Author: omc_admin

Labour is putting people, the economy and the environment in increasing peril by failing to act on the effects of the climate crisis, the UK’s climate watchdog has said.Flooding, droughts and heatwaves are all increasing in severity due to climate breakdown, but current plans to protect people, land and infrastructure against extreme weather have been judged inadequate in a scathing assessment of the UK’s preparedness.Lady Brown, the chair of the adaptation subgroup of the Climate Change Committee (CCC), the statutory adviser to government, said: “We are seeing no change in activity from the new government, despite the fact that ……

(Bloomberg) — Vitol Group has stepped up oil purchases in Venezuela in the final weeks of a U.S. license that allows the world’s largest independent oil trader to do business in the sanctioned nation. Vitol is set to load at least 2.5 million barrels of Venezuelan oil this month, according to documents seen by Bloomberg. It has more than doubled buying in April compared with March, when it took 1 million barrels, the data shows. Vitol’s license to operate in Venezuela hasn’t been previously reported. The company aims to move Venezuelan oil for as long as it can…

(Bloomberg) – CNOOC Ltd., China’s biggest offshore driller of crude oil, saw profits fall in the first quarter after a drop in global prices. The energy giant reported a 7.9% decline in net income to 36.56 billion yuan ($5.03 billion) after revenue fell 4.1% to 106.85 billion yuan, according to a statement on Tuesday. CNOOC has led Beijing’s efforts to boost oil and gas output and bolster energy security, and its focus on extraction helped deliver near-record annual profits last year. But that dependence on upstream prices was a burden in the first quarter.  The average price of Brent…

Woodside has made a final investment decision to develop the three-train, 16.5 million tonne per annum (MMtpa) Louisiana LNG development. Woodside is targeting first LNG in 2029. Development of Louisiana LNG will position Woodside to deliver approximately 24 Mtpa from its global LNG portfolio in the 2030s, and operating over 5% of global LNG supply.1 The development has expansion capacity for two additional LNG trains and is fully permitted for a total capacity of 27.6 Mtpa. At full capacity, the foundation project is expected to generate approximately $2 billion of annual net operating cash in the 2030s. It will…

Petro-Victory Energy Corp. has completed its previously announced acquisition of Capixaba Energia LTDA, a producing oil and gas asset, generating substantial free cash flow, in the Espírito Santo Basin. The acquisition was completed in partnership with BlueOak Investments, Petro-Victory’s strategic financial partner. This acquisition, originally announced on March 6, 2025, marks the first successful transaction under the Petro-Victory and BlueOak partnership, reinforcing their shared commitment to unlocking value in Brazil’s energy sector. “The closing of the Capixaba Energia acquisition marks a major milestone for Petro-Victory and a testament to the strength of our strategic partnership with BlueOak Investments,” said Richard F. Gonzalez, CEO of Petro-Victory. “This…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 3.76 million barrels in the week ending April 25, after analysts had estimated a much smaller 390,000-barrel build. The API reported a 4.565 million barrel dip in the prior week.So far this year, crude oil inventories are up more than 23 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 1 million barrels to 398.5 million barrels in the week ending April 25. Inventory levels in…

The UK experienced its hottest day of the year so far on Tuesday and temperatures could reach 30C at the earliest point on record later this week, forecasters said.The highest temperature recorded on Tuesday was 24.9C in Ross-on-Wye in Herefordshire, according to the Met Office.The previous hottest day this year was 24.5C recorded in St James’s Park, London, on Monday.The Met Office, which warned last month that the climate crisis is pushing temperature extremes to new levels, said temperatures could hit 27C or 28C on Wednesday in southern England and the Midlands.In a further sign of the changing climate, Wales…

Woodside has made a final investment decision to develop the three-train, 16.5 million tonne per annum (MMtpa) Louisiana LNG development. Woodside is targeting first LNG in 2029. Development of Louisiana LNG will position Woodside to deliver approximately 24 Mtpa from its global LNG portfolio in the 2030s, and operating over 5% of global LNG supply.1 The development has expansion capacity for two additional LNG trains and is fully permitted for a total capacity of 27.6 Mtpa. At full capacity, the foundation project is expected to generate approximately $2 billion of annual net operating cash in the 2030s. It will…

Mexican industrial valve manufacturer Walworth opened its new production plant in Dubai, UAE, a key strategic step to strengthen its presence in the Middle East and significantly improve its supply chain in the region. For the last 15 years, Dubai has served as Walworth’s vital commercial hub in the Middle East, functioning effectively as our distribution and sales center. With the rise of nearshoring, new regulations on local content, and Dubai’s strategic geographic location, we are taking decisive action to expand our operations by establishing a production facility in the region. “The opening of our new plant in Dubai is…

Subsea Integration Alliance (SIA) partners Subsea7 and SLB OneSubsea have secured a substantial1 engineering, procurement, construction, and installation (EPCI) contract for bp’s Ginger project, offshore Trinidad and Tobago. The Ginger project is a notable project award under the new global framework agreement between bp and Subsea Integration Alliance partners SLB OneSubsea and Subsea7. Building on a long-standing successful relationship, this agreement establishes a new way of working that enables system-level optimization through increased transparency and early engagement. Further, the framework defines a novel commercial model that effectively aligns incentives for accelerated and maximized value creation among all stakeholders…