Oil and gas producers in Texas have significantly increased in recent weeks the number of requests to the Railroad Commission of Texas (RRC) to allow flaring on some operations as low natural gas prices and a glut of supply present challenges to the drillers how to get rid of the unwanted gas. RRC, the oil and gas industry regulator of Texas, approved last week as many as 21 requests from producers to be exempt from rules banning or limiting flaring, Reuters reported on Tuesday. The U.S. natural gas benchmark, Henry Hub, has been…

Oil and gas producers in Texas have significantly increased in recent weeks the number of requests to the Railroad Commission of Texas (RRC) to allow flaring on some operations as low natural gas prices and a glut of supply present challenges to the drillers how to get rid of the unwanted gas. RRC, the oil and gas industry regulator of Texas, approved last week as many as 21 requests from producers to be exempt from rules banning or limiting flaring, Reuters reported on Tuesday. The U.S. natural gas benchmark, Henry Hub, has been…

Reports on what authors like to call the end of the oil era were a frequent reading some 20 years ago. At the time, the focus was peak supply and the consequent need to find alternatives to the fuel that powers the world. Now, 20 years later, there is once again a surge in reports and analyses predicting the end of the oil era. This time, however, they focus on the death of demand driven by alternative sources of energy. And the world’s biggest oil-producing group has had enough. In an op-ed for the Middle East Economic Survey last…

Perhaps even more than its targeting of Russian oil exports, the U.S. has been laser-focused on its liquefied natural gas (LNG) sector as they key area it wants to effectively destroy over the long term. Last week’s suspension of Russia’s flagship Arctic LNG-2 project by lead operator Novatek is the latest of Washington’s trophies in this regard, but it is very unlikely to be the last. As U.S. Assistant Secretary of State for Energy Resources Geoffrey Pyatt said on 24 April: “[Novatek] has recently had to suspend production…

Much lower natural gas prices this year compared to 2023 dragged down profits at some of the largest oil and gas companies, which have so far reported a mixed bag of earnings for the first quarter of 2024. U.S. supermajors ExxonMobil and Chevron, as well as France's TotalEnergies, all cited lower natural gas prices as a key downward pressure on earnings that couldn't be fully offset by stable crude oil and liquids realizations and refining margins. Exxon reported on Friday underwhelming earnings for the first quarter that were lower than…

The pictures didn't necessarily say a thousand words, but they might have gotten at least that many laughs. One showed British Foreign Secretary David Cameron bursting birdlike through the entrance of a traditional Turkmen yurt at a museum in Ashgabat. Another, shared by the British Embassy in Kyrgyzstan, featured Cameron gazing thoughtfully down a concrete irrigation channel in Kyrgyzstan. And from Uzbekistan, there was a snap of Cameron marveling over a giant pot of "plov," the nation's favorite dish. "David Cameron is having an absolute blast…

Via Metal Miner India has ended the financial year 2023-2024 as a net importer of finished steel, which has sent the alarm bells ringing in industry circles throughout India. Mainly, insiders want to know how the changing import status might affect steel costs and India’s push for self reliance. According to news agency Reuters, as per initial government data, India imported 8.3 million metric tons of finished steel in the last fiscal year. This represents an increase of 38.1% from a year earlier. Such high imports fly in the face of targets…

So far this year, the global upstream oil and gas market has seen more than $64 billion in mergers and acquisitions, and the year could still see more mega-deals, according to the latest report from Rystad Energy on Monday.   While recent deals have focused on the Permian Basin, Rystad says it is looking to other American shale patch venues for the next big deals amid an ongoing trend of consolidation.  The $64 billion in global M&A value booked so far this year is the best Q1 performance the industry has seen since 2019. The…

So far this year, the global upstream oil and gas market has seen more than $64 billion in mergers and acquisitions, and the year could still see more mega-deals, according to the latest report from Rystad Energy on Monday.   While recent deals have focused on the Permian Basin, Rystad says it is looking to other American shale patch venues for the next big deals amid an ongoing trend of consolidation.  The $64 billion in global M&A value booked so far this year is the best Q1 performance the industry has seen since 2019. The…

With an enabling regulatory environment, a world-class legal system, multifarious global connections and access to incredible talent and skills, the Square Mile is perfectly placed to help the Gulf nations achieve their green ambitions, says Michael Mainelli The majestic Arabian oryx, the national animal of the United Arab Emirates (UAE), isn’t just a symbol of resilience in the harshest of climates. Having been brought back from the brink of extinction through domestic and cross-border initiatives, the oryx represents a growing and genuine…

