Author: omc_admin

U.S. Devon Energy Corporation has signed a 10-year natural gas agreement to supply LNG to UK’s Centrica, the owner of British Gas. Under the deal announced on Friday, Devon Energy will supply 50,000?(MMBtu) per day of natural gas over a 10?year term starting in 2028. This is equivalent to five LNG cargoes per year.  The LNG volumes will be indexed to the European gas hub price, TTF. The agreement supports Centrica’s objective of managing market price risk in its LNG portfolio by aligning feed gas pricing with European gas prices whilst providing Devon Energy with international price exposure, the UK company said in…

BKV Corporation is acquiring Bedrock Energy Partners’ Barnett Shale assets in north Texas in a transaction valued at approximately $370 million. BKV and its subsidiary BKV Upstream Midstream LLC entered into a definitive purchase agreement to acquire all of the issued and outstanding equity interests of Bedrock Production LLC, according to a news release. The Bedrock acquisition is estimated to include approximately 97,000 net acres directly offsetting BKV’s existing acreage, midstream assets, and around 108 million cubic feet equivalent per day of production, consisting of approximately 63 percent natural gas, BKV said. The purchase price, to be funded upon closing,…

Pavel Durov, the founder and CEO of Telegram, shared three pieces of advice his dad gave him for leading the messaging app.”A month ago, my father — a leading expert in Ancient Roman literature — turned 80. I asked what advice I should pass to the next generation,” the Russian entrepreneur wrote in a post on X on Thursday. Valery Durov was head of classical philology — the study of language in historical sources — at St Petersburg State University until 2013, the year Pavel cofounded the encrypted messaging service with his brother Nikolai.Durov shared his father’s advice on the…

Iraq was plunged into a nationwide blackout earlier this week, as a temperature surge to 122 degrees Fahrenheit (50° Celcius) — and subsequent spiking demand for electricity — pushed the country’s faltering power grid to the breaking point. For a country that has seen as much conflict and instability as Iraq, this could come as unsurprising – except for the fact that the nation is OPEC’s second-largest oil producer and has the world’s fifth-largest proven oil reserves. Scores of international energy companies have facilities in the Middle Eastern country, and billions of dollars have been invested in its power sector.…

The U.S. Energy Information Administration (EIA) cut its Brent spot average crude oil price forecast for 2025 and 2026 in its latest short term energy outlook (STEO), which was released on August 12. According to that STEO, the EIA sees the Brent spot price averaging $67.22 per barrel this year and $51.43 per barrel next year. In its previous STEO, which was released in July, the EIA projected that the Brent spot price would average $68.89 per barrel in 2025 and $58.48 per barrel in 2026. The EIA revealed in its latest STEO that it sees the Brent spot price…

Chinese oil refining throughput jumped by 9% in July from a year earlier amid higher utilization capacity at state-owned refiners, according to official data released on Friday. Chinese refiners processed 14.85 million barrels per day (bpd) of crude oil last month, per the data from the National Bureau of Statistics cited by Reuters.  The crude processing throughput was slightly lower compared to June this year, down by 1.95%. June, however, saw the strongest oil refining levels in China in nearly two years. Improved fuel margins and the end of spring maintenance boosted oil refinery throughput in June to the highest level since September…

The US has been trailing China in the race for open-source AI. OpenAI’s latest move could help close that gap — but it could also spur China to speed up its own releases.Last week, OpenAI CEO Sam Altman announced GPT-oss, a family of large language models with “open weights.”That means anyone can see or use information determining how the model works after it’s been trained — but not the full source code.”We believe this is the best and most usable open model in the world,” Altman wrote on X on Aug 6.GPT-oss is OpenAI’s first open-weight language model in over…

“It felt really scary … like being in the middle of a burning city during a night raid.” Dr Arwyn Edwards is not describing urban warfare but a recent hot and foggy day on a Svalbard glacier, where record-breaking summer heat turned his workplace into a cascade of meltwater and falling rocks.Edwards is a leading researcher in glacier ecology – the study of life forms that live on, within and around glaciers and ice sheets. Over two decades of polar research, he has always felt “relaxed and at home” on ice. But the accelerating climate breakdown is beginning to erode…

If Russia loses its streams of revenue from selling its gas and oil to third countries, then it will have a severe impact on the Russian economy. That’s what Olga Tokariuk, a fellow with the Democratic Resilience Program at the Center for European Policy Analysis (CEPA), said in an exclusive CEPA press briefing held Thursday, which Rigzone was invited to. “The threat of secondary sanctions has been particularly successful, so Putin would like to avoid that at any cost,” Tokariuk said in the briefing. “However … there are a lot of questions about … any kind of credibility of agreements…

India is launching a national deepwater exploration mission to tap more of its energy resources, boost domestic energy supply, and reduce dependence on imports, Prime Minister Narendra Modi said on Friday.“India will harness its deepwater energy resources, strengthening energy self-reliance and reducing dependence on foreign fuel imports,” Modi said in his address on the country’s Independence Day. India is also boosting its renewable energy capacity, with advances in solar, nuclear, hydro, and hydrogen energy, according to the prime minister.The deepwater exploration mission will add to another mission, the National Critical Minerals Mission, to secure resources essential for energy, industry, and defense.…