LUKOIL begins supply of green electricity to Nizhny Novgorod refinery
PJSC LUKOIL has started supplying electricity generated from the second-stage solar power plant (SPP) located at subsidiary OOO LUKOIL-Volgogradneftepererabotka’s 14.8-million tpy Volgograd refinery in southern Russia to fellow subsidiary LLC Lukoil-…
German chancellor says the West has to ‘work very hard’ to find energy sources beyond Russia
German Chancellor Olaf Scholz has told CNBC that the West has to work “very hard” to find alternative sources of energy beyond Russia as talks of potential sanctions intensify.Speaking to CNBC’s Hadley Gamble at the annual Munich Security Conferenc…
Devon focused on maintenance, plans roughly $2 billion in 2022 upstream capex
Devon Energy Inc., Oklahoma City, plans to spend $1.9-2.2 billion in upstream capital projects in 2022, a roughly 10% increase from last year that executives say shows their commitment to a “disciplined maintenance capital program.”The operator on F…
ConocoPhillips is selling extra gas to bitcoin miners in North Dakota
Oil and gas major ConocoPhillips is in the bitcoin mining fuel business.The company said in a statement to CNBC on Tuesday that it has one bitcoin pilot project currently operating in the Bakken, a region in North Dakota known as an important source o…
BP sticking with Russia business, says Ukraine crisis is having ‘no impact’ on its operations
Oil and gas giant BP said Monday that mounting risks of a Russian invasion of Ukraine are having no impact on its operations within the major energy-producing nation.Speaking at an oil and gas exhibition conference in Cairo, Egypt, CEO Bernard Looney …
Oil jumps amid escalating tensions between Russia and Ukraine
Oil prices jumped in afternoon trading Friday amid escalating tensions between Ukraine and Russia.With about 2 hours left to the trading day, U.S. National Security Advisor Jake Sullivan said at a White House briefing that there were signs of Russian …
Oil will hit $120 a barrel if Russia invades Ukraine, strategist predicts
Oil will “certainly” hit $120 a barrel and the global economy will be “radically altered” if Russia invades Ukraine, veteran strategist David Roche has predicted.Moscow has denied that it plans to invade neighboring Ukraine, but has moved around 1…
PETROAN seeks establishment of modular refineries
Port Harcourt — The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has charged the Federal Government to ensure massive establishment of modular refineries across the country, in order to put operators of illegal refineries…
BlackRock CIO says stock picking will be a key theme for 2022 — and explains where to look
LONDON — Stock picking is going to be more important for investors than macroeconomic themes in 2022, according to BlackRock’s Nigel Bolton.Markets continue to grind higher against a backdrop of uncertainty, and developments on the Covid-19 front, g…
Shareholders of oil giant Shell vote in favor of London move
LONDON — Shareholders of oil giant Royal Dutch Shell on Friday voted to approve plans for the company to overhaul its legal and tax structure and move its headquarters to the U.K. from the Netherlands.The Anglo-Dutch company has said the simplificati…
Saudi Aramco CEO warns of social unrest if new investment in fossil fuels ends too quickly
Amin Nasser, the chief executive of Saudi Aramco, the world’s biggest oil producer, urged global leaders on Monday to continue investing in planet-warming fossil fuels in the years ahead, arguing that the assumption the world could transition to clea…
OPEC to decide on oil output policy as omicron Covid variant rattles markets
A group of some of the world’s most powerful oil producers is meeting Wednesday to discuss how much of an impact the new omicron Covid variant is likely to have on energy demand.Led by Saudi Arabia, the Organization of the Petroleum Exporting Countri…
U.S. energy envoy says Biden stands ready to release even more oil reserves to cool markets
President Joe Biden’s administration stands ready to release even more barrels of oil from its strategic reserves should the need arise again, according to the U.S. State Department’s senior advisor for global energy security.“Absolutely. This is a…
Parkland pausing Burnaby refinery operations amid Trans Mountain pipeline shutdown
Calgary-based Parkland Corp. is pausing processing activities at subsidiary Parkland Refining (B.C.) Ltd.’s 55,000-b/d refinery on Burrard Inlet in North Burnaby, near North Vancouver, BC, amid feedstock supply disruptions caused by the ongoing shutd…
U.S. to release oil from reserves in coordination with other countries to lower gas prices
President Joe Biden said Tuesday that the administration will tap the Strategic Petroleum Reserve as part of a global effort by energy-consuming nations to calm 2021′s rapid rise in fuel prices.The coordinated release between the U.S., India, China, …
‘It is entirely doable, and it is doable fast’: Experts on how to navigate the energy transition
LONDON — The deepening climate emergency underscores the urgent need for policymakers to oversee a rapid transition away from fossil fuels.How countries navigate this switch, however, is fiercely contested.The burning of energy sources such as coal, …