Author: omc_admin

North America dropped 17 rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on May 23. The total U.S. rig count dropped by 10 and the total Canada rig count dropped by seven week on week, taking the total North America rig count down to 680, comprising 566 rigs from the U.S. and 114 rigs from Canada, the count outlined. Of the total U.S. rig count of 566, 553 rigs are categorized as land rigs, 11 are categorized as offshore rigs, and two are categorized as inland water rigs. The total U.S.…

Regulatory reversal: The EPA plans to scrap federal limits on GHG emissions from coal and gas-fired power plants, marking a significant rollback of climate-related regulations. Contradicts global consensus: The agency’s draft claims GHG emissions from fossil plants have minimal climate and health impacts—opposing data from the UN and scientific bodies. Policy shift under Trump: The move aligns with broader efforts to dismantle green-energy subsidies and climate protections instituted under the Biden administration. The U.S. Environmental Protection Agency is preparing a sweeping regulatory rollback that would eliminate all federal greenhouse gas (GHG) limits on coal and gas-fired power plants, according to…

Strategic Pivot: Japan aims to scale blue carbon capture from 34 tonnes (2023) to 2 million tonnes by 2040. New Partnerships: Collaboration includes the Environment Ministry, Eneos Corp, and JAMSTEC to assess deep-sea CO₂ storage. Decarbonisation Push: Initiative supports Japan’s 2050 net-zero goal amid waning forest absorption capacity. Japan is moving forward with a large-scale offshore research program to explore “blue carbon” solutions—harnessing marine vegetation like seaweed and mangroves to absorb and store carbon dioxide in deep-sea environments. This strategy, backed by Japan’s Environment Ministry, is designed to complement existing decarbonisation efforts and help the country meet its 2050 net-zero…

Baghdad: The Iraqi federal government’s oil ministry has sued the semi-autonomous Kurdistan Region of Iraq over oil and gas contracts it signed with U.S. firms, three sources with direct knowledge of the matter said and a document showed.The legal challenge is the latest obstacle to the resumption of flows through the Iraq-Turkey oil pipeline that have been halted since March 2023, despite pressure by the administration of U.S. President Donald Trump. Baghdad has said direct engagement between companies and the Kurdistan regional government, or KRG, without the federal government’s inclusion violates the constitution, calling the deals null and void. The…

EU Ombudsman Teresa Anjinho announced that she has opened an inquiry into the process behind the European Commission’s Omnibus proposal to simplify and reduce corporate sustainability reporting and due diligence requirements, following complaints alleging that the Commission failed to meet procedural requirements in preparing the proposals. The Commission released its Omnibus I package in late February 2025, aimed at significantly reducing the sustainability reporting and regulatory burden on companies, with proposals for major changes to a series of regulations including the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD), as well as the Taxonomy Regulation, and the Carbon Border Adjustment…

First Global Impact Building Launched: Schneider Electric opens “The NEST” in Dubai, setting the standard for future-ready, sustainable workplaces. 37% Energy Use Reduction: The site is projected to cut energy consumption by over a third and eliminate 572 metric tons of CO₂ annually. Model for Global Rollout: The program will retrofit or build additional smart, low-carbon facilities over the next 18 months. Schneider Electric has launched its first Impact Building—a flagship smart facility in Dubai—under its new Impact Buildings Program, showcasing how digitalization and electrification can redefine sustainable commercial real estate. “We are walking the talk and creating the vision…

The biggest chunk of Google cofounder Sergey Brin’s recent gift of Alphabet stock worth almost $700 million went to his nonprofit called Catalyst4, Bloomberg reported.The transfer of just over 4 million Alphabet shares was revealed in a Securities and Exchange Commission filing last week that did not disclose the recipients.A spokesperson for Brin’s family office, Bayshore Global, said the shares were given to three philanthropic organizations, Bloomberg reported on Saturday.Bayshore Global didn’t immediately respond to a request for comment from Business Insider.Brin gave 3.2 million shares to his own nonprofit called Catalyst4, per the report. The organization, which he launched…

Statkraft said it has signed an agreement to sell Enerfín Colombia, its renewables portfolio in Colombia, to the country’s national oil company Ecopetrol. The transaction includes staff, eight projects under development, and the 130-megawatt (MW) Portón del Sol solar plant, which entered into operation over a year ago and is the first utility-scale solar plant in Colombia, Oslo, Norway-based Statkraft said in a news release. The sale is expected to be completed during the third quarter, subject to regular approvals by the authorities, according to the release. Financial terms of the deal were not disclosed. Statkraft said it acquired its…

Germany’s federal government softened its language on calls to eliminate the EU’s new law requiring companies to address their negative impacts on human rights and the environment across their value chains – the Corporate Sustainability Due Diligence Directive (CSDDD) – with a government spokesperson clarifying that the government’s position is to “de-bureaucratize” and “streamline” the regulation. The clarification, provided in a press conference by government spokesperson Stefan Kornelius, follows comments earlier this month by German Chancellor Friedrich Merz to European Commission President Ursula von der Leyen saying that he expects the EU to “cancel this directive,” referring to the CSDDD.…

Brent and WTI drew modest support after Trump extended a July 9 deadline for EU trade talks, scrapping a proposed 50% tariff hike that had rattled financial markets late last week. European shares rebounded, and the euro rose, while gold dipped as risk sentiment improved. UBS analysts noted that Trump’s softer stance and warnings of further sanctions on Russia added modest bullish tone to oil prices, though U.S. Memorial Day trading volumes were thin. OPEC+ Poised to Add Barrels, Challenging the Oil Prices Forecast Traders remain cautious ahead of this weekend’s OPEC+ meeting, where the group is expected to advance…