Apache Makes Another North Sea Oil Discovery

U.S.-based Apache made a 10 million-barrel light oil discovery in the North Sea on Friday, according to a new press release. The Garten discovery is just a few miles away from the Beryl Alpha platform, which will began extracting fuel from the site by 2019. Since 2015, explorers have struck the Callater, Corona, and Storr discoveries in the area. “The Garten discovery marks our fourth commercial discovery in the Beryl area in the past three years spanning several play types ranging from the Tertiary to the Triassic,” CEO John Christmann…

Trump Signs $1.3 Trillion Spending Bill With No Clean Energy Cuts

President Donald Trump signed a $1.3 trillion spending bill on Friday that will prevent a government shutdown without the funding cuts to the Department of Energy, Environmental Protection Agency and other federal clean energy programs his administration had been seeking. “There are a lot of things I’m unhappy about in this bill, there are a lot of things that we shouldn’t have had in this bill, but we were in a sense forced if we want to build our military,” Trump said regarding the signing. The spending bill even increased funding to certain…

Tesla Model 3 Faces Manufacturing Crisis

The manufacturing of Model 3 sedans has slowed significantly in recent weeks, according to a report by Clean Technica. CEO Elon Musk had promised to produce 2,500 Model 3 vehicles a week by the end of March, which is just eight days from today. Fans of the brand argue that the Fremont, California, manufacturing facility should be able to pump out an adequate number of vehicles, but estimated figures do not reflect the ideal case. Bloomberg’s best guess is that Tesla is building 810 vehicles a week, with 10,524 Model 3s built in total. Tesla…

Cenovus Energy Reduces Oil Production Due To Shipping Difficulties

Canada’s Cenovus Energy announced a planned slowdown in production due to shipping difficulties out of critical production areas, according to a new report by Bloomberg. Cenovus’ Christina Lake and Foster Creek facilities have already been producing at lower volumes since February, a statement on Thursday read. Cenovus share prices fell by 6.1 percent at the Toronto Stock Exchange, along with other Canadian fossil fuel companies like Suncor Energy and Canadian Natural Resources Ltd. “We’re taking steps to respond to a critical…

Norway Invites Mediator For Oil Industry Union Talks

Wage talks in Norway failed to reach an amicable conclusion on Thursday, prompting the government to summon a mediator to prevent oil industry-wide strikes in the nation, according to a report by Reuters. Norway – western Europe’s largest crude producer – has been in negotiations with labor unions over working conditions in the country’s fossil sector over the past week. There is an April 7 deadline for the government and unions to reach an agreement on pensions and a slew of other issues. Norwegian oil production is unlikely…

Largest Gulf of Mexico Lease Sale In History Attracts Lukewarm Interest

The Interior Department’s U.S. Gulf of Mexico Lease Sale 250 attracted $139 million in bids concentrated in deepwater offshore Louisiana and others areas near the Mexican border, according to a report by S&P Global Platts. While this sale was the largest for the body of water in history, the new round of lease sales bested the previous edition by $4 million, which is a relatively small difference overall. Still, bidding in the Mississippi Canyon area was active, with a string of multimillion-dollar bids being topped by a $7 million offer…

Federal Judge To Turn Courtroom In Climate Science Classroom

U.S. District Judge William Alsup is inviting oil and gas companies and climate scientists to present the best available knowledge on climate change in his courtroom, according to a new report by the New York Post. Lawyers from two California cities and five major oil and gas firms are on the hook to overview the history of climate change research and discuss the Earth’s cooling and warming cycles. Alsup may be seeking a formal introduction of the fossil fuel companies’ view on climate change for court records, Michael Wara, a lawyer…

Uber Halts Autonomous Car Testing After Fatal Accident

An Uber self-driving SUV killed a woman crossing the street in Arizona, causing the pseudo-taxi companies to suspend its ambitious autonomous vehicle program, a new Reuters report says. The incident marks the first fatality from a self-driving vehicle ever. This category of vehicles is being tested all over the world as analysts and consumers expect auto-piloted cars and taxis to become the transportation of the future. An operator was behind the wheel when the crash happened, though the car was in autonomous driving mode, police in Tempe said.…

