Energy

Indonesia’s president-elect, Prabowo Subianto, plans to implement a mandatory 50% blending of palm oil-based biodiesel (B50) by early next year, which he estimates could reduce fuel imports by $20 billion annually. This initiative follows the government’s announcement to increase the blending rate to 40% by January 2025, up from the current 35%. Prabowo, set to […]

New Zealand’s government announced plans to pass legislation by the end of the year to reverse a ban on offshore oil and gas exploration, which has been in place since 2018. This move aims to address recent energy shortages and remove regulatory barriers for importing liquefied natural gas (LNG). Prime Minister Christopher Luxon emphasized that […]

Equinor has announced plans to invest between 60 billion and 70 billion Norwegian crowns (approximately $5.7 billion to $6.7 billion) annually in oil and gas projects offshore Norway until 2035. The company anticipates sustained strong demand for fossil fuels, as stated by CEO Anders Opedal during a press conference. Norway, as Europe’s largest gas supplier […]

The eastern government of Libya declared on Monday that all oilfields would be closed, halting production and exports. This announcement comes amidst a lack of communication from the internationally recognized government in Tripoli and no confirmation from the National Oil Corp (NOC), which oversees the nation’s oil resources. Waha Oil Company, a subsidiary of NOC, […]

Chinese biofuel company Zhejiang Jiaao Enprotech has announced a significant investment deal with BP, marking the first collaboration between a global oil major and China’s emerging sustainable aviation fuel (SAF) sector. BP will invest 354 million yuan (approximately $49.56 million) in exchange for a 15% stake in Lianyungang Jiaao Enproenergy Co., which is in the […]

The Greek-flagged oil tanker Sounion, carrying 150,000 tonnes of crude oil, has been evacuated and now poses a significant environmental hazard following an attack by Houthi forces in the Red Sea. The EU’s Red Sea naval mission, known as “Aspides,” reported the situation on Thursday, highlighting the potential navigational and ecological risks associated with the […]

Workers at Canadian National Railway (CN) will start returning to work on Friday, following the Canadian government’s intervention to end an unprecedented rail stoppage. The Teamsters union announced the return of CN workers, while the work stoppage at Canadian Pacific Kansas City (CPKC) will continue pending an order from the Canadian Industrial Relations Board (CIRB). […]

Equinor, Norway’s state-controlled energy giant, has announced the cancellation of its plans to invest in Vietnam’s offshore wind sector and will close its Hanoi office, marking a significant setback for the country’s renewable energy ambitions. The decision comes amid ongoing delays in regulatory reforms that have caused several potential investors to reevaluate their commitments. Magnus […]

Egypt aims to restore its oil and gas production to normal levels by 2025, leveraging partnerships with international companies, as announced by Prime Minister Mostafa Madbouly. The country had previously aspired to become a regional hub for liquefied natural gas, especially following significant discoveries like the Zohr gas field, which holds an estimated 30 trillion […]

OPEC has received updated output compensation plans from Iraq and Kazakhstan, committing to address their overproduction by September 2025. This follows the implementation of output cuts by OPEC and its allies, known as OPEC+, aimed at stabilizing the oil market since late 2022. Iraq reported a cumulative overproduction of 1.4 million barrels per day (bpd) […]