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Hanoi: Asia’s dependence on Middle East oil and gas – and its relatively slow shift to clean energy – make it vulnerable to disruptions in shipments through the Strait of Hormuz, a strategic weakness highlighted by the war between Israel and Iran.Iran sits on the strait, which handles about 20 per cent of shipments of the world’s oil and liquefied natural gas, or LNG. Four countries – China, India, Japan and South Korea – account for 75 per cent of those imports. Japan and South Korea face the highest risk, according to analysis by the research group Zero Carbon Analytics,…

The Trump administration’s proposed overhaul of green energy tax credits has jolted the climate tech sector — and investors and founders in the ecosystem are scrambling to make fallback plans.Cleantech stocks tumbled in May after a bill cutting tax credits for clean energy incentives passed through the Republican-controlled House of Representatives.Now, founders and investors are concerned about the knock-on impact this could have on the country’s climate tech ecosystem, which was burgeoning under the Biden-era Inflation Reduction Act, or IRA. They told Business Insider that Trump’s bill has stifled startup growth ambitions, pushing them to scale back, pivot to new…

Crude oil deliveries to the strategic petroleum reserve will be delayed by seven months due to maintenance, the Department of Energy has said.The previous administration had scheduled the addition of 15.8 million barrels into the SPR in the first five months of this year but since January, only 8.8 million barrels have been pumped into the reserve, Reuters noted in a report on the news.“Due to site maintenance, the SPR rescheduled crude oil secured from previous solicitations, as well as exchanges, through December 2025,” a Department of Energy spokesperson told the publication.The Biden administration released some 300 million barrels of…

PESHAWAR, Pakistan (AP) — Flash floods triggered by pre-monsoon rains swept away dozens of tourists in northwest Pakistan on Friday, killing at least eight people. The nationwide death toll from rain-related incidents rose to 18 over the past 24 hours, officials said.Nearly 100 rescuers in various groups rescued a total of 58 people and were searching for the missing tourists who were swept away while picnicking along the Swat River in Khyber Pakhtunkhwa province, said Shah Fahad, a spokesman for the provincial emergency service. He said only 3 people belonging to an extended family of 16 could be rescued and…

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PT Medco Energi Internasional Tbk. has agreed to acquire Fortuna International (Barbados) Inc. from Repsol E&P S.a.r.l. The company said in a media release it will shell out $425 million in the process. It expects to close the transaction in the third quarter of 2025. MedcoEnergi said Fortuna International holds an indirect 24 percent interest in the Corridor Production Sharing Contract (PSC). The Corridor PSC has seven producing gas fields and one producing oil field, all located onshore in South Sumatra, Indonesia, MedcoEnergi said. The gas is sold under long-term contracts to high-quality buyers in Indonesia and Singapore, it said.…

(WO) — Ashtead Technology has signed a collaboration agreement with Ocean Science Consulting Ltd. (OSC) to deliver combined environmental monitoring, mitigation and compliance services for offshore wind and oil-and-gas operators. Under the deal, Ashtead will supply and manage subsea sensors and other equipment, while OSC will handle underwater-noise monitoring, data analysis and regulatory reporting. The companies say the single-vendor approach will help developers meet strict marine-environment standards throughout an asset’s life cycle. Offshore projects—whether decommissioning pipelines, laying cables or installing turbines—must limit subsea noise to protect marine life. The new partnership “significantly enhances our ability to deliver end-to-end…

An unexpected move by the United Arab Emirates to cut volumes of a key oil grade sold to project partners including BP Plc and TotalEnergies SE is set to put a dent in some trading books. The hit stems from a mismatch in positions taken in the derivatives market to hedge against their expected supply of Murban crude for July, according to people familiar with the matter. The discrepancy may have led to losses as high as $12 a barrel for some equity shareholders, which is considered steep given profits can be as little as a few cents for each…

By Irina Slav – Jun 27, 2025, 12:48 AM CDT Crude oil prices are on track for a weekly decline as reduced geopolitical tensions in the Middle East ease fears of supply disruptions. Despite recent draws in US crude and fuel inventories, the market’s focus is shifting to potential tariff removals and the upcoming OPEC+ meeting in early July. Analysts anticipate that increased OPEC+ production could lead to a significant oil market surplus by the end of the year, assuming continued regional stability. Crude oil prices were set to end the week lower than they started it as Israel…

Domestic natural gas price is set to rise to the government-set ceiling of $6.75 per mmbtu next month, from $6.41 currently, as the rate is linked to crude prices, which surged this month due to the Iran conflict.The Centre revises the Administered Price Mechanism (APM) rate every month based on the average crude price of the preceding month. The price is set at 10 per cent of the price of the Indian crude basket, subject to a ceiling of $6.75 per mmbtu. At June’s average crude price of $70 per barrel, the effective rate for July will be $6.75 per…