In September last year, the European Union’s electric utility industry association, Eurelectric, warned that the bloc needed what Reuters called “unprecedented” investments in grid upgrades. Otherwise, Eurelectric said, the EU could well miss its energy transition targets.
Researchers at NYU Tandon School of Engineering achieved a major breakthrough in Redox Flow Desalination (RFD), an emerging electrochemical technique that can turn seawater into potable drinking water and also store affordable renewable energy.
The U.S. and global oil and gas sector is currently enjoying a third year of relatively high energy prices with oil demand on a steady growth trajectory. WTI crude has traded above $70 per barrel for the better part of the past 12 months, well above the $54 per barrel average breakeven price for U.S. shale basins. However, U.S. oil majors are not allowing high energy prices to lull them into a false sense of security, rankled by the memories of the historic oil price crash of 2020. Oil majors are now hedging their bets by targeting new oilfields that can be profitable even at $30 per barrel oil, reflecting executives’ belief that high prices are anything but guaranteed.
Two European oil majors, Italy’s Eni and France’s TotalEnergies, are setting the wheels into motion to undertake a full evaluation of the hydrocarbon resources in a gas discovery offshore Cyprus to come up with a development solution for this project, which will enable them to boost the supply of gas not just in the region but also to Europe.
In his argument, the sponsor of the bill, the Deputy Senate President, Senator Barau Jibrin representing Kano North, noted the expediency for its establishment, intrinsically serve as a catalyst to develop the arrays of potentials of the North-West as well as address the gap in infrastructural development of the region and for related matters.
The National Upstream Petroleum Regulatory Commission (NUPRC) has initiated plans to relocate certain departments from Abuja to Lagos, according to a memo seen by Peoples Gazette.
UK banking giant Barclays has just announced that it will drop direct funding for new oil and gas projects.
Campaigners, however, say that Barclays could have gone further in its commitments and that the announcement of the UK banking giant now puts pressure on the U.S. banks.
Barclays is also looking to avoid claims of greenwashing with a new set of guidelines about what ‘transition finance’ is and how its new transition finance team should apply it.
Oil majors are targeting new oilfields that can be profitable even if oil prices fall to about $30 per barrel, using a third year of rising demand to reshape portfolios amid uncertainty over the industry’s future.
State-owned Tanzania Petroleum Development Corporation (TPDC) has acquired a 20% additional stake in the Mnazi Bay natural gas project. In a deal worth $23.6 million, the acquisition brings the TPDC’s total share in the project to 40%.
Portugal’s Galp Energia, the company that reported positive indications of hydrocarbons from an exploration well in Namibia’s Orange Basin, says it has invested more than N$7,2 billion towards upstream projects, including an exploration campaign in Namibia during 2023.