Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye has warned that the incoming Mahama administration will not have the luxury of a “honeymoon” due to the pressing challenges confronting the country, particularly in the energy sector.
The UK is stepping into its “renewables future” as low-carbon green generation is set to overtake fossil fuels for the first time this year, according to new analysis, with wind power also teetering on the edge of a historic first.
BP has decided to merge all its offshore wind business into a new joint venture with Japan’s energy firm JERA, to which the companies will provide up to $5.8 billion for investments by 2030, the UK-based supermajor said on Monday as it shifts its focus back on oil and gas.
Since early November, the so-called ‘Dunkelflaute’, German for “dark wind lull”, have often resulted in wind farms in Europe’s biggest economy generating only a fraction of their nameplate capacity, leading to day-ahead electricity prices for peak demand hours to high levels not seen since the peak energy crisis in 2022.
The fuel depot at Calenzano, just northwest of Florence, receives, stores, and ships out gasoline, diesel, and jet fuel. The explosion occurred in an area where trucks were refueling in a loading shelter. The explosion and fire have not affected the storage tanks, Eni says.
Oil is the primary factor that determines gasoline prices in the United States, and commodity experts at Standard Chartered have predicted that U.S. oil production will not surge under Trump. According to the experts, U.S. crude production has increased by 4.7 mb/d since the pandemic-era low of May 2020; however, it’s just 0.4 mb/d higher than the pre-pandemic high of November 2019, working out to an annual production growth rate of just 80 thousand barrels per day (kb/d) over this timeframe.
The Bureau of Land Management has offered the minimum possible amount of land in a mandatory lease sale for the Arctic National Wildlife Refuge, in keeping with the Biden administration’s efforts to minimize drilling in the area.
The year-to-date rate of oil imports, however, remains a decline on 2023 and chances are that the full-2024 figure will be lower than the 2023 total as well. This will probably add fuel to trader pessimism about future demand even as China doubles down on stimulus to accelerate its economic growth.
Drilling activity is accelerating in Argentina’s Vaca Muerta shale region, thanks in large part to policies by the business-friendly government of President Javier Milei. Shale oil now accounts for about 60% of Argentine crude and has put the nation on course to reach production levels unseen in more than 20 years, according to the US Energy Information Administration.
First commissioned in 2011, Trym is expected to contribute 3,000 barrels of oil equivalent per day (boed) net to DNO at plateau. Remaining reserves are estimated at two million barrels of oil equivalent (MMboe) net to DNO.