Saudi Arabia Boosts Diesel And Gasoline Exports

Saudi Arabian diesel and gasoline exports reached record heights in January as the world’s largest oil exporter continues its compliance to the Organization of Petroleum Exporting Countries’ (OPEC) output cut deal. Crude output remained under the nation’s assigned quota, but the Kingdom increased diesel and gasoline and other fuel shipments by 27 percent to 1.912 million barrels per day in January, the Joint Organizations Data Initiative in Riyadh said. The figure demonstrates Saudi’s aggressive export agenda, which outpaces…

Iraq To Expand Oil Production Capacity Via Manmade Island

Iraq’s latest attempt to expand oil production capacity has the oil ministry considering a plan to inject seawater into underwater crude deposits from a manmade island, according to a new report by Bloomberg. Iraq has also sought bids from six companies to complete a $4 billion project, which would make onshore fields in the south more productive. Ihsan Abdul Jabbar, director of the state-owned Basra Oil Co., told Bloomberg that the ministry already received five bids from companies interested in creating new processing capacity at the 450,000-barrels…

Oil Majors Look To Gain Clarity On Sanctions Against Russia

The Italian oil major Eni will discuss sanctions against Russia with authorities in the European Union and the United States to gain clarity on the economic rivalry forming between President Donald Trump and the Kremlin, Reuters reported. Eni signed a cooperation agreement with Rosneft last year to explore fossil fuel deposits in the Barents Sea and the Black Sea last year. President Donald Trump has ramped up sanctions against Russia to retaliate against Moscow’s meddling in the 2016 presidential elections, as well as other cyberattacks.…

Nigerian Petroleum Reforms To Be Signed Into Law

Nigeria’s long-awaited Petroleum Industry Governance Bill (PIGB) will be signed into law by President Muhammadu Buhari towards the end of March, legislators hope, according to Reuters. The OPEC nation is Africa’s largest oil producer. In recent years, Angola has been vying to take the top spot, but the alleviation of domestic strife in the Niger Delta has restored stability in Abuja’s oil revenues. The PIGB is the first part of a larger industry legal framework overhaul called the Petroleum Industry Bill (PIB) that needs to pass…

BP To Sell Oilfields In Egypt To Shift Focus To Natural Gas

British Petroleum has begun to sell off its mature oil fields in Egypt to shift its focus to developing the country’s large natural gas reserves, according to a new report by Bloomberg.  The Gulf of Suez assets have been available to purchase for a few months, it has now been disclosed, and British Petroleum is hoping to raise roughly $1 billion from a deal, sources close to the matter said. BP has an overall goal to sell between $2 billion and $3 billion in assets this year, which is a less ambitious liquidation goal than last year…

New U.S. State Secretary Could Discourage Global Oil Output

Incoming State Secretary Mike Pompeo could change foreign policy in a way that could trigger the loss of 1.4 million barrels per day in global crude supply s ence of reciprocal efforts by US allies, seem likely to shift Iranian crude volumes from low-risk-tolerance destinations to high-risk-tolerance destinations, changing flows without necessarily changing volumes,” analysts with ClearView Energy wrote Tuesday. Russia is moving in on both Venezuela and Iran to gain new allies in South America and the Middle East. A consortium of Russian and Iranian…

Trump Sanctions Russia Following Energy Grid Cyberattack

The Trump administration issued a series of punitive sanctions against Russia for coordinating a cyberattack on the U.S. energy grid, aviation systems, and other infrastructure, according to a new report by the Associated Press. The measures also target Moscow for meddling in the 2016 presidential elections, which put President Donald Trump in power. Critics have said the White House has been too easy on the Kremlin since the last major U.S. polls.   “These targeted sanctions are a part of a broader effort to address the ongoing nefarious…

Iran Strikes Second Oilfield Development Deal Since Nuclear Pact

A consortium of Russian and Iranian companies signed an agreement with Tehran to develop two oilfields located on the country’s border with Iraq, according to emerging reports—Iran’s second deal since the nuclear pact. The project, which will develop the Aban and West Paidar fields, will cost $740 million and will produce roughly 105 million barrels of oil over a ten-year period. Russia’s state-run Zarubeznheft Oil Co. and Iran’s Dana Energy are the contract’s private signatories. Since the 2015 nuclear deal…

