U.S. natural gas hits five-month low on milder winter forecast

(Bloomberg) --U.S. natural gas futures plunged to the lowest since July as the weather forecast for the new year shifted milder and record-high prices in Europe plunged. Futures fell as much as 9.5% on the New York Mercantile Exchange Thursday, the most since early December. Unseasonably high temperatures are expected on the East Coast and south...

Marathon to receive second release from U.S. strategic petroleum reserve

(Bloomberg) --The U.S. Energy Department awarded a second batch of crude oil from the strategic reserve to Marathon Petroleum Corp. as part of the Biden administration’s effort to lower energy costs. Marathon will receive 250,000 barrels of crude oil as part of an exchange from the Strategic Petroleum Reserve, the Department of Energy said on...

U.S. LNG exporters turn their attention to Europe

(Bloomberg) --Cold-stricken Europe is drawing a flotilla of U.S. liquefied natural gas cargoes amid an energy crisis that has sent gas prices to record levels. Facing a winter shortage and little relief from the continent’s main supplier Russia, natural gas in Northwest Europe is trading for about $57.54 per million British thermal units, up a...

Oil prices reach four-week high on declining U.S. crude stocks

(Bloomberg) --Oil settled at the highest level in nearly a month after U.S. crude stockpiles decreased and economic data pushed equities higher. West Texas Intermediate futures rose 2.3%, closing above $72 for the first time in two weeks. Prices got a boost after the Energy Information Administration reported crude inventories declined 4.72 mill...

European energy price surge forcing industrial output cuts

(Bloomberg) --The relentless surge in European energy prices is exposing the region’s biggest gas and power consumers to heavy losses, forcing industrial giants to cut production and threatening the economic recovery. With energy costs spiking to fresh records day after day, financial strain is mounting for industries including metals and fert...

Decarbonization goals fuel talent acquisition in energy-intensive industries

As companies target net zero emissions by 2050, industrial decarbonization gathers momentum to embrace novel technologies, smart policies, robust investments, and new business models. To drive such initiatives, talent hiring is on the rise across industries, according to GlobalData, a leading data, and analytics company. Kiran Raj, Principal Dis...

Carbon+Intel – ADNOC and TAQA set $3.6 billion plan to decarbonize offshore operations

ABU DHABI – ADNOC and TAQA announced a $3.6 billion strategic project to significantly decarbonize ADNOC’s offshore production operations, further strengthening ADNOC and TAQA’s position in driving and leading sustainability efforts and supporting the UAE’s ‘Net-Zero by 2050 Strategic Initiative’.  The innovative project will se...

Aker BP buys Lundin’s oil and gas units for $10B, becoming major North Sea player

(Bloomberg) --Aker BP ASA agreed to buy the oil and gas business of Lundin Energy AB in a $10 billion deal that creates the second-largest producer on the Norwegian Continental Shelf. The transaction completes Aker BP’s ascendancy in the Nordic country’s offshore energy industry, putting it behind only state-owned Equinor ASA just five years...

Norway’s oil regulator seeks value creation through better use of data

OSLO - The Norwegian Petroleum Directorate (NPD) has taken an initiative to discuss with the industry which steps can be taken to increase value creation through better use of data. The initiative is being taken in an effort to improve the NPD’s role as data manager. “Having the right data available at the right time and in the right form...