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- Realizan nuevas movilizaciones para exigir renuncia de la presidenta peruana
- Incendio afecta 300 hectáreas del Parque Cayambe Coca en Ecuador
- Presidente Maduro llama a profundizar la revolución judicial
- Accidente de tránsito deja siete muertos en Brasil
- Arriba a Venezuela primera dama de Colombia para afianzar lazos
- Renuncia premier del Consejo de Transición en Haití
- Nueva jornada de protestas en Lima contra Gobierno de Perú
- Registran nueva masacre en Antioquia, Colombia
- Intervención federal concluye en Distrito Federal, Brasil
- Presidenta de Honduras anuncia iniciativa de reforma tributaria
Nearly a month into 2023, Europe’s energy outlook is far more positive than many analysts predicted at the onset of winter. Unseasonably mild winter temperatures across the continent and a successful pivot by the European Union away from Russian pipeline gas has seen supplies stabilize and prices fall from a previous peak. Also helping to defy the gloomy predictions of energy shortages and stalled economic growth in the EU were increased imports of liquefied natural gas (LNG) and a new Baltic pipeline from Norway – developments…
Rystad Energy expects the global market for oil and gas contractors to rise to a peak of $1 trillion in 2025 and remain at high levels for several years thereafter. Helped by strong growth in the midstream part of the industry to liquefy, transport, and re-gasify natural gas, overall oil and gas spending will stay above $920 billion annually on average for the 2022-2028 period. Despite the risk that another downturn cycle in oil and gas may occur after 2025, oilfield service suppliers should be able to balance out the downturn by branching out…
Windfall taxes, price caps, and calls for more oil and gas production marked 2022 in oil and gas. It looks like we’re in for a lot more of the same this year, especially with Western governments doubling down on their emission-reduction ambitions. The record profits that oil and gas majors raked in last year thanks to the price rally in energy commodities prompted governments in the EU and the UK to impose windfall taxes. These were aimed at propping up state finances at a time when economies were struggling to keep going amid soaring energy…
“The world needs India to avert climate catastrophe,” a CNN headline blared late last year, before asking the crucial follow-up question: “Can Modi deliver?” India aims to reach net-zero carbon emissions by 2070, but so far progress on climate goals has been uneven, to say the least. The South Asian nation’s decarbonization progress over the coming months and years can make or break the global fight to keep average temperatures at or below 2 degrees Celsius above pre-industrial averages. India currently produces the…
News that Azerbaijan's state energy company SOCAR had last week signed an agreement with UAE energy giant Masdar to develop a massive 2 gigawatts (GW) of offshore wind and "green hydrogen" production should have been a cause for celebration. The more so since the agreement included a vaguer commitment for Masdar to develop a further 1 GW of onshore wind capacity and 1 GW of solar power, and subsequent statements by Azerbaijani officials about plans for yet more renewable power generation, "green hydrogen" production, and plans to export both electricity…
Ecole Polytechnique Fédérale de Lausanne chemical engineers have invented a solar-powered artificial leaf, built on a novel electrode which is transparent and porous. The artificial leaf is capable of harvesting water from the atmosphere for conversion into hydrogen fuel. The semiconductor-based technology is scalable and easy to prepare. The paper reporting the results has been published in Advanced Materials. A device that can harvest water from the air and provide hydrogen fuel – entirely powered by solar energy –…
Fourth-quarter earnings on Wednesday saw Hess Corporation (NYSE:HES) soundly beat Wall Street estimates, with another discovery offshore Guyana playing a significant role in the company’s newly revealed $3.7-billion spending plan for 2023. In its Q4 2022 financial and operational highlights, Hess reported net income of $624 million ($2.03 per common share), up from $265 million net income for the same period in 2021. On an adjusted basis, Q4 earnings came in at $1.78 per share. Hess also returned $405 million in cash to shareholders…
Halliburton will return to shareholders half of its annual free cash flow after beating Q4 estimates. Halliburton will raise its dividend by 33%, the company said on Tuesday, as the world’s largest fracking services provider beat analyst estimates for fourth-quarter performance. Halliburton bought back $250 million in shares during Q4 2022, and saw quarterly earnings of $0.72 per share—this compares to $0.36 per share in Q4 a year ago. HAL’s Q4 revenues came in at $5.58 billion, also beating analyst estimates and Q4 2021’s…
At first glance, gold and silver seem pretty fungible. They’re both hypnotically pretty. Their prices tend to rise and fall according to the same financial/political forces. They’re both seen as real money by a tiny (very wise) fraction of the population and as atavistic relics by the vast, ignorant majority. And – most important – they will both preserve their owners’ purchasing power when today’s fiat currencies evaporate like the fever dreams they always were. So you definitely want some (and maybe a lot)…
Yesterday, strikes began at three refineries in France operated by TotalEnergies. The three facilities suspended gasoline and diesel deliveries for the wholesale market, and one of them reduced its run rates to a minimum. Across the Atlantic, refiners are preparing for maintenance season. According to Reuters, this season will see twice as many refineries shut down for repairs to compensate for delays in maintenance during the pandemic. Less gasoline and diesel fuel will be produced and, consequently, less will be exported to Europe. That would…
After decades of transitioning towards renewable energy, with several new developments across the state, LA has finally taken significant steps to move away from oil and gas. California has been repeatedly called the leader in clean energy in the U.S., and yet it is home to several large-scale oil and gas projects, as well as thousands of plugged wells from its former black gold heyday. And despite a lack of public awareness, LA was and remains a major hub for fossil fuel production, with giant wells hidden behind false buildings in busy districts…
