Category: News & Announcement

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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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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