U.S. Oil Production Still 2 Million Bpd Under Pre-Pandemic Levels

The EIA might be forecasting that the Permian Basin’s oil production will be rebounding soon, but overall, today’s U.S. oil production is still 2 million barrels per day below the levels seen in January 2020. The EIA’s Monthly Drilling Productivity Report is forecasting that for the nation’s most prolific basin, the Permian, production will return to 4.466 million barrels per day in May. That compares to 3.918 million bpd in May 2020—but that was hardly prior to the pandemic. In January 2020, the Permian basin’s average oil production was 4.793…

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Japan To Pour 1 Million Tons Of Contaminated Fukushima Water Into Ocean

Japan will release some 1 million tons of contaminated water from the Fukushima nuclear power plant into the ocean, the country’s government said amid strong opposition from Japan’s neighbors. The move, according to them, was “extremely irresponsible”, Reuters reports, adding that Japan’s Prime Minister responded with “Releasing the … treated water is an unavoidable task to decommission the Fukushima Daiichi Nuclear Power Plant and reconstruct the Fukushima area.”  Media reported last October about the plans for the radioactive water from the destroyed power plant, noting that it would be diluted before being released…

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Pro-Business Conservative Wins Presidential Election In Oil Producer Ecuador

Conservative candidate Guillermo Lasso, 65, won the presidential election in South American oil producer Ecuador, and said he would propose new oil deals to private oil companies. Lasso won the run-off against Andres Arauz, 36, who was running on a socialist platform for more social spending. Arauz, a socialist economist and protégé of former left-wing president Rafael Correa, conceded defeat on Monday with more than 95 percent of the votes counted. Pro-business and free-market proponent Lasso won the presidency in his third time running for president, promising to bring more…

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How The Clean Energy Megatrend Impacts The World Order

Glance up and around and you’ll know the horizon is changing. From Canada to South Africa, Brazil to China, windmills and solar panels are telling a story of change. In the United States, the landscape is collecting a kind of 21st-century raiment. Wind farms, solar farms, and just stray windmills and solar panels on roofs are signaling something big and different. When they were making “Tom Jones” in 1963, the very funny film based on the Henry Fielding classic, the big problem was finding English villages which dated from the…

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Venture Capital Bets Big On Texas As World Capital Of Clean Energy Tech

Venture capital fund manager Energy Transition Ventures said on Tuesday it had launched the first venture fund in Texas that will exclusively invest in energy transition technologies. The fund is founded in the world’s energy capital Houston by cleantech start-up executives and venture capitalists Craig Lawrence and Neal Dikeman, with anchor investment from two operating companies from the GS Group of South Korea. Energy Transition Ventures will be investing in early-stage start-ups in North America. “Texas is the energy capital of the world, and outside of corporate venture capital, there…

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Saudi solar plant locks in new record low price for power: 1.04c/kWh

Saudi Arabia looks to have notched up a new record-low price for large-scale solar power, with one of seven projects recently signed up to power purchase agreements contracted to sell electricity for just over $US10 per megawatt-hour ($A13/MWh). According to local press, Saudi Arabia’s energy minister Prince Abdulaziz Bin Salman announced the new record on Thursday last week at the inauguration of the 300MW Sakaka solar power plant in Al-Jouf, the kingdom’s first renewables project. At the plant’s launch, Prince Abdulaziz announced that PPAs for seven other renewable projects across…

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PPL receives Rs903m from Byco via NAB

KARACHI: The Paki­stan Petroleum Limited has received Rs903.218 million from the National Accountability Bureau (NAB) against outstanding receivables from Byco Petroleum Pakistan Lim­ited, the company ann­ounced on Monday. The PPL informed the Pakistan Stock Exchange (PSX) about it in a regulatory filing and said that the company would pursue for remaining over Rs253m. “In pursuance of Rule 5.6.1 of your Rules, we hereby inform you that the company has received a pay order for Rs903.218 million from the National Accountability Bureau (NAB) against long outstanding receivables of the Company from…

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