Author: omc_admin

Malaysia’s national oil and gas company has expanded its portfolio in neighboring Indonesia by signing new production sharing contracts (PSCs) for areas offshore Eastern Java and Eastern Indonesia. The Serpang PSC in East Java spans about 8,498 square kilometers (5,280.41 square miles) while the Binaiya PSC in Eastern Indonesia covers 8,484 square kilometers, according to a press release by Petroliam Nasional Bhd. (Petronas). The blocks were offered in the Southeast Asian country’s Petroleum Bidding Round 2024. Petronas is operator in the Serpang license with a 51 percent stake. Japan’s INPEX Corp. owns 35 percent, while EO Serpang Pte. Ltd. holds…

Saudi Arabian Oil Co. (Aramco) has claimed an industry breakthrough with the start-up of a renewable energy storage system designed to power natural gas activities. “It is the first deployment globally of an Iron-Vanadium (Fe/V) flow battery as a backup solar power source for gas well operations”, the state-owned oil giant said in an online statement. The one-megawatt-per-hour flow battery system uses patented Aramco technology and was built with vanadium flow batteries developer Rongke Power. “Flow batteries store energy in liquid electrolytes separately from battery cells, and electrolytes pumped into the cell convert chemical energy into electricity”, Aramco explained. “In…

New Delhi: AM Green and the Port of Rotterdam Authority on Monday signed a Memorandum of Understanding (MoU) to establish a green fuels supply chain enabling exports of up to 1 million tonnes per annum (MTPA) of hydrogen-based fuels from India to Northwestern Europe, with a potential trade value of up to $1 billion annually.The agreement includes development of bunkering fuels, Sustainable Aviation Fuels (SAFs), terminal infrastructure and green port development to connect India’s Net Zero Industrial Clusters to Europe via Rotterdam. The Port of Rotterdam currently handles 13 per cent of Europe’s total energy demand.AM Green is targeting a…

Representative imageDespite oil trading low at $60, OPEC+ this week is expected to continue to further open the taps.This follows pressure from US President Donald Trump and group leader Saudi Arabia’s quest to penalise allies that breach the cartel’s quotas.In past months, Saudi Arabia, Russia and six other OPEC+ members have surprised markets by announcing a sharp increase in oil production for May and June despite the low prices.Numbering a total of 22 countries, most of which are highly dependent on oil revenues, the group has long been exploiting supply scarcity to boost prices, holding millions of barrels in reserve.This…

Crude oil prices began trade with a gain this week following the news that President Donald Trump had extended the deadline for a trade deal with the European Union to early July.The extension was granted to Brussels after Commission president Ursula con der Leyen said the EU needed more time to draft a deal and after Trump said he’d slap 50% tariffs on EU imports beginning next month because the EU deal was so slow in coming.“A nice push higher in crude oil and U.S. equity futures this morning after U.S. President Trump extended the deadline,” IG analyst Tony Sycamore…

Nigeria National Petroleum Co. Ltd. (NNPC) has announced an operational stop at the Port Harcourt refinery for planned maintenance, a year after restarting from a years-long hiatus. It did not say how long the shutdown, which also includes a “sustainability assessment”, would last. “We are working closely with all relevant stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, to ensure the maintenance and assessment activities are carried out efficiently and transparently”, NNPC said in a brief online statement. “NNPC Ltd remains steadfast in its commitment to delivering sustainable energy security for Nigeria”. On March 19, 2025, NNPC acknowledged…

Japan may offer financial and technical contributions ranging from investment in an Alaskan LNG pipeline project to shipbuilding expertise as it seeks to smooth the path toward a tariff deal with the US by mid-June. Japan will tout its prowess in building ice-breakers, a growing area of need as security concerns in the Arctic region mount, while also offering to help repair US battleships that patrol the Asia-Pacific, Prime Minister Shigeru Ishiba said Sunday, as his hand-picked trade negotiator Ryosei Akazawa returned to Tokyo following a third-round of discussions with US counterparts in Washington. Akazawa said he hopes to reach…

Global energy major TotalEnergies SE inaugurated Europe’s largest solar power plant cluster in Seville, Spain. The company said in a media release the cluster consists of five solar projects with a total installed capacity of 263 megawatts (MW). This solar field is expected to generate 515 GWh of electricity annually, enough to power over 150,000 Spanish households. It will also prevent 245,000 tons of carbon dioxide (CO2) emissions each year. The majority of the generated electricity will be sold via long-term power purchase agreements (PPAs), while the remaining portion will be offered on the wholesale market, TotalEnergies said. Designated as…

Europa Oil & Gas (Holdings) plc has signed a revenue swap agreement (RSA) with a Canadian investment company, securing project financing for its Wressle development. Europa said in a media release that, under the RSA, it will pay an amount equating to 4.5 percent of gross revenues from oil production at the Wressle-1 well to the investor in consideration for $500,000, which is paid upfront. Europa said the RSA is unsecured and the payments are payable from May 1, 2025. “I am pleased that we have concluded this pre-payment of a small proportion of our Wressle production. It brings forward a…

The European Commission has released the list of companies producing oil and gas in the European Union that are required to build carbon dioxide (CO2) storage systems, including their injection allotments. The 44 producers listed will help the 27-member bloc reach 50 million metric tons of capacity for annual CO2 injection into geological storage sites by 2030, as established by the Net-Zero Industry Act, which took effect June 2024. Obligated companies are those that produced crude oil and natural gas in the Union between 2020 and 2023, as specified in Regulation (EU) 2024/1735. The regulation lays out measures to strengthen the EU’s…