Author: omc_admin

Vietnamese EV maker VinFast has launched a small electric bus called EB 6 in its home market, expanding its range of zero-emission commercial vehicles. The company says the new model is suitable for use in the city but also on interstate routes. VinFast installed a 179.5 kWh LFP battery pack with a peak charging input of 120 kW in the EB 6. Users can charge it from 20% to 80% via a DC charger within 70 minutes. The LFP battery pack powers a single, rear-mounted electric motor that generates 140 kW and 420 Nm of torque. The electric minibus covers…

A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, U.S. February 18, 2025. Eli Hartman | ReutersU.S. onshore oil production has likely peaked and will start to decline due to the recent plunge in crude prices, jeopardizing the nation’s position as the world’s largest fossil fuel producer and its energy security, the CEO of Diamondback Energy told shareholders in a letter this weekU.S. crude oil prices have tumbled about 17% this year as recession fears due to President Donald Trump’s tariffs weigh on demand expectations. At the same time, OPEC+…

SK On is working on the cycle stability of solid-state batteries and has presented its new research findings on solid-state batteries. Among other things, the battery specialist claims to have found a method for extending the service life of batteries with lithium metal anodes in collaboration with Hanyang University. SK On is currently developing two types of solid-state batteries: a variant with polymer-oxide composites and a sulphide-based variant. The South Korean battery maker expects to have commercial prototypes ready by 2028 and 2030 respectively. A study with Hanyang University highlights a method enhancing the long cycle life of batteries using…

Russia is considering changing its key budget-building mechanism in response to sliding oil revenue, in a sign the Kremlin expects crude prices will remain lower for longer while the war in Ukraine continues to drain state coffers. The government may reduce the threshold of its so-called budget rule to around $50 per barrel from $60 currently from next year if crude prices remain low, according to a person familiar with the matter, asking not to be identified because the considerations aren’t public. Discussions are at an early stage and a key challenge for officials is that it would require cuts…

ADNOC Gas has announced net income of $1.27 billion and EBITDA of $2.16 billion for the first quarter of 2025, exceeding the equivalent quarter in 2024 by 7% and 4% respectively.  ADNOC Gas attributed the performance to continued demand for domestic gas – up on the equivalent quarter last year – as a result of strong economic growth in the UAE, which lifted the total sales volume. Secondly, through efficient management of the planned shut-down program to boost processing capacity, a reduction in the number of days the company’s plants were offline led to a rise in processed…

Global investment manager Schroders’ renewable infrastructure investment unit Schroders Greencoat announced the acquisition of a 24.5% stake in an offshore U.K. wind farm from Danish multinational energy company Ørsted for £456.1 million (USD$6!0 million). Under the deal, Ørsted will retain a 25.5% interest in the West of Duddon Sands wind farm, and will continue to operate it. The wind farm, located approximately 14 km off the U.K.’s west coast, has been operating since 2014 and has a capacity of 389 MW. According to Ørsted, the transaction forms part of its farm-down programme, under which it divests ownership shares of existing…

Why is the oil price rising today? That was the question Rigzone asked Tamas Varga, an analyst at PVM Oil Associates, and Rebecca Babin, a senior equity trader for CIBC Private Wealth in New York. Responding to the query, Varga told Rigzone, “after Houthi rebels launched an attack on Israel’s Ben-Gurion airport, Israeli planes struck Houthi targets in Yemen leading to a jump in geopolitical risk premium, hence the rally”. In a video posted on the Associated Press website on May 5, Yahya Saree, who the video describes as the “Houthi military spokesman”, states, “the Yemeni Armed Forces announce that…

Both sides celebrate the landmark agreement, which was several years in the making.India and the United Kingdom have agreed to a trade deal that comes after three years of negotiations and that they say will boost their economies amid the fallout from US President Donald Trump’s tariffs. The British government said on Tuesday that the deal “is expected to increase bilateral trade by 25.5 billion pounds [$34bn], UK GDP by 4.8 billion pounds [$6.4bn] and wages by 2.2 billion pounds [$2.9bn] each year in the long run”. “Indian tariffs will be slashed, locking in reductions on 90 percent of tariff…

Montreal-based startup Exterra Carbon Solutions announced that it has raised CAD $20 million (USD$14.5 million) to advance development of its technology to convert mining waste into low-carbon energy transition and sustainable building materials. Founded in 2021, Exterra specializes in the conversion of asbestos mine tailings (AMT), the asbestos fibers in leftover rock and waste from mining, into minerals including nickel concentrate used for batteries in electric vehicles and amorphous silica used for low-carbon building materials. The company is building what it says will be the world’s largest asbestos mitigation facility, with an annual capacity to process over 300,000 tons of…

Energy NL CEO Charlene Johnson issued a statement Tuesday congratulating Prime Minister Mark Carney on his election as Prime Minister of Canada following the 2025 General Election. “On behalf of Energy NL, I congratulate Prime Minister Mark Carney on being elected Prime Minister of Canada,” said Charlene Johnson, Energy NL CEO. “Canadians have chosen a prime minister with considerable economic experience to help guide our country through challenging times. We feel very strongly that a vibrant and supported energy industry, including offshore oil and gas, hydroelectricity, and wind to hydrogen and clean fuels, can move our country forward…