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(Bloomberg) — Namibia will offer financial incentives to help kick-start the development of oil fields managed by a group led by TotalEnergies, according to a special adviser in the presidency. TotalEnergies and Shell Plc in 2022 made the first in a series of finds off the coast of the southwest African nation. But the explorers have also hit dry wells, prompting them to write off drilling costs as they learned more about the fields. “The government recognizes the complexities and high costs associated with the development of the Venus oil field by TotalEnergies,” Kornelia Shilunga, special adviser and head of…

SpaceX’s Starship prototype exploded over the Indian Ocean on Thursday during its fourth “hotfire” engine test, dramatically underscoring the immense energy stakes of Elon Musk’s space aspirations.The Raptor engines rely on cryogenic methane and liquid oxygen, burning through an estimated 1,000 to 1,200 tonnes of propellant per launch.This fuels more than just rockets. It powers a burgeoning $1.8 trillion space economy forecast by 2035, up from $630?billion in 2023. That explosion in valuation is driven not merely by launches, but by satellite-enabled services across industries, from autonomous vehicles to climate modeling.Thursday’s failure delayed more than a test flight. It stalls…

Children in England face prolonged “lost learning” caused by extreme heat and flooding at school, according to research on the potential impact of the climate crisis on education.School leaders and teachers said the scenarios published by the Department for Education made for grim reading and urged ministers to move quickly to improve school resilience.Under one scenario, by 2050 rising heat levels will cause the equivalent of more than eight days of lost learning as classrooms become too hot for effective teaching, unless adaptations such as improved ventilation are made.The research also found that more than one in three secondary schools…

(Investing) – CALGARY -Oil prices rose on Thursday after Israel and Iran continued to exchange missile attacks overnight and U.S. President Donald Trump’s stance on the conflict kept investors on edge.  futures rose $1.60, or 2.1%, to $78.29 a barrel by 1030 ET. U.S. West Texas Intermediate crude for July was up $1.64, or 2.1%, at $78.34. Brent had surged to its highest in nearly five months at $78.50 on June 13, when Israel began its attacks. Trading volumes were light on Thursday due to a U.S. federal holiday. The conflict entered its seventh day on Thursday after Israel struck Iranian…

Iran is maintaining crude oil supply by loading tankers one at a time and repositioning floating storage closer to Asia, two vessel tracking firms told Reuters, as the country seeks to preserve a vital revenue stream while under Israeli attack.Loadings at Kharg Island reached roughly 2.2?million barrels per day in recent days, a five-week high, while up to 8?million barrels of floating storage were shifted toward waters near China and Singapore, according to Bloomberg.The logistical changes are part of a broader strategy to insulate Iran’s oil exports from military disruption. Shadow fleet tankers and offshore reserves allow Tehran to maintain…

Stay informed with free updatesSimply sign up to the Climate change myFT Digest — delivered directly to your inbox.Ministers will consider the economic benefits of North Sea oil and gas projects along with carbon “removal” activities when deciding whether to grant consents, under guidance designed to avoid courts overturning approvals.The fresh guidance issued on Thursday comes after a landmark court judgment last year that faulted UK authorities for failing to weigh the climate effects of burning fossil fuels when issuing development consents in the North Sea.The energy secretary would assess such effects, known as downstream emissions, by considering the government’s…

Namibia, one of the latest exploration hotspots in the world, is weighing potential further incentives and financing options to offer to international majors preparing plans for oil production offshore the African country.Oil and gas supermajors, including Shell, TotalEnergies, and Portugal-based energy firm Galp, have already made large discoveries offshore Namibia.However, without infrastructure in place, costs are higher for production development plans.That’s why, Namibia, hoping to become the next Guyana, wants to help the supermajors with further incentives to have them reach final investment decisions on specific oil production projects.“The government recognizes the complexities and high costs associated with the development of the…

$30 million anchor investment from Australian Ethical and CEFC propels Climate Tech Partners (CTP) to first close. Over $50 million committed across fund and aviation decarbonisation vehicle, with backing from Qantas, Airbus, and the BESEN Family Office. 11 corporate partners onboard to accelerate Series A climate tech in grid, fuels, and adaptation. Climate Tech Partners (CTP) has secured its first close with a $30 million anchor investment—$15 million each from Australian Ethical Investments (AEI) and the Clean Energy Finance Corporation (CEFC)—despite headwinds in tech and venture capital markets. This milestone reflects growing institutional demand for a collaborative model of climate…

Expro has secured a key contract to deliver integrated well testing services for a high-profile carbon capture and storage (CCS) project offshore UK. This award follows soon after the industry’s much anticipated December 2024 award of the first ever carbon storage permit by the UK regulator, the North Sea Transition Authority (NSTA), to the Northern Endurance Partnership (NEP) for the storage of carbon dioxide in the Endurance reservoir located off the northeast coast of England. Expro has been commissioned by NEP to provide critical services that will be needed to appraise two wells in the Endurance reservoir for…

Volkswagen Bank’s inaugural green bond raises €1.5 billion in dual tranches, backed by strong investor demand. Investor orders exceeded €6.6 billion, signaling robust market confidence in the bank’s sustainable finance strategy. Proceeds will exclusively finance battery electric vehicle (BEV) products across Volkswagen Group brands. Volkswagen Bank GmbH has successfully issued its first green bond, raising €1.5 billion through 3-year and 6-year tranches. The bond, aligned with Volkswagen Financial Services AG’s Green Finance Framework, introduces a “senior preferred” format that enhances investor protection by improving positioning in the creditor hierarchy. Investor interest significantly outpaced expectations, with demand peaking at €6.6 billion…