U.S. Will Not Interfere With Cyprus’ Exploration Agenda

The United States will not interfere with Cyprus’ ability to look for oil and gas resources offshore, according to a statement on Wednesday by Kathleen Doherty, the U.S. ambassador to the Mediterranean island country. U.S. energy giant ExxonMobil docked its leased exploration vessel in the Cypriot port of Limassol this week in preparation for impending offshore drilling. Turkish warships have blocked the Italian company Eni from docking similar vessels twice this year. Ankara argues that fossil fuel revenues must be shared with the Turkish…

Increased Oil Hedging Hints At Permian Production Boom

Oil hedges have become popular amongst U.S. shale drillers, who have used the financial trick to lock-in higher prices for their raw goods as barrel prices edge higher. The prices of half of all shale production this year have been locked in using futures contracts. After the fourth quarter, U.S. oil companies increased their hedges to 48 percent, compared to just 30 percent after the third quarter, according to a note by Goldman Sachs. Protected prices on future production make it easier for drilling to boost output and lower spending, attracting…

Is The Norwegian Oil Patch About To See New Strikes?

An ambiguous threat of widespread strikes in the oilfield services sector has caused Aker Solutions and Kvaerner to seek out labor leaders to potentially quell the demands of disgruntled workers, according to a new report by Energy Voice. Statoil, Aker BP, and Shell are also at risk of strike action. Beginning Monday, Norway’s field operators, employers and labor unions will participate in wage talks to avoid strikes by an April 7 deadline. Pension reforms are also a concern for those considering strikes. Labor union negotiator Asle Reime…

Trans Mountain Pipeline Faces Another Round Of Protests

The Canadian town of Burnaby will be the site of the latest round of protests against an upgrade of the Trans Mountain pipeline, according to a new report by Al Jazeera. The demonstration aims to be a showing of “clear opposition” against the project by environmentalists and indigenous groups. Prime Minister Justin Trudeau approved the project in 2016, which would triple the capacity of 1,150-km line that takes Alberta’s tar sands to the coast of British Columbia. “There comes a time in your life when you have to stand for something,”…

Nebraska Rules TransCanada Off The Hook In Eminent Domain Case

The Nebraska state Supreme Court ruled last Friday that the developer of the controversial Keystone XL pipeline is not bound to reimburse attorneys who defended landowners who had sued the company for its illicit land rights practices. TransCanada Inc. filed eminent domain claims against 71 landowners in the state, but later dropped them when uncertainty rose over the proper use of the constitutional provision. The homeowners had to hire lawyers to defend their property. “We conclude that none of the landowners established that they were entitled…

Permian Investments Represent $2 Of Every $10 In Global OFS Spend

Investments in the Permian Basin represent $2 of every $10 spent on oilfield services and equipment worldwide, according to analysis by an Oklahoma-based consulting firm. Spears & Associates said spending on drilling in the Texas basin, which is roughly the size of Florida, will rise by 50 percent this year from the boom of 2014. “The oil is a half day’s drive from the global headquarters of most oil companies, sits smack in the middle of the world’s largest consuming nation, the natives are friendly, and the government’s…

Shell To Enforce 3:1 Ratio For Gas And Oil Output

In an effort to halve its carbon emissions by the year 2050, Royal Dutch Shell will ensure it produces triple the amount of natural gas compared to oil, CEO Ben van Beurden said during Houston’s ongoing CERAWeek. “Over time, this net carbon footprint ambition will transform our company’s product mix,” van Beurden said. The company’s targets aim to lower emissions from its own operations and the burning of fossil fuels by its customers. Shell will also begin selling energy from its wind farms to offset the carbon output…

ExxonMobil Takes Heat For 7.5 Magnitude Earthquake In Papua New Guinea

An earthquake in Papua New Guinea rattled ExxonMobil’s gas project on the island nation to the tune of $19 billion, and a backlash against the U.S. company’s activities is becoming more difficult to contain. A group of locals are blaming the activities of Exxon and its local partners for the 7.5-magnitude earthquake that hit the island on February 26. Aftershocks after the initial quake compounded the effects of the natural disaster. The project, known as PNG LNG, is recognized as one of the world’s most successful liquefied natural…

