden’s administration.
