Author: omc_admin
All of Baker Hughes Middle Eastern projects are operating as normal, the oilfield services giant’s chief executive Lorenzo Simonelli has told Reuters.“Currently, all of our employees are safe, and the facilities continue to run and operate,” Simonelli said. “Hopefully there’s a de-escalation of tensions.”Israel and Iran continued firing missiles at each other over the weekend and today, suggesting such hopes may be premature at this point. Iran’s Revolutionary Guards corps said after the latest barrage that they were using a new attack method that cheated the Israeli defense systems to target each other instead of Iranian missiles, Reuters reported earlier…
An innovative plan to use public money to back renewable energy loans in the developing world could liberate cash from the private sector for urgently needed climate finance.Avinash Persaud, a special adviser on climate change to the president of the Inter-American Development Bank (IADB), who developed the proposals, believes the plan could drive tens of billions of new investment in the fledgling green economy in poorer countries within a few years, and could provide the bulk of the $1.3tn in annual climate finance promised to the developing world by 2035.“This could be an engine for green growth, and produce the…
Following volatile oil prices and uncertainty amid the ongoing conflict between Israel and Iran, Union Minister for Petroleum and Natural Gas Minister, Hardeep Singh Puri, said that India is reviewing global oil supply situation on a daily basis, adding that the country has sufficient stocks of crude oil. On Friday, the day Israel attacked Iran, oil prices surged 7 per cent and the prices remained volatile on Monday following renewed strikes by the two countries over the weekend. The exchanges have increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East.The…
Open hostilities between Israel and Iran entered a fourth day on Monday with no sign of easing, stoking fears of a wider war in the oil-rich region. Iran fired several waves of drones and missiles over the last 24 hours, while Israel hit the Islamic Republic’s capital, Tehran, killing another key military official. Since Friday, 224 people have been killed in Iran, according to the government, which said most of the casualties were civilians. Iranian attacks left 14 people dead and about 400 injured, Israel’s emergency services said. Tensions between the two countries erupted into direct conflict on Friday, when…
Image: Trans Mountain During the Executive Conference of the Global Petroleum Show last week, Alberta’s premier, Danielle Smith, provided an update on the province’s energy sector and gave her assessment of the new federal administration’s policies on energy. In so doing, Smith said that Alberta’s energy potential is still abundant, but the regime of Prime Minister Mark Carney still needs to prove that it is more reasonable on oil and gas than the administration of former Prime Minister Justin Trudeau. Alberta Premier Danielle Smith Prepared remarks. On the energy potential front, Smith noted that Canada’s proven oil reserves…
Oil started the week with a gain, after an Iranian missile attack caused damage to the Haifa refinery in Israel over the weekend, prompting a partial shutdown, Israeli media reported, saying the facility remained operational.At the time of writing, Brent crude was trading at $74.83 per barrel, with West Texas Intermediate at $73.77 per barrel.The damage, according to the Haifa refinery’s operator, Bazan, was localized at pipelines and transmission lines, the Times of Israel reported. The publication added that Iran launched some 40 missiles at the Haifa area on Saturday night.“The refining facilities continue to operate, while some downstream facilities…
Smoke rises in the distance following an Israeli airstrike in Tehran, Iran, on June 14, 2025. \Khoshiran | Afp | Getty Images Israel’s airstrikes on Iran Friday sent reverberations through financial markets.Oil prices jumped on fears that supply from Iran, the world’s ninth-largest oil producer in 2023, would be disrupted.Prices of gold, the stalwart shelter in times of crises, rose. Investors flock to the precious metal amid uncertainty because it serves as a stable store of value that is mostly resistant against exogenous shocks, such as inflation or geopolitical conflicts.And the dollar strengthened, as it is wont to do when…
TotalEnergies SE’s Saft will deliver a battery energy storage system to Gurīn Energy Pte. Ltd. for a project in Fukushima, Japan. TotalEnergies said in a media release Saft will deliver a fully integrated lithium-ion (Li-ion) battery system with a total of over 1 gigawatt-hour (GWh) of storage, together with power conversion and power management systems from its partners, as well as Saft’s I-Sight cloud supervision and data management systems featuring AI-based functionalities. “Asia is a critical region for the sustained, long-term growth of Saft’s ESS business”, Vincent Le Quintrec, Saft Sales and Marketing Director for Energy Storage Systems, said. “Saft’s…
Image: Trans Mountain During the Executive Conference of the Global Petroleum Show last week, Alberta’s premier, Danielle Smith, provided an update on the province’s energy sector and gave her assessment of the new federal administration’s policies on energy. In so doing, Smith said that Alberta’s energy potential is still abundant, but the regime of Prime Minister Mark Carney still needs to prove that it is more reasonable on oil and gas than the administration of former Prime Minister Justin Trudeau. Alberta Premier Danielle Smith Prepared remarks. On the energy potential front, Smith noted that Canada’s proven oil reserves…
Australia’s Santos has said it would accept an $18.7-billion takeover offer made by a consortium led by Emirati Adnoc, which values the company’s stock at a 28% premium to its closing price last Friday.The Emirati energy giant, acting through its investment arm XRG, teamed up with Abu Dhabi Development Company and private equity major Carlyle on the offer, which is motivated by Adnoc’s global gas expansion plans.Santos operates two large LNG facilities in Australia: Darwin LNG and Gladstone LNG. Santos is also the majority shareholders in the PNG LNG project in Paua New Guinea, after taking over Oil Search back…