Oil news

Nigerian Oilfield Shut Down after Oil Spill

Oil news - Wed, 06/19/2024 - 19:30
Oil production at Nigeria’s OML 29 onshore field has been shut down as a precautionary measure after an oil spill was detected earlier this week, the field’s operator Aiteo Eastern Exploration and Production Company (AEEPCO) said on Wednesday.   “This is a precautionary measure while mobilising additional resources to contain the spill. The cause of the spill is currently undetermined,” the company said in a statement carried by Nigerian daily This Day. “We are proactively engaging with stakeholders…
Categories: Oil news

Nigerian Oilfield Shut Down after Oil Spill

Oil news - Wed, 06/19/2024 - 19:30
Oil production at Nigeria’s OML 29 onshore field has been shut down as a precautionary measure after an oil spill was detected earlier this week, the field’s operator Aiteo Eastern Exploration and Production Company (AEEPCO) said on Wednesday.   “This is a precautionary measure while mobilising additional resources to contain the spill. The cause of the spill is currently undetermined,” the company said in a statement carried by Nigerian daily This Day. “We are proactively engaging with stakeholders…
Categories: Oil news

Senegal Is Betting on Both Fossil Fuels and Renewables for Its Energy Boom

Oil news - Wed, 06/19/2024 - 19:00
This month, Senegal announced it had struck oil at its first offshore project. This is just the latest of several new energy projects that the West African country is developing, with an energy mix that includes both fossil fuels and renewables. Following the recent expansion of its energy industry, Senegal is now catching the eyes of several international energy investors, particularly in China.  In Senegal, around 65 percent of the population has access to electricity, showing there is a long way to go to establishing energy security. Over…
Categories: Oil news

U.S. Supports Angola to Process Critical Minerals

Oil news - Wed, 06/19/2024 - 18:30
The United States will support Angola, one of the largest oil producers in Africa, in its efforts to establish a critical minerals processing industry as a way to diversify from oil. “We are fully aligned on these issues around decarbonization, energy transition, and climate, and we look forward to building on that partnership in the future,” US Assistant Secretary of State for Energy Resources Geoffrey Pyatt said during a press briefing about the U.S.-Angola Energy Security Dialogue.   Pyatt was on a visit to Angola…
Categories: Oil news

U.S. Supports Angola to Process Critical Minerals

Oil news - Wed, 06/19/2024 - 18:30
The United States will support Angola, one of the largest oil producers in Africa, in its efforts to establish a critical minerals processing industry as a way to diversify from oil. “We are fully aligned on these issues around decarbonization, energy transition, and climate, and we look forward to building on that partnership in the future,” US Assistant Secretary of State for Energy Resources Geoffrey Pyatt said during a press briefing about the U.S.-Angola Energy Security Dialogue.   Pyatt was on a visit to Angola…
Categories: Oil news

U.S. Supports Angola to Process Critical Minerals

Oil news - Wed, 06/19/2024 - 18:30
The United States will support Angola, one of the largest oil producers in Africa, in its efforts to establish a critical minerals processing industry as a way to diversify from oil. “We are fully aligned on these issues around decarbonization, energy transition, and climate, and we look forward to building on that partnership in the future,” US Assistant Secretary of State for Energy Resources Geoffrey Pyatt said during a press briefing about the U.S.-Angola Energy Security Dialogue.   Pyatt was on a visit to Angola…
Categories: Oil news

Demand Pessimism on Oil Market Dissipates

Oil news - Wed, 06/19/2024 - 18:00
The pessimism that has gripped the global oil market for weeks as traders suspect weakening demand growth this week began to dissipate, replaced by signs of emerging optimism. All because OPEC repeated what it had said at its June 2 meeting. At that meeting, the cartel’s leaders announced they may consider rolling back some of the production cuts they agreed upon last year, possibly later in 2024, if market conditions are favorable. What traders heard, however, was that they would for sure roll back those cuts. Prices slumped. OPEC had to…
Categories: Oil news

China Looks to Curb Overcapacity in Its Lithium Battery Industry

Oil news - Wed, 06/19/2024 - 17:30
China issued on Wednesday new guidelines for its lithium-ion battery industry in a bid to put quality over quantity in battery manufacturing, whose boom led to overcapacity and eroded prices for companies in the sector. “China’s Ministry of Industry and Information Technology on Wednesday unveiled revised guidelines for the lithium-ion battery industry to further strengthen standardized management and promote high-quality development of the sector,” the government said. The new guidelines, effective from Thursday, lay…
Categories: Oil news

China Looks to Curb Overcapacity in Its Lithium Battery Industry

Oil news - Wed, 06/19/2024 - 17:30
China issued on Wednesday new guidelines for its lithium-ion battery industry in a bid to put quality over quantity in battery manufacturing, whose boom led to overcapacity and eroded prices for companies in the sector. “China’s Ministry of Industry and Information Technology on Wednesday unveiled revised guidelines for the lithium-ion battery industry to further strengthen standardized management and promote high-quality development of the sector,” the government said. The new guidelines, effective from Thursday, lay…
Categories: Oil news

Will the World See a “Staggering” Oil Supply Glut in 2030?

Oil news - Wed, 06/19/2024 - 17:00
The International Energy Agency (IEA) recently released its Oil 2024 report, which examines the global dynamics for oil supply security, refining, trade, and investment. The report received considerable media attention because of the projection that by 2030 oil production will reach “a staggering 8 million barrels per day above projected global demand.” The report cites the proliferation of electric vehicles, the growing utilization of renewable energy, and China’s declining oil consumption growth are key contributors…
Categories: Oil news

Is Big Solar Beating Big Oil in 2024?

