Tullow became one of the UK’s hottest independent oil explorers after making major African discoveries in the late 2000s. But it took on huge debts to develop them, and in recent years struggled to bring Kenyan fields onstream. This year it agreed to sell the Kenyan deposits and offloaded assets in Gabon as it looks to pay down debt.
While oil prices have fallen this year as OPEC+ returns shuttered production, natural gas has remained strong in both Asia and Europe, O’Neill said in a separate interview with Bloomberg TV. LNG is traditionally sold under long-term contracts linked to oil. However, Woodside has benefited as about a quarter of its fuel is sold with an indexation to gas, O’Neill said.
“This collaboration marks an exciting first step by IEC to evaluate world-class opportunities beyond Indonesia in Brazil, a market that has become one of the most attractive for upstream investment,” said Frank Ingriselli, IEC’s President. “Working with Blener Mayhew and his team will give us immediate local insight and access. In addition to opportunities in Brazil, AEP may also assist us in further commercializing our Indonesian assets and identifying new Indonesian domestic growth projects. Together with our planned drilling program at our Kruh Block, this initiative advances our growth strategy to scale production and diversify our portfolio in the final months of 2025 and beyond.”
The project involves an LNG receiving terminal in support of additional power generation at Clifton Pier. It aims to deliver lower-carbon infrastructure by using LNG to feed new and retrofitted gas turbines which previously used diesel. Nikkiso CE&IG will manufacture and deliver the LNG packaged regasification system which includes high-pressure submerged centrifugal pumps installed in a modular pump skid; a gas-fired water bath vaporizer and associated power distribution and control systems; an insulated pipeline featuring Nikkiso CE&IG’s vacuum jacketed system; and site critical ancillary equipment. The Group will also provide engineering services in support of the project.
“The [Crown Minerals Amendment] Bill removes the ban on oil and gas exploration beyond onshore Taranaki, better aligns decommissioning settings with international practice, establishes a new tier of permit to undertake small-scale non-commercial gold mining and signals the Coalition Government’s intent to reinvigorate investment in Crown-owned minerals”, Jone said in a statement.
Thurrock Storage, with a total capacity of 600 megawatt hours, can supply power to approximately 680,000 homes. It helps balance supply and demand by absorbing excess clean electricity and releasing it instantly when needed by the grid. To support this, the National Grid said it upgraded the Tilbury substation by installing new protection and control systems, ensuring the regional network can handle the battery’s substantial additional load safely.
Beijing flagged its intention in March to force plants to produce less transport fuels and more petrochemicals, as electrification rapidly undermines traditional energy usage. Refining profits have only worsened since then, while Beijing’s efforts to combat involution across industries has taken on greater urgency due to persistent deflationary and trade pressures on the economy.
Rystad chief analyst Per Magnus Nysveen said, “Full extraction of these oil resources will require oil prices stabilizing at higher levels and further estimate increases will require new technologies to lower production costs. Over the next decades, the capital needed will likely not be available to meet continuously increasing oil demand, service prices could skyrocket, and there will likely be limited appetite for innovations to sustain such high emissions from oil”.
While oil prices have fallen this year as OPEC+ returns shuttered production, natural gas has remained strong in both Asia and Europe, O’Neill said in a separate interview with Bloomberg TV. LNG is traditionally sold under long-term contracts linked to oil. However, Woodside has benefited as about a quarter of its fuel is sold with an indexation to gas, O’Neill said.
“The flow of oil to Slovakia is currently standard,” Slovak Economy Minister Denisa Sakova said in a statement, as quoted by the publication. “In the coming days, we will have clearer information about whether there will be any adjustments to the supply schedule for this month … However, I believe that given the rapid resumption of flow through the Druzhba pipeline, the impact will be minimal.”