Author: omc_admin
The proposed pipeline is expected to deliver up to 50 billion cubic metres (bcm) of gas.Russia, which recently announced progress in talks with Beijing over a new pipeline, will need at least a decade to significantly raise natural gas exports to China as a result of that deal, industry sources said.Alexei Miller, CEO of Russian gas corporation Gazprom, said a “legally binding memorandum” had been signed on the construction of the Power of Siberia 2 pipeline during President Vladimir Putin’s visit to China last month.The development underscores Moscow’s efforts to reorient its vast gas reserves toward Asia after the collapse…
(Oil Price) – Strong gas trading, higher upstream production and liquefaction volumes, and increased refining margins are expected to boost Shell’s third-quarter earnings, the supermajor said in a trading update on Tuesday. Shell said in its third quarter 2025 update note that trading and optimization in its Integrated Gas division is expected to be “significantly higher” for the third quarter compared to the second quarter. Marketing adjusted earnings, as well as trading in the chemicals and fuels divisions, are also set to be higher than in Q2, said the supermajor, which reports full Q3 earnings on October 30. Shell raised its…
The U.S. government is considering canceling or rescinding billions of dollars in previously awarded funding for clean-energy and carbon management projects in a continued effort to alter the trajectory of climate investment.According to a list obtained by Reuters, the Department of Energy (DOE) is reviewing awards across a wide array of sectors, from auto manufacturing to direct air capture hubs. Among the proposed cancellations are two major direct air capture (DAC) hub awards given during the Biden administration, including one involving oil company Occidental.Other high-profile projects under threat include:A $500 million grant to General Motors to convert its Lansing Grand…
New Zealand’s oceans are warming 34% faster than the global average, with NZ$180bn (US$104bn) worth of housing at risk of flooding, a new report about the nation’s marine environment has revealed.The ministry of the environment and Stats NZ’s three-yearly update, Our Environment 2025, collates statistics, data and research across five domains – air, atmosphere and climate, freshwater, land, and marine – to paint a picture of the state of New Zealand’s marine environment.The latest in the series, Our Marine Environment 2025, painted a sobering picture for the country’s oceans and coasts – one defined by warming and rising seas, intensifying…
(BOE Report) – Chevron on Tuesday named a new head of global exploration as CEO Mike Wirth works to improve the company’s track record in discovering new sources of oil and gas. Kevin McLachlan will become vice president of exploration effective Nov. 1, succeeding veteran executive Liz Schwarze, who will retire in February after 36 years with Chevron, the U.S. oil major said on Tuesday. McLachlan has experience at several rival oil firms, most recently as senior vice president of exploration at French oil major TotalEnergies. He also previously held positions at Murphy Oil, Nexen and Exxon Mobil. Wirth has expressed disappointment with recent exploration results.…
Ross Gerber, a longtime Tesla investor, was neither impressed nor surprised by the more affordable models.”It’s another version of the Model Y, and they already launched the best Model Y they’ve ever built,” Gerber told Business Insider. “So the problem is, people are extremely price sensitive. If you have two or three or four models of the same car, which one do you think most people pick? The cheapest one.””So they will now perceive the brand differently because their experience with it will be different. It now becomes more like Toyota than Mercedes, when Tesla used to be considered a…
(Investing) – The U.S. government is considering cancelling $12 billion in Congressionally-mandated funding for clean energy projects beyond the cuts announced last week, a list of targeted projects seen by Reuters showed. The projects on the list include two major direct air capture hubs that received billion-dollar awards from the administration of former President Joe Biden, including one that involves oil company Occidental. The possible new cancellations come a week after the Department of Energy announced plans to cancel $7.56 billion in financing for hundreds of energy projects that it said would not provide sufficient returns to taxpayers. White House budget…
NEW DELHI (AP) — At least 15 people were killed late Tuesday after debris from a massive landslide hit a bus in India’s northern state of Himachal Pradesh, local authorities said.The bus was traveling on a hilly stretch near Bilaspur district when a landslide struck following days of torrential rains. There were at least 20 to 25 passengers on the bus at the time. Nine men, four women and two children were among those killed, police said.Three injured children were rescued and admitted to a local hospital for treatment, according to a statement from the office of Sukhvinder Singh Sukhu,…
(Bloomberg) – Oil swung between small gains and losses as traders weighed the impact of a series of supply moves by OPEC+ and the group’s de-facto leader, Saudi Arabia. West Texas Intermediate gained about 0.1% to settle near $62 a barrel, narrowly extending a winning streak to a third day. OPEC and its allies including Russia decided over the weekend on a 137,000-bpd hike, while Saudi Arabia kept the price of its main grade to Asia steady in a sign of caution, surprising traders who had expected a bump. “The OPEC+ output increase planned for November is pretty modest,” said…
The U.S. Energy Information Administration (EIA) revised its crude oil production outlook slightly higher in the October Short-Term Energy Outlook (STEO) after new data showed record output in July 2025. U.S. crude oil production averaged 13.6 million bpd in July, the highest monthly level on record and above earlier estimates. The EIA now forecasts production will average 13.5 million bpd in both 2025 and 2026, modestly higher than its September forecast, as U.S. producers sustain near-record activity levels despite softening prices. Global oil prices are projected to continue trending lower as inventories build through 2026. The agency expects…