Mexico Plans Fourth Licensing Round For 2018

Mexico aims to squeeze in another oil and gas lease auction by the end of this year in an attempt to finalize a growing roster of drilling deals before a new administration takes the reigns, according to a new report by Reuters. “We have three auctions already announced (for this year) and we expect one more before the end of this presidential period, which is for heavy crude in shallow waters,” Mexico’s Deputy Energy Secretary Aldo Flores said on the sidelines of CERAWeek in Houston. Back in January, the Mexican government awarded…

Saudi Arabian Oilfields “Greenest” In The World

Nature magazine’s new study says Saudi Arabian oilfields are amongst the lowest carbon emitters on the planet, according to the Houston Chronicle. Venezuelan fields took the opposite aplomb, with its facilities’ carbon intensity measured at six times that of Saudi Arabia. This was likely due to PDVSA’s power intensive and widespread “steam flooding” technique used to increase oil flows. Stanford University conducted the study with funding from Saudi Aramco, the KSA’s fossil fuel giant. It focused on the producers…

Oil Industry Opposes Steel Tariffs

The Trump administration announced new tariffs on imported steel and aluminum on Thursday, despite resistance from the United States oil industry, Republicans leaders in Congress, and key international trading partners, according to a report by the Washington Post. “We’ll be imposing tariffs on steel imports and tariffs on aluminum imports,” the President said, announcing the measures personally from the White House. “…You will have protection for the first time in a long while, and you’re going to regrow your…

U.S. Gasoline Consumption Falls For The First Time In Five Years

In 2017, American gasoline consumption fell for the first time in five years, according to a new report by Bloomberg. While it was a fall, the fall was quite small—government figures show that consumption was down by just 0.0006 percent compared to 2016. The demand reduction occurred in the first quarter, corresponding with the inauguration of President Donald Trump. According to Bloomberg, illegal immigrants started driving less after Trump took power for fear of apprehension by immigration officers. Rising oil prices also contributed to…

OPEC Deal Compliance Reaches 149% In February

Overzealous crude production cuts from the United Arab Emirates caused OPEC’s monthly output to fall to a 10-month low in February, according to a survey by Reuters. The Organization of Petroleum Exporting Countries produced 32.28 million barrels per day this month—netting a reduction of 70,000 barrels per day compared to the previous month. The February output figure amounts to the lowest since April 2017. Compliance to the November 2016 agreement to cut output by 1.2 million barrels per day rose to 149 percent this month, jumping…

Iraq And Kurds Agree To Restart Kirkuk Exports With Uncertain Timeline

Iraqi Prime Minister Haider al-Abadi and the Kurdish regime in Erbil have agreed on a plan to restart oil flows from Kirkuk, though neither party revealed the details of a timeline for the new flows, according to a new report by Reuters. “It was agreed with the Kurdish side to start exporting oil from Kirkuk,” Abadi said during a scheduled press conference. The two sides are scheduled to sort out the details at a later time. Authorities from the Kurdish Regional Government and Turkey have been conducting other negotiations regarding…

Ecuador Spices Up Lease Auction With Mature Oilfields

An increased number of Ecuador’s oil and gas fields will go up for auction in March, according to Oil Minister Carlos Perez, who added that mature crude fields and an offshore gas field were slated to be in the mix. Latin American countries with largely maturing oil and gas fields are trying to make exploration and production deals as attractive as possible for fossil fuel majors with limited budgets. Mexico, Brazil, and Uruguay are due to auction leases with new framework agreements designed for the chronically bearish markets. “Our…

New U.S. Sanctions Target Libyan Smugglers

A new round of U.S. sanctions targets Libyan smugglers to block the unauthorized exploitation of natural resources in the North African country, according to a new report by Reuters. The U.S. treasury department announced new rules on Monday, activating the Office of Foreign Assets Control (OFAC) to sanction six individuals, 24 companies and seven vessels to keep American firms from interacting with the smuggled goods in U.S. jurisdictions. The individuals held either Libyan, Maltese, or Egyptian citizenships, an official statement read. A 2016…

