Latest Stories
Global temperature rise likely to exceed 1.5°C temporarily within five years, says WMO
There is an 80% likelihood that the annual average global temperature will temporarily exceed 1.5°C above pre-industrial levels for at least one of the next five years, according to a new report from the World Meteorological Organisation.
REM: Global temperature rise likely to exceed 1.5°C temporarily within five years, says WMO
Global investment twice as much in renewables as fossil fuels, says IEA
Global spending on clean energy technologies and infrastructure is on track to hit $2 trillion in 2024 even as higher financing costs hinder new projects, notably in emerging and developing economies, said a new report by the IEA.
Octopus Australia to develop 1 GW of wind
Octopus Australia is pleased to announce the successful purchase of an additional 28,000 hectares of land near Deniliquin, New South Wales in Australia. This is for the development of the new 1 GW Merino wind farm.
Ukraine’s energy sector suffers $56bn in losses due to war
Ukraine's energy sector has sustained $56.2bn in direct and indirect financial losses as a result of the Russian Federation’s full-scale invasion, according to calculations by the Kyiv School of Economics (KSE).
Court lets German Uniper pull out of long-term Gazprom contracts
Upon the decision of the Stockholm Court of Arbitration German energy major Uniper announced the cancellation of all long-term supplies contracts with Russian energy major Gazprom and its subsidiary Gazprom Export.
High domestic fuel usage killed chances of petrol exports, says Iranian deputy oil minister
A “sudden jump” in petrol consumption turned Iran into a fuel importer, the director of the National Iranian Oil Refining and Distribution Co. (NIORDC) said.
Nigerian modular refineries running below capacity due to feedstock troubles
Nigeria is still struggling to produce the feedstock needed for its refineries to run at full capacity, with policies from international oil companies, oil theft and pipeline vandalism all playing vital roles in perpetuating the issue.
Ukraine’s power sector close to “worst-case scenario”, says DTEK
The destruction inflicted on Ukraine’s power infrastructure has left it close to the “worst case scenario”, said Dmytro Sakharuk, executive director of Ukraine’s biggest privately owned utility DTEK,
Iraqi ministry defends Basra-Haditha pipeline plans
The Iraqi Ministry of Oil this week defended the Basra-Haditha oil pipeline project, highlighting its economic benefits, job creation potential, and enhanced export flexibility.
Iran set to restore damaged rig in offshore South Pars gas field
The Alpha 13 rig in Iran's mammoth South Pars gas field in the Persian Gulf is set to be officially brought online, Oil Minister Javad Owji said on June 12.
Pemex allocates $80mn for Etkal evaluation project
PEMEX Exploration and Production has secured approval from CNH for its evaluation programme targeting the Etkal-201EXP well, linked to the AE-0160-2M-Chalabil assignment.
Brazilian company Fluxus acquires Pluspetrol Bolivia
Fluxus, an oil and gas company owned by businessmen Joesley and Wesley Batista, finalised the acquisition of Pluspetrol Bolivia.
Devon Energy strikes out on M&A wave – so far
Devon Energy, the major US shale driller, has missed out on bids to purchase at least three of its peers in the last 12 months. This was reportedly because its shares were not seen as valuable enough, said people familiar with the negotiations.
Saudi oil sales to China to drop for 3rd consecutive month in July
Saudi crude oil sales to China are set to dial down in July for the third month on the trot, dropping to around 36mn barrels as plants take a time-out for maintenance and refiners look for cheaper oil deals.
FID for Suriname's inaugural deepwater oil project in late 2024, TotalEnergies’ FPSO order issued
Suriname is closing in on its first offshore oil development, with a final investment decision for Block 58 expected later this year.
Venezuela-owned Citgo parent shares attract strong interest in US court auction ahead of elections
Prospective bidders had until June 11 to submit their proposals in a US court-mandated auction of shares in PDV Holding, the parent company of US refiner Citgo Petroleum. The auction is set to take place in July, just before the Venezuelan elections.
Iran starts further developing mammoth oil field to boost output
Iran has begun the second phase of developing its Yadavaran oil field, aimed at pumping out 42,000 more barrels per day with a $350mn investment, Shana News Agency reported on June 12.
Ecuadorian government gears up for Amistad field tender
Ecuador's Ministry of Energy, under the interim leadership of Roberto Luque, is gearing up to initiate a tender for the blocks surrounding the Amistad field situated in the Gulf of Guayaquil.
Montenegro’s EPCG and Kotor-Lovcen cable car forge green partnership
Representatives of Montenegro's electricity producer EPCG, and the Žičara Kotor-Lovćen cable car, SIGNED a Memorandum of Understanding on June12, setting the stage for a cooperation towards harnessing renewable energy sources.
Follow us online