Author: omc_admin

Equinor ASA has secured new exploration acreage offshore Brazil in the Santos Basin, awarded under the country’s fifth Open Permanent Concession bidding. The S-M-1617 license is near an existing Equinor block, S-M-1378, “an area with strong potential that we can leverage to reinforce our position in the Santos basin”, Veronica Coelho, Equinor senior vice president and Brazil manager, said in an online statement. “This award provides us with longevity options for Brazil and demonstrates our continuous commitment and appetite to grow in the country”. “Equinor will now work to conduct necessary geological and geophysical assessments for future exploration activities”, the…

Israel and the US are ratcheting up pressure on Iran, sparking fresh speculation that Washington could be preparing to join in the attack launched by its closest Middle East ally. President Donald Trump said he wants a permanent end to Iran’s path to a nuclear weapon, after an early departure from the Group of Seven leaders meeting in Canada spurred questions about whether the US seeks to end the conflict or escalate it.  “We know exactly where the so-called “Supreme Leader” is hiding. He is an easy target, but is safe there – We are not going to take him out…

China’s trade-in subsidy program for electric vehicles has been axed in at least six provinces because the money has run out, Bloomberg reported today, citing Chinese media.The program involves offering car buyers an incentive to the tune of $2,780 for exchanging their internal combustion engine car for an electric model. It was originally planned to last until the end of the year.However, car dealers have been buying new EVs in bulk and then selling them on the second-hand car market with zero mileage, the report explained, which has put a strain on the program funds. Per official data, some 70%…

MEXICO CITY (AP) — Hurricane Erick formed Wednesday in the Pacific Ocean on a forecast track to bring heavy rain, strong winds, storm surge and possible mudslides to southern coastal Mexico, forecasters said.Up to 20 inches (51 centimeters) of rain could fall across the Mexican states of Oaxaca and Guerrero, with lighter amounts in Chiapas, Michoacan, Colima and Jalisco states, the Miami-based U.S. National Hurricane Center said in an advisory. The rainfall threatened flooding and mudslides, especially in areas with steep terrain.The Category 1 storm on Wednesday morning was located about 160 miles (257 kilometers) south-southeast of Puerto Ángel, Mexico,…

The European Investment Bank (EIB) has committed EUR 1.6 billion ($1.84 billion) in loans for a subsea project that would increase the power exchange capacity between Spain and France from 2,800 megawatts (MW) to 5,000 MW. Stretching 400 kilometers (248.55 miles), of which 300 kilometers are underwater, the Bay of Biscay project by France’s RTE and Spain’s Red Electrica would be the first submarine electricity interconnection between the two countries. Construction is underway, being implemented by Red Electrica-RTE joint venture Inelfe. The companies expect the link to become operational 2028. They recently signed EUR 1.2 billion for the first tranches…

LONDON (AP) — Inflation in the U.K. dropped modestly in May as a drop in air fares and transport costs were largely offset by rising food prices, particularly chocolate, official figures showed Wednesday.The Office of National Statistics said consumer prices rose by 3.4% in the year to May, down from 3.5% the previous month. That means inflation remains substantially above the Bank of England’s target rate of 2%. The bank’s rate-setting Monetary Policy Committee is due to announce its latest interest rate decision on Thursday. Most economists expect the nine-member panel, which has cut borrowing rates on a quarterly basis…

Climate tech startup Fiber Global announced that it has raised $20 million in a Series A funding round, with proceeds aimed at expanding its platform to turn waste streams into sustainable building products. Founded in 2023, Brownsburg, Indiana-based Fiber Global reclaims materials such as paper and cardboard diverted from landfills to create durable, high-performing building materials with significantly lower greenhouse gas emissions. In addition to reduced emissions, other sustainability benefits from its products highlighted by the company include water and energy savings, conserved landfill space, with the products also being formaldehyde free, and containing zero harmful volatile organic compounds. Fiber…

The UK has a 50/50 chance of seeing temperatures soar to 40C again in the next 12 years as the risk of extreme heat rises with the climate emergency, the Met Office has said.The meteorological experts also warned that far higher temperatures of 45C (113F) or more “may be possible” in today’s climate, while heatwaves could go on for a month or more.Temperatures hit 40C in the UK for the first time on record amid the heatwave and drought summer of 2022, peaking at 40.3C in Coningsby in Lincolnshire on 19 July, outstripping the previous top temperature of 38.7C recorded…

Malaysia’s Petroliam Nasional Berhad (Petronas), together with partners, launched the Petronas Energy Transition Academy (P-ETA). The company said in a media release the academy is designed to help prepare the workforce for the lower carbon energy industry. Developed by Petronas’ technical training institute, Institut Teknologi Petroleum Petronas (INSTEP), the P-ETA initiative is open to participants from leading global energy players. Its goal is to equip learners with the necessary skills and knowledge to contribute to the rapidly evolving energy industry, the company said. “It is our hope that the launch of P-ETA will lay the foundation for an equitable energy…

The Mozambique LNG project should resume operation “this summer”, the chief executive of the facility’s operator, TotalEnergies, told media this week.The Mozambique LNG project—which is under construction—suspended activities in 2021 under force majeure conditions caused by violence from rebel groups in the area. With a price tag of $20 billion, Mozambique LNG will liquefy gas from two offshore fields, Golfinho and Atum, with an annual processing capacity of 13.12 million tons. It is the biggest liquefied natural gas project in Africa and the biggest foreign investment on the continent as well. TotalEnergies is operator with 26%, in partnership with Japan’s…