Author: omc_admin

Climate experts and politicians have criticised Tony Blair for claiming any strategy that relied on rapidly phasing out fossil fuels was “doomed to fail”.The former prime minister’s comments, published in a report from the Tony Blair Institute for Global Change (TBI), prompted an internal row within Labour, with some accusing him of playing into the hands of a narrative used by rightwing parties to delay climate action.Blair argued the political case for net zero was faltering and that governments should prioritise “realistic” climate strategies, including a greater focus on adaptation measures and technology-based solutions.He noted the current climate approach “isn’t…

The main Colombian guild for oil, gas, and energy service companies proposed on Tuesday several measures to mitigate the drop in exploration and production (E&P) of oil and to take on the natural gas deficit in the South American country.Campetrol’s proposed measures include declaring offshore projects necessary for future gas supply, adjusting contracts to spur increased production, and maximizing the lifespan of projects. Why It MattersThe guild warned that high operating costs due to blockades, extortion, and labor regulations are compromising the sector’s competitiveness and threatening the country’s self-sufficiency in the short-term. Colombia partially relies on imported gas to fully…

Chuck Smith monitors the manufacturing process of the series 6 solar panels during a tour of a First Solar plant in Walbridge, Ohio, on Oct. 6, 2021.Dane Rhys | ReutersFirst Solar shares plunged on Wednesday, after CEO Mark Widmar said the scale and depth of President Donald Trump’s tariffs were unexpected and pose a “significant economic headwind” to the company’s manufacturing facilities.Widmar said the implementation of new trade policies by Trump was viewed by First Solar as a possibility, but the tariffs imposed by the president earlier this month have “introduced significant challenges to 2025 that were not known at…

The Financial Conduct Authority (FCA), the conduct regulator for financial services firms and financial markets in the UK, announced that it would not currently proceed with its proposal to extend its new Sustainability Disclosure Requirements (SDR) and sustainable investment labelling regime to portfolio managers, despite “broad support” for the rules, following industry feedback on the proposal. The proposal, announced in April 2024, followed the release by the FCA of its SDR requirements for asset managers in November 2023, which included an anti-greenwashing rule for sustainability-related product claims, as well as rules for naming and marketing funds based on their sustainability…

ExxonMobil on Wednesday announced an agreement with Calpine Corporation, the nation’s largest producer of electricity from natural gas, to transport and permanently store up to 2 million metric tons per annum (Mmtpa) of CO2 from Calpine’s Baytown Energy Center, a cogeneration facility near Houston. This is part of Calpine’s Baytown Carbon Capture and Storage (CCS) Project that is designed to capture the facility’s CO2 emissions, enabling the 24/7 supply of low-carbon electricity to Texas customers as well as steam to nearby industrial facilities. This agreement marks ExxonMobil’s sixth CCS customer, bringing the company’s total amount of CO2 under contract to ~16…

ROGII, a global expert in advanced geosteering and subsurface analytics, has entered the Brazil market, partnering with Petrobras to apply real-time inversion technology to enhance operational efficiency and optimize reservoir performance.  The initial five-year contract signals the beginning of what both companies envision as a long and successful collaboration, exploring innovative solutions for maximizing energy production. “We are thrilled to welcome Petrobras to the ROGII family as our first customer in Brazil,” said Igor Uvarov, CEO of ROGII. “This partnership underscores our commitment to technological excellence and innovation in the energy sector. By combining Petrobras’s expertise with our…

Brent and WTI are now down roughly 15% and 16%, respectively, for the month, marking their steepest monthly declines since late 2021. The slide follows a series of tariff announcements by U.S. President Donald Trump that triggered a new round of trade hostilities with China. As the world’s two largest oil consumers exchange retaliatory duties, traders are pricing in lower demand prospects and greater risk of a global economic slowdown. At 10:56 GMT, Light Crude Oil Futures are trading $59.86, down $0.56 or -0.93%. China factory data fuels bearish sentiment on demand outlook China’s official manufacturing PMI dropped sharply to…

Donald Trump’s speech in Warren, Michigan, marking his 100th day in office sounded a lot like something the United States president clearly loves: a good old-fashioned campaign rally. During the April 29 speech, Trump touted a record number of executive orders, efforts to slash the federal workforce and deportations of migrants in the US illegally, spotlighted in a video showing deportees being booked into a high-security El Salvador prison. But Trump also returned to themes that animated his campaign rallies and looked for familiar faces in the crowd. “I missed you guys. I missed the campaign,” he said. Trump referred…

WASHINGTON (AP) — A closely watched inflation gauge cooled last month in a sign that prices were steadily easing before most of President Donald Trump’s tariffs were implemented.At the same time, consumers accelerated their spending, particularly on cars, likely in an effort to get ahead of the duties.Wednesday’s report from the Commerce Department showed that consumer prices rose just 2.3% in March from a year earlier, down from 2.7% in February. Excluding the volatile food and energy categories, core prices rose 2.6% compared with a year ago, below February’s 3%. Economists track core prices because they typically provide a better…

OMV today announced the successful start-up of its 10 megawatts green hydrogen production plant, located at the Schwechat refinery near Vienna, the largest of its kind in Austria. Approximately EUR 25 million have been invested in the facility, which has the capacity to produce up to 1,500 metric tons of green hydrogen per year. The green hydrogen will be used to produce more sustainable fuels and chemicals, including sustainable aviation fuel (SAF) and renewable diesel (HVO). OMV’s new 10 megawatts polymer electrolyte membrane (PEM) electrolyzer is powered entirely by renewable electricity generated from wind, hydro, and solar. This innovation leads…