94
IRAN Energy News Agency 📬 Office: Unit 32. No 26. Dr Mossadegh St. Mirdamad St. Tehran. Iran ☎️ Tel: +98-2126413997 https://en.iranenergy.news
BP’s Azerbaijani Oil Field could be a Game-Changer for Baku
Azerbaijan will get a welcome earnings boost from BP’s announcement that it has launched production at a new $6-billion facility in Azerbaijan’s giant Azeri-Chirag-Gunashli oil field. The upgrade can boost the field’s output by as much as 25 percent. Dubbed Azeri-Central-East (ACE), the facility consists of a new production platform 130 kilometers offshore in Azerbaijan’s…
https://en.energytoday.ir/bps-azerbaijani-oil-field-could-be-a-game-changer-for-baku/
Chinese Giant Sinopec Eyes Stake in Canadian Cedar LNG Project
China’s state-owned energy giant Sinopec is in talks with Pembina Pipeline Corporation over buying a stake in a planned Canadian LNG project and an offtake agreement for LNG from the facility on the Pacific coast, Reuters reported on Monday, quoting unnamed sources familiar with the development. Pembina is a partner in the proposed Cedar LNG…
https://en.energytoday.ir/chinese-giant-sinopec-eyes-stake-in-canadian-cedar-lng-project/
China Dominated the Global Wind Turbine Market in 2023
https://en.energytoday.ir/china-dominated-the-global-wind-turbine-market-in-2023/
India’s Steel Industry Faces Challenges despite Growing Demand
India has ended the financial year 2023-2024 as a net importer of finished steel, which has sent the alarm bells ringing in industry circles throughout India. Mainly, insiders want to know how the changing import status might affect steel costs and India’s push for self reliance. According to news agency Reuters, as per initial government…
https://en.energytoday.ir/indias-steel-industry-faces-challenges-despite-growing-demand/
Rystad: Global Upstream could See another $150B Merger this Year
So far this year, the global upstream oil and gas market has seen more than $64 billion in mergers and acquisitions, and the year could still see more mega-deals, according to the latest report from Rystad Energy on Monday. While recent deals have focused on the Permian Basin, Rystad says it is looking to other…
https://en.energytoday.ir/rystad-global-upstream-could-see-another-150b-merger-this-year/
G7 Nations Discuss Phasing out Coal-Fired Electricity by 2035
The G7 group of the world’s most industrialized nations are discussing a common target to end their coal-fired power generation by 2035 at an energy ministers’ meeting in Italy, a source close to the talks told Reuters on Monday. The energy, climate, and environment ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, and…
https://en.energytoday.ir/g7-nations-discuss-phasing-out-coal-fired-electricity-by-2035/
The Future of Plastics will Determine the Future of Oil Demand
The UN is this week discussing the future of plastic—or so it would seem on the surface. The UN Global Plastics Treaty negotiations aim to curb plastic pollution by essentially curbing the use of plastics globally. And they look set to fail. The goal is certainly noble. Reducing the massive amount of plastic waste that…
https://en.energytoday.ir/the-future-of-plastics-will-determine-the-future-of-oil-demand/
OPEC’s next Production Decision could be Decided in the UAE
https://en.energytoday.ir/opecs-next-production-decision-could-be-decided-in-the-uae/
OPEC would Open Arms to Namibia, Encourages Investors to Consider
OPEC Secretary General Haitham Al Ghais said in a statement on Wednesday that the group is looking forward to the prospect of a partnership with Namibia, the hottest new oil frontier after Guyana, with new discoveries lining up and first production of 2.6 billion barrels planned for 2030. "We are excited about the potential of…
https://en.energytoday.ir/opec-would-open-arms-to-namibia-encourages-investors-to-consider/
Wind Overtakes Fossil Fuels as the UK’s Largest Power Generation Source
The UK saw two consecutive quarters of wind power overtaking fossil fuels as the single-largest source of electricity generation for the first time, per data from think tank Ember quoted by Reuters columnist Gavin Maguire. In the first quarter of 2024, wind-generated a total of 25.3 terawatt hours (TWh) of Britain’s electricity, higher than the…
