Author: omc_admin
Global oil demand jumped in June by more than 1 million barrels per day (bpd) from May, while production growth has half that figure, leaving inventories at below the five-year averages, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday.Oil demand in 48 JODI-reporting countries surged by 1.23 million bpd month-on-month and by 638,100 bpd year-on-year in June, according to the most recent data by JODI shared by the Riyadh-based International Energy Forum (IEF).The monthly surge in global demand was driven mainly by higher demand in the U.S. (1.28 million bpd higher than in May), as…
CIP secures 250 MW/1,000 MWh Beehive project in Peoria, Arizona, marking a major U.S. storage expansion. Backed by a 20-year contract with Arizona Public Service, ensuring long-term revenue stability. Acquisition underscores CIP’s $27 billion global energy strategy with a sharpened focus on storage. Copenhagen Infrastructure Partners (CIP), through its CI V fund, has acquired the Beehive Battery Energy Storage System (BESS) from EDF Power Solutions North America. The 250-megawatt facility with four-hour duration—equal to 1,000 megawatt-hours—is already under construction in Peoria, Arizona, and is scheduled to begin operations in the first half of 2026. The project is underpinned by a…
Black Hills Corp (NYSE: BKH) and NorthWestern Energy Group Inc (Nasdaq: NWE) have announced in a joint statement that each company’s board of directors has unanimously approved a definitive agreement to combine in an all-stock, tax-free merger. The companies outlined in the statement that the merger “will create a premier regional regulated electric and natural gas utility company with a pro forma market capitalization of approximately $7.8 billion and a combined enterprise value of $15.4 billion, based on each company’s closing stock price as of August 18, 2025”. The joint statement outlined that the deal has a “compelling strategic and…
European regulators strike a pact to coordinate sustainable finance policies and enforcement. Deal aims to improve supervision by integrating environmental data into financial oversight. Collaboration expected to reduce duplication and strengthen EU climate and biodiversity goals. The European Securities and Markets Authority (ESMA) and the European Environment Agency have signed a memorandum of understanding designed to tighten cooperation in the rapidly expanding field of sustainable finance. The agreement focuses on bringing environmental data more directly into the European Union’s sustainable finance framework, including how it is monitored and enforced. Under the terms, the two agencies will share information and technical…
World Economic Forum appoints Larry Fink and André Hoffmann as interim co-chairs following governance review. Move comes after investigation cleared founder Klaus Schwab of wrongdoing and set stage for structural reforms. Fink’s appointment could heighten WEF’s influence on ESG investing, global finance, and digital asset adoption. BlackRock CEO Larry Fink and Roche vice chairman André Hoffmann have been appointed interim co-chairs of the World Economic Forum (WEF) as the institution enters a critical period of transition. The appointments follow an independent investigation that found no evidence of misconduct by WEF founder Klaus Schwab but underscored the need to strengthen governance…
The United States Department of the Interior (DOI) on Tuesday released a 2025-40 schedule for oil and gas area auctions consisting of at least 30 bidding rounds for the Gulf of America and at least six for Alaska’s Cook Inlet. “The predictable schedule meets the law’s requirements while advancing the Trump administration’s priorities of growing the economy, reducing dependence on foreign energy and keeping America a global energy leader”, DOI said in a statement on its website, referring to the One Big Beautiful Bill, signed into law July 4. The first auction under the law is set for December 10, involving…
Chevron Corp. plans to merge Hess Corp.’s exploration team with its own to challenge “conventional thinking” and make new discoveries, Chief Executive Officer Mike Wirth in an interview on Bloomberg TV’s Wall Street Week. Chevron is cutting about 650 Hess jobs after completing its $53 billion takeover last month, but exploration is one area likely to be spared. “We’re going to bring their talent, their experience, their insights and blend it with ours,” Wirth said. Chevron will have “a stronger team as we move forward to challenge some of our conventional thinking.” Chevron’s exploration team has struggled to find new discoveries in recent…
SCHMID Energy System GmbH has been awarded a major contract by Dutch shipping company Portliner to design and construct a large-scale flow battery system with up to 1.5 MW of peak power. This state-of-the-art energy storage solution will serve as the primary power source for the zero-emission propulsion of an all-new container vessel. This landmark project marks SCHMID Energy System’s entry into the maritime propulsion market and strengthens its position as a pioneer in sustainable energy storage solutions for shipping. The chosen flow battery technology offers high energy density, exceptional longevity, and flexible charging and discharging capabilities- all critical requirements…
Group14 Technologies today announced that it has closed a US$463M round led by SK, Inc., with strong participation of other existing investors, including Porsche Investments, ATL, OMERS, Decarbonization Partners, Lightrock Climate Impact Fund, Microsoft Climate Innovation Fund, and others.The funds will be used to continue scaling the manufacture of Group14’s silicon battery material, SCC55, in the U.S. and South Korea, and help meet overwhelming demand amid surging requirements for energy storage worldwide. In addition, Group14 obtained full ownership of its joint venture with SK Inc., located in Sangju, South Korea. Formed in 2021, the joint venture’s battery active materials (BAM)…
Ithaca Energy, one of the biggest independent oil and gas companies in the UK North Sea, raised its 2025 production guidance for the second time this year, on the back of a strong first-half performance.Following average production of 123,600 barrels of oil equivalent per day (boe/d) for the first half of the year, Ithaca Energy on Wednesday upgraded its full-year production range to 119,000–125,000 boe/d from 109,000-119,000 boe/d previously expected.Ithaca Energy has more than doubled its oil and gas production and became the largest oil and gas resource holder in the UK North Sea following the acquisition of Eni’s UK…