Author: omc_admin

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…

According to the Texas Independent Producers and Royalty Owners Association’s (TIPRO) analysis, direct Texas upstream employment for July totaled 205,200. That’s what TIPRO said in a statement sent to Rigzone on Friday, which cited the latest Current Employment Statistics (CES) report from the U.S. Bureau of Labor Statistics (BLS). In its statement, TIPRO highlighted that the July figure was a decline of 1,400 industry positions from revised June employment numbers. The industry body added that this represented an increase of 200 jobs in oil and gas extraction and a decrease of 1,600 jobs in the services sector. TIPRO said in its…

Daily Light Crude Oil Futures From a technical standpoint, crude continues to struggle with its 200-day moving average at $63.25. A sustained move above this level could force weaker shorts out of the market. Additional resistance sits at the 50% long-term retracement level of $64.56, followed by the 50-day moving average at $65.00. On the downside, failure to hold support could escalate selling pressure. If last week’s low at $61.12 is broken with volume, prices could test the major support base at $56.09. Refinery Outages Add to Support, but Demand Risks Loom A secondary support factor emerged from operational disruptions…

One month after being hit by European Union sanctions, India’s Nayara Energy Ltd. is relying on a growing pool of dark-fleet tankers to transport its products, and a narrowing menu of crude imports to keep its operations running.The oil refiner’s struggle for survival has come to the attention of India’s government, which is concerned about disruptions to oil flows that could jeopardize national energy security, according to people familiar with the matter. New Delhi has approved at least one coastal tanker in recent days to help the company move cargoes domestically, they said. The refiner, part-owned by Russian oil major…

Microplastics are increasingly being found in our bodies and food supply. They are defined as pieces of plastic smaller than 5 millimeters — about the size of a pencil eraser. But they can also be much smaller, like the size of a virus particle or a strand of DNA.Petrochemicals, the building blocks of plastic, are produced from oil and gas. The business is a small but profitable area of the fossil fuel industry, and any push back on the use of plastics is seen as a threat to the oil and gas industry.”Where the industry is most vulnerable is on the…