Shell: LNG Markets May Need $200 Billion In Investments By 2030

Shell projects that the global liquefied natural gas (LNG) markets may need up to $200 billion in investments by the end of 2030, according to Reuters. The top global LNG trader said that a rapid expansion into its existing infrastructure to trade the “hyper-cooled” fluid should allow the company to meet rising demand for the carbon-light fossil fuel. The company’s 2018 Energy Outlook also points out that a few years of consecutively low investment in the sector would likely still slow industry growth in the medium term. Plants…

British Energy Minister Urges “Big Six” To Limit Lobbying Against Price Caps

British Energy and Clean Growth Minister Claire Perry asked the United Kingdom’s biggest energy firms to restrict lobbying against a new bill that would instill a price cap on default energy tariffs. The Big Six firms directly addressed in the note included Centrica, SSE, Scottish Power, EDF Energy, E.On and Npower. “We hope you will work constructively together with government and parliamentarians to ensure the bill passes smoothly through parliament and that you will support Ofgem’s work to ensure the cap is implemented in time for…

Platts Releases Blockchain For Oil Inventory Data In the UAE

S&P Global Platts released a blockchain-based product that “will allow market participants to submit weekly inventory oil storage data” to the United Arab Emirates’ Fujairah Oil Industry Zone (FOIZ) and the relevant regulator, FEDcom. “In collaboration with FOIZ, FEDCom and the 11 terminal operators that use the flagship Middle Eastern facility, S&P Global Platts has developed a full scale commercial deployment of the Blockchain distributed ledger technology,” a press release documenting the new product says.…

U.S. Sanctions On Venezuela Hold Up Aruba Refinery Renovations

The effects of U.S. sanctions on Venezuela’s economy have caused disruptions in planned upgrades for a key refinery in Aruba. Now the island’s government has reached out to the State Department to figure out a way forward, according to a new report by Reuters. “The Aruba government has contacted American authorities to understand what is going on. The Dutch ambassador in Washington and lawyers in New York are also addressing issues related to the contract with Citgo,” Aruba’s Prime Minister Evelyn Wever-Croes told…

White House Pushes Plan To Turn Moon Into Interstellar “Gas Station”

A Trump administration initiative plans to turn the moon “into a kind of gas station for outer space,” according to Commerce Secretary Wilbur Ross. Development on the planet’s natural satellite would allow deeper expeditions beyond the solar system and help propel commercial space exploration initiatives. “A lot depends upon how successful we are in turning the moon into a kind of gas station for outer space,” Ross said Thursday morning on CNBC. Ross, who previously worked in private equity investment, has been working to advance…

IEA Says China to Exceed U.S. Nuclear Output “Soon”

China will exceed U.S. nuclear power production “soon” due to recent initiatives taken by Beijing to accelerate adoption of the alternative fuel source, according to an International Energy Agency official. The Asian nation’s total capacity may also surpass that of the European Union, IEA executive director Fatih Birol told reporters during International Petroleum Week in London. “China is coming back strong. Today there are about 60 nuclear power plants under construction and more than one-third of them are in China. China…

Will The U.S. Support Saudi Nuclear Energy?

Saudi Arabian authorities have taken a step forward in actualizing their nuclear power program as the nation prepares to diversify away from fossil-fuel based power under a modernization plan conceived by emerging leadership in Riyadh. Foreign Minister Adel al-Jubeir said the United States should afford Saudi Arabia the same rights as other countries to develop a peaceful nuclear fuel program. Riyadh has lined up ten other nuclear allies, should American officials scoff at the idea, the minister pointed out. “We are looking at the issue of the…

Iberdrola Plans $13 Billion In Renewable Investments

Spain’s Iberdrola plans to invest $13 billion in renewable energy within the next four years, according to the corporate group’s chairman Ignacio Galán. ScottishPower Renewables is part of Iberdrola’s portfolio. The UK-based company runs offshore windfarms and plans to expand its operations across Europe to contribute to national grids. Iberdola has also invested in the East Anglia One project in the North Sea, which is slated to become one of the largest facilities of its kind in the world once it goes online in 2020.…

