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Equinor ASA on Monday announced another discovery in the recently started-up Johan Castberg field on Norway’s side of the Barents Sea. The majority state-owned energy major put preliminary estimates for well 7720/7-DD-1H, or Drivis Tubaen, at 9-15 million barrels of oil. The discovery was drilled near the Drivis discoveries of 2014, according to a press release by Equinor. “The licensees will consider tie-in of the discovery to the Johan Castberg field”, said Equinor, which operates Johan Castberg with a 46.3 percent stake. The other developers are Eni SpA-backed Var Energi ASA with a 30 percent interest and state-owned Petoro AS…
The east coast of Australia is facing natural gas shortages earlier than previously expected, the country’s competition watchdog has warned, noting the market could swing into a deficit as early as the fourth quarter of this year.The government reacted to the report by saying it would consider setting up a „gas reservation” for the vulnerable states.“The east coast gas supply outlook for 2025 and 2026 has deteriorated despite an easing in gas prices in the second half of 2024,” the Australian Competition and Consumer Commission wrote today. Despite the decline, however, “prices continue to be higher than pre-2022 levels. Concerningly, supply…
Anant Ambani’s Lucrative ₹10-20 Crore Salary as Executive Director of Reliance Industries, ET EnergyWorld
Anant Ambani, the youngest son of billionaire Mukesh Ambani and the first among three siblings to be appointed Executive Director on flagship Reliance Industries, will be paid ₹10-20 crore salary annually plus a host of perks including a commission on company profits, according to a shareholder notice.While the richest Asian’s all three children – twins Akash and Isha, and Anant – were inducted on board of the oil-to-telecom-and-retail conglomerate in 2023 as non-executive directors, the youngest of the three was in April this year appointed Executive Director of Reliance Industries Ltd. As non-executive directors, the three were entitled to no…
PT Pertamina International Shipping (PIS) has reported $3.48 billion in revenue for 2024, up 4.4 percent from 2023. Profit grew 69.3 percent from $329.9 million in 2023 to $558.6 million in 2024. “This strong financial performance proves that the business transformation we have carried out is on the right path and affirms PIS’s position as one of Asia’s reputable maritime logistics companies. This business growth not only marks corporate advancement but also increases our contribution to national energy security”, PIS Corporate Secretary Muhammad Baron said. Throughout 2024, PIS transported 161 billion liters (42.5 billion gallons) of energy. It added 10…
By Irina Slav – Jun 30, 2025, 1:57 AM CDT Crude oil prices fell at the start of the week due to an anticipated increase in OPEC+ supply and the disappearance of the wartime premium after the Israel-Iran ceasefire. The global economic outlook remains cautious, with bearish sentiment also influenced by recent manufacturing data from China. US active drilling rig counts for both oil and gas continued to decline, with oil rigs specifically down by 47 compared to a year ago. Crude oil prices began trading with a loss this week as traders anticipated another OPEC+ supply boost next…
DNOW Inc. has agreed to buy MRC Global Inc. in an all-stock transaction valued $1.5 billion, creating a premier energy and industrial solutions provider. In a joint statement, the companies said the combination brings together complementary portfolios, services, and supply chain solutions. The combined entity, which will retain the name DNOW, will have a footprint of more than 350 service and distribution locations across more than 20 countries, the statement said. Under the terms of the agreement, MRC Global shareholders will receive 0.9489 shares of DNOW common stock for each share of MRC Global common stock, representing an 8.5 percent…
Israeli natural gas flows to Egypt returned to normal levels after a truce with Iran allowed the Jewish state to reopen facilities shuttered by the 12-day conflict. Daily exports have climbed to 1 billion cubic feet per day, according to two people with direct knowledge of the situation. That’s up from 260 million cubic feet when Israel’s Leviathan gas field, the country’s biggest, restarted on Wednesday, they said, declining to be identified because they’re not authorized to speak to the media. The increased flows have let Egyptian authorities resume supplies to some factories that had been halted because of the…
LONDON (AP) — Wimbledon players and spectators were hit by record-breaking Day 1 heat as the temperature rose to 91 degrees Fahrenheit — 33 Celsius — at the oldest Grand Slam tournament on Monday.“For sure, you feel like the sun is getting closer and closer every minute that passes by,” said Adrian Mannarino, a 37-year-old Frenchman who frequently sprayed his shaved head with sunscreen at changeovers during his first-round victory. “I was struggling a little more than usual.”The 2001 fortnight had the previous hottest opening day at the All England Club, reaching 85 degrees F (29.3 degrees C).“I feel like…
ANKARA, Turkey (AP) — Forest fires fanned by high winds and hot, dry weather damaged some holiday homes in Turkey as a lingering heat wave covering much of Europe led authorities to raise warnings and tourists to find ways to beat the heat on Monday. A heat dome hovered over France, Portugal and Spain to Turkey, while data from European forecasters suggested other countries were set to broil further in coming days. Heat warnings were issued for parts of Spain, Portugal, Italy, Germany, and the U.K., with new highs expected on Wednesday before rain is forecast to bring respite to…
UN expert urges criminalizing fossil fuel disinformation, banning lobbying | Climate crisis
A leading UN expert is calling for criminal penalties against those peddling disinformation about the climate crisis and a total ban on fossil fuel industry lobbying and advertising, as part of a radical shake-up to safeguard human rights and curtail planetary catastrophe.Elisa Morgera, the UN special rapporteur on human rights and climate change who presents her damning new report to the general assembly in Geneva on Monday, argues that the US, UK, Canada, Australia and other wealthy fossil fuel nations are legally obliged under international law to fully phase out oil, gas and coal by 2030 – and compensate communities…