(Bloomberg) — Less than two years ago, Engie SA scrapped plans to buy U.S. liquefied natural gas, handing a victory to environmentalists that urged the French energy giant to drop the purchase on pollution concerns. Fast forward to 2022 and that deal has been signed, alongside agreements with Bulgaria to Poland to bring in American fraced gas...
(Bloomberg) — Hungary told its European Union counterparts that it will cost at least 770 million euros ($810 million) to revamp its oil industry as they wrangle over potential sanctions that would target Russian supplies. Prime Minister Viktor Orban’s government said 550 million euros were needed to overhaul its refineries to comply with th...
(Bloomberg) — The smallest oil producer in the Persian Gulf is turning to natural gas imports to meet rising energy demand as production from its own deposits slips. Bahrain plans to import at least five or six cargoes of liquefied natural gas in 2025, according to Mark Thomas, chief executive officer of Nogaholding, which manages the country...
(Bloomberg) — Saudi Aramco posted its highest profit since its record stock-market listing, after oil prices surged in the wake of Russia’s invasion of Ukraine. Aramco, which last week , followed Big Oil rivals such as Shell Plc and BP Plc in reporting bumper earnings for the first quarter. Like them, the Saudi Arabian firm’s res...
(Bloomberg) — Six months ago, U.K. North Sea oil and gas faced the bleakest outlook in its 50-year history. The government was focused on hosting the COP 26 climate talks and environmental groups were close to killing off one of the country’s largest oilfield developments, called Cambo. An industry that had excelled at prolonging its lifespa...
(Bloomberg) — Iran has capacity to double oil exports if there’s sufficient demand, a top official said, even as a deal on the country’s nuclear program that could pave the way for the lifting of sanctions remain elusive. Iran will “exert maximum effort to recoup its crude oil market share and revive its customers,” Mohsen Khojastehmeh...
(Bloomberg) — The Biden administration is scrapping planned auctions of drilling rights in the Gulf of Mexico and Alaska’s Cook Inlet -- a move that deepens uncertainty over the future of the U.S. government’s offshore oil leasing program. The Interior Department said in an emailed statement it “will not move forward” with two Gulf lea...
(Bloomberg) — The European Union’s executive arm is set to bolster renewables and energy savings goals as part of a 195 billion-euro ($205 billion) plan to end its dependency on Russian fossil fuels by 2027. The European Commission will propose raising its clean energy target for 2030 to 45% from the current 40% when it puts forward a packag...
(Bloomberg) — Equinor ASA sold assets in the North Sea for $1 billion as it seeks to benefit from high oil prices and redirect proceeds to other core businesses. Norway’s largest energy company offloaded its entire share in the Greater Ekofisk Area and a 19% stake in the Martin Linge field to Sval Energi, Equinor said in a T...
(Bloomberg) — European refiners continue to lap up North Sea crude to seek replacements for Russian oil in response to the war in Ukraine. All Forties cargoes loaded so far this month were sold to Europe, and all but two tankers with Johan Sverdrup were discharged in the region, according to ship tracking data compiled by Bloomberg. It’s the...