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JPMorganChase and carbon dioxide removal (CDR) project developer CO280 announced a new large-scale, long-term CDR purchase agreement, with JPMorgan agreeing to offtake 450,000 tons of carbon removal over 13 years from a project that will capture and permanently store biogenic carbon emissions from a pulp and paper mill in the U.S. Gulf Coast. At a price of under $200 per ton, the new agreement marks one of the lowest-ever price points for engineered CDR, highlighting the potential for broader adoption by corporate buyers of the carbon removal technology, according to the companies. The new agreement follows an initial MOU signed…

Pertamina has been importing Russian crude oil complying with the Western sanctions, a top official at Indonesia’s state energy firm said on Wednesday. “We have opened (to imports from Russia) since last May,” Taufik Aditiyawarman, the chief executive of the Kilang Pertamina International refinery unit, said on the sidelines of a conference of the Indonesian Petroleum Association, as carried by Reuters. The company imports Russian crude for its domestic refineries and complies with the sanctions imposed on Russian oil exports and trade imposed by the EU and the G7, the official added. The price cap mechanism set by the G7 and the EU…

India’s Russian crude oil imports will hit close to 1.8 million barrels per day in May, the highest in 10 months, ship tracking data from Kpler showed, after refiners snapped up more light grades such as ESPO Blend.The robust demand for the lighter Russian grades in the world’s third biggest oil importer and consumer is expected to last into July as Indian refiners ordered more than 10 cargoes of June-loading ESPO crude last week, traders said. India’s strong demand has led to a rebound in spot premiums for ESPO cargoes delivered to China, the biggest buyer of the crude exported…

Two appraisal wells drilled by Equinor ASA in the North Sea about 20 kilometers (12.43 miles) east of the Troll A platform have shown a suitable reservoir for carbon dioxide (CO2) storage. Wells 32/4-4 and 32/7-1, drilled in the Alphas and Gamma areas respectively, make up a potential injection site for the “Smeaheia” project. They are the first to be drilled under exploration license EXL002, awarded June 2022, according to the Norwegian Offshore Directorate. They are also the second and third wells drilled to investigate the possibility of commercial CO2 storage in Norwegian waters, it said. The first, well 32/4-3 S, was also drilled…

The U.S. federal government will extend a sanction waiver allowing Chevron to keep doing business in Venezuela by another 60-days as negotiations with the Maduro government continue, Bloomberg has reported, citing an unnamed source familiar with developments.The Trump admin in March gave Chevron a 30-day notice to wrap its business in Venezuela and leave, threatening to disrupt the supply of heavy crude for Gulf Coast refineries. Indeed, the decision initially affected Venezuelan crude oil exports, of which 240,000 barrels daily was going to Gulf Coast refineries.The government realised this somewhat belatedly and granted Chevron a 60-day extension of the sanction…

Every Tuesday afternoon, Spotify’s top brass — all of its vice presidents — pile into a room for a standing three-hour meeting with a key rule.”You’re not allowed to say the word ‘offline’ or ‘later’ — because that person is in the room,” said Gustav Söderström, Spotify’s co-president, on an episode of the “Invest Like The Best” podcast published Tuesday.At other companies, when conversations get uncomfortable or someone hasn’t delivered, people tend to punt the issue. But that’s not Spotify’s ethos, Söderström, who also leads tech and product, said.Instead of circling back, people are expected to hash things out.”It’s real-time…

Offshore contractor Subsea7 has secured a large contract from ConocoPhillips Skandinavia AS for a front-end engineering design (FEED) study for the Previously Produced Fields (PPF) development project offshore Norway. Subsea7 said in a media release that the project, worth between $300 million and $500 million, has been granted under a Framework Agreement signed with ConocoPhillips. The FEED study will complete the technical definition for the proposed subsea development. Work will start immediately at Subsea7’s Norway office, the company said. If the development project receives final investment approval from the authorities, ConocoPhillips, as the operator, may choose to allocate a substantial…

Abu Dhabi National Oil Company (ADNOC) has signed a strategic agreement with Tubacex SA to localize critical oilfield technology in the United Arab Emirates. ADNOC said in a media release this deal would enhance the resilience of the UAE’s industrial base. The contract provides ADNOC with perpetual and exclusive rights to use Tubacex’s Sentinel Prime advanced tubular joint connection technology, which is essential for finishing oil and gas wells, ADNOC said. Tubacex is set to create a specialized research and development center in Abu Dhabi. This center will serve as a focal point for cutting-edge engineering and will educate highly…

The European Union has approved its latest sanctions package against Russia, targeting nearly 200 shadow fleet ships as well as addressing hybrid threats and human rights, the bloc’s top diplomat Kaja Kallas announced on Tuesday.  “More sanctions on Russia are in the works. The longer Russia wages war, the tougher our response,” she said in a message posted on X. The package includes measures targeting dozens of individuals, entities and vessels behind Russia’s shadow fleet of oil tankers, which has helped Moscow skirt the bloc’s trade and energy sanctions, Bloomberg News previously reported. The restrictions, the bloc’s 17th since Moscow…

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