Category: News & Announcement

China is looking to attract investments in shale gas developments by easing restrictions on foreign entities and subsidizing costs in a bid to boost its natural gas production while its demand continues to grow. China has shale gas reserves but the geology to extract those resources is challenging, so it is not clear if the incentives will attract major international oil companies, Argus reports. The province of Guizhou has recently offered six exploration blocks for shale gas reserves, but the bids were much lower than those offered in a similar…

Read More

The U.K. government will target an emissions cut of at least 68% by the year 2030, compared to 1990 levels, under plans announced Thursday. The new goal to reduce greenhouse gas emissions comes before a Climate Ambition Summit on Dec. 12 which the U.K. will co-host. In a statement, the U.K.’s Prime Minister Boris Johnson described the new target as “ambitious,” while Business and Energy Secretary Alok Sharma said it reflected “the urgency and scale of the challenge our planet faces.” The target is known as a Nationally Determined Contribution,…

Read More

Italian energy firm Eni is taking a 20% stake in what is set to be the world’s largest offshore wind farm. The energy firms Equinor and SSE are both selling 10% stakes in the first two phases of the project, which is situated off the U.K. coast. Eni will now take a share of Dogger Bank A & B, which will have a combined capacity of 2.4 gigawatts when fully operational. Upon completion of the deal, Equinor and SSE’s share in Dogger Bank A & B will still amount to…

Read More

Saudi Arabia’s crude oil exports to the United States fell to the lowest in 35 years in October, averaging less than 100,000 bpd, Bloomberg reported, citing preliminary and historical data from the Energy Information Administration. In the week to November 27 alone, the volume of Saudi oil shipments to the U.S. fell to as little as 73,000 bpd. The average daily volume for October beat another low, recorded for August, at 177,000 bpd, as OPEC’s top producer and exporter tried to tighten crude oil supply amid plummeting prices. To compare,…

Read More

Days after reports emerged that the newly opened Belarus nuclear power plant suffered an incident, authorities in neighboring Lithuania told the Baltic country’s population on Thursday to stock up on food in case of an incident at the nuclear power facility in Belarus, which is just 30 miles away from Lithuania’s capital city Vilnius. “We recommend that the population create a stock of essential products for three days,” Mindaugas Bayarunas, a representative of the Ministry of Internal Affairs of Lithuania, said on the national radio on Thursday, as carried by…

Read More