BP cut planned annual investment in renewable energy businesses by more than $5 billion, from its previous forecast, to between $1.5 billion and $2 billion per year. It now aims to grow oil and gas production to between 2.3 million and 2.5 million barrels of oil equivalent per day (boepd) in 2030. It pumped 2.36 million boepd in 2024.
Exxon Mobil Corp.’s oil discovery in 2015 has transformed Guyana’s economic fortunes, filling the government’s coffers with billions of dollars from oil exports. But it’s also left the nation’s outlook extremely intertwined with the whims of the crude market at a time when an expectant population is looking for a rapid uplift in living standards.
In a courtesy meeting with the newly appointed Minister of Energy and Green Transition, Dr John A. Jinapor, AETC Founder and President, Emelia Akumah, along with Board member Tony Burkson, engaged in discussions with the Minister, his Deputy Richard Gyan-Mensah( Designate), and the Chief Director Mrs Wilhelmina Asamoah.
In January, Shell announced Andrew Smith’s promotion to lead the trading and supply arm and elevated him to the committee, signaling the unit’s increasing importance to the energy giant. Machteld de Haan is also due to join the committee as the leader of downstream, renewables and energy solutions.
Trinidad and Tobago plans to request an extension from the Trump administration for a US licence allowing Shell and National Gas Company of Trinidad and Tobago Limited (NGC) to develop Venezuela’s Dragon gas project, Reuters reported on Tuesday.
In a letter addressed to the Managing Director of VRA on Tuesday, February 18th, 2025, sighted by myjoyonline.com, the company stated that effective March 6th, 2025, it would cease further gas deliveries in accordance with Clause 13.6(a) of the Takoradi Gas Sales Agreement.
Brazilian President Luiz Inacio Lula da Silva is pressuring the country’s environmental regulators to approve oil drilling near the mouth of the Amazon River, arguing that revenue from this new fossil fuel supply could help finance a transition to green energy. Located in the Equatorial Margin, the offshore site, Bloc 59, is about 160 kilometers (99 miles) off Brazil’s eastern coast. Brazil’s environmental regulator rejected a license in 2023, citing issues such as the risk of oil spills that could affect one of the world’s most biodiverse regions. State-run oil giant Petrobras (NYSE:PBR) estimates the potential reserves in the basin at 10 billion barrels.
The OPEC Fund for International Development and the Industrial Development Bank of Türkiye (TSKB) have signed an agreement for a EUR 50 million ($52.46 million) loan to support climate- and circular economy-related projects in the Mediterranean country.
MOL Group said in a media release that the quality of the products has been verified by radioisotope analysis by the independent specialist laboratory of Isotoptech Zrt, confirming the right ratio of HVO. The production test confirmed that MOL Group is technologically ready for the production of alternative synthetic fuels, it said.
A peace deal in the Ukraine could lead to the lifting of Western sanctions on Russia, which would in turn boost the availability of Russian oil supply internationally—but only theoretically. The European Union has signaled on a regular basis over the past three years it is willing to keep squeezing Russian energy as much as it possibly could and it’s quite likely the squeeze will continue even after a peace deal is signed—if that happens.