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Orsted Quits Norway Offshore Wind as Cost Crisis Deepens

(Bloomberg) –Orsted A/S has withdrawn from a partnership developing offshore wind projects in Norway as the company grapples with big losses resulting from rising costs. Orsted quit a consortium with Fred. Olsen Renewables AS and Hafslund Eco citing “a prioritization of investments” in its portfolio, according to the company. The pullback is a further sign …

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Uptick in LNG demand in Asia, Europe Insufficient to Drive Prices: Russell

Rising demand for liquefied natural gas (LNG) in the top importing regions of Asia and Europe hasn’t been enough to spark an increase in spot prices, which continue to languish. The price of spot LNG for delivery to north Asia slipped to $16.50 per million British thermal units (mmBtu) in the week to Nov. 10, …

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Oil Wavers on Weak Demand Outlook in U.S. and China, U.S. Fed Hedging

Summary Markets wary of more hawkish signals from Fed Saudi, Russia to continue voluntary oil cuts to year end Weak US, China data flags meagre oil demand LONDON, Nov 13 – Oil prices wavered on Monday, as renewed concerns over waning demand in the United States and China, coupled with mixed signals from the U.S. …

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Decarbonization – we all have a role to play!

Credit: https://img.freepik.com/free-photo/environmental-pollution-factory-exterior_23-2149057713.jpg As efforts to counter climate change ramp up and countries adopt more measures to achieve carbon neutrality by 2050, one industry has a tremendous amount of responsibility on its shoulders: the oil and gas sector. This sector contributes 9% of all man-made greenhouse gas emissions, while the fuel produced as a result contributes …

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BP, Edison, Shell Ask US, EU to Intervene in Venture Global LNG Dispute

HOUSTON, (Reuters) – BP, Edison  and Shell  pressed a U.S.-EU energy group to intervene in a dispute with liquefied natural gas exporter Venture Global LNG over the U.S. firm’s failure to deliver contract supplies of the fuel. The companies appealed to the U.S.-EU Task Force on Energy Security last month, and a Shell executive urged …

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Mountain Valley Pipeline Sues Protesters for Obstructing Construction

Mountain Valley Pipeline LLC sued Daniel Guidry and Ashley Stecher Wagner on Wednesday in federal court in Roanoke, Virginia, claiming they coordinated with others to illegally attach themselves to the land and construction equipment being used to build a segment of the pipeline in the Jefferson National Forest last month. The lawsuit said law enforcement …

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Oil Prices Settle up on Friday as Iraq Backs More Output Cuts from OPEC+

NEW YORK, Nov 10 (Reuters) – Oil prices gained about 2% on Friday as Iraq voiced support for OPEC+’s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty. Still, prices settled with weekly losses of 4%, their third straight weekly decline. “This was …

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Oil Forecasters See Saudi Arabia Extending Supply Cut Into 2024

(Bloomberg) As oil prices languish near a three-month low, forecasters are already predicting that Saudi Arabia won’t sit idle. The OPEC+ leader is likely to extend its 1 million barrel-a-day supply cut — introduced over the summer — into next year, according to analysts at UBS Group AG, FGE, Commerzbank AG and Eurasia Group. RBC Capital …

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US Battery Station Boom Leaves Hybrid Wind Projects Far Behind

By Eduardo Garcia Image: REUTERS/Adrees Latif The 2022 Inflation Reduction Act has accelerated the development of energy storage as renewable energy developers and utilities seek to widen their revenue streams. The legislation includes investment tax credits (ITCs) for standalone energy storage for the first time and offers a choice of ITCs or production tax credits …

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