Statistics

Wind and solar produced 10% of global electricity in H1 2020

London - Wind turbines and solar panels produced a record 10% of the world’s electricity in the first half of 2020 as coal-power declined, but steeper change is needed to meet targets set under the 2015 Paris climate agreement, a report said on Thursday. Scientist say huge cuts to greenhouse gas emissions from the power sector are required over the next decade to limit global warming and curb the worst impacts of climate change

Eni's marketing unit shines in challenging quarter

Shell, Total avoided expected loss due to trading

London - The trading units of European oil and gas majors have shielded their second-quarter results from the full force of the corona-induced collapse in demand for fuel, but big writedowns showed the scale of the challenge ahead, results showed on Thursday. France's Total and Anglo-Dutch Royal Dutch Shell scraped out small profits against expectations of losses

The ceremony

Cyprus takes first step into LNG era

Nicosia - Cyprus takes its first step into the natural gas era on Thursday when President Nicos Anastasiades lays the foundation stone of the island’s first LNG terminal at Vasiliko, Larnaca. The €289 mln project is considered to be Cyprus’ largest energy venture and features an LNG floating storage and regasification unit (FSRU), a jetty, mooring facilities, a pipeline, and other onshore and offshore related infrastructure

Covid

Chesapeake files for bankruptcy

Chesapeake Energy, the emblem of the American revolution for shale, is facing bankruptcy following the collapse of oil and gas prices linked to coronavirus

Slow recovery

LNG-Asian pricese steady despite cargo cancellations

Asian spot liquefied natural gas prices remained steady this week on a continued stream of spot supply even though traders continued to cancel cargoes loading from the United States due to poor economics

On the Baltic Sea

Poland signs deal to expand its LNG terminal

Poland has signed contracts worth 1.9 billion zlotys ($483 million) to expand its liquefied natural gas (LNG) terminal in Swinoujscie to 8.3 billion cubic metres (bcm) by 2023 from 5 bcm now in response to increasing domestic demand.

Qatar's strategy

Biggest LNG shipper signs $20 billion deal to secure more vessels

Doha - Qatar has signed a deal worth around $20 billion with South Korean shipbuilders to help cement its position as the world’s largest producer of liquefied natural gas. The Gulf emirate entered into agreements with Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries Co. and Samsung Heavy Industries Co

Covid

Pandemic forces virtual safety checks for oil tankers

Ship assessors are resorting to virtual inspections of oil tankers to keep vessels afloat, as the coronavirus pandemic makes physical visits to check for seaworthiness tougher and a slump in fuel demand increases the need for ships as storage

Energy and strategy

Trump to lease oil storage to nine companies

Washington - The U.S. Energy Department is negotiating with nine companies to rent about 23 million barrels of oil storage capacity in its Strategic Petroleum Reserve as part of a Trump administration bid to help drain the country’s growing glut of crude

Energy

Russia hails oil deal it says will save millions of U.S. jobs

Having been in a stand-off with western nations from 2014 on everything from Crimea's annexation from Ukraine to allegations of election meddling, Moscow has sought to rebuild ties since the coronavirus outbreak. It sent medical support to Italy and the United States to fight the pandemic and has supported the historic oil supply pact

Purchases have more than doubled

South Korea's thirst for U.S. crude to keep growing in 2020

South Korea is on track to overtake Canada as the top buyer of U.S. crude oil in 2020 as a mix of steep price discounts to alternative supplies, attractive refining economics and rebates on shipping charges prove too good to resist for big refiners

IMO 2020

"US-China deal brings limited cheer to LNG shipping"

With 25% tariff on LNG still in play, the Phase-1 deal between the US and China is not expected to bring any significant change in the LNG trade between the two countries, writes research firm Drewry

Middle East

Oman's Sultan Qaboos dies, successor vows to pursue peace

With his death, the region loses a trusted and seasoned leader, seen as the father of modern Oman, who balanced ties between two neighbours locked in a regional struggle, Saudi Arabia to the west and Iran to the north, as well as the United States

Gas and diplomacy

Turkey, Russia launch TurkStream pipeline carrying gas to Europe

The presidents of Turkey and Russia on Wednesday formally launched the TurkStream pipeline which will carry Russian natural gas to southern Europe through Turkey, part of Moscow’s efforts to reduce shipments via Ukraine

oil and energy

Saudi Arabia approves listing of Aramco

Riyadh - Saudi regulators on Sunday approved state energy giant Aramco’s request to make its stock market debut, firing the starting gun on the highly anticipated offering which could be the world’s largest. The announcement paves the way for a domestic stock listing of Aramco

oil and energy

Saras starts bunkering in two Italian ports

Cagliari - Italian refiner Saras is introducing bunkering services at the Italian ports of Sarroch and Cagliari. Starting from September 1, bunkering operations would take place at specific dedicated areas of the ports with the refiner offering a complete range of marine fuels