Koch Brothers Oppose Trump’s Gas Tax Hike

The Koch brothers are against a $0.25 gasoline tax hike that would pay for planned infrastructure construction, according to a new report in the Washington Post. “I urge you to oppose the 25-cent gasoline tax increase to fund infrastructure legislation,” Philip Ellender, head of government and public affairs at Koch Companies Public Sector, told members of Congress in a letter last week. “Just as many Americans are starting to see more money in their pockets from tax reform, ask yourself: Does the government want to take back…

Watchdog Group Says Lack Of Transparency Will Hurt Oil And Gas

In a new report, Transparency International argues that 2017 has been a “very bad year” for public scrutiny of the oil and gas industry due to the heightened presence of special interests in the U.S. government. “It’s been a very bad year for transparency in the energy and mining sector,” Zoë Reiter, project lead at the human rights group, said. The watchdog group suggested that Florida’s apparent exemption from a national fossil fuel drilling plan in favor of protecting the state’s tourism industry constituted a serious…

UAE Seeks Oil And Gas Investors To Offset $1 Trillion In Canceled Projects

The Emirati Energy Minister is inviting oil and gas majors to make new investments in 2018 after over a $1 trillion in cancelled projects caused thousands of job losses in the industry. Minister Suhail bin Mohammed Al Mazrouei made the invitation during the Tuesday proceedings of International Petroleum Week in London. Global exploration and production spending fell by 27 percent in 2015 and 2016. “It was also a period that saw major stock builds, with the OECD stock overhang increasing to a level of 380 million barrels above the five-year average…

Wine For Oil: Alberta’s Revenge

An ongoing trade battle between British Columbia and Alberta over a crude oil pipeline expansion project grew in scope on Monday, after an announcement that BC planned to challenge the rival province’s ban of its wine, according to a new report by Reuters. The Canadian Free Trade Agreement (CFTA) does not allow such bans between provinces, BC argues. Alberta authorized a halt in BC wine imports earlier in February after BC proposed new rules to block shipments of oil, potentially jeopardizing the Trans Mountain pipeline expansion project.…

Iraqi Oil Minister To Discuss Ceyhan Exports In Turkey

Iraqi oil minister Jabbar al-Luiebi is set to visit Turkey this week to discuss the future of the Ceyhan-Kirkuk oil pipeline, a statement from the Iraqi oil minister said on Monday, according to Reuters. Turkey and Iraq are warming to each other as the two nations seek to undermine the ability of factions within their Kurdish minorities to further claims for an independent state. Following the meeting, Iraqi oil shipments will be sold via the state marketer SOMO, the ministry’s statement added. Iraqi officials’ requests, which instruct…

Noble Energy Announces New Deal To Supply Egypt With Israeli Gas

Texas-based Noble Energy announced a new deal that will supply Egypt with natural gas from pumped from fields in Israel, according to a report by The Dallas Morning News. Noble Energy and its partner, Delek Drilling-LP, said Egypt would receive 2.3 trillion cubic feet of natural gas over the course of a decade in exchange for $15 billion. “I welcome the historic agreement that was announced on the export of Israeli gas to Egypt,” Israeli Prime Minister Benjamin Netanyahu said in a written statement. “This will put billions into the state treasury…

Nigeria Buys 100 Million Liters Of Gasoline To Quell Fuel Shortage

A purchase of 100 million liters of gasoline by Nigerian authorities from the spot market on a daily basis will end a two-month fuel shortage in the African country, according to a new report by Bloomberg. The “dire” shortage, which has reached “force majeure” proportions, requires 625,000 barrels per day of gasoline imports daily to be quelled, Ndu Ughamadu, a spokesman for the Nigeria National Petroleum Corp., said. The state-run company is taking action to “increase supply and replenish strategic reserves,”…

Saudi Plans To Double Natural Gas Output In 10 Years

Saudi Arabia plans to double its natural gas production over the next ten years, the country’s energy minister told reporters on Wednesday. “When it comes to natural gas, over the next decade we are going to be roughly doubling our production to 23 billion cubic feet per day and substantially increasing the percentage of natural gas in the Kingdom’s fuel mix, displacing liquids and therefore reducing carbon (emissions),” Khalid Al-Falih said at the eighth annual IEA-IEF-OPEC Symposium on Energy Outlooks occurring in Riyadh.…

