Author: omc_admin

Carbon removal provider Exomad Green announced a new deal with Microsoft, with the tech giant agreeing to purchase at least 1.24 million tonnes of carbon removal credits over ten years, generated from Exomad Green’s biochar projects in Bolivia. The transaction marks the largest-ever biochar carbon removal purchase agreement globally, and one of the largest durable carbon dioxide removal (CDR) agreements of any type to date, according to Exomad Green. The agreement also integrates digital Monitoring, Reporting and Verification (dMRV) from CDR data solutions provider Carbonfuture to track and verify the carbon removed under the deal. The transaction follows an earlier…

SCARBOROUGH, Maine (AP) — An unusual May nor’easter soaked New England on Thursday and threatened to bring snow to higher elevations as the states prepared for the Memorial Day holiday weekend.Nor’easters usually arrive in the end of fall and winter and bring high winds, rough seas and precipitation in the form of rain or snow. This week’s nor’easter could bring wind gusts over 40 mph (64 kph) and up to 2 inches (5 centimeters) of rain in some areas. Forecasters said snow was possible in the mountains of Maine and New Hampshire.The storm brought dark skies to New England during…

New Delhi: China drove global oil demand growth over the last decade, but now India is poised to take the lead in demand growth over the next decade, according to a latest report by Moody’s Ratings. China and India are No. 2 and No.3 oil consumers in the world. But there are notable differences in demand growth in the two countries. “Demand growth and import reliance will be higher in India,” Moody’s said. “Demand will grow faster in India than in China over the next decade, as China’s economic growth slows and penetration of new energy vehicles accelerates.” Consumption of…

Petrofac Ltd. has received approval from the High Court of England and Wales to enforce its financial restructuring plan that would unlock $355 million in new funding. However, an existing appeal brought by certain creditors connected with the Thai Oil project is contesting the convening order before the Court of Appeal. The appellate court reserved June 2-4 for the review of the appeal, the Jersey-based energy engineering company said in an online statement. The funding unlocked by the court approval will “significantly reduce the Group’s indebtedness, materially strengthening its financial position”, Petrofac said. In its latest results report, for the…

The OPEC+ alliance is discussing the idea to make another big production increase in oil production for July, delegates from the group told Bloomberg News on Thursday. OPEC+ has already announced two consecutive production increases for May and June, each of 411,000 barrels per day (bpd), triple the volume the group had previously planned.Another 411,000-bpd output hike is among the options which the OPEC+ member countries that have been withholding output are discussing for the July production, according to Bloomberg’s sources. OPEC+ producers Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman will make the final decision on July output…

Press Release   Rotterdam, 22 May 2025   To foster a stronger commitment to international collaboration, Hydrogen Europe and LAC Clean Hydrogen Action signed a Memorandum of Understanding (MoU) to promote the deployment, uptake and trade of clean hydrogen and its derivatives across both regions. The agreement was formalised during the World Hydrogen Summit in Rotterdam, where leaders from both organisations emphasised the urgency of building global partnerships to accelerate hydrogen deployment. With more than 600 members across the entire hydrogen value chain, including national associations and regions, Hydrogen Europe represents the voice of the European hydrogen industry. LAC Clean Hydrogen Action,…

Fifteen renewable hydrogen production projects across five countries have secured a total of EUR 992 million ($1.12 billion) in grants after the second round of the European Hydrogen Bank. The amount is a fraction of the EUR 4.8 billion requested by project proposals in the bidding round. The submitted bids represented about 6.3 gigawatts (GW), according to the European Commission. The 15 selected “are expected to produce nearly 2.2 million tonnes of renewable hydrogen over 10 years, avoiding more than 15 million tonnes of CO2 emissions”, the Commission said in an online statement. “The hydrogen will be produced in sectors such…

More than 2,500 business figures have called for an “immediate end” to the UK government’s Energy Profits Levy (EPL) in an open letter, which was posted on the Aberdeen & Grampian Chamber of Commerce (AGCC) website. “Dear Prime Minister, it is almost exactly a year since you publicly insisted that your party’s plans for the North Sea would not cost jobs,” the letter, signed by several chairs, directors, and chief executives, including AGCC Chief Executive Russel Borthwick, reads. “On 7th May, the largest independent operator in the UK Continental Shelf, Harbour Energy, announced plans to cut its workforce by 25…

AI can help write boring emails, speed up coding, and even decide who gets promoted at one of the world’s largest companies.In an episode of the “All In” podcast released on Tuesday, Google cofounder Sergey Brin said he has been using AI for some of his leadership tasks since returning to the company.”Management is like the easiest thing to do with the AI,” Brin said.Brin cofounded Google with Larry Page in 1998 and served as its president until stepping down in 2019. He returned to the search giant in 2023 to help develop AI products as the company races against…

On Tuesday, the United Kingdom government suspended free trade negotiations with Israel in response to its military conduct in the war on Gaza and the expansion of illegal settlements in the occupied West Bank. Addressing the parliament, Foreign Secretary David Lammy said the UK government couldn’t continue talks on upgrading its existing trade agreement with an Israeli government pursuing what he called “egregious policies” in Gaza and the occupied West Bank. This came a day after the UK, France and Canada threatened to take “concrete actions” against Israel if it does not stop its renewed offensive and lift aid restrictions…