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.
West Texas Intermediate’s front-month futures were trading at as little as 1 cent more per barrel than contracts for the next month out, down from a premium of $1.52 about a month ago. It’s the weakest the so-called prompt spread has been since November, when it turned negative in a bearish structure known as contango. WTI’s March futures slid to settle below $71 a barrel.
In the days leading up to Trump’s inauguration Jan. 20, oil refiners in Asia scoured for alternative supplies in case his administration crimped access to Iranian or Russian barrels. But some of those concerns ebbed after the announcement of his first measures, which concentrated on just three tankers.
Type One Energy Group has secured an exclusive license to use Commonwealth Fusion System LLC’s high-temperature superconducting (HTS) cable technology to develop its proprietary stellarator fusion magnets. Type One Energy said in a media release the licensing agreement allows it to benefit from CFS’ experience in manufacturing the world’s most powerful HTS fusion magnets.
Aker BP’s net production for the quarter was 41.3 million barrels of oil equivalent (MMboe), up from 38.2 MMboe in the previous quarter, which corresponds to a daily average of 449,200 barrels of oil equivalent per day (boepd), compared to 414,700 boepd in the third quarter.
At the cable’s two landfall points, Torness, in East Lothian, and Hawthorn Pit, in County Durham, two converter stations will be built to change the electricity from alternating to direct current – the most efficient way for it to travel long distances, the partners said. Specialist boats are then used to lay the cable across the seabed and bury it throughout the route before connecting it to the grid.
“Unless legally-binding safeguards are introduced, there is a risk that a large amount of fossil fuels will be replaced with unsustainable biofuels,” the companies said in a joint statement released by the European Federation for Transport and Environment, a non-governmental organization known as T&E. When deforestation and land use are taken into account, palm and soy are two to three times worse for the climate than traditional fuels, according to T&E.
“Equinor maintain that Equinor and Danske Commodities acted independently, and that Equinor booked capacity solely in order to keep access to the Spanish capacity booking platform and therefore ensure access to the Spanish gas market”, Equinor said in an online statement.
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.
ADNOC listed ADNOC Drilling in 2021 in what was one of the largest share sales in the United Arab Emirates (UAE) at the time. ADNOC Drilling, the largest national drilling company in the Middle East by rig fleet size, is the primary provider of drilling rig hire services and certain associated rig-related services to the ADNOC Group on agreed contractual terms.