A series of high-quality oil discoveries in Block 58 offshore Suriname combined with investment bank Morgan Stanley estimating that the block contains 6.5 billion barrels of oil sparked optimism that Suriname will replicate Guyana’s immense oil boom. This is bolstered by evidence that the U.S. Geological Survey grossly underestimated the Guyana-Suriname Basin’s oil resources. Disappointingly, after Block 58’s partners Apache and TotalEnergies made five commercial discoveries since 2020 they have delayed making the final investment…
The Biden administration’s Inflation Reduction Act is already causing a new green energy gold rush in the United States. The Inflation Reduction Act does essentially nothing to reduce inflation, but it does include massive and unprecedented provisions to kickstart a green energy revolution in the United States and nudge the country closer to a trajectory in which it could conceivably reduce emissions enough to make good on its climate pledges. For well over a decade, the United States has been falling behind in the clean energy race,…
An easing of Covid-19-related restrictions and shifting supply chains have bolstered growth in Asia, even as inflation and climate change generate significant headwinds. While South-east Asian countries such as Thailand and Vietnam had lifted restrictions in 2021, the last quarter of this year saw Japan reopen its borders to foreign travellers and China begin to roll back Covid-19-contaiment policies, signalling a gradual return to economic normalcy in the Asia-Pacific region. The same issues stalling economic growth across the globe…
The final deficit of the Russian federal budget for 2022 appeared to be 3.35 trillion rubles, almost $48.8 billion according to the average exchange rate during the year. Although, the ruble became a partially convertible currency after the beginning of Moscow’s aggression against Ukraine, and therefore, the exchange rates must be treated carefully. The Russian government’s total revenue for 2022 was 27.77 trillion rubles (about $409.68 billion) and total spending was 31.11 trillion rubles (just under $459 billion) (RBC, January 10,…
"Global warming" morphed into "climate change" which now seems inadequate to describe the weather chaos we are experiencing on planet Earth.* The recent "atmospheric rivers" which have drenched California have been a catastrophe causing an estimated $1 billion in property damage and at least 17 deaths. As of this writing, overflowing river waters could cut the Monterey Peninsula off from the rest of the mainland. The terrible rains that have hit California since December 26 have also been a bit of a blessing to the drought-ravaged state. Just as…
As the world enters a new industrial age, where technology manufacturing for clean energy will lead the way, total investments in clean energy technologies and infrastructure have to top $4.5 trillion in 2030 under the net-zero emissions by 2050 scenario, the International Energy Agency (IEA) said in a new report this week. The unprecedented scale of required investment will need industrial strategies from the countries to mobilize those investments across all regions, technologies, and supply chains. The task is enormous,…
On a national scale, the United States and Canada rely on a very different makeup of sources to generate their electricity. The U.S. primarily uses natural gas, coal, and nuclear power, while Canada relies on both hydro and nuclear. That said, when zooming in on the province or state level, individual primary electricity sources can differ greatly. In the infographic below, Visual Capitalist's Selin O?uz takes a look at the electricity generation in the states and provinces of these two countries using data from the Nuclear Energy…
Energy bills could fall under £2,500 per year in the second half of this year, potentially saving the Government billions of pounds in the cost of support packages for households. Investec has downgraded its predictions for the energy price cap in 2023. It now expects the cap to drop from its current rate of £4,279 per year to £3,317 per year in April, before sliding to £2,478 per year in July before climbing slightly to £2,546 per year in October. The rate of the price cap is also below the threshold of the Energy…
Spending on low-carbon projects will increase by $60 billion this year, 10% higher than 2022, led by wind developments but helped by a significant rise in funding for hydrogen and carbon capture, utilization and storage (CCUS) infrastructure, Rystad Energy research shows. The growth in total spending is a slowdown from recent years – which averaged 20% annual increases – as cost-conscious developers tighten their purse strings after two years of soaring prices. Investments in green sectors surged 21% in 2022 to overtake related oil…
The collapse of Venezuela’s once prolific oil industry has triggered an economic and humanitarian crisis that accelerated in 2019 after U.S. President Donald Trump implemented strict sanctions cutting the Maduro regime off from international energy markets. It isn’t only Venezuela’s economy and people which have suffered from a foundering hydrocarbon sector and corroding energy infrastructure, tremendous damage has occurred to the environment. Oil spills, leaking pipelines and storage facilities, noxious discharges from ramshackle…
Barclays cautioned on Tuesday that we could see a $15-$25 barrel downside risk for crude oil prices compared to its current forecast of $98 per barrel, according to Reuters. In a recent note, Barclays linked that downside risk to a possible continued slowdown in global manufacturing activity. “Given the challenging macroeconomic backdrop (we) highlight $15-25/barrel of downside to our forecast if the slump in global manufacturing activity worsens similar to the 2008-09 episode,” Barclays said, adding that it “would imply 1-2 million…
The digitalization of oil and gas has been well documented, with pretty much all energy majors adopting AI, machine learning, and other innovative technologies to improve their operations. But what role does artificial intelligence play in renewables? Just as in oil and gas, AI is being adopted for use in wind, solar, and other green energy projects to improve efficiency through greater automation. As energy firms look to digitalize their operations to a greater extent, AI will likely play a leading role in the energy transition of the future. …
Over the past two years, solar manufacturers have been hampered by supply chain disruptions including increasing material costs for polysilicon. Indeed, last year, Rystad Energy estimated that rising equipment and shipping costs could lead to postponement or cancellation of 56% of worldwide utility-scale solar projects that had been planned for 2022. Luckily, these challenges have been rapidly fading. Energy prices have fallen back to pre-war levels, driven lower by fears of a global recession and weak oil demand in China due to Covid outbreaks.…