Oil news - Wed, 06/19/2024 - 03:00
Some of the world’s biggest and oldest oil & gas companies aka Big Oil are credited with powering the Second Industrial Revolution that kicked off in the late 19th century and ushered in the modern tech era as we know it. Oil accelerated industrial production and reshaped networks by allowing faster transportation thanks to being cheaper and packing a much higher energy density than other fuels. However, solar energy could become the primary power source of the Fourth Industrial Revolution, thanks to its simplicity, longevity, low cost,…
Categories: Oil news

Brazil Looks To Challenge China’s Dominance in Rare Earth Minerals

Oil news - Wed, 06/19/2024 - 02:00
Brazil is estimated to hold the world’s third-largest reserves of rare earths, the critical minerals vital for modern technology and the energy transition. Brazil’s rare earths mining industry has just started despite the country being a major mining destination for decades.   Established mining industry regulations and lower labor costs compared to Australia or the U.S. could give Brazil a competitive advantage in the race to challenge China’s oversized dominance in rare earths production and processing.   Brazil’s…
Categories: Oil news

Iraq and China Strengthen Ties With Major Development Initiative

Oil news - Wed, 06/19/2024 - 01:00
A series of high-level meetings took place last week between senior Iraqi and Chinese officials to finalize the details of the next phase of their wide-ranging cooperation plan. The foundations for this were laid in the 2019 ‘Oil for Reconstruction and Investment’ agreement, which was subsequently expanded into the 2021 ‘Iraq-China Framework Agreement’, as analyzed in full in my new book on the new global oil market order. These, in turn, were based on the broad and deep expansion of relations between…
Categories: Oil news

Could Taiwan’s Energy Crisis Derail the AI Boom?

Oil news - Wed, 06/19/2024 - 00:00
Taiwan’s energy sector is in trouble. And that means that the global tech sector could soon be in trouble too. The island nation is home to just 0.3 percent of the world’s population, but hosts about 18 percent global semiconductor manufacturing capacity and a whopping 92 percent of the world’s most advanced computer chip manufacturing capacity, according to figures from the United States International Trade Commission. These figures come from a recent report on the nation’s high degree of vulnerability to any…
Categories: Oil news

Oil Prices Hold Up Against Falling U.S. Crude Oil Inventories

Oil news - Tue, 06/18/2024 - 23:41
Crude oil inventories in the United States rose this week by 2.264 million barrels for the week ending June 14, according to The American Petroleum Institute (API). For the week prior, the API reported a 2.428 million barrel draw in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.4 million barrels as of June 14. Inventories are now at 370.9 million barrels—the highest level since March of 2023, but still well below the 656 million barrels…
Categories: Oil news

New Report Highlights Rising Investments in Nuclear Arsenals

Oil news - Tue, 06/18/2024 - 23:00
The nine nuclear-armed nations in the world continue to modernize their nuclear arsenals amid growing reliance on them as deterrence in 2023, a fresh report issued on June 17 by a Swedish think tank said. "While the global total of nuclear warheads continues to fall as cold war-era weapons are gradually dismantled, regrettably we continue to see year-on-year increases in the number of operational nuclear warheads," said Dan Smith, director of the Stockholm International Peace Research Institute (SIPRI). "This trend seems likely to continue and…
Categories: Oil news

This Key Component of Europe's Wind Energy Boom Could Become a $20B Market

Oil news - Tue, 06/18/2024 - 23:00
Offshore substations are vital in collecting and transmitting generated power to the electricity grid.Offshore wind installations are gathering pace worldwide leading to the need for reliable, accessible infrastructure to bring the generated power onshore and into the electricity grid. As a result, demand for offshore substations is booming, especially in Europe. Rystad Energy research and modeling shows that 137 substations will be installed offshore continental Europe this decade, requiring $20 billion in total investment. Over 120 of these facilities…
Categories: Oil news

YPFB Considers Leasing Pipelines to Facilitate Vaca Muerta Gas Exports

Oil news - Tue, 06/18/2024 - 22:30
Bolivia's state-owned oil and gas company, YPFB, is evaluating the possibility of leasing its pipeline infrastructure to Argentina for exporting natural gas from the Vaca Muerta shale play to Brazil. YPFB President Armin Dorgathen highlighted this potential move during a recent announcement, emphasizing the economic benefits for Bolivia. "Renting the pipelines will bring us more resources," Dorgathen stated, noting that Bolivia's infrastructure presents the most viable and cost-effective route for Argentine gas exports. The Vaca Muerta formation,…
Categories: Oil news

YPFB Considers Leasing Pipelines to Facilitate Vaca Muerta Gas Exports

Oil news - Tue, 06/18/2024 - 22:30
Bolivia's state-owned oil and gas company, YPFB, is evaluating the possibility of leasing its pipeline infrastructure to Argentina for exporting natural gas from the Vaca Muerta shale play to Brazil. YPFB President Armin Dorgathen highlighted this potential move during a recent announcement, emphasizing the economic benefits for Bolivia. "Renting the pipelines will bring us more resources," Dorgathen stated, noting that Bolivia's infrastructure presents the most viable and cost-effective route for Argentine gas exports. The Vaca Muerta formation,…
Categories: Oil news

Citgo Corpus Christi Oil Refinery Restarts

Oil news - Tue, 06/18/2024 - 21:30
Citgo Petroleum Corporation has begun the process of restarting units at the West Plant of its 175,500 barrels per day (bpd) Corpus Christi, Texas, refinery. This follows the completion of planned maintenance activities, according to a community alert notification issued early Tuesday morning. "Citgo West Plant is starting up units following the completion of planned maintenance activities," the alert stated. "During this time, flaring may occur. No community action is necessary." The maintenance work, which commenced on April 29, was initially…
Categories: Oil news

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