https://en.energytoday.ir/wind-overtakes-fossil-fuels-as-the-uks-largest-power-generation-source/
IMF Praises UK’s Digital Infrastructure for AI Readiness
Amid a slew of warnings about slow growth and rising national debt, it was easy to miss that the International Monetary Fund (IMF) had some good news for the UK economy last week. Modelling the potential impact of artificial intelligence (AI) on both UK productivity and output, it suggested that the size of the UK…
https://en.energytoday.ir/imf-praises-uks-digital-infrastructure-for-ai-readiness/
Slump in Coal Production Drags down Poland’s Economic Recovery
https://en.energytoday.ir/slump-in-coal-production-drags-down-polands-economic-recovery/
Global Climate Goals still Unreachable despite Record Renewable Growth
Renewable energy installations reached record highs in 2023, growing at their fastest pace in decades. 510 gigawatts (GW) of renewable energy were added worldwide, representing a 50% increase from 2022, according to figures from the International Energy Agency (IEA)’s annual flagship report on the global status of renewable energy. Projections show that the sector’s expansion…
https://en.energytoday.ir/global-climate-goals-still-unreachable-despite-record-renewable-growth/
China’s New Energy Sector Far from ‘Overcapacity’ against Massive Market Demand
With rapid growth and continuous upgrading in its industrial structure, China has made remarkable progress in the new energy industries in recent years, such as electric vehicles (EVs), solar products and lithium batteries, which has not only met the domestic needs for high-quality development but also cater to the global market, playing a significant role…
https://en.energytoday.ir/chinas-new-energy-sector-far-from-overcapacity-against-massive-market-demand/
Will Namibia become OPEC’s Newest Member?
https://en.energytoday.ir/will-namibia-become-opecs-newest-member/
Germany Warns Russia against Using Nuclear Weapons in Ukraine War
Following Russia's announcement of drills involving the use of tactical nuclear weapons, German Chancellor Olaf Scholz warned Moscow on Monday against deploying atomic weapons in the Ukraine war. “It is always important to say loudly that nuclear weapons must not be used in this war,” Scholz said at a press briefing in Riga, Latvia's capital,…
https://en.energytoday.ir/germany-warns-russia-against-using-nuclear-weapons-in-ukraine-war/
UAE Plans $13.5 Billion Investment in Brazil Biofuels
The Abu Dhabi sovereign wealth fund’s investment arm, Mubadala Capital, plans to make a substantial investment in biofuels in Brazil, the Financial Times has reported, quoting the head of Mubadala’s Brazilian operations. The $13.5-billion investment in biofuels is part of a broader investment plan for Brazil that may also include setting up a new stock…
https://en.energytoday.ir/uae-plans-13-5-billion-investment-in-brazil-biofuels/
Microsoft and Brookfield Sign $10-Billion Renewable Power Deal
https://en.energytoday.ir/microsoft-and-brookfield-sign-10-billion-renewable-power-deal/
Iraq to Start First West Qurna Gas Production this Year
Iraq will see first natural gas production at its supergiant West Qurna field by the end of this year, Iraqi News reports, citing the Iraqi prime minister and federal energy authorities on Monday. ExxonMobil withdrew from southern Iraq’s West Qurna 1 field in January, handing operations over to PetroChina, which now enjoys the largest stake…
https://en.energytoday.ir/iraq-to-start-first-west-qurna-gas-production-this-year/
PetroChina Books its Highest ever Q1 Profit
PetroChina reported on Monday its highest net profit for a first quarter as its revenues rose by 11% thanks to steady oil prices and higher domestic natural gas demand and production. The Chinese state-held oil and gas giant booked $6.3 billion (45.681 billion Chinese yuan) in net profit for the first quarter of 2024, up…
