Category: News & Announcement

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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Russia produced an average of 9.93 million bpd of crude oil and condensates last month, a little above its OPEC+ quota but still down 11.8 percent on the year, Interfax reported today, citing data from the Energy Ministry. Production of oil and condensates over the first nine months of the year averaged 10.35 million bpd, down by 7.8 percent on the respective period of 2019. Earlier this year, Russia’s oil production fell by a double-digit rate for the first time in more than two decades as a result of the…

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ExxonMobil is set to post its third straight loss in its upstream business this year, as lower oil demand continues to hurt oil companies’ profitability. In an SEC filing on Thursday, Exxon provided a Q3 earnings considerations update of its expectations for the third-quarter results relative to the second quarter. The U.S. supermajor is reporting Q3 financials on October 30. Exxon’s upstream business, which booked a loss of US$1.7 billion in Q2, will see its exploration and production division get a boost of between US$1.4 billion and US$1.8 billion in…

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Researchers at the University of Queensland in Australia mapped the countries and regions within them that will likely become mining hotspots as the world moves towards a low carbon future. In a paper published in the journal Nature Communications, the researchers explain that this exercise led them to conclude that such a transition is expected to lead to more mining in high-risk areas. In these places, competition over resources such as water and land may negatively impact surrounding communities. “Past research has raised concerns about the environmental, social and governance…

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Deadly clashes between Armenia and Azerbaijan are unlikely to result in major disruptions to energy production and supplies, analysts say, despite the region being a critical corridor for pipelines transporting oil and gas to the global markets. “There is not really much anticipation that this will boil over into something more serious for oil and commodity markets,” Edward Bell, a senior director at Dubai-based Emirates NBD bank, told CNBC. “If the geopolitical premium is not already in the price, I don’t think we’re going to see much reaction here on…

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