Industry News
EU Drafts $205 billion plan to replace Russian fuel
The European Union’s executive arm is set to bolster renewables and energy savings goals as part of a 195 billion-euro ($205 billion) plan to end its dependency on Russian fossil fuels by 2027. The European Commission will propose to increase its clean energy target for 2030 to 45% from the current 40% when it […]
Methane Leaks Spur Calls for Stiffer US Regulation
In recent times, environmentalists have called on the Biden administration to crack down on methane leaks from low-producing U.S. oil wells, after new research shows they are releasing a disproportionate share of the potent greenhouse gas. As per a study by Nature Communications, such marginal wells are gushing some 4 million metric tons of methane […]
New UK Strategy To Allow Greater Energy Independence
The UK has revealed its new British Energy Security Strategy which will accelerate the deployment of different energy sources like wind, new nuclear, solar, and hydrogen while supporting the production of domestic oil and gas. This strategy will also see a significant upgrade of nuclear energy capabilities, with up to 24GW by 2050 expected to […]
Petronas Is Not Acquiring Sapura Energy
Malaysia’s national oil company Petronas is not going to be acquiring its cash-strapped compatriot contractor Sapura Energy, which would have brought Sapura under the same group as rival contractor Malaysia Marine & Heavy Engineering (MMHE) and shipping giant MISC. Responding to news reports, comments in the media and recent speculation on its purported “talks […]
Oil suffers first weekly loss since Russian invasion
Since the Russian invasion of Ukraine, oil posted its first weekly loss and this kicked off one of the most volatile periods in the history of the oil market. Oil futures declined by 5.5% last week and Brent crude fell by 4.6%. The international benchmark ended above $112/barrel which marked a more than $30 drop […]