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…

PetroChina reported on Monday its highest net profit for a first quarter as its revenues rose by 11% thanks to steady oil prices and higher domestic natural gas demand and production.     The Chinese state-held oil and gas giant booked $6.3 billion (45.681 billion Chinese yuan) in net profit for the first quarter of 2024, up by 4.7% year-over-year, as higher drilling and demand for natural gas more than offset weaker refining margins amid a sputtering recovery of the Chinese economy. Revenues at PetroChina jumped by 10.9%…

PetroChina reported on Monday its highest net profit for a first quarter as its revenues rose by 11% thanks to steady oil prices and higher domestic natural gas demand and production.     The Chinese state-held oil and gas giant booked $6.3 billion (45.681 billion Chinese yuan) in net profit for the first quarter of 2024, up by 4.7% year-over-year, as higher drilling and demand for natural gas more than offset weaker refining margins amid a sputtering recovery of the Chinese economy. Revenues at PetroChina jumped by 10.9%…

Saudi Aramco is currently eyeing potential investments in new energies outside Saudi Arabia, the state oil giant’s chief executive officer Amin Nasser said on Monday. Aramco’s top executive was speaking on the sidelines of the Special Meeting on Global Collaboration, Growth, and Energy for Development by the World Economic Forum (WEF) in the Saudi capital Riyadh. Apart from deals in the refining and petrochemicals segment, especially in its key crude export market, China, the Saudi state oil giant is looking to invest in the…

The G7 group of the world’s most industrialized nations are discussing a common target to end their coal-fired power generation by 2035 at an energy ministers’ meeting in Italy, a source close to the talks told Reuters on Monday.   The energy, climate, and environment ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States are meeting between Sunday and Tuesday at a palace near Turin to discuss ways to address climate change. The meeting “will aim to identify coherent,…

The world’s biggest refiner, China Petroleum & Chemical Corporation, or Sinopec, is accelerating plans to build its first fully-owned refinery outside China.    Sinopec is set to complete a feasibility study in June to build one or two refineries in Sri Lanka as China looks to capitalize on its foreign investments. China Merchants Port Holdings has developed and operates the Hambantota port in Sri Lanka, an island very close to India. Both China and India are vying to boost their energy presence in Sri Lanka to deliver fuel…

The US threat of secondary sanctions against enablers of Russian sanctions-busting, especially China, is showing signs of crimping the Russian economy.  US Secretary of State Antony Blinken began a three-day visit to China on April 24 with a stern warning for Beijing: the United States is ready to play hardball to prevent the continuing supply of equipment to Russia that aids the Kremlin’s war effort.  China has denied accusations that it is supplying arms to Russia. Nevertheless, Beijing appears to be taking preventative steps…

Washington University in St. Louis scientists have developed a novel material that supercharges innovation in electrostatic energy storage. The material is built from artificial heterostructures made of freestanding 2D and 3D membranes that have an energy density up to 19 times higher than commercially available capacitors. Electrostatic capacitors play a crucial role in modern electronics. They enable ultrafast charging and discharging, providing energy storage and power for devices ranging from smartphones, laptops, and routers to medical…