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Jobs to the Wind: Siemens Energy’s Gamesa to Cut 4,100 jobs, CEO Says in Staff Letter

CDN and International News, Latest, Renewable Energy, Wind / By

(Reuters) – Siemens Energy’s wind turbine division Siemens Gamesa is planning to cut 4,100 jobs, or around 15% of its workforce, the unit’s Chief Executive Jochen Eickholt said in an internal letter to staff seen by Reuters on Tuesday. “Our current situation demands adjustments that go beyond organizational changes. We have to adapt to lower business …

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NOW YOU KNOW: Why Does OPEC+ Often Clash Over Oil Production Capacity?

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC, Tri-Pinned / By

(Reuters) – OPEC+ is working to agree oil production capacity for its member countries by the end of 2024, an issue that has created tensions in the past because each nation’s output target is calculated from its notional capacity. Members of OPEC+ – comprising OPEC and allies such as Russia – tend to push for …

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Coal’s Australian Reprieve Is an Energy Transition Reality Check

CDN and International News, Coal, Conventional Energy, Latest / By

Bloomberg Australia’s leaders like to portray the nation as a trailblazer in the energy transition, touting a solar buildout that has installed panels on almost one in three rooftops and rapid growth in battery storage. The more valuable lesson, though, may be in its struggle with coal. Eraring, the country’s largest power plant, burns through as much as 6 million …

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Norwegian Oil Companies to Make Record High Investments in 2024

CDN and International News, Conventional Energy, Latest, Oil / By

(Reuters) – Norwegian oil and gas investments are expected to hit a record high this year and will remain strong in 2025, driven by a string of new developments as well as cost inflation, a national statistics office (SSB) survey showed on Tuesday. The country’s biggest business sector now expects to invest 246.9 billion Norwegian …

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New Petrobras CEO Pushes Offshore Oil Prospect as Matter of ‘National Interest’

CDN and International News, Conventional Energy, Latest, Oil / By

Petrobras’ new chief executive said a basin in Brazil’s Equatorial Margin, an environmentally sensitive offshore prospect seen as the country’s most promising frontier for oil exploration, was a matter of “national interest.” Magda Chambriard, who took over as the state-controlled oil company’s chief executive after President Luiz Inacio Lula da Silva fired its former CEO …

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New Report Says Trudeau Government Targeted Emissions Cap Could Cost Canadian Oil and Gas Sector $75B in Lost Investment

CDN and International News, Emission Reduction, Energy Topics & Technology, Latest / By

CALGARY — A new report commissioned by an industry lobby group on the federal government’s proposed emissions cap stirred up strong reactions from both oil and gas supporters and environmental groups on Monday. The report, by S&P Global Commodity Insights, was commissioned by the Canadian Association of Petroleum Producers to examine the impact of various …

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Highlighting Exxon Suit, Investors Urge Firms to Keep Shareholder Spats Out of Court

CDN and International News, Latest / By

(Reuters) – A group of around 40 large European and American institutional investors on Tuesday urged companies to refrain from taking shareholders to court over disagreements relating to their proposals. The group, which represents $4.4 trillion in assets under management, highlighted the lawsuit filed by Exxon Mobil  against two activist groups, in which the oil company seeks to …

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EU Approves Law to Hit Gas Imports with Methane Emissions Limit

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Methane, Natural Gas / By

(Reuters) – European Union countries approved a law on Monday to impose methane emissions limits on Europe’s oil and gas imports from 2030, pressuring international suppliers to cut leaks of the potent greenhouse gas. Methane is the main component of the natural gas countries burn in power plants and to heat homes. It is also …

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Iran Plans to Raise Oil Output to 4 Million Barrels Per Day

CDN and International News, Energy Topics & Technology, Exploration & Production, Latest, Oil, OPEC / By

 (Reuters) – Iran has approved a plan to raise its oil output to four million barrels per day, the country’s Tasnim news agency said on Sunday, without providing a time frame. “An economic council headed by Iran’s interim president Mohammad Mokhber has approved a plan to raise the country’s oil output from 3.6 million barrels …

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Venezuela Aims to Reach 1.23 Mln Bpd of Oil Output in Dec, Minister Says

CDN and International News, Latest, Oil / By

Venezuela aims to produce 1.23 million barrels per day (bpd) of oil in December, adding about 290,000 bpd compared to the start of the year, following the addition of drilling rigs, oil minister Pedro Tellechea said on Friday. The growth comes after a 6-month broad license granted by the U.S. Treasury Department to Venezuela’s oil …

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