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News

Germany Repurposes Underground Gas Storage for Green Hydrogen

Germany Repurposes Underground Gas Storage for Green Hydrogen

May 29, 2024 at 08:23 | Tsvetana Paraskova

Germany’s government approved on Wednesday a draft law to enable faster development of hydrogen projects and infrastructure by fast-tracking permitting and environmental checks for hydrogen production, storage, and transportation, government…

ConocoPhillips to Buy Marathon Oil in $22.5-Billion All-Stock Deal

ConocoPhillips to Buy Marathon Oil in $22.5-Billion All-Stock Deal

May 29, 2024 at 07:13 | Tsvetana Paraskova

ConocoPhillips said on Wednesday it would buy Marathon Oil in an all-stock deal with an enterprise value of $22.5 billion, including $5.4 billion of net debt, in the latest…

Signs of Weakening Oil Demand in China Multiply

Signs of Weakening Oil Demand in China Multiply

May 29, 2024 at 06:21 | Charles Kennedy

Signs of emerging weakness in crude oil demand in the world’s biggest importer of the commodity, China, are casting a shadow over the success of OPEC+ to prop up prices.…

ConocoPhillips in Talks to Buy Marathon Oil in All-Stock Deal

ConocoPhillips in Talks to Buy Marathon Oil in All-Stock Deal

May 29, 2024 at 06:14 | Tsvetana Paraskova

ConocoPhillips is in an advanced stage of discussions to acquire Marathon Oil in an all-stock transaction, the Financial Times reported on Wednesday, quoting sources briefed on the issue. A…

Shadow Fleet Derails Shipping Industry’s Efforts to Cut Emissions

Shadow Fleet Derails Shipping Industry’s Efforts to Cut Emissions

May 29, 2024 at 04:55 | Tsvetana Paraskova

The rising number of tankers transporting sanctioned oil and petroleum products under the radar is holding back efforts of the global shipping industry to reduce its greenhouse gas emissions. The…

Former Pioneer CEO Hits Back at FTC Over OPEC Collusion Allegations

Former Pioneer CEO Hits Back at FTC Over OPEC Collusion Allegations

May 29, 2024 at 01:58 | Irina Slav

The former chief executive of Pioneer Natural Resources has hit back at the Federal Trade Commission for “scapegoating” him with allegations of OPEC collusion. The FTC alleged that Sheffield had…

Oil Prices Rise as OPEC+ Meeting Draws Near

Oil Prices Rise as OPEC+ Meeting Draws Near

May 29, 2024 at 01:29 | Irina Slav

Crude oil prices moved higher earlier today ahead of the OPEC+ meeting on Sunday, with most analysts expecting the group to keep production cuts of some 2.2 million barrels daily…

Oil and Gas Investments in Norway Set for Record-High in 2024

Oil and Gas Investments in Norway Set for Record-High in 2024

May 28, 2024 at 12:09 | Michael Kern

Companies are expected to spend a record-high level of investment on oil and gas extraction and pipeline transportation in 2024 offshore Norway, thanks to higher expected spending on exploration and…

India's Largest Refinery Inks Russian Oil Deal

India's Largest Refinery Inks Russian Oil Deal

May 28, 2024 at 12:06 | Josh Owens

India’s private refiner Reliance Industries has signed a one-year agreement with Russia’s top oil producer Rosneft to buy at least two cargoes of Urals crude in Russian rubles per month,…

Hess Shareholders Head for Crucial Vote on Acquisition Proposal by Chevron

Hess Shareholders Head for Crucial Vote on Acquisition Proposal by Chevron

May 28, 2024 at 09:45 | Charles Kennedy

Hess Corporation’s shareholders are set to vote on Tuesday on Chevron’s proposal to buy the company in a vote that’s too close to call amid a growing number of shareholders…

Gasoline Prices Surge as Summer Driving Season Heats Up

Gasoline Prices Surge as Summer Driving Season Heats Up

May 28, 2024 at 09:41 | Julianne Geiger

As the summer driving season kicks into high gear, the national average price for a gallon of regular gasoline has seen a notable increase in the United…

TotalEnergies and VERBUND Explore Green Hydrogen Production in Tunisia

TotalEnergies and VERBUND Explore Green Hydrogen Production in Tunisia

May 28, 2024 at 08:11 | Tsvetana Paraskova

TotalEnergies and Austria’s electricity company VERBUND will study the feasibility of producing green hydrogen in Tunisia for export to central Europe via pipelines, the French supermajor said on Tuesday. …

UK Wind Farm to Pay $42 Million for Breaching Market Rules

UK Wind Farm to Pay $42 Million for Breaching Market Rules

May 28, 2024 at 07:35 | Tsvetana Paraskova

The operator of a large offshore wind farm in Scotland will pay $42.4 million (£33.14 million) to the UK’s energy market regulator for breaching rules after overcharging for having to…

Saudi Arabia Begins New Bond Sale to Plug Budget Deficit

Saudi Arabia Begins New Bond Sale to Plug Budget Deficit

May 28, 2024 at 06:51 | Tsvetana Paraskova

Saudi Arabia has mandated banks to arrange the placing of three-part bonds as the world’s largest crude oil exporter is looking to raise more money to plug a budget deficit…

Canada Could Lose $55 Billion in Oil Investment if Emissions Cap Is Implemented

Canada Could Lose $55 Billion in Oil Investment if Emissions Cap Is Implemented

May 28, 2024 at 04:54 | Tsvetana Paraskova

Canada’s oil and gas industry could lose US$55 billion (C$75 billion) in upstream investment by 2035 if the federal government implements a stringent 40% emissions cap from 2030, the Canadian…

Saudi Aramco Shares Tick Higher on Stock Sale News

Saudi Aramco Shares Tick Higher on Stock Sale News

May 28, 2024 at 03:07 | Charles Kennedy

Aramco’s shares climbed slightly higher today after media reports that the company planned to sell more shares as soon as next month. The news about a planned sale was exclusively 

New Petrobras CEO Promises Higher Shareholder Returns

New Petrobras CEO Promises Higher Shareholder Returns

May 28, 2024 at 02:44 | Charles Kennedy

The new chief executive of Petrobras, Magda Chambriard, has promised investors they will see stronger returns during her tenure, seeking to alleviate worries that the Brazilian state energy major would…

Oil Prices Climb on Stronger-Than-Expected Fuel Demand in the U.S.

Oil Prices Climb on Stronger-Than-Expected Fuel Demand in the U.S.

May 28, 2024 at 01:24 | Irina Slav

Crude oil prices extended the gains made on Monday earlier today, amid expectations of stronger fuel demand in the United States, following news of a robust increase in…

Memorial Day Jet Fuel Demand Outshines Gasoline

Memorial Day Jet Fuel Demand Outshines Gasoline

May 27, 2024 at 11:52 | Josh Owens

Summer markets for refined oil products are anticipating big numbers, with the AAA teasing the potential for a 4.8% surge in Memorial Day weekend air travelers and rising demand for…

Russia Seals Nuclear Power and Gas Deal with Uzbekistan

Russia Seals Nuclear Power and Gas Deal with Uzbekistan

May 27, 2024 at 11:49 | Michael Kern

During a visit to Uzbekistan on Monday, Russian President Vladimir Putin reportedly agreed to a deal to build the first Central Asian nuclear power plant in history with Russian state-run…

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