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News

Tesla Launches Construction Of Lithium Refinery In Texas

Tesla Launches Construction Of Lithium Refinery In Texas

May 10, 2023 at 02:03 | Charles Kennedy

Tesla this week broke ground on a lithium refinery in Texas in the company’s latest move aimed at ensuring a sufficient supply of critical materials for the manufacturing of its…

Surprise Inventory Build Starts To Eat Into Oil Price Rally

Surprise Inventory Build Starts To Eat Into Oil Price Rally

May 09, 2023 at 19:00 | Julianne Geiger

Crude oil inventories in the United rose this week by 3.618 million barrels, the American Petroleum Institute (API) data showed on Tuesday, with analysts expecting a 1.600 million barrel draw.…

NextEra To Sell Natural Gas Pipelines In 100% Transition To Renewables

NextEra To Sell Natural Gas Pipelines In 100% Transition To Renewables

May 09, 2023 at 12:52 | Charles Kennedy

Renewable energy giant NextEra Energy Partners is planning to offload all of its natural gas pipelines to focus on clean energy expansion exclusively by 2025.  NextEra…

TotalEnergies Set To Start Drilling In Lebanon Later This Year

TotalEnergies Set To Start Drilling In Lebanon Later This Year

May 09, 2023 at 12:38 | Charles Kennedy

French TotalEnergies is set to launch long-awaiting drilling offshore Lebanon in Q3 of this year, with the restive, energy-starved country now awaiting news of a potential first discovery…

Church Of England Loses Faith In Shell’s Climate Plans

Church Of England Loses Faith In Shell’s Climate Plans

May 09, 2023 at 12:29 | City A.M

The Church of England (CofE) will vote against the reappointment of all directors at upcoming AGMs – starting with Shell later this month – in response to a perceived lack…

Canada Wildfires Shut In Nearly 4% Of Oil And Gas Production

Canada Wildfires Shut In Nearly 4% Of Oil And Gas Production

May 09, 2023 at 08:44 | Charles Kennedy

Wildfires in Canada have so far resulted in the shut-in of 319,000 barrels of oil equivalent per day (boepd) from the country’s oil and natural gas production, or 3.7%…

Australia Looks To Become World's Leading Green Hydrogen Producer

Australia Looks To Become World's Leading Green Hydrogen Producer

May 09, 2023 at 08:40 | Tsvetana Paraskova

Australia's government is allocating $1.35 billion (AUS$2 billion) in the 2023- 24 budget to accelerate large-scale renewable hydrogen projects, aiming to become a world leader in green hydrogen production. The…

Supertanker Rates Crash 75% After OPEC+ Cuts Oil Supply To Markets

Supertanker Rates Crash 75% After OPEC+ Cuts Oil Supply To Markets

May 09, 2023 at 08:23 | Charles Kennedy

Freight rates for supertankers have plunged by 75% in a month since several large OPEC+ producers announced a new round of oil production cuts that will lead to lower volumes…

Ford To Trial Hydrogen Fuel Cell Transit Van

Ford To Trial Hydrogen Fuel Cell Transit Van

May 09, 2023 at 08:19 | Tsvetana Paraskova

Ford is launching a three-year hydrogen fuel cell trial to see if a hydrogen-powered version of its E-Transit van can work, the carmaker said on Tuesday. Ford will be joined…

Top African Bank Defends Support For Fossil Fuel Projects

Top African Bank Defends Support For Fossil Fuel Projects

May 09, 2023 at 04:21 | Tsvetana Paraskova

Standard Bank Group, the South Africa-based lender with the biggest assets in Africa, says that access to energy in Africa will continue to drive its support for fossil fuel projects.…

Occidental Petroleum Begins Buying Back Buffett Stock

Occidental Petroleum Begins Buying Back Buffett Stock

May 09, 2023 at 01:59 | Irina Slav

In something of a reversal in trends, Occidental Petroleum has started buying back preferred stock it transferred to Warren Buffett’s Berkshire Hathaway in exchange for its financial backing for the…

Republican Legislators Call For An Evaluation Of SPR Management Under Biden

Republican Legislators Call For An Evaluation Of SPR Management Under Biden

May 09, 2023 at 00:59 | Irina Slav

Two Republican legislators have called for an evaluation of the Department of Energy’s management of the Strategic Petroleum Reserve (SPR) and an audit of its modernization program. The calls come…

14,000 Inactive Oil & Gas Wells In U.S. Unplugged

14,000 Inactive Oil & Gas Wells In U.S. Unplugged

May 08, 2023 at 12:26 | Alex Kimani

A study published in Nature Energy on Monday has revealed that the U.S. Oil Patch is home to tens of thousands of inactive offshore oil and gas wells that…

Alberta Wildfires Take 145,000 Bpd Of Oil Off Market

Alberta Wildfires Take 145,000 Bpd Of Oil Off Market

May 08, 2023 at 11:15 | Charles Kennedy

The Canadian energy sector is reeling after the shutting in of at least 145,000 of oil equivalent per day (boepd) in the oil-rich province of Alberta due to…

EU Looks To Extend Trade Restrictions On Companies Aiding Russia

EU Looks To Extend Trade Restrictions On Companies Aiding Russia

May 08, 2023 at 09:47 | Charles Kennedy

The European Commission has proposed to EU member states to consider trade restrictions on companies from China, Hong Kong, the UAE, Uzbekistan, and Armenia which are thought to be helping…

Buffett Will Not Seek Control Of Occidental Petroleum

Buffett Will Not Seek Control Of Occidental Petroleum

May 08, 2023 at 09:16 | Tsvetana Paraskova

Warren Buffett’s Berkshire Hathaway will not be seeking full control of Occidental Petroleum (NYSE:OXY) despite having amassed a stake of over 23%, the Omaha investor said at Berkshire’s…

Nigeria To Finally Commission Huge 650,000 Bpd Oil Refinery

Nigeria To Finally Commission Huge 650,000 Bpd Oil Refinery

May 08, 2023 at 07:01 | Tsvetana Paraskova

After years of delays and massive cost overruns, Nigeria is set to finally see a 650,000 barrels per day (bpd) oil refinery commissioned later this month. The Dangote Refinery, built…

Warren Buffett Sees Uncertainty In The EV Market

Warren Buffett Sees Uncertainty In The EV Market

May 08, 2023 at 03:17 | Irina Slav

There will be no winner in the EV market as uncertainty abounds in the sector. This is what Berkshire Hathaway CEO Warren Buffett said at the firm’s annual meeting this…

China Boosts Offshore Oil And Natural Gas Output

China Boosts Offshore Oil And Natural Gas Output

May 08, 2023 at 02:11 | Charles Kennedy

China reported higher offshore crude oil and natural gas production for the first quarter, with oil production up by 3.8% and natural gas production up by 6.5%, Xinhua reported.…

Alberta In State Of Emergency Amid Wildfires

Alberta In State Of Emergency Amid Wildfires

May 08, 2023 at 01:08 | Charles Kennedy

The province of Alberta declared a state of emergency this weekend with tens of thousands forced to evacuate amid raging wildfires in Canada’s oil country. According to Reuters, on…

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