Author: omc_admin

Malaysia’s national oil and gas company has signed a deal with Eni SpA to combine their upstream assets in Malaysia and Indonesia. Separately Petroliam Nasional Bhd. (Petronas) penned multiple agreements with TotalEnergies SE to jointly explore several offshore blocks in Malaysia and signed another agreement for a farm-down in Indonesia to the French company. The joint venture agreement with Italy’s state-backed Eni, expected to be finalized in the fourth quarter, would deliver 500,000 barrels of oil equivalent (boe) a day in the medium term. The combined portfolio would consist of about three billion boe of reserves and 10 billion boe…

New Delhi: As tensions escalate between Iran and Israel, crude oil prices have surged nearly 15 per cent in just weeks, prompting New Delhi to take stock of India’s energy security. Brent crude touched $75 a barrel—up from around $65 before the conflict—fuelled by fears of disruption through the Strait of Hormuz, the world’s most critical oil artery.India’s Ministry of Petroleum and Natural Gas has swung into action, with top officials and PSU oil firms holding a high-level review meeting to assess the situation. A senior ministry official, speaking on condition of anonymity, said, “There is no immediate threat to…

The world’s biggest banks raised their combined financing for fossil fuels by more than one-fifth last year, bucking a falling trend since 2021 amid a backlash against net-zero policies, especially in the United States. The world’s top 65 banks increased fossil fuel funding to $869 billion in 2024, up by $162 billion from 2023, according to the 16th annual Banking on Climate Chaos (BOCC) report released by climate campaign organizations on Tuesday.  Last year, loans were the top form of financing, rising to $467 billion from $422 billion in 2023. Bonds saw the largest increase to $401 billion, up from $284 billion,…

The Australian Sustainable Finance Institute (ASFI) announced today the release of the Australian sustainable finance taxonomy, a new voluntary classification system for categorizing green and transition-focused economic activities, aimed at improving transparency and facilitating capital flows towards Australia’s climate goals. The development of the Taxonomy forms a key part of the Government of Australia’s Treasury department’s Sustainable Finance Roadmap, launched in 2023, designed to enable financial markets to support the mobilization of private capital needed to finance the transition to a net zero economy. At the time, the Treasury announced that ASFI would be responsible for developing the Taxonomy, in…

At 11:02 GMT, Light Crude Oil Futures are trading $71.54, up $1.29 or +1.84%. OPEC Producer Iran and the Strait of Hormuz Keep Risk Premiums Intact The Iran-Israel conflict remains a critical factor underpinning oil prices. Iran, OPEC’s third-largest producer, faces scrutiny over whether escalating tensions could threaten crude exports. While there’s no direct evidence of disrupted flows, traders remain cautious given the strategic significance of the Strait of Hormuz, through which around 19 million barrels per day of oil and refined products pass. Market volatility spiked following reports of electronic warfare disrupting vessel navigation systems and a ship collision…

A blank rectangle of a building sits next to a highway, facing an endless Wyoming prairie. It’s painted the greenish-grayish-brown that Disneyland imagineers use on stuff they don’t want people to notice. But the nine semitrailer-size green boxes nestling like nursing puppies into the building’s long sides are a giveaway. They’re giant heat exchangers meant to chill the stacks of black, pizza-box-shaped computers inside, squeezing electrons through silicon to make everything from streaming video to cryptocurrency.This data center is one of several in Cheyenne. These buzzing hives of circuitry run the modern digital economy — and manage the unprecedented quantities…

The U.S. Securities and Exchange Commission (SEC) announced that it is withdrawing a series of proposed rules initiated during the tenure of former SEC Chair Gary Gensler, including a rule requiring disclosures by investment managers marketing ESG-focused funds aimed at providing consistent information to investors and to avoid greenwashing risk. The announcement marks the latest in a series of moves shifting the SEC away from Gensler’s climate and ESG-focus since the former Chair’s resignation from the Commission upon the inauguration of Donald Trump as President, including recently dropping rules aimed at preventing companies from excluding shareholder proposals from their proxy statements,…

Nitin Gadkari Union Minister for Road Transport and Highways, Nitin Gadkari, on Monday said that bioenergy has the potential to replace up to 50 per cent of India’s fossil fuel consumption within five years. He urged the automobile industry to accelerate research and development in alternative fuel technologies to reduce dependence on imported crude oil and curb air pollution, reports PTI. Speaking at the ‘Bhoomipujan’ ceremony of the Indian School for Design of Automobiles, Gadkari highlighted the growing concerns around air pollution, attributing 40per cent of it to emissions from the transport sector. “Air pollution has become a serious problem…

Their reaction uses a light-activated metal-centered catalyst to facilitate the transfer of electrons and protons needed for the chemical conversion. “We are taking something cheap and abundant like CO2 and adding electrons and protons to convert it into something useful,” said Sai Puneet Desai, the lead author of a paper describing the research just published in the Journal of the American Chemical Society. In some ways, the process mimics photosynthesis, the series of reactions plants use to convert CO2 and water into sugar, their primary source of fuel. “In both our reaction and photosynthesis, the transfer of protons and electrons…

New Delhi: Global oil demand is projected to rise by 2.5 million barrels per day (mb/d) between 2024 and 2030, reaching a plateau of around 105.5 mb/d by the end of the decade, according to the International Energy Agency’s (IEA) latest medium-term outlook released on Tuesday.The report, Oil 2025, states that while demand growth continues, structural changes in global supply and consumption patterns are expected to reshape the oil market over the coming years. Production capacity is forecast to rise by more than 5 mb/d to 114.7 mb/d by 2030, led by growth in natural gas liquids (NGLs) and other…