https://en.energytoday.ir/petrochina-books-its-highest-ever-q1-profit/
Saudi Aramco Seeks Investment Opportunities in New Energies Abroad
Saudi Aramco is currently eyeing potential investments in new energies outside Saudi Arabia, the state oil giant’s chief executive officer Amin Nasser said on Monday. Aramco’s top executive was speaking on the sidelines of the Special Meeting on Global Collaboration, Growth, and Energy for Development by the World Economic Forum (WEF) in the Saudi capital…
https://en.energytoday.ir/saudi-aramco-seeks-investment-opportunities-in-new-energies-abroad/
UAE may Surpass Goal of Tripling Renewable Energy Capacity by 2030
The UAE may surpass its target of tripling renewable energy capacity by 2030 due to low clean energy prices and as more solar capacity is installed to produce green hydrogen, the country's energy minister said on Sunday. Renewable energy is the cheapest and reduces the levelised cost of electricity – the average cost of generating…
https://en.energytoday.ir/uae-may-surpass-goal-of-tripling-renewable-energy-capacity-by-2030/
U.S. Drilling Activity Slips
https://en.energytoday.ir/u-s-drilling-activity-slips/
China’s Coal Prices Set to Soar, Industry Experts Predict
China's coal market is poised for a significant uptick in prices, according to fresh insights from the China Coal Transportation and Distribution Association (CCTD). General Manager Han Lei of CCTD's research department highlighted that domestic thermal coal prices have surpassed 800 yuan ($110.41) per metric ton, which is seen by many in the industry as…
https://en.energytoday.ir/chinas-coal-prices-set-to-soar-industry-experts-predict/
China’s Coal Dependence to Persist despite Global Climate Goals
Amidst global efforts to phase out coal power by 2040, China's coal consumption is unlikely to decrease significantly by that time, according to a new report by Norwegian consultancy DNV. The report indicates that China's coal usage, currently the world's largest, will experience a minor reduction in the next two years, followed by a one-third…
https://en.energytoday.ir/chinas-coal-dependence-to-persist-despite-global-climate-goals/
Venezuela Looks to Crypto for Oil Sales as Sanctions Return
With Venezuelan oil sanctions set to be reimposed and state-run PDVSA oil company buyers and suppliers under orders to close out transactions in line with sanctions by the end of May, the country is now working to shift its oil sales to digital currency. Using Tether, pegged to the U.S. dollar, PDVSA is seeking to…
https://en.energytoday.ir/venezuela-looks-to-crypto-for-oil-sales-as-sanctions-return/
Gazprom Shut down Dozens of Natural Gas Wells ahead of Spring Floods
Russia’s natural gas giant Gazprom had to shut down more than two dozen producing wells during the spring floods in the Orenburg region to keep the gas-producing wells from flooding, the local Gazprom unit said. River and floodwaters rose early this month in the Orenburg region in southwestern Russia near the Ural River in the…
https://en.energytoday.ir/gazprom-shut-down-dozens-of-natural-gas-wells-ahead-of-spring-floods/
Carbon Price Crash Threatens EU Transition Funds
The price of carbon dioxide on the European Union’s emissions trading markets, ETS, has taken a bad tumble. On the face of it, this is good news—it means industries covered by the scheme are emitting less. But in this case, fewer emissions mean less money for the transition. Earlier this year, the price per carbon…
https://en.energytoday.ir/carbon-price-crash-threatens-eu-transition-funds/
Norway Oil and Gas Output up in March
Norway produced 2.1 million barrels of petroleum, natural gas liquids (NGLs) and condensate per day last month, up from the prior month and the corresponding period a year ago, the Norwegian Offshore Directorate has reported. The figure exceeded the forecast by 2.4 percent, the report showed. Daily oil output averaged 1.8 million barrels, while average…
https://en.energytoday.ir/norway-oil-and-gas-output-up-in-march/
U.S. Drilling Activity Inches up
https://en.energytoday.ir/u-s-drilling-activity-inches-up/