Energy News Beat World Oil (Bloomberg) — Hess Corp. was the high bidder in a U.S. auction for drilling rights in the Gulf of Mexico, which raised a total of $382 million from oil giants before the Biden administration imposes a two-year hiatus for future sales. Source: Reuters The sale, held by the Interior Department […]
Energy News Beat IER Key Takeaways 1: Despite enormous federal spending, subsidies, incentives, and regulations to drive internal combustion engines out of the market, electric vehicles make up just 1 percent of vehicles in operation in the United States. 2: Increasing consumer knowledge about electric vehicles, high up-front costs and high interest rates have slowed […]
Energy News Beat Russian supplier of Bitcoin mining solutions BitСluster is building a 120-megawatt (MW) data center in Ethiopia, the company has announced on its website. According to a press release issued on Thursday, the facility will be located in the capital city of Addis Ababa, on the territory of the Kilinto high-voltage substation, and […]
Energy News Beat US liquefied natural gas (LNG) exports decreased in the week ending December 20 compared to the week before, according to the Energy Information Administration. The agency said in its weekly natural gas report that 22 LNG carriers departed the US plants between December 14 and December 20, six vessels less compared to […]
Energy News Beat 3 Podcasters Walk in a Bar – Episode 41 Highlights of the Podcast: 03:16 – The conference of the past 05:30 – The president of the UK put in a very good note 08:50 – The Crude Truth for the energy transition 12:03 – The EIA put out those rules 13:48 […]
Energy News Beat Inflation is like so not defeated? Jacking up prices faster than costs are rising creates stunning profits. Strong demand sees to it that companies can do it. By Wolf Richter for WOLF STREET. Overall corporate pre-tax profits (excluding the Federal Reserve Banks), jumped by 3.4% in Q3 from Q2, and by 5.5% year-over-year, to a […]
Energy News Beat China will halt the export of a range of rare-earth technologies, potentially making it harder for the US and other western nations to bolster supplies of strategic raw materials. Beijing put technology for making rare-earth metals and rare-earth magnets on a list of items can’t be transfered overseas, according to a document from the […]
Energy News Beat The three most dangerous words in the oil market are “OPEC is dead.” The oil cartel’s obituary has been written many, many times — and always prematurely. The almost non-stop departure of member countries during the past decade – Indonesia in 2016, Qatar in 2019, Ecuador in 2020 — have provided ample opportunity to […]
Energy News Beat Exxon Mobil is set to acquire Pioneer Natural Resources, which will increase its oil and gas sales and make it the largest player in the Permian Basin. The oil market balance is expected to be influenced by voluntary production cuts from OPEC+ countries and concerns over slowing global demand. The forecast for […]
Energy News Beat TotalEnergies (XPAR: TTE) has agreed to sell 25.5% of Seagreen, Scotland’s largest offshore wind farm, in a £552m deal with Thailand national oil firm PTTEP. The French energy major said the deal implies an enterprise value of $4.3bn, more than 13 times the expected average EBITDA of the project over the next […]
