Author: omc_admin
Supply chain constraints and higher cost have forced energy companies to withdraw eight projects to build gas-fired power plants in Texas under a $5-billion state loan program, the Financial Times reported on Tuesday. The Public Utility Commission of Texas (PUCT) is currently reviewing the extension of $5.38 billion worth of low-interest loans to companies planning nearly 10 gigawatts (GW) of new natural gas-fired capacity in a bid to boost generation capacity for ERCOT. The Texas Energy Fund was established in 2023 by the Texas Legislature through Senate Bill 2627, the Powering Texas Forward Act, to provide grants and loans to finance the construction, maintenance,…
President Trump is visiting Saudi Arabia today, the key OPEC+ player, which has ramped up production to discipline non-compliant members by pressuring oil prices, Ole R. Hvalbye, a commodities analyst at Skandinaviska Enskilda Banken AB (SEB), stated in a SEB report sent to Rigzone on Tuesday. “This aligns well with U.S. interests, especially with the administration pushing for lower crude and refined product prices for its U.S. domestic voters,” Hvalbye noted in the report. “With Brent hovering around $65, it’s unlikely that oil prices will dominate the agenda during the Saudi visit. Instead, discussions are expected to focus on broader…
Copenhagen: The world’s first commercial-scale e-methanol plant began operations in Denmark on Tuesday, with shipping giant Maersk set to buy part of the production as a low-emission fuel for its fleet of container ships.The shipping sector is under pressure to find new sources of fuel after a majority of countries gave their backing to measures to help meet the International Maritime Organization’s targets towards elimating carbon emissions by 2050. So far zero-emission shipping fuels, such as green ammonia and e-methanol, which are produced using renewable energy, have tended to be more expensive than conventional fuel largely because they are not…
This article is an on-site version of our Energy Source newsletter. Premium subscribers can sign up here to get the newsletter delivered every Tuesday and Thursday. Standard subscribers can upgrade to Premium here, or explore all FT newslettersHello and welcome to Energy Source, coming to you from New York and Brussels.Oil prices settled at a two-week high on Monday, amid hopes that a full-scale trade war between China and the US may be averted following a deal between the two nations to cut tariffs, at least temporarily.Rising optimism among investors about the potential détente between the world’s two biggest economies also pushed…
Republicans on the Ways and Means Committee in the U.S. Congress released their new tax plan aimed at becoming part of the Trump administration’s proposed “One, Big, Beautiful Bill” tax and spending bill, which includes major cuts to Biden era green energy-focused tax incentives in areas including electric vehicles and clean energy production. The Biden administration had put in place legislation directing hundreds of billions of dollars to accelerate the energy transition in the U.S. and to help meet climate goals put in place by the administration. Most notably, the Inflation Reduction Act, signed into law by President Biden in…
Brazil’s state oil firm Petrobras will pay $2.1 billion in dividends for the first quarter after posting a jump in net income due to one-off items. Petrobras reported a net income of $6.2 billion (35.2 billion Brazilian reals) for the first quarter, up by 48.6% from a year earlier, due to one-off items and more favorable exchange rates. Without the one-off items, net income dropped by 12.1% year-over-year. Petrobras’ board of directors approved the payment of interim dividends of $2.1 billion (11.72 billion reals), saying that the proposed payment is in line with the current Shareholder Compensation Policy. Under the policy, if gross debt…
North America cut 12 rigs week on week, according to Baker Hughes’ latest North America rotary rig count, which was released on May 9. The U.S. and Canada each dropped a total of six rigs week on week, taking the total North America rig count down to 692, comprising 578 rigs from the U.S. and 114 from Canada, the count outlined. Of the total U.S. rig count of 578, 564 rigs are categorized as land rigs, 11 are categorized as offshore rigs, and three are categorized as inland water rigs. The total U.S. rig count is made up of 474…
This as-told-to essay is based on a conversation with Morgan Brown, Dropbox’s VP of product and growth for AI products. The following has been edited for length and clarity.We’re sitting at a really interesting time.My first job was at a tech startup in 1999 during the dot-com boom, and the world was changing incredibly fast. I’ve lived through a couple of these iterations — the big mobile revolution with the iPhone, then web 2.0. The AI revolution seems like it’s going to dwarf all of those, and it creates an opportunity for product managers to focus more on the unique…
Chinese electric car maker BYD’s new factory in Brazil will be “fully functional” by December 2026, after its operations were delayed because of an investigation into labor abuses, Bahia state labor secretary Augusto Vasconcelos said in a video on Monday.By the end of this year, the factory should start producing cars from semi-finished kits, he added.“A new schedule is being established so that by December 2026 the factory will be fully functional with the expectation of generating 10,000 jobs,” said Vasconcelos in the video published to social media.The news comes as Bahia Governor Jeronimo Rodrigues travels to China with President…
In a move with profound implications for the future of electric mobility in the United States, House Republicans have proposed scrapping key federal EV tax credits and advanced manufacturing loan programmes. Voices from the industry and climate advocates are sounding the alarm. In Washington this week, Republicans in the US House of Representatives unveiled sweeping tax reform proposals that target cornerstone federal support mechanisms for electric mobility. Chief among them is the planned repeal of the $7,500 federal tax credit for new electric vehicles and the $4,000 incentive for used EVs. Both would expire on 31 December 2025 under the…