Author: omc_admin

Following dialogue with regulators and federal, state, and city officials, the U.S. has lifted the stop-work order on the Empire Wind project, allowing construction to resume. Once complete, the offshore wind development will provide power for 500,000 New York homes, Equinor said in a statement.   “I would like to thank President Trump for finding a solution that saves thousands of American jobs and provides for continued investments in energy infrastructure in the U.S.,” said Anders Opedal, President and CEO of Equinor ASA. “I am grateful to Governor Hochul for her constructive collaboration with the Trump Administration, without which…

Leaders from the American Petroleum Institute and National Ocean Industries Association today voiced their support of the U.S. National Marine Fisheries Service’s release of a new biological opinion for the Gulf of America/Gulf of Mexico. The decision comes in advance of a court-ordered deadline, thereby avoiding significant and immediate consequences for the U.S. energy sector.  “With a new biological opinion in place, the administration has helped ensure that the Gulf of America will remain the backbone of our nation’s energy supply,” said Holly Hopkins, API’s VP of Upstream Policy. “While we appreciate the administration’s prompt action, they inherited…

Elon Musk interviews on CNBC from the Tesla Headquarters in Texas.CNBCElon Musk said Tuesday that artificial intelligence development could run into power generation problems by the middle of next year, as the technology industry builds increasingly large data centers.Musk told CNBC in an interview that his artificial intelligence startup xAI is planning a gigawatt-size facility outside Memphis, Tenn. He said the facility would be complete in six to nine months. A gigawatt is equivalent to the power capacity of the average nuclear plant in the U.S., according to the Department of Energy.Musk said AI faces three major limitations as it…

Google is taking aim at Meta’s Ray-Ban glasses with a version of its own AI eyewear line, styled by Gentle Monster and Warby Parker.”We want you to be able to wear glasses that match your personal taste,” Google’s Android XR lead Shahram Izadi said at Google I/O.The glasses are part of Google’s Android XR platform and are a partnership with Samsung, the company announced at its Google I/O developer conference on Tuesday. The platform includes see-through headsets, as well as glasses that support augmented reality and AI.Google and Warby Parker plan to launch a series of products, with the first…

The UK’s climate watchdog has warned that Scotland needs to take “immediate action at pace and scale” to cut its emissions after ministers axed a series of policy pledges.The Climate Change Committee (CCC), an official advisory body, said ministers in Edinburgh needed to take urgent action to curb emissions from buildings and transport to cut Scotland’s overall emissions to nearly zero by 2045.In its annual report on its progress, the CCC confirmed the Scottish government’s original goal of cutting emissions by 75% by 2030 would be delayed by up to six years, because it had repeatedly missed its annual targets.In…

(BOE Report) – Dealmaking in the U.S. oil patch has slowed to a crawl in 2025, with the activity expected to stay muted for the rest of the year, as some prolific buyers focus on squeezing out value from their past acquisitions, while others curb their appetite for takeovers due to weak oil prices and trade uncertainty. Oil companies have spent $17 billion on acquisitions in the last three months, a steep fall from the height of dealmaking in the third quarter of 2023, where they splurged $144 billion on M&A. Benchmark U.S. crude recently slid to about $55 a…

Almost half a billion adolescents worldwide will be living with obesity or overweight and 1 billion at risk of preventable ill health by 2030, according to an international report.While adolescent mortality has declined by more than a quarter over the past two decades, comprehensive analysis of global data calculated that in five years, at least half of the world’s 10- to 24-year-olds will be living in countries where preventable health problems such as HIV/Aids, early pregnancy, depression and poor nutrition pose a “daily threat to their health, wellbeing and life chance”. Young people’s health has reached a “tipping point”, the…

Elon Musk on Tuesday dismissed a hypothetical Tesla-Uber deal, saying there’s “no need” for Tesla to buy the ubiquitous rideshare app.Musk told CNBC that he envisions a world where, instead of calling an Uber, you can call an autonomous Tesla to get you to your destination without a dedicated driver.”We have millions of cars that will be able to operate autonomously,” Musk told CNBC’s David Faber. “And I should say that it’s a combination of a Tesla-owned fleet and also enabling Tesla owners to be able to add or subtract their car to the fleet, so that existing Tesla owners…

Law firm Haynes Boone defended The Shell Petroleum Development Company of Nigeria Limited (SPDC), now known as Renaissance Africa Energy Company (RAEC), against a $58 million lawsuit, securing a complete dismissal in the U.S. District Court for the Southern District of New York. Nigerian contractor Forstech Technical Nigeria Limited sued SPDC under the Alien Tort Claims Act (Case: 1:24-cv-07629), claiming SPDC owed over $58 million in processing fees related to a contract between Forstech and the Bayelsa State government. The court dismissed the suit for lack of personal jurisdiction. The court found that the claims, which focused entirely…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose again, this time by 2.499 million barrels in the week ending May 16 after analysts had estimated a 1.85-million-barrel draw. The API reported a 4.287 million barrel inventory increase in the prior week.So far this year, crude oil inventories are up more than 25 million barrels, according to Oilprice calculations of API data.Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 900,000 barrels to 400.5 million barrels in the week ending May 16. Inventory…