American Grid System Gears Up For Cybersecurity Upgrade

The American grid system is getting a cybersecurity upgrade, a new Reuters article reports. The Department of Energy announced a program on Wednesday to protect the nation’s power grid from cyberattacks and natural disasters. Energy Secretary Rick Perry said the DOE “plays a vital role in protecting our nation’s energy infrastructure from cyber threats, physical attack and natural disaster, and as secretary, I have no higher priority.” President Donald Trump’s new budget proposal increases allocations for the Office…

Shell Extends Credit To Inspire Energy Holdings

Shell’s North America division has extended a credit line and a revolving loan facility to Inspire Energy Holdings LLC, expanding the multinational oil company’s clean energy dealings, according to a new report by Bloomberg. The California-based company, which specializes in clean power, smart homes, and energy management, did not reveal the terms of the deal. This is not Shell’s first venture in renewable energy. Last month, the company bought a 44 percent stake in Silicon Ranch Corp., which runs roughly 100 solar plants across…

“Energy eBay” To Be Operational By June

A U.K.-based consortium plans to build an “Energy eBay” that should be functional by June, according to emerging reports from the tech sector. Bilateral trading on the site, developed by a company called Electron, will begin in a few months, CEO Joanna Hubbard said. The project will be “a shared marketplace for energy assets to respond to pricing signals,” she explained. UK Power Networks announced a flexibility program that called on “energy resources to offer their services to support the distribution network during…

U.S. Debuts VLCC Exports From Louisiana Offshore Oil Port

The continental United States’ first very large crude carrier (VLCC) export shipment will contain crude from Shell sailing from the Louisiana Offshore Oil Port (LOOP), market sources told S&P Global Platts. U.S. Debuts VLCC Exports From Louisiana Offshore Oil Port The tanker, named Shaden, will carry medium sour crude loaded by a bidirectional pipeline at an offshore mooring station. Shaden flies the Saudi Arabian flag and is owned by Bahri – the world’s largest VLCC owner. Shell and LOOP have not commented on the grade that…

Russian Scientists Caught Using Nuclear Supercomputer To Mine Bitcoin

A top-secret Russian nuclear facility has been caught trying to illicitly mine bitcoin, triggering several arrests at the confidential operation, according to a new report by RadioFreeEurope. The Sarov facility’s security forces were notified of the illegal use of the supercomputer when it attempted to connect to the internet to add to the blockchain. Nine people have been arrested in relation to the incident, according to Russia’s Federal Nuclear Center. “To our knowledge, a probe has been launched against the individuals,” the press…

Cheniere Signs LNG Deal Negotiated During Trump Visit

U.S. supplier Cheniere Energy signed a liquefied natural gas sale and purchase deal with China National Petroleum Corporation (CNPC) this week, sealing the first direct and long-term LNG supply contract between companies in the two nations. The deal guarantees CNPC 1.2 million tons of LNG every year. Supplies will incrementally increase from 2018 until 2023, after which export rates will level off until the contract ends in 2043. A representative from Cheniere was picked to be part of President Donald Trump’s envoy during the leader’s…

Fitch: European Oil Majors Adjusting To $60 Barrel For The Long Haul

Fitch Ratings says Shell, Total, and British Petroleum are adjusting their operations to match the realities of an under-$60-barrel price in the long term, according to a new report by Forbes. The European oil majors are lowering dividends and spending to minimize break-even points last year. “The companies all generated neutral-to-positive free cash flows in 2017 [after dividends, before mergers and acquisitions], according to their recently released annual results. Developments in their credit quality will largely depend on their ability…

Britain’s Most Important Oil Pipeline Down Again

The Forties pipeline had to be shut down for the second time in two months on Wednesday, leaving buyers worried about the infrastructure behind Britain’s oldest and most important oil route, according to a new report by Reuters. Operator Ineos said the facility should begin transporting fuels at its normal rate of 450,000 barrels per day overnight. The company acquired the Forties network from British Petroleum two months ago for  $125 million. Last December, a crack caused Forties to shut down for three weeks, prompting Ineos to…

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