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Wells CM-1 and CM-2 in the Copper Moki field in New Zealand’s Taranaki Basin are now producing a combined 125 barrels of oil per day on average, about a month following workovers, Monumental Energy Corp. said Tuesday. “These rates continue to trend upward as pump speeds are gradually increased to optimize flow while preventing sand from entering the borehole”, the Vancouver, Canada-based company said in a statement online. “The pumps will continue to be turned up to its set daily production rate of 175 but will be tested higher to see what the wells can produce at capacity”, Maximilian Sali,…

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The melting of sea ice in the Arctic has slowed dramatically in the past 20 years, scientists have reported, with no statistically significant decline in its extent since 2005.The finding is surprising, the researchers say, given that carbon emissions from fossil fuel burning have continued to rise and trap ever more heat over that time.They said natural variations in ocean currents that limit ice melting had probably balanced out the continuing rise in global temperatures. However, they said this was only a temporary reprieve and melting was highly likely to start again at about double the long-term rate at some…

Fed Governor Michelle Bowman also hit the wires yesterday and doubled down on her dissent. Speaking to Bloomberg, Bowman said that ‘the story is out there’, and added that ‘she had not changed her views’. You may recall that both Bowman and Fed Governor Christopher Waller dissented at the previous Fed meeting, calling for a 25-basis point (bp) rate cut, which marked the first time since the 1980s that two Fed Governors dissented. She also brushed off speculation that she is in the running for the new Fed Chair spot. NZD and GBP in Focus in Early Trading In the…

The Russian Embassy in India on Wednesday said that Moscow aims to narrow the trade imbalance with New Delhi and continue energy supplies while seeking to remove trade barriers, Reuters reported.The embassy noted that mechanisms are already in place to ensure the steady flow of oil to India despite the political situation.India has become one of the largest buyers of Russian crude since 2022, even as Western sanctions altered global oil trade flows. The statement also comes as India’s External Affairs Minister S Jaishankar is on a 3-day visit to Moscow. “India matters very much to Russia. We understand the…

New Delhi: Vedanta Chairman Anil Agarwal on Wednesday said India must produce at least half of its oil and gas requirements domestically to ensure long-term energy security, even as the country expands renewables and coal output.“For India’s energy security, at least 50 per cent of oil and gas must be produced within the country,” Agarwal said in a social media post, stressing that self-reliance was critical as global consumption continues to grow.Calling on young entrepreneurs to drive this transformation, he added, “This is the work of our youth. They should be encouraged with easier compliance and genuine ease of doing…

The U.S. Environmental Protection Agency may issue a host of waivers for biofuel blending mandates for small refiners, countering a proposal made by the federal government earlier this year for an increase in biofuels blending with regular fuels.In that proposal, the Trump administration eyed an 8% increase in the volume of biofuels to be blended with regular fuels next year, at a total of 24.02 billion gallons. Bloomberg reported in June that this would be a record high blending mandate for the oil refining industry.The proposal was seen as a way of juggling oil interests along with biofuel crop producers’…

The United Kingdom’s largest battery energy storage system (BESS) has been connected to its transmission network at the Tilbury substation in Essex by National Grid plc. The 300-megawatt (MW) Thurrock Storage project, developed by Statera Energy, is now delivering electricity flexibly to the network across London and the South East, the electricity and natural gas utility said in a media release. Thurrock Storage, with a total capacity of 600 megawatt hours, can supply power to approximately 680,000 homes. It helps balance supply and demand by absorbing excess clean electricity and releasing it instantly when needed by the grid. To support…

The Chinese government is set to launch a sweeping overhaul of its petrochemicals and oil refining sector, phasing out smaller facilities and targeting outdated operations for upgrades, while redirecting investment to advanced materials. Remedies to curtail longstanding overcapacity in lower-value parts of the industry are likely within the next month, according to people familiar with the matter. The detailed plan is awaiting final approval from the Ministry of Industry and Information Technology, they said, declining to be identified discussing matters that aren’t public yet. Under the measures proposed, petrochemicals facilities over 20 years old – or about 40 percent of the country’s…

Discovered, recoverable oil resources worldwide grew by five billion barrels over the past year, despite 30.1 billion barrels of production in 2024, Rystad Energy has reported. “This net increase was driven primarily by the delineation of upside potential in Argentina’s Vaca Muerta play and the Permian Delaware basin in Texas and New Mexico”, the Oslo-based energy research company said. “Global recoverable oil resources, including estimates for undiscovered fields, stabilized at approximately 1.5 trillion barrels”. Last year, approved developments amounted to 12.3 billion barrels, while new discoveries added 1.8 billion barrels of probable and proven reserves, according to Rystad. It expects…