Japanese authorities may intervene again in the currency market this year as U.S. interest rates are expected to remain high.The Japanese Yen strengthened sharply overnight after crashing to its lowest level since April 1990, breaking 160/USD. The FT reports that traders in Hong Kong, Australia and London said it was “highly likely” that the recovery was due to Japan’s finance ministry selling dollar reserves and purchasing the Japanese currency for the first time since late 2022. While analysts suggested the size and speed of…

Introducing a digital pound could earn the Treasury tens of billions through increased seigniorage revenue, a new report has argued. Research from Positive Money estimates that, by 2029, the government could gain around £15bn a year if 20 per cent of bank deposits were switched to a digital pound. If 30 per cent of deposits were switched into a digital pound, the Treasury could earn an additional £30bn a year through seigniorage revenue, the report argued. Seigniorage is the profit made by a government for issuing currency. It captures…

UK-based International Group of P&I Clubs, a global insurance company, says a growing shadow fleet is making it less and less viable to police the G7 price cap on Russian oil, Bloomberg News reports, citing a briefing to the UK government.  The UK-based insurance group notes that 800 oil tankers that it used to insure have switched over to the shadow fleet to transport sanctioned Russian oil being sold above the $60 price cap.  Furthermore, the group said, it is impossible for an insurance company to determine whether traders are…

UK-based International Group of P&I Clubs, a global insurance company, says a growing shadow fleet is making it less and less viable to police the G7 price cap on Russian oil, Bloomberg News reports, citing a briefing to the UK government.  The UK-based insurance group notes that 800 oil tankers that it used to insure have switched over to the shadow fleet to transport sanctioned Russian oil being sold above the $60 price cap.  Furthermore, the group said, it is impossible for an insurance company to determine whether traders are…

UK-based International Group of P&I Clubs, a global insurance company, says a growing shadow fleet is making it less and less viable to police the G7 price cap on Russian oil, Bloomberg News reports, citing a briefing to the UK government.  The UK-based insurance group notes that 800 oil tankers that it used to insure have switched over to the shadow fleet to transport sanctioned Russian oil being sold above the $60 price cap.  Furthermore, the group said, it is impossible for an insurance company to determine whether traders are…

Battery storage was the fastest-growing energy technology in the power sector in 2023, with deployment more than doubling year-on-year, the International Energy Agency (IEA) has revealed.  Strong growth was recorded for utility-scale battery projects, mini-grids, solar home systems and behind-the-meter batteries, adding a total of 42 GW of battery storage capacity globally. However, electric vehicles continue to account for the vast majority of batteries used in the sector, with 14 million new electric cars hitting the records in 2023,…

As India is set to become the world’s largest oil demand growth driver in the coming years, Indian state-owned refiner Chennai Petroleum Corporation Limited (CPCL) plans to commission a new refinery two years later than initially planned by 2025.    CPCL, a unit of Indian Oil Corporation (IOC), now aims to complete the construction of a 180,000-barrels-per-day refinery by the end of 2027, Reuters quoted CPCL’s head of finance Rohit Kumar Agrawala as saying on Monday. Chennai Petroleum plans to build the refinery in the…

As India is set to become the world’s largest oil demand growth driver in the coming years, Indian state-owned refiner Chennai Petroleum Corporation Limited (CPCL) plans to commission a new refinery two years later than initially planned by 2025.    CPCL, a unit of Indian Oil Corporation (IOC), now aims to complete the construction of a 180,000-barrels-per-day refinery by the end of 2027, Reuters quoted CPCL’s head of finance Rohit Kumar Agrawala as saying on Monday. Chennai Petroleum plans to build the refinery in the…

As India is set to become the world’s largest oil demand growth driver in the coming years, Indian state-owned refiner Chennai Petroleum Corporation Limited (CPCL) plans to commission a new refinery two years later than initially planned by 2025.    CPCL, a unit of Indian Oil Corporation (IOC), now aims to complete the construction of a 180,000-barrels-per-day refinery by the end of 2027, Reuters quoted CPCL’s head of finance Rohit Kumar Agrawala as saying on Monday. Chennai Petroleum plans to build the refinery in the…

Tesla shares jumped in premarket trading in New York after Bloomberg reported that Beijing had given Tesla the 'greenlight' to roll out its driver-assistance system, known as "Full Self-Driving," or FSD, in the world's largest car market. Sources say Tesla will partner with Chinese tech giant Baidu for mapping and navigation software to support FSD. Tesla also has multiple data security and privacy requirements that satisfy the country's regulators.  In a separate report, The Wall Street Journal said, "Beijing has tentatively approved the…