ADIPEC Exhibition & Conference | Energy Industry News

Labour Caves on £140 Billion Green Energy Plan Over Cost Fear

(Bloomberg) -- The UK opposition Labour Party watered down its £140 billion ($176 billion) flagship green energy plan days before it was due to be presented as concern that it was too expensive and ambitious created mounting tensions among senior figures.The pa…

UK’s Path to Curbing Oil Windfall Tax Slated by Industry

(Bloomberg) -- The UK Treasury announced a plan to ease a windfall tax on the profits of UK oil and gas companies, but the measure was quickly criticized as insufficient to boost investment in the North Sea.The tax rate, which has been at 75% for the companies …

Weak European Industry Is Keeping Gas Demand Depressed

(Bloomberg) -- Industrial demand for gas in Europe’s largest nations remains depressed despite lower prices, as an economic slowdown weighs on consumption and customers pivot toward renewable energy. Demand for the fuel in Germany, Italy, the Netherlands, Franc…

Sunak Leaves US With Some Deals, But Not the Big Trade Prize

(Bloomberg) -- UK Prime Minister Rishi Sunak leaves Washington after a two-day visit, armed with President Joe Biden’s backing for his efforts on artificial intelligence and agreements for closer economic cooperation to shore up green industries and supply chai…

Tokyo Households Are Again Being Urged to Save Electricity

(Bloomberg) -- Tokyo’s residents are again being urged to conserve power to avoid shortages, as the nation continues to grapple with the fallout of last year’s energy crisis.Japan’s Agency for Natural Resources and Energy asked the capital’s households and busi…

Kanoo Energy UAE and ADNOC sign local manufacturing agreements

Kanoo Energy UAE and ADNOC have signed three agreements for local manufacturing opportunities as part of the ‘Make in Emirates Forum’ recently held in Abu Dhabi, the company said on Friday. The agreements between Kanoo Energy and ADNOC outline the intention of …

TotalEnergies signs wind deal in Kazakhstan

TotalEnergies signed a Power Purchase Agreement (PPA) for the Mirny onshore wind project in Kazakhstan, making it the first PPA signed in the country for a wind project of such scale. Located in the Zhambyl region, the project aims to build a 1 GW onshore wind …

Smoke Sends US Northeast Solar Power Plunging by 50% as Wildfires Rage in Canada

(Bloomberg) -- A shroud of smoke has sent solar power generation in parts of the eastern US plummeting by more than 50% as wildfires rage in Canada. Solar farms powering New England were producing 56% less energy at times of peak demand compared with the week b…

Renewable Diesel Bubble Begins to Burst as Costs Spark Pullback

(Bloomberg) -- The US renewable diesel rush is losing steam as soaring costs eat into profits, prompting the world’s top crop trader and North America’s largest energy company to pull back on planned investments.Agricultural behemoth Cargill Inc. said it has su…

EDF Moves Back Into State Hands With a Multitude of Burdens

(Bloomberg) -- Electricite de France SA is set to return to full state ownership on Thursday, almost 18 years after its listing on the Paris stock exchange. Its nationalization ends a bumpy ride for shareholders but many challenges still loom large for the debt…

Soaring EV Sales Could Still Leave World Short on Emissions Goal

(Bloomberg) -- Electric-vehicle sales are poised to more than double by 2026 but eliminating emissions from road transportation by the middle of this century will require even greater efforts, according to BloombergNEF.The research firm sees shipments of plug-i…

Oil Steady After Mixed Stockpile Data as Demand Concerns Linger

(Bloomberg) -- Oil steadied as investors weighed mixed US data on crude and petroleum stockpiles amid persistent concerns over the demand outlook.West Texas Intermediate futures traded near $72 a barrel after gaining 1.1% Wednesday. Crude inventories at the Cus…

BNP Paribas Exits Bond Arranging for New Oil, Gas Ventures

(Bloomberg) -- BNP Paribas SA will no longer help arrange bond deals if the issuer intends to use the proceeds to finance new fossil-fuel exploration and production.The development means bond syndications and debt capital markets deals associated with projects …

Spain Set to Generate More than 50% of Its Power From Renewables

(Bloomberg) -- Spain is on track to become the first country among Europe’s big five economies to generate more than 50% of its electricity from renewable sources, according to a forecast by Rystad Energy.The Mediterranean nation is set to consolidate its leade…

Exxon CEO Tells Europe to Follow US Approach to Climate Action

(Bloomberg) -- European leaders looking to tackle climate change should look to US policy and “let the market work” to avoid driving companies away with prescriptive regulations, Exxon Mobil Corp. Chief Executive Officer Darren Woods said. “I think it’s a huge …

US Backs Poland Gas Hedging, Drawing Climate Activists’ Ire

(Bloomberg) -- The US International Development Finance Corp. pledged up to $500 million to help increase Poland’s natural gas imports — appearing to contravene a Biden administration commitment to halt public finance for foreign fossil-fuel projects.The bank’s…

England Set to Take 4,700 Years to Reach Wind Power Target, Study Says

(Bloomberg) -- The year is 6723, and there are finally enough onshore wind farms in England to support the UK’s 2050 net-zero target. At least that’s how long it would take at the current pace of construction, according to a report from the Institute for Publi…

Global Carbon Markets Face Upheaval as Nations Remake the Rules

(Bloomberg) -- The $2 billion market for carbon offsets is heading for a massive reset, as a growing number of sovereign governments announce their intention to tax, regulate or restrict trade in credits generated within their borders.The details vary, but fr…

Qatar Offers Looser LNG Contract Terms to Entice Asian Buyers

(Bloomberg) -- Qatar is offering shorter and cheaper liquefied natural gas contracts as it attempts to secure customers for supply from expansion projects amid rising competition with the US.A deal agreed last week between the world’s top LNG exporter and Bangl…

Oil Falls as Optimism Over Saudi-Led Production Cut Fades Fast

(Bloomberg) -- Oil edged lower as traders weighed the outlook for supply and demand after Saudi Arabia’s surprise pledge for extra supply cuts.West Texas Intermediate dipped below $72 a barrel on Tuesday as a cautious tone spread across markets. Futures surged …

ADIPEC Exhibition & Conference | Energy Industry News | Siemens Energy and DNV to industrialise new platform for industrial 3D-printing solutions

Siemens Energy and DNV to industrialise new platform for industrial 3D-printing solutions

DNV and Siemens Energy’s global additive manufacturing business unit are joining forces to create a quality assurance platform for the 3D-printing industry, the companies said on Tuesday. Siemens Energy’s experts in Finspång, Sweden, have developed the first ge…

How Midnight OPEC Dealmaking Won Gulf Unity at Africa’s Expense

(Bloomberg) -- As they stepped hand in hand from OPEC’s headquarters into the Vienna sun on Saturday, the group’s two Gulf heavyweights signaled that a long rift was over.Saudi Arabia had reached an understanding to let the United Arab Emirates pump more crude …