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The very recent signing of two sets of major oil deals by U.S. oil giant Chevron following the forced withdrawal of Russian firms from key energy projects in Iraq is a key turning point in the West’s resurgence in the Middle East, a senior U.S. Treasury source told OilPrice.com last week. “Iraq is the heartland of the Middle East, a major Iranian ally, vital to Russian and Chinese interests, and it’s allowing a major U.S. force into the centre of its economy,” he underlined. So, what does this mean for Iraq’s energy…
Last month’s announcement that Devon Energy and Coterra Energy are merging to create a $58-billion giant is the latest mega-deal in the U.S. shale patch, signaling smaller public companies are seeking multi-basin, multi-year increases in drilling opportunities. In early February, Devon Energy and Coterra Energy announced a definitive agreement to merge and create a premier shale operator in an all-stock transaction, implying a combined enterprise value of about $58 billion. The deal creates a company with a significantly increased position…
Several Middle Eastern states have introduced overarching national strategies with aims to diversify their energy mix to reduce their reliance on fossil fuels, as they also seek to expand their economies beyond a dependence on oil and gas revenue. This has led countries, such as the United Arab Emirates (UAE), Saudi Arabia, and Qatar, to invest heavily in the expansion of their renewable energy and cleantech industries. Oil and gas production has provided several Middle Eastern countries with significant revenue for many decades, allowing…
The world’s largest pumped hydro energy storage facility is nearing completion in China. The megaproject will bring China one step closer to its goal of being the world’s first and preeminent electrostate, and will advance the nascent but rapidly growing long-duration energy storage sector. The storage project being built at the Lianghekou Dam in Western Sichuan plateau will have four units of 300 megawatts (MW) each when completed, making it the largest facility of its kind. The project will house a conventional hydropower plant in…
Governments worldwide have been racing to unlock the secret to nuclear fusion energy for several decades, with the aim of producing abundant, clean energy. While several generation milestones have been achieved in recent years, accomplishing commercial-scale production continues to be extremely complex. However, with more recent successes, are we edging closer to achieving this goal and producing vast quantities of clean power? Nuclear fusion is the process that powers the sun and stars. Fusion takes place when two atomic nuclei – typically…
