For two months, the oil market has been incredibly boring. Brent futures have not moved more than $1 per barrel in either direction over a single day for seven consecutive weeks. The OPEC+ cuts have stabilized the physical market, and money managers have placed bets on options that pay off with lower volatility. According to the Wall Street Journal, so-called…
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Tesla’s Gigafactory in Nevada was a target of attempted and thwarted cyberattack, Elon Musk said, describing the attempt as “a serious attack.” Musk confirmed there was an attempted cyberattack, in reply to an article tweeted by Teslarati, which described how a Russian national had contacted an unnamed Russian-speaking, non-US citizen working at Tesla’s Gigafactory Nevada, offering to pay him US$1…
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Over the past decade, the European Union has widely been viewed as being ahead of the renewables curve, and it recently-launched new hydrogen strategy has only served to cement its credentials. The EU has a highly ambitious plan to install 40 gigawatts of electrolyzers within its borders and support the development of another 40 gigawatts of green hydrogen in nearby countries by…
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While pipelines in the United States face increasingly hostile legal challenges, China is seeing the importance of a national oil and natural gas pipeline network and is buying pipelines and storage facilities valued at 391.4 billion yuan ($55.9 billion). PipeChina was created in December 2019 to consolidate pipeline assets from the country’s state-owned oil and gas companies, as part of…
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The devastating economic impact of the novel coronavirus pandemic is an unprecedented disaster for global markets, with the world almost certainly plunging into a yearslong worldwide recession. This almost entirely unanticipated interruption to business as usual has some silver linings, however. For decades, world leaders and environmental and climate scientists have been paying a lot of lip service to the…
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BHP (ASX, LON, NYSE: BHP) is fine-tuning details of a revamped strategy to reduce the company’s operational emissions and its use of diesel, which will set concrete targets to be reached by 2030, chief executive Mike Henry said on Thursday. The “very tangible actions” to be announced on September 10, are part of the world’s largest miner’s broader commitment to…
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Canada’s capital spending on its oil and gas industry fell by more than half in the second quarter as the pandemic-inspired low prices continue to burden oil and gas producers with impossible breakevens. Canada’s capital spending fell 54% in Q2, to $3.88 billion, according to Statistics Canada. This is down from $8.46 billion in Q1 2020 and $8.59 billion in…
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Siemens Gamesa Renewable Energy’s new financial strategy will look familiar to those following the pinched U.S. shale sector: the German-Spanish wind turbine manufacturer plans to focus less on breakneck growth, and more on profitability and cash generation. “We cannot live from volume,” C.E.O. Andreas Nauen said on August 27th in a conference call as the company unveiled its new strategy. “We have to make…
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Earlier this year in the US, energy generation from wind, solar, and hydroelectric dams combined to top coal generation for over two months straight. This was the product of spring peaks in renewable generation and reduced electrical demand during lockdowns, but those events were layered on top of coal’s continuing decline and the long-term growth of renewables. A new report…
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Oil and Gas Development Company (OGDC) has made a gas and condensate discovery in its exploratory well Saib-1 in Kohat district of Khyber-Pakhtunkhwa. According to a statement issued by the oil and gas exploration company, the Saib Well-1 was drilled and tested using OGDC’s in-house expertise. The well was drilled to the depth of 5,500 metres. Based on the open…
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