Category: News & Announcement

If the ongoing strike of oil workers in Norway extends for another week without a resolution, nearly 25 percent of Norway’s oil and gas production could be shut down, including output at the giant Johan Sverdrup oilfield, the Norwegian Oil and Gas Association (NOG) said on Thursday.   The association is at odds with the Lederne union, which has refused to accept a new pay deal for offshore workers, while two other unions – representing 85 percent of the offshore workforce – have accepted the deal. Lederne began a strike on September…

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Many people who have increasingly despaired at the adverse effects of changing climate have probably mused: Why can’t we go completely green? Why are fossil fuels so hard to quit? The answers, as usual, are legion: Renewable energy is too expensive, too unreliable, too undeveloped and fossil fuels lack a suitable substitute. All of these reasons contain a modicum of truth. But our biggest challenge remains lack of political will because lowering our reliance on fossil fuels requires dedicated investments that provide uncertain, long-term benefits. Indeed, scientists have continued making…

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The US government is taking a $25 million equity stake in Dublin-based battery metals miner TechMet, as part of a push by President Donald Trump to reduce the country’s reliance on supply chains dominated by China. The backing from the $60 billion US International Development Finance Corporation (DFC) will help TechMet develop a nickel and cobalt mine in Brazil. Both metals are key in the production of the batteries that power electric cars and cell phones. TechMet’s Brazilian Nickel project, in the north-eastern state of Piauí, is estimated to hold…

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Natural gas prices on Monday rose nearly 10 percent as lofty hopes of an economic stimulus deal in the United States persist, an increase in LNG exports, and positive reports of President Donald Trump’s bout with the coronavirus reinvigorates the markets after traders were spooked last week. At 1:50 p.m. EDT, natural gas spot prices were trading up $0.241 MMBtu (+9.89%) at $2.679. While some reports suggested that colder temperatures in the MidWest were responsible for the surge in natural gas prices, NatGasWeather predicted that national demand for the fuel would be…

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The port city of Hai Phong in Vietnam has approved a liquefied natural gas (LNG) project for power generation, expected to be developed by U.S. supermajor ExxonMobil and to cost US$5.09 billion. The people’s committee of the city of Hai Phong approved the project which is expected start electricity generation in 2026 or 2027, Reuters reported on Friday, citing a statement from the Vietnamese city. The power plant is expected to have an initial capacity of 2.25 gigawatts (GW) when it becomes operational. Capacity will be doubled to 4.5 GW…

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