Oil Prices Head For Fourth Weekly Drop As Demand Fears Weigh Oil prices slipped on Friday, heading for a fourth weekly decline, as renewed economic concerns in the United States and China revived concern about fuel demand growth in the world’s two largest oil consumers. Brent crude futures fell 43 cents, or 0.57%, to $74.55…
BP Looks to Expand its Biofuels Business Supermajor BP is weighing the possibility of investing directly in feedstock crop farming and buying stakes in producers of biofuel feedstock as it is accelerating its biofuels business, Nigel Dunn, Senior Vice President Biofuels at BP, told Reuters in a interview. “Biofuels are an easy way for our…
Energy Crisis “Is Not Over Yet” – E.On German Utility giant, E.On, has said that the energy crisis is not over yet, and the situation with energy supply in Europe could deteriorate later this year. “The crisis is not over yet,” E.On’s chief financial officer Marc Spieker said at the presentation of the company’s first-quarter…
Africa Needs $700 Billion in Clean Energy Investment Africa will need financing of around $700 billion in the next decade to expand green energy development and the mining of key energy transition metals such as cobalt, copper, and lithium, a top executive at Africa’s top lender by assets said. Hundreds of millions of people in…
Investors Turn to South Africa amid Mineral Diversification Efforts …As billions of dollars’ worth of investment is directed towards critical minerals, South Africa’s enabling environment makes the country an investment destination of choice. As global players make strides towards transitioning to a cleaner energy future, demand for critical minerals – which are essential for the…
14,000 Inactive Oil & Gas Wells in U.S. Unplugged – Nature Energy A study published recently by Abandoned Gas Well in U.S has revealed that the U.S. Oil Patch is home to tens of thousands of inactive offshore oil and gas wells that remain unplugged, posing the risk of possible leaks into the ocean. The…
Report puts Russian Navy Ships near Nord Stream Pipeline Blast Russian ships capable of performing underwater operations were present near to where explosions later took place on the Nord Stream pipelines, according to an investigative documentary. The vessels were reportedly located using intercepted Russian navy communications. Underwater explosions last September knocked the two Nord Stream…
EU Looks to Attract More Suppliers to its Joint Gas Purchase Platform The European Union is keen on attracting international natural gas suppliers to offer volumes for sale on the EU’s new joint gas purchase platform to keep prices low and avoid another winter of fears of gas shortages. “All international suppliers of gas should…
Asian Oil Imports Dipped in April as China and India Slowed Crude Buying The biggest crude oil buyers in Asia, China and India, imported lower volumes in April compared to multi-month highs in March, leaving overall Asian crude imports last month lower than in the prior month. Total shipments to Asia averaged 26.39 million barrels…
PTI Transitioning to Energy Institute – Chief Executive The Chief Executive of Petroleum Training Institute (PTI) Effurun, Dr. Henry Adimula, has said that as the oil and gas industry is transitioning to energy broadly, the institute is also transitioning to energy institute. Adimula said the goal of the institute is to become a hub for…