Fossil fuel production ‘dangerously out of sync’ with global climate targets, UN warns
LONDON — As world leaders prepare for one of the most important climate summits ever held, U.N.-backed research shows governments are collectively planning to extract far more fossil fuels than would be consistent with global climate targets.The Unit…
Gas prices are at a seven-year high and expected to keep rising. How to save at the pump
You may want to get used to higher prices at the pump, at least for now.As of Monday, the average cost of a gallon of gas was $3.30, up 7.5 cents from a month ago and $1.08 higher than a year ago, according to fuel savings app GasBuddy. By Tuesday, th…
RusGazDobycha’s Baltic Chemical lets new contract for Ust-Luga complex
JSC RusGazDobycha subsidiary Baltic Chemical Complex LLC (BCC), through its contractor, has let a contract to McDermott International Ltd. to provide additional works for BCC’s $13-billion ethane-cracking complex, or gas chemical complex (GCC) portio…
Big Oil CEOs have a personal reason to put more focus on less fossil fuels
As energy sector demand roars back and commodities market pundits talk about the return of $100 oil, there are new factors in the energy sector pushing producers to extract less — from greater fiscal discipline in the U.S. shale after a decade-long b…
Goldman Sachs says oil prices could be higher for much longer
Oil prices could stay at higher levels in the years to come as demand rebounds while supply remains tight, according to Goldman Sachs’ head of energy research.Damien Courvalin, who is also a senior commodity strategist, said the market fundamentals w…
Coal is ‘king’ as gas prices soar, Total CEO says — and it’s backfiring on cleaner energy goals
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grapples with worsening gas shortages.TotalEnergies CEO Patrick Pouyanne on Wednesday stressed the need to a…
Rising energy prices will squeeze company profits, says business consultant
Rising energy prices will increase business costs and narrow profit margins of companies around the world, a management consultant said Wednesday.Prices of energy commodities — including oil, natural gas and coal — soared in recent weeks as supply r…
LUKOIL expanding gas processing, petrochemical production at Stavrolen
PJSC LUKOIL is adding a second gas processing unit (GPU) that will enable increased production of petrochemicals from northern Caspian Sea natural gas at subsidiary Stavrolen LLC’s petrochemical complex in Budennovsk, Stavropol Region, Russia.Officia…
Natural gas prices are skyrocketing around the world. Here’s why the U.S. may not suffer as much
A global energy crunch is sending natural gas prices soaring in the U.K., Europe and Asia, hitting record highs. However, experts say the stratospheric prices seen in Europe are unlikely to carry over to the States.Much will ultimately depend on what …
Rystad: China to spend over $120 billion on services, drill 118,000 wells through 2025
China hopes to increase oil and natural gas production in the next few years to meet rising domestic demand and reduce the record-high share of imports in its oil consumption.
Jim Cramer picks his 4 favorite oil stocks, says rally is likely ‘far from over’
CNBC’s Jim Cramer on Thursday laid out his favorite oil stocks, suggesting a more disciplined approach to capital spending has hit the industry and makes it possible for shares to keep rallying.“Now that the oil industry has learned some discipline,…
Ukraine’s Naftogaz CEO accuses Russia of using gas as a geopolitical weapon as energy crisis deepens
LONDON — The chief executive of Ukrainian state energy giant Naftogaz has accused Russia’s Gazprom of using natural gas as a geopolitical weapon, calling on the U.S. and Germany to take action against Moscow while it awaits regulatory approval for a…
Surging gas prices are the ‘transition premium’ in the push toward renewables, OPEC chief says
DUBAI, United Arab Emirates — Soaring gas prices are the cost of the attempted shift to renewable energy sources, OPEC Secretary General Mohammed Barkindo told CNBC on Tuesday. “I have talked about a new premium that is emerging in the energy market…
Europe's energy crisis is making the market nervous
LONDON — European power prices have spiraled to multi-year highs on a variety of factors in recent weeks, ranging from extremely strong commodity and carbon prices to low wind output.What’s more, the record run in energy prices is not expected to en…
Enbridge buys Moda Ingleside crude export terminal
Enbridge Inc. has agreed to purchase the Moda Ingleside Energy Center (MIEC) and other assets from Moda Midstream LLC and EnCap Flatrock Midstream.
FG, IEA to brainstorm on energy transition
The Federal Government, the International Energy Agency, IEA and stakeholders in the oil and gas sector will on September 10, hold a workshop as part of Nigeria’s efforts at facilitating its energy transition through carbon capture, utilisation, and …