oil and energy

Germany and Poland halt Russian oil imports

Moscow - Poland and Germany have suspended imports of Russian oil via a major pipeline, citing poor quality and triggering a rare crisis over supply from the world’s second-largest crude exporter. Halting imports from the Druzhba pipeline could trigger legal claims by Western buyers

oil and energy

BP signs $6 billion development offshore

Baku - BP and partners have signed the Azeri Central East project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oilfield complex in the Azerbaijan sector of the Caspian Sea. The $6 billion development includes a new offshore platform and facilities

oil and energy

Five Algerian billionaires arrested

Algiers - Five Algerian billionaires,some of them close to former president Abdelaziz Bouteflika who quit over mass protests, have been arrested as part of an anti-graft investigation, Algerian state TV said on Monday. The five are Issad Rebrab, considered the richest businessman in the energy-rich north African nation

oil and energy

Stalled Aramco IPO sets back deal-making at Motiva

Houston - Saudi Aramco’s delayed initial public offering is sidelining grand North American expansion plans at its U.S. refining subsidiary Motiva Enterprises LLC, people familiar with the matter said, at a time when its rivals grew their market share

oil and energy

Venezuela shifts oil ventures’ accounts to Russia

Caracas - Venezuela’s state-run oil company PDVSA is telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Russia’s Gazprombank AO, according to sources and an internal document

oil and energy

Iran discovers oil in Abadan region

Geneva - Iran has discovered oil in the southwestern Abadan region for the first time, Oil Minister Bijan Zanganeh was quoted as saying by the Mehr news agency on Wednesday.

oil and energy

Eni enters in the UAE Sharjah Emirate

Sharjah - His Highness Sheikh Dr. Sultan bin Muhammad Al Qasimi, the sovereign ruler of the Emirate of Sharjah, and Eni’s Chief Executive Officer, Claudio Descalzi, attended today the 2018 Exploration Bid Round ceremony that saw Eni being awarded Areas A, B C onshore Exploration Concession Agreements

oil and energy

Mexico offensive against fuel theft leaves motorists stranded

Guadalajara - A Reuters witness said many gas stations in the city of Guadalajara in Jalisco state were closed on Sunday, and that there were long lines of motorists at those that were operating

oil and energy

OPEC works on deal to cut output

Vienna - OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a significant production cut was so far the main stumbling block

oil and energy

Oil toils after worst month in a decade

London - Oil toiled at a more than one-year low after its worst month in a decade on Friday, while most major markets were keeping moves tight ahead of a weekend meeting between U.S. and Chinese presidents Donald Trump and Xi Jinping

oil and energy

Russia, Iran, and 3 others agree Caspian status

Aktau - Iran and four ex-Soviet nations, including Russia, agreed in principle on Sunday how to divide up the potentially huge oil and gas resources of the Caspian Sea, paving way for more energy exploration and pipeline projects

oil and energy

ENI’s Rovuma Phase 1 submitted to Mozambique Government

San Donato Milanese - Mozambique Rovuma Venture has submitted the development plan to the government for the first phase of the Rovuma LNG project, which will produce, liquefy and market natural gas from the Mamba fields located in the Area 4 block offshore Mozambique

oil and energy

Bulgaria open to Russian role in nuclear power project

Moscow - Bulgaria cancelled the 2,000 megawatt plant in 2012 after failing to find investors. It had also faced pressure from Washington and Brussels to limit its energy dependence on Russia, which was under contract to build the plant.

oil and energy

Iran signs oil contract with Pergas to develop Keranj field

London - Iran signed a preliminary deal on Wednesday for a consortium of international companies to develop an oilfield, the first such contract since Washington withdrew from a nuclear agreement and said it would reinstate sanctions on Tehran.

oil and energy

Oil edges off highs, but geopolitical tensions loom

London - Escalating Syria crisis lifted crude to highest since late 2014. Trade dispute between U.S. and China also keeps market on edge. Rising U.S. supplies to weigh on prices in longer term -analysts.

oil and energy

Ansaldo unveils mega turbine

Genova - “Ansaldo Energia and Shanghai Electric have garnered yet another order from China for two class-F gas turbines, bringing overall orders to over 30 gas turbines.” Chen Xuewen, Ansaldo’s director for Asia, was in Genoa, in representation of Ansaldo’s Chinese partner, which holds a 40%-stake

oil and energy

Ansaldo Energia, a joint venture in Russia

Genova - Giuseppe Zampini is quite familiar with Russia,“We’ve been in this market for 12 years.” The president of Ansaldo Energia feels almost at home, surrounded by Moscow’s delegates who attended a recent Italian-Russian seminar in Genoa

oil and energy

ENI returns to profit, Descalzi promises value

Rome - ENI is in the black again after two years of negative balance sheets,setting a production record and starting a strong trend which, if the market allows it, could also permit shareholder remuneration to improve. This is the summary of the 2017 accounts released by the Petroleum Group