Author: omc_admin
Power consumption spikes from AI data centers are making grids more volatile, a senior executive from Hitachi Energy has warned.“AI data centres are very, very different from these office data centres because they really spike up,” Andreas Schierenbeck told the Financial Times in an interview. “If you start your AI algorithm to learn and give them data to digest, they’re peaking in seconds and going up to 10 times what they have normally used.”Schierenbeck went on to say that “No user from an industry point of view would be allowed to have this kind of behaviour — if you want…
The companies that best take advantage of AI won’t be using it to replace human labor, said GitHub CEO Thomas Dohmke. Instead, they’ll be upping their hiring of increasingly efficient engineers.”The companies that are the smartest are going to hire more developers,” Dohmke said on an episode of “The Silicon Valley Girl Podcast.””Because if you 10x a single developer, then 10 developers can do 100x,” he said.Dohmke said that AI has made it that much easier to learn how to program, and simplified the process for those who are already professionals. As the technology continues to evolve, he added, so…
The arbitrators for a dispute between Exxon and Hess Corp. have reached a decision, according to two unnamed sources who spoke to Reuters but did not divulge details about that decision. It remains unclear when the decision will be made public.The dispute between the two concerns the latter’s stake in the Stabroek Block in Guyana, which has yielded a string of oil discoveries since the start of exploration, giving Exxon and Hess—along with their partner CNOOC—access to over 11 billion barrels in recoverable crude. Exxon holds a 45% stake in the consortium, while Hess Corp. has 30%. Currently, the South…
Union Jack Oil plc, a UK and USA-focused onshore hydrocarbon exploration and production company, has restarted production at the Keddington oilfield. The company said in a media release production resumed following major site upgrades in 2024 and 2025. In June 2025, Keddington produced a total of 992 barrels of oil over 23 days, with an average of 10.4 hours of pumping per day and a gross flow rate of 43 barrels daily, the company said. The newly installed equipment and facilities are functioning well and ongoing adjustments are being made to optimize production, it said. Union Jack holds a 55…
China avoided purchasing US crude for the third straight month – the longest stretch since 2018 – delivering a fresh blow to shale drillers already facing lower oil prices. The world’s biggest oil importer bought no American crude in May, according to US Census data released Thursday, following zero purchases in both March and April as a trade dispute between the largest global economies roiled markets. The absence of Chinese buying sent US overseas oil sales tumbling to the lowest in two years. China’s shift away from US crude is bad news for shale drillers, which partly depend on foreign demand to…
Nine lower-income European Union countries have received EUR 3.66 billion ($4.31 billion) from the Modernization Fund to support 34 energy transition projects, officials said Thursday. This is the biggest disbursement from the Modernization Fund, which has now released a total of EUR 19.1 billion, said a joint statement from the European Commission and the European Investment Bank. It was established 2018 to support 13 lower-income EU nations in their path to climate neutrality by 2050. It is funded by revenue from the auctioning of emission allowances under the EU Emissions Trading System (ETS). The latest batch of projects “will reduce greenhouse…
Nine lower-income European Union countries have received EUR 3.66 billion ($4.31 billion) from the Modernization Fund to support 34 energy transition projects, officials said Thursday. This is the biggest disbursement from the Modernization Fund, which has now released a total of EUR 19.1 billion, said a joint statement from the European Commission and the European Investment Bank. It was established 2018 to support 13 lower-income EU nations in their path to climate neutrality by 2050. It is funded by revenue from the auctioning of emission allowances under the EU Emissions Trading System (ETS). The latest batch of projects “will reduce greenhouse…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Brazil’s UN climate summit chief has defended oil and gas production as being compatible with international efforts to limit global warming, ahead of the South American country hosting the world’s most important climate talks.President Luiz Inácio Lula da Silva’s government wants Brazil to become the world’s fourth-largest oil producer. The country last month hosted an auction of oil blocks, including some in the sea close to the mouth of the Amazon river.Almost 200 countries agreed to transition away from fossil fuels by…
Crude oil prices were on course for a modest weekly gain today, buffeted by both headwind and tailwinds, including OPEC+ policy, U.S. job numbers, and anticipation of President Trump’s next move on tariffs.At the time of writing, Brent crude was trading at $68.58 per barrel, with West Texas Intermediate at $66.87 per barrel, both slightly down from Thursday’s close but on course to make a small weekly gain.Earlier in the week, the U.S. Labor Department reported a nonfarm payroll increase of 147,000 for June, which was more than what analysts expected, with the rate of unemployment falling from 4.2% in…
New Delhi: The Petroleum and Natural Gas Regulatory Board (PNGRB) has notified the Second Amendment to the Natural Gas Pipeline Tariff Regulations, 2025, reducing the number of unified tariff zones from three to two and extending tariff benefits to city gas users across the country.In a statement, PNGRB said the reforms, approved in its recent board meeting, aim to deepen gas penetration and reinforce the “One Nation, One Grid, One Tariff” objective.As per the notification, a nationwide two-zone unified tariff structure will now be applicable in place of the existing three-zone regime. The benefit of the Zone-1 unified zonal tariff…