Author: omc_admin
In a commodities note posted on the Saxo Bank A/S website today, Ole Hansen, the company’s head of commodity strategy, highlighted that “speculators trimmed long positions in crude oil ahead of the latest OPEC+ production increase”. “Both Brent crude and WTI fell back toward the four-year lows last seen in the aftermath of the March sell-off triggered by President Trump’s so-called ‘Liberation Speech’,” Hansen stated in the note. “The drop followed OPEC+’s decision to extend the 411,000 barrels per day production increase planned for May into June. This move raised concerns about a potential global supply glut, especially at a time…
Subsea7 has secured a super-major contract1 with Petrobras, after winning a competitive tender, for the development of the Búzios 11 field located approximately 180 kilometers off the coast of the state of Rio de Janeiro, Brazil, at 2,000 meters water depth in the pre-salt Santos basin. The contract scope includes engineering, procurement, fabrication, installation, and pre-commissioning of 112km rigid risers and flowlines system. Project management and engineering will commence immediately at Subsea7’s offices in Rio de Janeiro, Suresness and Sutton; Fabrication of the pipelines will take place at Subsea7’s spoolbase in Brazil, and Offshore activities are scheduled for…
Warren Buffett is retiring by the end of the year as CEO at the Berkshire Hathaway empire he has built and is recommending the board replace him with Greg Abel, an energy executive and dealmaker.At the very end of the Berkshire Hathaway annual shareholders’ meeting, Buffett, 94, said he would ask the conglomerate’s board to vote Abel, 62, as the chief executive to replace the Oracle of Omaha by the end of 2025.Buffett’s withdrawal from the $1.2-trillion Berkshire Hathaway he founded and managed with late business partner Charlie Munger, is not a surprise—it has been expected for some time. Nor…
The Railroad Commission of Texas assessed $1,372,720 in enforcement docket fines against operators and businesses at the Commissioners’ open meeting on Tuesday. The Commission has primary oversight and enforcement of the state’s oil and gas industry and intrastate pipeline safety. Master Default Orders for operators that failed to appear at Commission enforcement proceedings can be found on the RRC Hearings Division web page. Master Agreed Orders in which operators were ordered to come into compliance with Commission rules can be found on the RRC General Counsel web page. About the Railroad Commission: The Railroad Commission of Texas acts…
The Israeli public transport operator Electra Afikim has agreed a second charging project with Electreon, specialist in wireless charging. The partners had previously equipped a bus depot with inductive charging stations. This bus depot is located in Rosh HaAyin and was put into operation in November 2023. Based on the success of this first project, Electra Afikim now plans to deploy Electreon’s technology at the Ovnat terminal in Petah Tikva, a large suburb of Tel Aviv and also close to Rosh HaAyin. The renewed collaboration follows a year and a half of intensive daily operation at the Rosh HaAyin depot,…
Librec has inaugurated its first industrial recycling plant for electric vehicle batteries in Biberist, Switzerland, for which a new hall was built on the site of a former paper factory. The plant will recycle 12,000 tons of electric car batteries per year. The recycling plant in the canton of Solothurn was announced by Librec last summer, and now boasts a “previously unattained recovery rate of over 97%”. The plant recycles used vehicle batteries as well as rejects from battery production. When the plant is working at full capacity, it will operate in three shifts. After delivery, the batteries are first…
Lundin Mining Corp. has declared the Filo del Sol copper discovery one of the largest in recent history, containing an estimated 13 million tons of the basic metal that is crucial for the energy transition.The company operates the Filo del Sol and another copper project, Josemaria, both of which are located between Argentina and Chile, in a joint venture with mining heavyweight BHP. BHP bought Filo Corp. last year for a price of $3 billion, together with Lundin.According to Lundin, “Filo del Sol has been one of the most significant greenfield discoveries in the last 30 years and an amazing…
Subsea7 has secured a super-major contract1 with Petrobras, after winning a competitive tender, for the development of the Búzios 11 field located approximately 180 kilometers off the coast of the state of Rio de Janeiro, Brazil, at 2,000 meters water depth in the pre-salt Santos basin. The contract scope includes engineering, procurement, fabrication, installation, and pre-commissioning of 112km rigid risers and flowlines system. Project management and engineering will commence immediately at Subsea7’s offices in Rio de Janeiro, Suresness and Sutton; Fabrication of the pipelines will take place at Subsea7’s spoolbase in Brazil, and Offshore activities are scheduled for…
Australian prime minister says he discussed tariffs and AUKUS security partnership in call with US president.Australian Prime Minister Anthony Albanese has said he had a “warm” conversation with United States President Donald Trump about trade and other issues after his Labor Party’s decisive election win over the weekend. Speaking to the media in Canberra on Monday, Albanese said the two leaders discussed tariffs and the AUKUS nuclear submarine partnership in a congratulatory phone call made by the US president. “It was a very warm discussion about the friendship between our two nations that’s so important,” Albanese said. “I have had three…
EAST HARTFORD, Conn. (AP) — About 3,000 labor union members went on strike early Monday at jet engine maker Pratt & Whitney in Connecticut, as negotiations over wages, retirement benefits and job security broke down.Members of the International Association of Machinists and Aerospace Workers were picketing at manufacturing locations in East Hartford and Middletown, after about 77% of nearly 2,100 union members voted to approve their first strike since 2001, union officials said. Their contract expired late Sunday.“Pratt and Whitney is a powerhouse in military and commercial aerospace products because our membership makes it so,” David Sullivan, the union’s eastern…