Author: omc_admin

• Siemens Energy will invest $2.3 billion in transformer and switchgear factories by 2028, expanding global grid capacity as electricity demand accelerates.• The company delivered €2.355 billion in profit before Special items and €4.663 billion in free cash flow pre tax for fiscal 2025, enabling a proposed dividend restart.• Upgraded 2028 mid-term targets include a 14%–16% profit margin before Special items and low-teens annual revenue growth on a comparable basis. A pivotal investment push as global grids strain under rising demand Siemens Energy is preparing a major expansion of its manufacturing base, committing €2 billion ($2.3 billion) to its global…

Enterprise Products Partners LP will farm out 40 percent of the Bahia natural gas liquids (NGLs) pipeline to Exxon Mobil Corp, in a deal expected to be completed “early 2026” subject to regulatory approvals, Enterprise said Thursday. “The 550-mile Bahia pipeline, which has begun commissioning activities and will begin commercial operations immediately thereafter, will have an initial capacity to transport 600,000 barrels per day (bpd) of NGLs from the Midland and Delaware basins of West Texas to Enterprise’s Mont Belvieu fractionation complex”, the Houston, Texas-based oil and gas midstream company said in a press release. A.J. Teague, co-chief executive of Enterprise’s general partner Enterprise Products Holdings LLC, earlier said…

The COP30 climate summit is ditching an earlier draft of a roadmap to transition away from fossil fuels, according to the latest draft of negotiating texts at the global gathering in Belem, Brazil. Many countries at COP30 have mobilized and supported a so-called “roadmap” to transition away from fossil fuels. But the latest draft document of the summit has removed reference to transitioning away from fossil fuels entirely, Reuters reports. While more than 80 countries joined the call for a roadmap to move away from fossil fuels, others have resisted any deal on phasing out of oil, gas, and coal.  The delegates at…

Global mining and metals company Rio Tinto announced that it has signed a 15-year virtual power purchase agreement with renewable energy developer TerraGen for energy from a newly completed wind farm in Texas, for the company’s Kennecott operations in Utah, one of the world’s top producing copper mines. Rio Tinto is one of the world’s biggest producers and processors of iron ore, copper, aluminum and a range of other minerals and materials. The company has committed to reduce its operational Scope 1 and 2 emissions by 50% by 2030, and to achieve net zero by 2050, with initiatives including switching…

Crude oil prices have fallen sharply, Nadir Belbarka, an analyst at XMArabia, said in a statement sent to Rigzone on Friday, highlighting that Brent was at $62.67 per barrel and WTI was at $58.29 per barrel. “The decline reflects rising expectations of oversupply, fading geopolitical supply risks, and growing coverage of reported progress toward a U.S.-endorsed Russia-Ukraine peace agreement,” Belbarka said in the statement. “Upcoming data – including today’s flash PMIs across the U.S., UK, Germany, and France, along with remarks from ECB President Lagarde – will direct near-term sentiment,” Belbarka added. “Weak readings could heighten recession fears and deepen demand…

UK households will pay slightly higher energy bills in the first quarter of 2026 after energy market regulator Ofgem on Friday raised the Energy Price Cap by 0.2%, against expectations of a 1% drop.  The UK has a so-called Energy Price Cap in place, which protects households from excessively high bills by capping the price that energy utility providers can pass on to them.Energy bills in Britain have declined from the record highs in 2022 and 2023, but they are still about 35% higher compared to before the Russian invasion of Ukraine and the energy crisis that followed. On Friday, Ofgem announced…

As we wait for more reaction to the text it is worth catching up with this piece on Saudi Arabia and its role as the biggest blocker of climate action – even while its population wrestle with the devastating impacts of the climate crisis.ShareReaction to the draft text issued overnight is starting to come in as Belem wakes up – and it is far from positive.Bronwen Tucker, public finance lead at Oil Change International, is not holding back: This is outrageous. We came here to secure a COP 30 package for justice and equity. The Presidency has presented a shamefully…

Ukrainian President Volodymyr Zelenskiy confirmed he is prepared to work with Washington on a possible plan, further pressuring bullish sentiment. Oil Prices Projections Clouded by Uncertainty Around Russia Sanctions Analysts caution that any peace arrangement remains far from guaranteed. ANZ noted that Kyiv has repeatedly rejected Moscow’s demands, keeping the timeline unpredictable. At the same time, traders doubt the effectiveness of the newest round of U.S. restrictions on Rosneft and Lukoil, with Lukoil allowed until December 13 to offload its international portfolio. Deutsche Bank’s Jim Reid said the combination of negotiations and new sanctions brought some relief to supply-risk concerns,…

Atomic energy is back, thanks to the ravenous demands of AI, favoritism from Trump, and the zeal of young entrepreneurs raising billions to build mini-reactors. The upside is unlimited.At Aalo Atomics’ 40,000-square-foot factory on the south side of Austin, Texas, workers move five-eighths-inch-thick steel plates onto machines that slowly bend and roll them into 12-foot-wide cylinders, which they then weld into 25-foot-tall vessels. These could be made cheaper by outside contractors. But Aalo cofounder and CEO Matt Loszak wants to do this work in-house, since each vessel will eventually contain the guts of a ten-megawatt (MW) nuclear fission reactor. Five…

If you’re feeling like your workload has increased in 2025, you’re not the only one.A new EY survey of 15,000 workers found that nearly two-thirds of employees believe their workload has increased in the last 12 months.AI isn’t directly to blame, but, as with most workplace trends today, it’s a big part of the story.”Our research doesn’t show that AI is actually increasing workloads,” Kim Billeter, EY’s global people consulting leader, told Business Insider.Instead, broader anxieties about AI in the workplace — including fears of skill erosion, a lack of training, and uncertainty over how technology will affect roles —…