The shipping industry spews hundreds of millions of tons of greenhouse gases into the atmosphere each year and is under mounting pressure to decarbonize. LNG, emitting less carbon than oil-derived ship propellant, has been touted as a key bridge fuel during the switch to cleaner energy. Yet it still releases pollutants, including large amounts of methane.
In 2024, STEP strengthened its foothold in the North American coiled tubing technology sector by acquiring the proprietary technology and intellectual property for the STE-conneCT downhole tool. The company said it has also collaborated with a major U.S. client to enhance ultra-deep coiled tubing capabilities.
Aramco’s monthly sales to Asia, and in particular to China, are an important source of supply for many refiners across the region. The volume of the shipments, which are sold only via long-term contracts, determines how much crude these processors will need to buy on the spot market from producers including Iraq, the United Arab Emirates and West Africa.
Nigerian National Petroleum Co. Ltd. is the majority owner of the SPDC JV holding 55 percent. TotalEnergies SE owns 10 percent but has entered into a deal to divest this to Chappal Energies Mauritius Ltd. for $860 million. Eni SpA owns the remaining five percent, previously held via Nigerian Agip Oil Co. Ltd. (NAOC). The Italian state-controlled company sold NAOC to local player Oando PLC for nearly $800 million last year but has decided to retain its SPDC JV stake.
On Tuesday, U.S. President Donald Trump threatened to double his planned tariffs on Canadian steel and aluminum from 25% to 50%. Trump said his latest move comes in response to a threat by the province of Ontario to put a 25-percent surcharge on electricity exports to some U.S. states.
The latest data on money managers’ positioning in the WTI and Brent crude and U.S. natural gas futures showed two contrasting trends—speculators are betting that oil prices would remain low or go even lower while increasing the bets that natural gas prices would continue marching higher.
Crude oil imports in Asia have been nothing to write about so far this year. But the tide is turning, and volumes are beginning to climb. The top contenders for the Asian supplier crown: Russia and Saudi Arabia.
Argentina’s controversial president Javier Milei, a self-described anarcho-capitalist, on taking office enacted strict austerity measures to rein in rampant triple-digit inflation, kick-start the economy and slash a massive fiscal deficit.
Engineering and consulting group Wood has launched a specialised centre for technical, strategic and economic energy transition services in Abu Dhabi, Wood announced on Wednesday.
ARC Resources Ltd. said Tuesday it has entered into a deal to sell all of its offtake from the under-construction Cedar LNG in Canada to Exxon Mobil Corp.